22 May 2003
Prudential board change
Prudential plc announced today that Mark Tucker, Chief Executive of Prudential Corporation Asia (“PCA”) and an Executive Director of Prudential plc, has informed the company that he will be resigning with effect from 30 June 2003.
After 18 years with Prudential, the last nine of which were spent successfully building the business in Asia, Mark Tucker is now seeking further challenges. It is therefore with sincere regret on the part of both Prudential and Mark, that he has decided to develop his career outside the organisation.
“Under Mark's leadership, Prudential Corporation Asia has become the leading European life insurer and one of the top two international life insurance groups in Asia. In 1993 Prudential was present only in Singapore, Hong Kong and Malaysia. Since then, PCA has grown significantly and now has an extremely strong regional presence with 23 life and fund management operations in 12 countries. Mark leaves behind a very well-run business with a strong, highly qualified and experienced management team, whose capabilities were very much reflected in PCA's record high 2003 first quarter life new business premiums,” said Jonathan Bloomer, Prudential Group Chief Executive. “PCA's business performance is very strong due to its clear customer focus and its leadership in product innovation. I am confident that it is well positioned for the future and has the management team which will deliver growth and take the business forward.”
“I have felt a wonderful sense of passion and pride working for Prudential in Asia over the last nine years,” said Mr Tucker. “I treasure, beyond words, the relationships I have enjoyed with people across the region; the opportunity to work with them has been a pleasure and a privilege. I know that they will continue, as they have always done, to commit themselves wholeheartedly to the success of this great business. I wish the Prudential every success in the future.”
ENDS
Notes to Editors:
- Prudential will conduct an internal and external search for Mark Tucker's successor. Meanwhile, the team of seven managing directors, co-ordinated by the Managing Director, Finance, will continue to drive forward the business, reporting directly to Jonathan Bloomer.
- PCA has 23 life and fund management operations in 12 countries: China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam, with top five market positions in eight Asian life insurance markets, two mutual fund markets and Hong Kong's Mandatory Provident Fund market.
- PCA's significant growth rates over the last 10 years are illustrated below.
| |
1992 |
2002 |
Increase |
| Annualised Premium Equivalent |
£42m |
£513m |
12 times |
| Life Gross Revenue Premium |
£151m |
£1,896m |
13 times |
| Assets under management |
£600m |
£15.1bn |
25 times |
| New Business Achieved Profits |
1998 |
2002 |
CAGR |
|
£56m |
£307m |
53% |
Enquiries to:
| Media |
|
Investors/Analysts |
|
| Geraldine Davies |
020 7548 3911 |
Rebecca Burrows |
020 7548 3537 |
| Clare Staley |
020 7548 3719 |
Laura Presland |
020 7548 3511 |
| Ben Forsyth |
020 7548 3500 |
|
|