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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.

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