M&G, the asset management company owned by Prudential, saw its profits fall from £125m (€205.1m) at the end of 2000 to £75m at the end of 2001.

The decline was mainly caused by life and pensions assets being transferred to Scottish Amicable in 2000, which contributed £43m of profit in the same year. M&G profits were also affected by reducing fee income due to lower equity markets and investments in new operations.