Prudential's Highest-Paid Employee Awarded $29 Million in 2013

Tuesday, 01 Apr 2014 11:35 AM

 

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Prudential Plc, the U.K.’s largest insurer by market value, awarded its highest-paid employee at least 17.4 million pounds ($29 million) in 2013.

The compensation of the unidentified person, who isn’t a director, eclipsed that of the head of the U.S. unit, Mike Wells, and Chief Executive Officer Tidjane Thiam, who received 11.7 million pounds and 8.66 million pounds respectively, according to London-based Prudential’s annual report today.

Another employee, who wasn’t named, received at least 7.5 million pounds. The compensation of the pair included 24.6 million pounds in bonuses, according to the report. A company spokesman declined to identify the people. Michael McLintock, the 53-year-old CEO of its fund management arm, M&G, was the third-highest paid director, receiving 6.49 million pounds.

Prudential’s shares rallied 55 percent last year as Thiam continued the firm’s expansion in Asia. Lansing, Michigan-based Jackson National Life reported a 30 percent jump in full-year operating profit, while M&G increased earnings 23 percent. The company’s seven executive directors, including Wells, Thiam and the former CEO of the U.K. unit, Rob Devey, made about 47 million pounds in total for 2013.

“The remuneration packages are designed to ensure a strong alignment between pay and performance,” Prudential said in the report. “Sustained growth across all of our key performance metrics has delivered substantial value to our shareholders,” which has been reflected in awards, it said.

Prudential Plc has no relation to Newark, New Jersey-based Prudential Financial Inc.

© Copyright 2014 Bloomberg News. All rights reserved.

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