Prudential posts rise in Q3 new business profit

Business News

Prudential reported an 11% increase in new business profit to $2.35bn for the first nine months of the year on Wednesday, buoyed by its multi-channel distribution strategy and strong geographic diversity.The FTSE 100 company said that excluding economic impacts, new business profit rose 9%, while annual premium equivalent (APE) sales grew 7% to $4.64bn year-to-date.
Growth was particularly strong in the third quarter, with APE sales rising 10% year-over-year across all segments.
Key markets showed a varying performance – in Hong Kong, new business profit increased by 8% due to improved margins following earlier pricing actions.
APE sales in the third quarter rose 12% year-on-year, driven by both domestic customer growth – up 36% – and sales to Chinese mainland visitors.
Prudential’s Chinese mainland joint venture, CITIC Prudential Life, achieved a 12% rise in new business profit, aided by a strategic shift toward higher-margin products, despite a 6% year-to-date decline in APE sales.
A $176m cash injection from each shareholder will bolster the venture, pending regulatory approvals.
Singapore saw a 15% increase in new business profit, with APE sales up 14% year-to-date.
The agency channel outperformed in the third quarter, offsetting a decline in bancassurance.
In Malaysia, new business profit dropped 6%, but APE sales grew 7%, influenced by channel shifts and repricing efforts to counter medical inflation.
Indonesia’s new business profit slipped 2%, yet APE sales improved in Q3, driven by health and protection product demand.
Prudential’s ‘growth markets and other’ segment saw an 11% rise in new business profit, supported by robust APE sales in Thailand, Taiwan, India, and Africa, though margins were impacted by product mix changes.
Eastspring, Prudential’s asset management arm, saw funds under management increase to $271.4bn as of September, boosted by $4.6bn in net inflows this year.
“Our new business performance in the third quarter saw our momentum continue as expected,” said chief executive officer Anil Wadhwani.
“APE sales for the three months ended 30 September were up 10% compared with the same period last year.
“Our multi-channel distribution model has driven broad based new business profit growth including, on a total regional basis, in Greater China, ASEAN and Africa.”
Wadhwani said that looking ahead, the company remained on track for growth in new business profit in 2024 of between 9% and 13%.
“Through our transformation programme we continue to drive growth and quality. In line with our ambition to expand our distribution strength in our key ASEAN markets, we are delighted to enter a long-term partnership with Bank Syariah Indonesia, the biggest Syariah bank in Indonesia, which gives us access to circa 20 million customers.
“We have also taken full ownership of our Nigeria life operations.”
At 0821 GMT, shares in Prudential were up 3.51% at 670.72p.
Reporting by Josh White for Sharecast.com.

Tazpit Press Service: Scientists uncover molecular ‘Bridges’ that help breast cancer evade immunity

Science and Health

Baku, November 6, AZERTAC
Israeli and American scientists have discovered a potential new approach to treating a particularly aggressive form of breast cancer that could be applied to other types of cancers.According to the World Health Organization (WHO) and the American Cancer Society, approximately 2.3 million new cases of breast cancer were diagnosed in 2020, making it the most frequently diagnosed cancer worldwide, and about 1 in 8 women will be diagnosed with it at some point in their lives.Scientists from Israel’s Weizmann Institute of Science and the California-based City of Hope cancer treatment center said their research into the way cancer evades the immune system was inspired by Sun Tzu, a Chinese military strategist who lived in the 5th century BCE. In his still-studied treatise, “The Art of War,” he famously wrote, “Build your enemy a golden bridge to retreat across.”The study, which was recently published in the peer-reviewed journal, Cell Reports, suggests that some cancerous growths adopt a similar strategy, creating “molecular bridges” to evade immune attacks. This tactic, they found, prevents nearby immune cells from attacking the tumor, effectively suppressing the body’s natural defense mechanism.Under the leadership of Prof. Idit Shachar, the Weizmann team previously studied similar bridges in blood cancers. They identified a protein, CD84 (also known as SLAMF5), which cancer cells use to establish these molecular connections with nearby noncancerous cells. This bridging process enables cancer cells to thrive and avoid immune attacks.Following these findings, Shachar’s team developed an antibody that blocks CD84 from creating these connections, which had shown promising results in slowing disease progression in blood cancer.Building on this earlier research, Dr. Steven Rosen, an executive vice president at City of Hope, suggested investigating whether this molecular bridge-building could play a similar role in other cancers, specifically triple-negative breast cancer (TBNC). This form of breast cancer is notoriously difficult to treat because it lacks certain markers such as estrogen, progesterone, and HER2 receptors that are often targeted in conventional therapies.TNBC represents approximately 20% of all breast cancer diagnoses and has a higher mortality rate compared to other forms of breast cancer, the researchers said.Led by Stav Rabani, a doctoral student in Shachar’s lab, the researchers analyzed tissue samples from women with TBNC. They observed that while the cancer cells in these tumors expressed low levels of CD84, they caused surrounding immune cells to express high levels of it. This elevated CD84 expression led to the formation of molecular bridges among the immune cells, which in turn suppressed the immune response, allowing the tumor to grow unchecked.Further analysis showed that patients with high levels of CD84 in their tumor microenvironment had lower survival rates than those with lower levels.Armed with these insights, the researchers tested their previously developed CD84-blocking antibody on mice genetically engineered to develop breast cancer.They discovered that when treated with this antibody, the mice experienced significantly slower tumor growth. In some cases, the treatment even led to complete tumor regression.Other cancers that exploit similar immune-suppressing tactics might also respond to this approach. Patients might also experience fewer side effects since the antibody works selectively on immune cells with high CD84 expression, leaving most healthy cells unaffected. As the treatment is designed to work specifically in the presence of high CD84 expression, it could be tailored to patients who exhibit this trait within their tumors. But further research and clinical trials will be necessary.

