The City is refusing to shut the door on the idea of a Prudential break-up.
Despite a pledge last March by Mark Tucker, the chief executive, that the UK arm would be retained, corporate financiers and investment banking advisers have been busy working on pitches involving separation plans for Britain’s second largest insurer.
The idea would be to split the underperforming domestic division from the Asian and US arms, both of which have been showing strong growth.
Some of these financial players have approached Mark Wood, the former head of the Pru’s UK division who now runs the Paternoster pensions buyout business.
Mr Wood, who says he has plenty to keep him going at his day job, is seen as a potential candidate to run the Pru in the UK. Paternoster is also a potential buyer if the insurer does decide that some of its British assets are surplus to requirements.
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At the moment, Pru management is not interested in the break-up scenario, although some City figures may be hoping they might have to change their minds if the clamour becomes too loud to ignore.
Analysts were similarly downbeat about the idea. Goldman Sachs, the Pru’s broker, was reported to be involved in discussions with Mr Wood, but banking sources scoffed at the suggestion.
But other forces are at work. Toscafund, Martin Hughes’ hedge fund, is lurking with a non-declarable stake. Tosca is doubtless waiting with interest to see the Pru’s full-year results when they are published next month.
The Chinese are also circling. Ping An, the insurer that has already negotiated a big stake in Fortis, the Belgo-Dutch insurer, is rumoured to be preparing to buy a holding in the Pru.
And, possibly more seriously, the wider UK market - not just in insurance - is bracing itself for considerably tougher times.
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Pressure on the Pru is likely to grow firmer before it eases.