Prudential Q1 lifted by UK bulk annuity sales

LONDON Thu May 8, 2014 4:32am EDT

Related Topics

LONDON May 8 (Reuters) - Prudential plc saw a 29 percent increase in new business profit during the first quarter of the year, boosted by buoyant sales of bulk annuities in its British home market.

In a trading statement on Thursday the life and pensions group said new business profit nearly doubled in the UK which it attributed largely to strong sales of bulk annuity products to corporate pension schemes.

New business profit was up 67 percent in the United States and rose by a fifth in Asia on a constant exchange rate basis, stripping out the impact of fluctuating currencies.

Its fund management arm M&G saw net inflows of new money of 1.4 billion pounds ($2.38 billion), the company said. ($1 = 0.5894 British Pounds) (Reporting by Chris Vellacott. Editing by Jemima Kelly)