Prudential Q1 sales down 5 percent

LONDON (Reuters) - Insurer Prudential <PRU.L> reported a five percent drop in its first quarter sales, blaming tougher economic conditions, and said its capital reserves remained robust.

Prudential had total sales of 697 million pounds for the first three months of the year, down 5 percent compared with the same period of 2008, the company said in a statement on Thursday.

Analysts had expected sales of 647 million pounds, according to the average of 17 estimates collected by the company.

Prudential also said it had a capital surplus of 2 billion pounds at March 31, compared with 1.7 billion pounds three months earlier.

(Reporting by Myles Neligan)

Article Published: 14/05/2009