Prudential’s 1Q profit jumps 25%, names new CFO

BloombergFriday, May 19, 2017

Munich • Prudential plc, the UK’s largest insurer, said first-quarter (1Q) profit rose 25% on increased premium sales and the positive effect of higher interest rates. The company named Mark FitzPatrick as its CFO. 

New business profit climbed to £856 million (RM4.84 billion), the London-based company said in a statement yesterday. The asset management unit, which includes M&G and Eastspring, saw external net inflows of £5.7 billion. 

CEO Mike Wells is betting on Asia as he pursues the insurer’s international expansion strategy and seeks to increase the dividend by 5% each year and double operating profit from Asia over the five years through 2017. New business profit more than doubled in China during the 1Q after the firm recruited more agents, increased focus on health and protection sales and saw strong growth in sales via banks. 

FitzPatrick will join from Deloitte UK, where he’s currently a managing partner. He will replace Nic Nicandrou, who takes over as CEO of Prudential Corp Asia, the insurer said in a separate statement. Tony Wilkey, the unit’s current CEO, will step down in July and will also leave the group’s board of directors. — Bloomberg 

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