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14 Nov 2018 | 08:34

Prudential divisional profits rise; says M&G demerger on track

Financial services group Prudential said its life insurance new business profit rose 17% in the first nine months of the year, while confirming a demerger of its M&G Prudential wealth management unit was on track.

The company also said new business profit had increased by 15% in its Asian division to £1.76bn.

In asset management, Eastspring total funds under management rose to £149.2bn, up from £138.9bn at the end of December. External net outflows were £2.0bn in the year to date, resulting from institutional bond fund redemptions and the impact of market volatility.

In the US, Prudential said Jackson's new business profit increased 22% to £716m in the first nine months, primarily reflecting the benefit of higher interest rates and tax reform.

'We continue to make good progress on the actions needed for the demerger of M&G Prudential from the group,' Prudential said, noting it had appointed a new chairman of the division last month and raised new debt.

At 8:34am: (LON:PRU) Prudential PLC share price was -15p at 1601p

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