View more on these topics

With-profits business trebles for Pru

Prudential has seen a 9 per cent increase in UK operating profits from £462m to £504m for the first half.

New business profits rose by 19 per cent to £129m. International profits are up by 7 per cent to £1.4bn.

Pru says in the UK it continues its strategic focus on the retirement income market and has seen 75 per cent growth in new advances for lifetime mortgages. It now estimates it is the market leader in this sector.

It also confirmed its intention to enter the variable annuity market in the UK during the first half of 2009.

UK chief executive officer Nick Prettejohn says: “Our UK performance has been very strong indeed over the first half, underpinned by our continued leadership in the individual annuity marketplace but we have also made significant progress in the lifetime mortgage market and seen extremely strong performance of our with-profits bond sales which have nearly trebled over the past six months.”

He says market turbulence highlights that Pru made the right decision not to make a reattribution of its £8.7bn with-profits inherited estate.


Swip appoints European MD

Christian Elsmark has joined Scottish Widows Investment Partnership as managing director of Europe. He was previously managing director at FundQuest, the multi-management business of BNP Paribas Investment Partners.


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