Prudential chief executive Mike Wells also weighed in on Brexit following the publication of the company’s results.
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Prudential has fared better than its United Kingdom competitors, including Legal & General Group Plc and Aviva Plc, since Britain voted to leave the European Union because it generates much of its earnings in Asia.
Financial firms have endured a rocky ride in recent months, with the Brexit vote ramping up market volatility and rock-bottom interest rates hampering their ability to make money. It’s “led by double-digit growth in Asia”.
Prudential’s United Kingdom domiciled operations, including M&G, could be hit by a British withdrawal from the European Union, it said in a trading statement.
‘What we are trying to do as a business is give ourselves options so we are in a position to react and adapt to whatever negotiations come through over the next year or so regarding Brexit, ‘ she said.
M&G said shortly after the Brexit vote that it would build a funds business in Dublin amid fears the British decision to leave the European Union will dent its ability to attract investors given its London base. M&G’s operating profit fell 10 percent to 225 million pounds, and Prudential said M&G continued to experience “significant net outflows” in the first half.
(PRU.L,PUK) reported Wednesday that its first-half IFRS operating profit grew 9 percent to 2.059 billion pounds, led mainly by Asia, where IFRS operating profit grew 15 percent, as well as successful cycle management in the United States and the UK.
The company reported operating profit of 2.06 billion pounds ($2.69 billion) in the first six months of year, the statement showed Tuesday.
– United Kingdom insurance and asset management IFRS operating profit of £730 million, up 3%.
The firm posted operating profit of 743 million pounds in Asia, a 15 percent rise on a year earlier and beating a forecast 725 million. He raised his target price for Prudential to 1610 pence a share from 1545 pence.
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The company also increased its first interim dividend by five per cent to 12.93 pence per share.
