British insurance giant Prudential has reported an adjusted operating profit from continuing operations of $5.31bn for the year 2019.

This is an increase of 20% compared to the adjusted operating profit of $4.4bn reported a year earlier.

The net cash remittances from business units from continued operations stood at $1.46bn compared to $1.41bn in 2018.

The insurer registered a 6% dip in life new business profit to $4.4bn from $4.7bn in 2018.

The company said that its other income and expenditure for the year was $926m as against $967m in 2018.

The company also revealed that its restructuring costs surged from $75m in 2018 to $110m in 2019.

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Commenting on the performance, Prudential Group CEO Mike Wells said: “We have delivered another positive performance during 2019, despite significant macroeconomic and geopolitical volatility. Our clear strategy and strong execution have enabled us both to deliver profitable growth and to position ourselves for further growth into the future.

“We continue to monitor closely the development of the coronavirus outbreak and are focused on the health and well-being of our customers and staff. The outbreak has slowed economic activity and dampened our sales momentum in Hong Kong and China.”

The British insurer also confirmed plans to float minority stake in US insurance business amid pressure from an activist hedge fund to turn its focus towards Asia.

The British insurance giant’s performance continues to be driven by its Asian operations, which registered a 14% jump in adjusted operating profit.

The company further expanded its presence in China with a new branch in Shaanxi.

Prudential stated: “We have made significant investments during 2019 to strengthen further and grow our Asia business.”