Investors had criticised Mr Bloomer

The Pru said it had appointed HBOS finance chief Mark Tucker to replace Mr Bloomer, who will leave on 5 May.

Mr Bloomer had been criticised by investors last year after the group failed to sell its majority stake in online bank Egg.

He was also attacked for surprising the market with a �1bn rights issue to fund expansion and meet EU funding rules.

Investors are also thought to still be unhappy at the company's decision to cut its dividend by 40% in 2003. The firm abandoned its pledge to grow dividends in order to give it "financial flexibility".

Following the announcement of Mr Bloomer's departure, Prudential shares closed nearly 5% higher at 501.5 pence, while Egg shares climbed 6.7% to close at 114.5 pence.

'Disappointed'

The Pru said its decision was not the result of pressure from investors, but instead reflected "long-term succession" issues.

Mr Bloomer said he was "extremely disappointed with the board's decision".

[Mark Tucker is] widely respected in the industry and across the financial community David Clementi, Prudential chairman Prudential's share price Egg's share price

"We have had to manage the company through difficult times and not everything has made us popular," he said.

"But my job has been to lead a transformation and Prudential is now set fair to deliver further substantial growth and returns."

The move came only a few weeks after Prudential had delivered a strong set of results. Annual profits jumped 39% to �1.12bn, and the firm said UK sales were set to rise by 10% this year, compared with industry expectations of 5%.

Final details of Mr Bloomer's pay-off package have yet to be agreed, but reports have suggested he could be in line for a compensation package of more than �1m.

Broad experience

Analysts welcomed the move, saying Mr Tucker had proved his worth by spearheading Prudential's Asian expansion during his time as chief executive of its Asian division between 1993 and 2003.

"The fact that he knows that business well, but also has experience outside, is particularly attractive," said Paul Mumford, fund manager at Cavendish Asset Management.

Prudential said the replacement of Mr Bloomer did not signal any change in strategy, adding it remained committed to its businesses in the UK, Asia and America.

"[Mark Tucker is] widely respected in the industry and across the financial community," said Prudential chairman David Clementi.

"He has broad and relevant experience of the financial services market in our three key regions, supported by a track record of success in growing profitable businesses for Prudential."

Mr Clementi declined to comment on whether the group would make another attempt to sell off Egg.

Separately, HBOS said its insurance and investment division head Phil Hodkinson would take over from Mr Tucker as group finance director.