LONDON (SHARECAST) - The life insurance sector is one of today’s strong performers, helped by a bullish update from Prudential.
Pru chief Tidjane Thiam has made Asia the cornerstone of a plan to drive the life insurance group's profits strongly forward over the next two years.
Thiam, who failed to conclude a deal to buy the Asian business of US firm AIG earlier in the year, has projected the Pru's Asian arm will double its 2009 pre-tax operating profit of £465m by 2013.
Asian new business profits are also being slated to double by 2013 from the £713m made in 2009.
With equities advancing on the back of optimism that the eurozone crisis will be resolved, only one sector is in the red – the defensively-oriented utility sector.
http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=3872009
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The battle to fill the void left by AIG continues, Pru, Aviva and their friends are really scrambling to get a strong hold in the rest of Asia so they are perfectly placed to make sure the Chinese companies don’t become established in Asia and then the rest of the world. It also gives these companies strength to muscle into China and give them a powerful hand and when bargaining with the Chinese authorites.
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