Pru expands in the Middle East
PRUDENTIAL is to push into the Middle East after booming Asian sales played a major role in a forecast-beating performance for the year to January.
Chief executive Mark Tucker said the group would launch specialist Islamic insurance products in Saudi Arabia later this year.
It will be the Pru’s first move into the Middle East insurance markets, although the company has an asset management business in Dubai.
Islamic insurance is one of three initiatives Tucker believes will keep growth in the Far East and other emerging markets strong. The others are larger distribution networks and pensions.
Asian sales soared 44 per cent to £1.3billion and the group’s total rose 21 per cent to £2.87billion.
UK retail sales were up 4 per cent to £715million after buying some business from Equitable Life, and business in the US was up 19 per cent to £897million.
Tucker said the weakening global economy meant he expected Asian growth to slow to a “more normal” 20 to 25 per cent this year. The Pru’s shares rose 19p to 654p.