Pru does the wise thing and ups divi on better profits

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Prudential investors were pleased as punch after the Asian-focused insurer unveiled plans to bolster its dividend thanks to a chunky rise in new business profits.

Pru shares rose 1.5%, bucking the trend which saw rivals such as Legal & General, Standard Life and Aviva all trading down.

The Pru, led by Mike Wells, will grow its ordinary payout by 5% a year, underlining its confidence in future sales patterns of insurance to the burgeoning middle class in places such as China.

Group new business profits for the nine months ending September were £1.97 billion, up 19% on last year, led by a surge in profits from Asian sales of health and protection products. 

The company’s City-based fund-management arm, M&G, also showed tentative signs of recovery under new chief executive Anne Richards despite customers still yanking their cash from its funds.

Outflows slowed to £1.1 billion, better than the £2 billion pulled in the prior quarter and £4.1 billion lost in the first quarter of this year.

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November 17, 2016 |
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