Prudential UK recorded an 11% increase in retail sales for the first half of 2008, with a strong second quarter performance driving the jump to £398m.
The firm's UK retail new business profits grew by 10% to £124m, led by solid sales in with-profits bonds and offshore products. UK sales in the second quarter climbed 33% on the corresponding period in 2007; while the firm’s average new business margin for H1 was maintained at 30%. Pru UK's total retail with-profits business performed strongly across the range, 32% higher to £183m. With-profits bond sales jumped 182% to £48m. However, the Pru with-profits life fund value was hit by the difficult market conditions, falling 6.8% in the first half. Pru recorded £141m individual annuity sal...
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