Tidjane Thiam, Group Chief Executive, said:
"Prudential has delivered strong results in the third quarter in a volatile and challenging environment. Our strong balance sheet, proactive risk management and our leading position in Asia have allowed us to continue to grow profitably.
In the first nine months of the year the Group delivered new business profits of £1,535 million, an increase of 14 per cent over the same period in 2010 (2010: £1,345 million), with total insurance sales increasing 10 per cent to £2,704 million (2010: £2,464 million). Our emphasis on writing profitable, capital-efficient business has allowed us to achieve an increased margin of 57 per cent across our insurance operations.
In volatile times, capital, balance sheet and risk management are more important than ever. The Group's balance sheet remains strong and our capital position is robust. Our prudent and proactive approach to capital and risk management has led us to retain a defensive stance since the 2008 financial crisis. Our estimated IGD capital surplus at the end of the third quarter was £3.9 billion. That capital buffer, coupled with our proactive stance in managing our key exposures, means that we can withstand significant further deterioration in market and economic conditions. We also keep a close eye on our Group liquidity position which remains comfortable.
