CBI member Prudential recently released its results for the first quarter of 2013, reporting continued and profitable growth in Asia.
Prudential's Asia new business profit increased by 18% to £308 million, driven by higher sales of savings and protection products to the growing Asian middle class and a more favourable geographic mix that primarily reflects strong growth in its core markets in Southeast Asia and Hong Kong and deliberate reduction in Taiwan.
Prudential's two largest businesses in Asia, Indonesia and Hong Kong, had a particularly strong quarter, with profitable volume growth driven primarily by increased levels of agent activation in both markets and additionally, in Hong Kong, the benefit of improved case sizes.
In addition, CITIC-Prudential in China had an excellent start to the year with Prudential's 50 per cent share of APE up 59 per cent to £27 million. This delivered an all-time record in terms of new business profits. Both the bank and agency channels have performed well, with particularly encouraging results
from CITIC Bank.
Please click here to read the full results for Prudential.