Shares in Prudential (LON:PRU) have climbed marginally higher in London in today’s session, as the blue-chip asset manager posted a forecast-beating rise in full-year profit, having continued to benefit from strong performance in Asia. The update comes as the FTSE 100 company prepares to demerge its UK business.
As of 10:23 GMT, Prudential’s share price had added 0.23 percent to 1,533.50p. The shares are marginally outperforming the broader UK market, with the blue-chip FTSE 100 index currently standing 0.03 percent lower at 7,149.25 points. The Pru’s shares have lost about 16 percent of their value over the past year, as compared with a flat Footsie.
The Pru announced in a statement this morning that its operating profit had climbed three percent at actual exchange rates to £4.83 billion last year. Proactive Investors noted in its coverage of the news that the result was ahead of analysts’ expectations for £4.6 billion.
The group continued to enjoy strong performance in Asia where its operating profit surged 14 percent to £2.16 billion. In the US, fee income rose eight percent, while M&GPrudential operating profit rose 19 percent.
The asset manager announced a five-percent rise in its full-year ordinary dividend to 49.35p per share.
The Pru’s chief executive Mike Wells further said in the statement that the company had made “good progress in our preparations for the demerger of M&GPrudential from Prudential plc,” noting that the move would “further enhance the strategic focus of both businesses”.
The company’s results come as FTSE 100 peer Standard Life Aberdeen (LON:SLA) also updated investors on its performance this morning and further announced that that it was scrapping its co-chief executive structure, appointing Keith Skeoch as its sole CEO.