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Prudential new business profits rise

Prudential new business profits rise

Category: Insurance

Updated: 08/05/2013
First Published: 08/05/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Prudential plc has announced it made a 5% increase in new business profits during quarter one of 2013.

The insurer said new business profits climbed to £563 million, largely as a result of its Asian business increasing by 18% to £308 million. More than half of the group's profits are created from its Asian division.

Business in the UK grew by 2% to £63 million during the first three months of this year, although sales of with-profit bonds were 21% less compared with the same period in 2012.

Prudential has been criticised by its shareholders over plans to award its chief executive, Tidjane Thiam, with a £7.8 million pay package.

Mr Thiam has defended the plans, stating that it was a reflection of the group's share price increasing over the past three years. Shares in Prudential have reportedly grown by 20% so far this year.

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