British insurer Prudential posted a 17 per cent rise in first-half profit today and said it planned to restructure its UK operations.
Total operating profit for the six months to the end of June was £80 million ($1.83 billion) before restructuring costs, as strong momentum in Asia and the United States helped offset weaker UK growth.
The average in a Reuters poll of 10 analysts was for EEV operating profit of £63 million, with a range of £913 million to £.007 billion.
"We are restructuring our UK operations to focus on the opportunities for income in retirement, the wealth and health sectors and retail banking. We will also separate out our mature products and manage these as a specific business area," the insurer said.
Britain's second-largest listed insurer said it aimed to increase cost savings in the United Kingdom by £110 million ($204.9 million) per year to £150 million each year by 2009.