Pru's united front as sales soar

INSURANCE giant Prudential's finance director Philip Broadley today signalled he would be staying with the business when new boss Mark Tucker joins next month as the insurance giant reported strong growth in UK life and pension sales since the start of the year.

Insisting there was a 'real buzz' about the business despite the board's decision last month to oust former chief executive Jonathan Bloomer, Broadley said: 'I have met Mark. I'm very happy what I'm doing and I fully intend to carry on doing it.'

The comments come amid increasing speculation of more changes in the Pru boardroom once Tucker, the former head of the group's Asian operation, formally takes up his post on 6 May. Mark Wood, the head of the UK business, for one, is understood to have wanted the top job.

Broadley refused to be drawn on whether he had to shoulder some of the blame for the mishaps that led to Bloomer's exit - last year's botched Egg auction and shock £1bn rights issue - and threw the spotlight on new business figures which are likely to set the pace for the market.

Group life and pension sales rose 11% to £478m on the industry standard annual premium equivalent basis in the three months to March. The UK posted a 12% rise, in line with Bloomer's stated aim of doubling the 5% expected market growth for the UK as a whole.

New business sales in the US, where Pru owns Jackson National Life, were up 9% to £128m. Pru Asia registered a 13% surge. Broadley said: 'This is a strong start to the year, continuing the momentum built across the group in 2004.'

The UK business was fuelled by a 71% spurt in bulk annuity sales. Individual annuity sales rose 18% while the growth in unit-linked bonds offset another fall in with-profit sales. With-profits business at the Pru is now one-third below a year ago.

Bloomer's exit was announced by chairman Sir David Clementi last month in yet another surprise to the City, which thought the board had decided to support him after a disastrous autumn. Bloomer's card was marked by furious institutional investors after the rights issue, designed to build a war chest for the UK.

Tucker headed off to HBOS as finance director two years ago after making little secret of the fact that he wanted the top job.