Prudential Posts Increased Profits From Asian Demand
Britain’s biggest insurer Prudential on Wednesday announced an eight percent rise in first-quarter profits on strong Asian demand for its products.
Prudential said new business profit — a key measure for the insurance sector — climbed to 536 million British pounds ($865 million) in the first quarter from 498 million British pounds a year earlier.
Analysts’ consensus forecast had been for profit to have risen by a smaller amount to 514 million British pounds.
Prudential added on Wednesday that in Asia alone, new business profit jumped 22 percent to 260 million British pounds in the first quarter.
“We have made a strong start to 2012,” chief executive Tidjane Thiam said in the group’s earnings statement.
“Using our primary measure of growth, new business profit, the first quarter of 2012 is our eleventh consecutive quarter of year-on-year growth.”