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Pru announces strong group profit figures

Prudential has reported better than expected profit figures, including a 24 per cent increase in operating profits, and increased its dividend by 20 per cent.

In its results for 2010, the insurer has reported a 24 per cent increase in operating profits before tax on an IFRS basis, from £1.56bn to £1.9bn, and a 20 per cent increase on an EEV basis, from £3bn to £3.7bn.

The group also announced a dividend increase of 20 per cent to 23.85p

Prudential UK announced a profit increase of 7 per cent, from £921m to £982m, for 2010 on an EEV basis.

Profits increased by nine per cent on an IFRS basis from £657m to £719m.

UK annuity sales were down nine per cent to £124m compared to 2009, which the firm attributes to less people retiring during the year.

UK onshore bond sales were up 15 per cent, to £166m, and with-profits bond sales increased 11 per cent to £146m. Unit linked bond sales rose 61 per cent to £20m, partially due to the launch of PruDynamic portfolio funds in January 2010.

UK individual pension sales increased 3 per cent to £69m and corporate pension sales increased 5 per cent to £221m.

Group chief executive Tidjane Thiam says: “We have achieved a strong performance in 2010, with results significantly ahead on all key measures.  Our disciplined approach to capital allocation, proactive risk management and focus on profitability are generating both growth and cash for our shareholders.”

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