As filed with the Securities and Exchange Commission on July 11, 2005
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange Act of 1934
Prudential Public Limited Company
Laurence Pountney Hill, London EC4R 0HH, England
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
|
Form 20-F ý |
|
Form 40-F o |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
|
Yes o |
|
No ý |
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
The following is hereby incorporated by reference, in its entirety, in Prudential plc’ s registration statement on Form F-3 (file number 333-117208).
• Good start to the year across all businesses.
All comparisons in the narrative below are quoted at constant exchange rates (CER). The use of CER is explained in note 1a to the schedules.
Prudential’s Group Finance Director, Philip Broadley, commented:
“This is a strong start to the year, continuing the momentum built across the Group in 2004 with good performances from all our businesses.
Double digit sales growth for Prudential UK & Europe included strong sales of unit-linked bonds and annuities. The partnerships channel saw significant year-on-year growth and this will be enhanced by further distribution opportunities with St James’s Place, Barclays and National Australia Bank.
In the US, Jackson National Life’s (JNL) total quarterly sales of variable annuities exceeded $1 billion for the first time.
In Asia, both Korea and India recorded their highest quarterly sales and sales in Malaysia increased significantly. In China we were pleased to announce three new city licences during the quarter.
M&G reported gross inflows of £2.1billion, nearly three times higher than the first quarter of 2004.
We maintain the positive outlook set out in our preliminary results announcement on March 2, 2005. Our businesses across all regions continue to perform strongly and are well positioned to take advantage of the opportunities in their respective markets.”
UK and Europe Insurance Operations
Sales for Prudential UK and Europe were up on the first quarter of 2004. This principally reflected strong growth in sales of unit-linked bonds and annuities.
Sales out-performed the first quarter of last year in each distribution channel: Direct to Customer; Business to Business (B2B); Intermediaries; and Partnerships.
Prudential UK is a market leader in annuities. Sales of individual annuities were up on the first quarter of 2004 due to increased sales through most distribution channels. Bulk annuities were up on 2004 due to 16 scheme wins.
Sales of unit-linked products increased significantly in 2004 and this trend continued into 2005. This increase more than offset the decline in sales of with-profits products from the levels seen in the first quarter of 2004. However, Prudential believes that with-profits continues to be an attractive investment for policyholders when provided by a financially strong and well-managed fund. Our with-profits fund has delivered a total pre-tax return of 20.7 per cent over the last five years while the FTSE 100 fell by 20 per cent. This enabled Prudential UK to maintain annual bonuses and increase policy values for nearly all its 5.5 million with-profits policyholders in 2005.
Prudential re-entered the critical illness protection market with guaranteed rates in March 2005. Earlier this month it launched both on-line and telephone underwriting across its range of protection products, which will substantially reduce the processing time for new business for Independent Financial Advisers (IFAs). Credit Life sales remained strong.
In October 2004 we launched PruHealth, an innovative UK healthcare product that links health and fitness to the cost of medical insurance. As PruHealth is not a life insurance product, its premium income is not reported as new business sales; for the first quarter of 2005, the gross written premiums
2
were £1 million. Support for PruHealth is strong in the IFA channel and its rate of growth is accelerating.
Further enhancements to sales processes and greater use of work-site marketing contributed to an increase in B2B corporate pensions on the first quarter of 2004. DWP rebates decreased on 2004 as customers have been encouraged to consider contracting back into the second state pension.
Sales through the partnerships channel have increased year-on-year as more business was written through new agreements. A further agreement was signed with St. James’s Place in January (for the sale of annuities) and in March, Barclays announced its intention to appoint Prudential UK as one of its nominated multi-tie product providers. Yesterday, Prudential announced an agreement with National Australia Bank (NAB) under which NAB will sell Prudential’s annuity products (on an exclusive basis) and healthcare products through their Clydesdale and Yorkshire Bank networks.
Prudential UK has continued to make good progress with multi-tie networks. In the first quarter of 2005, it was appointed to the Burns Anderson regulated multi-tie panel and by Tenet to work on the design of its multi-tie proposition.
Prudential UK has made an encouraging start in 2005. Its new business growth exceeded our expected growth rate for the year.
Sales for the first quarter were up on the first quarter of 2004. Total quarterly sales of variable annuities exceeded $1 billion for the first time. Total retail sales were in line with the first quarter of 2004. Institutional sales were higher than the same period last year.
Total sales of variable annuities exceeded $1 billion, with particularly strong sales in March of over $400 million (establishing a monthly sales record). JNL remains a top-10 player in the variable annuity market. Its variable annuity assets grew 36 per cent in 2004 compared with industry growth of 12 per cent. The rate of take-up of the fixed account option for this product was 28 per cent, compared with 25 per cent in the first quarter of 2004.
Sales of fixed annuities were down on the first quarter of 2004, reflecting the flattened yield curve, which has made rates on short-term certificates of deposits (CDs) more attractive to customers.
Fixed index annuities sales were up on the first quarter of 2004, reflecting customers’ increasing preference for fixed products with the potential for higher returns linked to equity index performance.
