Prudential delivers higher profit as Asia business keeps growing

Group chief executive Mike Wells
Prudential yesterday reported a 17 per cent increase in operating profits in Asia during the six months to 30 June, soothing City fears that the firm’s exposure to China would affect its performance.

The financial services company’s operating profits from its Asian business totalled £632m for the first half of the year.

Prudential announced a pre-tax operating profit of £1.9bn across the entire group, an increase of 17 per cent and ahead of expectations of £1.74bn.

The firm increased its interim dividend by 10 per cent to 12.31p.

Mike Wells, presenting his first financial results as group chief executive, said: “We have seen strong performances from each of our principal business units... We are capturing profitably the opportunities available to us in the growing markets of Asia, while in the US and the UK we are continuing to use our established market position, distribution strength and products that are valued by customers to deliver growth.”

Wells took over from former Prudential boss Tidjane Thiam earlier this year.

Prudential shares closed up 4.68 per cent at 1,577p.

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