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Insurers drag FTSE lower

The FTSE 100 opened lower at 3,896 after its previous close of 3,911, with insurers down after Legal & General halved its dividend and posted a pre-tax loss of £1.5bn for 2008.

By 12.35pm, the blue-chip index was down over 1 per cent to 3,857 with L&G down 10.51 per cent to 38.30p.

This led other insurers lower with Prudential down 3.54 per cent to 341p and Standard Life down 4.67 per cent to 175.50p.

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