All eyes on Prudential, profits grow at TP ICAP and production up at Antofagasta. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here. Want to buy an annuity? Anyone? It could pay you as much as £100 a week when you’re a pensioner. Imagine that! £100 a week! Well, yes, alternatively, you could take £200,000 as a lump sum right now, if you really wanted to. But what about that lovely annuity, eh? Anyone? OK, fair enough, I suppose the £200,000 does have some attractions. But one hundred pounds every week? No? No. Thought not.For life insurers like Prudential, this is the problem they now face. Regulatory changes mean savers can take cash sums instead of having to buy their annuity contracts, and insurers have to hold lots more capital in order to offer annuity products. No wonder the company stopped selling annuities earlier this year.So, at 8:30 this morning, when the FTSE 100 company releases its full year results, all eyes will be on what it says about its large back book of annuities written in the past. Last year, Prudential hired Clare Bousfield who worked on the sale of Aegon’s annuity business to Legal & General and Rothesay Life.Thankfully, for investors, more of Prudential’s focus is on Asia.
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All eyes on Prudential, profits grow at TP ICAP and production up at Antofagasta....