Prudential (PRU) Q3 2026 earnings summary

Executive summary

• Q3 NBP was $709m, up 1% YoY; 9M NBP rose 6% to $2,093m, with 3 percentage points of YTD margin expansion supported by repricing.

• Excluding Chinese Mainland life operations, NBP grew 13% in Q3 and 11% YTD, reflecting diversification and growth in other markets, especially bancassurance.

Financial highlights

• Q3 APE sales were $1,596m, down 6% YoY on a constant exchange rate basis; 9M APE sales were $5,026m.

• Eastspring FUM or advice ended Q3 at $285.7bn versus $290.8bn at 30 June 2026; $5.4bn net inflows were more than offset by market movements and the IPAMC stake sale.

Outlook and guidance

• FY26 guidance remains double-digit growth across the four Key Financial Metrics, though Group 2026 NBP growth guidance is now more stretching than anticipated at H1.

• Chinese Mainland FY26 NBP is expected to be 10%–15% below 2025; September and October sales momentum supports an expected return to growth in Q4, at a slower recovery rate than previously anticipated.

• Hong Kong expects double-digit full-year NBP growth; September and October Group NBP momentum was strong, including in Chinese Mainland life operations.