Britain's second-largest insurer, Prudential, today reported an operating profit for £1.13 billion sterling for 2002.
It reported an achieved operating profit for 2002 of £1.13 billion, up 2 per cent, and at the upper end of analysts forecasts, which ranged from £993 million to £1.16 billion.
New business achieved profits grew by 15 pct to £774 million sterling.
Total group insurance and investment sales of £27.6 billion sterling, up 29 per cent on 2001.
But Prudential warned it would be "inappropriate to recommit at this time" to its current dividend policy.
The group said it must retain its financial flexibility when determining the 2003 dividend saying that, despite the continuing market uncertainty, there remain attractive opportunities in growth markets, notably Asia.
Prudential reported a final dividend per share for 2002 of 17.1 pence, resulting in a total payment of 26 pence, compared with the total payment of 25.4 pence in the preceding year.