Belfast Telegraph

Insurer Prudential's profits rise by a fifth to £4bn

By Ben Woods

Insurer Prudential shrugged off global market volatility and the shake-up of the UK pension industry to see profits rise by more than a fifth.

The firm said operating profits climbed 22% to £4bn for 2015 as it bucked low interest rates in major economies and fears over global growth to deliver a strong performance for its UK, US and Asian businesses.

It was buoyed by a record performance from its UK retail business as demand for retirement products saw sales surge 32% to £874m, despite Government reforms to the pension industry last April meaning retirees no longer have to buy an annuity.

Britain's largest insurer said it was backing the campaign to remain in the EU because it would benefit its investment management business M&G.

Belfast Telegraph