$PUK · PRUDENTIAL PLC
Prudential plc's Q3 2026 business performance update shows new business profit (NBP) of $709M, up 1% on a constant exchange rate basis, with year-to-date NBP of $2,093M, up 6%. New business margin expanded 3 percentage points year-to-date to 42%. Excluding Chinese Mainland life operations, NBP grew 13% in Q3 and 11% year-to-date. APE sales fell 6% in Q3 to $1,596M. Eastspring FUM was $285.7B at quarter-end, down from $290.8B at June 30, 2026, partly due to a $2.6B reduction from selling a 2.0% stake in ICICI Prudential AMC.
- Q3 NBP was $709M, up 1% CER; year-to-date NBP $2,093M, up 6%.
- Excluding China Mainland life, Q3 NBP grew 13% and 11% year-to-date.
- China Mainland FY26 NBP expected 10-15% lower than 2025 due to bancassurance expense regulation changes.
- New business margin rose 3 percentage points year-to-date to 42%.
- Eastspring FUM fell to $285.7B from $290.8B, with $5.4B net inflows offset by market moves and the IPAMC stake sale.
Extended-hours last trade $25.96, down 1.63% vs the $26.39 regular close, suggesting a mildly negative after-hours reaction to the China Mainland guidance softening.
Prudential's core China Mainland life business is now expected to shrink 10-15% in FY26, a meaningful guidance softening despite resilient growth elsewhere.
The China Mainland bancassurance expense-control regulatory changes are a sector-wide headwind for Asian life insurers, while Prudential's diversified ASEAN and Hong Kong bancassurance channels offset the drag.
China Mainland regulatory changes to bancassurance expense controls constrained sales volumes and pushed FY26 NBP guidance lower. Indonesia faces volatile investment conditions and potential MSCI index reclassification from Emerging to Standalone Market.