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M&G stars as Prudential profits power ahead

Group new business profit rose by a quarter to £856mln, up 25%

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All rosy at the Pru

A surge in new business in Asia and strong inflows into its M&G arm in the UK  has meant a good start to the year for life insurer Prudential PLC (LON:PRU).

Group new business profit rose by a quarter to £856mln, up 25% adjusted for foreign exchange movements or by 42% on an actual currency basis. Sales on a similar basis jumped respectively by 18% and 33%.

Pru said M&G and Asian fund management arm EastSpring combined saw net inflows of US$5.7bn in the three months to March, while higher interest rates also had a positive effect.

China and Hong Kong were especially strong said the Pru, with the Chinese profit more than doubling as more agents signed up, strong growth in the bank channel and increased focus on health and protection.

M&G’s retail and institutional inflows were £3.6bn with external assets under management up by 5% to £144bn.

The investment outfit has already said that ahead of Brexit it would set up an office in Luxembourg to ensure non-UK consumers retain access to its product range.

Shares eased 2% to 1,696p.

Quick facts: Prudential

Price: 1311.5 GBX

LSE:PRU
Market: LSE
Market Cap: £34.1 billion
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