Global insurer Prudential (PRU) gains 3% to £17.15 as it answers questions about its full year dividend with a 12% hike to 43.5p.

The increased generosity to shareholders accompanies an excellent set of 2016 results, with operating profit up 7% to £4.3bn with a capital surplus of £12.5bn. Consensus had pencilled in operating profit of £4.1bn.

Strong growth in Asian markets helps support the numbers and it is notable that Prudential’s peers failed to enjoy any read-across from the results.

PRU

In Asia and the US, which are now both more significant to Prudential than the UK, operating profits grew by a respective 28% and 21%.

These numbers were inflated by a currency tailwind but there nonetheless was a notably strong contribution from Hong Kong and China.

Chief executive Mike Wells suggests there could be significantly more opportunity in Asia, telling reporters on a conference call this morning that Prudential had ‘barely scratched the surface’.

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Issue Date: 14 Mar 2017