Prudential reported that its Hong Kong division suffered a steep fall in new business profits in the first half of the year because of China’s strict zero-Covid policy, as the insurer warned of “challenging” and “complex” market conditions for the rest of the year.
The FTSE 100 group said in a results announcement on Wednesday that Hong Kong new business profits, a critical measure of predicted earnings on newly sold products, fell 31 per cent in the first six months of the year.
Profits from new mainland Chinese customers that travel across the border to buy insurance policies in Hong Kong were $694mn before the pandemic in 2019, but fell to almost nothing this year, the Asia-focused insurer said.
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