Prudential Says Met Most Of 2013 Objectives; Sets New Targets - Quick Facts

(RTTNews) - UK insurer Prudential Plc (PUK, PRU.L) Tuesday announced that it has now met five of its six 2013 objectives, and that it is on track to achieve the remaining objective of doubling 2009 Asia new business profits by 2013.

The company further said that it will continue to invest in the medium to long-term future and are well positioned to deliver compelling returns to shareholders.

Prudential is today holding a conference for investors and analysts in London, and Chief Executive Tidjane Thiam will open the conference under the continuing theme of 'Growth and Cash'.

The company also outlined three new objectives, including Asia Underlying Free Surplus Generation of 0.9 billion pounds to 1.1 billion pounds in 2017, compared to 484 million pounds in 2012. The company expects Asia life and asset management pre-tax IFRS operating profit would to grow at a compound annual rate of at least 15 percent over the period 2012 to 2017 from 2012's 924 million pounds. The company also projects cumulative Group Underlying Free Surplus Generation of at least 10 billion pounds over the four-year period from 2014 to end-2017. Thiam said, "Looking beyond 2017, we are building the Group's long-term future by selectively investing in markets that share many of the positive characteristics that we find in our existing Asian markets, namely fast-growing GDP, a young population and low insurance penetration....Our overall scale and the core skills we have developed in Asia enable us to develop new markets at low opportunity cost."