Prudential on the look out for US acquisitions

Prudential, the UK insurer, is on the hunt for bolt-on acquisitions in the US as the American market begins a cut-throat price war.

Delivering a 13 per cent rise in first quarter worldwide new business sales, Mark Tucker, the chief executive of Prudential, said that much of the current pricing of American insurance products by rivals was "unsustainable".

First quarter new business sales at Jackson, Prudential's US arm, fell 7 per cent to £165 million in large part because of general fears felt by American consumers about taking out the sort of equity-backed products the insurer sells.

The sales decline was also the result of what Mr Tucker said was "price competition which is unsustainable".

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