Asia boost for the Pru

PRUDENTIAL said it is making “good progress” in spinning off its UK business as strong demand in Asia boosted profits.

The insurance giant is aiming to split M&G Prudential from its Asia and America operations to make two separately listed businesses.

Half-year operating profit is up by 9 per cent to £2.4billion.

Operating profit from Asia grew by 14 per cent to just over £1billion.

Chief Mike Wells said: “Our planned demerger demonstrates our commitment to creating shareholder value.”

Shares rose 64½p to 1822p.