In its first quarter results today, the firm, a corporate member of the Institute of Financial Planning, said total sales were two per cent lower than the same period in 2012. This was due to lower sales of with profits bonds and individual pensions.
New business profit was £63m, an amount the firm said was "comparable" with the same period in 2012.
Sales of onshore bonds were down 18 per cent to £45m due to reduced sales of with profits bonds.
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The report said: "First-quarter with profits bond sales were 21 per cent lower than in the first quarter of 2012 despite benefitting from a significant pre-RDR pipeline.
"We anticipate market dislocation will persist in the short-term as consumers and distributors adjust to the new environment and we continue to expect this will dampen our sales of investment bonds in 2013, compared to the level of sales achieved in 2012."
Sales of corporate pensions were up eight per cent to £53m but sales of other products including individual pensions, offshore bonds and PruProtect were down 19 per cent to £30m.
M&G, the firm's fund management arm, saw better results with a 38 per cent increase in net inflows to £2.4bn during the first three months of 2013 and total funds under management increasing 17 per cent to £238bn.
However, there were significant UK outflows after the decision was made last summer to slow contributions to two corporate bond funds.

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