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Prudential posts Q1 new-business profit rise, reshuffles management

Prudential posts Q1 new-business profit rise, reshuffles management

LONDON: British insurer Prudential reported a 25 percent rise in first-quarter new-business profits on Thursday, driven by a strong performance in Asia, and announced the appointment of a new chief financial officer in a management reshuffle.

The company said in a statement before its annual general meeting that the head of its Asian business, Tony Wilkey, is stepping down in July after more than 10 years with Prudential “to pursue new challenges” and will be replaced by group CFO Nic Nicandrou.

Mark FitzPatrick, currently a managing partner at consulting firm Deloitte, has been appointed as the new CFO.

The moves are the latest in a number of management changes at Prudential since Mike Wells became chief executive in 2015.

Barrie Cornes, an analyst at Panmure Gordon, said in a client note he was “slightly surprised about the change in senior management coming so soon after the last round of changes”.

Regarding its first-quarter performance, Prudential said new-business profits rose to 856 million pounds ($1.12 billion), including a 26 percent rise in Asia on a constant currency basis, to 561 million pounds.

Jackson, Prudential’s US business, also posted a 26 percent rise in new-business profit to 224 million pounds, while the UK insurance arm’s new-business profit rose 15 percent to 71 million.

Prudential also published data showing its capital strength without the benefit of so-called transitional measures, following new disclosure requirements under European Union capital rules.—Reuters

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