Prudential (PRU) Q1 2026 earnings summary

Executive summary

• Achieved 10% year-over-year growth in Q1 new business profit to $686 million, with broad-based gains across all segments.

• APE sales rose 6% to $1,823 million, and new business margin increased by 2 percentage points.

• Strong performance in Hong Kong, Mainland China, and Malaysia, with double-digit new business profit growth in these markets.

• Bancassurance and agency channels both contributed to growth, with continued focus on quality recruitment and digital tool rollout.

Financial highlights

• Q1 new business profit: $686 million, up 10% year-over-year on a constant exchange rate basis.

• Q1 APE sales: $1,823 million, up 6% year-over-year.

• New business margin improved to 38%, up 2 percentage points from prior year.

• Eastspring funds under management at $268.9 billion as of 31 March 2026, down from $277.7 billion at year-end 2025 due to adverse market and FX movements.

Outlook and guidance

• Confident in delivering double-digit growth across key financial metrics in 2026 and achieving 2027 financial objectives.

• 2027 targets: compound annual growth rate of 15-20% in new business profit (2022-2027) and at least $4.4 billion operating free surplus generation in 2027.