Addu City unveils new tourism brand ‘Beyond the Equator’ at WTM in London

Travel

Addu City celebrated a historic milestone today with the global debut of its new tourism brand identity at the World Travel Market (WTM) in London. Organised in partnership with the Maldives Marketing and Public Relations Corporation (MMPRC) and the Addu Destination Management Office (ADMO), the event presented Addu City’s refreshed image as an essential travel destination, encapsulated by the tagline “Addu: Beyond the Equator.”
The launch, which marked the beginning of the Addu Tourism marketing initiative, was spearheaded by key figures, including the Mayor of Addu City, Ali Nizar; MMPRC Chairman, Abdulla Ghiyas; and MMPRC Managing Director, Ibrahim Shiuree. Each leader expressed Addu’s significant potential and shared a vision for its future as a captivating destination for global travellers.
This brand reveal marks a pivotal point in Addu City’s tourism journey. Throughout WTM, ADMO will engage with international tour operators and travel agents, spotlighting the city’s unique attractions and diverse tourism offerings. The rebranding underscores Addu’s rich heritage, its pristine natural landscapes, and its unique appeal as a destination “Beyond the Equator.”
Choosing to launch Addu City’s tourism brand at the World Travel Market in London was strategically inspired by Addu’s colonial history, particularly its strong ties to Britain during World War II and afterward. Addu Atoll was a key site for British forces, housing a Royal Air Force Base on Gan Island. This historical connection left an enduring legacy, with traces of British architecture, cultural influence, and shared memories still visible in Addu today.

Unveiling “Addu: Beyond the Equator” in London honours this historical bond and reflects the unique relationship between Addu and Britain. The launch positions Addu as a place where travellers can immerse themselves in both the scenic beauty and local culture of the Maldives, as well as in stories that span continents and generations. This debut at WTM London is more than a marketing opportunity; it invites the world, especially British visitors, to rediscover a place where their own history intersects with Addu’s unique heritage, evoking a sense of familiarity while exploring a distinct side of the Maldives.

New Maldives Customs rules end duty-free tobacco, impose stricter limits on tourists

Travel

In line with a stricter approach to regulating tobacco and nicotine products, the Maldives has introduced new measures affecting tourists, retailers, and consumers alike.
The Commissioner General of Customs, Fathimath Dhiyana, has issued directives removing duty exemptions on all tobacco and nicotine items, including products like e-cigarettes and shisha, which previously enjoyed certain import concessions. This change is expected to impact both the availability and cost of these products, influencing the tourism industry as well as the domestic market.
Previously, some duty exemptions applied to tobacco, nicotine products, and related devices, but these have now been fully revoked. Customs officials will strictly enforce this new regulation, ensuring that no duty allowances apply to any tobacco or nicotine products. This marks the third attempt by the government to revoke duty incentives for these products after two earlier deferrals.
Under the policy titled “Duty Exemption on Goods Imported by Tourists, Small Consumer Goods, and Business Samples,” the duty-free allowance for small consumer goods brought by tourists and individuals has been raised to MVR 10,000. However, this increased allowance does not cover tobacco and nicotine products. Tourists bringing nicotine items into the Maldives must now declare them at Customs.

