Asian growth boosts Prudential

City A.M. Reporter
Insurer Prudential this morning reported a 13 per cent rise in profit, boosted by strong growth in its Asian markets.

Over the year to date, new business profit was up to £1.7bn, while sales were up 14 per cent year on year to £3.1bn.

Profit in Asia, where Prudential makes almost half of its sales, was up 15 per cent, against 10 per cent for the US and 17 per cent for the UK.

Prudential is focused on further expanding its presence in Asia as rapid economic growth across the region fuels booming demand for savings and insurance products.

Earlier this month, it agreed to buy the life assurance arm of Thai bank Thanachart for £368m.