Prudential has announced strong interim results with sales topping £10bn and profits of £677m.
Prudential’s pensions operations saw considerable growth during the first half of 2001 with occupational DC business providing a further 55,000 employees with pensions.
Prudential’s share of the local authority AVC market showed significant gains – partly due to current troubles at Equitable Life – and grew from 25pc to 46pc, covering 45 schemes.
Prudential group chief executive Jonathan Bloomer said: “Prudential’s new business sales and interim profits show strong group performance. This has been achieved against a backdrop of an increasingly competitive environment and adverse market conditions in some areas.”
In the run up to the October 8 deadline for stakeholder, Prudential has also registered over 9,000 companies which in total employ more than 340,000 people.
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Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).