Prudential PLC Q1 New Business Profit, APE Sales Climb; Stock Up

(RTTNews) - Shares of Prudential plc (PRU.L, PUK) were gaining around 3 oercent in the early morning trading in London after the company reported Friday that first-quarter APE sales were up 29 percent to $1.56 billion from last year's $1.21 billion. APE sales climbed 35 percent at constant exchange rates.

The results were driven by increasing cross border traffic from the Chinese Mainland and higher domestic demand in Hong Kong alongside growth in many of its other business units. New business profit grew 26 percent to $743 million from $591 million a year ago. The growth was 30 percent at constant exchange rates.

Excluding economic impacts, new business profit rose 39 percent on a reported basis and 43 percent at constant exchange rates.

The company noted that 10 out of the 13 life insurance markets in Asia, as well as Africa, achieved double-digit growth in new business profit.

In London, Prudential plc shares were trading at 1,202.00 pence, up 3.35 percent.