Prudential says it will continue to pursue its “value ahead of volume” strategy in the UK despite seeing a 6 per cent fall in UK new business profits for the first three months of the year.
The firm posted a £69m new UK business profit for Q1 compared with £65m for the same period last year. UK sales on an APE basis are up by 3 per cent from £193m to £199m.
Sales of individual annuities fell by 29 per cent from £59m to £42m while external annuities sales were down by 42 per cent from £26m to £15m after Zurich ended a partnership agreement.
Corporate pension sales rose by 30 per cent from £60m to £78m and individual pension sales including income drawdown climbed by 14 per cent from £21m to £24m.
PruHealth sales remained flat at £2m, reflecting Pru UK’s red-uced share in the business after Discovery completed its acquisition of Standard Life Healthcare in August.
PruProtect sales were down by 71 per cent, which the firm attributes to a change in reporting following the Standard Life Healthcare acquisition.
Pru group chief executive Tijane Thiam says: “Our strategy is unchanged – putting value ahead of volume – and is delivering attractive returns on the capital employed.”