';
Views Article – Sharenet Wealth

Europe, News

Prudential gets H1 Asia boost; demerger expected by year-end

* Group operating profit 2.02 bln stg

* M&G Prudential merger to be completed in Q4

* Says “carefully monitoring” Hong Kong protests (Adds detail from statement, bullet points, CEO quote, share reaction)

By Simon Jessop

LONDON, Aug 14 (Reuters) – British insurer Prudential on Wednesday posted a 14% rise in half year operating profit, driven by robust growth in its Asian business, sending its shares higher.

Group operating profit from continuing operations, excluding its M&G Prudential unit, which Prudential said would be demerged in the fourth quarter, was 2.02 billion pounds ($2.44 billion), thanks to a similar growth in profit from its core Asia market.

“The group’s performance has again been driven by our Asian business, where we have delivered double-digit growth across our key metrics of operating profit,” Chief Executive Mike Wells said in a statement.

“We are benefiting from growing demand for health, protection and savings across the region.”

New business profit in Asia rose 10% over the six months to end-June, while assets under management at its Asia-focused fund unit Eastspring grew 12% to 169.5 billion pounds.

Prudential Plc said it was “carefully monitoring” the situation in Hong Kong, which has been rocked by around 10 weeks of increasingly violent clashes between police and pro-democracy protesters in the worst crisis since the territory reverted from British to Chinese rule in 1997.

At 0906 GMT, shares in Prudential stood 0.8% firmer, among the top gainers on the FTSE 100.

($1 = 0.8290 pounds) (Reporting by Simon Jessop; editing by Kirstin Ridley)


© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.