BusinessCompany NewsPrudential may be mulling offshore move

Prudential may be mulling offshore move

Life insurer could be plotting to shift thousands of jobs overseas in a concerted effort to turn around the fortunes of its struggling UK operation

Prudential
may launch an audacious bid to rejuvenate its struggling UK business  by
shifting thousands of jobs to India.

The corporate will be announcing its designs for the future with the release
of a strategic review on Thursday, but speculation has been rife that the plans
include the relocation of back-office jobs to its operation in Mumbai.

Further afield, Prudential has enjoyed good performance at its
fast-growing US and Asian businesses, but it has suffered from lethargic sales
domestically. The life insurer may also be considering an outsourcing deal to
streamline operations. 

Since last March, chief executive Mark Tucker has been under the spotlight
from investors to prove that the company can perform adequately on home
territory after rival
Aviva’s £17bn
approach for Prudential was rejected.

Last week, Aviva announced it was entering into a deal to outsource the
handling of three million insurance policies to
Swiss Re.  

Further reading:

Overview: tough call for Sir Rake

Aviva FD steps into chief exec’s shoes

Pru’s battle aided by one-off tax
saving

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