British insurance giant Prudential has today announced profits grew 17% in the third quarter – driven by higher sales at its Asian and US markets. The results were better than expected and sent its shares up 0.6% in early morning trading. The insurer, which is Britain’s largest, said it has focused its attention on expanding [...]
British insurance giant Prudential has said the cost of its failed bid for AIA, the Asian arm of US company American International Group (AIG), is £377 million before tax relief. However, it is less than originally thought. Following the collapse of the deal, Pru said it faced costs of £450 million relating to the withdrawal [...]
British insurance giant Prudential has today said it has no plans for a renewed bid for AIA, the Asian arm of US company American International Group (AIG). The statement came after media reports today suggested that a fresh takeover deal was in the pipeline. Chad Tendler, Prudential’s Hong Kong-based spokesperson, told Reuters: “We remain highly [...]
British insurance giant Prudential has abandoned its $35.5 billion (£24.6 billion) takeover of AIA, the Asian arm of US company American International Group (AIG). Several Prudential shareholders said they would not approve the takeover unless the Pru trimmed between $3 billion and $5 billion from the original price. Pru attempted to renegotiate the deal and [...]
British insurance giant Prudential has failed to renegotiate the price of its takeover of AIA, the Asian arm of US company American International Group (AIG). The deal now looks set to collapse after AIA snubbed the lower price tag of $30.375 billion. It emerged last week that the Pru, which is Britain’s second largest insurer, [...]
It has been reported over the weekend that insurance giant Prudential may call off the deal with AIA, the Asian arm of US company American International Group (AIG), if the price is not right. It emerged last week that Prudential, which is Britain’s second largest insurer, was renegotiating with AIA after investors were said to [...]
Prudential, which is Britain’s second largest insurer, is in fresh talks with AIA, the Asian arm of US company American International Group (AIG). Earlier this week, it was reported that as many as 20% of Pru’s UK investors will vote against the proposed takeover and, as a result, the insurance giant said it is in [...]
Prudential, which is Britain’s second largest insurer, has today outlined details of its £14.5 billion ($21 billion) rights issue, which will be used to help fund its acquisition of AIA, the Asian arm of US company American International Group (AIG). Earlier this month, fears were raised over the acquisition after the Financial Services Authority (FSA) [...]
Prudential, which is Britain’s second largest insurer, has announced today its $21 billion (£13.8 billion) cash call will be delayed due to intervention by the Financial Services Authority (FSA). The insurance giant was due to embark on the rights issue in order to fund its acquisition of AIA, the Asian arm of US company American [...]
Prudential has today announced it has appointed Rob Devey to head up its integration of AIA, the Asian arm of US company American International Group (AIG), which it acquired in a deal worth $35.5 billion (£23.3 billion) last month. Pru, which is Britain’s second largest insurer, said the deal provided it with the opportunity to [...]
The pound plummeted to a 10-month low today over fears of a possible hung parliament in the forthcoming election. Sterling lost 1.6% and dipped below $1.50 for the first time since May 2009 – it has already lost 7% against the dollar this year. The pound also lost ground against the euro and many other [...]
Prudential, which is Britain’s second largest insurer, has today confirmed it is to buy AIA, the Asian arm of US company American International Group (AIG), in a deal worth $35.5 billion (£23.3 billion). In a stock market statement today, Pru said the deal provided it with the opportunity to create South East Asia’s leading insurer. [...]
Prudential, which is Britain’s second largest insurer, is understood to be in ‘advanced talks’ to acquire AIA, the Asian arm of US company American International Group (AIG). AIA is a key part of AIG with around 20 million customers and reports say the deal could cost about $30 billion (£19.6 billion). In order to finance [...]
A report by Prudential has revealed that the average male pension is more than £7,000 a year higher than the female pension. The survey found that a man who draws his pension in 2010 will receive an average retirement income of £19,593, while a woman will receive £12,169. However, the survey shows that the average [...]
Prudential has announced that it is withdrawing from the equity release market in the first quarter of 2010. The insurer, which has been selling lifetime mortgages since 2005 and is listed among the UK’s top three providers, has reassured existing customers that their contracts are unaffected. Pru’s exit is being seen as a blow to [...]
Research from Prudential has found that the number of people working past the state retirement age is expected to double over the next decade. A study by Prudential of UK businesses established that almost 25% of companies expect staff to continue working beyond the retirement age over the next 10 years. The proportion of the [...]
Nearly one in six workers has given up saving for a pension, new research has discovered. A study by pension provider Prudential found 16% of the UK workforce have reduced contributions to their pension fund or stopped saving altogether, in the last five years. In the same period, almost one in ten (9%) of those [...]
Brits retiring this year will receive £884 less per year compared to people who retired in 2008, research by Prudential has discovered. There is a total shortfall of £2.9 billion for the 3.25 million pensioners retiring in 2009, compared to those who retired last year, the Prudential found. This means the average pension will drop [...]
Prudential has launched a new annuity that aims to provide for customers with smaller pension pots whilst giving flexibility in retirement. The Income Choice Annuity (ICA) gives customers the freedom to choose their annual income, and change this every two years if they want to. It also provides a guaranteed minimum income for the lifetime [...]
Prudential has increased its presence further in the retirement solutions market by introducing a new lower cost self-invested personal pension (SIPP) option called FundSIPP, which is in partnership with Cofunds. With more than 1,100 funds available in the Cofunds range, these funds complement Prudential’s existing insured fund range, which includes the multi-asset funds managed by [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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