PRUDENTIAL PLC FULL YEAR 2025 RESULTS: DELIVERING DOUBLE-DIGIT GROWTH AND INCREASED SHAREHOLDER RETURNS
Prudential plc (“Prudential”; HKEX: 2378; LSE: PRU) today announced its financial results for the year ended 31 December 2025.
Performance highlights on a constant exchange rate basis (unless otherwise stated) are as follows:
- Prudential achieved high-quality growth consistently through all four quarters of 2025. Growth was broad based across markets and channels.
- Delivered double-digit growth across key financial metrics in line with the Group’s 2025 guidance:
- New business profit on a traditional embedded value (TEV) basis grew 12 per cent to $2,782 million and new business margin increased 2 ppts to 42 percent.
- Operating free surplus generated from in-force insurance and asset management business was up 15 per cent to $3,059 million.
- Earnings per share based on adjusted operating profit grew by 12 per cent to 101.4 cents per share with adjusted operating profit before tax up 5 per cent to $3,306 million.
- 2025 total dividend of 26.60 cents per share, up 15 per cent, with 2025 second interim dividend of 18.89 cents per share.
- Increased shareholder returns from implementing enhanced capital management framework. Expected return to shareholders of more than $7 billion over the 2024 to 2027 period, including:
- Completed $2 billion share buyback and IPO of ICICI Prudential Asset Management Company Limited (IPAMC) in 2025.
- Commenced additional $1.2 billion buyback in 2026 and expect a $1.3 billion capital return in 2027, comprising recurring capital returns and IPAMC IPO net proceeds.
- Early in 2026, increased our stake in the Malaysia conventional business to 70 per cent.
- Group TEV equity of $37.8 billion, equivalent to 1,483 cents per share, up 15 per cent (on an actual exchange rate basis).
- Free surplus ratio of 221 per cent (2024: 234 per cent) and GWS shareholder surplus over GPCR of $17.1 billion, equivalent to a cover ratio of 262 per cent.
- S&P Global Ratings upgraded the Financial Strength rating of Prudential’s core entities to AA (from AA-) reflecting the Group’s robust capital position.
Commenting on the results, CEO Anil Wadhwani, said: “2025 was a strong year of consistent delivery for Prudential, with double-digit growth reflecting sustained momentum throughout the year. Structural demand for our products in Asia and Africa continued to rise, driven by the increasing protection, retirement and wealth needs of our customers. We continued to digitise our customer acquisition and servicing capabilities – to drive not only agency productivity and improve activation, but also to support product innovation and enhance customers’ experiences. All enabled by targeted investments in modernising our technology platforms, data quality and operational efficiency.
“We are further strengthening our multi-channel distribution model, continuing to professionalise our agency force and building on our successful bancassurance partnerships, while extending our health and protection business. Looking ahead, our focus remains firmly on high‑quality, sustainable growth, disciplined capital allocation and delivering long‑term shareholder value. We carry the momentum of 2025 into 2026 and are confident in our double-digit growth trajectory across our key metrics, putting us firmly on track to achieve our 2027 financial objectives.”
| Summary performance financials (before non-controlling interests) | 2025 $m | 2024 $m | Change on AER basis | Change on CER basis |
| New business profit | 2,782 | 2,464 | 13% | 12% |
| Operating free surplus generated from in-force insurance and asset management business | 3,059 | 2,666 | 15% | 15% |
| Adjusted operating profit before tax | 3,306 | 3,129 | 6% | 5% |
| Adjusted operating profit after tax | 2,772 | 2,582 | 7% | 7% |
| IFRS profit after tax | 4,119 | 2,415 | 71% | 69% |
| 2025 | 2024 | |||
| Balance sheet financials (after non-controlling interests) | Total | Per share | Total | Per share |
| Group TEV equity | $37.8bn | 1,483¢ | $34.3bn | 1,289¢ |
| IFRS shareholders’ equity | $20.1bn | 790¢ | $17.5bn | 658¢ |
Key Summary Financials
Earnings
| 2025 $m | 2024 $m | Change on AER basis | Change on CER basis | |
| Adjusted operating profit | 3,306 | 3,129 | 6% | 5% |
| Adjusted operating profit after tax | 2,772 | 2,582 | 7% | 7% |
| Basic earnings per share based on adjusted operating profit (cents) | 101.4 | 89.7 | 13% | 12% |
| IFRS profit after tax | 4,119 | 2,415 | 71% | 69% |
| Basic earnings per share based on IFRS profit after tax (cents) | 154.2 | 84.1 | 83% | 82% |
