LONDON (dpa-AFX) - UK-based financial services group Prudential plc (PRU.L) reported that its profit attributable to equity holders of the company for fiscal year 2018 rose to 3.01 billion pounds or 116.8 pence per share from 2.39 billion pounds or 93.0 pence per share last year.
Mike Wells, Group Chief Executive, said, said,'In 2018, our financial performance, again led by our Asia operations, is testament to the scale of our opportunity set, the depth of our capabilities and our unrelenting focus on executing our strategy at pace. At the same time we have made good progress in our preparations for the demerger of M&GPrudential from Prudential plc.'
Profit before tax attributable to shareholders was 3.635 billion pounds, up from 3.296 billion pounds in the prior year.
New business profit increased by 11 per cent to 3.877 billion pounds or up 7 per cent on an actual exchange rate basis, driven by the favourable impact of strategic focus of increasing health and protection sales in Asia, the benefit of higher US interest rates and a resilient performance in the UK and Europe.
Total revenue, net of reinsurance, dropped to 24.93 billion pounds from 86.39 billion pounds last year.
The company said its board has decided to increase the full-year ordinary dividend by 5 per cent to 49.35 pence per share, reflecting 2018 financial performance and confidence in the future prospects of the Group. In line with this, the Directors have approved a second interim ordinary dividend of 33.68 pence per share , compared to 32.5 pence per share paid last year.
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