Prudential of the UK is a leading global financial services provider, specialising in pensions, life insurance and long-term savings rather than general insurance. Though headquartered in London, it has a substantial international business with around 24m customers worldwide, the largest proportion of them in the Asia Pacific region, and £509bn of assets under management at the end of 2015. Other key subsidiaries include Jackson Life in the US and European investment manager M&G. (Prudential Financial of the US is an entirely separate and unconnected company). In the late 1990s, the group dabbled briefly in consumer banking, launching online bank Egg. However performance later stalled and that business was sold in 2007 to Citigroup. Prudential's total revenues for 2015 slipped by almost a third to £41bn as a result of significantly reduced investment returns. Gross premiums, however, reached a record £36.7bn, and net income also hit a multi-year high. CEO Tidjane Thiam resigned in 2015 (to join Credit Suisse) and was succeeded by Mike Wells. In 2018, the group announced plans to split off its operations in the UK and Europe as a separate company, M&G Prudential. The remaining Prudential plc will house the operations in the UK, Asia and Africa. The company was originally founded in the UK in 1848 as a mutual insurer, becoming the country's biggest life insurer by the end of that century following a series of acquisitions of rival organisations. Adbrands no longer profiles this company but subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.
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Who are the competitors of Prudential? See Financial & Insurance Sector for other companies
Capsule checked 31st January 2017
Recent stories from Adbrands Weekly Update:
Adbrands Weekly Update 12th Mar 2015: Credit Suisse announced the departure later this year of CEO Brady Dougan. He will be replaced by Tidjane Thiam, currently head of UK insurer Prudential, who will in turn be succeeded by Mike Wells, head of its US division Jackson Life.
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