company . for the american company see prudential financial . for places named after the company see prudential disambiguation . prudential plc type public limited company traded as lse pru nyse puk sehk 2378 industry financial services founded 1848 ; 168 years ago 1848 london headquarters london united kingdom area served worldwide key people paul manduca 1 chairman mike wells 2 group chief executive products life insurance investment management consumer finance revenue 41.305 billion 2015 3 operating income 3.321 billion 2015 3 net income 2.579 billion 2015 3 website www.prudential.co.uk prudential plc is a british multinational life insurance and financial services company headquartered in london united kingdom . it was founded in london in may 1848 as the prudential mutual assurance investment and loan association to provide loans to professional and working people . 4 prudential s largest division is prudential corporation asia which has over 13 million customers across 12 asian markets and is a top three provider of life insurance in hong kong india indonesia malaysia singapore the philippines and vietnam . 5 its prudential uk division has around 7 million customers and is a leading provider of life insurance and pensions in the uk . 5 prudential also owns jackson national life insurance company which is one of the largest life insurance providers in the united states and m & g investments a europe focused asset manager with total assets under management of 547 billion at june 2014 . 6 in december 2013 prudential acquired the ghanaian life insurance company express life marking its entry into the african direct life insurance market . prudential subsequently rebranded the business as prudential ghana . 7 in september 2014 it purchased kenyan life insurer shield assurance rebranding the company as prudential kenya . 8 prudential has a primary listing on the london stock exchange and is a constituent of the ftse 100 index . it had a market capitalisation of approximately 41 630 million as of 4 february 2015 . 9 prudential has secondary listings on the hong kong stock exchange new york stock exchange and singapore exchange . contents 1 history 1.1 1848 to 2000 1.2 2000 to present 2 operations 3 prudential ridelondon 4 swansea bay tidal lagoon 5 senior management 6 see also 7 references 8 external links history edit 1848 to 2000 edit the company was founded on 30 may 1848 in hatton garden in london as the prudential mutual assurance investment and loan association providing loans to professional and working people . 4 in 1854 the company 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 army of premium collection agents was for many years identified with the prudential as the man from the pru . 4 it moved to its traditional home at holborn bars in 1879 and converted to a limited company in 1881 . 4 the building was designed by alfred waterhouse and is built of terracotta manufactured by gibbs and canning limited of tamworth c. 1878 two of the same driving forces behind the natural history museum in london . 10 the prudential assurance company limited was first listed on the london stock exchange in 1924 . in 1986 prudential acquired the american insurer jackson national life . in 1997 prudential acquired scottish amicable a business originally founded in 1826 in glasgow as the west of scotland life insurance company for 1.75 bn . 11 holborn bars traditional home of prudential in 1998 prudential set up egg an internet bank within the uk . the subsidiary reached 550 000 customers within nine months but had difficulty achieving profitability . 12 in june 2000 an initial public offering of 21 % was made to allow for further growth of the internet business but in february 2006 prudential decided to repurchase the 21 % share of egg . 13 egg was subsequently sold to citibank in january 2007 . 14 in 1999 m & g a uk fund management company was acquired . 15 in june 2000 the company was first listed on the new york stock exchange to help focus on the us market . 16 2000 to present edit in october 2004 prudential launched a new subsidiary pruhealth a joint venture with discovery holdings of south africa selling private medical insurance to the uk market . 17 in april 2008 prudential outsourced its back office functions to capita about 3 000 jobs were transferred 1 000 in stirling 750 in reading and 1 250 in mumbai . 18 this significant outsourcing deal worth an estimated 722m over a 15 year contract built on prudential s existing relationship with capita who took over its belfast operation in 2006 along with approximately 450 employees in a smaller operational restructure . 19 on 1 march 2010 prudential announced that it was in advanced talks to purchase the pan asian life insurance company of aig american international assurance aia for approximately 23 billion . 20 the deal later collapsed and aia ended up raising money in an ipo . 21 in december 2013 prudential announced the purchase of ghana s express life company . express life was subsequently rebranded as prudential ghana . . in april prudential launched two corporate responsibility initiatives to support education in ghana the prudential scholarship programme for more than 500 senior high school students in partnership with the ngo plan ghana ; and a scheme to support actuarial science graduates . 22 in september 2014 prudential purchased kenyan life insurer shield assurance and rebranded it as prudential kenya further expanding the company s presence in africa . 