Prudential UK profits climb to £723m

Long-term business operating profit on an IFRS basis in the group's UK life business was up 1% from £673m in 2010 to £683m last year. Including its general insurance units, total operating profit was £723m, from £719m the previous year. Prudential said the increase was achieved despite 2010 benefitting from a single large bulk annuity deal which contributed £63m to that year's result. However, this meant new business profits in its UK division fell almost 30% in 2011. The group delivered a new business profit of £260m compared with the previous year's £365m, a decline of 29%. ...