HONG KONG, Nov 10, 2010 (A. M. Best via COMTEX) --
Strong Asian economic conditions, together with positive regional life insurance market performances, contributed to a 32% revenue gain for U.K.-based Prudential plc's Asian operations in the first three quarters of 2010.
Annual premium equivalent sales in Asia reached 1.07 billion pounds (US$1.72 billion), up from 806 million pounds in 2009.
The insurance group's new business profit in Asia rose 34% to 621 million pounds, representing 46% of the group's total new business profit. New business profit rose 14% in the United Kingdom and 10% in the United States.
Its APE margin in Asia was 58% at the end of the third quarter.
Prudential's traditional growth strategy is for "organic growth," said Barry Stowe, chief executive of Prudential Corporation Asia, in a conference call.
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The explosion in life insurance in Asia is incredible, China is the fastest growing market in the world with India not far behind. Not to mention countries such as Vietnam, Taiwan etc. It’s a potential goldmine out there that Britain and British companies should exploit, so it’s good to see David Cameron lead a large delegation this week to China.
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