By Charlie Conchie
Prudential announced a fresh growth push into Asia and Africa today as it laid out a hefty warning missive to investors over the slowing global economy.
At its half year results, the Asia-focused insurance giant announced a new strategic plan under new chief Anil Wadhwani including ramping up its growth across outside of Europe and prioritising dividends for investors.
The firm said in a statement the new plan will build a “sustainable growth platform, through targeted investment in structural growth markets across Asia and Africa”.
“We have today announced that we will do things differently in the way we run Prudential,” Wadhwani added.
“With a clear strategy, operational and capital allocation priorities, we are focused on delivering sustainable value for all our stakeholders: employees, customers, shareholders and our communities.”
The update came as the firm adjusted operating profits were up 6 per cent to to $1.462bn in the period in the six months to the end of June.
New business profits meanwhile, a key gauge of predicted profits on products, ticked up 39 per cent in the period to $1.49bn, above expectations.
The figures mark the first major update under Wadhwani who took over the the top job in February and is looking to deliver the fruits of the group’s pivot away from Europe towards Asia.
Shares in the firm are trading down this year as jitters spread against the backdrop of a faltering Chinese economy, with around 50 per cent of the group’s projected business hailing from the region.
Prudential laid out a hefty missive to investors today detailing the risks facing the region.
