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Indian slowdown a blow for Prudential

By Daily Mail Reporter
Updated: 03:11 EDT, 12 May 2011

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Prudential's asian growth engine has stalled following a sharp downturn at the insurer's Indian business.

Sales on the sub-continent plunged 58% to £31m between January and March following a sweeping overhaul of Indian financial regulation, instigated last year. The slump reduced the Pru's growth rate in booming Asia to just 2%.

Boss Tidjane Thiam warned the Indian unit would continue to struggle for the rest of this year while it revamps its insurance products to meet the new standards.

The blow marred an otherwise robust snapshot of current trading, showing a better-than-expected 10pc jump in new sales to £888m in the first quarter.

The Pru (down 5p to 765p) remains on track to double its Asian profits by 2013 following the costly collapse of its £24bn bid for rival AIA last year.

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