Prudential 9-month Life Insurance New Business Profit Increases 17%

(RTTNews) - Prudential Plc. (PRU.L) reported that its life insurance new business profit for the first nine months of 2018 increased by 17 percent or 12 percent on an actual exchange rate basis, reflecting the strength and diversity of the Group's positioning and our continued focus on high-quality new business sales, together with the benefit of pricing actions and more favourable economics in the period.

In Asia, performance continues to be driven by strategic focus on recurring premium, health and protection business. In the first nine months, new business profit increased by 15 per cent or 9 per cent on an actual exchange rate basis to 1.762 billion pounds, with a 19 per cent increase in health and protection new business profit. This performance remains broad-based, with double-digit growth in seven markets4, and across both our agency and bancassurance channels.

In the US, Jackson's new business profit increased 22 per cent or 16 per cent on an actual exchange rate basis to 716 million pounds in the first nine months, primarily reflecting the benefit of higher interest rates and tax reform. The company noted that its strategy remains focused on the clear structural opportunities in each of key markets. The planned demerger of M&G Prudential is on track, and demonstrates our commitment to creating shareholder value. The Group's leading market positions, combined with significant product and distribution capabilities, mean our businesses are well placed for long-term growth and the continued delivery of value for both customers and shareholders.