Pru reports 5% fall in sales
Prudential has reported a 5% fall in sales during the first quarter of 2009, to £697 million.
However, the life and pensions provider points out that sales volumes for the first quarter of 2008 were “exceptionally strong” and that figures for the first quarter of 2009 are broadly stable when compared to the previous three months.
Sales in Asia were down 11% on a year earlier but Pru says its relative position in the region continues to improve, driven by regular premium and health business.
Total sales in the UK fell 6% on an annual basis, to £180 million; however, the company’s M&G investment unit saw strong growth, with net inflows of £2.5 billion.
Prudential’s capital surplus stands at an estimated £2 billion, up from £1.6 billion at the end of March.
The buffer is expected to increase to £2.8 billion once the transfer of the group’s Taiwanese agency business to China Life Insurance Company is completed in June.
Pru’s chief executive officer, Mark Tucker, who is stepping down in September, says the results “demonstrate our ability to focus the business on the most profitable opportunities across our international spread of operations, in response to changes in market conditions – a very positive indicator”.
In March, Prudential announced pre-tax profit of £3 billion for 2008, up 17% on a year earlier.
Category: Companies News, Financials, Insurance News, Prudential Insurance News
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