Prudential PLC (PRU.LN) said Wednesday that its profit rose in 2018, led by increasing new business in Asia.
The insurance-and-investment business said its operating profit came to 4.83 billion pounds ($6.35 billion), rising 6% on a constant-currency basis from 2017. Net profit rose 30% to GBP3.01 billion.
New business profit in life insurance rose 11% in constant currency to GBP3.88 billion. Annual premium equivalent sales rose 1% to GBP6.80 billion on the same basis.
“In 2018, our financial performance, again led by our Asia operations, is testament to the scale of our opportunity set, the depth of our capabilities and our unrelenting focus on executing our strategy at pace,” Chief Executive Mike Wells said.
In Asia, new business profit rose 14% to GBP2.60 billion and annual premium equivalent rose 2% to GBP3.74 billion.
Prudential said it continues to make progress on the planned demerger of its U.K.-and-European business M&G Prudential, where operating profit rose 19%, boosted by changes to life-expectancy assumptions.
The company’s full-year dividend rose 5% to 49.35 pence a share. Prudential said its Solvency II surplus, a key measure of balance-sheet strength, stood at GBP17.2 billion at the end of the year, equivalent to a cover ratio of 232%.
Shares at 0850 GMT were up 0.4% at 1,535.50 pence.
source: Uk Insurance