Prudential boosts profits; UK sales hit by RDR

The insurance group posted a profit of £1.415bn according to International Financial Reporting Standards (IFRS) with new business profit up 11% to £1.268bn, based on European Embedded Value (EEV). This led to an increase in the insurer's interim dividend of 15.8% to 9.73p per share. The US and Asia contributed particularly strongly with the US contributing £294m of cash to the group, and Asia £190m, up 51% on last year. The UK Life business was performing less strongly but still delivered an IFRS operating profit of £341m, up 1% on last year, despite the repercussions of RDR which ...