UK insurer Prudential has reported the group wide new business profit of £498m, an increase of 17%, compared to £427m, in the same quarter of 2010.
In the first quarter of 2011, revenue was £888m, compared to £807m in the same period in 2010.
In Asia, the new business profit in the region was £213m, an increase of 16%, compared to £183m in the same period last year.
Annual premium equivalent (APE) sales were £888m in the first quarter of 2011, up 10% from
£807m in the previous year period.
Prudential said that all regions delivered APE sales growth during the quarter, with the highest increase in the US.
In the US, Jackson delivered APE retail sales of £322m in the first quarter of 2011, representing a increase over the same period in 2010.
In UK, the total APE sales were £199m, an increase of 3%, compared to £193m on the first quarter of 2010.
Prudential added that in Asia, the business continues to grow fast and profitably, with nine markets recording double digit growth, with exception in India, as Indian market is going through a period of adjustment following regulatory changes which became effective in the third quarter of 2010.
The new business volumes in the India’s private sector, lead to a 58% reduction in APE sales in the third quarter of 2010.
Prudential group CEO Tidjane Thiam said that the group has delivered good results in the first quarter of 2011, with double digit growth in both profits and sales against the very strong comparatives of 2010, itself a record year for Prudential on all metrics.
‘Cash remittances and free surplus generation remain strong and we remain well positioned to achieve the objectives we have set ourselves for 2013," Thiam said.