U.K.'s Prudential Reports New Solvency Capital Ratio of 190%
- First insurer to disclose capital strength under new rules
- John Foley named chief executive for U.K. and Europe
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Prudential Plc reported a Solvency II ratio of 190 percent, the first of the U.K. insurers to disclose its capital strength under new rules that came into force across the European Union this month. The shares climbed.
The London-based company had an estimated Solvency II surplus of 9.2 billion pounds ($13 billion) at the end of June 2015, before allowing for an interim dividend, it said Tuesday. The insurer had 19.4 billion pounds of its own funds and a capital requirement of 10.2 billion pounds, meaning it has almost double the amount required by regulators to withstand a one-in-200 year shock.