- Prudential posted a 45% rise in annual pre-tax profit, buoyed by positive inflows into its managed fund products and growth in Asia.

The company also announced that it would demerge its UK and European investment management business, resulting in two separately-listed companies.

On completion of the demerger, shareholders would hold interests in both Prudential and the new European business, M&G Prudential.

Prudential also announced that it had sold its £12.0bn UK annuity portfolio to Rothesay Life.

In 2017, the company's pre-tax profit rose to £3.30bn, up from £2.28bn a year earlier.

Operating profit increased by 10% to £4.70bn, or 6% in constant currency terms.

The wealth management and insurance company declared a full-year dividend of 47p per share, up 8% on-year.

'Our clear, consistent strategy, high-quality products and constantly improving capabilities have enabled us to deliver excellent progress across the group, led by double-digit growth in our Asia business,' chief executive Mike Wells said.

'We have also achieved all of our 2017 objectives, which we set in December 2013. This represents the third set of objectives successfully achieved within the last 10 years.'

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