Prudential has announced pleasing nine month results, revealing an increase in profits, and particularly strong performance from its M&G subsidiary.
In the UK, Prudential owns M&G, Egg, and is the country’s second largest insurer. Overall, total group insurance sales of GBP10.8 billion for the first nine months of the year were up 33% on 2004. Life sales for the nine months came in at GBP1.6 billion, up 27% on the same period last year.
The individual highlight came from M&G, which reported record gross fund inflows for the nine months of GBP5.6 billion, an increase of 62% on the same period last year.
Mark Tucker, group chief executive said: All our businesses are showing strong growth and these results are a clear demonstration of the momentum that the Group has built up. They confirm that our businesses are in robust health and the prospects are positive.
The report also stated that competition in some parts of the UK market remained challenging in the third quarter, in particular for protection and annuities where pricing has intensified. Despite this, Prudential remains confident that it will achieve overall growth in APE sales of 10% in 2005.