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The Actuary The magazine of the Institute & Faculty of Actuaries

Prudential outsources

Capita has secured a £100m, ten-year business process outsourcing (BPO) contract with life and pensions giant Prudential and St James’s Place International, one of Prudential’s customers. The contract is a significant boost for Capita after a slowdown in its win rate following a strong start to the year.

Under the terms of the deal, Capita will buy the share capital and assets of Prudential’s Dublin-based services company, Prudential Europe Management Services, for an undisclosed amount and will take on the end-to-end life and pension policy administration services provided by Prudential Europe.

Capita expects to generate revenues of £17m from the contract in its first year and will employ 260 Prudential staff as part of the deal.