AIB Home (IRE)   AIB Economics   AIB Home (GB) 

Saturday 30th May 2015 
email to a colleague

printer version
Product Description Product Description

Product Description
Cash Management Cash Management

Cash Mgt Services
Public/Private Sectors
2013 Historic Rates 2013 Historic Rates

Historic Average
FX Rates 2013
Let us know let us know

send us your feedback
RateSaver RateSaver

online historic fx and
interest rates
fx3 fx3

custom fx rates
directly to your mobile
fxcentre pro fxcentre pro

confirm and view deals
& payments online
Britain's top insurer sees profits rise
Friday, 10th August 2012 11.07am

Prudential, Britain's biggest insurer, reported a 13 percent increase in its half-year profit today, helped by continued strong growth at its Asian and U.S. operations.

Prudential, which uses cash from its mature British business to fund expansion in the booming economies of south-east Asia, made an operating profit of 1.16 billion pounds ($1.81 billion)in the first six months of 2012.

Analysts had expected a profit of 1.13 billion pounds, according to a company poll.

"Prudential has produced a strong performance across our key financial metrics despite the considerable global macroeconomic challenges," Chief Executive Tidjane Thiam said in a statement.

Prudential shares were down 0.8 percent by 0915 GMT, narrowly outperforming a flat Stoxx 600 European insurance share index. The stock is up 27 percent since the start of the year, outpacing the sector's 15 percent increase.

"They've modestly beat consensus, and Asia is powering ahead," said Investec analyst Kevin Ryan.

The 160-year old insurer, which warned in February it might quit Britain to avoid the European Union's proposed Solvency II capital rules for insurers, said it was still weighing up a potential move in case the new regime proves too onerous.

Prudential is concerned the new regulations could force it to raise capital requirements at its Jackson National Life business in the United States, making it uncompetitive against local rivals. There has long been speculation Prudential could move to Hong Kong, irrespective of Solvency II, in recognition of its growing focus on Asia. Thiam said the company was on track to achieve its target of doubling its 2009 operating profit in Asia by 2013. (C ) Reuters

More breaking news >
The above information has been taken from sources we believe to be reliable and trustworthy. However the accurateness and completeness thereof are not guaranteed and therefore should not be relied upon as such. AIB does not endorse or approve the content of any information from third party sites nor will it have any liability in connection with any third party site (including but not limited to liability arising out of any allegation that the content of or information on any third party site infringes any law or the rights of any person or entity)
  © Allied Irish Banks, p.l.c. 2003 AIB Customer Treasury Services is a registered business name of Allied Irish Banks, p.l.c.
Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland. Registered Office: Bankcentre, Ballsbridge, Dublin 4.
Registered in Ireland : Registered No. 024173.