Mark Tucker, chief executive of Prudential, is to step down from his role with the insurer at the end of September, to be replaced by chief financial officer Tidjane Thiam.
Pru shares rose by nearly 10% this morning, as news of the switch was accompanied by a positive set of results for 2008 from the insurance giant. The firm's operating profit, under European embedded value principles, rose 17% to £2.96bn, beating an analyst forecast of £2.7bn. Pru also reported an underlying operating profit of £1.35bn, compared with a consensus of £1.2bn. "These results represent a very strong absolute and relative performance in quite exceptional circumstances," says Tucker. "Prudential is one of the strongest insurers in the world. Our prudent but proactive approach...
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