British insurer Prudential eyes Asian growth after doubling annual profits
March 11, 2011, 9:13 pm TWN
LONDON -- British insurance giant Prudential declared Wednesday that Asia remains a priority, despite its failed takeover bid for the Asian arm of U.S. insurer AIG, as it revealed a doubling of annual net profits.
Prudential, which unsuccessfully bid US$35.5 billion for AIA in last year, said profits after tax rallied to 1.43 billion pounds (1.67 billion euros, US$2.31 billion) in 2010.
That compared with net earnings of 676 million pounds in 2009, the London-listed company added in a results statement.
Prudential chief executive Tidjane Thiam welcomed the group's “very strong performance” in 2010 and said expansion in Asia would remain its priority.