Prudential 9-month Asia New Business Profit Up 20% - Quick Facts

(RTTNews) - UK insurer Prudential Plc (PUK, PRU.L), in its interim management statement, posted a 20 percent improvement in Asia new business profit to 990 million pounds for the first nine months of 2013, and is on track to achieve its remaining Asia growth objective of doubling 2009 new business profit to 1.43 billion pounds by the year end. The new business profit growth reflects both higher volumes, with year-to-date annual premium equivalent or APE rising 15 percent to 1.52 billion pounds, and the benefit of favourable changes in country mix, channel mix and economic assumptions following the rise in interest rates, mainly in Hong Kong.

During the third quarter, new business APE went up 20 percent to 513 million pounds. The firm said this growth has been broad based, with double digit growth in six of its sweet-spot markets in South-east Asia including Hong Kong, and in nine markets overall. The company's both main distribution channels strongly contributed to this performance with third-quarter agency APE rising 19 percent and bancassurance APE up 27 percent.

M&G has reported steady inflows for the three months to the end of September 2013, with total net inflows reaching 5.1 billion pounds, taking the cumulative total since the beginning of the year to 8.9 billion pounds.

Looking ahead, the Group Chief Executive said, "We remain on track to achieve our 2013 'Growth and Cash' objectives. In Asia, our focus on meeting the long-term savings and protection needs of a rapidly growing and increasingly wealthy middle class remains a key driver of resilient and sustainable profit growth. Our US and UK businesses remain focused on delivering earnings and cash."