Insurance giant, Prudential Plc, said its operating profit for the first half of the year 2018 rose to £2,4 billion.
The result shows an 8% rise in its year on year profit.
Prudential said it will go ahead M&G Prudential from the Group.
Mike Wells, Group Chief Executive, said: “We have made a good start to 2018, delivering high-quality, profitable growth. At the same time, we are taking the steps needed for the demerger of M&G Prudential from the Group, which we announced in March, alongside implementing M&G Prudential’s merger and transformation programme, which remains on track to meet its objectives.
“The Group’s performance has again been led by Asia, contributing to an overall increase in IFRS operating profit of 9 per cent, growth in underlying free surplus generation of 6 per cent, and an increase in new business profit4 of 13 per cent2 despite a lower level of APE sales.
“In Asia we have delivered double-digit growth across our key metrics of new business profit, up 11 per cent, IFRS operating profit1, up 14 per cent, and underlying free surplus generation, also up 14 per cent. Our growth continues to be high quality with protection new business profit4 growing by 19 per cent, IFRS insurance margin8 up 17 per cent and renewal insurance premiums9 up 17 per cent. Our Asia asset manager, Eastspring, has increased IFRS operating profit by 13 per cent. Our broad-based portfolio of life insurance and asset management businesses, high-quality products and multi-channel strategy ensure that we continue to benefit from the growing customer demand in Asia for the wealth and health products and services that we provide.
“In our US life business, Jackson, variable annuity separate account assets were 10 per cent higher than at 30 June 2017, leading to a rise in fee income as we continued to meet the need of Americans for retirement income. In the UK and Europe, continued demand for M&G Prudential’s differentiated product propositions has resulted in third-party net inflows of £3.5 billion for our asset management business, M&G, and net inflows of £4.4 billion in PruFund-related business.
“Our planned demerger of M&G Prudential from the Group, which will result in two separately listed companies, each with its own distinct investment prospects, demonstrates our commitment to creating shareholder value. We have mobilised our internal teams for delivery, positively engaged with external stakeholders and we are making good progress.
“Each of our businesses is built around strong and growing customer needs, and we continue to target growth in high-quality, recurring-premium health and protection and fee business. I am confident that, as we create new and better products, build our distribution channels and improve all our capabilities, we are well placed to continue to generate profitable growth for our shareholders.”