Prudential UK profits climb to £723m

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Insurance giant Prudential saw profits climb marginally to £723m last year.

Long-term business operating profit on an IFRS basis in the group's UK life business was up 1% from £673m in 2010 to £683m last year. Including its general insurance units, total operating profit was £723m, from £719m the previous year. Prudential said the increase was achieved despite 2010 benefitting from a single large bulk annuity deal which contributed £63m to that year's result. However, this meant new business profits in its UK division fell almost 30% in 2011. The group delivered a new business profit of £260m compared with the previous year's £365m, a decline of 29%. ...

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