<p><strong>APE sales increased by 7% YoY to $1.6b.</strong></p>
<p>Prudential&rsquo;s first quarter (Q1&rsquo;24) new business profit yielded an 11% year-on-year (YoY) climb, reaching $810m when excluding economic impacts.&nbsp;</p>
<p>However, when considering economic impacts, new business profit remained relatively stable at $726m.</p>
<p>The period&rsquo;s annual premium equivalent (APE) sales saw a 7% YoY increase, reaching $1.6b.&nbsp;</p>
<p>Despite facing strong comparators in Hong Kong and CPL and encountering headwinds in Vietnam, the business demonstrated continued momentum. In Hong Kong, total APE sales witnessed a modest 1% YoY growth, reflecting a sustained recovery since Q1&rsquo;23.&nbsp;</p>
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<p>Both domestic and Chinese Mainland visitor segments contributed to this growth, with agency and bancassurance sales maintaining consistency compared to the latter half of 2023.</p>
<p>Notably, new business margins saw a YoY increase, reaching 69%, supported by a 16% YoY surge in health and protection APE sales.</p>
<p>Meanwhile, CITIC Prudential Life (CPL), Prudential's joint venture in mainland China, experienced a 17% YoY decline in APE sales year-on-year.&nbsp;</p>
<p>However, sales in the first quarter of 2024 surpassed the total for the previous six months of 2023, emphasising the company's focus on its long-term savings and protection products.&nbsp;</p>
<p>CPL's focus on product optimisation led to a 4-percentage-point increase in new business margins, maintaining consistency with full-year 2023 margins.</p>
<p>Singapore witnessed a continued sales momentum, with APE sales rising by 2% YoY compared to Q1&rsquo;23, accompanied by a 2-percentage-point improvement in new business margins. This trend contributed to an overall increase in new business profit.</p>
<p>In Malaysia, Prudential reported impressive APE growth of 29% YoY, primarily driven by a 50% YoY surge in bancassurance sales, supported by strategic partnerships, particularly with UOB.&nbsp;</p>
<p>Despite a decline in new business margins due to the higher proportion of bancassurance sales, increased APE sales contributed to higher new business profit.</p>
<p>Conversely, Indonesia experienced a 10% YoY decline in APE sales compared to Q1&rsquo;23, attributed to regulatory actions on investment-linked products.&nbsp;</p>
<p>However, significant growth in bancassurance sales mitigated this decline. Lower APE sales impacted new business profit, prompting ongoing transformation efforts to enhance productivity and profitability.</p>
<p>The "growth markets and other" segment saw a robust 28% YoY increase in APE sales, driven by strong performances in Thailand, Taiwan, India, and Africa.&nbsp;</p>
<p>Though new business margins declined due to business mix effects, overall new business profit surged, underscoring the segment's growth potential.</p>
<p>Eastspring, Prudential's asset management arm, witnessed growth in funds under management or advice, reaching $239b by the end of March 2024.&nbsp;</p>
<p>Strong net inflows from the Group's insurance business, coupled with inflows from third parties, contributed to this growth, despite outflows from the institutional business.</p>

Prudential sees 11% YoY rise in Q1'24 new business profit

<p><strong>Insurers have operated 41 overseas businesses in 11 countries as of yearend.</strong></p>
<p>South Korea&rsquo;s net income for domestic insurance companies' overseas ventures ended in the negative, declining by $138.4m to reach -$15.9m, in fiscal year 2023 (FY&rsquo;23).</p>
<p>Conversely, net income for life insurers surged by $27.9m or 86.1% to $60.3m, while non-life insurers faced setbacks due to natural catastrophes, resulting in a decrease of $166.3m to minus $76.2m, data from the Financial Supervisory Service (FSS) showed.</p>
<p>As of year-end 2023, a total of 11 countries hosted 41 overseas businesses operated by four life insurance and seven non-life insurance companies.&nbsp;</p>
<p>The insurance sector overall experienced a net income decline of $138.8m, totalling minus $27.0m in 2023, primarily attributed to significant losses caused by a wildfire on Maui Island.&nbsp;</p>
<p>However, the financial investment sector saw a modest increase in net income by $0.4m, reaching $11.1m, driven by improved performance in real estate rental and leasing.</p>
<p>Regionally, Asia operations reported a yearly net income increase of $24.8m to $129.9m in 2023, whilst European operations saw a net income of $4.1m, up by $7.2m from the previous year.&nbsp;</p>
<p>Conversely, losses in the US expanded by $170.4m, resulting in a net loss of $149.9m for 2023.</p>
<p>Aggregate assets of overseas businesses amounted to $6.44 billion at the end of December 2023, marking a 1.7% increase from the previous year.&nbsp;</p>
<p>However, liabilities contracted by 9.0% to $3.44b due to the implementation of IFRS 17, which measured insurance liabilities at current market value.&nbsp;</p>
<p>Shareholders' equity rose by 17.6% to $3.00b, driven by the introduction of IFRS 17 and paid-in capital.</p>
<p>The FSS will monitor the financial stability of overseas businesses and support newly established operations as domestic insurance companies continue to expand into global markets.</p>

