SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the
month of November, 2026
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation
of registrant's name into English)
15/F, One International Finance Centre,
1 Harbour View Street, Central,
Hong Kong, China
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F X
Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b): 82-
PRUDENTIAL PLC Q3 BUSINESS PERFORMANCE UPDATE
Continuing to benefit from our diversified business
model
Performance highlights on a constant exchange rate basis for the
three months ended 30 September 2026 (Q3):
●
New business profit (NBP) was $709 million in Q3, up 1 per cent,
leading to year-to-date NBP of $2,093 million, up 6 per
cent.
●
Continued focus on quality contributed to a 3 percentage point
year-to-date increase in new business margin.
●
We offset lower sales volumes from
our Chinese Mainland life operations through strong growth in other
markets, notably through the bancassurance
channel.
●
Excluding our Chinese Mainland life operations, NBP grew by 13 per
cent in Q3, and 11 per cent year to date.
Commenting on the results, CEO Anil Wadhwani said:
“The benefits of growing
diversification in our business model together with investment to
build distribution capabilities were evident in the third quarter,
with strong performance in many areas of our business, notably
through the bancassurance channel, our Hong Kong domestic business,
Thailand and Malaysia. The Group’s new business profit
increased 1 per cent to $709 million in Q3, a resilient performance
despite recent regulatory changes to bancassurance expense controls
and a strong prior year comparator, both in our Chinese
Mainland life operations. Q3 new business profit growth, excluding
our Chinese Mainland life operations, was 13 per cent. Overall,
Group new business profit for the nine months to 30 September grew
6 per cent, with new business margin expansion of 3 percentage
points supported by repricing.
“Outside of the Chinese Mainland, our bancassurance channel
continued to deliver strong new business profit growth, in excess
of 20 per cent in Q3. This was led by strong wealth demand in Hong
Kong and successful new product launches in Thailand. Group
bancassurance and agency channel new business profit grew by 10 per
cent and 2 per cent year to date, respectively. We continue to
enhance agent productivity through the roll out of enhanced digital
tools, product propositions and quality recruitment
programmes.
“Encouragingly, in both September and October, we have seen
strong momentum in new business profit at a Group level, including
in our Chinese Mainland life operations, albeit that the delay in
the rate of improvement in momentum in our Chinese Mainland life
operations means that achievement of our Group 2026 new business
profit growth guidance is now more stretching than anticipated at
the time of the Half-Year 2026 Results.
“We nevertheless remain focused on delivery of our FY26
guidance of double-digit growth across our four Key Financial
Metrics, building on the strong first-half performance for
operating free surplus generated from in-force insurance and asset
management business and earnings-per-share based on adjusted
operating profit and on achieving our 2027 financial
objectives.”
APE new business sales (APE sales) and TEV new business profit
(NBP)
|
|
Three months ended 30 September
|
|
Nine months ended 30 September
|
|
|
2026
|
2025 CER
|
Change CER
|
2025 AER
|
Change AER
|
|
2026
|
2025 CER
|
Change CER
|
2025 AER
|
Change AER
|
|
NBP $m
|
709
|
702
|
1%
|
705
|
1%
|
|
2,093
|
1,981
|
6%
|
1,964
|
7%
|
|
APE Sales $m
|
1,596
|
1,698
|
(6)%
|
1,716
|
(7)%
|
|
5,026
|
5,038
|
-
|
5,002
|
-
|
|
NBP margin
|
44%
|
41%
|
3ppts
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41%
|
3ppts
|
|
42%
|
39%
|
3ppts
|
39%
|
3ppts
|
Comparatives on a constant exchange rate basis (CER) and actual
exchange rate basis (AER).
Market highlights for the three months ended 30 September
2026
(New business profit and APE sales are both on a constant currency
basis. See “Definitions of Performance Metrics” below
for more details.)
