Business Services Industry
UK Insurer Prudential Slumps After First Dividend Cut in 90 Years.
Knight Ridder/Tribune Business News, February, 2004
By Ruth Sunderland, Daily Mail, London Knight Ridder/Tribune Business News
Feb. 25-- Shares in insurer the Prudential dropped sharply as it confirmed its first cut in full-year dividends since the start of World War I.
As signalled last summer, the Pru lopped 10p off the divi to 16p, sending the shares down 23 1/4p to 487p.
Chief executive Jonathan Bloomer said the company was hit by falling sales in the UK where 2003 operating profits dipped 28pc to UKpound 408m.
The group total dropped 27pc to UKpound 794m.
The Pru, which makes 70pc of its sales in the US or in Asian currencies linked to the dollar, said the greenback's decline had sliced a further 4pc off new business profits.
Bloomer, who is hoping that...
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