UK Money News
27th June 2008
Pru rules out returning money to policyholders
Policyholders in a with-profits fund managed by Prudential will not be receiving any of the fund’s inherited estate, it has been announced.
The insurer had been mulling a plan whereby £8.7 billion would be returned to policyholders and shareholders.
However, this has now been scrapped after what the firm called an "an extensive investigation" which found that retaining the estate would be in the best interests of policyholders in the long term.
Nick Prettejohn, chief executive of Prudential UK & Europe, said: "Our overriding priority is to maintain the long-term financial security of the with-profits fund and to continue delivering strong performance for the benefit of our policyholders."
Prudential argues that the buffer provided by the inherited estate would enable it to make higher risk investments and in so doing deliver higher returns for customers.
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