Prudential, a financial services company, has reported annual premium equivalent sales of GBP1,979 million, which is 15% higher than previous total, in the first nine months of 2007.
Prudential Corporation Asia’s life operations’ nine month sales as at September 30, 2007 were GBP939 million, up 48% compared to 2006 continuing the trend seen at the half year. Nine month sales in 2007 have already exceeded the GBP908 million achieved for the full year 2006.
Jackson, Prudential’s US insurance business, has delivered annual premium equivalent (APE) sales of GBP511 million in the first three quarters of 2007, representing a 20% increase over the same period in 2006. Jackson has delivered variable annuity sales of GBP3.4 billion in the first three quarters of 2007, up 33% on the corresponding period last year. Variable annuity APE sales for the third quarter of 2007 were GBP117 million, up 37% over the same period in 2006.
Prudential UK’s overall retail APE sales in the first nine months were up 8% year-on-year to GBP523 million. On a present value of new business premiums basis retail sales in the first nine months were up 6% to GBP4.2 billion. Total sales for Prudential UK for the first nine months of 2007 were GBP529 million, a decrease of 20% over the same period last year.
The M&G has delivered gross fund inflows of GBP10.8 billion during the first nine months of 2007, an increase of 8% on the same period last year. The company has also reported net fund inflows of GBP3.6 billion, while 30% down on the first three quarters of last year.
Mark Tucker, group chief executive of Prudential, said: These new business numbers demonstrate that there is real and continued momentum across the group, building on the strong growth of the past two years.