14th Nov 2013 09:41
LONDON (Alliance News) - Prudential PLC Thursday said new business profit over the third quarter was buoyed by strong growth levels in both Asia and the US.
The life insurer said new business profit totalled GBP682 million over the third quarter ended September 30, compared with GBP597 million for the corresponding quarter the year prior.
New business profits were buoyed by a strong performance in Asia, where Prudential has been focused on doubling new business profit from what was achieved in 2009. It amounted to GBP331 million in the third quarter, compared with GBP281 million for the corresponding period last year.
New business profit in the US grew by 15% to GBP277 million.
Chief Executive Tidjane Thiam said the insurer was "on track" to achieve its full-year objectives, while he said growth in Asia was driven by a fast-growing and increasingly wealthy middle class, a young population, and rising urbanisation, amongst other factors.
The UK division, which attracted broadly flat, if slightly lower, new business profits at GBP74 million in the third quarter, is, along with the US business, "focused on delivering earnings and cash" according to Thiam.
Prudential shares were Thursday quoted at 1,270.00 pence, up 2.2%.
By Samuel Agini; [email protected]; @samuelagini
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