Prudential Plc reported H1 adjusted operating profits of $1.57bn, up 22% YoY. The insurer’s annual premium equivalent sales in Asia and Africa increased 21% to $2.08bn, and new business profits grew 29% to $1.57bn. Along with the results, the company said that they were set to complete the demerger of its US business next month with a focus primarily on Asia and Africa. New business sales in Asia and Africa increased 17% with strong results from its Chinese JV, Singapore and Malaysian operations. CEO Wells said, “In order to enhance financial flexibility and de-lever the balance sheet, we continue to consider raising new equity of around US$2.5 billion to US$3 billion, following the completion of the proposed Jackson demerger”.
Prudential’s 5.25% Perps were flat at 100.84.
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