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.
The Financial Times reports Pru UK and Europe chief executive Jackie Hunt has briefed investors about the plan, which will see £100m invested in UK initiatives over the next two years.
The £100m investment is expected to fund a “very broad based range of products and propositions”, including an online investment platform, with-profits, income drawdown products and Isas.
Hunt, who was previously chief financial officer at Standard Life, said: “We have almost no way in which customers can interact with us on a digital basis. It’s the way customers want to deal with us; it’s the way advisers want to deal with us.”
She added that Pru, which also owns fund group M&G, is well placed to deal with the changes set out in the Budget, which give those over 55 freedom to access their pension pot.