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Prudential has kicked off the search for a successor to chair Baroness Shriti Vadera as the Asia-focused insurance group draws up a succession plan for the former government minister.
Vadera, a City veteran and former Labour business minister, became chair of Prudential in 2021 and can serve in the role until 2029 under the UK’s corporate governance code. Prudential’s move comes as the dual-listed group steps up efforts to compete with fast-growing Asian rival AIA. It has turned to Spencer Stuart, the recruiters, to hunt for Vadera’s eventual replacement.
Vadera was among City grandees approached for the role of chair at HSBC, which is also listed in London and Hong Kong, but has ruled herself out of the process, according to people familiar with the situation. The offer came as HSBC bank grapples with chair Sir Mark Tucker’s early departure to AIA.
Vadera, who is not expected to leave Prudential imminently, was chair of Santander UK until late 2020, having taken on the role in 2015.
She was previously a minister in the UK Labour government from 2007 to 2009 and was part of the team involved in the government’s response to the financial crisis. She has also advised investors including Singapore’s state investor Temasek, and worked in investment banking, holding roles at SG Warburg and UBS.
Following a restructuring in 2021 in which it dispensed with US and Europe operations, Prudential has focused on Asia and a growing market in Africa.
The insurer struggled to recover from zero-Covid policies that hit its core market in Hong Kong, cutting off the flow of business between the city and mainland China, which interrupted sales of insurance and savings products.
After China reopened its borders, Prudential reported a rise in new business profits — but falling Chinese government bond yields subsequently dented profits last year. Both Prudential and rival AIA delivered double-digit expansion in the value of new business sold in the first quarter of 2025.
“Prudential has been long overdue a re-rating,” Jefferies analyst Philip Kett said in a May note, adding that a recent rally in its share price could reflect “the long hoped for closing of the gap with AIA”.
Prudential’s shares had been among “the most material beneficiaries of the improving sentiment towards China (and Asia generally)”, Kett added.
Tucker will step down from his role at HSBC in September, the bank said. He previously served as chief executive of AIA, which was spun out of US insurer AIG, from 2010 to 2017.
Prudential, Vadera and Spencer Stuart declined to comment. HSBC did not respond to a request seeking comment.
Additional reporting by Ortenca Aliaj in London
This article has been updated to clarify that Baroness Shriti Vadera can serve as chair until 2029, as she joined Prudential’s board in 2020