London, Aug. 30, (PA Media/dpa/GNA) – The new boss of British insurer bank Prudential has vowed to “do things differently” at the insurance giant as he seeks to sharply increase new business profit over the next four years.
Anil Wadhwani, who took over at the helm of the firm in February, laid out a fresh growth strategy for the FTSE 100 giant on Wednesday.
It comes after a significant restructuring at the company which saw it shed the vast majority of its US and European operations in order to focus on markets in Asia and Africa.
The company has pointed towards growth potential in the markets, particularly China, but has seen its shares drift since the start of the year due to sluggish economic growth in the region.
In the fresh update, the chief executive officer said the company will seek between 15% and 20% in compound annual growth each year up to 2027.
The group said its strategy included “targeted investment in structural growth markets” across Asia and Africa.
Mr Wadwhani said: “We have today announced that we will do things differently in the way we run Prudential.
“With a clear strategy, operational and capital allocation priorities, we are focused on delivering sustainable value for all our stakeholders: employees, customers, shareholders and our communities.
“We are excited to write the next chapter of growth at Prudential.”
It came as Prudential reported an uptick in profits over the past half-year as it hailed a strong performance in Hong Kong.
The FTSE 100 firm saw new business profit rise by 36% to $1.49 billion over the six months to June 2023.
Meanwhile, operating profits increased by 4% to $1.46 billion.
Prudential was buoyed by a surge in Hong Kong following the easing of pandemic restrictions, allowing visitors from the Chinese mainland.
It added that consumers in Asia have remained “resilient despite the challenging environment” and highlighted that positive momentum has continued into the third quarter of the year.
GNA