PRU(US:PUK)2024-08-28 13:23Financial Performance Highlights - Operating profit increased by 9%[5], driven by diversified insurance profit growth of 6%[45] - New Business Profit (NBP) grew by 8% excluding economic effects[5], reflecting diversification and quality focus[19] - Gross Operating Free Surplus Generated (OFSG) was $1.4 billion[5], a decrease of 4%[5] - Embedded Value (EV) stood at $43.3 billion or 1,575 cents per share[5] - A $2 billion capital return via buyback was announced[5] Strategic Objectives and Outlook - The company is confident in achieving its 2027 strategic and financial objectives[6, 16] - The company aims for a double-digit gross OFSG Compound Annual Growth Rate (CAGR) from 2022-2027[7] - The company targets a New Business Profit (NBP) CAGR of 15-20% from 2022-2027[7] Capital and Solvency - The Group Free Surplus was $7.9 billion[26] - The Group-Wide Supervision (GWS) cover ratio was 232%[26] - The company launched a $2 billion share buyback program[26] Transition to TEV Reporting - The company will replace Embedded Value (EEV) reporting with Traditional Embedded Value (TEV) reporting from Q1 2025[16, 47] - The company's TEV risk premium is comparable with peers[48, 147] - The company's NBP CAGR and Gross OFSG objectives remain unchanged with the TEV transition[49, 150]