Insurer Prudential posts surging profits

Tuesday 12 August 2014 11.01
Prudential's chief executive Tidjane Thiam notes significant disruption to UK life market
Prudential's chief executive Tidjane Thiam notes significant disruption to UK life market

British insurer Prudential posted surging half-year profits today, despite facing some difficulties in key markets Asia and Britain. 

Net profit soared to £1.145 billion in the six months to June 30, more than three times the amount recorded in the first half of 2013, the company said. 

New business profit - a key industry measure that takes into account the expected future value of policies written in the period - grew by almost a quarter to £1.015 billion. 

"The group has delivered a strong performance in the first six months of 2014 despite challenging conditions including macroeconomic concerns in southeast Asia and significant disruption to the UK life market," said chief executive Tidjane Thiam in reference to a shake-up over how pension policies are managed in Britain. 

"We remain confident in our ability to produce profitable growth over the long term and continue to create value for our customers and shareholders," he added.