Prudential sales slip 5% in Q1

14th May 2009 07:22

Insurer Prudential called a 5% drop in insurance sales during the first quarter to £697m a "resilient" performance and boasted asset management net inflows of £2.7bn.Sales in Asia fell 11% versus the same time last year, but were roughly in line with the fourth quarter of 2008 at £333m.Jackson in the US was up9 12% to £184m thanks to positive currency moves, but the UK saw total sales drop 6% to £180m. The M&G business enjoyed net inflows of £2.5 billion. The firm said its capital position remains strong, with its Insurance Groups Directive (IGD) capital surplus estimated at £2bn, which includes the £400m raised during May from a debt placement.