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Pru profits down by 27 per cent

The Prudential has announced a 27 per cent drop in group wide operating profit for 2003 to £794m from £1.1bn in 2002 at the same time as some UK with-profits policyholders see a drop in their regular bonuses. While annual bonus rates on the Prudence bond and with-profits endowments are unchanged, there has been a cut in personal pensions bonuses to 3.25 per cent from 3.5 per cent. The UK life fund free asset ratio rose to 10.5 per cent at the end of 2003 from 8.4 per cent at the end of 2002.

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Electra tops up

Downing Corporate Finance is raising up to £1,98m to top up the Electra kingsway venture capital trust (VCT). Electra kingsway was established in September 2001 and is managed by Electra Partners. It invests in a portfolio of unquoted and developing companies that are listed on the alternative investment market (AIM). The top-up investment will allow […]

Investment funds sales double

New retail sales of investment funds fell in January but were still double those at the same time last year, according to the IMA. Its monthly statistics show that sales slid to £505m last month from £844m in December 2003 although this was still far in excess of January 2003, when sales were just £249m. […]

State of the markets: UK equity income

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