Prudential sees first-half profit slide

13 August 2009

European embedded value profit at Prudential fell eight per cent during the first half of the year.

The insurance firm saw the figure decline to $2.06 billion in the six months to the end of June.

However, profit from new business rose 25 per cent to $1.14 billion and the company has also raised its half-year dividend for 2009 by five per cent, taking it to 10.4c per share.

Group chief executive Mark Tucker said that the results indicate "a continuing strong performance … in what remain challenging market conditions".

He noted that the economic climate "held back" the performance of its asset management operations, but said that its life business remained constant with 2008 levels.

"We have been able to manage our investment in new business," Mr Tucker remarked, adding that margins have been improved across the group.

Last month, Rob Devey was appointed as the chief executive of Prudential in the UK and Europe.

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