British insurance giant Prudential has today announced profits grew 17% in the third quarter – driven by higher sales at its Asian and US markets.
The results were better than expected and sent its shares up 0.6% in early morning trading.
The insurer, which is Britain’s largest, said it has focused its attention on expanding in the fast-growing Asian market.
Meanwhile, revenue increased to £809 million in the three month period from £689 million in the same period a year ago – beating expectations of £773 million.
Meanwhile, the company’s US division, Jackson National Life, reported a 16% increase in sales in the three months to September to £290 million.
Today’s figures will be a boost after the Pru recently had to count the cost of its failed bid for AIA, the Asian arm of US company American International Group (AIG).
In early June, Prudential abandoned its $35.5 billion takeover of AIA after the insurer had attempted to renegotiate an earlier deal and offered a lower price tag of $30.375 billion, which AIA snubbed.
At the time, several Prudential shareholders said they would not approve the takeover unless the Pru trimmed between $3 billion and $5 billion from the original price.
The deal was set to provide the Pru with the opportunity to create South East Asia’s leading insurer.
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