Sales of life products increased in the first quarter of 2005. JNL’s continued focus on developing its life business through the creation of a dedicated distribution team in 2003 has helped generate a significant increase in life sales. The company also entered the variable universal life market in March 2004 and introduced its second VUL product in January 2005.
Curian Capital, which provides innovative fee-based separately managed accounts, had deposits of £117 million, up 24 per cent over the first quarter of 2004. In its first full two years of operation, Curian has accumulated US$1,213 million (£642 million) of funds under management.
Sales of institutional products were up on the first quarter of 2004 reflecting favourable market conditions in this sector. In general, the market is more active in the first quarter as companies begin to address their funding needs for the year. In addition, there was a brief window in the first quarter of 2005 during which spreads were attractive and we were able to opportunistically place business.
Performance in the first quarter was in line with our expectations for the year. We expect the US market to grow at about 4 per cent in 2005 and JNL to grow sales at around twice this rate as current conditions continue to favour companies which have a range of variable and fixed annuity product offerings, a relationship-based distribution model and award-winning service.
3
Prudential Corporation Asia
Prudential’s Asian operations continue to show solid new business growth overall and reflect our focus on building a profitable and sustainable business. Sales were up over the same period last year.
Both Korea and India achieved very strong results in the first quarter with record quarterly sales. In Korea this reflects the continuing popularity of the Variable Universal Life product and the development of the tied and general agency channels that are compensating for increased competition in the direct channel. In India growth reflects the ongoing building of scale in the operation as agent numbers grow and geographic coverage increases.
In the more established markets, Malaysia had a very good first quarter with sales up on the same quarter last year, reflecting successful sales and productivity programmes. Taiwan sales were down on the first quarter of 2004 as we focus on quality new business rather than pursuing volume. Its proportion of unit-linked business increased from 47 per cent in the first quarter of 2004 to 54 per cent in the first quarter of 2005. Singapore sales grew due to regular premium business growing, reflecting our market leading position in this more profitable sector of the market. Hong Kong sales grew, driven by continuing growth from the bancassurance distribution channel.
In China our geographic expansion is progressing and sales were up over the first quarter of 2004. Prudential’s joint venture with China International Trust and Investment Corporation (CITIC) is the country’s leading joint venture in terms of sales and we now have seven city licences, including three announced during the quarter in Foshan, Dongguan and Wuhan, as well as a group life insurance licence.
In Japan, sales were slow as our focus remains on strengthening our bancassurance and Financial Advisory model. Indonesia sales were in line with the first quarter in 2004, as it continues the steady rebuilding of momentum following the bankruptcy claim that affected the business for part of last year. Sales of Prudential Corporation Asia’s ‘Other’ operations primarily reflected sales in Vietnam where industry growth has softened over the last year following the initial growth since the liberalisation of the market.
Total investment product funds under management are £8.1 billion, up 13 per cent on 2004. Net investment product inflows were £209 million, down 31 per cent on the same quarter in 2004. Strong net inflows in Japan of £365 million, and in Korea of £314 million were partially offset by net outflows in Taiwan of £163 million where industry-wide concerns over the liquidity of some bond funds have unsettled the market. In India, net outflows of £231 million reflect anticipated end of year tax planning by many unit holders.
We are confident of our ability to grow strongly and profitably in Asia: the opportunities in our newer markets, coupled with the strength of our larger operations, should enable us to accelerate our level of sales growth in 2005.
M&G
M&G has made a strong start to the year with overall gross fund inflows in the quarter of £2.1 billion, nearly three times greater than the previous year. Overall net fund inflows were £1.3 billion, a significant improvement on the first quarter of last year when there were net outflows of £886 million.
Gross fund inflows within M&G’s retail businesses more than doubled to £801 million, resulting in net fund inflows of £220 million against a small net outflow last year. This improvement was due to increased equity and property sales in the UK and strong growth from its international businesses.
M&G’s institutional businesses delivered gross fund inflows of £1.3 billion, boosted by a one-off contribution of £967 million from Prudential Property Investment Managers (PruPIM). This related to the transfer of 50% of Prudential’s economic interests in three UK shopping centres into new external vehicles which PruPIM will continue to manage. Net inflows of £1.0 billion compare to net outflows of £879 million last year when the figures reflected a single large segregated withdrawal following a change of strategy by the client.
4
Egg
Egg announced its first quarter 2005 results on April 27, 2005.
Prudential plc, a company incorporated and with its principal place of business in the United Kingdom, and its affiliated companies constitute one of the world’s leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 150 years and has £187 billion in assets under management, as at December 31, 2004. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
Forward-Looking Statements
This statement may contain certain “forward-looking statements” with respect to certain of Prudential’s plans and its current goals and expectations relating to its future financial condition, performance, results, strategy and objectives. Statements containing the words “believes”, “intends”, “expects”, “plans”, “seeks” and “anticipates”, and words of similar meaning, are forward-looking. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Prudential’s control including among other things, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, and the performance of financial markets generally; the policies and actions of regulatory authorities, the impact of competition, inflation, and deflation; experience in particular with regard to mortality and morbidity trends, lapse rates and policy renewal rates; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; and the impact of changes in capital, solvency or accounting standards, and tax and other legislation and regulations in the jurisdictions in which Prudential and its affiliates operate. This may for example result in changes to assumptions used for determining results of operations or re-estimations of reserves for future policy benefits. As a result, Prudential’s actual future financial condition, performance and results may differ materially from the plans, goals, and expectations set forth in Prudential’s forward-looking statements. Prudential undertakes no obligation to update the forward-looking statements contained in this statement or any other forward-looking statements it may make.
