Prudential progressing with de-merger as profit lifted by Asia business
Prudential is spinning off its UK and Europe savings and investment business.
Prudential posted double-digit profit growth from its life insurance operations as it said the de-merger of its UK operations remains on track.
The insurer is spinning off its savings and investment business in the UK and Europe into a separate company to focus on Asia and the US.
The new entity, M&G Prudential, will be listed on the London Stock Exchange.
Chief executive Mike Wells said that since 2014, the Asia business has more than doubled new business profit, “demonstrating our ability to capture high-quality growth at pace”.
He added: “The profitable growth prospects of our Asia businesses remain substantial, given the increasing protection and savings needs of our customers and the extent of the footprint we have established.”
Prudential last month appointed former Hargreaves Lansdown chairman Mike Evans as chairman of M&G Prudential.
Prudential also said life insurance new business profit increased 12% over the first nine months of the year, or 17% at constant exchange rates, to £2.78 billion compared with the same period a year earlier, thanks to its Asian business.
In Asia, new business profit rose 9%, or 15% at constant exchange rates, to £1.76 billion, helped by sales of its health and protection products.
M&G Prudential’s new business profit grew 18% to £277 million.