Britain's second-biggest insurer Prudential has reported a better-than-expected rise in annual sales.
Announcing its annual results, the insurer warned it expected market conditions to stay tough in 2003.
New business sales for 2002 rose 9% from the previous year to £1.9bn on an annual premium equivalent (APE) basis. The APE measure is used to "smooth out" one-off premiums.
Analysts had forecast sales of between £1.7bn and £1.8bn, with a consensus forecast of £1.8bn.
Prudential's gloomy outlook comes after Aviva warned earlier this week that times ahead would tough.
Chief executive Jonathan Bloomer said in a statement. "We expect market conditions to remain challenging for many areas of our business throughout 2003, particularly in the UK and US."
