Prudential has confirmed chief executive Tidjane Thiam is to leave the company to join Credit Suisse later this year.
It made the announcement hours after Sky News reported that the head of the insurer's US business, Mike Wells, had already been picked to succeed Mr Thiam.
The company chose not to confirm that appointment in its statement.
It said: "Prudential plc today announces that Tidjane Thiam, group chief executive, has informed the Board of his intention to step down this year from his role as CEO and from the Board.
"Mr Thiam has agreed to join Credit Suisse as CEO".
At the same time, the Swiss-based financial services group confirmed its chief executive Brady Dougan was to go.
Prudential made its announcement just before it updated the City on its financial performance during 2014.
Operating profit rose 8% to £3.2bn though the strong pound diluted the figure by £167m.
The change of chief executive at the Pru will surprise the City, which has enthused over Mr Thiam's leadership of the business since its recovery from one of the most disastrous takeover attempts in recent British corporate history.
In 2010, the Pru attempted to buy AIA, a major Asian insurer, in a deal worth $35bn, but the deal was thwarted by objections from shareholders and regulators.
The defeat left Mr Thiam dismayed, and his sense of injustice was compounded when the then Financial Services Authority fined the company and censured him for failing to keep it properly informed about the AIA plans.
Since the aborted move for AIA, which triggered the departure of the Pru's chairman, Harvey McGrath, the company has rebuilt relations with shareholders and seen its value soar 186% during Mr Thiam's tenure amid strong performances across its business.
Mr Wells' appointment, if ratified by the Prudential Regulation Authority (PRA), will put him at the helm of a vast group with operations in the UK, US and Asia.
He would be the first American to run arguably the best-known of the major UK insurers, with a market capitalisation of almost £43bn.
Mr Wells would take over at a crucial time, with a new European regulatory framework and a rulebook imposed by the PRA to strengthen accountability among senior managers in the insurance sector.
Mr Wells is already a member of Prudential's board, which makes a decision by the PRA to reject his appointment as the group chief executive unlikely in the extreme.
He has held senior roles, lately as president and CEO of Jackson National Life Insurance, for 15 years.
Last year, Mr Wells was paid a total package of £11.7m, significantly more than that awarded to Mr Thiam.
The Pru's chairman, Paul Manduca, considered external candidates to replace Mr Thiam and other internal contenders are likely to have included Jackie Hunt, who runs the Pru in the UK and Europe, and Nic Nicandrou, the finance director.
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