Prudential beats forecasts

Prudential posted a forecast-beating 17 per cent rise in first-half operating profit, boosted by strong performances across its Asian, US and UK life and asset management businesses.

In its first earnings update since Mike Wells took over as chief executive, the insurer said its operating profits jumped to £1.9bn. Total new business profit on an embedded value basis increased by 12 per cent to £1.2bn, helping underpin a 10 per cent rise in the firm’s interim dividend. Mr Wells said the robust results demonstrated “disciplined execution” of the group’s global growth strategy.

“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,” Mr Wells said.