Prudential PLC
22 May 2003
FOR IMMEDIATE RELEASE
Thursday 22 May 2003
PRUDENTIAL BOARD CHANGE
Prudential plc announced today that Mark Tucker, Chief Executive of Prudential
Corporation Asia ('PCA') and an Executive Director of Prudential plc, has
informed the company that he will be resigning with effect from 30 June 2003.
After 18 years with Prudential, the last nine of which were spent successfully
building the business in Asia, Mark Tucker is now seeking further challenges. It
is therefore with sincere regret on the part of both Prudential and Mark, that
he has decided to develop his career outside the organisation.
'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. Mark leaves behind a very well-run business with a strong, highly
qualified and experienced management team, whose capabilities were very much
reflected in PCA's record high 2003 first quarter life new business premiums,'
said Jonathan Bloomer, Prudential Group Chief Executive. 'PCA's business
performance is very strong due to its clear customer focus and its leadership in
product innovation. I am confident that it is well positioned for the future and
has the management team which will deliver growth and take the business
forward.'
'I have felt a wonderful sense of passion and pride working for Prudential in
Asia over the last nine years,' said Mr Tucker. 'I treasure, beyond words, the
relationships I have enjoyed with people across the region; the opportunity to
work with them has been a pleasure and a privilege. I know that they will
continue, as they have always done, to commit themselves wholeheartedly to the
success of this great business. I wish the Prudential every success in the
future.'
- ENDS -
Notes to Editors
1. Prudential will conduct an internal and external search for Mark Tucker's
successor. Meanwhile, the team of seven managing directors, co-ordinated by
the Managing Director, Finance, will continue to drive forward the business,
reporting directly to Jonathan Bloomer.
2. PCA has 23 life and fund management operations in 12 countries: China, Hong
Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore,
Taiwan, Thailand, and Vietnam, with top five market positions in eight Asian
life insurance markets, two mutual fund markets and Hong Kong's Mandatory
Provident Fund market.
3. PCA's significant growth rates over the last 10 years are illustrated below.
1992 2002 Increase
Annualised Premium Equivalent £42m £513m 12 times
Life Gross Revenue Premium £151m £1,896m 13 times
Assets under management £600m £15.1bn 25 times
1998 2002 CAGR
New Business Achieved Profits £56m £307m 53%
Enquiries to:
Media Investors/Analysts
Geraldine Davies 020 7548 3911 Rebecca Burrows 020 7548 3537
Clare Staley 020 7548 3719 Laura Presland 020 7548 3511
Ben Forsyth 020 7548 3500
This information is provided by RNS
The company news service from the London Stock Exchange ANKBKKOBKKDPB
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