History Prudential plc

1 history

1.1 history
1.2 twentieth century
1.3 twenty-first century

history
early history

the company founded in hatton garden in london prudential mutual assurance investment , loan association providing loans professional , working people on 30 may 1848. in 1854, company began selling relatively new concept of industrial branch insurance policies working class population premiums low 1 penny through agents acting door door salesmen. army of premium collection agents many years identified prudential man pru . moved traditional home @ holborn bars in 1879 , converted limited company in 1881. building designed alfred waterhouse, , built of terracotta manufactured gibbs , canning limited of tamworth (c.1878) — 2 of same driving forces behind natural history museum in london.

twentieth century

holborn bars—traditional home of prudential

the company first listed on london stock exchange in 1978. in 1986, prudential acquired american insurer jackson national life. in 1997, prudential acquired scottish amicable, business founded in 1826 in glasgow west of scotland life insurance company, £1.75bn.

in 1998, prudential set egg, internet bank within uk. subsidiary reached 550,000 customers within 9 months had difficulty achieving profitability. in june 2000, initial public offering of 21% made allow further growth of internet business in february 2006 prudential decided repurchase 21% share of egg. egg subsequently sold citibank in january 2007. in 1999, m&g, uk fund management company, acquired. in june 2000, company first listed on new york stock exchange focus on market.

twenty-first century

in october 2004, prudential launched new subsidiary, pruhealth, joint venture discovery holdings of south africa selling private medical insurance uk market. in april 2008, prudential outsourced office functions capita: 3,000 jobs transferred (1,000 in stirling, 750 in reading , 1,250 in mumbai). significant outsourcing deal, worth estimated £722m on 15-year contract, built on prudential s existing relationship capita took on belfast operation in 2006 along approximately 450 employees in smaller operational restructure.

on 1 march 2010, prudential announced in advanced talks purchase pan-asian life insurance company of aig, american international assurance (aia) approximately £23 billion. deal later collapsed , aia ended raising money in ipo.

in december 2013, prudential announced purchase of ghana’s express life company. express life subsequently rebranded prudential ghana. in april 2014, prudential launched 2 corporate responsibility initiatives support education in ghana: prudential scholarship programme more 500 senior high school students, in partnership ngo plan ghana; , scheme support actuarial science graduates. in september 2014, prudential purchased kenyan life insurer shield assurance , rebranded prudential kenya, further expanding company’s presence in africa.

on 10 march 2015, announced ceo, tidjane thiam, leave prudential become next ceo of credit suisse. on 1 may 2015, announced mike wells, head of company s business, succeed tidjane thiam ceo, on pay package worth £7.5 million.