Asia momentum drives Prudential

10th Nov 2010 07:11

Another strong performance from its Asian operations helped Prudential's sales jump 17% over the last three months, though the US and UK also went well.Third quarter sales rose to £809m, up from £689m, to take the year-to-date total to £2.46bn, up 24%. Operating profits in the year so far are up 21% to £1.35bn.Sales in Asia rose by 25% to £353m over the last three months, making a year-to-date 32% increase to £1.07bn. US sales rose by 16% to £290m in the quarter, with the UK arm up 5% at £166m.Fund management arm M&G's funds under management at 30 September were £191.2bn, up 10% on the 2009 year end and 13% on the third quarter of 2009. Net inflows in the last three months were £1.8bn."South East Asia, with its high rates of GDP growth, saving habits and low penetration of insurance products, remains the most attractive long-term opportunity in our industry and the primary focus for our growth and investment. This opportunity, supported by our strong position in the US, our focused business in the UK and market leading asset management businesses, means we view our future with confidence and believe that we will continue to outperform our competitors in our chosen markets," chief executive Tidjane Thiam said.