What happened? Pru Plc reported APE +10% and NBP +13% (constant FX) for 3Q25. There is no consensus, but the NBP is mid-single digit ahead of our own expectation for the quarter, and we would expect modest share-price outperformance. BNPP Exane View: . VOLUME: Annual Premium Equivalent for 3Q25 grew 12%, or 10% on constant FX. This is an acceleration vs.8% (actual FX) Y/Y growth in 2Q25. . VALUE: New Business Profit grew 14%, or 13% on constant FX, with 1ppt Y/Y improvement in margin (similar to the improvement in 2Q25). . MARKETS: double-digit NBP growth in HK (net of margin expansion), Mainland China (sales push ahead of market-wide pricing changes) and Growth/other markets. Malaysia NBP positive Y/Y (N.B. improvement vs. small reduction in 1H25). Singapore saw a small increase in NBP. Indonesia impacted by period of civil unrest (NBP down). . GUIDANCE: no change - ''firmly on track'' to deliver both 2025 guidance and 2027 targets. Classification as ''Domestic Systematically Important Insurer'' in HK has no effect on operations or capital management. . INDIA AM LISTING: the company ''continues to actively work on'' this. . OUR VIEW: given the strong new business, we would expect a small share-price outperformance.