Prudential UK profits flat after rush to sell onshore bonds pre-RDR

UK life IFRS operating profit was £706m, compared to £703m in 2012. Retail APE sales were lower by 12%, and retail new business profits were 3% lower year-on-year. Prudential said this was due to the market adjusting to the post-RDR environment, which had a particular impact on sales of onshore bonds, which surged in 2012, the last year commission could be paid to advisers from a financial product. "The onset of the RDR has significantly impacted the timing of sales volumes in the UK retail investments markets over the last two years," the life company said. "For Prudential, thi...