By Hamza Fareed Malik
Prudential increased operating profit to £1.6bn and cut costs by 32 per cent during the first half of 2022 amid drastic market volatility and dampened economic outlook.
The British insurance company’s life and asset management profits rose despite the challenges of Covid in its markets which contributed to the volatility.
It announced the first interim dividend of the year at 5.74 cents (4.5p) and looks to cut head office costs by $70m at the start of 2023.
“Our resilient operational performance demonstrates the strength of our well positioned and well diversified franchise across the Asia region, driven by our multi-channel, digitally enhanced distribution platform,” said CEO Mark FitzPatrick, highlighting the company’s performance in its Asian markets.
“We expect that operating conditions may continue to be challenging. We remain confident that Prudential has the financial resilience, capital strength and capability to meet the growing health and savings needs of our customers in Asia and Africa.”
The post Prudential boasts strong profits and lower costs despite market volatility appeared first on CityAM.
