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Pru chief exec faces pressure ahead of AGM

Prudential’s chief executive Tidjane Thiam will face pressure today at the firm’s AGM following the collapse of its proposed takeover of AIG’s Asian arm, AIA.

In a trading update published today, Prudential announced group-wide sales of £1.4bn for the first five months of 2010, up 27 per cent on the same period last year.

Prudential UK saw a 4 per cent increase in APE new business sales over the same period, up from £309m in 2009 to £322m this year.

APE new business sales in Asia rose 33 per cent to £579m, up from £435 in 2009. Pru says it saw record sales for April and May.

Last week, Prudential chairman Harvey McGrath told the Financial Times that he believed the insurer’s executives are safe in the wake of the AIA deal collapse. McGrath admitted that the Pru team was “quite devastated” that the deal failed but said they “were not worried at all about our positions.”

A number of high profile fund managers have called for Thiam to stand down, including Schroders head of equities Richard Buxton and Neptune founder Robin Geffen.


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