Asia boosts Prudential profit, demerger making progress

KEY POINTS

  • Prudential said it was making “continued progress” in separating its British business, M&G Prudential, through a stock market listing, which market sources expect before the end of the year.
  • The firm’s Asian business saw a 14 percent rise in operating profit while M&G Prudential’s profit rose 19 percent.

Britain’s biggest insurer, Prudential, reported an above-forecast 6 percent rise in 2018 operating profit to 4.8 billion pounds ($6.31 billion) on Wednesday after a strong performance from its Asian business.

The life insurer, which has large operations in Asia and the United States as well as Britain, was forecast to show operating profit of 4.6 billion pounds, according to a company-compiled forecast of analyst expectations.

Prudential said it was making “continued progress” in separating its British business, M&G Prudential, through a stock market listing, which market sources expect before the end of the year.

“Given the extent of our opportunities and our proven ability to execute and innovate, we are well positioned to continue to grow profitably,” Chief Executive Mike Wells said in a statement.

The firm’s Asian business saw a 14 percent rise in operating profit while M&G Prudential’s profit rose 19 percent, with its British pensions business helped by a slowdown in life improvement expectations…

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