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Pru UK sales up 3% to £548m

Prudential has reported a 3 per cent rise in total UK APE sales for the first nine months of the year from £534m to £548m.

For Q3 the insurer’s UK business saw sales increase 5 per cent from the same time last year from £166m to £158m.

New business profit in the UK grew 14 per cent for the first nine months of the year from £169m to £192m.

But net inflows at Pru’s asset management business M&G slumped by 44 per cent from £11.1bn to £6.2bn.

As at September 30, 2010 M&G’s total funds under management were £191.2bn, up 10 per cent from £174bn at 2009 year-end.

Sales of individual annuities of APE £160m were 2 per cent down on the same period last year, mainly due to lower sales of conventional annuities.

Pru says this dip was partly offset by strong sales of with-profit annuities which were up 54 per cent at APE £35m.

Overall the insurer posted group sales on an APE basis of £2.5bn for the first nine months of the year, up 24 per cent from £2bn at the same time last year.

Pru group chief executive Tidjane Thiam (pictured) says: “We remain well positioned to deliver strong growth and generate strong returns for our shareholders, based on the group’s proven strategy, our brand and market position in the countries where we choose to operate, the power of our distribution and the quality of our teams.

“The opportunity in South East Asia, our strong position in the US, our focused business in the UK and market leading asset management businesses, means we view our future with confidence and believe that we will continue to outperform our competitors in our chosen markets.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. I see Prudential’s UK sales are up by 3%,not exactly earth shattering.I have a with-profits pension with this company and can say I have not been exactly overwhelmed with their annual bonuses.I put this down to a couple of things.I believe I am correct in saying that these type of policies have not been actively sold since the introduction of stakeholder pensions in 2001.The other thing that concerns me greatly is that I do not believe that the people that are supposed to be looking out for policyholders interests are doing so.I asked a representative of the Prudential about these people and he either had not got a clue what I was on about or did not want me to find out.Why are insurers acting so covertly when policyholders enquire about their products?

  2. Their bonuses have been fine – if you understand the nature of the product. You’ll also, by the sounds, have a final bonus.

    http://www.pru.co.uk/existing_customers/bonus_declaration_2010/competitor_comparison/

    And I believe Pru still sell WP pensions.

    The trouble tends to be that many people who sell them – like those who originally bought them – don’t fully understand them, how they work, and what “bad” should look like. Driving that is, as you’re finding, transparency. It’s hard for you to work out the value of your fund with “hidden” bonuses.

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