Markets were placated by the £1.5bn profit from Pru’s Asian operations, however, sending Prudential’s shares up by 3% to 1714.5p on Tuesday morning.
The group said that over the fourth quarter, its Asian business’ quarterly APE sales exceeded £1bn for the first time with eight markets in the region expanding by over 20%.
Wells agreed that the group’s “performance has been driven by Asia,” but said in that in the UK moving forward Pru was “focused on careful management of costs and improving performances” at M&G.
Prudential’s UK retail group lagged behind the other areas of the business, with 23% lower contributions to the group’s bottom line.
