Prudential plc has released its Q3 business performance update, highlighting strong year-to-date new business performance. Year-to-date new business profit was up 37% to $2,143 million, with margins improved due to positive developments in channel and geographic mix. APE sales were up 40% to $4,417 million, led by Hong Kong, with increased sales to both Chinese Mainland visitors and domestic customers compared to the same period last year. Prudential's CEO, Anil Wadhwani, stated that the new business momentum seen in the first half of 2023 continued in the third quarter, driven by the strength of the company's distribution capabilities and business diversification across markets, products, and channels. Several of Prudential's ASEAN-based businesses also saw double-digit growth in new business profit for the first nine months of 2023. In the Chinese Mainland, industry-wide changes in product and bancassurance distribution regulations are leading to some disruption in sales, but these changes are expected to be beneficial in the long term. Prudential is focused on executing its recently announced five-year strategy to enhance operational efficiency and increase the productivity of its agency and bank distribution channels. The company plans to provide business performance updates for the first three months and nine months of the year going forward. Prudential's diversified business model and strong capitalization position it well to navigate ongoing challenges in the macro-economic and geopolitical environment. APE sales grew significantly compared to the same period in 2022, and new business margins improved due to positive developments in channel and geographic mix. Health and protection products accounted for 37% of total new business profit. APE sales through the agency channel increased by 81%, reflecting continued demand from Chinese Mainland visitors and domestic customers in Hong Kong. APE sales through the bancassurance channel increased 3%, mainly due to new products and bank partners in Taiwan and an improvement in Malaysia. In Hong Kong, APE sales to both domestic customers and Chinese Mainland visitors grew strongly compared to the same period in the prior year. The Hong Kong economy continued to recover, led by inbound tourism and domestic demand.