Briefing: Prudential premiums up 32%

PRUDENTIAL'S premium income hit pounds 2.5bn in the first quarter, a rise of 32 per cent over the period last year, chief executive Sir Peter Davis said yesterday. Egg, the core of the Pru's new banking business, has more than 400,000 customers and deposits in excess of pounds 5bn, a rise of almost pounds 3bn in the first quarter.

The Pru's premium growth topped forecasts and was in line with that reported by Norwich Union. UK premium income rose by 18 per cent to pounds 1.5bn, including a 24 per cent rise to pounds 1bn in premiums through Scottish Amicable, the subsidiary working through independent financial advisers. Prudential closed 23p lower at 787.5p.