Prudential (LON:PRU) blamed the interest rate environment for lower first quarter profits.
Persistently low long-term rates represent a significant headwind going forward it said as profit from new businesses fell by 6% in the first quarter of 2015.
The UK’s largest insurer saw total new business profits slide £30mln to £496mln led by a 22% year-on-year decrease in US firm Jackson Life.
The company said record first quarter results in 2014 due to “favourable conditions” and subsequent actions to moderate sales throughout the year impacted the results.
UK new business profit fell by 11% though Asia was strong again with a 27% rise.
Tidjane Thiam in his last results update said “"In the mature US and UK markets, we have continued to prioritise value over volume.
“In Asia, we remain focused on profitably meeting the investment and protection needs of a growing and increasingly prosperous middle class.”
Prudential last week named Mike Wells, Jackson’s Life CEO, to replace Thiam, who is leaving to take over at Credit Suisse next month.
Shares in Prudential slipped back 3p today to 1,609p.