Life insurer Prudential's growing international business helped it notch up a 13 per cent increase in insurance and investment sales last year.

International sales grew by 53 per cent as the group developed its US arm Jackson, and expanded its reach in Asia.

It was the first time international sales have accounted for more than half the group's sales.

Total insurance and investment sales in the UK via Prudential Financial Services dropped to £2.3 billion from £2.5 billion, reflecting a drop in the size of the group's direct sales force.

Chief executive Jonathan Bloomer insisted the group's focus on growing its overseas activities would not weaken its position in the home market. He pointed to the success of the group's stakeholder pension scheme, which last November was recommended to 126,000 firms around the UK after being endorsed by the British Chamber of Commerce.

He added the group's M&G fund management business had a leading position in the fixed income market. It recorded investment sales of £1.1 billion for the year - "in line" with the previous year on a comparable basis. Mr Bloomer said: "I don't think we are losing ground in the market and there is real scope for growth and development.

"We are simply concentrating on adding value to the books rather than sheer volume."

He added Prudential would also benefit from the recent events surrounding Equitable Life, which recently closed its doors to new business after failing to find a buyer.

"It is inevitable that when someone with a five per cent market share is not being active, strong companies like ourselves will attract new business."

Customers will be looking for companies with financial strength and we are very well positioned in that sense."