European Insurance News & Views: HKIA data for 1Q26 released – Prudential summary statistics

研报英文原文证据摘录

European Insurance News & Views: HKIA data for 1Q26 released – Prudential summary statistics

Global Research

28 July 2026ab

European Insurance News & Views Equities

Europe including UKHKIA data for 1Q26 released – Prudential

summary statistics Financial

Nasib Ahmed, FIA

Analyst

nasib-za.ahmed@ubs.com

Headline: HKIA data for 1Q26 released – Prudential summary statistics +44-20-7568 8231

Charles Zhou

The HKIA released 1Q26 data for the industry (see here), and we summarise key statistics Analyst

for Prudential below. charles.zhou@ubs.com

+852-3712 3887

UBS Summary: Will Hardcastle, CFA

will.hardcastle@ubs.com

We note that Pru lost market share again (based on sales/APE), with a fall in APE of - +44-20-7567 9763

2.5% yoy from 1Q25 to 1Q26. This compared to market growth of 16.5% yoy. The fall

Qian Luin sales appears to be mainly driven by a fall in Agency and Broker business. Agency sales

were down c.10% yoy, with sales from the Broker channel almost half of the prior year.

qian-za.lu@ubs.com

This was offset by 30% yoy growth in Bancassurance sales and an improvement in direct +44-20-7567 4657

sales. We do not see the distribution mix as favourable for Pru’s margin. However, Pru

Chloe Ryanreported an improving margin at 1Q26 (see here) with NBP growing within both the

Associate Analyst

Agency and Bancassurance channels. We note that this is a continuing trend, where the

chloe.ryan@ubs.com

product mix shift (higher Health and Protection) and repricing actions have improved +44-20-7567 3505

margins, despite a fall in in sales.

Our latest valuation analysis indicates that Pru is trading at 0.7x adjusted equity (inc. net

of tax CSM) and 0.9x TEV.

FigureSource:UBS1: estimates,Prudentialcompanyvaluationdata relative to adjusted equity and TEVPrudential

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