View more on these topics

Pru UK sales fall as bond business dips

Prudential&#39s new business figures show strong growth internationally but weak performance in the UK and a tailing-off in demand for its Prudence bond.

Third-quarter figures show total sales for the group rose by 34 per cent to £20.2bn compared with £15bn for the same period last year.

However, UK operations showed a 3 per cent decline in sales to £565m from £582m last year based on an equivalent premium income.

Directly sold products were unchanged at £230m while sales through intermediaries fell by 4 per cent to £338m from £352m.

Pru had strong growth in individual annuity business, with a rise to £122m from £89m in the third quarter of last year.

Demand for the Prudence bond has halved since the start of the year.

The company says the figures are as expected and attributes them to the current economic climate.

Pru took £328m in with-profits bond business in the third quarter compared with £462m for the second quarter and £717m for the first quarter. Sales of the flagship product were £534m for the third quarter of 2001 and total sales were £2.2bn last year.

Group chief executive Jonathan Bloomer says: “Good contributions from across the group, which were achieved in difficult market conditions, have resulted in these strong sales figures and our strategy of growing internationally.

“Broadening our distribution reach and diversifying our product range has once again been fully endorsed.”


Foully qualified brokers?

Who at Personal Touch Insurance responsible for training promotion still had dreams of a heavy night at Stringfellow&#39s Cabaret of Angels on their mind when sending out exam circulars, the Diary wonders?One IFA received an invitation to a Cemap training day for the bridge paper exam which suggested that, to benefit fully, students should read […]

MP calls for an end to FSA&#39s immunity from prosecution

The FSA&#39s statutory immunity from prosecution over misselling and negligence claims should be reconsidered in the light of the split-capital investment trust crisis, according to Conservative MP Andrew Tyrie.Tyrie, a member of the Treasury select committee, made the comments at this week&#39s committee hearing into the split-cap situation.He asked Class Law Solicitors partner Stephen Alexander […]

L&G cuts payouts on with-profits

Legal & General has cut payouts on with-profits policies by average 9.5 per cent for pensions and 7.5 per cent for other life policies.The company blames significant falls in world equity markets for the move but reasserts the AAA rating that Standard & Poors has given its fund. Annual bonuses remain unchanged.

Advice Store plans interactive presentations

IFA Network Advice Store is using data, video and voice conferencing to attract new members, train staff and fulfil compliance requirements.The network, which laun-ched in March, has 103 RIs and plans to expand further with interactive presentations held online every day at 11am and 2pm.Potential members can enter a special website set up by Advice […]


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