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Pru figures are wrong

In response to the article in last week’s Money Marketing headlined, Speculation ends as Pru chief Wood is set to leave, you reproduced a quote from an unnamed insurance analyst in which it was claimed: “Pru has been losing a lot of market share and profitability.”

This is just not true and the figures bear this out. Our market share increased from 6.9 per cent in Q1 2004 to 12.3 per cent at the end of Q2, 2005 (source: ABI).

Annual premium equivalent (APE) sales in H1 2005 up 50% on H1 2004. APE sales in 2004 up 40 per cent on 2003. New business achieved profit in H1 2005 up 81 per cent on H1 2004 and NBAP in 2004 up 40 per cent on 2003.

I hate to be pedantic but I thought it would be remiss of your excellent publication to give advisers a false view of how Prud- ential has performed in the UK market over the last few years.

Advisers have been integral in helping us achieve these results and it is only fair that they are able to judge any changes within the company in the correct context.

James Murray

Director of public relations,

Prudential UK & Europe,

London

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