5
Schedule 1A - Constant Exchange Rates
PRUDENTIAL PLC - NEW BUSINESS - QUARTER 1 2005
TOTAL INSURANCE AND INVESTMENT NEW BUSINESS
|
|
|
UK & Europe |
|
US (1a) |
|
Asia (1a) |
|
Total |
|
||||||||||||||||
|
|
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Insurance Products |
|
1,713 |
|
1,481 |
|
16 |
% |
1,256 |
|
1,157 |
|
9 |
% |
278 |
|
264 |
|
5 |
% |
3,247 |
|
2,902 |
|
12 |
% |
|
Total Investment Products - Gross Inflows (2) |
|
2,092 |
|
722 |
|
190 |
% |
— |
|
— |
|
— |
|
4,635 |
|
5,046 |
|
(8 |
)% |
6,727 |
|
5,768 |
|
17 |
% |
|
Group Total |
|
3,805 |
|
2,203 |
|
73 |
% |
1,256 |
|
1,157 |
|
9 |
% |
4,913 |
|
5,310 |
|
(7 |
)% |
9,974 |
|
8,670 |
|
15 |
% |
INSURANCE OPERATIONS
|
|
|
Single |
|
Regular |
|
Total |
|
|
|
|
|
|
|
||||||||||||
|
|
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
|
|
|
|
|
|
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK Insurance Operations : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct to Customer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individual Pensions |
|
4 |
|
3 |
|
33 |
% |
2 |
|
2 |
|
0 |
% |
6 |
|
5 |
|
20 |
% |
|
|
|
|
|
|
|
Life - With Profit Bond |
|
2 |
|
3 |
|
(33 |
)% |
— |
|
— |
|
— |
|
2 |
|
3 |
|
(33 |
)% |
|
|
|
|
|
|
|
Life - Other |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
Individual Annuities |
|
167 |
|
151 |
|
11 |
% |
— |
|
— |
|
— |
|
167 |
|
151 |
|
11 |
% |
|
|
|
|
|
|
|
Sub-Total |
|
173 |
|
157 |
|
10 |
% |
2 |
|
2 |
|
0 |
% |
175 |
|
159 |
|
10 |
% |
|
|
|
|
|
|
|
DWP Rebates |
|
234 |
|
252 |
|
(7 |
)% |
— |
|
— |
|
— |
|
234 |
|
252 |
|
(7 |
)% |
|
|
|
|
|
|
|
Total |
|
407 |
|
409 |
|
(0 |
)% |
2 |
|
2 |
|
0 |
% |
409 |
|
411 |
|
(0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business to Business: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Pensions |
|
56 |
|
40 |
|
40 |
% |
31 |
|
31 |
|
0 |
% |
87 |
|
71 |
|
23 |
% |
|
|
|
|
|
|
|
Individual Annuities |
|
49 |
|
48 |
|
2 |
% |
— |
|
— |
|
— |
|
49 |
|
48 |
|
2 |
% |
|
|
|
|
|
|
|
Bulk Annuities |
|
215 |
|
139 |
|
55 |
% |
— |
|
— |
|
— |
|
215 |
|
139 |
|
55 |
% |
|
|
|
|
|
|
|
Total |
|
320 |
|
227 |
|
41 |
% |
31 |
|
31 |
|
0 |
% |
351 |
|
258 |
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediated Distribution : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individual Pensions |
|
21 |
|
16 |
|
31 |
% |
5 |
|
5 |
|
0 |
% |
26 |
|
21 |
|
24 |
% |
|
|
|
|
|
|
|
Corporate Pensions |
|
10 |
|
65 |
|
(85 |
)% |
2 |
|
2 |
|
0 |
% |
12 |
|
67 |
|
(82 |
)% |
|
|
|
|
|
|
|
Life - With Profit Bond |
|
33 |
|
54 |
|
(39 |
)% |
— |
|
— |
|
— |
|
33 |
|
54 |
|
(39 |
)% |
|
|
|
|
|
|
|
Life - Other Bond |
|
226 |
|
142 |
|
59 |
% |
— |
|
— |
|
— |
|
226 |
|
142 |
|
59 |
% |
|
|
|
|
|
|
|
Life - Other |
|
— |
|
— |
|
— |
|
1 |
|
1 |
|
0 |
% |
1 |
|
1 |
|
0 |
% |
|
|
|
|
|
|
|
Individual Annuities |
|
269 |
|
228 |
|
18 |
% |
— |
|
— |
|
— |
|
269 |
|
228 |
|
18 |
% |
|
|
|
|
|
|
|
Sub-Total |
|
559 |
|
505 |
|
11 |
% |
8 |
|
8 |
|
0 |
% |
567 |
|
513 |
|
11 |
% |
|
|
|
|
|
|
|
DWP Rebates |
|
80 |
|
92 |
|
(13 |
)% |
— |
|
— |
|
— |
|
80 |
|
92 |
|
(13 |
)% |
|
|
|
|
|
|
|
Total |
|
639 |
|
597 |
|
7 |
% |
8 |
|
8 |
|
0 |
% |
647 |
|
605 |
