Britain’s biggest insurer Prudential on Wednesday announced an eight per cent rise in first-quarter profits on strong Asian demand for its products.
Prudential said new business profit — a key measure for the insurance sector — climbed to £536 million (666 million euros, $865 million) in the first quarter from £498 million a year earlier.
Analysts’ consensus forecast had been for profit to have risen by a smaller amount to £514 million.
Prudential added on Wednesday that in Asia alone, new business profit jumped 22 per cent to £260 million in the first quarter.
“We have made a strong start to 2012,” chief executive Tidjane Thiam said in the group’s earnings statement. “Using our primary measure of growth, new business profit, the first quarter of 2012 is our eleventh consecutive quarter of year-on-year growth.”
London, May 9, 2012 (AFP)
