| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: LIFE INSURANCE |
Prudential keeps Egg |
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Wed 26 Oct 2005
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LONDON (SHARECAST) - Mark Tucker, the new chief executive of life assurer Prudential, announced today that he has decided to keep Egg and not divest the online bank.
“We have decided to retain and develop Egg. The potential advantages that we can get from owning Egg make it clear that retaining it is the right decision. It fits in with our objective of generating more value for our customers and shareholders,” said Tucker.
The group said it has three strong UK franchises, adding that there are a range of opportunities for cost synergies and potential revenue benefits from close collaboration between them.
Prudential reported a 33% rise in Group Insurance sales for the first nine months of the year to £10.8bn while total Group Insurance APE sales rose 27% to £1.6bn.
M&G enjoyed record gross fund inflows of £5.6bn, up 62% on 2004
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