Pru reports “robust” group sales

by Gill Montia

In a trading update, Prudential has report “robust” nine month group-wide sales of just over £2 billion.

In the third quarter of 2009, retail sales came in at £699 million, up 10% on a year earlier and reflecting “powerful momentum” in US retail sales which soared 66% year-on-year.

Asian sales rose 4% in Q3 and the region saw new business sales of £846 million for the first nine months of 2009, down only 9% on the same period in 2008, compared to a 15% fall at the half year.

The group also reported asset management net inflows of £2.9 billion, up an annual 187%, and a strong capital position, with an IGD surplus estimated at £2.8 billion.

Recently appointed group chief executive, Tidjane Thiam, said: “This performance demonstrates the effectiveness of our strategy in what remains a challenging and fragile economic environment.”

He went on to highlight opportunities for expansion in US markets, via Prudential’s Jackson National Life subsidiary, but was cautious about the outlook for the UK market, preferring instead to focus on growth in the US and Asia.

In other Prudential news, the insurer has appointed Nic Nicandrou as chief financial officer and board director.

Mr Nicandrou joins from Aviva, where he has worked for eleven years in a number of senior finance roles, most recently as Norwich Union Life finance director and board member.

Source: Pru reports “robust” group sales