Revenue growth remains highly sensitive to regional market dynamics, highlighted by a 110.5% surge in 2025Q4 following periods of significant contraction.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Revenue | 20.65B | 8.14B | 11.97B | -27.59B | 26.5B | 36.25B | 70.76B | 20.93B | 65.12B | 58.41B | 27.95B | 37.44B | 32.22B | 87.97B | 55.1B | 47.65B | 48.1B | -10.27B | 65.19B | 68.63B | 41.13B | 65.03B | 30.14B | 6.65B | 7.5B | 13.48B |
| Revenue Growth % | 153.68% | -32.01% | 143.39% | -204.11% | -26.89% | -48.77% | 238.14% | -67.86% | 11.49% | 108.97% | -25.34% | 16.19% | -63.37% | 59.64% | 15.65% | -0.94% | 568.48% | -115.75% | -5.02% | 66.89% | -36.76% | 115.79% | 353.02% | -11.33% | -44.33% | - |
| Medical Costs & Claims | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.19B | -21.27B | -13.31B | -13.35B | -22.68B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -34.36% | -32.67% | -22.78% | -47.77% | -60.59% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 20.65B | 8.14B | 11.97B | -27.59B | 26.5B | 36.25B | 70.76B | 28.12B | 86.39B | 71.72B | 41.3B | 60.13B | 32.22B | 87.97B | 55.1B | 47.65B | 48.1B | -10.27B | 65.19B | 68.63B | 41.13B | 65.03B | 30.14B | 6.65B | 7.5B | 13.48B |
| Gross Margin % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 134.36% | 132.67% | 122.78% | 147.77% | 160.59% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | 153.68% | -32.01% | 143.39% | -204.11% | -26.89% | -48.77% | 151.66% | -67.45% | 20.46% | 73.63% | -31.3% | 86.59% | -63.37% | 59.64% | 15.65% | -0.94% | 568.48% | -115.75% | -5.02% | 66.89% | -36.76% | 115.79% | 353.02% | -11.33% | -44.33% | - |
| Operating Expenses | 16.97B | 5.19B | 9.87B | -26.95B | 23.82B | 36.25B | 3.79B | 2.26B | 4.68B | 4.4B | 3.21B | 2.79B | 2.65B | 87.97B | 55.1B | 73.54B | 77.78B | 2.38B | 65.19B | 68.63B | 68.85B | 65.03B | 30.14B | 6.65B | 7.5B | 13.48B |
| OpEx / Revenue % | 82.2% | 63.72% | 82.48% | 97.67% | 89.9% | 100% | 5.35% | 10.82% | 7.19% | 7.53% | 11.49% | 7.46% | 8.22% | 100% | 100% | 154.34% | 161.7% | -23.2% | 100% | 100% | 167.4% | 100% | 100% | 100% | 100% | 100% |
| Depreciation & Amortization | 0 | -191M | 524M | 0 | 0 | 218M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.3B | -120M | 462.25M | 655.36M | 539.58M | 591.37M | 404.77M |
| Combined Ratio % | 82.2% | 63.72% | 82.48% | 97.67% | 89.9% | 100% | 5.35% | -23.55% | -25.48% | -15.26% | -36.28% | -53.13% | 8.22% | 100% | 100% | 154.34% | 161.7% | -23.2% | 100% | 100% | 167.4% | 100% | 100% | 100% | 100% | 100% |
| Operating Income | 3.68B | 2.95B | 2.1B | -643M | 2.68B | 3.03B | 66.97B | 18.66B | 60.44B | 54.01B | 24.74B | 34.65B | 29.58B | 3.19B | 1.19B | 2.07B | 1.56B | -2.07B | 1.19B | 2.07B | 2.47B | 1.75B | 0 | 0 | 0 | 0 |
| Operating Margin % | 17.8% | 36.28% | 17.52% | 2.33% | 10.1% | 8.36% | 94.65% | 89.18% | 92.81% | 92.47% | 88.51% | 92.54% | 91.78% | 3.62% | 2.15% | 4.35% | 3.25% | 20.2% | 1.82% | 3.02% | 6.01% | 2.69% | 0% | 0% | 0% | 0% |
| Operating Income Growth % | 24.47% | 40.82% | 426.13% | -124.03% | -11.72% | -95.47% | 258.84% | -69.12% | 11.9% | 118.32% | -28.6% | 17.15% | 827.73% | 168.58% | -42.71% | 32.48% | 175.41% | -275.02% | -42.78% | -16.26% | 41.48% | - | - | - | - | - |
| EBITDA | 3.81B | 2.76B | 2.62B | -233.86M | 3B | 3.25B | 66.97B | 18.66B | 60.44B | 54.01B | 24.74B | 34.65B | 29.58B | 3.26B | 2.21B | 2.33B | 1.77B | -1.9B | 1.23B | -225M | 2.35B | 2.21B | 0 | 0 | 0 | 0 |
