Prudential sales soar

UK life insurance and pensions group Prudential has reported a sharp rise in sales and said its direct exposure to the insurance cost of the 11 September attacks was "extremely limited".

The Pru sold insurance and investment products worth £15.1bn ($22bn) during the first nine months of 2001.

That represents a 54% rise in sales.

"I am pleased to report strong growth in sales in the first nine months of 2001, achieved against a background of difficult markets and an uncertain economic climate," said chief executive Jonathan Bloomer.

Almost 70% of the sales were international, a sharp rise from last year when just over 50% of the company's sales was abroad.

Asian growth

Asia accounted for much of the rise in international sales.

The increase followed an intense push of its insurance and investment business in new markets in the region, along with efforts to strengthen existing distribution channels.

Prudential warned that the growth rate would be tough to maintain once the global economic weakness begins to have a serious impact on Asia's economies.

In the City, investors' reacted positively to the news, helping Prudential shares stand 18p higher at 736p in late afternoon trade on Thursday.