FTSE 100 insurer Prudential posted a jump in new business profit for the first nine months of its year today after registering “broad based growth” across its global markets.

In a third-quarter trading update today, the Asia-focused insurer said it had notched £2.35bn in new business profit across its global markets, an 11 per cent rise on the same period last year, driven by growth in markets like China, Southeast Asia, and Africa.

The group’s annual premium equivalent (APE) sales came in at $4.64bn (£3.6bn) for the period, up seven per cent on a constant exchange rate basis.

“Our multi-channel distribution model has driven broad based new business profit growth including, on a total regional basis, in Greater China, ASEAN and Africa,” said Anil Wadhwani, chief executive officer of Prudential. 

The insurer said it was on track for the expected 2024 new business profit growth trajectory of nine per cent to 13 per cent.

Prudential has also struck a new partnership deal with Bank Syariah Indonesia, the biggest Islamic lender in Indonesia which will open it up to a customer base of about 20m customers, said CEO Anil Wadhwani.

Prudential said the execution of the first tranche of a $2bn (£1.6bn) share buyback was pressing ahead with 66m shares repurchased for £437m by the end of October.

The insurance firm’s value has slipped over the past 12 months as Asian economies experience a slowdown.

The insurer’s strategy has widely seen as a bet on demand for financial services in Asia and Africa after the company spun off from M&G in 2019, held a major fundraising in Hong Kong in 2021, and demerged from America’s Jackson Life in 2022.

In 2022, Hong Kong was Prudential’s most profitable market, followed by Singapore, Mainland China, Malaysia and Indonesia, noted Danni Hewson, AJ Bell head of financial analysis.

Shares in the firm are down around 24 per cent since the start of the year.