Companies: LGEN    PRU    RSL   

Strong sales in Asia helped life insurance giant Prudential increase sales 14 per cent to £729 million in the first three months of this year, despite an eight per cent fall in US sales to £165 million. A 35 per cent increase in Asian sales to £375 million and a four per cent increase in the UK, where Prudential has overhauled its life business, have left the group in a mood to step up its quest for bolt-on acquisitions, says chief executive Mark Tucker.

The closing stages of the Resolution Life acquisition saga have continued to entertain sector aficionados. The Financial Services Authority gave its approval to the acquisition of Resolution by Hugh Osmond’s Pearl Assurance for nearly £5 billion.

Legal & General has benefited from companies seeking to pay insurers premiums to shoulder their pension commitments. The company’s sales in the bulk annuity market rose from £17 million to £72 million in the first quarter.