| EBITDA Margin % | 18.46% | 33.94% | 21.9% | 0.85% | 11.34% | 8.96% | 94.65% | 89.18% | 92.81% | 92.47% | 88.51% | 92.54% | 91.78% | 3.71% | 4.01% | 4.89% | 3.69% | 18.53% | 1.88% | -0.33% | 5.72% | 3.4% | 0% | 0% | 0% | 0% |
| Interest Expense | 136.13M | 171M | 172M | 200M | 328M | 316M | 496M | 547M | 574.35M | 444.17M | 462.23M | 530.76M | 502.94M | 452.48M | 444.04M | 396.65M | 337.95M | 251.88M | 333.17M | 346.78M | 301.12M | 187M | 0 | 0 | 0 | 0 |
| Non-Operating Income | -136.13M | -171M | -438M | -200M | -328M | 30.23M | 111.31M | -6.33B | -17.1B | 50.76B | -11.27B | 30.05B | -16.83B | -74M | -1.02B | -257M | -209M | -172M | -41M | -327M | 120M | 113M | 655.36M | 539.58M | 591.37M | 404.77M |
| Pretax Income | 3.68B | 2.95B | 2.1B | -643M | 2.68B | 2.91B | 1.73B | 3.45B | 4.45B | 2.81B | 4.66B | 4.07B | 2.7B | 4.44B | 2.9B | 3.2B | 2.53B | -3.04B | 2.1B | 4.35B | 3.62B | 2.99B | 1.83B | -1.67B | -1.05B | 0 |
| Pretax Margin % | 17.8% | 36.28% | 17.52% | 2.33% | 10.1% | 8.02% | 2.44% | 16.49% | 6.84% | 4.81% | 16.69% | 10.87% | 8.37% | 5.05% | 5.26% | 6.71% | 5.26% | 29.58% | 3.22% | 6.34% | 8.79% | 4.6% | 6.06% | -25.11% | -13.96% | 0% |
| Income Tax | 611.48M | 538M | 385M | 354M | 462M | 440M | 252.13M | 569M | 1.22B | 436.77M | 842.98M | 619.47M | 476.56M | 954M | 644.33M | 981.6M | 1.41B | -2.46B | 692.12M | 2.43B | 2.39B | 1.82B | 1.55B | 71.04M | -1.35B | 0 |
| Effective Tax Rate % | 16.64% | 18.22% | 18.36% | -55.05% | 17.26% | 15.13% | 14.6% | 16.49% | 27.49% | 15.56% | 18.07% | 15.23% | 17.68% | 21.49% | 22.24% | 30.69% | 55.82% | 81.15% | 32.99% | 55.88% | 66.11% | 60.92% | 84.65% | -4.25% | 129.13% | - |
| Net Income | 2.96B | 2.29B | 1.7B | -1.01B | -2.04B | 2.12B | 591.08M | 3.15B | 2.39B | 2.37B | 3.82B | 3.45B | 2.22B | 2.16B | 1.49B | 1.43B | 1.09B | -579.91M | 1.88B | 1.71B | 1.29B | 991.64M | 1.19B | 724.36M | -592.83M | 0 |
| Net Margin % | 14.33% | 28.07% | 14.21% | 3.65% | -7.71% | 5.84% | 0.84% | 15.07% | 3.67% | 4.06% | 13.67% | 9.21% | 6.89% | 2.46% | 2.7% | 3% | 2.27% | 5.65% | 2.88% | 2.49% | 3.13% | 1.52% | 3.94% | 10.89% | -7.9% | 0% |
| Net Income Growth % | 29.51% | 34.33% | 268.92% | 50.69% | -196.41% | 258.33% | -81.25% | 31.96% | 0.8% | -37.97% | 10.78% | 55.4% | 2.61% | 45.17% | 4.12% | 30.91% | 288.49% | -130.88% | 9.68% | 33.04% | 29.79% | -16.49% | 63.94% | 222.19% | - | - |
| EPS (Diluted) | 2.28 | 1.68 | 2.48 | -1.48 | -3.10 | 3.26 | 1.14 | 1.30 | 1.40 | 1.22 | 1.36 | 1.08 | 0.66 | 1.70 | 1.18 | 1.14 | 0.54 | -0.32 | 0.78 | 0.72 | 0.64 | 0.48 | 0.00 | 0.00 | 0.00 | 1.46 |
| EPS Growth % | 35.71% | -32.26% | 267.57% | 52.26% | -195.09% | 185.96% | -12.31% | -7.14% | 14.75% | -10.29% | 25.93% | 63.64% | -61.18% | 44.07% | 3.51% | 111.11% | 268.75% | -141.03% | 8.33% | 12.5% | 33.33% | - | - | - | -100% | - |
| EPS (Basic) | 2.30 | 1.68 | 2.48 | -1.48 | -3.10 | 3.26 | 1.14 | 1.30 | 1.40 | 1.22 | 1.36 | 1.08 | 0.66 | 1.70 | 1.18 | 1.14 | 0.54 | -0.32 | 0.78 | 0.72 | 0.64 | 0.48 | 0.00 | 0.00 | 0.00 | 1.48 |
| Diluted Shares Outstanding | 1.29B | 1.36B | 686.75M | 684M | 657M | 649.25M | 1.29B | 1.29B | 1.28B | 1.28B | 1.28B | 1.28B | 1.28B | 1.27B | 1.27B | 1.26B | 1.25B | 1.24B | 1.22B | 1.21B | 1.18B | 1.06B | 0 | 0 | 0 | 511.91M |
Geopolitical and Regulatory Volatility
