From 1 September, Penny James will succeed John Foley in the position, as he retains his role as group investment director and member of the group executive committee after taking on the additional role of group chief risk officer in June on an interim basis following the departure of Pierre-Oivier Bouee.
James – who previously led Prudential’s implementation of EU anti-insolvency directive Solvency II as director of group finance – said: “Prudential has a resilient business model and is well positioned to manage the risks presented by the uncertain global environment, but it is vital we remain focused and ready to respond to any emerging threat.”
A four-year veteran of Prudential, James was also responsible for the delivery of the Group’s financial results, business planning, and performance monitoring in her previous role.
She was previously group chief financial officer and a director at FTSE-listed insurance and reinsurance group Omega Insurance Holdings, and is currently a non-executive director at listed general insurer Admiral Group.
On James’s appointment, Prudential chairman Paul Manduca, said: “The prudent management of risk is of the highest importance to all large financial services groups and I am proud that Prudential was one of the first to make the chief risk officer a board position.“
Last week, Prudential revealed in its half year results that operating profit was up by 17%, reaching £1.88bn, while new business profit grew by 12% to reach £1.19bn.
Additionally, the group’s total Asia life and asset management operating profit came in at £632m, up 17% on the previous year, with Eastspring – the group’s Asia-based asset management business – seeing external net inflows of £4.6bn and record funds under management of £85.3bn.
Commenting on the results, group chief executive Mike Wells, said: “We are capturing profitably the opportunities available to us in the growing markets of Asia.
“Looking ahead, despite ongoing macro-economic uncertainties, we are confident that our proven strategy, strong execution and the quality of our people will continue to deliver great products and service to our 25 million customers and relative outperformance to our shareholders.”