Afternoon:
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He's been the top man at the Prudential for just two months but so far Tidjane Thiam could be forgiven for thinking that this chief executive lark is a doddle.
In his first results presentation today, Thiam unveiled some eye-catching numbers for the third quarter.
M&G has seen funds grow by £11 billion this year so far — 169% — thanks to its performance and reputation as a bond-fund expert.
Thiam reckons Pru is one of the few insurers that can boast a first-rate fund management house, giving it a head start on the competition.
Sales in the UK slipped 22% to £157 million but Thiam insists it remains central to the group, even though the US and Asian arms now account for 75% of the business.
“It is not peripheral. I cannot do what I do in Asia and the US without it. It provides me with the cash and capital to spend elsewhere,” he said.
The US arm in particular is storming ahead, with sales up 66% to £249 million.
Pru retains a surplus of £2.8 billion, which saw it through the financial crisis, though questions are beginning to be asked about whether this is the best use of the money.
“I've been waiting to be asked that,” said Thiam. “It's an indicator that the crisis is subsiding. Ultimately, we are not holders of capital. Capital is there to be put to profitable use.”
