HONG KONG (Yosefardi) – Prudential reported its market leading life business in Indonesia had a slow start to 2014 with first quarter APE of £86 million, and new business profit, both broadly in line with 2013.
January and February sales volumes were adversely impacted by exceptional and prolonged flooding in Jakarta together with the disruption associated with the eruption of Mount Kelud in East Java. However, agency activity normalised in March with APE growth from this channel of 19 per cent.
In Asia, Prudential’s new business profit increased by 20 per cent on constant exchange rates, demonstrating the continued strength of its diversified platform and underpinned by the positive long-term fundamentals in the region.