Pru UK retail sales fall 11%; Shares down 12%

Shares in Pru fell 12.3% after trading resumed following an earlier suspension.  News of a $20bn rights issue to fund the AIA deal was largely to blame. The firm says its UK life operation remains a key part of its future plans, following speculation it could sell its British business to fund the acquisition of AIA. Annual premium equivalent (APE) sales were down 24% to £723m, though new retail business fell 11% to £717m. Pru says it chose to focus on ‘value over volume' in 2009, leading to significantly lower volume of wholesale annuities, individual annuities and corporate pensio...