11th Aug 2015 08:30
LONDON (Alliance News) - Prudential PLC on Tuesday reported increases in both operating profit and annual premium equivalent sales, beating analyst forecasts in the process.
The FTSE 100 life insurer said its operating profit based on longer-term investment returns before tax amounted to GBP1.88 billion in the six months to the end of June, compared with GBP1.52 billion in the same half of the prior year, ahead of the GBP1.74 billion analyst consensus estimates provided by the company.
Annual premium equivalent sales amounted to GBP2.73 billion in the half, compared with GBP2.29 billion in the corresponding period the prior year, beating analyst consensus estimates of GBP2.50 billion.
The company increased its interim dividend by 10% to 12.31 pence per share.
Mike Wells, the internal appointment who succeeded Tidjane Thiam as chief executive on June 1, after Thiam left for the top job at Credit Suisse, said that Prudential's main business units performed strongly in the half.
"I am pleased to be able to announce such a strong performance today, the first time I have reported our results after taking over as group chief executive at the beginning of June. Since then I have visited all of our major business operations, which has confirmed to me not only that our strategy is the right one, but that we have all of the capabilities required to execute it successfully," Wells said in a statement.
"Looking ahead, despite ongoing macro-economic uncertainties, we are confident that our proven strategy, strong execution and the quality of our people will continue to deliver great products and service to our 25 million customers and relative outperformance to our shareholders," Wells added.
Prudential shares were down 0.8% at 1,495.12 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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