Major UK insurer and banking services provider Prudential has revealed that overall company revenues increased by 11% during the first nine months of the year, thanks to strong international business.
The UK’s second largest insurer delivered revenues across its sphere of operations of GBP1.80 billion in the first three quarters of 2006. However, the increase was largely due to promising international business as domestic sales fell by 4% to GBP664 million.
Overall growth was ultimately driven by a 15% increase in sales from Prudential’s US division and an even more impressive 29% growth in sales in the insurer’s Asian arm. The company also achieved record inflows for its global asset management business.
However, while overall sales met analyst expectations, the market is concerned by Prudential’s brittle UK operations. While overall sales dipped by 4%, the company was also forced to admit that its troubled online bank and credit card provider, Egg, was heading for another GBP40 million loss in the space of just half a year.