Insurer Prudential raises profits on Asia growth
British insurance giant Prudential on Wednesday posted a better-than-expected 17-percent rise in first-quarter profits thanks to strong performances in Asia.
Profit from new business sales, a key industry indicator, rose to £498 million (573 million euros, $820 million) in the first quarter from £427 million in the first three months of 2010.
Analysts had forecast profit of £456 million, according to a survey by Dow Jones Newswires.
"We have delivered good results in the first quarter of 2011, with double-digit growth in both profits and sales against the very strong comparatives of 2010, itself a record year for Prudential," chief executive Tidjane Thiam said in the group's earnings statement.
"We believe Asia continues to offer the most attractive opportunity in the global life insurance market today and we expect our momentum to continue, particularly in our preferred markets of South-East Asia," he added.
© 2011 AFP