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%.
Total sales on an APE basis were £746m, down 9% on the £820m recorded in 2010.
Meanwhile, M&G saw a 26% increase in operating profit last year to £357m, while total funds under management climbed 2% to £201bn.
However, net inflows plunged by more than half, down 52% from £9.1bn in 2010 to £4.4bn last year.
Including its international businesses, Prudential saw its total pre-tax profits jump 33% during 2011, driven by its Asian business.
Total profits before tax were £1.9bn over the full year, an increase of one-third.
Shareholders' funds grew 14% to £9.1bn, while operating profit rose 7% to £2bn.
The Asian life insurance business saw operating profit of £709m, a 32% increase, making it the single largest contributor to group profits for the first time.
Tidjane Thiam (pictured), group chief executive, made no mention of moving the group's headquarters offshore.
Prudential has reportedly been considering a move offshore to Hong Kong, partly as a response to what it fears may be an "adverse outcome" on Solvency II.
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