Pru UK profits drop 6% despite sales rise in Q1

First quarter UK sales were driven 3% up to £199m by higher demand for onshore bonds and corporate pensions. But profits for the quarter fell despite the surge, down 6% to £65m on Q1 2010. The UK fall is against a backdrop of first quarter new business profit across the Group however, which was up 17% to £498m, with new business sales up 10% at £888m. Prudential said the fall in its Q1 UK new business margin to 33% from 36% in the same period last year reflected lower sales of shareholder-backed annuities and higher sales of corporate pensions. M&G, the insurer's fund management...