Prudential's 2008 full year results
We are delighted to report another strong performance despite challenging economic conditions:
UK Highlights:
- Total Retail sales were up 10 per cent. This was a particularly strong performance, considering the economic environment and an overall market decline in retail sales of 10 per cent during the year.
- Our total UK sales of APE £947m were four per cent higher than 2007. This included APE £142m from our Wholesale business.
- We remained market leader in individual annuities and our sales of APE £280m were in line with 2007, despite volatile market conditions. Internal vestings remained strong at £160m.
- Our with-profits business performed particularly well during 2008. Sales of with-profits bonds were APE £98m, an increase of 139 per cent on 2007, including very strong sales of PruFund.
- At the end of 2008, we had a 23 per cent share of the lifetime mortgage market with sales growth of 50 per cent compared with 2007.
- Corporate pensions sales of APE £249m were up one per cent year-on-year, benefiting from strong sales from existing schemes.
In addition to this, we have also announced this morning that Mark Tucker, Group Chief Executive, intends to step down on 30 September 2009 after four and a half years. Tidjane Thiam, Chief Financial Officer, will succeed Mark Tucker as Group Chief Executive with effect from 1 October 2009.
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