British insurer Prudential reports 22% surge in half-year profit

British insurer Prudential PLC said on Monday that its operating profit rose 22 percent to 1.415 billion pounds (2.193 billion U.S. dollars) in the first half of this year thanks to the good performances in Asia and the United States. According to the Prudential's half-year results, new business profit of the company in the six months to the end of June stood at 1.268 billion pounds, up 11 percent. Prudential said its Asia business contributed a big share to its profit growth, with the operating profit hitting 512 million pounds in the area, an increase of 18 percent, and new business profit at 659 million pounds, up 20 percent. Asia's cash contribution to the Group in the first six months was 190 million pounds, an increase of 51 percent, providing further evidence that our growth in the region is now cash-generative. Group Chief Executive Tidjane Thiam said, "In Asia, our focus on meeting the needs of the fast-growing middle class of South-east Asia, combined with our allocation of capital prioritized towards regular-premium health and protection business, continued to deliver strong returns and earnings growth." It also said its U.S. business, Jackson, realized operating profit of 582 million pounds, up 32 percent. "These results provide further evidence of our ability to deliver both earnings growth and cash. We are on track to achieve the remaining objectives of doubling Asia's 2009 new business profit by 2013 and delivering over 350 million pounds of net remittances from the UK by the end of the year," said Thiam. In Britain, the company's operating profit grew 1 percent to 341 million pounds. Shares of Prudential rose 2.53 percent in the London FTSE 100 index in the morning deals on Monday. (1 pound = 1.55 U.S. dollars)