Profit fell 60%
FSA's SII budget is also "staggering", Andrew Bailey tells MPs
Ceres analysis of 184 insurers finds many are unprepared for climate change
US bank-centric rules could cause an overreliance on capital
But insurer has "special connection" to city, says CEO
Still on negative outlook, says S&P
S&P puts Pru on "negative outlook" as capital adequacy weakens
Transaction announced end of May
Suggested value of up to $1bn seen as high