Prudential 9M Life Insurance New Business Profit Climbs - Quick Facts

(RTTNews) - Prudential plc (PRU.L), a UK-based financial services group, reported Thursday that its nine-month life insurance new business profit increased 26 percent to 2.47 billion pounds from 1.97 billion pounds last year. The growth reflected higher sales and more favourable economics. At constant exchange rates, the growth was 17 percent.

APE sales increased 16 percent to 5.18 billion pounds from 4.47 billion pounds last year.

The company said it continues to benefit from powerful and enduring demand drivers and its established platforms in Asia, the US, and the UK and Europe.

In Asia, new business profit increased 24 percent to 1.62 billion pounds in the first nine months, as a result of higher sales volumes, a richer health and protection mix and the overall beneficial effect of higher interest rates. The performance remains broad-based, with at least double-digit growth in seven countries, including China, Hong Kong and Singapore. APE sales increased 14 percent.

In the US, Jackson's new business profit increased 28 percent to 619 million pounds, primarily reflecting the benefit of higher interest rates.

In the UK & Europe, M&G Prudential's life insurance APE sales grew 25 percent with continued demand for risk-managed solutions. New business profit was up 31 percent to 234 million pounds.

M&G Prudential's total assets under management increased to 336.5 billion pounds from December 31, 2016 of 310.8 billion pounds.

Looking ahead, Prudential said its strategy remains centred on the clear structural opportunities in each of its three key markets in Asia, the US, and the UK and Europe.

The company is holding a conference for investors and analysts on November 16 at the InterContinental Park Lane Hotel in London.

Mike Wells, Group Chief Executive, said: "In Asia, we are meeting the health, protection and savings needs of a rapidly growing middle class. In the US, we are addressing the savings and retirement income requirements of the baby-boom generation, and in the UK and Europe we are focused on the opportunity presented by the converging life assurance and savings markets."