British insurer Prudential saw its annual operating profit rise by a third, on the back of strong growth across its regional operations.
Operating profit rose 33 per cent to £1.71 billion for 2005, ahead of market expectations, after strong performances in the US and Asia fuelled figures.
New business profit reached £867 million, up 15 per cent on the previous year, with a group profit margin of 41 per cent.
US-based Jackson National Life, which operates in the largest retirement savings market in the world, doubled profits to £755 million after profits from new business improved 45 per cent on a year earlier. The group said life insurance markets in Asia were also attractive with high growth rates leading to a 25 per cent improvement in profits to £576 million.
In the UK, Prudential managed to increase its profit from new business by 1 per cent £243 million, but the overall surplus for the insurer's home region showed a 12 per cent decline on 2004 to £426 million.
Retail banking arm Egg, which Prudential took over in full earlier this year, posted underlying profits of £60 million, against £72 million last time.
However, the firm is now looking at making cost savings in the wake of that deal. aiming to achieve a saving of £40 million a year by 2007. It did not say how it is expecting to achieve such savings.