Looking at history books to trace the Madras-Sringeri connect

Arts & Culture, Books

Sri Vidhushekara Bharathi, the 37th pontiff of the Sringeri Sarada Peetham, a seat of learning that stretches back to Adi Sankara, is on a visit to Chennai. A history of visits to the city by various heads of the order is a fascinating record of how Madras has changed.
The land grant for Madras was made by the Damarla family in the name of their overlord, Venkata III, the penultimate Vijayanagara ruler. That great empire itself owed its origins to Madhava Vidyaranya, the 12th pontiff of the Sringeri order, who was the preceptor to the first kings, Harihara and Bukka. Even today, the ceiling of the Virupaksha temple in Hampi has a fresco of Vidyaranya being brought in a palanquin in procession to Vijayanagar.
Given its early associations with that kingdom, it is no surprise that Madras became a part of the itinerary of various heads of the Sringeri establishment. The book, The Saint of Sringeri in Sacred India (Dharmaprakash Press, Madras, 1969), has the details, although coupled with many sweeping assumptions and errors. The facts as far as I can see are as follows: The first visit was that of Abhinava Satchidananda Nrsimha Bharati (1741-1766).
This very likely would have been after the French occupation of Madras between 1746 and 1749. If so, it is possible that he camped in old Black Town, where the High Court stands today. Thereafter, owing to unsettled conditions in Mysore during the third Anglo-Mysore War, Satchidananda Bharati III (1770-1814) stayed in Madras in 1792. He made a second visit to the city in 1805. This was probably when the first building of the Sringeri order was built in the city, at Krishnappa Naicken Agraharam, off Mint Street. It survives even now, with some modernisation. A succeeding pontiff, Nrisimha Bharathi VIII, had a long tenure, from 1817 to 1879 and visited Madras in 1837 and 1870. He is recorded to have stayed on the Mutt premises, very likely the same structure described as being at Krishnappa Naicken Agraharam.
A fleeting record of a visit in 1885 by Satchidananda Sivabhinava Nrsimha Bharathi, the 33rd pontiff, occurs in the diary of the then Governor, ME Grant Duff: The Sringeri seers moved around in considerable state since at least Vijayanagara times and we note that this did not diminish during the British era. The Dewan of Mysore wrote to the Resident who in turn informed Governor Grant Duff of the retinue — elephants, camels, cows, horses, bullocks, palanquins, carts, coaches, swords, spears, muskets, and soldiers of the Mysore army. Thereafter, there were no visits till 1960, when Abhinava Vidyateertha, the 35th head, arrived. By then, Madras had changed. South Madras was the happening place.
While Krishnappa Naicken Agraharam was the first port of call, attention centred on Raja Annamalaipuram, T. Nagar, and Mambalam. Temples and offices of the monastic order were established in these places. The Acharya was taken on visits to many of the industrial establishments that were fast coming up in the city — the Integral Coach Factory and the transformer facility of Hackbridge-Hewittic and Easun being just two. And the welcome committee had several industrialists, led by S. Ananthramakrishnan of Amalgamations. While there were courtesy calls by erstwhile Maharajahs, what caught media attention was the arrival of Rajendra Prasad, President of India, and Ellsworth Bunker, U.S. Ambassador to India. In recent years, there have been many visits. The George Town branch has receded into the background. Sadly vanished are also two other landmarks associated with earlier visits — Vasantha Bungalow in Triplicane and Navasuja, that art deco masterpiece in R.A. Puram.
(V. Sriram is a writer and historian.) Published – November 05, 2024 10:16 pm IST
Read Comments
Copy link

