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TheStreet Open House

Prudential Management Discusses Q1 2012 Results - Interim Management Statement Call Transcript

Prudential (PUK)

Q1 2012 Interim Management Statement Call

May 09, 2012 5:45 am ET

Executives

Cheick Tidjane Thiam - Group Chief Executive and Executive Director

Nicolaos Andreas Nicandrou - Chief Financial Officer and Executive Director

Analysts

Blair Stewart - BofA Merrill Lynch, Research Division

Jon Hocking - Morgan Stanley, Research Division

Raghu Hariharan - Citigroup Inc, Research Division

Andrew Hughes - Exane BNP Paribas, Research Division

Andrew Crean - Autonomous Research LLP

Toby Langley - Barclays Capital, Research Division

Greig N. Paterson - Keefe, Bruyette, & Woods, Inc., Research Division

James Pearce - UBS Investment Bank, Research Division

Nick Holmes - Nomura Securities Co. Ltd., Research Division

Oliver Steel - Deutsche Bank AG, Research Division

Ashik Musaddi - JP Morgan Chase & Co, Research Division

Presentation

Operator

Good day, and welcome to the Prudential plc Quarter 1 IMS Analyst and Investor Conference Call. [Operator Instructions] Just to remind you, this call is being recorded.

I'm pleased to present Group Chief Executive, Tidjane Thiam. Please begin your meeting.

Cheick Tidjane Thiam

Thank you, Hugh, and good morning, everybody, and welcome to Prudential's Q1 IMS teleconference. I am joined this morning, as usual, by Nic Nicandrou, our Group Chief Financial Officer.

Today, we are reporting a strong start to 2012 with good performances from all of our businesses and a robust balance sheet with an IGD surplus of GBP 3.8 billion at the end of March. In the first 3 months of the year, group sales were up 9% on an APE basis and new business profits were up 8%. Asia continues to be the driver of our growth as APE sales increased by 21% and new business profits by 22%. We remain on track to achieve our objective to double Asia's 2009 IFRS and new business profits by 2013, i.e. to double our profits in Asia in 4 years.

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