As indicated by the provided financial data, Prudential plc experienced significant revenue fluctuations, with a notable 110.5% growth in 2025Q4 following periods of contraction, suggesting that the company's top-line performance remains highly sensitive to cross-border activity and the normalization of regional insurance demand across its Asian markets.
The erratic nature of revenue growth highlights the company's reliance on the Hong Kong-Mainland China corridor, where regulatory shifts and border policies create lumpy performance. Investors should monitor whether the recent surge in 2025Q4 represents a sustainable recovery in new business volume or merely a temporary rebound from previous periods of stagnation.
Based on reported figures, Prudential plc has maintained a consistent operating income profile, with 2025Q4 operating income reaching $2.4 billion, demonstrating an ability to generate earnings despite the inherent complexities introduced by the transition to IFRS 17 accounting standards and shifting product mix toward accumulation-focused offerings.
While operating income appears stable, the lack of granular data on loss and combined ratios necessitates caution in assessing underwriting efficiency. The company's ability to sustain these margins depends heavily on its capacity to manage medical inflation and commission costs within its bancassurance partnerships.
According to historical financial statements, the company's transition to a pure-play Asian and African insurer has resulted in significant earnings volatility, as evidenced by the net income swing from a $2.9 billion loss in 2021Q2 to a $2.0 billion profit in 2025Q4, reflecting the ongoing structural transformation.
This inflection point marks a departure from legacy Western operations, yet the volatility in net income suggests that the new business model is still maturing. The market may be underestimating the long-term value of the agency force, but the current earnings profile remains susceptible to equity market volatility and regional geopolitical tensions.
As reported in recent filings, Prudential plc faces persistent exposure to Greater China regulatory environments, which may indicate that the company's earnings are more vulnerable to capital control shifts than the current valuation suggests, warranting further investigation into the sustainability of its cross-border sales model.
The reliance on the Hong Kong-Mainland corridor creates a structural risk that could be exacerbated by any tightening of capital outflows by Chinese authorities. Investors should consider that the company's geographic concentration in emerging markets, while a growth driver, introduces a layer of political risk that is difficult to hedge through traditional insurance mechanisms.
Quick answers to the most common questions about buying PUK stock.
For fiscal year 2025, Prudential plc (PUK) reported total revenue of $20.65B. This represents a 53.2% increase compared to $13.48B in 2000.
Prudential plc (PUK) is profitable, generating $2.96B in net income for the fiscal year ending 2025 with a net profit margin of 14.3%.
Prudential plc (PUK) reported an operating income of $3.68B, resulting in an operating profit margin of 17.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Prudential plc (PUK) generated $20.65B in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.