Prudential Reports Profits in First Half of the Year
Prudential has declared a profit of 22% in the first half, most of them received in Asia. In the domestic market, it has not been satisfactory.
"In the first half of the year, our strategy has continued to work, delivering both profitable growth and cash", said Tidjane Thiam, Prudential Chief Executive.
The company has reported a profit of £1.4 billion in the first half of the year completing on June 30. This profit was 22% more than the company had reported in the same period last year.
Prudential has gained around 20% growth in the profits of its business in Asia, with a remarkable 21% sale rise in Hong Kong and raise of 42% in sales in the mainland China.
On the contrary, company's new business profit in UK dipped by 14.5%, retail sales also declined by 8%. The main reason behind this loss is the introduction of rules that ban the commission payment to the financial advisors.
Jackie Hunt, former Director, Standard Life Finance is set to join the company in October, this year. Hunt will take care of UK division of Prudential. Thiam said the main target for Ms. Hunt would be to get the business back on track in UK. He added that the company aims to focus on the middle class in Asia.
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