Shore Capital’s veteran insurance analyst, Eamonn Flanagan, described as “terrific” new business figures from the life and pensions giant Prudential plc (LON:PRU).
The shares, up 15p at £18.75, are trading at a discount to the Shore number cruncher’s £22.50 sum of the parts valuation, underpinning his ‘buy’ recommendation.
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“The strength of the group's business model across the globe is unparalleled, to us, with a powerful balance sheet to match,” said Flanagan in a note to clients.
“The operations in Asia and the US are ‘best-in-class’ in our view in their respective territories, with M&G Prudential in the UK clearly determined to deliver likewise on these shores.”
New business numbers
The analysts’ comments came after the release figures for nine months of the current year, a curtain-raiser to the Pru’s annual investor conference in London Thursday.
New business profit was 17% at £2.47bn, with the US business Jackson National leading the way on an actual exchange rate basis.
Asia’s growth – at 15% - was robust, while the newly merged M&G Prudential delivered asset management net inflows of £9.9bn.