Prudential Nine-Month Life Insurance New Business Profit Rose 17%

By Ian Walker Features Dow Jones Newswires

Prudential PLC (PRU.LN) said Thursday that life-insurance new-business profit for the first nine months of the year increased 17% to 2.47 billion pounds ($3.26 million), reflecting higher sales and more favorable economics.

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It added that the group continues to benefit from powerful and enduring demand drivers and its established platforms in Asia, the U.S., and the U.K. and Europe.

In asset management, both M&G Prudential and Eastspring have delivered a positive performance, with combined third-party retail and institutional net inflows of GBP12.8 billion, it said. This compares with net outflows of GBP8.0 billion during the same period in 2016.

The estimated group shareholder Solvency II surplus--a measure of financial stability--at Sept. 30 was GBP12.8 billion, equivalent to a cover ratio of 201% compared with GBP12.5 billion and a cover ratio of 201% on Dec. 31, 2016, Prudential said.

Prudential added that its businesses are well placed for long-term growth and the continued delivery of value for both customers and shareholders.

Write to Ian Walker at; @IanWalk40289749

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(END) Dow Jones Newswires

November 16, 2017 01:51 ET (06:51 GMT)