Prudential plc ( PUK )  shares are trading lower after the company reported FY 2023 results.

Insurance revenue was $9.371 billion versus $8.549 billion a year ago. New business profit rose 45% on CER basis (+43% AER basis) to $3.125 billion in the year. 

Excluding interest rates and other economic movement effects, new business profit increased 47% Y/Y (+45% Y/Y) in the year.

Adjusted operating profit rose 8% (+6% Y/Y) to $2.893 billion. Operating free surplus generated from in-force insurance and asset management business stood at $2.74 billion (2022: $2.76 billion).

EPS was $0.619 versus a loss of $(0.368) a year ago.

The company declared second interim dividend of 14.21 cents per share and 20.47 cents per share for the full year, up 9% Y/Y.

Anil Wadhwani, CEO, said, “It has been six months since the launch of our new strategy and it’s highly encouraging to see the early progress on our strategic objectives of improving our customer experience, driving technology powered distribution and transforming our business model in Health.”

“We delivered an excellent financial and operational performance in 2023 and deployed increased levels of capital in new business, enhancing core capabilities and expanding distribution. Sales growth has continued in the first two months of 2024.”

Price Action: PUK shares are down 5.14% at $18.99 on the last check Wednesday.