Some U.K. pension providers stunned by George Osborne’s budget say he’s putting the elderly at risk. The U.K.’s finance minister has also threatened one of the insurance industry’s key sources of domestic profit growth.
On Feb. 12, 2010, Prudential Plc Chief Executive Officer Tidjane Thiam offered $35.5 billion for AIA Group Ltd. in what would have been the firm’s biggest acquisition funded by the U.K.’s largest share sale. The same day he met the country’s regulator and didn’t mention the deal.
Banks may struggle to raise funds from insurers due to a conflict between Basel III rules for lenders and Solvency II regulation for insurers, Prudential Plc Chief Executive Officer Tidjane Thiam said.
Prudential Plc shareholders Richard Buxton and Robin Geffen of Schroders Plc called on Chief Executive Officer Tidjane Thiam to quit over his failed attempt to buy American International Group Inc.’s main Asia unit, U.K. newspapers reported today.
Prudential Plc Chief Executive Officer Tidjane Thiam said the U.S. business has a “great future” in the company, damping speculation he may follow European competitors in selling the North American unit.