Prudential merges M & G and Prudential UK & E
Prudential announced on Thursday, August 10, 2017, its intention to merge its asset management subsidiary (M & G) with its insurance business in the UK and Europe (Prudential UK & Europe).
The new entity will be headed by John Foley, current general manager of Prudential UK & Europe. Merging "these activities [...] will allow us to take better advantage of our considerable size and capabilities," said Mike Wells, Group CEO in a statement on this subject.
During the first quarter of 2017, Prudential posted an operating profit of 2.36 billion GBP (3.06 billion USD), up by 5% compared to the same period of the previous year.
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