Prudential sees Q1 new business profit drop in U.S., UK

LONDON, May 6 (Reuters) - British insurer Prudential on Wednesday posted a drop in new business profit in the United (Shenzhen: 000925.SZ - news) States and the UK during the first quarter, although Asian new business profit climbed.

U.S. new business profit fell 28 percent to 153 million pounds ($231.87 million) in the quarter ending March 31, compared with the same period a year ago, Prudential (LSE: PRU.L - news) said in a trading statement.

UK retail new business profit dropped 11 percent to 34 million pounds, and Prudential wrote no new bulk annuity business in the quarter.

Asian new business profit rose 22 percent, however, to 309 million pounds.

M&G (Shanghai: 603899.SS - news) , the group's UK investment arm, saw net inflows of 700 million pounds, down from 1.4 billion the previous year. ($1 = 0.6598 pounds) (Reporting by Carolyn Cohn)