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Prudential cuts the cost of AIA bid failure

Insurance group Prudential has announced that the cost of failing to buy Asian business AIA was less than it first estimated.

The Pru had initially said it would lose £450m on the failed deal, but now puts the final figure at £377m.

The update came as the firm reported a 19% rise in underlying operating profits for the first half of 2010.

Despite the profit rise, analysts say either the Pru's chairman or chief executive will have to quit over AIA.