Growth in Asia lifts Prudential

The Prudential is one of the UK's largest insurers

Insurer Prudential has reported a forecast-beating 14% rise in first-quarter sales, as strong growth in Asia helped offset a fall in the US.

The UK firm's group-wide insurance sales for the three months to 31 March totalled £729m ($1.4bn), compared with £639m a year earlier.

While sales declined 8% in the US, they rose by 30% in Asia and 4% in the UK.

The Prudential said while "the current economic environment is challenging" it was confident of future growth.

'Resilience'

Chief executive Mark Tucker said the company had enjoyed "a very positive start to the year".

"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 Prudential's Asian operations include India, China, Japan, Indonesia and Singapore.

"Sales have come in ahead of consensus forecasts, once again led by buoyant Asian sales," said Keith Bowman, equity analyst at Hargreaves Lansdown Stockbrokers.

"However, the figures do also remind investors not to become too complacent," he added.

"Deterioration in the group's North American business, which added to a flat performance in the UK, effectively leaves the group flying on just one of its three engines."