Pru UK profits up 15% in Q1

The company was rumoured to be looking to offload its UK and US arms to facilitate the purchase of AIA, the Asian arm of AIG. However, today's announcement of its delayed £14.5bn rights issue to buy AIA included plans to organise its business into four broad divisions: Asia, UK, US and asset management including M&G. The parent group has been buoyed by a strong showing from it UK arm with new business profits £69m (APE) in Q1 2010, up from £60m for the same period a year earlier. Sales across its UK arm rose 7% for the period to £193m, from £180m in Q1 2009, lifted by corporate pen...