Prudential plc's first-quarter 2008 sales figures, released today, show demand for offshore products has risen in spite of the failure to gain a tax concession for offshore bonds in light of the new capital gains tax regime.
According to a release to the London Stock Exchange, sales of the group’s offshore products (sold within the UK and Europe) were up 36% on 2007 at £19m annual premium equivalent (APE). Sales into the UK market increased by 124%, reflecting increased demand for Prudential’s open-architecture portfolio bond product. Prudential International launched an enhanced offering in March – the Portfolio Account, a single premium offshore portfolio bond. Richard Leeson, head of business development at Prudential International, commented: “An increasing number of advisers are recognising the flexibilit...
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