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With-profits bolsters Pru business figures

Prudential’s UK business figures were flat last year at £897m compared with £900m in 2006.

Retail sales rose by 4 per cent, from £688m to £715m, driven by strong growth in individual annuities, corporate pensions, with-profits bonds and lifetime mortgages.

Pru says the business figures are in line with 2006 because the 2006 figure included £63m of wholesale credit life sales under a contract that was not renewed in 2007.

With-profits bond sales leapt by 59 per cent from £26m to £41m while total UK with-profits sales were up by 21 per cent from £191m to £231m. Offshore sales fell by 13 per cent from £54m to £47m while unit-linked bonds suffered a 38 per cent drop from £39m to £24m.

Group chief executive Mark Tucker says: “In the US and the UK, our primary focus is on the retirement market, where demand is less sensitive to a general economic downturn than in other sectors. We expect to see further profitable growth in both these markets.”

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