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With-profits strength cuts the red letter shortfalls at scotam

Strong with-profits performance last year will see a reduction in the number of Scottish Amicable endowment policyholders on red warnings of shortfalls.

Prudential and Scottish Amicable with-profits funds delivered a 13.4 per cent return in 2004.

Prudential UK chief executive Mark Wood says this will be sufficient to reduce the number of Scottish Amicable endowment policyholders on red-letter warnings from the current level of 60 per cent. More detailed figures will be given in Pru’s results later this month.

Prudential’s sales in the UK and Europe last year rose by 21 per cent from 584m to 817m on an annual premium equivalent basis after stripping out a one-off bulk annuity transaction with Royal London.

M&G’s sales were up by 54 per cent compared with 2003.

The business figures also reveal that the PruFund withprofits alternative took in a total of 10m in the fourth quarter following its launch in September.

Wood says: “We are particularly pleased with the momentum that we have built up in the IFA channel and we are still seeing a lot of support for with-profits and also our new unit-linked offering.”

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