21 Dec 2004

Prudential secures double tie agreement with Thinc Destini

Prudential and THINC Destini* announced today that Prudential has been appointed as THINC Destini’s single-tie annuity(1) provider and has also secured a place on its regulated multi-tie panel (all product panels), following the recent unveiling of the new depolarisation regime for advice.

This announcement, the third regulated multi-tie panel appointment for Prudential, positions Prudential as one of the strongest providers in the multi-tie marketplace. This is Prudential’s first single-tie agreement under the new regime.

In addition to Prudential, the THINC Destini regulated panels will initially consist of three other providers.

Andy Briggs, Prudential UK's Distribution Director, said: "THINC Destini is a powerful new force in the Intermediary marketplace. We believe that it will be a clear beneficiary of depolarisation and we look forward to working with the management team. As part of this double tie agreement with THINC Destini, we are pleased to have secured its annuity single-tie and, when combined with our other major multi-tie panel appointments, this positions us as one of the strongest providers in the depolarised marketplace".

Simon Chamberlain, Chief Operating Officer for THINC, said: “Multi-ties are set to perform an increasingly important role in the development of intermediary distribution in the UK. We aim to develop a compelling proposition for this market that will enhance consumer service levels by having a closer relationship with major product providers.

“Prudential’s track record in the annuity market is well documented and its expertise sets it apart. It has also demonstrated that it has market-leading knowledge in the design and implementation of multi-ties. By partnering with Prudential, we can harness the strengths of both organisations in the design of a compelling and clearly differentiated multi-tie for our members”.

* Note: Assumes the proposed merger between THINC and Destini is completed.

- ENDS -

Enquiries to:

Media Investors/Analysts
Prudential UK Prudential plc
Darragh Leeson 020 7150 2600 Rebecca Burrows 020 7548 3537
07801 856011 Marina Lee-Steere 020 7548 3511
THINC
Julia Delany THINC 020 7618 1800

(1) Industry Awards - Prudential is Money£acts ‘Most Competitive Annuity Provider’ 2003 & 2004

About THINC Destini

The THINC Group is a multi-distribution platform. It has nine offices throughout the country employing 220 staff. The THINC Group has over 150 advisers across its mortgage, financial planning and commercial divisions. The THINC Group has £750 million funds under management.

Destini has the following distribution channels:

Lifeboat Mortgage Network - 257 Registered Individuals
Lifeboat IFA - 150 Registered Individuals, within 55 appointed representative firms
22 wholly owned IFA businesses, with 120 Registered Individuals

The combined THINC Destini group will have a turnover of approximately £40 million. The objective of the combined business is to have 500 Registered Individuals within the multi-tie and 200 IFAs.

About Prudential UK

Prudential is a leading life and pensions provider to approximately 7 million customers in the United Kingdom. It has around 6,200 full-time staff, offices located in London, Reading, Belfast, Dublin and Stirling, and a customer service centre in Mumbai.

Products: Annuities, Corporate Pensions, With-Profits Bonds, Savings and Investments, and Protection

Distribution Channels: Direct to customers (telephone, internet and mail), Intermediary Advisers, Business to Business (consulting actuaries and benefit advisers), and Partnerships (affinities and banks).

Multi-ties

A regulated multi-tie covers the full range of regulated life, pension and investment products. These regulated products account for over 90 per cent of all product sales in the UK intermediary market place products.

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