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.
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’.