View more on these topics

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.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com