Prudential Plc plans to more than double its new business profit by 2027 as Chief Executive Officer Anil Wadhwani ramps up his strategy less than one year into the job.

The firm expects to boost the gauge of profitability of new insurance policies to as much as $5.4 billion by 2027, up from $2.2 billion last year, according to a statement Wednesday. That implies an annual growth rate of up to 20%.