View more on these topics

Pru business down but M&G adds boost

Prudential saw a 5 per cent fall in new business in the UK for the first three months of the year but has been boosted by a strong performance from asset management arm M&G.

Last week, the Pru reported a new business profit of £62m for Q1 compared with £65m in the same period last year.

Across the group, investment net inflows have grown 12 per cent from £1.8bn to £2.1bn.

M&G saw a 5 per cent increase in net inflows from £1.68bn to £1.77bn while funds under management rose by 2 per cent from £199.6bn to £202.9bn. As a group, Pru reported an 8 per cent increase in new business profit from £498m to £536m.

Sales in the UK on an annual- premium equivalent basis dropped by 5 per cent from £199m to £189m, which Pru attributes to lower sales of corporate pensions. However, it says this was partly offset by higher sales of with-profits bonds and individual annuities.

Pru group chief executive Tidjane Thiam says: “In the UK, we continue to focus on the products where we have a competitive advantage, namely individual annuities and with-profits. Both of these lines delivered healthy increases in the quarter.”


Vanguard to make long-awaited move into UK ETF market

Vanguard is to make its long-awaited move into the UK exchange-traded fund arena with the launch of five physically-backed products. The asset manager is set to launch the ETFs on the London Stock Exchange – subject to regulatory approval – after gaining authorisation from the Central Bank of Ireland. The five products are the Vanguard […]

BSA says mortgage prisoners will be hit by strict affordability rules

The Building Societies Association says there will still be a significant amount of so-called “mortgage prisoners” despite transitional arrangements in the mortgage market review designed to avoid this. The FSA estimates around half of the 10.5 million people who took out mortgages between 2005 and 2011 could be prisoners because of high loan-to-value ratios, negative […]


Most firms expect FSA to ban execution-only commission

More than half of pension providers and fund supermarkets expect the FSA to ban commission payments on execution-only business after the retail distribution review, research by Dunstan Thomas suggests. Under the RDR, IFAs will need to charge clients a fee for advice rather than commission. The regulatory changes do not affect non-advised product sales. A […]


FSA warns over firms promoting award wins

Financial services firms that advertise the fact they have won industry awards could fall foul of the FSA’s financial promotion rules under recent guidance published by the regulator. Final guidance published by the FSA on financial promotions, fund performance and image advertising says promoting award wins constitutes a declaration of past performance, if the award […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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