8 on 10 march 2015 it was announced that the ceo tidjane thiam would leave prudential to become the next ceo of credit suisse . 23 on 1 may 2015 it was announced that mike wells head of the company s us business would succeed tidjane thiam as ceo on a pay package worth up to 7.5 million . 24 operations edit prudential s administrative centre in reading united kingdom the company has four business units 25 prudential uk europe & africa the business offers 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 direct line group to use the prudential name . m & g the business offers investment management services including retail fund management institutional fixed income pooled life pension funds property and private finance . part of m & g prudential property investment managers specialises in the management of prudential s property assets . prudential corporation asia based in hong kong 26 the business is the largest uk life assurer in 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 relaunched in india in 2000 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 . there are also businesses in hong kong taiwan japan south korea singapore malaysia philippines thailand vietnam and indonesia . on 15 november 2011 prudential corporation asia announced its intention to change the name of its asset management business to eastspring investments . jackson national life insurance company based in michigan united states 27 the business was purchased in 1986 . it was named after andrew jackson the seventh president of the united states of america and started business in 1961 . prudential ridelondon edit prudential ridelondon is an annual two day cycling festival held for the first time in 2013 . the 2015 prudential ridelondon surrey 100 saw over 25 500 finishers and set a new fundraising record for the event with more than 12 million raised for charity . 28 the event was developed by the mayor of london and his agencies and is organised by the london & surrey cycling partnership . the main events are a 100 mile professional road race through surrey and london and an amateur race along the same route . participants in the amateur race typically raise money for good causes . the 20 709 finishers in the 2014 event raised more than 10 million for charity . 29 the event is now one of the largest fundraising events in the uk with more than 20 million raised in its first three years . the inaugural sponsor of ridelondon prudential has extended its sponsorship of the event for a further three years up to and including the 2018 event . 30 swansea bay tidal lagoon edit in october 2014 prudential announced that it will invest up to 100 million in the swansea bay tidal lagoon power station a world leading infrastructure project . prudential has committed to invest 25 billion in uk infrastructure projects over five years . prudential will be one of the main investors in the scheme designed to harness tidal energy which could power 120 000 homes for 120 years . if approved the project would take two years to build and would create 1 850 construction jobs . 31 senior management edit there are currently 17 people on the board of directors . key individuals are chairman of the board of directors paul manduca group chief executive mike wells chief financial officer nic nicandrou chief executive of m & g michael mclintock chief executive of prudential corporation asia tony wilkey chairman and chief executive of the north american business unit barry stowe chief executive prudential uk & europe john foley group chief risk officer penny james see also edit companies portal invest financial corporation richard woolnough references edit prudential appoints paul manduca as its new chairman . bbc . 29 may 2012 . retrieved 4 july 2012 . jones sarah 1 may 2015 . prudential names mike wells to succeed thiam as group ceo . bloomberg . a b c full year results 2015 pdf . prudential public limited company . retrieved 26 march 2016 . a b c d timeline 1826 1901 . prudential plc. retrieved 13 december 2013 . a b fact file 2013 pdf . prudential plc. retrieved 13 december 2013 . prudential plc investor conference 2014 . prudential plc. retrieved 2 december 2014 . prudential moves into insurance in ghana . the financial times . retrieved 5 december 2013 . a b jones sarah 16 september 2014 . prudential buys kenyan insurer in second african purchase . bloomberg business . retrieved 16 september 2014 . london stock exchange prudential plc . londonstockexchange.com . retrieved 10 february 2015 . research page including details of many buildings that used gibbs and canning terracotta accessed 25 march 2012 pru of britain in deal to buy scottish life insurancer . the new york times 26 march 1997 . egg cracks internet for pru bbc news 1999 prudential to swallow the egg whole . bbc news 2005 . pru sells egg to citigroup . bbc news 2007 . pru pounces on investment rival bbc news 1999 prudential goes to new york bbc news 2000 insurance boon for health conscious . bbc news 2004 . prudential jobs deal with capita bbc news 2007 prudential outsources 450 jobs in belfast to capita group . the independent 17 august 2006 . prudential gambles on asia with 35bn deal . theguardian.com . 1 march 2010 . retrieved 18 april 2011 . prudential abandons bid for aia . bbc news . 2 june 2010 . retrieved 25 march 2012 . prudential increases capital base . business and financial times . 25 april 2014 . retrieved 25 april 2014 . milmo dan 10 march 2015 . prudential s tidjane