Wealth management and insurance company Prudential (LON:PRU) announced a 45 percent increase in profit over the course of 2017, alongside the announcement that it would demerge its UK and European investment management businesses.

The company also announced that it would demerge its UK and European investment management business, splitting them in two separately-listed companies. The shareholders would hold interests in both Prudential and the new European business, M&G Prudential.

The group’s results were buoyed by “positive inflows” into its managed fund products and growth in Asia. Pre-tax profit rose to £3.30 billion, up from £2.28 billion a year earlier, with operating profit increasing by 10 percent to £4.70 billion.

“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.”

Prudential shares are currently up 4.66 percent at 1910.50 (0831GMT).