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Pru reveals tough year in the UK market

The Prudential has announced a 27 per cent drop in group wide operating profit for 2003 at the same time as some UK with-profits policyholders see a drop in their regular bonuses.

Annual bonus rates on its Prudence bond were announced last month to remain unchanged, but the insurer has now revealed that personal pensions will take a cut to 3.25 per cent from 3.5 per cent.

With-profits endowment bonuses remain unchanged.
Its full year results show an operating profit of £794m down 27 per cent in 2003 from £1.1bn in the year previous. This was dragged down by a tough UK market, with total sales in the UK and European insurance operations dropping 21 per cent to £616m from £780m in 2002.

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.


Abbey appoints new customer relations head

Abbey is appointing Keith Morgan as director of economic & financial insight to be responsible for ensuring the profitability of the provider&#39s approach to customers and the design of its accounts and services. Abbey customer director Angus Porter says: &#39&#39Our aim is to be a leader in personal financial services in the UK and the […]

Healthy future?

The IBC Health Insurance Annual Conference, entitled What Does the Future Hold?, will take place on March 9 and 10 at the Crowne Plaza in London. It will look at issues such as critical-illness insurance, international health insurance and the future of the sector. Speakers will include Le Beau Visage managing director Peter Le Beau, […]

Willetts condemns Government&#39s pension wind-ups

Shadow pensions secretary David Willetts is hitting out at what he calls the Government “failure” to help the estimated 60,000 victims of pension wind-ups. Willetts will be challenging the Government&#39s stance on windups at a debate tomorrow at Westminister Hall, entitled Crisis in Pension Scheme Windups. He says ministers have described the early 2005 projected […]

A consumer&#39s view

It is not much fun being a mortgage lender. First, the BBC&#39s Money Programme has a go at them over self-certification mortgages. The programme claimed that some intermediaries are encouraging borrowers to lie about their income and inflate their earnings, in order to borrow more. The implication was that the lenders had been conniving in […]


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