Pru UK sales fall 20% in 2007

Prudential says it could not compete with last year’s sales, which included two large back-book deals and £45m of credit life sales under a contract with Lloyds TSB. However, total UK retail sales on a present value of new business basis rose 8% to £523m, driven by strong performance in individual annuities and corporate pensions, growth in lifetime mortgages and demand for Prudential’s with-profits products. Individual annuity sales rose 14% to £214m while with-profit annuities rose 43% to £36m. Lifetime mortgages rose 96% to £108m as the provider develops its face-to-face sales-force...