12 May 2015
Prudential plc (“Prudential”) today announces that Pierre-Olivier Bouée is to step down as Group Chief Risk Officer and a member of the Board of Prudential plc. A replacement for Mr Bouée will be announced in due course. Mr Bouée joined Prudential in 2008 and served in a variety of Group leadership roles before being appointed Chief Risk Officer in 2013. Mr Bouée will step down from the Board on 31 May 2015, but will continue as Chief Risk Officer until 30 June 2015 to assist with the transition process.
Paul Manduca, Chairman, said: “I would like to thank Pierre-Olivier for his service to this Group over the past seven years. As Chief Risk Officer, he has further strengthened the Group’s ability to manage the risks and meet the challenges of an uncertain global environment and has also been a valued Board colleague. While the Board will be disappointed to see him leave, we respect his desire to pursue a fresh challenge. The Board has a strong focus on succession planning and a process has already begun.”
Pierre-Olivier Bouée said: “It has been a privilege to work at Prudential since 2008, during which time the Group has grown profitably to become one of the world’s leading financial services businesses, while working within a balanced, prudent risk appetite. I have decided now is a good time to seek a new challenge. I would like to thank the Chairman, the Board and all my colleagues at Prudential for all their support during my time with the Group and I wish the new Chief Executive Mike Wells and the rest of my colleagues every success in the future.”
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Notes to Editors:
Save as disclosed above, there is no further information required to be disclosed pursuant to Rule 13.51(2) of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. Mr Bouée has confirmed that there are no other matters that need to be brought to the attention of shareholders of Prudential.
About Prudential plc
Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world's leading financial services groups serving around 24 million insurance customers, and has £496 billion of assets under management (as at 31 December 2014). Prudential plc is listed on the stock exchanges in London, Hong Kong, Singapore and New York. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.
This document may contain ‘forward-looking statements’ with respect to certain of Prudential's plans and its goals and expectations relating to its future financial condition, performance, results, strategy and objectives. Statements that are not historical facts, including statements about Prudential’s beliefs and expectations and including, without limitation, statements containing the words ‘may’, ‘will’, ‘should’, ‘continue’, ‘aims’, ‘estimates’, ‘projects’, ‘believes’, ‘intends’, ‘expects’, ‘plans’, ‘seeks’ and ‘anticipates’, and words of similar meaning, are forward-looking statements. These statements are based on plans, estimates and projections as at the time they are made, and therefore undue reliance should not be placed on them. By their nature, all forward-looking statements involve risk and uncertainty. A number of important factors could cause Prudential's actual future financial condition or performance or other indicated results to differ materially from those indicated in any forward-looking statement. Such factors include, but are not limited to, future market conditions, including fluctuations in interest rates and exchange rates and the potential for a sustained low-interest rate environment, and the performance of financial markets generally; the policies and actions of regulatory authorities, including, for example, new government initiatives related to the financial crisis and the effect of the European Union's ‘Solvency II’ requirements on Prudential's capital maintenance requirements; the impact of continuing designation as a global systemically important insurer; the impact of competition, economic growth, inflation, and deflation; experience in particular with regard to mortality and morbidity trends, lapse rates and policy renewal rates; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; the impact of changes in capital, solvency standards, accounting standards or relevant regulatory frameworks, and tax and other legislation and regulations in the jurisdictions in which Prudential and its affiliates operate; and the impact of legal actions and disputes. These and other important factors may for example result in changes to assumptions used for determining results of operations or re-estimations of reserves for future policy benefits. Further discussion of these and other important factors that could cause Prudential's actual future financial condition or performance or other indicated results to differ, possibly materially, from those anticipated in Prudential's forward-looking statements can be found under the ‘Risk Factors’ heading in its most recent annual report and the ‘Risk Factors’ heading of Prudential’s most recent annual report on Form 20F filed with the US Securities and Exchange Commission.
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