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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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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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