Prudential Plc H1 Profit Down, Operating Profit Up; On Track To Meet FY17 View

(RTTNews) - UK-based insurer Prudential Plc. (PRU.L, PUK) reported Wednesday that its first-half profit before tax attributable to shareholders, on IFRS basis, declined 65 percent to 664 million pounds from last year's 1.88 billion pounds.

IFRS attributable profit after tax declined 52 percent to 687 million pounds from 1.438 million pounds last year. Earnings per share were 26.9 pence, down from 56.3 pence a year ago.

IFRS operating profit, however, grew 9 percent to 2.059 billion pounds, led mainly by Asia, where IFRS operating profit grew 15 percent, as well as successful cycle management in the US and the UK.

Asia new business profit of 824 million pounds grew 24 percent. US variable annuity IFRS operating profit grew 16 percent.

In the first half, UK life retail APE sales climbed 51 percent from last year to 593 million pounds, with PruFund sales up 80 percent to 438 million pounds.

UK insurance and asset management IFRS operating profit grew 3 percent to 730 million pounds.

Further, the company announced a 5 percent increase in 2016's first interim dividend to 12.93 pence per share.

Looking ahead, the company said it remains on track to achieve2017 financial objectives.