Overseas ventures of South Korean insurers post mixed results in FY’23

<p><strong>About 9 in 10 S&rsquo;poreans said they want to earn without working.</strong></p>
<p>Manulife Singapore's income-generating product, Manulife IncomeGen (II), has been enhanced. This new version features a shorter breakeven period and introduces a terminal cancer benefit, providing more robust financial solutions.</p>
<p>According to the Manulife Asia Care Survey 2024, over 90% of respondents in Singapore have long-term financial goals, with "having income without working" ranking among the top five.&nbsp;</p>
<p>The insurer said the upgraded product targets these aspirations by offering a lifetime of monthly income payouts up to age 120.</p>
<p>Key enhancements include:</p>
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<li aria-level="1">Shortened breakeven period: Achieve capital guarantee by Year 6 with the '5-Pay' version, down from Year 8.</li>
<li aria-level="1">New terminal cancer benefit: Provides support following a terminal cancer diagnosis, enhancing the policy's significance during critical times.</li>
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<p>&ldquo;Our customers express significant concern about the increasing cost of living, and almost half are worried about unexpected expenses. Enhancements such as a short premium paying period and a potentially long income payout duration offer our customers a valuable buffer against financial uncertainties.&rdquo; said Mark Czajkowski, Chief Marketing Officer of Manulife Singapore, in a press release.</p>

Manulife Singapore upgrades income-generating product

<p><strong>Tax incentives and the introduction of charging stations are boosting the EV market.</strong></p>
<p>Lower charging and insurance expenses are expected to hasten the adoption of electric vehicles in Singapore and Hong Kong, whilst Indonesians prioritise government subsidies.&nbsp;</p>
<p>Recent developments across the Asia Pacific (APAC) region, including tax incentives and the introduction of new charging stations and car models, are bolstering the electric vehicle (EV) market. The latest YouGov Surveys research focuses on identifying the incentives that consumers in key APAC markets believe would make owning EVs more financially appealing.</p>
<p><img src="https://assets.charltonmedia.com/s3fs-public/users/user11911/image001_0.png" alt="" width="648" height="623"></p>
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<p>In Indonesia, reducing upfront costs and operating expenses through government incentives and subsidies is the most effective way to encourage EV adoption, with 68% of respondents expressing this sentiment. Additionally, measures like extended warranty and maintenance packages (66%) and reduced charging costs (65%) are also highly desired by consumers.</p>
<p>In Singapore, making EVs cheaper to maintain and purchase is paramount. Lower charging and insurance costs (both 66%) are particularly appealing, along with government incentives and subsidies (65%) and extended warranty and maintenance packages (64%).</p>
<p>Similarly, in Hong Kong, reducing upfront costs and operating expenses is crucial for EV adoption. Government incentives and subsidies (60%) and extended warranty and maintenance packages (58%) are seen as effective measures to make EVs more financially attractive.</p>
<p>The data is based on YouGov Surveys conducted online in January, with samples ranging from 510 to 2,044 adults aged 18+ in 17 markets.</p>
<p>&nbsp;</p>