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Partnerships : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life - With Profit Bond |
|
— |
|
1 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
1 |
|
— |
|
|
|
|
|
|
|
|
Life - Other |
|
198 |
|
164 |
|
21 |
% |
— |
|
— |
|
— |
|
198 |
|
164 |
|
21 |
% |
|
|
|
|
|
|
|
Individual Annuities |
|
44 |
|
23 |
|
91 |
% |
— |
|
— |
|
— |
|
44 |
|
23 |
|
91 |
% |
|
|
|
|
|
|
|
Bulk Annuities |
|
25 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
25 |
|
— |
|
— |
|
|
|
|
|
|
|
|
Total |
|
267 |
|
188 |
|
42 |
% |
— |
|
— |
|
— |
|
267 |
|
188 |
|
42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individual Pensions |
|
25 |
|
19 |
|
32 |
% |
7 |
|
7 |
|
0 |
% |
32 |
|
26 |
|
23 |
% |
|
|
|
|
|
|
|
Corporate Pensions |
|
66 |
|
105 |
|
(37 |
)% |
33 |
|
33 |
|
0 |
% |
99 |
|
138 |
|
(28 |
)% |
|
|
|
|
|
|
|
Life - With Profit Bond |
|
35 |
|
58 |
|
(40 |
)% |
— |
|
— |
|
— |
|
35 |
|
58 |
|
(40 |
)% |
|
|
|
|
|
|
|
Life - Other Bond |
|
226 |
|
142 |
|
59 |
% |
— |
|
— |
|
— |
|
226 |
|
142 |
|
59 |
% |
|
|
|
|
|
|
|
Life - Other |
|
198 |
|
164 |
|
21 |
% |
1 |
|
1 |
|
0 |
% |
199 |
|
165 |
|
21 |
% |
|
|
|
|
|
|
|
Individual Annuities |
|
529 |
|
450 |
|
18 |
% |
— |
|
— |
|
— |
|
529 |
|
450 |
|
18 |
% |
|
|
|
|
|
|
|
Bulk Annuities |
|
240 |
|
139 |
|
73 |
% |
— |
|
— |
|
— |
|
240 |
|
139 |
|
73 |
% |
|
|
|
|
|
|
|
Sub-Total |
|
1,319 |
|
1,077 |
|
22 |
% |
41 |
|
41 |
|
0 |
% |
1,360 |
|
1,118 |
|
22 |
% |
|
|
|
|
|
|
|
DWP Rebates |
|
314 |
|
344 |
|
(9 |
)% |
— |
|
— |
|
— |
|
314 |
|
344 |
|
(9 |
)% |
|
|
|
|
|
|
|
Total UK Insurance Operations |
|
1,633 |
|
1,421 |
|
15 |
% |
41 |
|
41 |
|
0 |
% |
1,674 |
|
1,462 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
European Insurance Operations : (1a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance Products |
|
39 |
|
19 |
|
105 |
% |
— |
|
— |
|
— |
|
39 |
|
19 |
|
105 |
% |
|
|
|
|
|
|
|
Total European Insurance Operations |
|
39 |
|
19 |
|
105 |
% |
— |
|
— |
|
— |
|
39 |
|
19 |
|
105 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total UK & European Insurance Operations |
|
1,672 |
|
1,440 |
|
16 |
% |
41 |
|
41 |
|
0 |
% |
1,713 |
|
1,481 |
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Annuities |
|
165 |
|
323 |
|
(49 |
)% |
— |
|
— |
|
— |
|
165 |
|
323 |
|
(49 |
)% |
|
|
|
|
|
|
|
Fixed Index Annuities |
|
127 |
|
69 |
|
84 |
% |
— |
|
— |
|
— |
|
127 |
|
69 |
|
84 |
% |
|
|
|
|
|
|
|
Variable Annuities |
|
548 |
|
460 |
|
19 |
% |
— |
|
— |
|
— |
|
548 |
|
460 |
|
19 |
% |
|
|
|
|
|
|
|
Life |
|
4 |
|
1 |
|
300 |
% |
2 |
|
2 |
|
0 |
% |
6 |
|
3 |
|
100 |
% |
|
|
|
|
|
|
|
Sub-Total Retail |
|
844 |
|
853 |
|
(1 |
)% |
2 |
|
2 |
|
0 |
% |
846 |
|
855 |
|
(1 |
)% |
|
|
|
|
|
|
|
Guaranteed Investment Contracts |
|
50 |
|
18 |
|
178 |
% |
— |
|
— |
|
— |
|
50 |
|
18 |
|
178 |
% |
|
|
|
|
|
|
|
GIC - Medium Term Note |
|
360 |
|
284 |
|
27 |
% |
— |
|
— |
|
— |
|
360 |
|
284 |
|
27 |
% |
|
|
|
|
|
|
|
Total US Insurance Operations |
|
1,254 |
|
1,155 |
|
9 |
% |
2 |
|
2 |
|
0 |
% |
1,256 |
|
1,157 |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asian
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China |
