It’s clear that Asia is still the focus of attention for the Prudential and despite the AIA fiasco, CEO Tidjane Thiam still seems to think it was a good idea. Better than expected profits and a lower cost of the failed takeover of AIA allowed Prudential to raise half-year dividends by 5 per cent. more.. »
Equitable Life policyholders look more likely to get compensation after a coalition Government announcement. more.. »
It now looks like Prudential will launch the £14bn rights issue it needs to buy AIA by next week. The FSA had blocked purchase of AIG’s Asian Insurance arm (AIA) due to concerns the deal would leave Prudential with insufficient capital to satisfy IDG rules. more.. »
Despite an 16 per cent rise in the £61 billion Prudential with profits fund, mortgage endowment policies values have fallen again. Their Scottish Amicable policies have also fallen. more.. »
Misleading marketing material for the Standard Life Pension Sterling Fund attracted a £2.45m fine from the FSA. The 98,000 retail pension customers invested in the Fund risked unexpected capital losses as a result of the material. more.. »
Standard Life announced that 97 percent of its mortgage endowment policies will fail to pay off the mortgages they were supposed to cover. more.. »
Aviva / Norwich Union policyholders finally get a reattribution offer but at £500m it’s just half of what it was last year. Aviva say this is a flexible payout and will change to reflect rises or falls in the value of the inherited estate. It claims 90 percent of eligible policyholders will receive between £200 and £1,150 while the remaining policyholders will receive higher payments. Payouts are expected to start in November 2009. more.. »
Beleaguered Equitable Life victims will get new support from the formation of The Justice for Equitable Life Policyholders Parliamentary Group. This is an all-party group of 20 MP’s who believe the Government is wrong not to compensate policyholders affected when Equitable Life nearly collapsed in 2000. The Government has said it will only compensate those policyholders facing financial hardship. more.. »
Standard Life have announced the value of the inherited estate has fallen by 80 percent and may suffer further losses if stock markets continue their slide. The company also announced that surrender and transfer values on many of its with profits plans would be cut by up to 8 percent. more.. »