Mortgage Industry News

← Back

Speculation of Pru split grows following departure of top executive

Date: Thu, 22 May 03 Analysis

LONDON, UK - The Prudential has today revealed that Mark Tucker, the chief-executive of its Asian division, is to leave the company after 18 years.

The announcement is likely to fuel speculation of a boardroom split and unnerve the City following his successful tenure as chief of the Pru's Asian operations, which has seen it become the fastest growing part of the company.

The Guardian described him as a 'respected insurance industry veteran' who was considered 'heir apparent' to the current group chief executive, Jonathon Bloomer.

His importance to the company is clearly demonstrated through his remuneration package, which at £1.45 million last year was considerably larger than Mr Bloomer's £1 million.

Commenting on his departure, Mr Bloomer pointed to the success enjoyed by Mr Tucker: '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,' he added.

The Pru now makes 74 per cent of its sales outside the UK, with operating profits reaching £516 million across Asia last year.

© 1998-2005 DeHavilland Information Services plc. All rights reserved.

Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.