|
1 |
|
3 |
|
(67 |
)% |
4 |
|
3 |
|
33 |
% |
5 |
|
6 |
|
(17 |
)% |
|
|
|
|
|
|
|
Hong Kong |
|
52 |
|
50 |
|
4 |
% |
17 |
|
16 |
|
6 |
% |
69 |
|
66 |
|
5 |
% |
|
|
|
|
|
|
|
India (@26%) (6) |
|
1 |
|
1 |
|
0 |
% |
18 |
|
11 |
|
64 |
% |
19 |
|
12 |
|
58 |
% |
|
|
|
|
|
|
|
Indonesia |
|
15 |
|
12 |
|
25 |
% |
7 |
|
8 |
|
(13 |
)% |
22 |
|
20 |
|
10 |
% |
|
|
|
|
|
|
|
Japan |
|
5 |
|
3 |
|
67 |
% |
1 |
|
2 |
|
(50 |
)% |
6 |
|
5 |
|
20 |
% |
|
|
|
|
|
|
|
Korea |
|
4 |
|
20 |
|
(80 |
)% |
27 |
|
14 |
|
93 |
% |
31 |
|
34 |
|
(9 |
)% |
|
|
|
|
|
|
|
Malaysia |
|
2 |
|
2 |
|
0 |
% |
12 |
|
8 |
|
50 |
% |
14 |
|
10 |
|
40 |
% |
|
|
|
|
|
|
|
Singapore |
|
45 |
|
50 |
|
(10 |
)% |
11 |
|
10 |
|
10 |
% |
56 |
|
60 |
|
(7 |
)% |
|
|
|
|
|
|
|
Taiwan |
|
24 |
|
10 |
|
140 |
% |
22 |
|
31 |
|
(29 |
)% |
46 |
|
41 |
|
12 |
% |
|
|
|
|
|
|
|
Other (4) |
|
2 |
|
2 |
|
0 |
% |
8 |
|
8 |
|
0 |
% |
10 |
|
10 |
|
0 |
% |
|
|
|
|
|
|
|
Total Asian Insurance Operations |
|
151 |
|
153 |
|
(1 |
)% |
127 |
|
111 |
|
14 |
% |
278 |
|
264 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group Total |
|
3,077 |
|
2,748 |
|
12 |
% |
170 |
|
154 |
|
10 |
% |
3,247 |
|
2,902 |
|
12 |
% |
|
|
|
|
|
|
6
Schedule 1B - Actual Exchange Rates
PRUDENTIAL PLC - NEW BUSINESS - QUARTER 1 2005
TOTAL INSURANCE AND INVESTMENT NEW BUSINESS
|
|
|
UK & Europe |
|
US (1b) |
|
Asia (1b) |
|
Total |
|
||||||||||||||||
|
|
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
2005 Q1 YTD |
|
2004 Q1 |
|
+/- (%) |
|
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Insurance Products |
|
1,713 |
|
1,481 |
|
16 |
% |
1,256 |
|
1,190 |
|
6 |
% |
278 |
|
264 |
|
5 |
% |
3,247 |
|
2,935 |
|
11 |
% |
|
Total Investment Products - Gross Inflows (2) |
|
2,092 |
|
722 |
|
190 |
% |
— |
|
— |
|
— |
|
4,635 |
|
4,909 |
|
(6 |
)% |
6,727 |
|
5,631 |
|
19 |
% |
|
Group Total |
|
3,805 |
|
2,203 |
|
73 |
% |
1,256 |
|
1,190 |
|
6 |
% |
4,913 |
|
5,173 |
|
(5 |
)% |
9,974 |
|
8,566 |
|
16 |
% |
INSURANCE OPERATIONS
|
|
|
Single |
|
Regular |
|
Total |
|
|
|
|
|
|
|
||||||||||||
|
|
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
|
|
||||
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK Insurance Operations : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct to Customer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individual Pensions |
|
4 |
|
3 |
|
33 |
% |
2 |
|
2 |
|
0 |
% |
6 |
|
5 |
|
20 |
% |
|
|
|
|
|
|
|
Life - With Profit Bond |
|
2 |
|
3 |
|
(33 |
)% |
— |
|
— |
|
— |
|
2 |
|
3 |
|
(33 |
)% |
|
|
|
|
|
|
|
Life - Other |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
Individual Annuities |
|
167 |
|
151 |
|
11 |
% |
— |
|
— |
|
— |
|
167 |
|
151 |
|
11 |
% |
|
|
|
|
|
|
|
Sub-Total |
|
173 |
|
157 |
|
10 |
% |
2 |
|
2 |
|
0 |
% |
175 |
|
159 |
|
10 |
% |
|
|
|
|
|
|
|
DWP Rebates |
|
234 |
|
252 |
|
(7 |
)% |
— |
|
— |
|
— |
|
234 |
|
252 |
|
(7 |
)% |
|
|
|
|
|
|
|
Total |
|
407 |
|
409 |
|
(0 |
)% |
2 |
|
2 |
|
0 |
% |
409 |
|
411 |
|
(0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business to Business: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Pensions |
|
56 |
|
40 |
|
40 |
% |
31 |
|
31 |
|
0 |
% |
87 |
