By Ian Walker

 

Prudential PLC said Thursday that it experienced double-digit new business growth in Asia and Africa during the first quarter of the year, and that the spinoff of its U.S. business is due to complete in the second half of the year.

The insurer said that it is still considering a $2.5 billion to $3 billion equity fundraising following the demerger to boost its financial flexibility.

Annualized premium sales, a key metric for the industry, rose 14% in Asia and Africa during the quarter to $1.19 billion, with new business profit up 21% to $624 million compared with the same period last year.

"We remain confident that our clear and focused strategy, coupled with our proven execution ability, leaves us well placed to continue to deliver value for our shareholders and all our stakeholders over the long term, with a focus on achieving sustained double-digit growth in embedded value per share," Chief Executive Mike Wells said in a statement ahead of its annual general meeting.

Prudential previously announced that it was separating its U.S. business Jackson Financial Inc. and listing it on the New York Stock Exchange.

The move is part of the company's plan to focus on the growth opportunities of Asia and Africa.

Shares in London at 0845 GMT were down 77.50 pence, or 5.1%, at 1,447.50 pence.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

May 13, 2021 05:08 ET (09:08 GMT)

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