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| Type | Public (LSE: PRU, NYSE: PUK) |
|---|---|
| Founded | 1848 |
| Headquarters | London, England, UK |
| Key people | Harvey McGrath, (Chairman) Tidjane Thiam, (CEO) |
| Industry | Financial services |
| Products | Life insurance |
| Revenue | £20,299 million (2009)[1] |
| Operating income | £1,564 million (2009)[1] |
| Net income | £677 million (2009)[1] |
| Employees | 25,000 (2010)[2] |
| Website | www.prudential.co.uk |
Prudential plc (LSE: PRU, NYSE: PUK) is a British financial services company. The company has over 21 million customers worldwide.[2] As well as the UK arm of its operations it has operations in 12 countries in Asia and owns Jackson National Life in the United States. It founded the Egg internet bank, which it sold to Citigroup in 2007. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
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The Company was founded on 30 May 1848 in Hatton Garden in London as The Prudential Mutual Assurance Investment and Loan Association providing loans to professional and working people.[3]
In 1854 the Company began selling the relatively new concept of industrial branch insurance policies to the working class population for premiums as low as one penny through agents acting as door to door salesmen. The army of premium collection agents was for many many years identified with the Prudential as the "Man from the Pru".[3]
It moved to its traditional home at Holborn Bars in 1879[3] and converted to a limited company in 1881.[3] The building was designed by Alfred Waterhouse, and is built of terracotta manufactured by Gibbs and Canning Limited of Tamworth (c.1878)—two of the same driving forces behind the Natural History Museum in London.
The Company was first listed on the London Stock Exchange in 1924. In 1997 the Company acquired Scottish Amicable, a business originally founded in 1826 in Glasgow as the West of Scotland Life Insurance Company, for $1.75bn.[4]
In 1998 Prudential set up Egg, an internet bank within the UK. The subsidiary reached 550,000 customers within nine months but had difficulty achieving profitability.[5] In June 2000 an initial public offering of 21% was made to allow for further growth of the internet business but in February 2006 Prudential decided to repurchase the 21% share of Egg.[6] Egg was subsequently sold to Citibank in January 2007.[7]
In 1999, M&G, a UK fund management company, was acquired.[8]
In June 2000 the Company was first listed on the New York Stock Exchange to help focus on the US market.[9]
In October 2004 Prudential launched a new subsidiary, PruHealth, a joint venture with Discovery Holdings of South Africa selling Private Medical Insurance to the UK market.[10]
In April 2008 Prudential outsourced its back office functions to Capita: about 3,000 jobs were transferred (1,000 in Stirling, 750 in Reading and 1,250 in Mumbai).[11] This significant outsourcing deal worth an estimated £40m for an initial three year period built on Prudential's existing relationship with Capita who took over its Belfast operation in 2006 along with approximately 450 employees in a smaller operational restructure.[12]
On 7 April 2009, it was announced that Prudential was in talks with Manchester United regarding becoming the English football giant's shirt sponsor in 2010.[13] However, on 3 June 2009, Manchester United announced that it had signed a four year shirt sponsorship deal with American insurance giant, Aon Corporation. The deal is said to be worth £80 million over four years, replacing United's deal with American International Group (AIG) as the most lucrative shirt deal in history. In 2010, Aon will replace troubled American insurance company AIG, which is restructuring itself having received a $150 billion (£109 billion) bail-out from the U.S. government.[14]
On 1 March 2010, Prudential announced that it was in "advanced talks" to purchase the pan-Asian life insurance company of AIG, American International Assurance (AIA) for approximately $35.5 billion.[15]
The Company has four business units:[16]
There is no ownership link between Prudential plc and Prudential of America, the business founded by John Fairfield Dryden.[17]
There are currently 13 people on the board of directors. Key individuals are:
| Chairman of Board of Directors | Harvey McGrath |
| Group Chief Executive | Tidjane Thiam |
| Chief Financial Officer | Nic Nicandrou |
| President & Chief Executive Officer for Jackson National Life | Clark Manning |
| Chief Executive of M&G | Michael McLintock |
| Chief Executive of Prudential Corporation Asia | Barry Stowe |
| Chief Executive of UK & European Insurance Operations | Rob Devey |
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