Prudential Sales Up

Despite a challenging economic environment, Prudential ended 2015 with new business sales up 17%, helped by a 26% growth in its Asian operations. The strength in Asia was offset by weak US growth of 3% but bolsterd by a 23% rise in UK sales.

Annual premium equivalent (APE) sales in Asia rose to £2.9bn ($4.1bn, €3.7bn); driven by a 74% increase in Hong Kong, which saw an acceleration in demand from customers from mainland China.

Prudential’s joint venture in China also reported strong growth, up 28%, although the second half of the year was marked by significantly higher levels of investment market volatility.

Singapore and Indonesia weighed on the company’s results, reporting APE declines of 13% and 11%, respectively.

Elsewhere, Malaysia saw overall APE sales growth of 17%, while Filipino APE rose by 9% compared with a year ago. Thailand’s sales were up 32% and Prudential’s green field operations in Cambodia continued to move ahead with sales growth of 167%.  

“In Asia, our portfolio of businesses remains focused on serving the protection and investment needs of the growing middle class in the region,” said Mike Wells, group chief executive of Prudential.

 

Eastspring Investments

“Eastspring, our Asian asset management business, achieved record third-party net inflows of £6bn, driving its total funds under management to a new high of £89.1bn,” said Wells.

The asset management business benefited from robust inflows into equity funds; including Asian equity funds in Japan, good investment performance in Korea and India driving excellent domestic flows, as well as healthy net inflows into bond funds from the company’s joint ventures in China and India.