Prudential is to increase its presence on platforms and develop a range of Isas as part of £100m plans to diversify away from annuities in the wake of the Budget.
In a briefing to analysts last week, Pru UK and Europe CEO Jackie Hunt said £100m would be invested in UK initiatives over the next two years. The investment is expected to fund a “very broad-based range of products and propositions”, including “getting on to third-party platforms”, with-profits, income drawdown products and Isas.
Hunt, who was previously chief financial officer at Standard Life, said: “Money is moving onto platforms. It is where customers want to deal with us, it is the way in which our advisers want to deal with us.
“We do not necessarily need to own a platform. The lines are blurring between wrap platforms, for example, and some policy admin systems, so moving into the digitally enabled world is important for us. It is part of this underlying investment.”