Offshore breeze

14 March 2017 By George Hay, Liam Proud Follow @gfhay

The UK insurer beat forecasts and is on track to meet 2017 growth targets. One wrinkle is that its Asian business is increasingly reliant on sales in Hong Kong, which could be hit by Chinese capital-flight curbs. Any slowdown will, however, take a while to dent earnings.

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Prudential on March 14 announced operating profit for 2016 on an IFRS basis of 4.3 billion pounds, compared with 4 billion pounds in 2015 and analysts’ consensus forecast of 4.1 billion pounds.

The operating profit of Pru’s Asian operations rose 28 percent from a year earlier to 1.5 billion pounds, while its U.S. business saw the same metric rise 21 percent to 2.1 billion pounds. The UK operations’ operating profit fell 32 percent to 799 million pounds.

Pru announced a dividend for the year of 43.5 pence, compared with expectations of 41.62 pence.

Prudential said it remained on track to meet its 2017 financial objectives. Pru shares were up 3 percent, to 1,714 pence, at 0930 GMT on March 14.

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