In Hong
Kong, continued focus on
quality, together with repricing actions, supported double-digit
growth in new business profit in Q3, notwithstanding lower sales
volumes. Performance continued to be driven by higher margins and
volumes in the bancassurance channel with strong demand from
domestic customers. This was tempered by a slower conversion of the
sales pipeline from some Chinese Mainland visitor customers.
Overall, year-to-date new business profit was up double-digit when
compared with the same period in the prior year, and we expect
double-digit growth for the full year. This performance gives us
confidence that the fundamental drivers of demand have not changed,
albeit we continue to monitor Chinese Mainland visitor intentions
to purchase insurance products.
As foreshadowed in our Half-Year 2026 Results, new business profit
from our Chinese Mainland life
operations, CITIC Prudential
Life, declined significantly in the third quarter as sales volumes
were constrained by recent changes to expense regulations in the
bancassurance channel, with the rate of decline further exacerbated
by the high comparator from July and August 2025. New business
profit margin in Q3 exceeded 40 per cent with the overall margin
for the nine months ended 30 September being 35 per cent. We
delivered strong APE sales growth in the months of September and
October which supports our confidence that, barring unforeseen
events, the last quarter of 2026 will return to growth, albeit the
rate of recovery will be slower than previously anticipated.
Reflecting this, we expect that FY26 new business profit in the
Chinese Mainland will be in the order of 10 to 15 per cent lower
than 2025. This having been said, we believe that the change in
bancassurance expenses regulation in the Chinese Mainland together
with the management actions we are taking will improve the medium
to long-term growth prospects of the business.
In our key ASEAN markets: Malaysia continued to grow strongly, delivering another
quarter of double-digit new business profit growth, albeit
moderated, as expected, from the very strong performance seen in
the first half. In particular, we delivered higher health and
protection APE sales on the back of strong demand from the mass
affluent segment. In Indonesia, growth in active agents and improved product mix
helped new business profit grow in September, but lower agency
sales volumes in July and August meant that the total new business
profit for Q3 was marginally below the prior year. Local investment
conditions remain volatile given stock market turmoil and we are
monitoring the impact on customer sentiment following the
announcement from MSCI on 15 October 2026 that it was consulting on
a proposal to reclassify its Indonesia Indexes from ‘Emerging
Market’ to ‘Standalone Market’. Our
Singapore
new business profit in Q3 reduced
slightly, with the impact of lower APE sales volumes partially
offset by improved margins as our savings mix moved more towards
investment linked business. We continue to broaden our health and
protection offering, with two new product launches since September
as we seek to return to growth in new business profit in the fourth
quarter.
Our “Growth markets and
other” segment delivered
double-digit growth in new business profit in the third quarter,
improving on the 10 per cent delivered in the first half of the
year. New business profit growth was led by continued strong
performance in Thailand as well as growth in Taiwan. Vietnam
returned to growth in both sales and new business profit in the
third quarter when compared to the same period in
2025.
In India we are making good progress with the necessary regulatory
approvals for our announced acquisition of a controlling interest
in Bharti Life and have successfully launched our standalone health
business.
On 26 October, we strengthened the leadership team welcoming Naveed
Irshad as an additional regional CEO and member of the Group
Executive Committee. Naveed joins us from Manulife with over three
decades of insurance and financial services experience across Asia
and North America and takes responsibility for Indonesia,
Philippines and Africa as well as Product and the Health pillar on
a Group wide basis.
Eastspring funds under
management or advice (FUM) at the end of the third quarter were
$285.7 billion (30 June 2026: $290.8 billion). The quarter
reflected strong net inflows of $5.4 billion from both the
Group’s insurance businesses and third parties. This was
however more than offset by the net adverse effect of market
movements, including rising interest rates, and a $2.6 billion
reduction in FUM reflecting Prudential’s sale of a 2.0 per
cent stake in ICICI Prudential Asset Management Company Limited
(IPAMC), announced on 27 August 2026. Following the transaction,
Prudential's ownership interest in IPAMC reduced to 32.6 per cent.
Eastspring FUM includes contributions from both its wholly owned
and joint venture businesses based on ownership at the date the FUM
is calculated.
