LONDON, UK: Prudential plc announced the appointment of Anil Wadhwani as Group Chief Executive Officer (“CEO”).

Anil Wadhwani will join the Company from Manulife where he was President & CEO, Manulife Asia.

Anil Wadhwani is a global financial services leader with more than 30 years’ experience, predominantly in Asia, combining strategic vision and execution in some of the world’s biggest companies.

Most recently, as CEO of Manulife’s Asia region, he successfully grew and transformed its diversified and multi-channel business with significant market share gains in many key markets and making it the company’s largest source of core earnings.

 Mr Wadhwani also has significant and proven digital experience, having driven the modernisation of technology platforms across 13 markets in Asia in his previous role.

Prior to this he spent 25 years with Citi in Asia Pacific, Europe, the Middle East, Africa and the US, in a number of consumer financial services roles.

 Mr Wadhwani was born in 1968 and educated in Mumbai and has worked in Mumbai, Singapore, London, New York and most recently for nearly five years in Hong Kong. He will be based in Hong Kong, where he currently resides.

Mr Wadhwani will assume the role of CEO on 25 February 2023. His appointment is subject to final regulatory approval. As required by listing rules, remuneration details are shown in the Regulatory Disclosures that follow this announcement.

Mark FitzPatrick, Interim Group CEO, will continue to lead the business and will support Mr Wadhwani in his transition.

As set out in our 2021 Full Year results in March 2022, the Group continues to focus on the delivery of its growth strategy despite volatility in operating conditions.

 It will focus on the quality of the business written, health and protection products and the enhancement of its digitally-enabled multi-channel distribution model and, in particular, the development of its agency and bancassurance business.

The internal promotions of Mark FitzPatrick to Interim Group CEO, James Turner to Chief Financial Officer and Avnish Kalra to Chief Risk and Compliance Officer, demonstrate our bench-strength and focus on operational delivery.

The Group continues to benefit from broad based and experienced local leadership teams who are deep rooted in their markets. These teams will continue to build capability to serve the Group’s customers and enhance the Group’s franchise.

Prudential is also announcing that Nic Nicandrou, CEO, Asia and Africa will be leaving in order to seek opportunities outside the Group. With the announcement of the appointment of a permanent Group CEO, the role of CEO, Asia and Africa will cease.

The Board would like to express its sincere gratitude to Mr Nicandrou for his significant contribution and leadership over the past 13 years both as Group CFO and as CEO of Asia and Africa, and wishes him every success in his future career.

Shriti Vadera, Chair of Prudential, said: “The Board is delighted to appoint Anil following our thorough succession process and the move of the entire senior management team to Asia. He has a wealth of experience, not just in insurance but as a customer-centric people leader with a strong track record of creating and driving a culture of success, that will help us meet the needs of our customers in our chosen growth markets in Asia and Africa.

“Over the course of 2021, we reshaped our business, and the Board is confident that Anil will capture the significant opportunities that we see ahead. Following his appointment, the Group’s leadership, lead regulator and its operations will be geographically aligned.”

Commenting on his appointment, Anil Wadhwani, said: “I am honoured to have been appointed as the new CEO of Prudential.  Prudential is diversified across Asia and Africa, with a highly successful business, a very powerful brand and leading market positions in many of its key markets. I strongly believe in the strength of its digitally enabled multi-channel distribution model. Prudential is exclusively focussed on growth markets and has shown great resilience and agility through the recent and ongoing Covid pandemic. This strong performance is a real testament to all their people, the quality of talent and the leadership team who I am very much looking forward to working with.  It will be a true privilege to lead the business as it continues to serve customers and communities, driving growth in Asia and Africa while delivering value for the shareholders.”