Pru man ignores harassment allegations against President Shriti Vadera

Prudential CEO Anil Wadhwani says he is “not concerned” by bullying allegations made against chairwoman Shriti Vadera.

Vadera, a former senior Labour Party official, has been the subject of internal investigations over two allegations, the latest of which was revealed last month by the Mail.

But Wadhwani, speaking as Prudential revealed its half-year results, said: “It was investigated in accordance with our standard policies for such matters and the board was extremely comfortable with the outcome.

“We are not at all concerned. She has been president for many years and has a wealth of experience in her role. We are very pleased and very lucky to have her.”

Vadera faced one allegation in 2021, which was investigated by an independent prosecutor, Aileen McColgan. She was acquitted, but McColgan also investigated another allegation in 2022.

The allegations relate to a period two years ago during a reorganisation that included a management overhaul and the relocation of most staff to the Far East.

Vadera is understood to have “indicated that he could have handled a couple of elements of the situation differently.”

Prudential’s chairman is based in London, but Wadhwani, who has been CEO since early 2023, runs the company from Hong Kong. His comments were his first public statements on the issue.

Prudential, an insurance giant with historic roots in the U.K., where it once billed itself as “Pru’s man,” now focuses exclusively on Asia and Africa.

Yesterday’s results showed a 9 per cent rise in profits to £1.2bn, boosted by sales in Singapore.

But the slowdown in Hong Kong and China took its toll.

New business profits fell 3 per cent to £492 million in Hong Kong in the six months to June 30.

A joint venture in China suffered a 33 per cent drop in new business, to £87m.

The Pru said the figures compare with a period last year that benefited from a strong rebound thanks to the removal of Covid restrictions.

It also comes at a time when China’s economy is slowing amid fears over its property sector. Wadhwani said: “We think we have started to turn a corner in China.”

He pointed to opportunities offered by China’s ageing population and rising demand for insurance protection. The shares fell 0.7 percent, or 4.8 pence, to 657.6 pence.