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Prudential PLC (PRU.L)

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Latest Key Developments (Source: Significant Developments)

Prudential says Penny James to step down as group chief risk officer
Friday, 8 Sep 2017 04:32am EDT 

Sept 8 (Reuters) - PRUDENTIAL PLC ::‍PENNY JAMES TO STEP DOWN​.ANNOUNCES THAT PENNY JAMES IS STEPPING DOWN FROM HER ROLE AS GROUP CHIEF RISK OFFICER AND FROM BOARD ON 30 SEPTEMBER 2017.‍PENNY JAMES IS STEPPING DOWN FROM HER ROLE AS GROUP CHIEF RISK OFFICER AND FROM BOARD ON 30 SEPTEMBER 2017​.‍PAT CASEY, CURRENTLY CHIEF RISK AND COMPLIANCE OFFICER AT PRUDENTIAL UK & EUROPE, WILL TAKE UP ROLE OF GROUP CHIEF RISK OFFICER ON AN INTERIM BASIS​.‍PERMANENT REPLACEMENT FOR MS JAMES WILL BE ANNOUNCED IN DUE COURSE​.  Full Article

Direct Line brings on Prudential's CFO as new finance head
Friday, 8 Sep 2017 04:30am EDT 

Sept 8 (Reuters) - DIRECT LINE INSURANCE GROUP PLC ::‍PENNY JAMES TO SUCCEED JOHN REIZENSTEIN AS CFO OF DIRECT LINE GROUP​.‍PENNY JAMES WILL JOIN COMPANY AS CHIEF FINANCIAL OFFICER-DESIGNATE AND BOARD AS AN EXECUTIVE DIRECTOR ON 1 NOVEMBER 2017​.JAMES ‍WILL SUCCEED JOHN REIZENSTEIN AS CHIEF FINANCIAL OFFICER ON 1 MARCH 2018, ALL SUBJECT TO USUAL REGULATORY APPROVALS.  Full Article

Prudential announces sale of US broker-dealer network for $325 mln
Wednesday, 16 Aug 2017 02:00am EDT 

Aug 16 (Reuters) - Prudential Plc :Announces sale of US broker-dealer network for $325 mln to LPL Financial LLC, the largest independent broker-dealer in the US.Transaction is structured as an asset sale, which includes substantially all business of network, for an initial purchase price of us$325 million.Purchase price may increase to a maximum of approximately us$448 million subject to certain transition criteria.Transaction has closed after receiving all necessary regulatory approvals, transition expected to be completed by end of Q1 2018.  Full Article

Prudential CEO-looking at "external and internal options" for UK annuities book
Thursday, 10 Aug 2017 06:22am EDT 

Aug 10 (Reuters) - Prudential :Chief executive mike wells says looking at "external and internal options" for uk annuities book.Chief executive mike wells says m&g, prudential uk & europe will start working together from today.Chief executive mike wells says "we're not looking to get rid of the entire book of annuities".  Full Article

Prudential names John Foley as CEO of combined UK business
Thursday, 10 Aug 2017 04:31am EDT 

Aug 10 (Reuters) - Prudential Plc ::TO COMBINE ITS ASSET MANAGER, M&G, AND PRUDENTIAL UK & EUROPE (PRUDENTIAL UK&E) TO FORM M&G PRUDENTIAL.JOHN FOLEY, CURRENTLY CHIEF EXECUTIVE OF PRUDENTIAL UK&E, WILL BECOME CHIEF EXECUTIVE OF M&G PRUDENTIAL AND REMAINS A MEMBER OF PRUDENTIAL PLC BOARD.ANNE RICHARDS WILL REMAIN CHIEF EXECUTIVE OF M&G AND A MEMBER OF PRUDENTIAL PLC BOARD.ANNE RICHARDS AND CLARE BOUSFIELD, CEO INSURANCE FOR PRUDENTIAL UK&E, WILL BECOME DEPUTY CHIEF EXECUTIVES OF M&G PRUDENTIAL.SHAREHOLDERS ARE EXPECTED TO CONTRIBUTE £250 MILLION TOWARDS M&G PRUDENTIAL'S INVESTMENT, TO BENEFIT FROM COST SAVINGS OF £145 MILLION PER ANNUM BY 2022.  Full Article

Prudential combines M&G and UK & Europe divisions, H1 profit up 5 pct
Thursday, 10 Aug 2017 04:30am EDT 

Aug 10 (Reuters) - Prudential Plc :Prudential plc - hy17 results - business review.Group ifrs operating profit 1 of £2,358 million, up 5 per cent.Asia new business profit 5 of £1,092 million, up 18 per cent.Ifrs operating profit 1 of £953 million, up 16 per cent.Asia ifrs operating profit 1 of £953 million, up 16 per cent.Us life insurance ifrs operating profit 1 of £1,079 million, up 7 per cent.Uk life retail ape sales of £721 million, up 22 per cent.Prufund sales up 29 per cent to £564 million.m&g first half external asset management net inflows of £7.2 billion.m&g and prudential uk & europe to be combined to create a leading savings and investments provider.2017 first interim dividend of 14.50 pence per share, up 12 per cent.Combining m&g and prudential uk & europe will allow us to better leverage our considerable scale and capabilities.  Full Article

Britain's 'bad bank'UKAR reports 33 pct fall in FY underlying pretax profit
Tuesday, 4 Jul 2017 02:16am EDT 

July 4 (Reuters) - UK Asset Resolution Limited:Balance sheet reduced by a further 9 bln stg bringing the total reduction to 81.5 bln stg (70 pct) since formation of UKAR in 2010.Reflecting the 31 pct reduction in the year’s average balance sheet size, FY underlying profit before tax reduced by 33 pct to 706 mln stg.Overall, lending balances reduced by 45 pct in the year to 19.5 bln stg.Net government loan repayments of 3.3 bln stg, bringing total repayments to 23.7 bln stg since UKAR was formed.Mortgage accounts three or more months in arrears, including possessions, have reduced by 28 pct bringing the total reduction to 88 pct since formation.Due to the low margin on loans sold to prudential plc, the sale resulted in an accounting loss of 384.7 mln stg.  Full Article

M&G says managing part of UK government's new digital infastructure fund
Friday, 30 Jun 2017 09:59am EDT 

June 30 (Reuters) - * Prudential unit m&g investments says uk government has appointed it to manage a portion of government 400 million stg digital infrastructure investment fund:.  Full Article

Moody's says UK insurers' asset management firms set to capitalize on pensions expertise
Wednesday, 22 Mar 2017 02:21am EDT 

Moody's: UK insurers' asset management firms set to capitalize on pensions expertise . Higher dependence on asset management revenues will increase UK insurers' exposure to tough conditions in the asset management industry, . Believes insurers and fund managers in UK are increasingly competing for same pool of assets and leading to cost convergence in some cases Source http://bit.ly/2nI0dft ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Prudential CEO-no need for M&G, Eastspring to acquire asset managers
Tuesday, 14 Mar 2017 06:00am EDT 

Prudential : Chief executive mike wells says doesn't see need for m&g, eastspring to acquire other asset managers . Chief financial officer nic nicandrou says uk 33 billion pound annuities back book is significant contributor to uk profits . Chief financial officer nic nicandrou says profitability of uk life business should increase steadily . Chief executive mike wells says very pleased with early signs and direction on u.s. Dol rule Further company coverage: [PRU.L] ((carolyn.cohn@thomsonreuters.com;)).  Full Article

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Direct Line Insurance names Prudential executive as CFO

UK-based general insurer Direct Line Insurance Group said Prudential Plc executive Penny James will replace John Reizenstein as its chief financial officer, starting from March.