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Insurer Prudential's UK life business has posted a 10% rise in operating profits as sales switched from annuities to income drawdown, its interim results have shown.
M&G has reported net retail outflows of £516m across its UK business in the first half of 2014, even as its European retail business continues to attract major interest.
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Prudential has become the latest life company to report severely hit annuity sales in the wake of radical reforms to how people can access their pension.
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Standard Life has secured discounts from 12 external fund groups across 291 clean funds, equivalent to an average AMC discount of 13bps.
Profits at Prudential UK fell flat last year, barely upticking from the year before, as the rush to sell onshore investment bonds subsided following the introduction of the Retail Distribution Review (RDR).