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Encyclopedia > Prudential Plc
Prudential plc
Prudential plc logo
Type of Company Public
Founded 1848
Headquarters London, England
Key people Sir David Clementi, Chairman
Mark Tucker, CE
Industry Financial services
Products Financial services
Employees 23,000[1]
Website www.prudential.co.uk

Prudential plc (LSE: PRU, NYSE: PUK) is a United Kingdom-based financial services company. The company has over 21 million customers worldwide[1]. As well as the UK arm of its operations it has operations in 12 countries in Asia and owns Jackson National Life in the United States. It is also the majority stakeholder in the Egg internet bank. Image File history File links Misspru. ... A public company is a company owned by the public rather than by relatively few individuals. ... London (pronounced ) is the capital city of the United Kingdom and the largest city of England (strangely, England has no constitutional existence within the United Kingdom, and therefore cannot be said to have a capital). ... Motto: (French for God and my right) Anthem: God Save the King/Queen Capital London Largest city London Official language(s) English (de facto) Unification    - by Athelstan AD 927  Area    - Total 130,395 km² (1st in UK)   50,346 sq mi  Population    - 2005 est. ... Sir David Clementi is Chairman of Prudential plc, one of Britains largest insurance companies. ... To meet Wikipedias quality standards, this article may require cleanup. ... To meet Wikipedias quality standards, this article may require cleanup. ... Employment is a contract between two parties, one being the employer and the other being the employee. ... This page as shown in the AOL 9. ... The Source by Greyworld, in the new LSE building Paternoster Square. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... World map showing the location of Asia. ... Jackson National Life Insurance is a U.S. life assurance company that is a subsidiary of the UK based insurer, Prudential Plc. ... The term stakeholder has two distinct uses in the English language: The traditional usage, in law and notably gambling, a third party who temporarily holds money or property while its owner is still being determined. ... Egg Banking plc is a British internet bank, with its headquarters in Derby, England. ...


Within the UK, the company's business includes the sale of pensions, annuities, savings and investments (bonds, ISAs). They are particularly well-known for the sale of with-profit bonds and pensions, corporate pension schemes, bulk annuities and individual annuities. The company left the general insurance (household, car) market in 2002, licensing Churchill Insurance (now part of the Royal Bank of Scotland group) to use the Prudential name. The examples and perspective in this article or section may not represent a worldwide view. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... In common usage, saving generally means putting money aside, for example, by putting money in the bank or investing in a pension plan. ... Invest redirects here. ... In finance, a bond is a debt security, in which the issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date, termed maturity. ... An Individual Savings Account (ISA) is a financial product available in the UK, designed for the purpose of investment and savings with a favourable tax status. ... A with-profits policy is an insurance contract that participates in the profits of a life insurance company. ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of catastrophic financial loss. ... // [edit] Churchill Insurance Churchill Insurance launched in 1989 as one of the UKs first direct motor insurers. ... The Royal Bank of Scotland Group plc (LSE: RBS) is the successor to The Royal Bank of Scotland (Scottish Gaelic: [1]), founded in 1727 by Royal Charter of King George I.[2] Based in Edinburgh, it is a banking and insurance holding company. ...

Contents

Management

There are currently 13 people on the board of directors. Key individuals are:

Chairman of Board of Directors Sir David Clementi
Group Chief Executive Mark Tucker
Group Finance Director Philip Broadley
President & Chief Executive Officer for Jackson National Life Clark Manning
Chief Executive of M&G Michael McLintock
Chief Executive of Prudential Corporation Asia Barry Stowe
Chief Executive of UK & European Insurance Operations Nick Prettejohn

Sir David Clementi is Chairman of Prudential plc, one of Britains largest insurance companies. ...

UK Insurance Operations

Holborn Bars - Traditional home of Prudential

Prudential plc was founded on 30 May 1848 in Hatton Garden, London, as The Prudential Mutual Assurance Investment and Loan Association. It began by providing loans to professionals secured through life assurance. The company became The Prudential Assurance Company in 1867 and a limited company in 1881 following the introduction of the Limited Liability Act 1880 and floated on the London Stock Exchange in 1924. Image File history File links Download high resolution version (2048x1536, 1856 KB) Photography taken by User:MarkS 14 June 2004. ... Image File history File links Download high resolution version (2048x1536, 1856 KB) Photography taken by User:MarkS 14 June 2004. ... May 30 is the 150th day of the year in the Gregorian calendar (151st in leap years). ... 1848 (MDCCCXLVIII) was a leap year starting on Saturday of the Gregorian calendar. ... A scene in Hatton Garden A ring shop in Hatton Garden Hatton Garden is a street and area near Holborn in London. ... London (pronounced ) is the capital city of the United Kingdom and the largest city of England (strangely, England has no constitutional existence within the United Kingdom, and therefore cannot be said to have a capital). ... It has been suggested that this article or section be merged into Limited liability company. ... The Source by Greyworld, in the new LSE building Paternoster Square. ...


