View the article online at http://citywire.co.uk/wealth-manager/article/a634349
M&G busts records with £6.4 billion inflow
by Dylan Lobo on Nov 14, 2012 at 10:29
Across the wider group, Pru’s UK business rose 17% compared to the third quarter of 2011 from £194 million to £227 million.
Pru said it expected investment bond sales, in particular, to be impacted by the impending retail distribution review with a slowdown showing in the last stages of 2012.
It said individual annuity sales were up 25% to £166 million. Sales to customers who did not already have a pension with the Pru were up 41% to £62 million reflecting, it said, the popularity of its with-profits Income Choice Annuity product.
However corporate pensions sales fell 22% to £148 million despite the introduction in October of auto-enrolment. Pru said it was not focused on establishing new schemes but was focusing on increasing membership within existing schemes.
Onshore bonds sales were up 27% at £161 million.
‘We are in the right markets, with the right business models and continue to make good progress across our businesses and chosen markets,’ Thiam said.
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