6th May 2015 08:29
LONDON (Alliance News) - Prudential PLC Wednesday reported a fall in first-quarter new business profit, as growth in Asia was more than offset by a decline in the US and the UK.
In a statement, Prudential said new business profit fell to GBP496 million in the three months ended March 31, compared with GBP526 million in the corresponding period of the prior year.
New business profit in Asia increased to GBP309 million from GBP243 million but fell to GBP153 million from GBP195 million in the US. New business profit from UK retail was down to GBP34 million from GBP38 million, while no UK wholesale new business profit was recorded compared with GBP50 million in the first quarter of 2014.
Annual premium equivalent sales increased to GBP1.25 billion from GBP1.17 billion, driven by growth in Asia and UK retail, partly offset by lower US sales and UK wholesale.
Outgoing Chief Executive Tidjane Thiam said the group made a strong start to the year, particularly in Asia.
"This performance demonstrates our continued execution of a clear, consistent and successful strategy centred on Asia," Thiam said in a statement.
"In the mature US and UK markets, we have continued to prioritise value over volume and maintained our focus on delivering good value to our customers and shareholders," Thiam added.
Prudential is preparing for the departure of Thiam, who is leaving to lead Credit Suisse AG, and has appointed US head Mike Wells to become its chief executive in June.
Prudential shares were up 0.7% at 1,624.15 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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