British life assurer Prudential saw sales fall 7 per cent in the first quarter to £424 million sterling (€614 million).
That figure came below analysts' estimate of £436 million to £460 million, amid tough trading conditions.
Total group insurance and investment sales reached £7.7 billion, in line with year-ago figures.
Mr Jonathan Bloomer, the group chief executive, said the figures were achieved amid an "extremely difficult" market conditions which it expects to remain "challenging" for many areas of its business throughout 2003.
In Asia, where it operates in 12 countries, the group said the outlook remains "uncertain" given the economic downturn, shaky currencies and the outbreak of the Severe Acute Respiratory Syndrome.
Sales in Asia rose 39 per cent in the quarter to £133 million. In Britain, sales were down 4 per cent at £213 million, down 4 per cent on first quarter 2002, on the previously reported basis. Following a change in presentation, British insurance sales were down 14 per cent at £185 million.
Retail sales at Jackson National Life rose 46 per cent to £105 million. Overall, the group's retail and institutional funds under management of investment operations totalled £25.1 billion, up from £23.8 billion a year earlier.
AFP