Prudential FY16 Profit Down, Premiums Up; Lifts Dividend; On Track For FY17 View

(RTTNews) - Prudential plc (PRU.L), a UK-based financial services group, reported Tuesday that its fiscal 2016 profit before tax attributable to shareholders declined 28 percent to 2.28 billion pounds from last year's 3.15 billion pounds. IFRS profit after tax was 1.92 billion pounds, or 75 pence per share, down 26 percent from last year.

IFRS basic earnings per share based on operating profit after tax increased 5 percent to 131.3 pence from 124.6 pence in the prior year.

On European Embedded Value or EEV Basis, earnings per share based on operating profit after tax were 214.7 pence, compared to 189.6 pence a year ago.

New business profit was 24 percent higher at 3.09 billion pounds, primarily as a result of higher volumes with APE sales up 8 percent.

Gross premiums earned increased to 38.98 billion pounds from 36.66 billion pounds last year.

In the fourth quarter of 2016, quarterly APE sales in Asia exceeded 1 billion pounds for the first time, with eight of markets in the region growing by more than 20 percent.

Further, the company announced full-year ordinary dividend increased by 12 percent to 43.5 pence per share, reflecting strong 2016 performance and confidence in the future prospects.

Looking ahead, the company said it is on course to achieve its 2017 financial objectives.