Prudential Reports Growth in New Business Profit, Names Mark FitzPatrick CFO
May 18 2017 - 4:52AM
Dow Jones News
By Tapan Panchal
LONDON--Prudential PLC (PRU.LN) Thursday reported 42% growth in
new business profit for the first quarter of 2017 and said Mark
FitzPatrick will succeed Nic Nicandrou as chief financial officer
of the company.
The financial services company added Mr. Nicandrou will become
chief executive of Prudential Corporation Asia, succeeding Tony
Wilkey. Mr. Wilkey is leaving the company to pursue other
challenges.
Mr. FitzPatrick currently is a managing partner of Deloitte
U.K..
For the first quarter, the company recorded new business profit
of 856 million pounds ($1.11 billion), up from GBP602 million in
the year ago period. The rise in profit was attributed to growth in
new business sales and the positive effect of higher interest
rates.
New business sales for the period grew to GBP1.91 billion from
GBP1.44 billion.
Prudential said it remains well positioned to deliver value for
customers and shareholders.
Shares at 0846 GMT were trading 0.6% lower at 1,722 pence.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
May 18, 2017 05:37 ET (09:37 GMT)
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