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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