In 1858 they began selling the relatively new concept of industrial branch insurance policies to the working class population for premiums as low as one penny through agents acting as door to door salesmen. The firm built its early strength on this large direct sales force of agents who would visit clients in person to discuss their needs and to collect insurance premiums. The army of premium collection agents was for many many years identified with the Prudential as the "Man from the Pru". This was a successful policy for Prudential at the time and despite competition from more established assurance companies the Prudential insured approximately one-third of the UK population in the early 1900s.


Relative to the size of the UK economy and financial markets the firm became more influential than either Prudential Financial of America or Nissei (Nippon Life) in Japan. Today, Prudential is one of the top listed UK based life insurance companies with key businesses in the UK, US and Asia. This article refers to Prudential Financial, based in the United States. ...


Prudential stayed focused on branch-based sales while the products shifted from traditional whole-of-life policies to group pensions and an increasing popularity of With Profits products. In recent years the Prudential has become concentrated in specialist areas, particularly With Profits and Annuities where it holds a significant market share. Its takeover of Scottish Amicable lead to a concentration in the Independent Financial Adviser (IFA) market and the reduction of the direct customer sales more attributed to the "man from the Pru" concept. Independent Financial Advisers or IFAs are professionals who offer unbiased advice on financial matters to their clients and recommend suitable financial products from the whole of the market. ...


It restructured into a holding company called Prudential Corporation Plc in 1978 after the acquisition of Vanbrugh Life and M&G Reinsurance amongst others. On 1 October 1999 a name change resulted in Prudential plc for ease of recognition and overseas expansion. In June 2000 the company listed on the New York Stock Exchange to help focus on the US market. October 1 is the 274th day of the year (275th in leap years) in the Gregorian calendar. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ...


In 1997 Scottish Amicable was acquired after demutualisation. It was originally the West of Scotland Life Insurance Company and was founded in Glasgow, Scotland in 1826. The term demutualization (or demutualisation) describes the process by which mutual organizations or companies (mutuals) convert themselves to for-profit (or profit-making) public companies which distribute profits to their shareholders in the form of dividends. ... For other uses, see Glasgow (disambiguation). ... Motto: (Latin for No one provokes me with impunity)1 Anthem: Multiple unofficial anthems Capital Edinburgh Largest city Glasgow Official language(s) English, Gaelic, Scots 2 Government Constitutional monarchy  - Queen Queen Elizabeth II  - Prime Minister of the UK Tony Blair MP  - First Minister Jack McConnell MSP Unification    - by Kenneth I...


In 1998 Prudential set up Egg, an internet bank within the UK. The subsidiary reached £5 billion in deposits and 500,000 customers within six months but did not reach profitability until the end of 2001. In June 2000 an initial public offering of 21% was made to allow for further growth of the company but a failed attempt to gain market share in France with the takeover of Zebank in 2002 led to a pull out in 2004 and a failed attempt by Prudential to sell the bank. In February 2006 Prudential repurchased the 21% share of Egg that it sold in 2000 to move the bank solely into its UK Insurance Operations business. Egg Banking plc is a British internet bank, with its headquarters in Derby, England. ... Online banking (or Internet banking) is a term used for performing transactions, payments etc. ... Market share, in strategic management and marketing, is the percentage or proportion of the total available market or market segment that is being serviced by a company. ... Prudential plc (LSE: PRU, NYSE: PUK) is a United Kingdom-based financial services company. ...


