By Greg Wright

Published 15th Mar 2023, 08:47 BST

The group – which has headquarters in London and Hong Kong and is focused on the Asia and African markets – reported underlying operating profit up 8 per cent on a constant currency basis to 3.4bn US dollars (£2.8bn) for 2022.

New business profit fell 11 per cent on a constant currency basis to 2.2 billion US dollars (£1.8b n), due in part to higher interest rates.

It saw sales lift 9 per cent, but said revenue growth had surged to 15 per cent in the first two months of 2023 thanks to China’s reopening.

Insurance giant Prudential has reported a rise in annual earnings and said 2023 had “started well” as the removal of China’s Covid restrictions have helped boost sales.

Prudential’s new chief executive Anil Wadhwani, who replaced Mark FitzPatrick in the top job last month, said 2022 “was the first full year for the group as an Asia and Africa-focused business”.

He added: “We have delivered a resilient performance against a backdrop of Covid-19-related disruption and broader macroeconomic volatility.

“The removal of the bulk of Covid-19-related restrictions across the region and the progressive opening up of the Chinese Mainland economy has meant that 2023 has started well with encouraging progress in year-on-year sales, with group-wide APE (annualised premium equivalent) sales for the two months ended February 2023 up 15 per cent over the prior year.”

Prudential posts earnings rise and sees China reopening boosting 2023 sales