Prudential has reported that its operating profit before tax from continuing operations, on the European embedded value basis increased by 25% to GBP2.54 billion in fiscal 2007.
The group’s return on embedded value was 15.4% as against the 2006 value of 14.55%. Across the group’s insurance operations new business increased by 21% to GBP2.87 billion, on an APE basis and average margin across the group was maintained at 42%. The group’s profit on new business was GBP1.22 billion, up 22%.
Operating profit in the group’s asset management operations improved by 28%, to GBP334 million.
Mark Tucker, CEO of Prudential, said: Overall, the prospects for the group in 2008 remain positive. Over the longer-term the demographic, economic and social factors driving our business will continue and we are well positioned to capture a greater share of that growth.