City File: Pru perks up

PRUDENTIAL is due to give a presentation to analysts on 6 October about its M&G reinsurance subsidiary. Last year, M&G made a profit of pounds 51m on its long-term business but lost pounds 112m on the underwriting side. This year, analysts are predicting a surplus of pounds 71m from long- term business but another pounds 100m loss from underwriting. However, the Pru is known to be making an effort to turn M&G round. New management has been put in and the presentation, which is at the behest of the Pru, must only mean there is some good news on the horizon.