In the nine months to 30 September, we have bought back $1.0
billion of shares. This will increase to $1.5 billion by the end of
the year, following the $0.3 billion increase announced with the
Half-Year 2026 Results.
Contact:
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Media
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Investors/Analysts
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Simon Kutner
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+44 (0)7581 023260
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Patrick Bowes
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+852 2918 5468
|
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Sonia Tsang
|
+852 5580 7525
|
Bosco Cheung
|
+852 2918 5499
|
|
Janice Wong
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+852 6188 6381
|
Tianjiao Yu
|
+852 2918 5487
|
|
|
|
William Elderkin
|
+44 (0)20 3977 9215
|
|
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|
Ming Hau
|
+44 (0)20 3977 9293
|
About Prudential plc
Prudential provides life and health insurance and asset management
in Greater China, ASEAN, India and Africa. Prudential’s
mission is to be the most trusted partner and protector for this
generation and generations to come, by providing simple and
accessible financial and health solutions. The business has dual
primary listings on the Stock Exchange of Hong Kong (HKEX: 2378)
and the London Stock Exchange (LSE: PRU). It also has a secondary
listing on the Singapore Stock Exchange (SGX: K6S) and a listing on
the New York Stock Exchange (NYSE: PUK) in the form of American
Depositary Receipts. It is a constituent of the Hang Seng Composite
Index and is also included for trading in the Shenzhen-Hong Kong
Stock Connect programme and the Shanghai-Hong Kong Stock Connect
programme.
Prudential is not affiliated in any manner with Prudential
Financial, Inc. a company whose principal place of business is in
the United States of America, nor with The Prudential Assurance
Company Limited, a subsidiary of M&G plc, a company
incorporated in the United Kingdom.
www.prudentialplc.com/
Metrics presented
This business performance update provides information on the
trading and sales development of the Group in the three months and
nine months ended 30 September 2026. This update focuses on annual
premium equivalent (APE) sales and new business profit (NBP), which
are key metrics used by the Group’s management to assess and
manage the development and growth of the business. APE sales are
provided as an indicative volume measure of transactions undertaken
in the reporting period that have the potential to generate profits
for shareholders. NBP is measured in accordance with our
Traditional Embedded Value (TEV) methodology and reflects the value
of future profit streams which are not fully captured in
shareholders’ equity in the year of sale under IFRS. Under
this methodology, new business profit is determined using long-term
economic assumptions at the start of the year and on operating
assumptions at the start of the quarter being reported on. More
details on the Group’s TEV methodology is contained in the
TEV basis results section of the Group’s Half Year Financial
Report 2026.
The presentation of these key metrics is not intended to be
considered as a substitute for, or superior to, financial
information prepared and presented in accordance with IFRS. Further
information about these metrics including a reconciliation of TEV
shareholders’ equity at 30 June 2026 to the most directly
comparable IFRS measure can be found in the Group’s Half Year
Financial Report 2026.
Definitions of Performance Metrics
References to our “Key Financial Metrics”
mean new business profit, operating
free surplus generated from in-force insurance and asset management
and earnings per share based on adjusted operating profit, together
with dividend per share.
Other definitions:
Annual premium equivalent (APE) sales
A measure of new business activity that comprises the aggregate of
annualised regular premiums and one-tenth of single premiums on new
business written during the period for all insurance
products.
Eastspring total funds under management or advice
Total funds under management or advice including external funds
under management, money market funds, funds managed on behalf of
M&G plc and internal funds under management or
advice.
New business profit
Presented on a post-tax basis, on business sold in the period
calculated in accordance with our TEV methodology.
Traditional Embedded Value (TEV)
Financial results that are prepared on a supplementary basis to the
Group’s IFRS results and are a way of measuring the current
value to shareholders of the future profits from life business
written based on a set of assumptions.
Our TEV methodology is set out in the Group’s Half Year
Financial Report 2026.
