Financial services company Prudential sells a range of investments, personal banking insurance, pensions and institutional investments and fund management. It includes the M&G Investments as well as Prudential products, and currently has 21 million customers globally and £238 billion funds under management. At the beginning of the year it finally sold off its loss making online business to Citigroup for £575m.
In its last annual report the company said it would be continuing its consolidation programme for its technology infrastructure, and developing a single customer desktop, which will be launched some time this year.
In March it announced that it might pursue a larger scale outsourcing and offshoring programme, as it looks to cut £80m costs from its back-office administration of its Life and Pensions business.
PruTech, which delivers IT services across the organisation has been supporting more than 20 legacy IT systems, which it is consolidating into single figures. In total the company aims to make £195m cuts to the UK operation. This move to cut costs and improve efficiencies comes after Prudential rejected advances from rival Aviva recently.
Group results for last year were good, with the company hitting the £1bn mark for new business profit for the first time, although its first quarter figures for this year saw UK sales
slump by 23 per cent.