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26/02/2002
Trimmed down Prudential report rise in revenue
The UK insurance company Prudential has reported a 54 per cent rise in insurance and investment revenues.
The Prudential unveiled that insurance and investment had risen to £21.5 billion for the whole of last year. The group said expansion during the year helped lift its operating profits to £1.19 billion, up 15 per cent, after restructuring costs.
More than 60 per cent of Prudential's sales and new business were attributed to profits from outside the UK.
While the company's profit margins have been under pressure in its home market, late last year it cut a quarter of its insurance workforce in the UK having already reduced its direct sales staff by 2,000 earlier in 2001.
Internationally, the Prudential's strong Asian performance helped compensate for falling earnings in the US, after US subsidiary, Jackson National Life suffered a fall in profits due to $532m losses from its stricken bond investment portfolio.
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The Prudential unveiled that insurance and investment had risen to £21.5 billion for the whole of last year. The group said expansion during the year helped lift its operating profits to £1.19 billion, up 15 per cent, after restructuring costs.
More than 60 per cent of Prudential's sales and new business were attributed to profits from outside the UK.
While the company's profit margins have been under pressure in its home market, late last year it cut a quarter of its insurance workforce in the UK having already reduced its direct sales staff by 2,000 earlier in 2001.
Internationally, the Prudential's strong Asian performance helped compensate for falling earnings in the US, after US subsidiary, Jackson National Life suffered a fall in profits due to $532m losses from its stricken bond investment portfolio.
(MB)
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