Email

Facebook

Twitter

Telegram

LinkedIn

WhatsApp

Reddit

Remove

SEE ALL
PRINT

Mysterious Sydney beach blobs: scientists uncover their complex composition

Science and Health

While the exact origins of the waste remain uncertain, their composition is more disgusting than first thought.A multi-disciplinary team of scientists have made significant progress in understanding the origins of the mysterious black balls washing ashore on Sydney beaches.A few weeks ago, thousands of sticky, round blobs washed up on shore after lifeguards first spotted them at Coogee beach, which left scientists with a series of questions about the origin and formation of the debris.UNSW Science – partnering with UNSW’s Mark Wainwright Analytical Centre (MWAC), DCCEEW Environmental Forensics, the NSW Environment Protection Authority (EPA), and Randwick Council – have run a series of analytical tests, to try and unravel this unusual marine mystery.“At UNSW Science, we have been investigating the balls that appeared on Coogee Beach,” said Associate Professor Jon Beves, from the School of Chemistry, who led the investigation. “Our analyses show that the material is not natural and cannot be attributed solely to an oil spill. It is most consistent with human generated waste.”The investigation used a combination of standard and advanced chemical analytical techniques to reveal the composition and potential sources of the material.“We found the sticky spheres contained hundreds of different components, including molecules that derive from cooking oil and soap scum, PFAS chemicals, steroidal compounds, antihypertensive medications, pesticides, and veterinary drugs,” says Prof. Beves.A combination of carbonThe first step was identifying the carbon composition of the balls, which would give the team an initial idea of the makeup of the debris.Radiocarbon dating of the samples indicated that the interior of the balls contained about 70% modern carbon and 30% fossil carbon, while the surface was made up of approximately 85% modern carbon and 15% fossil carbon. Modern carbon includes carbon derived from plants and animals, as opposed to fossil fuels.“This combination suggests a mix of substances derived from both fossil fuels and plant or animal sources,” says Beves. “The higher concentration of modern carbon at the surface may result from the loss over time of components that evaporate more easily.”Comprehensive chemical analysisThe joint efforts of the research teams revealed that the dark, sticky material was composed of a complex mixture of fats, oils, calcium and other metals, inconsistent with typical marine fuel or oil spills.The team also used advanced analytical techniques to characterise the material.Elemental analysis, X-ray fluorescence (XRF) and energy-dispersive X-ray spectroscopy (EDS) revealed significant levels of calcium and lower levels of other metals. “While we’re not yet certain about the exact form of calcium in the samples, their presence suggests they might be combining organic components to form stable, water insoluble, solid masses,” says Professor William Alexander Donald, an analytical chemist involved in the research.Spectroscopy tests evaluated the absorption and emission of light to reveal atoms and molecules in a sample. A type of spectroscopy, known as Fourier Transform Infrared (FTIR) matched the functional groups in the black balls to those found in soap scum and cooking oil, reinforcing the presence of domestic waste materials. This also matched the nuclear magnetic resonance (NMR) data of the organic-soluble portion of the balls, which was consistent with fatty acids and olefins found in cooking oils and soap. Source & references /Public Release. View in full here.

A Microbial Ally to Bring Science to the Masses

Science and Health

Citizen Science Corner| ArticleBy identifying Wolbachia in arthropods, science-enthusiast citizens can help researchers sample the bacteria’s hosts.Almost two decades ago, Seth Bordenstein, a biologist at Pennsylvania State University, and a group of scientists and science educators brainstormed ways to bring the scientific research experience into classrooms. At the time, researchers studying arthropods often suspected that their study organisms harbored Wolbachia, a bacterial endosymbiont present in half of all arthropods.1 But with seven million known terrestrial arthropod species, identifying new Wolbachia hosts was a monumental endeavor for researchers to tackle on their own.2 Bordenstein and his colleagues thought they could recruit students and science fans to help with that task. They devised the Discover the Microbes Within! The Wolbachia Project, which is an inquiry-based, five-part lab series centered on the Wolbachia bacteria. As Wolbachia-Project scientists, the participants can collect and identify arthropods in their surroundings, formulating hypotheses as to whether their specimen harbors the bacteria. They then assess the presence of Wolbachia’s DNA in their samples by conducting polymerase chain reaction and gel electrophoreses experiments (the program provides reagents and loaner equipment). They can further submit the samples for sequencing. Using the taxonomic functions available at the National Center for Biotechnology Information, participants have assessed Wolbachia presence in more than 1,500 arthropod species and shared their findings in the project’s user database.“We maybe think that what happens in the ivory tower, in a university lab, is hard to translate. I hope that what the Wolbachia project has done over the last two decades is to show people that it’s a lot easier than it appears,” Bordenstein said. “And the reward is a lot bigger because you’re impacting thousands, if not tens of thousands, of people in the world rather than an experiment or publication that might be read by 100 people.”Are you working on a citizen science project? Share your ideas with us. Tell Us About It

