Prudential names Foley as UK chief exec

Prudential names Foley as UK chief exec

Prudential has named John Foley as its chief executive for UK and Europe following the departure of Jackie Hunt.

Mr Foley, who was appointed interim chief executive in October last year, will take on his new permanent role with immediate effect, Prudential announced today (19 January).

He was previously group investment director, and has worked as group chief risk officer and in senior investment and risk management positions since joining Prudential in 2000.

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Mike Wells, group chief executive of Prudential, said: “John has played a huge role in the group’s success in recent years”, helping to steer the group through the financial crisis and strengthening its investment oversight.

“[Mr Foley] will be able to deploy his leadership skills and exceptional knowledge of the investment landscape to provide the best possible outcomes for our shareholders and our millions of customers in the UK.”

The appointment follows an internal and external search for a new chief after the sudden departure of Ms Hunt, who held the position for two years.

Mr Foley said: “I know the business well and look forward to helping it to continue to meet the needs of our millions of customers in the fast-changing UK market.”

The new UK boss will remain responsible for Prudential Capital and Prudential Portfolio Management Group.

In a separate note, Prudential announced it had been granted approval from the Prudential Regulation Authority for the use of its internal model to calculate the group solvency capital requirement under the European Union’s Solvency II directive, which came into effect on 1 January this year.

Based on this approval, Prudential revealed that its estimated group Solvency II surplus was £9.2bn on 30 June last year.

According to the firm, this represents a solvency ratio of 190 per cent, before allowing for the 2015 interim dividend.

Mr Wells said: “Our Solvency II outcome confirms the strength of the group’s capital position and cash generative nature of our businesses.

“We remain confident that the group will be able to continue to deliver high-quality products and services to both new and existing customers and strong, sustainable, profitable growth for our shareholders.”