Filed Under:Annuities, Fixed Indexed

Prudential earnings beat estimates on U.S. annuities business

Prudential Plc building in central London (AP Photo/Lefteris Pitarakis)
Prudential Plc building in central London (AP Photo/Lefteris Pitarakis)

(Bloomberg) -- Prudential Plc, the U.K.’s largest insurer by market value, reported first-quarter profit and sales that beat analyst estimates, boosted by higher demand for annuities in the U.S.

Profit from new business jumped 29 percent to 529 million pounds ($898 million), the London-based insurer said in a statement today, beating the 495 million-pound average estimate of 13 analysts surveyed by the company. Sales, or annual premium equivalent, rose 13 percent to 1.18 billion pounds, also topping estimates. Profit at its U.S.-based Jackson National Life unit surged 67 percent as sales of variable annuities jumped 41 percent.

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