According to the latest figures released by the company, the total pay package of the head of insurance company Prudential rose 65 per cent this year compared to the previous year.

Tidjane Thiam received £7.8m pay package for the year even as it was publically reprimanded by the FSA. Thiam received £2 million bonus on top of his £1 million salary as well as£4.4 million as part of the company's long term incentive plan. The total package increased 65 per cent from the previous year, according to the figures published in the company's annual report.

Prudential said that it has paid £35 million to its seven executive directors than the previous year and £4 million more than a year earlier. The Financial Services Authority (FSA) has reprimanded Thiam for failing to inform the regulator about the country's $35.5 billion bid for Asian rival AIA.

The FSA has also fined Prudential £30 million as it "failed to deal with the FSA in an open and co-operative manner."

Tracey McDermott, the FSA's director of enforcement and financial crime, said, "Prudential, led by Thiam as CEO, failed to give due consideration to its obligation to inform the FSA of this transaction, which would have had a huge impact on the group had it gone through. That was a serious error of judgment for which Prudential is paying the price."