Forward-looking statements
This announcement contains 'forward-looking statements' with
respect to certain of Prudential's (and its wholly- and
jointly-owned businesses’) current plans, goals and
expectations relating to future financial condition, performance,
results, strategy and objectives. Statements that are not
historical facts, including statements about Prudential's (and its
wholly- and jointly-owned businesses’) beliefs and
expectations and including, without limitation, commitments,
ambitions and targets, including those related to sustainability
matters, and statements containing words such as
‘prospects’, ‘goals’, 'may', 'will',
'should', 'could', 'continue', 'aims', 'estimates', 'projects',
'believes', 'intends', 'expects', 'plans', ‘targets’,
‘commits’, 'seeks' and 'anticipates', and words of a
similar meaning and the negatives of such words, are
forward-looking statements. These statements are based on plans,
assumptions, estimates and projections as at the time they are
made, and therefore undue reliance should not be placed on them. By
their nature, all forward-looking statements involve risk and
uncertainty.
A number of important factors could cause actual future financial
conditions, performance or other indicated results to differ
materially from those indicated in any forward-looking statement.
Such factors include, but are not limited to:
– current
and future market conditions, including fluctuations in interest
rates and exchange rates, sustained inflationary pressure
(including resulting interest rate increases), volatile or
sustained high or low interest rate environments, the escalation of
protectionist policies, the performance of financial and credit
markets generally and the
impact of economic uncertainty, slowdown or
contraction;
– the
impact of global political uncertainties, geopolitical instability,
armed conflicts, and heightened geopolitical tensions, including
increased friction in cross-border trade or the closure,
restriction or disruption of key international trade routes,
shipping lanes, maritime chokepoints or other critical transport
corridors, and the exercise of
laws, regulations and executive powers to restrict
or control trade, financial transactions, capital movements and/or
investment, as well as related sanctions, trade restrictions, and
other governmental or regulatory measures, which may also impact
policyholder behaviour and reduce product
affordability;
– asset
valuation impacts arising from sustainability related
considerations;
– derivative
instruments not effectively mitigating any
exposures;
– the
policies and actions of regulatory authorities, including, in
particular, the policies and actions of the Hong Kong Insurance
Authority, as Prudential's Group-wide supervisor, as well as the
degree and pace of regulatory changes and new government
initiatives generally;
– the
impact on Prudential of systemic risk and other group supervision
policy standards adopted by the International Association of
Insurance Supervisors, given Prudential’s designation as an
Internationally Active Insurance Group;
– the
physical, social, morbidity, health and financial impacts of
climate change and global health crises (including pandemics), as
well as other catastrophic events, both natural and human-made,
which may impact Prudential's business, investments, operations and
its duties owed to customers;
– disruption
to critical infrastructure, including energy, telecommunications,
transportation or other systems, whether arising from natural
disasters, geopolitical events, operational failures or malicious
activity, which may adversely affect Prudential's operations,
customers or counterparties;
– legal,
policy and regulatory developments in response to climate change
and broader sustainability-related issues, including the
development and interpretation of regulations, laws and standards
relating to sustainability reporting, disclosures and product
labelling (which may be inconsistent across jurisdictions and give
rise to conflicts
of interpretation between approaches,
misrepresentation or compliance risks) on the one hand, and those
which may seek to limit the influence of sustainability
considerations on corporate activity on the other;
– the
collective ability of governments, policymakers, the Group,
industry and other stakeholders to implement and adhere to
commitments on mitigation of climate change and broader
sustainability-related issues effectively (including not
appropriately considering the interests of all Prudential’s
stakeholders or failing to maintain high
standards of corporate governance and responsible
business practices), and the challenges presented by conflicting
approaches in this regard;
– the
impact of competition and technological change, including the pace
of innovation, adoption, and changing customer
demands;
– the
effect on Prudential's business and results from mortality and
morbidity trends, lapse rates and policy renewal
rates;
– the
timing, impact, and realisation of intended benefits, if any, and
other uncertainties of future acquisitions or combinations within
relevant industries;
– the
impact of internal transformation projects and other strategic
actions failing to meet their objectives in a timely manner, or at
all, or adversely impacting the Group’s operations or
employees;
– the
availability and effectiveness of reinsurance for
Prudential’s businesses;
– the
risk that Prudential's operational resilience (or that of its
suppliers and partners) may prove to be inadequate, including to
prevent, respond to or recover from operational disruption arising
from external events;
– disruption
to the availability, confidentiality or integrity of Prudential's
information technology, digital systems and data, including
hardware and software (or those of its affiliates, suppliers,
service providers and partners), including the risk of
cyber-attacks, other data, information or security breaches and
challenges in integrating AI
tools and the related security and privacy
considerations, which may result in financial loss, business
disruption and/or loss of customer services and data and harm to
Prudential’s reputation;
– the
increased non-financial and financial risks and uncertainties
associated with operating joint ventures with independent
partners;
– the
impact of changes in capital, solvency standards, accounting
standards or relevant regulatory frameworks, and tax and other
legislation and regulations in the jurisdictions in which
Prudential and its affiliates operate; and
– the
impact of legal and regulatory actions, investigations and
disputes.
