UK insurer Prudential posted a record operating profit for 2016 driven by its performance in Asia, which has an increasingly affluent population, raising demand for its health and life insurance products.
Operating profit rose 7% to 4.26 billion pounds ($5.17 billion) in actual exchange rates, according to IFRS accounting standards, the company said on Tuesday on its website. At constant exchange rates it was down 2%, the company said.”Our performance has been driven by Asia, which has delivered a seventh consecutive year of double-digit growth in new business profit, IFRS operating profit and capital generation,” Mike Wells, chief executive, said in the statement. “In the US and in the UK, our businesses remain well positioned to navigate a period of significant regulatory change.”
The Asia business posted a 15% increase in total operating profit to 1.64 billion pounds in constant exchange rate, with new business profit growing 22% by the same measure to 2.03 billion pounds, the company said.