Prudential profit boosted by Asia and US

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Prudential has reported a big jump in operating profits for the first half of 2015, boosted by increasing business across Asia and the US.

The insurer said profit in the six months to June was £1.88bn, a 17% rise from £1.6bn last year after currency movements are stripped out.

It also said its life and asset management products in the UK had done particularly well during the period.

Its Asian business also saw a 17% jump in operating profit to £632m.

Chief executive Mike Wells attributed the group's Asian success to "meeting the protection and savings needs of the growing middle classes".

Profits at its US business Jackson Life rose 11% to £834m, while Prudential's UK life business saw a 19% jump in operating profit to £436m.

Equity analyst Keith Bowman from Hargreaves Lansdown called the results "solid progress" under the company's new chief executive, but offered a cautionary note.

"On the downside, currency fluctuations remain a hurdle, whilst changing regulation continues to feature high on the agenda for management.

"The company's targeting of the middle classes in Asia, the retiring US baby-boomers and the increased need for UK consumers to save for their own retirements all offer potential long-term growth," he added.