Speculation about Prudential

Many clients are no doubt becoming increasingly concerned about press speculation that Prudential is to sell its UK business operations.

To ease concerns I asked for feedback from Prudential and confirm below Rob Devey, Pru Chief Exec’s, comments:

“Let me address the press speculation head on.  You must all be getting very bored of it by now (I know I certainly am) but it doesn’t stop it from destabilising our friends and family, our customers and indeed us all.  But let’s remember that it is simply speculation and nothing has changed.  As I said very clearly at the roadshows, we don’t have plans to sell the UK business.  It’s a fantastic asset for the Group – so fantastic, in fact, that I’m sure there are plenty of people who’d like to buy it, and yes, people have asked in the past and no doubt will in the future.  Sadly, this is one of the things we have to bear with being the UK’s most profitable insurer, with the best brand, the best people and unrivalled skills in the areas that we focus on.

We said at the time that we launched the AIA deal on 1st March, we knew that there would be a lot of media noise, particularly in the run-up to the launch of the rights issue, and that’s exactly what we’re seeing.  All I can ask, as ever, is for us to keep our heads down and keep working away for our customers and our intermediary and other distribution partners.  Long term performance will always shine through.”

Hope this eases any concerns you may have. I believe Prudential still offers great products for clients and would suggest limited notice be taken of press speculation.