Monday, 17 July, Hong Kong – Prudential Corporation Asia (“PCA”) today announced that Nic Nicandrou has officially assumed the role of Chief Executive. Based in Hong Kong, Mr Nicandrou joins PCA from its parent company, Prudential plc (2378.HK), where he was Chief Financial Officer from 2009, when he joined the company.
“I am looking forward to driving Prudential’s strategy of continued growth in one of the fastest-growing insurance and asset management markets in the world,” Mr Nicandrou said. “Asia’s increasingly affluent population has a strong and growing demand for savings and protection products. With our market-leading franchise and strong capabilities, we are well positioned to capitalise on this historic opportunity.”
PCA has leading insurance and asset management operations across 14 markets in the region. It has a robust multi-channel distribution platform providing a diverse range of solutions to meet the long-term life insurance needs of customers in Asia. Its asset management business, Eastspring Investments, one of the largest asset managers in Asia, provides investment solutions across a broad range of asset classes and was recently named Asia Fund House of the Year by AsianInvestor.
Asia’s middle class is rapidly expanding and is forecast to grow to 1.9 billion people by 2020, representing over half of the global middle class1. “While the region continues to prosper, there is still a large protection gap alongside significant infrastructure needs,” Mr Nicandrou said. “Our longstanding strategy has been to focus on meeting these needs. We have been in Asia for more than 90 years, and we are committed to helping individuals and families build better lives and stronger communities, as well as contributing to the economic development of the markets in which we operate.”
Mr Nicandrou brings to PCA a long and distinguished track record in the global insurance sector. Apart from his role as CFO at Prudential plc, Mr Nicandrou was responsible for Group strategy and has served as executive director responsible for Prudential’s African insurance operations since 2015. Before joining Prudential, he worked at Aviva, where he held a number of senior roles. Mr Nicandrou began his career at PricewaterhouseCoopers.
Mr Nicandrou’s appointment was announced by Prudential plc on 18 May. He replaces Tony Wilkey, who has left the company to pursue other opportunities.
PCA is a business unit of Prudential plc* (United Kingdom), comprising its life insurance operations in Asia and its asset management business, Eastspring Investments. It is headquartered in Hong Kong.
PCA is a leading life insurer that spans 12 markets in Asia, covering Cambodia, China, Hong Kong, India, Indonesia, Laos, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Prudential has a robust multi-channel distribution platform providing a comprehensive range of protection, savings and investment products to meet the diverse needs of Asian people.
Eastspring Investments manages assets on behalf of retail and institutional investors. It is one of the region’s largest asset managers, with a presence in 10 major Asian markets as well as distribution offices in the US and Europe. It has £118 billion in assets under management (as at 31 December 2016) and provides investment solutions across a broad range of asset classes.
*Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for 169 years and has £599 billion in assets under management (as at 31 December 2016). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
Prudential plc is listed on the stock exchanges of London (PRU.L), Hong Kong (2378.HK), Singapore (K6S.SG) and New York (PUK.N).