View more on these topics

Pru raises dividend after 24% increase in operating profits

Prudential has reported a 24 per cent increase in operating profits and has increased its dividend by 20 per cent.

Its 2010 results, published last week, show a 24 per cent increase in operating profits before tax on an IFRS basis, up from £1.56bn to £1.9bn. Prudential announced 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 9 per cent on an IFRS basis from £657m to £719m.

UK annuity sales were down 9 per cent to £124m, which the company attributes to less people retiring during the year.

Sales of UK onshore bonds increased 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 Pru Dynamic portfolio funds in January 2010.

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

Group chief executive Tidjane Thiam says: “Our disciplined approach to capital allocation, proactive risk management and focus on profitability are generating both growth and cash for our shareholders.”



New MPs to keep DB pensions despite Tory pledge

Chancellor George Osborne is set to renege on a pre-election commitment to offer new MPs a defined-contribution pension in light of Lord Hutton’s recommendations. In his report on public sector pensions, published last week, Hutton recommends that all public sector workers should shift from a final-salary to a career-average defined-benefit scheme. Before the general election […]

Odey signs up to run first Caerus active fund

Caerus Portfolio Management has brought in Odey Asset Management to run its first actively managed fund. The investment management arm of Keith Carby’s Caerus venture will launch a UK and European equity portfolio fund within the next two weeks. The fund is expected to raise between £25m and £30m and has an annual charge of […]

Bonds in 2017: Stick or twist?

Royal London Asset Management Bond Fund Managers Paola Binns and Craig Inches look at why short duration could be a key tactic for fixed income investors during 2017. Read the full article here The value of investments and the income from them is not guaranteed and may go down as well as up and investors […]


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