Prudential, Britain's second largest insurer, has reported a modest rise in first-quarter sales, but UK sales fall...
Prudential, Britain's second largest insurer, has reported a modest rise in first-quarter sales. Growth in Asia and the United States once again offset weaker numbers at home.
Group insurance sales for the quarter totaled £640m, up 1% on last year. The U.S. and Asian businesses reported growth of 21% and 33% respectively. Prudential's UK business has shown a 23% drop in sales.
Mark Tucker, group chief executive said: "I am delighted by the excellent start the group has made to the year, building on the strong momentum established in 2005 and 2006.
He added that: "We have continued to pursue our growth and value agenda and worldwide retail new business APE increased by 25% to £592m over the same quarter last year with strong performances in all regions. In our asset management businesses M&G had net fund inflows of £1.4bn, the second highest quarter on record, and in Asia we had a record start to the year with net inflows of £0.6bn ahead 18%.”
