Insurer Prudential names banking veteran Wadhwani as CEO amid Asia pivot

Prudential Plc named Anil Wadhwani as its next chief executive officer, underscoring the insurer’s ambitions in Asia. 

Wadhwani will take on the CEO role next February and be based in Hong Kong, the company said in a statement Wednesday. Wadhwani was the head of Manulife Financial Corp.’s Asia region and previously spent 25 years at Citigroup Inc. 

The London-based company is part of a growing number of global asset managers and insurers seeking to win a bigger slice of Asia’s wealth business. The region’s estimated revenue pool of $90 billion for wealth management is luring more companies to offer everything from insurance, mutual funds and pension products for the growing affluent. 

Asia contributed nearly 64% of revenue for Prudential for 2020. The company has operations in Hong Kong, mainland China, Indonesia, Malaysia and Singapore.

Chief Executive Officer Mike Wells left at the end of March after more than six years in charge of the insurer. Mark FitzPatrick, who was previously chief financial officer, has served as interim CEO in recent months.

Prudential CEO Mike Wells to Step Down From U.K. Insurer 

Under Wells, Prudential increased its focus in Asia, particularly mainland China and Hong Kong, having spun off operations in the UK and US. He also oversaw an equity raise on the Hong Kong Stock Exchange, while steering the group through the pandemic.

“The board is delighted to appoint Anil following our thorough succession process and the move of the entire senior management team to Asia,” Chairwoman Shriti Vadera said in the statement. “Following his appointment, the group’s leadership, lead regulator and its operations will be geographically aligned.”

The company also said that Nic Nicandrou, CEO of Asia and Africa will be leaving Prudential to seek opportunities elsewhere. 

Wadhwani has resided in Hong Kong for nearly five years, the company said. He will earn an annual salary of close to HK$12.3 million ($1.57 million) and a maximum bonus of 200%.