Prudential logs soaring profits as boss steps down

GMT 10:46 2015 Tuesday ,10 March

Arab Today, arab today Prudential logs soaring profits as boss steps down

Ex-chief executive Tidjane Thiam (L)
London - AFP

British insurance giant Prudential, whose boss Tidjane Thiam is leaving to join Swiss bank Credit Suisse, on Tuesday posted soaring annual profits and sales.
Net profits surged 65 percent to £2.216 billion ($3.34 billion, 3.1 billion euros) last year, from £1.346 billion in 2013, Prudential said in a results statement.
Operating profit, or earnings before tax and interest payments, advanced 14 percent to £3.2 billion on a constant currency basis.
Total sales grew 15 percent to £60.1 billion, while the group also hiked its final shareholder dividend by 10 percent to 36.93 pence per share.
Despite bumper earnings, Prudential shares slid 1.20 percent to 1,643.50 pence on London's FTSE 100 index, which was down 0.21 percent at 6,862.06 points.
"Insurer Prudential is leading the decline in early trade off the back of news that the CEO is to depart and this has eclipsed some stellar earnings data," noted analyst Tony Cross at trading firm Trustnet Direct.

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