Insurance incentives sweeten EV deal for consumers

<p><strong>Income Insurance shareholders can sell their shares to Phillip Securities.</strong></p>
<p>Alta and Phillip Securities (PSPL) announced the inaugural trade for the first tranche of shares from Income Insurance shareholders, as part of the Income Insurance Share Liquidity Programme launched earlier this year.</p>
<p>This programme provides a liquidity solution to approximately 16,000 shareholders holding shares valued at up to S$840m ($619m).&nbsp;</p>
<p>Additional windows for Income Insurance shareholders to sell their shares to PSPL will follow later this year.&nbsp;</p>
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<p>Through this liquidity programme, all Income Insurance shareholders can sell their shares to PSPL, which will then list them on AltaX for trading by investors.&nbsp;</p>
<p>To date, Alta has completed transactions worth $700m and enabled investments in over 100 unique companies, with significant year-on-year growth in trading volumes.</p>

Income Insurance debuts in AltaX

<p>Here at Lunos where we believe human capital is society's most valuable asset and are here to help industry clients and candidates realise the power of human capital.</p>
<p>Lunos delivers exceptional Asian talent strategies and solutions with its Asian edge, experienced consultants, and sophisticated solutions.&nbsp;</p>

<h3>Ready to make an impact?</h3>
<p>If you want to explore new opportunities, grow your potential and make a difference, Lunos is the place for you. Join us today.</p>

<p><strong>MEET THE TEAM</strong></p>
<h2>We are Lunos.</h2>

<h2>Contact Us</h2>
<p>Interested to know more? Drop us a message via the form below and we'll be in touch as soon as possible.</p>

<p>Lunos offers a distinguished, fresh perspective in the realm of recruitment. With a boutique approach tailored to the unique demands of the insurance and technology industries, we take pride in handpicking top-tier Actuarial professionals who embody unparalleled expertise and vision.</p>
<p>Our rigorous selection process ensures that every candidate represents the pinnacle of sophistication, delivering exceptional value to our clients.</p>

<h2 class="h3">Asia&rsquo;s leading specialist insurance &amp; technology recruitment firm.</h2>

<h2 class="h4">Welcome to Lunos, formerly known as FocusCore Singapore.</h2>
<p>&nbsp;</p>
<p>"Lunos, Where Trust Meets Talent" , is proud to be an Asian boutique specialist insurance and technology recruitment firm, with our Lunos team focusing solely within APAC.</p>
<p>At Lunos the teams are technical experts in their specific job functions as we try to help industry clients &amp; candidates realise the power of human capital.</p>

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<p><strong>TESTIMONIALS</strong></p>
<h2>What people say.</h2>

<p><strong>OUR SERVICES</strong></p>
<h2>We&rsquo;re here to help.</h2>

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<p class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="7j1hh-0-0"><span data-offset-key="7j1hh-0-0"><span data-text="true">With an unwavering dedication to precision and insight, Lunos seamlessly combines the boutique experience with an unparalleled understanding of Actuarial dynamics. Our handpicked team of Actuarial experts embodies a sophistication that is unparalleled in the industry, consistently delivering cutting-edge solutions that inspire trust and confidence. We understand the intricate balance between risk and opportunity, and our Actuarial professionals serve as pillars of stability, forging robust frameworks that ensure a secure and thriving future. At Lunos, we are committed to cultivating an environment where optimism reigns supreme, where each actuarial endeavor is an opportunity to embrace the future with a sense of assurance and promise.</span></span></p>
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Actuarial

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C-Suite & Senior Appointments

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<p class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="eg1sj-0-0"><span data-offset-key="eg1sj-0-0"><span data-text="true">Trust forms the cornerstone of our ethos, cultivated through transparent communication and adherence to the highest ethical standards, fostering enduring partnerships. Our handpicked Risk &amp; Compliance experts not only ensure stability through their profound expertise but also exude optimism, steering the path towards a future where proactive risk management drives sustainable advancement and prosperity.</span></span></p>
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<p class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="a45ij-0-0"><span data-offset-key="a45ij-0-0"><span data-text="true">Melding boutique finesse with comprehensive industry knowledge, Lunos' dedicated team crafts tailored Risk &amp; Compliance solutions that inspire unwavering trust and confidence. Balancing precision with adaptability, our specialists construct robust frameworks that guarantee stability and enduring success in both the technology and insurance landscapes. Each initiative at Lunos embodies our unwavering commitment to forging a future that is not only secure but also optimistic, reflecting our steadfast dedication to nurturing sustainable progress and transformative accomplishments.</span></span></p>
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Finance, Risk & Compliance

