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Prudential Q1 new business profit falls 11%
UK-based insurer Prudential plc posted on Wednesday a 11 per cent fall in new business profit for the first quarter of 2015 to £496 million (S$1 billion), despite its thriving Asian business.
Asia's new business profit rose 22 per cent year-on-year to £309 million, on a constant exchange rate basis. However, US new business profit fell 28 per cent to £153 million, while UK retail new business profit dropped 11 per cent to £34 million.
The group's annual premium equivalent (APE) sales, an industry measure of revenue, stood at £1.25 billion for the quarter, up one per cent from a year ago.
Prudential requested a trading halt on Wednesday afternoon, before results were released.