Prudential is to spend £100 million developing its UK business, in a move designed to counter the impact of the Budget pension changes on its domestic business.
The investment, which equates to around 14% of its UK’s arms annual profits, will be used to build its PruFund ISA and flexible drawdown products and to build its presence on external platforms.
The two year project to diversify the business was presented to investors by Jackie Hunt (pictured), who was brought in from Standard Life to run Prudential’s UK arm.
Hunt said of the planned areas of development: 'The ones [developments] we have been vocal about and talked about in the past: PruFund ISA, flexible draw-down products, getting onto external platforms. I should say the platform solution, we think, is critical. But actually, it is single-digit millions in terms of it as an investment, so pretty modest.
'I do not think we necessarily need to own a platform. We need to have technology and products that can work on various solutions.'