Prudential (PRU) Q1 2025 earnings summary

Executive summary

• Q1 2025 new business profit rose 12% year-over-year to $608 million, with APE sales up 4% to $1,677 million and a 2 percentage point margin increase.

• Growth was broad-based across markets, driven by higher volumes and margin expansion, with double-digit new business profit growth in Hong Kong, Mainland China, Indonesia, Singapore, and the "Growth markets and other" segment.

• Operational efficiency advanced through technology investments and leadership appointments, including John Cai as Regional CEO for Malaysia, Indonesia, and Vietnam.

• $442 million in share repurchases completed under the $2 billion buyback program between January and April 2025.

Financial highlights

• Q1 2025 new business profit (TEV basis): $608 million, up 12% year-over-year.

• Q1 2025 APE sales: $1,677 million, up 4% year-over-year.

• New business margin increased to 36% from 34% year-over-year.

• Eastspring funds under management at quarter-end: $256.2 billion, broadly neutral versus $258.0 billion at end-2024.

Outlook and guidance

• FY25 new business profit expected to grow by more than 10%, consistent with Q1 performance.

• Confident in long-term prospects despite macroeconomic and market volatility, supported by robust solvency and multi-market franchise.