HONG KONG (Yosefardi) – Prudential Plc reported its Asia’s life new business profit increased 20% to £659 million (2012: £547 million), outpacing APE sales growth of 12% in part due to the positive impact of higher interest rates.
The second quarter saw record sales for seven local business units, with sales at the half year for Hong Kong up 21%, China up 42%, Indonesia up 17%, Singapore up 21%, Thailand up 32%, the Philippines up 38%, Korea up 38%, and Vietnam up 28%.
Asia remains a significant opportunity for the Group, underpinned by favourable structural trends of faster economic growth, leading to higher wealth combined with high savings rates and rising demand for protection. This is particularly true of the rapidly growing and increasingly wealthy Asian middle class.