Prudential posts capital ratio of 190 percent at end-June 2015
LONDON – British insurer Prudential Plc said on Tuesday its solvency capital ratio was 190 percent on June 30, 2015 under new European rules for insurers.
The company’s estimated Group Solvency II surplus at end-June, 2015 was 9.2 billion pounds ($13.11 billion), Prudential said in a statement ahead of an investor day.
Prudential also said it appointed John Foley as chief executive of Prudential UK & Europe and as an executive director on its board. He was appointed interim chief executive of the unit in October last year.
Prudential is the first British insurer to release details of its capital ratio under the Solvency II rules, which came into effect this month.
A ratio of 100 percent shows insurers have sufficient capital to cover underwriting, investment and operational risks. -Reuters