Profits from new commerce in Asia up 24% in first nine months of year,but shares down on news of huge withdrawals from UK asset management armChina’s growing middle class has helped profits increase for British insurer Prudential, but the company’s strong results were overshadowed by large withdrawals at its UK fund management arm.
Prudential has for years focused on selling insurance and savings products to Asia, and where sales rose by 20% in the third quarter. The insurer said Hong Kong’s strong performance continued between July and September,and sales were up 73% in the first nine months of the year. More than half of sales in the territory are made to customers from mainland China.
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Source: theguardian.com