|
71 |
|
23 |
% |
|
|
|
|
|
|
|
Individual Annuities |
|
49 |
|
48 |
|
2 |
% |
— |
|
— |
|
— |
|
49 |
|
48 |
|
2 |
% |
|
|
|
|
|
|
|
Bulk Annuities |
|
215 |
|
139 |
|
55 |
% |
— |
|
— |
|
— |
|
215 |
|
139 |
|
55 |
% |
|
|
|
|
|
|
|
Total |
|
320 |
|
227 |
|
41 |
% |
31 |
|
31 |
|
0 |
% |
351 |
|
258 |
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediated Distribution : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individual Pensions |
|
21 |
|
16 |
|
31 |
% |
5 |
|
5 |
|
0 |
% |
26 |
|
21 |
|
24 |
% |
|
|
|
|
|
|
|
Corporate Pensions |
|
10 |
|
65 |
|
(85 |
)% |
2 |
|
2 |
|
0 |
% |
12 |
|
67 |
|
(82 |
)% |
|
|
|
|
|
|
|
Life - With Profit Bond |
|
33 |
|
54 |
|
(39 |
)% |
— |
|
— |
|
— |
|
33 |
|
54 |
|
(39 |
)% |
|
|
|
|
|
|
|
Life - Other Bond |
|
226 |
|
142 |
|
59 |
% |
— |
|
— |
|
— |
|
226 |
|
142 |
|
59 |
% |
|
|
|
|
|
|
|
Life - Other |
|
— |
|
— |
|
— |
|
1 |
|
1 |
|
0 |
% |
1 |
|
1 |
|
0 |
% |
|
|
|
|
|
|
|
Individual Annuities |
|
269 |
|
228 |
|
18 |
% |
— |
|
— |
|
— |
|
269 |
|
228 |
|
18 |
% |
|
|
|
|
|
|
|
Sub-Total |
|
559 |
|
505 |
|
11 |
% |
8 |
|
8 |
|
0 |
% |
567 |
|
513 |
|
11 |
% |
|
|
|
|
|
|
|
DWP Rebates |
|
80 |
|
92 |
|
(13 |
)% |
— |
|
— |
|
— |
|
80 |
|
92 |
|
(13 |
)% |
|
|
|
|
|
|
|
Total |
|
639 |
|
597 |
|
7 |
% |
8 |
|
8 |
|
0 |
% |
647 |
|
605 |
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Partnerships : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life - With Profit Bond |
|
— |
|
1 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
1 |
|
— |
|
|
|
|
|
|
|
|
Life - Other |
|
198 |
|
164 |
|
21 |
% |
— |
|
— |
|
— |
|
198 |
|
164 |
|
21 |
% |
|
|
|
|
|
|
|
Individual Annuities |
|
44 |
|
23 |
|
91 |
% |
— |
|
— |
|
— |
|
44 |
|
23 |
|
91 |
% |
|
|
|
|
|
|
|
Bulk Annuities |
|
25 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
25 |
|
— |
|
— |
|
|
|
|
|
|
|
|
Total |
|
267 |
|
188 |
|
42 |
% |
— |
|
— |
|
— |
|
267 |
|
188 |
|
42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individual Pensions |
|
25 |
|
19 |
|
32 |
% |
7 |
|
7 |
|
0 |
% |
32 |
|
26 |
|
23 |
% |
|
|
|
|
|
|
|
Corporate Pensions |
|
66 |
|
105 |
|
(37 |
)% |
33 |
|
33 |
|
0 |
% |
99 |
|
138 |
|
(28 |
)% |
|
|
|
|
|
|
|
Life - With Profit Bond |
|
35 |
|
58 |
|
(40 |
)% |
— |
|
— |
|
— |
|
35 |
|
58 |
|
(40 |
)% |
|
|
|
|
|
|
|
Life - Other Bond |
|
226 |
|
142 |
|
59 |
% |
— |
|
— |
|
— |
|
226 |
|
142 |
|
59 |
% |
|
|
|
|
|
|
|
Life - Other |
|
198 |
|
164 |
|
21 |
% |
1 |
|
1 |
|
0 |
% |
199 |
|
165 |
|
21 |
% |
|
|
|
|
|
|
|
Individual Annuities |
|
529 |
|
450 |
|
18 |
% |
— |
|
— |
|
— |
|
529 |
|
450 |
|
18 |
% |
|
|
|
|
|
|
|
Bulk Annuities |
|
240 |
|
139 |
|
73 |
% |
— |
|
— |
|
— |
|
240 |
|
139 |
|
73 |
% |
|
|
|
|
|
|
|
Sub-Total |
|
1,319 |
|
1,077 |
|
22 |
% |
41 |
|
41 |
|
0 |
% |
1,360 |
|
1,118 |
|
22 |
% |
|
|
|
|
|
|
|
DWP Rebates |
|
314 |
|
344 |
|
(9 |
)% |
— |
|
— |
|
— |
|
314 |
|
344 |
|
(9 |
)% |
|
|
|
|
|
|
|
Total UK Insurance Operations |
|
1,633 |
|
1,421 |
|
15 |
% |
41 |
|
41 |
|
0 |
% |
1,674 |
|
1,462 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
European Insurance Operations : (1b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance Products |
|
39 |
