BRITISH insurer Prudential today announced that new business profits in Asia had soared 18 per cent over the quarter, due to the growing middle class in the region.
Earnings from new business rose to £308m in Asia, compared to £192m in the US and £63m in the UK.
“[The growth is] driven by higher sales of savings and protection products to the growing Asian middle class and a more favourable geographic mix that primarily reflects strong growth in our core target markets in South-east Asia and Hong Kong and a deliberate reduction in Taiwan,” said the company.
“In all, eight of our businesses have delivered double digit sales growth in the first quarter. We remain on track to achieve our Asia growth objective of doubling 2009 new business profit in 2013.”