Prudential reports robust growth

The new boss of insurance giant Prudential passed a major test today by meeting expectations for new business wins.

Mark Tucker revealed that sales of new insurance products rose 15% to a record £2.15bn (€3.12bn) in 2005 on the back of robust growth in all its biggest markets.

A strong final quarter in the UK and Europe saw sales rise 26% on the previous three months – buoyed by demand for corporate pensions and individual annuities.

Over the year as a whole, UK and European sales lifted 10% to £900m (€1.3bn) on an annual premium equivalent basis – the standard industry measure that strips out volatility by including new regular premiums plus 10% of single premiums.

But growth rates in the UK and Europe lagged those elsewhere in the world, with sales up 13% in the United States and 23% higher in Asia.

Mr Tucker said: “All our businesses continued to grow strongly, with double-digit year-on-year percentage sales gains across the board.”