Prudential hails strong start to 2011

11th May 2011 09:37

Strong growth in Asia and the US helped the insurance giant Prudential shrug off a more sluggish performance in the UK to continue growing strongly in the first quarter of 2011.Total insurance sales were up by 10% from the same period a year ago to £888m. New business profit climbed by 17% to £498m.Sales in Asia excluding India grew to £336m from £286m and the in the US grew to £322m from £255m. UK insurance sales rose to £199m from £193m.In Asia, chief executive Tidjane Thiam pointed to particularly strong growth in the Southeast of the continent. Sales in India fell back as the market readjusts following regulatory changes, he said.Asia has not always been a happy hunting ground for the Pru. A failed attempt to buy the Asian business of US firm AIG Asia last year cost the company hundreds of millions of pounds.US growth was driven by retiring baby-boomers' strong appetite for protection, the company said."In the UK, we remain focused on our strengths in the with-profits and annuity market segments," he said. "Our strategy is unchanged - putting value ahead of volume - and is delivering attractive returns on the capital employed."He said the performance at the beginning of 2011 confirms that Prudential's strategy is delivering value for shareholders."We will continue to implement our strategy with discipline, allocating capital to the most attractive markets and products, while managing risk and capital prudently, but proactively," he said. "Cash remittances and free surplus generation remain strong and we remain well positioned to achieve the objectives we have set ourselves for 2013."---RG