Pru sales steady as M&G slumps
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Prudential saw a 3 per cent rise in total UK annual premium equivalent sales for the first nine months of the year, up from £534m to £548m.
For the third quarter, the insurer’s UK business saw sales increase by 5 per cent to £158m, from £166m in the same period last year.
New business profit in the UK rose by 14 per cent for the first nine months of this year, from £169m to £192m.
Net inflows at Prudential’s asset management business M&G slumped by 44 per cent from £11.1bn to £6.2bn over the nine-month period.
At September 30, M&G’s total funds under management stood at £191.2bn, up by 10 per cent from £174bn at the end of 2009.
A spokesman says: “We have been talking for some time about 2009 being an exceptional year as investors moved heavily into bond funds because of the market conditions.
“It is worth noting that 2009 net inflows benefited from a single fixed-income institutional mandate of £4bn.
“As we make clear in the statement, our net inflows remain very healthy and we have continued to outperform the market.”
Overall, Pru posted group sales on an annualised prem-ium equivalent basis of £2.5bn for the first nine months of the year, up 24 per cent from £2bn at the same time last year.
Chief executive Tidjane Thiam says: “The opportunity in South-east Asia, our strong position in the US, focused business in the UK and market-leading asset management businesses means we believe we will continue to outperform our competitors in our chosen markets.”
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