Prudential: New CEO gears up for first day at insurance giant February 23, 2023 Anil Wadhwani is to start his role as chief executive of Prudential on Saturday 25 February, the company has announced As previously announced in May 2022, Anil Wadhwani will join Prudential as chief executive. He will present 2022 Full Year Results on 15 March 2023 and will begin meeting with investors and stakeholders thereafter. Mark FitzPatrick, chief executive since 1 [...]
Prudential shares continue to slide as Covid hits insurer’s profits August 25, 2022 Shares in Asia-focused insurer Prudential continued to slip over the previous day as investors maintained their scepticism towards the firm’s claims its recent losses are simply the result of Covid. The London listed firm’s shares have lost more than 30 per cent of their value since the start of 2022, as stringent Covid policies across [...]
China’s zero-Covid policy hits Prudential’s business August 10, 2022 London insurance company Prudential today said it had suffered steep losses from its Hong Kong business due to China’s zero-Covid policy. The Asian focused insurer said profits from underwriting new policies fell 31 per cent in Hong Kong and four per cent in Mainland China. Covid restrictions in Prudential’s other cornerstone markets – Indonesia, Malaysia, [...]
Prudential share price tumbles as Jackson Life demerger gets pushed back May 13, 2021 Prudential’s demerger of its US arm Jackson Life has been pushed back to the second half of the year, the insurer announced today, causing its share price to tumble. The group had originally hoped to complete the demerger in the second quarter of this year, however it has now been pushed back to Q3 or [...]
Prudential share price tumbles nine per cent on Jackson demerger plan January 28, 2021 The share price of insurer Prudential fell eight per cent today following news it would split off its US business through a demerger. Following pressure from activist investor Third Point, Prudential agreed to split off its US business Jackson through a demerger that could raise between $2.5 and $3bn in new equity. In response Prudential’s [...]
Insurance giant Prudential to float stake in US business March 11, 2020 Insurance giant Prudential has confirmed it will float a stake in its US unit following pressure from an activist hedge fund. Prudential this morning said preparations are underway for a minority initial public offering (IPO) of Jackson in the US as it said it is closely monitoring the development of coronavirus. Group chief executive Mike [...]
M&G makes debut as Prudential demerger completed October 21, 2019 Prudential has completed the demerger of its fund management and insurance arm M&G, whose shares have now debuted on London’s main market. M&G was valued at around £5.6bn following the spinoff, which gave investors shares in both companies. Read more: M&G Prudential backs London with £875m investment in City skyscraper Life insurer Prudential announced plans [...]
High Court blocks Prudential’s £12bn transfer of annuities to Rothesay August 16, 2019 The High Court has taken the highly unusual measure of blocking a proposal by Prudential to transfer £12bn of annuities to Rothesay Life. Prudential said it was “disappointed” by the High Court’s decision to block the sale to Rothesay – a private company backed by Blackstone – which was agreed in March last year. “The [...]
Private bank Raphaels fined £1.89m for failures that left customers cashless on Christmas Eve May 30, 2019 Private bank Raphaels has been fined £1.89m for poor controls over its outsourcing arrangements. The 230-year old bank was fined £775,100 by the Financial Conduct Authority (FCA) and £1.1m by the Prudential Regulation Authority (PRA) in connection with the failings between April 2014 and December 2016. The weaknesses in its systems came to light on [...]
Firms must be more open about cyber attacks, says Fidelity International boss May 21, 2019 Companies must put competition aside and take a more collaborative approach to fighting cyber crime, a top asset management boss has said. Fidelity International chief executive Anne Richards urged firms to be more open in sharing information about cyber attacks in a bid to minimise future threats. Read more: Don’t let trust become the next [...]