Prudential has today reported Group sales up 11% on the first quarter of 2004 at £478m.
Britain's second largest insurer says UK and Europe sales were also up 12% on the first quarter of 2004 at £208m.
Prudential’s group finance director, Phillip Broadley, says the figures show a strong start to the year and says the Group will continue the momentum builtup in 2004. Double figure sales growth for the UK and Europe includes strong sales of unit-linked bonds and annuities. Broadly says he expects this to be enhanced by further distribution opportunities with St James’s Place, Barclays Bank and National Australia Bank.
”We maintain a positive outlook set out in our preliminary results announced on 2 March. Our businesses across all regions continue to perform strongly and are well positioned to take advantage of the opportunities in their respective markets,” adds Broadley.
The provider says intermediary sales volumes were also up 8%, along with the sale of unit linked products which were up 195% on the first quarter of 2004 at £18m.
Prudential also re-entered the critical illness protection market with guaranteed rates in March and earlier this month launched both on-line and telephone underwriting across its range of protection products, which it says will substantially reduce the processing time of new business from IFAs. The provider says Credit Life sales also remain strong, up 25% to £20m on the first quarter of 2004.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Matthew West on 020 7484 9893 or email [email protected].IFAonline
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