JPMCaz unveils scathing Pru note

JP Morgan Cazenove (JPM Caz) has published a controversial research note suggesting insurance heavyweight Prudential has &ldquo;made full use of the vagaries of insurance accounting to present its results in a good light&rdquo;.<br /><br />The note, a draft of which was shown to the firm last week, sparked concern when Pru proposed a number of changes that JPM Caz appeared to have taken on board, raising questions over its ability to be independent.<br /><br />Yesterday, a source at JPM Caz said the group takes its independence and objectivity in its research function very seriously and that &ldquo;a draft note will always come out looking very different&rdquo;.