Tuesday preview: Prudential's new CEO delivers first half results

10th Aug 2015 15:31

(ShareCast News) - Prudential is on Tuesday expected to report an increase in earnings, driven by growth in the Asia business.The UK's largest insurer by market value is forecast to report a 14% jump in International Financial Reporting Standards operating profit to £1.73bn.UBS has predicted positive performance and foreign exchange movements in the US business and a continuation of double-digit growth in the Asia business, with a strong performance in Hong Kong."In the UK, our expectation is for the stable business to generate a 3% year-on-year growth in operating profit with one reported bulk annuity deal in Q2 generating new business value of £46m. Life new business sales (APE) are projected to grow 10% to £2,506m, although with margin pressure in the US and the UK due to a combination of product re-pricing (US variable rates we expect NBV to remain flat y/y at £1,030m."Prudential's results will be delivered by new chief executive Mike Wells after Tidjane Thiam left for Credit Suisse.Wells plans to boost growth from Asia and implement more rigorous global capital rules for the industry, known as Solvency II.On Monday the company announced the appointment of Penny James as chief risk officer to replace John Foley.James, previously the director of group finance, begins on 1 September.Wells said in a statement that James has "demonstrated a capacity for insightful analysis and counsel, as well as highly effective leadership"."At Prudential, we are privileged to have both strength and depth in our leadership team," he said. Tuesday 11 August INTERIMS Card Factory, Johnston Press, Ladbrokes, Partnership Assurance Group, Prudential, Serco Group, SIG, Synthomer INTERNATIONAL ECONOMIC ANNOUNCEMENTS Productivity (US) (13:30) Wholesales Inventories (US) (15:00) ZEW Survey (EU) (10:00) ZEW Survey (GER) (10:00) UK ECONOMIC ANNOUNCEMENTS BRC Sales Monitor (00:01) FINALS Hargreaves Services EGMS PME African Infrastructure Opportunities, Telecom Egypt SAE GDS (Regs) AGMS OptiBiotix Health, Real Estate Credit Investments PCC Ltd, Telecom Plus, Triad Group