Prudential, the UK-based insurance company, has reported an increase of almost 14% in its business during the first quarter, owing to the steady demand the group has witnessed in its Asian businesses.
The group’s booming business in Asia has more or less balanced the downturn in the UK and the US. Insurances sales amounted to a 30% increase at GBP375 million in Asia for the first three months of 2008, while sales in the UK witnessed an increase of just 4% and those in the US fell by 7% as against the first three months of 2007.
In addition to Indonesia, a major share of the group’s business growth was driven by India, where Prudential has endeavored to expand its presence with the establishment of new branches. While China’s sales increased 50% when compared to the same period in 2007, Prudential’s sales in Taiwan dropped 8%.
It is claimed that the group’s executives have been sidelining suggestions to separate the businesses. However, Mark Tucker, CEO of the company, has hinted at plans to take advantage of financial weakness among its competitors, reported Thomson Financial.
This performance confirms the resilience that we derive from our geographic spread across three regions, and particularly the role of Asia as our leading source of new business, The Financial Times quoted Mr Tucker as saying.