Shares hit new high at the Pru after bank deal
INSURER Prudential saw its share price hit a record high yesterday after it unveiled a 17 per cent increase in operating profits.
The group announced a strong set of results for 2013, including news that it has covered its solvency requirements 2.8 times over and increased its final year dividend by 15 per cent, to 33.57p per share.
The group announced its annual results on the same day as a new agreement with Standard Chartered bank to sell insurance products in nine emerging markets around the world.
Chief executive of Prudential Tidjane Thiam said the group’s results in Asia have been consistently strong, adding: “We are also excited by the prospect of bringing the skills of both organisations to other fast-growing emerging markets, where demand for savings and protection is very strong.”
The countries where the new venture will be rolled out include: Hong Kong, Singapore, Indonesia, Thailand, Malaysia, the Philippines, Vietnam, India and Taiwan.
On the insurer’s strong results Thiam added: “We have now met all six of the 2013 ‘Growth and Cash’ objectives we set ourselves in 2010. At the heart of our future prospects is Asia. We are pursuing the increasing demand for protection products from the rapidly growing middle class in our chosen markets across the region.”
Prudential’s share price closed at 1,398p yesterday, a record high for the group.