Pru’s CEO steps down as profits rise

by Gill Montia

Story link: Pru’s CEO steps down as profits rise

Prudential has announced that the group’s pre-tax profit increased by 17% in 2008, to £3 billion.

The result includes an 8% increase in new business profit, while the company’s margin rose 1%, to 43%.

Chief executive, Mark Tucker, described the results as “a very strong absolute and relative performance in quite exceptional circumstances”, adding that the company’s focus “has remained resolutely on delivering value over volume, whilst carefully managing our risks”.

According to the life and pensions provider, all its businesses performed well last year with new business profit in Asia up 15% to £741 million, and new business profit in the UK down only 1% at £273 million.

However, Prudential is now facing a change of leadership as Mark Tucker will be stepping down in September, after four years at the helm.

He will be replaced by Tidjane Thiam, the group’s current chief financial officer.

Prudential’s full year 2008 dividend increased by 5% to 18.90 pence per share.