Pru UK new business profits up 15%

Across the group, Prudential beat expectations to post operating profits of £1.94bn, up £367m from last year's £1.57bn and an increase of 24%. Forecasters had been expecting a more modest 11% increase to £1.7bn  from restated figures the previous year. In the UK, total retail and bulk annuity APE sales were £820m, up 13% from £723m in 2009, with retail new business profit of £257m compared to £223m in 2009. Prudential says the increase reflects improved margins on with-profits bond sales where it has seen volumes 11% higher on improved demand and the strong annuity margins experien...