Sales up 13% in first quarter for Prudential

17-04-2008

Sales up 13% in first quarter for Prudential
Insurer Prudential's total group sales were up 13 per cent in the first quarter on strong Asian growth.

Prudential, the UK's biggest insurer by market value, said it had total sales of £729 million in the three months to March 31st, up from £640 million in the same period last year.

New business in Asia was up 30 per cent, generating annual premium equivalent (APE) sales of £375 million.

Mark Tucker, group chief executive, said: "The group has made a very positive start to the year with overall group new business up 13 per cent. This continues our strong momentum despite an environment characterised by high levels of uncertainty and volatility.

"The current economic environment is challenging but I am confident that our geographic diversity, advantaged distribution, product expertise and management capability position us well for future growth. Our prospects for 2008 remain positive."

UK sales growth was four per cent, Prudential said, after the group focussed on writing business that met profitability criteria.

But growth at US unit Jackson was down seven per cent, as the division reported lower variable annuity sales.

Jackson recorded total APE sales of £165 million as market volatility and "intense competition" hit business.

The company said it believes Jackson will outperform the market in the long term.

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