Analyst lauds 'terrific' Prudential's nine-month numbers

“The strength of the group's business model across the globe is unparalleled, to us, with a powerful balance sheet to match,” said Shore Capital's Eamonn Flanagan

prudential sign
The numbers are starting to add up for Pru

Shore Capital’s veteran insurance analyst, Eamonn Flanagan, described as “terrific” new business figures from the life and pensions giant Prudential plc (LON:PRU).

The shares, up 15p at £18.75, are trading at a discount to the Shore number cruncher’s £22.50 sum of the parts valuation, underpinning his ‘buy’ recommendation.

READ: Prudential sells US independent broker-dealer for US$325mln to LPL Financial LLC

“The strength of the group's business model across the globe is unparalleled, to us, with a powerful balance sheet to match,” said Flanagan in a note to clients.

“The operations in Asia and the US are ‘best-in-class’ in our view in their respective territories, with M&G Prudential in the UK clearly determined to deliver likewise on these shores.”

New business numbers

The analysts’ comments came after the release figures for nine months of the current year, a curtain-raiser to the Pru’s annual investor conference in London Thursday.

New business profit was 17% at £2.47bn, with the US business Jackson National leading the way on an actual exchange rate basis.

Asia’s growth – at 15% - was robust, while the newly merged M&G Prudential delivered asset management net inflows of £9.9bn.

Quick facts: Prudential

Price: 1299.5 GBX

Market: LSE
Market Cap: £33.79 billion

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