These factors are not exhaustive. Prudential operates in a
continually changing business environment with new risks emerging
from time to time that it may be unable to predict or that it
currently does not expect to have a material adverse effect on its
business. In addition, these and other important factors may, for
example, result in changes to assumptions used for determining
results of operations or re-estimations of reserves for future
policy benefits. Further discussion of these and other important
factors that could cause actual future financial conditions or
performance to differ, possibly materially, from those anticipated
in Prudential's forward-looking statements can be found under the
'Risk Factors' heading of Prudential's 2026 Half Year Report (or
any US equivalent filed with the US Securities and Exchange
Commission), available on its website at www.prudentialplc.com.
Any forward-looking statements contained in this announcement speak
only as of the date on which they are made or in the case of any
document incorporated by reference, the date of the document.
Prudential expressly disclaims any obligation to revise or update
any of the forward-looking statements contained in this
announcement or any other forward-looking statements it may make,
whether as a result of future events, new information or otherwise
except as required pursuant to the UK’s Public Offers and
Admissions to Trading Regulations (2024), the UK Prospectus Rules:
Admission to Trading on a Regulated Market, the UK Listing Rules,
the UK Disclosure Guidance and Transparency Rules, the Hong Kong
Listing Rules, the SGX-ST Listing Rules or other applicable laws
and regulations. Unless expressly stated otherwise, no statement
contained or referred to in this announcement is intended to be a
profit forecast or profit estimate.
Prudential may also make or disclose written and/or oral
forward-looking statements in reports filed with or furnished to
the US Securities and Exchange Commission, the UK Financial Conduct
Authority, the Hong Kong Stock Exchange, the Securities and Futures
Commission of Hong Kong and other regulatory authorities, as well
as in its annual report and accounts, other periodic financial
reports, proxy statements, offering circulars, registration
statements, prospectuses, prospectus supplements, press releases
and other written materials and in oral statements made by
directors, officers or employees of Prudential to third parties,
including financial analysts. All such forward-looking statements
are qualified in their entirety by reference to the factors
discussed under the ‘Risk Factors’ heading of
Prudential's 2026 Half Year Report (or any US equivalent filed with
the US Securities and Exchange Commission), available on its
website at www.prudentialplc.com.
Cautionary statements
This announcement does not constitute or form part of any offer or
invitation to purchase, acquire, subscribe for, sell, dispose of or
issue, or any solicitation of any offer to purchase, acquire,
subscribe for, sell or dispose of, any securities in any
jurisdiction nor shall it (or any part of it) or the fact of its
distribution, form the basis of, or be relied on in connection
with, any contract therefor.
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO
THE UNITED STATES OF AMERICA
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Date:
05 November 2026
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PRUDENTIAL
PUBLIC LIMITED COMPANY
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By:
/s/ Ben
Bulmer
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Ben
Bulmer
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Chief
Financial Officer
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