10th Nov 2015 08:26
LONDON (Alliance News) - Prudential PLC on Tuesday reported higher third-quarter new business profit, driven by strong growth in the US and Asia.
The life insurer and asset manager, which operates in Asia, the US and the UK, reported new business profit of GBP574.0 million, compared with GBP496.0 million in the corresponding quarter the prior year.
The increase came about as new business profit in the US increased by 21% to GBP186.0 million from GBP154.0 million, while new business profit in Asia rose by 11% to GBP312.0 million from GBP281.0 million. New business profit in UK retail increased by 12% GBP47.0 million from GBP42.0 million.
New business profit for the first nine months of the year swelled by 17% to GBP1.76 billion from GBP1.51 billion.
"Overall, our strong performance in 2015 continues to demonstrate the successful execution of our strategy in pursuing clearly defined long-term opportunities in Asia, the US and the UK. We remain optimistic about the outlook across the group, particularly in Asia where the compelling long-term fundamentals of the region are unchanged," Chief Executive Mike Wells said in a statement.
Shares in Prudential were down 0.7% at 1,539.50 pence on Tuesday morning shortly after the results.
By Samuel Agini; [email protected]; @samuelagini
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