INSURER Prudential said profits from new business in the UK fell by 5% to £62m in the first quarter as its strength in individual annuities and with-profits was offset by lower sales of corporate pensions.

Further strong growth in Asia left the group-wide profits figure 8% higher at £536m.

Tidjane Thiam, group chief executive, said: “We remain on-track to achieve our 2013 ‘Growth and Cash’ financial objectives.”