<p><span data-offset-key="fmglt-0-0"><span data-text="true">Marrying boutique finesse with industry knowledge, Lunos' team provides tailored operational solutions that inspire unwavering trust and confidence. They build robust frameworks for enduring success, ensuring operational excellence in both technology and insurance. Each initiative reflects our commitment to a secure and optimistic future, demonstrating our dedication to sustainable growth and transformative success.</span></span></p>

Operations

<p class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="eqgn3-0-0"><span data-offset-key="eqgn3-0-0"><span data-text="true">Trust forms the cornerstone of our practice, as we prioritize transparent communication and ethical standards, fostering enduring relationships built on unwavering integrity. Our technological experts not only guarantee stability through their deep-rooted understanding of industry complexities but also instill optimism, spearheading the way toward a future where technological advancement is a catalyst for unparalleled growth and development.</span></span></p>
<p><span data-offset-key="4c8r9-0-0"><span data-text="true">Melding the boutique experience with a profound grasp of cutting-edge technology, Lunos' distinguished team of experts delivers bespoke solutions that inspire unwavering trust and confidence. Recognizing the pivotal equilibrium between innovation and dependability, our technology specialists serve as bastions of stability, constructing robust frameworks that lay the groundwork for a secure and promising future. At Lunos, we cultivate an environment where every technological pursuit is an opportunity to embrace the future with certainty and promise, driving forth a vision of progress that is as bright as it is sustainable.</span></span></p>

Technology

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<p class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="f1t8p-0-0"><span data-offset-key="f1t8p-0-0"><span data-text="true">Trust is the cornerstone of our practice, woven into every interaction through transparent communication and ethical standards. Our hand-selected underwriting and claims experts not only offer stability through their comprehensive industry knowledge but also radiate optimism, guiding the way towards a future where risk management is not just secure but also transformative.</span></span><span data-offset-key="7k183-0-0">&nbsp;</span></p>
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<div class="" data-block="true" data-editor="39k5f" data-offset-key="889gf-0-0">
<p class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="889gf-0-0"><span data-offset-key="889gf-0-0"><span data-text="true">The marriage of boutique finesse and in-depth industry knowledge defines Lunos' approach to Underwriting Broking &amp; Claims recruitment. Our specialized team delivers tailored solutions that inspire unwavering trust and confidence. Balancing precision and adaptability, our experts construct robust frameworks that ensure stability and foster a future filled with promise. At Lunos, every underwriting and claims endeavor symbolizes our commitment to a future that is both secure and optimistic, reflecting our unwavering dedication to transformative risk management.</span></span></p>
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Underwriting, Broking & Claims

Shafiq Samsudin

Esther Yeung

Nicole Balbona

Jo Tonissen

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<p class="MsoNormal"><span lang="EN-SG">As we are known for its expertise in structuring and placing reinsurance solutions tailored to meet the unique needs of its clients worldwide we chose Lunos for their unparalleled sector knowledge and have not been disappointed. Their ability to grasp our unique requirements and provide tailored solutions has been crucial in building a team that drives innovation and success</span></p>
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CEO - APAC

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<p class="MsoNormal"><span lang="EN-SG">As we specialise in risk management, insurance, and human capital consulting, Lunos exceeded our expectations with their professionalism and commitment to sourcing quality candidates. Their deep understanding of the insurance and technology industries ensures that we receive candidates who not only meet but exceed our expectations</span></p>
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CEO - Global

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<p class="MsoNormal"><span lang="EN-SG">We've partnered with Lunos for our hiring needs, and the quality of candidates they provide is exceptional. Their in-depth sector knowledge ensures that we get the right talent to drive our company's success</span></p>
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Chief Actuary

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<p class="MsoNormal"><span lang="EN-SG">Lunos has proven to be a valuable ally in our growth journey. Their ability to source top-tier talent and their proactive approach to identifying opportunities for our business development have been instrumental in our success</span></p>
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Lonos

Asia’s leading specialist insurance & technology recruitment firm.

Welcome to Lunos, formerly known as FocusCore Singapore.

Stay in the know.

You're in safe hands.

Places seeking potential.

What people say.