Prudential PLC's Shares Likely to Fall on Weaker New-Business Profit -- Market Talk

Dow Jones04-30

0743 GMT - Prudential PLC's weaker new-business profit performance will put pressure on its shares, JPMorgan analysts write in a research note. The insurance-and-investment business delivered a lower new-business profit performance than expected along with a disappointing new-business margin, the analysts say. Prudential's new-business profit missed the U.S. investment bank's estimate by 12% with a margin 7 points lower due to higher interest rates. Consensus new-business profit estimates are expected to fall as a result and this may also imply a weaker new-business contractual service margin than the market expected in the first quarter, they add. Shares are down 4.4% at 708.4 pence. (najat.kantouar@wsj.com)

(END) Dow Jones Newswires

April 30, 2024 03:43 ET (07:43 GMT)

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Consensus new-business profit estimates are expected to fall as a result and this may also imply a weaker new-business contractual service margin than the market expected in the first quarter, they add. Shares are down 4.4% at 708.4 pence. 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