Prudential cuts loss as US sales, securities rise
Source: Agencies |
August 14, 2009, Friday
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Print Edition
Print Edition
PRUDENTIAL Plc, Britain's biggest insurer by market value, said yesterday that its first-half loss narrowed after a strong rise in sales in the United States and an increase in the value of the securities it holds. Shares in the company jumped 8 percent.
The net loss of 129 million pounds (US$213.6 million) in the first half compared with a 355 million pound loss in the first half a year ago.
Chief Executive Mark Tucker said performance improved because of a focus on capital conservation and expanding sales.
The company's sales in the US were the best in the company's history, rising 10 percent to 392 million pounds.
"While we expect the business environment to remain difficult through the rest of 2009, Prudential is very well positioned to take advantage of any improvement in market conditions," Tucker said in a statement.
Prudential reported so-called comprehensive net income, which - in accordance with revised accounting rules - includes exchange and valuation movements that were previously excluded.
The net loss as reported under the old accounting rules more than doubled to 254 million pounds, from 116 million pounds.
Operating profit, the figure most closely watched, fell 7.7 percent to 1.25 billion pounds - a better result than analysts had forecast.
"Prudential has confirmed its credentials as a leader in its space with a set of numbers which surpassed expectations," said Richard Hunter, head of UK equities at Hargreaves Lansdown Stockbrokers.
The net loss of 129 million pounds (US$213.6 million) in the first half compared with a 355 million pound loss in the first half a year ago.
Chief Executive Mark Tucker said performance improved because of a focus on capital conservation and expanding sales.
The company's sales in the US were the best in the company's history, rising 10 percent to 392 million pounds.
"While we expect the business environment to remain difficult through the rest of 2009, Prudential is very well positioned to take advantage of any improvement in market conditions," Tucker said in a statement.
Prudential reported so-called comprehensive net income, which - in accordance with revised accounting rules - includes exchange and valuation movements that were previously excluded.
The net loss as reported under the old accounting rules more than doubled to 254 million pounds, from 116 million pounds.
Operating profit, the figure most closely watched, fell 7.7 percent to 1.25 billion pounds - a better result than analysts had forecast.
"Prudential has confirmed its credentials as a leader in its space with a set of numbers which surpassed expectations," said Richard Hunter, head of UK equities at Hargreaves Lansdown Stockbrokers.
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