Prudential Q1 New Business Profit Rises; Appoints Mark FitzPatrick As CFO

(RTTNews) - Prudential plc (PRU.L, PUK) reported that, on a constant exchange rate basis, fist-quarter Group new business profit increased by 25 percent to 856 million pounds (an increase of 42 percent on actual exchange rates), driven by Group APE sales growth of 18 percent (33 percent on actual exchange rates) and the overall positive effect of higher interest rates.

The Group confirmed it completed the sale of its life insurance subsidiary in Korea, PCA Life Insurance Co. Ltd., to Mirae Asset Life Insurance Co. Ltd. for consideration of 117 million pounds.

The estimated Group shareholders' Solvency II capital surplus at 31 March 2017 was 12.4 billion pounds, equivalent to a shareholder solvency ratio of 198 percent. Solvency II surplus benefited from operational capital generation, net of market effects, of 0.7 billion pounds.

Prudential plc also announced the appointment of Mark FitzPatrick as Chief Financial Officer, succeeding Nic Nicandrou, who takes over as Chief Executive of Prudential Corporation Asia. FitzPatrick is currently a Managing Partner of Deloitte UK and a member of its executive committee. Tony Wilkey will step down as Chief Executive of PCA and from the Board of Prudential plc. FitzPatrick will join the Board of Prudential plc in the summer and Wilkey will remain with the business to support an orderly transition until July.