Prudential new business profit up 17%

In a statement ahead of an investor day, the company said it continues to benefit from “powerful and enduring demand drivers” and its established platforms in Asia, the US, and the UK and Europe, with new business profit of £2.47bn.

In asset management, both M&G Prudential and Eastspring delivered a positive performance, with combined third-party retail and institutional net inflows of £12.8bn compared to net outflows of £8bn in the same period a year ago.

Meanwhile, new business profit in Asia was up 15% to £1.62bn in the first nine months of the year thanks to higher sales volumes, a richer health and protection mix and the overall beneficial effect of higher interest rates. Prudential said the performance remains broad-based, with at least double-digit growth in seven countries, including China, Hong Kong and Singapore.

Chief executive Mike Wells said: "In Asia, we are meeting the health, protection and savings needs of a rapidly growing middle class. In the US, we are addressing the savings and retirement income requirements of the baby-boom generation, and in the UK and Europe we are focused on the opportunity presented by the converging life assurance and savings markets.”