A boost in individual annuities and with-profits bonds sales helped Prudential UK maintain new business levels in the first half of this year, despite a significant decrease in corporate pensions volumes.
Total annual premium equivalent (APE) sales at the company were £412m, up marginally from £409m during the same period in 2011. Sales of individual annuities were £105m, representing a 22% increase on the previous year, with a single large bulk annuity deal contributing £23m. Meanwhile, onshore bonds sales were up 26% to £106m, including with-profits bond sales of APE £99m, up 36%. However, corporate pensions sales of APE £104m represented a 29% fall, with Prudential blaming "particularly high" figures in 2011 due to new defined contribution members joining schemes following the cl...
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