In 2001, M&G, a UK fund management company, was acquired. Initially run as a standalone business unit, it was moved into the UK Insurance Operations business in late 2005. On 4 October 2004, Prudential launched a new subsidiary, PruHealth, a joint venture with Discovery Holdings of South Africa, itself a subsidiary of FirstRand Bank. PruHealth sells Private Medical Insurance to the UK market. The business currently employs 6,700 full-time staff in offices located in Stirling, Reading, Belfast, London, Dublin and Mumbai[2]. M&G investments is a UK fund management company. ... Investment management, the professional management of various securities (shares, bonds etc) and other assets (e. ... October 4 is the 277th day of the year (278th in leap years) in the Gregorian Calendar. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... PruHealth is a United Kingdom-based company specialising in Private Medical Insurance sold to the UK market. ... A joint venture (often abbreviated JV) is an entity formed between two or more parties to undertake economic activity together. ... This Is not a good source Health insurance is a type of insurance whereby the insurer pays the medical costs of the insured if the insured becomes sick due to covered causes, or due to accidents. ... Broad St at the heart of Stirlings Old Town area (called Top of the Town by locals) on a rare snowy day Stirling Castle (Southwest aspect) The main courtyard inside Stirling Castle. ... Reading is a town and unitary authority (the Borough of Reading) in the English county of Berkshire. ... WGS-84 (GPS) Coordinates: 54. ... London (pronounced ) is the capital city of the United Kingdom and the largest city of England (strangely, England has no constitutional existence within the United Kingdom, and therefore cannot be said to have a capital). ... WGS-84 (GPS) Coordinates: 53. ... Mumbai (IPA: ,Marathi: मुंबई), formerly known as Bombay, is the capital of the state of Maharashtra, and the most populous city of India, with an estimated population of about 13 million (as of 2006)[1]. Mumbai is located on Salsette Island, off the west coast of Maharashtra. ...


Overseas Operations

In addition to the original UK business, Prudential plc has two other business units:

  • Prudential is the largest UK life assurer in Asia and operates through Prudential Corporation Asia. It has had a presence in the continent since 1923 when an overseas agency for life assurance was created in India. Although this was subsequently nationalised, Prudential has recently relaunched in India as ICICI Prudential, a 26% joint venture with ICICI Bank. As CITIC Prudential Life, a 50-50 joint venture, they were the first UK company to re-establish life business in China in 2000. As of August 2005 they have 10 city or provincial licences in China. There are also businesses in Hong Kong, Taiwan, Japan, South Korea, Singapore, Malaysia, Philippines, Thailand, Vietnam and Indonesia.
  • Jackson National Life was purchased in 1986. It was named after Andrew Jackson, the seventh President of the United States of America and first started business in 1961 at Jackson, Michigan.

ICICI Bank (formerly Industrial Credit and Investment Corporation of India) is Indias largest private bank. ... China International Trust Investment Company (中國國際信托投資公司) or commonly known as CITIC is a state-owned investment company of the Peoples Republic of China, established by Rong Yiren in 1979 with the approval from Deng Xiaoping. ... This article is 45 kilobytes or more in size. ... Country United States State Michigan County Jackson Mayor Martin J. Griffin (D) Area    - City 11. ...

Prudential Assurance versus Prudential Financial

Prudential Assurance Company Ltd, now part of Prudential Plc, was for many years the dominant life assurance company in the UK. This article refers to Prudential Financial, based in the United States. ... It has been suggested that this article or section be merged into Life insurance. ...


It was agents from the Pru who, on deciding to leave Prudential and move to the United States, were given access to all the techniques of the firm to assist them in forming an insurance firm in America. That infant company went on to become Prudential of America, The Rock. There was never a significant ownership link between the two Prudential companies although there is a memorandum of understanding about use of the Prudential name around the world.


See also

This article refers to Prudential Financial, based in the United States. ...

References

  1. ^ a b Prudential plc - Who We Are. Prudential plc. Retrieved on 2006-12-13.
  2. ^ Prudential plc - Prudential UK & European Insurance. Prudential plc. Retrieved on 2006-12-13.

2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ... -1... 2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ... -1...

External links


  Results from FactBites:
 
Prudential plc - Wikipedia, the free encyclopedia (1065 words)
Prudential plc was founded on 30 May 1848 in Hatton Garden, London, as The Prudential Mutual Assurance Investment and Loan Association.
This was a successful policy for Prudential at the time and despite competition from more established assurance companies the Prudential insured approximately one-third of the UK population in the early 1900s.
Prudential Assurance Company Ltd, now part of Prudential Plc, was for many years the dominant life assurance company in the UK.
  More results at FactBites »

 
 

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