Prudential Plc H1 Pre-tax Profit Down, Operating Profit Rises - Quick Facts

(RTTNews) - UK-based financial services group Prudential plc (PRU.L) reported Wednesday that its first-half profit before tax, on IFRS basis, dropped 6 percent to 1.70 billion pounds from 1.81 billion pounds last year.

IFRS profit after tax declined 10 percent from last year to 1.36 billion pounds or 52.7 pence per share.

Operating profit based on longer-term investment returns increased 2 percent to 2.41 billion pounds. Life new business profit went up 5 percent to 1.77 billion pounds.

In the first half, gross premiums earned dropped to 21.34 billion pounds from last year's 22.11 billion pounds. Net earned premiums fell to 8.38 billion pounds from last year's 21.16 billion pounds.

Total revenue, net of reinsurance was 10.92 billion pounds, compared to 42.92 billion pounds a year ago.

Further, the company announced 2018 first interim dividend of 15.67 pence per share, up 8 percent from last year.

The company said the planned demerger of M&G Prudential from the Group is progressing well.

Separately, Prudential announced the appointment of Fields Wicker-Miurin OBE as a Non-Executive Director and a member of the Remuneration Committee. She will join the Board on September 3.