Pru Annuities recovers with £179m profits

Prudential Annuities (PAL) bounced back in 2010 with a total profit of £179m over the period, compared to a loss of £4m in 2009. PAL's total liabilities stood at £14,853m in December 2010, up from 2009's £14,128m. Prudential Retirement Income (PRIL), the separate shareholder annuity business, made a profit of £291m in 2010, compared to a profit of £268m in 2009. Its total liabilities for 2010 were £25,511m, whilst 2009's were £22,360m. Earlier in March, the Pru reported its new UK retail business profits were up 15% on the previous year's to £257m.