|
19 |
|
105 |
% |
— |
|
— |
|
— |
|
39 |
|
19 |
|
105 |
% |
|
|
|
|
|
|
|
Total European Insurance Operations |
|
39 |
|
19 |
|
105 |
% |
— |
|
— |
|
— |
|
39 |
|
19 |
|
105 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total UK & European Insurance Operations |
|
1,672 |
|
1,440 |
|
16 |
% |
41 |
|
41 |
|
0 |
% |
1,713 |
|
1,481 |
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Insurance Operations : (1b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Annuities |
|
165 |
|
332 |
|
(50 |
)% |
— |
|
— |
|
— |
|
165 |
|
332 |
|
(50 |
)% |
|
|
|
|
|
|
|
Fixed Index Annuities |
|
127 |
|
71 |
|
79 |
% |
— |
|
— |
|
— |
|
127 |
|
71 |
|
79 |
% |
|
|
|
|
|
|
|
Variable Annuities |
|
548 |
|
473 |
|
16 |
% |
— |
|
— |
|
— |
|
548 |
|
473 |
|
16 |
% |
|
|
|
|
|
|
|
Life |
|
4 |
|
1 |
|
300 |
% |
2 |
|
2 |
|
0 |
% |
6 |
|
3 |
|
100 |
% |
|
|
|
|
|
|
|
Sub-Total Retail |
|
844 |
|
877 |
|
(4 |
)% |
2 |
|
2 |
|
0 |
% |
846 |
|
879 |
|
(4 |
)% |
|
|
|
|
|
|
|
Guaranteed Investment Contracts |
|
50 |
|
19 |
|
163 |
% |
— |
|
— |
|
— |
|
50 |
|
19 |
|
163 |
% |
|
|
|
|
|
|
|
GIC - Medium Term Note |
|
360 |
|
292 |
|
23 |
% |
— |
|
— |
|
— |
|
360 |
|
292 |
|
23 |
% |
|
|
|
|
|
|
|
Total US Insurance Operations |
|
1,254 |
|
1,188 |
|
6 |
% |
2 |
|
2 |
|
0 |
% |
1,256 |
|
1,190 |
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asian Insurance Operations : (1b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China |
|
1 |
|
3 |
|
(67 |
)% |
4 |
|
3 |
|
33 |
% |
5 |
|
6 |
|
(17 |
)% |
|
|
|
|
|
|
|
Hong Kong |
|
52 |
|
52 |
|
0 |
% |
17 |
|
16 |
|
6 |
% |
69 |
|
68 |
|
1 |
% |
|
|
|
|
|
|
|
India (@26%) (6) |
|
1 |
|
1 |
|
0 |
% |
18 |
|
11 |
|
64 |
% |
19 |
|
12 |
|
58 |
% |
|
|
|
|
|
|
|
Indonesia |
|
15 |
|
13 |
|
15 |
% |
7 |
|
9 |
|
(22 |
) |
22 |
|
22 |
|
0 |
% |
|
|
|
|
|
|
|
Japan |
|
5 |
|
3 |
|
67 |
% |
1 |
|
2 |
|
(50 |
)% |
6 |
|
5 |
|
20 |
% |
|
|
|
|
|
|
|
Korea |
|
4 |
|
18 |
|
(78 |
)% |
27 |
|
13 |
|
108 |
% |
31 |
|
31 |
|
0 |
% |
|
|
|
|
|
|
|
Malaysia |
|
2 |
|
2 |
|
0 |
% |
12 |
|
8 |
|
50 |
% |
14 |
|
10 |
|
40 |
% |
|
|
|
|
|
|
|
Singapore |
|
45 |
|
50 |
|
(10 |
)% |
11 |
|
10 |
|
10 |
% |
56 |
|
60 |
|
(7 |
)% |
|
|
|
|
|
|
|
Taiwan |
|
24 |
|
10 |
|
140 |
% |
22 |
|
30 |
|
(27 |
)% |
46 |
|
40 |
|
15 |
% |
|
|
|
|
|
|
|
Other (4) |
|
2 |
|
2 |
|
0 |
% |
8 |
|
8 |
|
0 |
% |
10 |
|
10 |
|
0 |
% |
|
|
|
|
|
|
|
Total Asian Insurance Operations |
|
151 |
|
154 |
|
(2 |
)% |
127 |
|
110 |
|
15 |
% |
278 |
|
264 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group Total |
|
3,077 |
|
2,782 |
|
11 |
% |
170 |
|
153 |
|
11 |
% |
3,247 |
|
2,935 |
|
11 |
% |
|
|
|
|
|
|
7
Schedule 2
PRUDENTIAL PLC - NEW BUSINESS - QUARTER 1 2005
INVESTMENT OPERATIONS
|
|
|
Opening |
|
Gross inflows |
|
Redemptions |
|
Net inflows |
|
Other |
|
Market
& |
|
Net |
|
|
|
Closing FUM |
|
|
|
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
|
|
£m |
|
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M&G |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
11,613 |
|
801 |
|
(581 |
) |
220 |
|
— |
|
33 |
|
253 |
|
|
|
11,866 |
|
|
Institutional(5) |
|
17,092 |
|
1,291 |
|
(251 |
) |
1,040 |
|
69 |
|
(6 |
) |
1,103 |
|
|
