Prudential taps ex-HSBC veteran Douglas Flint as chairman

[LONDON] Prudential has appointed Douglas Flint as its next chairman, becoming the second Asia-focused insurer to recruit a high-profile financial heavyweight from HSBC Holdings for the role.

Flint, who was chairman of HSBC until 2017, will replace Shriti Vadera and will join the board in March, subject to regulatory approval, according to a statement on Wednesday (Jan 14). He will also join the nomination & governance and remuneration committees.

“He brings extensive experience leading global financial institutions, alongside deep experience in Asia, and is ideally positioned to lead the next stage of the group’s development,” said Jeremy Anderson, senior independent director.

Flint, 70, whose other stints include chair of Aberdeen Group, becomes the second former HSBC chairman to oversee an Asia-focused insurer.

Mark Tucker recently took on the chairmanship of AIA Group, the Hong Kong-based insurance group that he once ran as chief executive officer.

Prudential offers life and health insurance and asset management services in Asia and Africa. The company said this month that it will start a fresh share buyback of up to US$1.2 billion, as it looks to return excess capital to investors after listing an Indian unit in December. BLOOMBERG