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Prudential has announced an operating profit of £1.415bn in the first half of 2013. A 22 per cent increase on 2012, the result was boosted by strong profits in the company’s Asian operations.
“Prudential has produced a strong performance across our key financial metrics of IFRS operating profit”, said Tidjane Thiam, Group Chief Executive, ” new business profit and cash during the first six months of 2013. Our focus on meeting the needs of our customers with well-designed products, on executing our strategy with discipline and on managing risk effectively has continued to allow us to deliver profitable growth and to generate increasing levels of cash.
“In 2010, we set ourselves six challenging ‘Growth and Cash’ objectives to be achieved by the end of 2013. At the end of 2012, we had already achieved two of the six 2013 objectives – Asia’s objectives of doubling its 2009 IFRS operating profit and of delivering more than £300 million of net remittances to the Group.
“At the half year stage of the last year in this four-year 2010-2013 programme, we have achieved two more of our objectives:
- Jackson has exceeded its full year 2013 cash objective of £260 million, delivering £294 million, and
- The Group has surpassed its four-year cumulative net cash remittance objective of £3.8 billion with £4.1 billion of remittances.
“These results provide further evidence of our ability to deliver both earnings growth and cash. We are on track to achieve the remaining objectives of doubling Asia’s 2009 new business profit by 2013 and delivering over £350 million of net remittances from the UK by the end of the year”.
Performance Highlights:
- IFRS operating profit of £1,415 million, up 22 per cent
- EEV new business profit of £1,268 million, up 11 per cent
- Net remittances from business units up 16 per cent to £844 million
- Jackson IFRS operating profit of £582 million, up 32 per cent
- M&G delivers record IFRS operating profit of £204 million, up 17 per cent
Capital & Dividend:
- Underlying free surplus generation of £1.5 billion (before investment in new business), up 11 per cent
- EEV shareholders’ funds of £24.5 billion, up 9 per cent, equivalent to 958 pence per share
- IFRS shareholders’ funds of £9.6 billion, down 7 per cent
- Insurance Groups Directive (IGD) capital surplus estimated at £3.9 billion; solvency requirements covered 2.3 times
- 2013 interim dividend increased by 15.8 per cent to 9.73 pence per share
