A growing Asian footprint

WHEN Prudential plc chief executive Mike Wells was approached for a senior position at the UK giant's US insurance business in 1995, he was not particularly keen.

Mr Wells, 57, started his career at brokerage firm Dean Witter, and had by then become a managing director at Smith Barney Shearson. Joining Jackson National Life Distributors, which had suffered a ratings downgrade by AM Best at that time and was regarded as a niche player, seemed a contrarian decision at best. Jackson National Life Insurance was acquired by Prudential plc in 1986.

"I was reluctant even to take the interview which is funny, sitting here 22 and a half years later. I didn't see them as the right place career-wise. It wasn't until (then-Jackson chief executive) Bob Saltzman and I sat down, and I spent some time to see the talent coming together that I realised we could do something unique.''