Prudential reports higher HK operating profit

Business | 14 Aug 2019 7:09 pm

Prudential (2378) chief executive Michael Andrew Wells said the political unrest had a limited impact on business during the first half and the insurer is in process of collaborating with the government in health care policies for retirees.

The British insurer announced that net profit for the first half this year grew by 7 percent from a year ago to £1.54 billion (HK$14.59 billion).

Prudential declared an interim dividend of 16.45 pence, 5 percent higher than that for the same period of last year.

The company meanwhile declared it will de-merge its UK and European savings and investments business M&GPrudential later this year, and list the spinoff under the name of M&G plc.

The operating profit from continuing operations, excluding that for M&GPrudential, grew by 14 percent to £2.02 billion compared with the same period of last year.

New business value in Asia increased by 10 percent to £1.3 billion, and operating profit for Asia went up by 14 percent year-on-year to £1.2 billion.

Separately, in Hong Kong, operating profit grew by 29 percent from a year ago to £260 million. New business premiums were up by 5 percent to £830 million.

And 63 percent of Prudential's sales in Hong Kong came from visitors from mainland China.


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