Prudential names John Foley as permanent UK chief executive

Catherine Neilan
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Prudential has got its man (Source: Getty)

Prudential has confirmed John Foley as chief executive of its UK business, three months after predecessor Jackie Hunt left the firm.

Foley has been acting in the role on an interim basis since October last year. He has been with the Pru since 2000, and has worked in a number of roles including group investment director, group chief risk officer and a number of senior investment and risk management positions.

Foley, who takes the reins with immediate effect, retains responsibility for Prudential Capital and Prudential Portfolio Management Group.

Mike Wells, group chief executive of Prudential, said: "John has played a huge role in the group's success in recent years.

"He helped to steer the group through the financial crisis as chief risk officer and has gone on to strengthen our investment oversight as group investment director. I am therefore delighted that he has now agreed to lead Prudential UK & Europe.

"He will be able to deploy his leadership skills and exceptional knowledge of the investment landscape to provide the best possible outcomes for our shareholders and our millions of customers in the UK."

Paul Manduca, chairman of Prudential, added: "His appointment, which followed an internal and external search, demonstrates once again the value of the board's rigorous succession planning process."

Separately, the group has confirmed that its Group Solvency II surplus at 30 June 2015 was £9.2bn and the solvency ratio was 190 per cent, before allowing for the 2015 interim dividend.

Wells said: "Our Solvency II outcome confirms the strength of the group's capital position and cash generative nature of our businesses. We remain confident that the group will be able to continue to deliver high-quality products and services to both new and existing customers and strong, sustainable, profitable growth for our shareholders."

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