Prudential improved pay to its best directors from £38m to £47m in 2013. Photograph: Bobby Yip/Reuters
Prudential paid £47m to its top 8 directors final 12 months – up sharply from the £38m paid to the best 6 executives in 2012.
Its US boss Mike Wells took residence a quarter of that – his £11.7m in cash and shares was up 60% from £7.3m the yr just before and topped the £8.7m for the all round boss, Tidjane Thiam, who received an 8% minimize.
Wells benefited from shares underneath 2 prolonged-term incentive strategies vesting in the exact same 12 months, the organization mentioned – one from the Prudential group and the other from the US organization Jackson Daily life, which the firm explained was a one particular-off.
He also obtained a greater bonus than Thiam, of £3.4m versus the chief executive’;s £2.1m – his bonus was also created up of 2 payments, a single for Jackson Lifestyle and the other for his part on the Prudential group board.
Michael McLintock, the chief executive of the company’;s M&G fund management arm, was the third-highest paid director final 12 months, receiving £6.5m in contrast with £5.5m in 2012.
Prudential’;s share price leapt 55% last 12 months as the insurer continued to broaden in Asia where it is enjoying double-digit growth. Operating revenue rose 17% to practically £3bn in 2013. Jackson Lifestyle contributed working income of £1.3bn, up 30%, whilst M&G delivered record working profits of £395m, up 23%.