Books open doors to adventures around the world: Seoul Outdoor Library

Arts & Culture, Books

Visitors attend a book talk at the Seoul Metropolitan Library, Oct. 26, held as part of the Ireland Literature Festival Korea 2024. From left are Irish writers Anne Griffin, Sinead Gleeson, Ronan Hession and Michelle Winthrop, Irish Ambassador to Korea. (Seoul Metropolitan Library)
In its final few weeks, the Seoul Outdoor Library was transformed into a Travel Library, with weekly programs themed around different countries.The journey began with Denmark in May and continued through Colombia in August, with each week offering unique cultural experiences tied to that week’s country. Programs included curated book selections, film screenings, live music, or author talks, all designed to capture the spirit of each destination.In October, the Travel Library resumed, beginning with Peru in the first week and concluding with Ireland as the final destination on Oct. 26, celebrated through the Ireland Literature Festival Korea 2024 in collaboration with the Irish Embassy in Seoul.The Republic of Ireland, home to celebrated Nobel laureates and beloved literary giants like James Joyce, Oscar Wilde, George Bernard Shaw, W.B. Yeats and Samuel Beckett, has a remarkable history of storytelling. Today, a new generation of Irish authors like Claire Keegan and Sally Rooney is making its mark on the global literary stage.

From left, Irish writers Anne Griffin, Sinead Gleeson and Ronan Hession attend a book talk at the Seoul Metropolitan Library, held as part of the Ireland Literature Festival Korea 2024. (Hwang Dong-hee/The Korea Herald)
Three writers from Dublin — Anne Griffin, Sinead Gleeson and Ronan Hession — visited Seoul, where they shared their insights on Ireland’s rich literary culture, rooted in a strong storytelling tradition and supported by robust governmental backing.“We have a strong reading culture. And writers are a subset of readers. If you read deeply and widely, you develop a rich literary culture,” said Hession, novelist and also critic, whose latest book is “Ghost Mountain.”He added that Irish readers and writers maintain “a respect — but not too much respect — for literature,” enabling them to honor their literary forebearers while forging their own paths.Gleeson, who recently published her debut novel “Hagstone” after her acclaimed essay collection “Constellations: Reflections from Life,” agreed.“If you look back at our culture and history, we have a tradition of bards and poets being taken seriously by the higher echelons of society,” she said. “Even when we went through terrible times like the famine, poverty and British colonization, people would do what was called ‘ceilidh.’ It’s an Irish tradition of traveling to houses and telling stories.”

From left, Irish writers Anne Griffin, Sinead Gleeson and Ronan Hession and Michelle Winthrop, Irish Ambassador to Korea, attend a book talk at the Seoul Metropolitan Library, held as part of the Ireland Literature Festival Korea 2024. (Seoul Metropolitan Library)
In comparing Ireland to Korea, Hession noted the shared history of colonization and the subsequent rapid modernization.“In both Irish and Korean literature, you get this sense of what has been won and lost — people who have been left behind or marginalized, values that have changed, who is included in modernity and who is not. These are the kinds of questions that I think writers in both our countries are thinking about quite deeply.”Another factor behind Ireland’s continued literary success, according to the writers, is the strong support from the government. Its Arts Council provides systemic backing through grants, bursaries and stipends to writers and literary journals, fostering a thriving creative ecosystem.“I also think in Ireland the seriousness that writing is treated with is reflected in the way the government of Ireland treats writers,” said Gleeson. “I know a lot of literary journals, small independent presses would not exist without the funding that they get from the Irish government.”Griffin, known for her bestseller “When All is Said,” echoed the appreciation. “There is a general respect in the Irish community for writers and it is an honor to be able to be a part of an industry that allows us to express who we are, allows us to express what is inside of us and allows me as a reader to see myself and my life reflected back by another writer,” she said.Michelle Winthrop, Irish Ambassador to Korea said, “Words, stories, imagination, creativity — these are all in the Irish DNA. Even those of us who have never written bestselling novels, we still pride ourselves on being able to tell a good story, on being able to make our listeners laugh or make them cry.”

From left, the Anne Griffin’s “The Island of Longing,” Sinead Gleeson’s “Hagstone” and Ronan Hession’s “Ghost Mountain” (Sceptre, 4th Estate and Bluemoose Books)