Prudential has announced a top-level reshuffle with Mr Nic Nicandrou taking over as Chief Executive of Prudential Corporation Asia (PCA), replacing Mr Tony Wilkey who has been at the post for two years.
After more than 10 years with Prudential, Mr Wilkey is to step down to pursue new challenges. He has been PCA Chief Executive since 1 June 2015. He will remain with the business to support an orderly transition until July.
In turn, Mr Nicandrou is replaced by Mr Mark FitzPatrick as Group CFO. Mr FitzPatrick is currently a Managing Partner of Deloitte UK and a member of its executive committee. He has 26 years of global industry experience, and his roles at Deloitte have included leading the CFO training programme and the insurance and investment management audit practice. Mr FitzPatrick will join the Board of Prudential plc in the summer. The appointment has received regulatory approval.
Mr Mike Wells, Group Chief Executive of Prudential plc, said: “Since joining Prudential in 2009, Nic has proven himself not just as a first-class CFO, building and leading an international team of experts, but also as a talented strategist and rigorous operational manager. I am confident that he will lead our Asian business to further success.
“Tony has made an important contribution to our achievements in Asia over the past decade and I wish him the best of luck for the future.”
Prudential's performance has been driven by Asia, which last year delivered a seventh consecutive year of double-digit growth in new business profit, IFRS operating profit and capital generation. For the full year in 2016, the group's new business profit in Asia increased by 22% to GBP2,030 million (US$2,646 million), IFRS operating profit was 15% higher at GBP1,644 million and free surplus generation grew 15% to GBP859 million.
In Asia, Prudential saw continued strong, diversified growth in the first quarter of this year. New business profit generated in the region was up by 26% to GBP561 million due to higher volumes and improvements in mix.