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Prudential increases dividend 20% as UK profits rise 7%

Prudential has hiked its interim dividend 20 per cent from 6.61p per share last year to 7.95p per share this year as UK operating profits increased 7 per cent from £330m in the first six months of 2010 to £353m this year.

The provider’s UK performance was driven by a surge in corporate pensions sales, which increased 20 per cent from £123m in the first half of 2010 to £147m this year.

However, individual pensions sales, including income drawdown, dropped 3 per cent from £41m in the first six months last year to £40m this year.

Prudential group chief executive Tidjane Thiam (pictured) says: “We have reported another good performance in the first half of 2011.

“Our UK business is performing in line with our strategy, balancing writing new business with generating cash and preserving capital.”

Prudential says it is making “good progress” in its effort to cut costs in its UK business by £75m a year by the end of 2013.


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