New business sales to the end of the third quarter for the whole of Asia were worth £1.3bn, an increase of 16% on the £1.1bn achieved in the first three quarters of 2011 and almost half the total £3bn of new business attracted by the group as a whole. The profit generated from the Asia new business grew by 15% from £828m to £719m.
At a group level, sales increased by 14% to £3bn from £2.7bn, while new business profit increased 13% from £1.5bn to £1.7bn.
As mentioned, Prudential’s continued growth in Asia was helped by strong results in its key markets. This included a 19% increase in annual premium equivalent (APE) sales in Hong Kong, a 33% increase in Singapore and a 27% increase in Indonesia.
Prudential also highlighted strong performance in South East Asia where it operates in the Philippines, Thailand and Vietnam, citing a 27% increase in APE sales.
Meanwhile, the company’s Asian asset management arm, Eastspring Investments, recorded a 35% growth in net inflows and a 13% increase in funds under management to £56bn.
