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Insurers’ shares continue to plunge

Insurance shares have continued their nosedive after suffering a severe pummeling yesterday which saw Aviva lose a third of its market value.

Shares in Aviva closed at a record low of 189.9p last night after the firm reported unrealised losses of 8 per cent and announced it would continue to pay dividends of 33p. The share price had plunged a further 10 per cent to 169p at 1pm today.

Legal & General shares dropped 28.9 per cent yesterday and a further 6.77 per cent by lunchtime while Prudential has fallen 5.88 per cent after plunging 20 per cent to 221p yesterday.

Standard Life is down another 6 per cent today after falling 14.8 per cent to close at 138.5p last night while Friends Provident dropped 13.5 per cent yesterday and has slid a further 15 per cent already today.

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Double bottom on the charts

It was all banks last week. If it wasn’t RBS disclosing the largest annual loss in corporate history, then it was the introduction of the Government’s asset protection scheme.

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