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 PresentationOperator
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.