Prudential Reports Growth in New Business Profit, Names Mark FitzPatrick CFO

By Tapan Panchal Features Dow Jones Newswires

Prudential PLC (PRU.LN) Thursday reported 42% growth in new business profit for the first quarter of 2017 and said Mark FitzPatrick will succeed Nic Nicandrou as chief financial officer of the company.

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The financial services company added Mr. Nicandrou will become chief executive of Prudential Corporation Asia, succeeding Tony Wilkey. Mr. Wilkey is leaving the company to pursue other challenges.

Mr. FitzPatrick currently is a managing partner of Deloitte U.K..

For the first quarter, the company recorded new business profit of 856 million pounds ($1.11 billion), up from GBP602 million in the year ago period. The rise in profit was attributed to growth in new business sales and the positive effect of higher interest rates.

New business sales for the period grew to GBP1.91 billion from GBP1.44 billion.

Prudential said it remains well positioned to deliver value for customers and shareholders.

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Shares at 0846 GMT were trading 0.6% lower at 1,722 pence.

Write to Tapan Panchal at tapan.panchal@wsj.com

(END) Dow Jones Newswires

May 18, 2017 05:37 ET (09:37 GMT)