The Asia and Africa life and health insurer reported an increase on quality contributing to a 3 percentage point increase in the total year-to-date new business margin, which helped offset lower sales volumes from its life operations in China.

It highlighted strong growth in other markets including the bancassurance channel as a main contributor. It highlighted that its new business profit grew by 13% in the third quarter and by 11% year ending 30 September 2026 when it excluded its Chinese life operations.

New business profit rose 1% to $709m in the quarter despite a 6% fall in sales, as margins widened to 44%” would capture it. Tell me which company it is and I can help draft it.

It reported that Hong Kong’s continued focus on quality, on top of its “repricing actions”, supported growth despite lower sales volumes. It reported performance was driven by “higher margins and volumes in the bancassurance channel with strong demand from domestic customers.”

The firm said in a statement: “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.

New business profit in the Chinese Mainland fell significantly in the quarter, and Prudential now expects the full-year figure to be 10 to 15% below 2025. Malaysia, Thailand and Taiwan continued to grow, while Indonesia and Singapore were slightly down.

In India, it reported “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.”

The insurer also appointed Naveed Irshad as an additional regional chief executive and member of the group executive committee. Irshad joins 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.

In the nine months to 30 September, it has bought back $1bn of shares. It will increase to $1.5bn by the end of the year, following the $300m increase announced with the half-year 2026 Results.

Eastspring funds under management or advice (FUM) at the end of the third quarter were $285.7bn (30 June 2026: $290.8bn). The quarter reflected strong net inflows of $5.4bn from both the group’s insurance businesses and third parties. 

It was offset by the net adverse effect of market movements, including rising interest rates, and a $2.6bn reduction in FUM reflecting Prudential’s sale of a 2.0 per cent stake in ICICI Prudential Asset Management company, announced on 27 August 2026.

Following the transaction, Prudential’s ownership interest in IPAMC reduced to 32.6%. Eastspring FUM includes contributions from both its wholly owned and joint venture businesses based on ownership at the date the FUM is calculated.

Chief executive 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. 

“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% and 2% 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.”