(Bloomberg) -- Prudential Plc, Britain’s largest insurer, has named Mike Wells as chief executive officer, succeeding Tidjane Thiam, who was appointed CEO at Credit Suisse Group AG.

Wells, who has been head of London-based Prudential’s Jackson National Life U.S. unit since 2010, will replace Thiam on June 1, the company said in a statement on Friday. He has worked in lifeinsurance, retirement services and asset management for almost three decades, according to Prudential.

Wells joined Jackson in 1995 in the marketing and distribution arm and helped develop the firm’s first variable annuity products. Since he was promoted to CEO, the company has grown to become the largest seller of variable annuities in the U.S., surpassing companies such as MetLife Inc., according to data from trade group Limra.

The shares fell 0.7 percent to 1,617 pence at 11:52 a.m. in London. They have increased about 8.4 percent this year.

Prudential Plc has no relation to Newark, New Jersey-based Prudential Financial Inc.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access