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Pru looks to Asia as UK sales stumble

By This Is Money
Updated: 07:11 EDT, 28 October 2009

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Prudential managed to stem a predicted fall in sales after its Asian and US businesses bolstered faltering performance in the UK.

Man from the Pru: Tidjane Thiam

The Pru, the UK's biggest insurer by market cap, suffered an overall 9% fall in sales in the third quarter, dragged lower by a 22% fall in UK sales.

Total group insurance sales fell to £700m, but this compared to analysts expectations, as recorded in a Reuters poll, of £653m.

The UK year-on-year numbers looked worse thanks to the absence of a large bulk annuity transaction which lifted numbers a year ago.

Sales in Asia, excluding the impact of the Taiwan business sold earlier in the year, rose 4% in the quarter, while the US business jumped 66%.

Tidjane Thiam, the Pru's new chief executive following the departure of Mark Tucker, said: 'We believe that the economic environment will remain uncertain for a while. The group has clearly demonstrated its strong defensive capabilities and is now well positioned to benefit from the next stage of the economic cycle.'

Prudential said its insurance group directive (IGD) surplus stood at £2.8bn, helped by a rosier performance on equity markets.

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