Prudential Hong Kong's APE sales jump 12% YoY

APE sales through bancassurance channels surged by 33%.

Prudential has reported an 8% rise in new business profit in Hong Kong for the first nine months of 2024 (9M 2024), driven by improved margins following earlier pricing adjustments and a focus on high-quality product offerings. 

For the three months ending 30 September, total annual premium equivalent (APE) sales increased by 12% year-on-year (YoY). 

This quarterly performance helped narrow the year-to-date APE sales gap to just 1% below the previous year's level, a period of significant outperformance. 

Whilst total agency APE sales dipped across the first nine months, agency APE sales rebounded with an 8% increase in the third quarter compared to the same period last year, propelled by a strong September.

APE sales through bancassurance channels surged by 33% in the third quarter compared to the same period last year. 

Sales to both local Hong Kong customers and visitors from Mainland China also contributed to the growth, with domestic APE sales up 36% and sales to Mainland Chinese visitors up by 1% over the prior-year quarter.