a total of £125 million for 337 of its branches: an average cost per branch of £371,000. In 1986, Prudential acquired the American insurer Jackson National Life. In the same year, amongst many other acquisitions, Prudential Property Services acquired the fifty-two strong chain of Reeds Rains for £24 million. The collapse of the housing market in the south of England in 1989 brought about a slump in income at Prudential Property Services, which during the first half of 1990 lost £23 million. Prudential had been closing branches, with 100 closing between December 1988 and May 1990. After these losses were announced, another 175 branches closed in July 1990. In May 1991 Prudential sold the remainder of the chain for a total of £13.5 million, representing a 90% loss on the cost of acquisition. Some branches were purchased by their original owners for fractions of the price they had received from the Prudential just a few years earlier. For example the Prudential Property Services office in Hanwell was originally an independent agency, purchased by Prudential for £200,000: it was subsequently sold off to Rolfe East Estate Agents for £1. The western division of Prudential Property Services was sold to Scottish Widows to join their Connells Estate Agents chain. The northern division was sold in a £3.4 million management buyout reverting to the name, Reeds Rains, the south east division was sold to become Arun Estates, and Chestertons and another region were sold to the Woolwich Property Services. In 1997, Prudential acquired Scottish Amicable, a business founded in 1826 in Glasgow as the West of Scotland Life Insurance Company, for £1.75 bn. In 1998, Prudential set up Egg, an internet bank in the UK. The subsidiary reached 550,000 customers within nine months, but had difficulty achieving profitability. In June 2000, an initial public offering of 21% was made to allow for further growth of the internet business, but in February 2006 Prudential decided to repurchase the 21% share of Egg. Egg was subsequently sold to Citibank in January 2007. In 1999, M&G, a UK fund management company, was acquired. In June 2000, the company was first listed on the New York Stock Exchange to help focus on the US market. 21st century In February 2002, Churchill bought Prudential's general insurance business. In October 2004, Prudential launched a new subsidiary, PruHealth, a joint venture with Discovery Holdings of South Africa selling private medical