Prudential Q3 Group New Business Profit Surges

(RTTNews) - UK-based insurer Prudential Plc (PRU.L, PUK) Tuesday announced an increase in third quarter new business profit of 574 million pounds from 496 million pounds a year ago. Total sales for the quarter was 1.328 billion pounds from 1.121 billion pounds last year.

13 percent increase in new business profit for the first nine months to 1.764 billion pounds on constant currency compared to 1.505 billion a year. On actual exchange rates, the company recorded a growth of 17 percent. Total sales for the period were 4.061 billion, up from 3.407 billion in the previous year.

Mike Wells, Group Chief Executive, said, "Prudential has continued to make good progress in the third quarter ... This performance reflects strong growth in our Asian and UK life operations and continued new business discipline in the US, reinforcing the diverse and resilient nature of our business during a period of significant global instability."

Looking ahead, the company said it will continue to perform well through 2015, highlighting the quality of its execution and well-defined successful strategy. In view of volatility in equity market and uncertainty in global growth prospects, the company expects significant in-force portfolio to provide a material source of high quality recurring income.

In the US and UK, it will focus on investment products. Further, the company said it is confident of being able to deliver strong, profitable growth while providing high quality products and services to a rapidly growing customer base.