PROFIT IN ASIA SET TO DOUBLE, SAYS PRUDENTIAL BOSS

Profit on new life business is set to double in Asia for UK-based assurer Prudential over the next three years, which will compensate for slowing growth rates in the more mature UK market, according to Barry Stowe, CEO of Prudential Asia. Mr Stowe, who replaced Mark Norbom in September, said that “we expect our life business in Asia at least to double 2005 new business profits by 2009”. Prudential aims to have leading assurance positions in 50 Chinese cities. covering 18 provinces, by 2010, the company said.