For the last week and a half, insurance news has been dominated by the revelation of various financial results from the leading companies – and today it is the turn of the largest insurer in the UK.
Prudential has today announced a 6% rise in its profits for the first half of the year – with its Asian business being the driving force in its success. Business in Asia leapt by 15% to stand at £743 million and helped the company to raise its dividend by 5%.
Overall, its operating profits stood at £2.06 billion – well ahead of the £1.88 billion estimate from an analysts’ survey.
Speaking in a statement, Prudential’s chief executive officer Mike Wells outlined that the company had made good progress “in a period of heightened macro-economic, geo-political and investment market uncertainty and volatility.”
In terms of the UK, he highlighted the company’s ability to weather existing market turbulence. Indeed the insurer has fared comparatively well despite the decision to leave the European Union that has seen other insurers’ shares value slump. Overall, Prudential is up 4% since the decision to leave the EU.
However, it has not been completely immune with its M&G investment unit reporting nearly £7 billion of outflows during the first half of the year, reducing operating profit at the unit by around 10%. Its life insurance unit in the UK, however, was able to enjoy an 8% increase in operating profits to reach £473 million.
Here is a round-up of recent results from other major firms in the insurance industry:
Follow this link for Ageas.
Follow this link for AIG.
Follow this link for Allianz.
Follow this link for Aon.
Follow this link for Aviva.
Follow this link for AXA.
Follow this link for Carole Nash.
Follow this link for Esure.
Follow this link for Hartford.
Follow this link for Intact.
Follow this link for JLT.
Follow this link for Legal & General.
Follow this link for Lloyds Bank.
Follow this link for Munich Re.
Follow this link for RSA.
Follow this link for Standard Life.
Follow this link for Willis Towers Watson.
Follow this link for XL Catlin.
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