Companies

Description

Prudential plc is a British multinational financial conglomerate headquartered in London. It was founded in 1848. In addition to the UK, it operates in Southeast Asia, the United States and some African countries. At the end of 2015, it served about 24 million customers.

History

The company was founded on May 30, 1848 under the name The Prudential Mutual Assurance, Investment and Loan Association. Prudential Mutual Insurance, Investment and Lending Association) to provide insurance services to the working class. The company was one of the first companies to use traveling salesmen to sell policies and collect insurance premiums. "The Man from the Pru" (The Man From the Pru) remained a symbol of the company until the 1990s. By 1905, the number of policies issued was 25 million (compared to the UK population of 43 million). In 1881, Prudential became a limited liability company , whose shares have been listed since 1924 London Stock Exchange.

In 1978, the Prudential Corporation holding company was created, and other Prudential structures became its subsidiaries. Since 1985, the company has been engaged in mortgage lending, and since 1988 — in pension insurance. In 1986, the American insurance company Jackson National Life was purchased for $608 million .Russian., which became the basis of Prudential's operations in the United States. In 1994, Prudential Corporation Asia, a subsidiary in the Asian region, was founded. In 1997, the Internet bank Egg plc was founded .Russian. (sold to Citigroup in 2007 in 2011, it ceased to exist), and this year, for £1.75 billion, the Scottish insurance company Scottish Amicable, founded in 1826 in Glasgow, was bought. In 1999, M&G, a fund management company, was purchased .Russian.. Also in 1999, 20% of employees in the UK were cut, as the company decided to abandon the direct sales model of insurance policies; the company name was changed to Prudential plc.

In 2000, Prudential became the first UK insurance company to be licensed in France.Vietnam. In 2001, the Japanese insurance company Orico Life Insurance was purchased. In October 2004, PruHealth, a health insurance subsidiary in the United Kingdom, was founded in partnership with Discovery Holdings, a South African company .Russian. (sold in 2014). In December 2013 , the Ghanaian Express Life Company was purchased  and renamed Prudential Ghana. In September 2014, Kenyan insurance company Shield Assurance was acquired, which became Prudential Kenya.

Manual

  • Paul Manduca-Chairman of the  Board of Directors since July 2012, Member of the Board of Directors since 2010;
  • Michael Wells— Chief Executive Officer (CEO )since June 2015, member of the Board of Directors since 2011.

Activity

The company consists of four divisions:

  • Prudential UK, Europe & Africa — pension and savings accounts, annuities in the UK, the rest of Europe and Africa.
  • M&G — asset management services.
  • Prudential Corporation Asia-headquartered in Hong Kong, the largest British insurance company in Asia; operates in Hong Kong, Taiwan, Japan, South Korea, Singapore, Malaysia, Philippines, Thailand, Cambodia, Vietnam and Indonesia, also has joint ventures in China and India; 14 million customers, 10 thousand branches.
  • Jackson National Life Insurance Company-operates in the United States and is headquartered in Michigan.

In 2015, the size of insurance premiums amounted to £36.7 billion (in 2014 — £32.8 billion); return on invested capital amounted to £3.3 billion (in 2014 — £25.8 billion); the size of insurance payments amounted to about £30 billion (in 2014 — more than £50 billion), including in the US, £13 billion, in the UK £10 billion in Asia — £6.5 billion.

Prudential plc carries out its investment activities through the Eastspring Investments Group of companies. In 2015, Prudential plc ranked 28th among the world's largest investment companies in terms of assets under management ($754.5 billion).

In the Forbes Global 2000 list of the world's largest publicly traded companies in 2016, Prudential plc ranked 66th, including 110th in terms of turnover, 148th in terms of net profit, 57th in terms of assets, and 166th in terms of market capitalization.

Shareholders

The company's shares are listed on the London, New York, Hong Kong and Singapore stock exchanges. The largest shareholders of Prudential plc as of April 2016 are:

  • Capital Group Companies, Inc. — 10,135 %
  • BlackRock Inc. — 5,08 %
  • Norges Bank — 4,03 %

Subsidiaries

Largest subsidiaries at the end of 2015:

  • The Prudential Assurance Company Limited (insurance, England and  Wales)
  • Prudential Retirement Income Limited (PRIL) (insurance, Scotland)
  • M&G Investment Management Limited (Asset Management, England and Wales)
  • Jackson National Life Insurance Company (insurance, USA)
  • Prudential Assurance Company Singapore (Pte) Limited (insurance, Singapore)
  • PT Prudential Life Assurance (insurance, Indonesia)
  • Prudential Hong Kong Limited (insurance, Hong Kong)

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