UK insurer Prudential has reported a 22% rise in first-half operating profits, as it benefited from its exposure to fast-growing Asian markets as well as a jump in income in its US operation.
Prudential said its operating profit came in at £1.415 billion sterling for the six months to the end of June, in line with forecasts.
It also raised its interim dividend by 15.8% to 9.73 pence a share.
Insurers from across Europe have enjoyed a strong start to 2013, as buoyant investment returns and longer-term trends of an ageing population needing more retirement income support their businesses.
Many investors have favoured Prudential because of its diversification beyond European shores.
In the US, Prudential said it continued to gain from the move into retirement of the 'baby-boomer' generation. Profits rose by almost a third after a rise in interest rates in the second quarter boosted its variable annuity business, and it also benefited from an acquisition made last year.
Meanwhile in Asia, where Prudential focuses on selling products to a growing middle class in South East Asia, operating profit jumped 18%. While this outpaced a 12% rise in new sales, Prudential said it saw record sales in seven of its local business units, with China up 42% and Philippines and Korea up 38%.
Funds under management at its M&G arm rose to £234.3 billion from £203.7 billion a year earlier, with the growth coming from net retail inflows and rising asset prices.
"These results provide further evidence of our ability to deliver both earnings growth and cash. We are on track to achieve the remaining objectives of doubling Asia's 2009 new business profit by 2013 and delivering over £350m of net remittances from the UK by the end of the year," chief executive Tidjane Thiam said.
