Prudential UK life profits up 7% despite dismal annuity sales

The life company recorded profits before tax and costs of £752m, up from £706m. Individual annuity sales were down 49% but this was offset by a 41% growth in sales of retail investment products, including onshore and offshore bonds, individual pensions and income drawdown. Offshore bond sales were up 44%, income drawdown sales grew by 133% to £35m and individual pensions sales increased by 44% to £72m, as customers selected more flexible retirement products in the run up to the April repforms, the insurer said. Onshore bond sales increased by 32% to £232m while with-profits bond sa...