View more on these topics

Bonds boost Pru as L&G sales fall

Prudential saw total group business increase by 14 per cent from £639m to £729m in the first quarter of this year compared with 2007.

UK business volumes were up by 4 per cent from £182m in the first quarter of 2007 to £189m this year.

Pru says the growth of the UK operation was driven by strong performances in with-profits, offshore bonds and equity release.

With-profits bond sales soared by 150 per cent, from £6m to £15m, while equity-release sales leapt by 67 per cent, from £3m to £5m on an annual premium equivalent basis.

Individual annuity sales fell by 3 per cent from £66m to £64m while sales of corporate and individual pensions remained flat at £61m and £1m respectively.

Legal & General, the other insurer to release first-quarter results last week, saw a 1 per cent fall in UK sales, from £338m to £335m.

The company’s bulk purchase annuities business more than quadrupled from £17m to £72m.

Total life and pension business fell by by 25 per cent, from £203m to £152m.

Legal & General group chief executive Tim Breedon says: “We have the financial and operational strength to weather short-term uncertainties while seizing the opportunities which will support long-term profitable growth.”

Recommended

RBS in £12bn rights issue

Royal Bank of Scotland Group is launching a £12bn rights issue in a bid to reposition its capital ratios and strengthen its capital base.

Consultation on EU insurance admin

The Treasury and the FSA have launched a consultation on the UK’s proposals to reduce the admin burden on insurance firms operating in the EU, aimed at encouraging more effective group supervision across EU insurers and providing better value for consumers.

Brown in the soup

It must be terrible to be Gordon Brown right now. After all, here is a man who built up a reputation over the past decade as the Iron Chancellor, a man in control not just of the UK economy but almost every other Government department he cared to interfere with.

Andy Briscoe

Life Trust chief executive Andy Briscoe believes his new company has a genuine social role to fulfil in helping to change the post-retirement marketplace.

Time for a new approach to asset allocation

Trevor Greetham, RLAM’s head of multi asset, introduces the recentlylaunched RL GMAPs. Asset allocation has become an increasingly difficult challenge for investors and advisers in the years since the financial crisis. Sometimes violent price swings in stock and commodity markets coupled with the collapse in the rate of interest on bonds have made it harder […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com