MARK TUCKER, head of Prudential, yesterday tried to draw a line under last month’s £17 billion bid from the rival Aviva by unveiling forecast-beating first-quarter sales of £637 million.

The Pru’s focus was entirely on “creating and delivering value for shareholders”, Mr Tucker said as he shrugged off suggestions that the UK’s second-largest listed insurer could be the target of further bids.

Prudential’s figures received a broadly positive but muted reception from analysts and investors, who said that it was too soon to draw from them significant conclusions about the coming year’s business.

The insurer has not received another approach since Aviva dropped its informal merger proposal on March 24, and sources close to Prudential insisted that investors consider the matter closed. But analysts said that yesterday’s figures did not necessarily vindicate the Pru’s refusal to hold informal discussions with its larger rival.

Duncan Russell, an analyst with Fox-Pitt, Kelton, said: “The figures are very good, ahead of expectations, especially in Asia. They justify the Pru as an independent entity. But whether they were enough to refuse to talk to Aviva is a different matter. We believe the merits of a deal were compelling.”

Investors said that they would not put too much store on a single quarter’s sales figures, however good, because the market Prudential was in was so volatile. “They’re a nonsense and far too much attention is drawn to them,” an investor said. “A quarter’s sales figures don’t tell you much.”

The group annual premium equivalent (APE) sales of £637 million represented a rise of 27 per cent, while UK APE sales were up by 17 per cent to £244 million compared with the same period last year.

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