Value
| 2025 $m | 2024 $m | Change on AER basis | Change on CER basis | |
| APE sales | 6,661 | 6,202 | 7% | 6% |
| Present value new business premiums (PVNBP) | 31,925 | 29,034 | 10% | 9% |
| New business profit (TEV) | 2,782 | 2,464 | 13% | 12% |
| New business margin (% APE) | 42 | 40 | 2ppts | 2ppts |
| Life weighted premium income | 28,106 | 25,542 | 10% | 9% |
| TEV operating profit | 4,752 | 4,095 | 16% | 15% |
| Operating return on embedded value (%) | 15 | 14 | 1ppts | n/a |
| 2025 | 2024 | Change on AER basis | Change on CER basis | |
| Group TEV equity ($m) | 37,803 | 34,267 | 10% | 8% |
| Group TEV equity per share (US$) | 14.83 | 12.89 | 15% | 13% |
| Group TEV per share ($) | 14.53 | 12.62 | 15% | 13% |
| Eastspring funds under management / advice ($bn) | 277.7 | 258.0 | 8% | n/a |
Capital
| 2025 | 2024 | Change on AER basis | Change on CER basis | |
| Operating free surplus generated from in-force insurance and asset management business ($m) | 3,059 | 2,666 | 15% | 15% |
| Operating return on IFRS shareholders’ equity (%) | 14 | 14 | -ppts | n/a |
| Dividend per share (cents) | 26.60 | 23.13 | 15% | n/a |
| 2025 $m | 2024 $m | Change on AER basis | |
| IFRS shareholders’ equity | 20,117 | 17,492 | 15% |
| IFRS shareholders’ equity per share (US$) | 7.90 | 6.58 | 20% |
| Adjusted total comprehensive equity* | 42,068 | 36,660 | 15% |
| Free surplus excluding distribution rights and other intangibles | 9,408 | 8,604 | 9% |
| Free surplus ratio (%) | 221 | 234 | (13)ppts |
| Group leverage ratio (Moody’s basis) (%) | 13 | 13 | – |
| Shareholders GWS coverage ratio over GPCR (%) | 262 | 280 | (18)ppts |
| Total GWS coverage ratio over GPCR (%) | 197 | 203 | (6)ppts |
* Includes IFRS shareholders’ equity and contractual service margin net of tax and other adjustments. See “Definitions of Performance Metrics” in our Annual Results Document for further information.
Notes
The summary financials presented above are the key financial metrics Prudential’s management use to assess and manage the performance and position of the business. In addition to the metrics prepared in accordance with IFRS standards – IFRS profit after tax and IFRS shareholders’ equity – additional metrics are prepared on alternative bases. The presentation of these key metrics is not intended to be considered as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS Standards. The definitions of the key metrics we use to discuss our performance in this press release are set out in the “Definition of performance metrics” section in our Annual Results Document, including, where relevant, references to where these metrics are reconciled to the most directly comparable IFRS measure. All metrics used by management to assess performance (along with IFRS profit after tax) are presented before deduction of the amount attributable to non-controlling interests. Balance sheet metrics are presented net of non-controlling interests. This presentation is applied consistently throughout this announcement.
Further information on actual and constant exchange rate bases is set out in note A1 of the IFRS financial statement. All results are presented in US dollars.
Annual Results Document
Prudential plc’s results for the year ended 31 December 2025:
– is available to view on the Prudential corporate website at https://www.prudentialplc.com/en/investors/overview/
– is also available at http://www.rns-pdf.londonstockexchange.com/rns/0349X_1-2026-3-17.pdf
– has been submitted in full unedited text to the Financial Conduct Authority’s National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Announcement publication
| Hong Kong | London | New York | |
| Hong Kong Stock Exchange & UK Financial Media | Wednesday, 18 March 2026 6.00 am HKT | Tuesday, 17 March 2026 10.00 pm UKT | Tuesday, 17 March 2026 6.00 pm ET |
| London Stock Exchange | Wednesday, 18 March 2026 3.00 pm HKT | Wednesday, 18 March 2026 7.00 am UKT | Wednesday, 18 March 2026 3.00 am ET |
Please note the impact of time zones on the announcement date for your particular location.
Pre-Recorded Results Presentation
– A pre-recorded presentation for analysts and investors will be available on-demand from 6.00am HKT on Wednesday 18 March | 10.00pm UKT – 6.00pm ET on Tuesday 17 March via this link: https://meetings.100.lumiconnect.com/r/participant/live-meeting/100614516559
– A copy of the presentation script will also be available on Prudential plc’s website at the same time.
Virtual Q&A Event for Analysts & Investors
Date: Wednesday, 18 March 2026
Time: 4.30pm HKT | 8.30am UKT | 4.30am ET