Prudential PLC (LSE:PRU)'s shares rose 2.1% after the Asia-focused insurer reported annual premium equivalent sales rose 35% to US$1,559mln driven by growth in China and higher domestic in Hong Kong alongside growth in other business units.
"The strength of our distribution capabilities and the diversification of the business across country, product and channel contributed to our performance in the first quarter. 10 out of the 13 life insurance markets in Asia, as well as Africa, achieved double-digit growth in new business profit,” Chief Executive Anil Wadhwani said in a statement.
"Business momentum, particularly in Hong Kong, has continued to date in the second quarter and we maintain our prudent approach to asset allocation and credit risk,” he continued.
Prudential said new business profit was up 30% to US$743mln.