Prudential’s (LON:PRU) share price has surged in London this Wednesday as the company posted a rise in its profits for the first half of the year, having continued to benefit from growth of its Asian business. The asset manager further said that it expects its demerger to be completed in the last quarter of the year.
As of 10:04 BST, Prudential’s share price had added 1.44 percent to 1,517.00p. The shares are outperforming the broader UK market, with the benchmark FTSE 100 index having slipped marginally into the red and currently standing 0.32 percent lower at 7,227.89 points.
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The Pru posts HY results
The Pru announced in a statement today that operating profit from continuing operations had surged 14 percent to £2 billion in the first half of the year. Operating profit in both Asia and the US was up by 14 percent.
Operating free surplus generated from continuing operations climbed 22 percent to £1.5 billion and the company further hiked its payout to shareholders by five percent to 16.45p per share.
The Pru further updated investors on its demerger plans, saying that M&GPrudential intends to list its shares under the name M&G plc when it demerges from Prudential later in the year.
“As an international business operating in 28 markets, we need a single corporate name we can use globally. So to distinguish ourselves in the global market, we have decided to list our shares on the London Stock Exchange as M&G plc, which we expect to take place in the fourth quarter of this year,” CEO John Foley commented in the statement.
The company said that it will announce details of the new M&G corporate identity closer to the time of the listing.
According to MarketBeat, the asset manager currently has a consensus ‘buy’ rating, while the average target on the Prudential share price stands at 2,053.91p.