Prudential PLC Says Demerger on Track, Reports Rising New-Business Profit
November 14 2018 - 2:57AM
Dow Jones News
By Adam Clark
Prudential PLC (PRU.LN) said Wednesday that the ongoing demerger
of its U.K. and European business unit is on track and reported
sales growth across its units.
The FTSE 100 insurance and asset-management business said it is
continuing to make good progress on demerging M&G Prudential
but gave no details of a timeline for the split. The demerger was
originally announced in March.
Prudential said over the first nine months of 2018 its
life-insurance new-business profit rose 17%, or 12% on an actual
exchange-rate basis.
In Asia, Prudential said its new-business profit increased by
15% to 1.76 billion pounds ($2.28 billion) compared with the same
period in 2017, driven by its health-and-protection business. In
its Eastspring asset-management business in the region, total funds
under management rose to GBP149.2 billion as of Sept. 30 from
GBP138.9 billion at the end of 2017.
In the U.S., Prudential said new-business profit for its Jackson
business rose 22% to GBP716 million over the nine-month period. In
the U.K. and Europe, M&G Prudential increased its new-business
profit by 18% to GBP277 million. Funds under management fell to
GBP334.4 billion from GBP350.7 billion at the start of the year,
including the redemption of a single large institutional
mandate.
The company's Solvency II surplus, a key measure of balance
sheet strength, stood at GBP14.1 billion as of Sept. 30, equivalent
to a cover ratio of 205%. The company said it remains well-placed
for long-term growth.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
November 14, 2018 02:42 ET (07:42 GMT)
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