|
18,195 |
|
|
Total M&G |
|
28,705 |
|
2,092 |
|
(832 |
) |
1,260 |
|
69 |
|
27 |
|
1,356 |
|
|
|
30,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India |
|
2,144 |
|
2,699 |
|
(2,930 |
) |
(231 |
) |
(21 |
) |
47 |
|
(205 |
) |
|
|
1,939 |
|
|
Taiwan |
|
1,797 |
|
730 |
|
(893 |
) |
(163 |
) |
— |
|
50 |
|
(113 |
) |
|
|
1,684 |
|
|
Korea |
|
1,426 |
|
672 |
|
(358 |
) |
314 |
|
(19 |
) |
78 |
|
373 |
|
|
|
1,799 |
|
|
Japan |
|
1,638 |
|
430 |
|
(65 |
) |
365 |
|
— |
|
(71 |
) |
294 |
|
|
|
1,932 |
|
|
Other Mutual Fund Operations |
|
583 |
|
86 |
|
(174 |
) |
(88 |
) |
— |
|
(14 |
) |
(102 |
) |
|
|
481 |
|
|
Total Asian Mutual Fund Operations |
|
7,588 |
|
4,617 |
|
(4,420 |
) |
197 |
|
(40 |
) |
90 |
|
247 |
|
|
|
7,835 |
|
|
Hong Kong MPF Products (@36%) (6) |
|
244 |
|
18 |
|
(6 |
) |
12 |
|
— |
|
(1 |
) |
11 |
|
|
|
255 |
|
|
Total Asian Investment Operations |
|
7,832 |
|
4,635 |
|
(4,426 |
) |
209 |
|
(40 |
) |
89 |
|
258 |
|
|
|
8,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Products |
|
36,537 |
|
6,727 |
|
(5,258 |
) |
1,469 |
|
29 |
|
116 |
|
1,614 |
|
|
|
38,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening |
|
Gross inflows |
|
Redemptions |
|
Net inflows |
|
Other |
|
Market
& |
|
Net |
|
|
|
Closing FUM |
|
|
|
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
|
|
£m |
|
|
2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M&G |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
10,144 |
|
357 |
|
(364 |
) |
(7 |
) |
— |
|
100 |
|
93 |
|
|
|
10,237 |
|
|
Institutional(5) |
|
14,048 |
|
365 |
|
(1,244 |
) |
(879 |
) |
98 |
|
154 |
|
(627 |
) |
|
|
13,421 |
|
|
Total M&G |
|
24,192 |
|
722 |
|
(1,608 |
) |
(886 |
) |
98 |
|
254 |
|
(534 |
) |
|
|
23,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India |
|
2,049 |
|
2,143 |
|
(2,326 |
) |
(183 |
) |
(20 |
) |
39 |
|
(164 |
) |
|
|
1,885 |
|
|
Taiwan |
|
2,666 |
|
1,890 |
|
(1,717 |
) |
173 |
|
— |
|
46 |
|
219 |
|
|
|
2,885 |
|
|
Korea |
|
933 |
|
618 |
|
(459 |
) |
159 |
|
(5 |
) |
(24 |
) |
130 |
|
|
|
1,063 |
|
|
Japan |
|
411 |
|
103 |
|
(29 |
) |
74 |
|
— |
|
2 |
|
76 |
|
|
|
487 |
|
|
Other Mutual Fund Operations |
|
341 |
|
138 |
|
(68 |
) |
70 |
|
— |
|
10 |
|
80 |
|
|
|
421 |
|
|
Total Asian Mutual Fund Operations |
|
6,400 |
|
4,892 |
|
(4,599 |
) |
293 |
|
(25 |
) |
73 |
|
341 |
|
|
|
6,741 |
|
|
Hong Kong MPF Products (@36%) (6) |
|
196 |
|
17 |
|
(5 |
) |
12 |
|
— |
|
(2 |
) |
10 |
|
|
|
206 |
|
|
Total Asian Investment Operations |
|
6,596 |
|
4,909 |
|
(4,604 |
) |
305 |
|
(25 |
) |
71 |
|
351 |
|
|
|
6,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Products |
|
30,788 |
|
5,631 |
|
(6,212 |
) |
(581 |
) |
73 |
|
325 |
|
(183 |
) |
|
|
30,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening |
|
Gross inflows |
|
Redemptions |
|
Net inflows |
|
Other |
|
Market
& |
|
Net |
|
|
|
Closing FUM |
|
|
|
|
% |
|
% |
|
% |
|
% |
|
% |
|
% |
|
% |
|
|
|
% |
|
|
2005 movement relative to 2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M&G |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
14 |
% |
124 |
% |
(60 |
)% |
3243 |
% |
— |
|
(67 |
)% |
172 |
% |
|
|
16 |
% |
|
Institutional(5) |
|
22 |
% |
254 |
% |
80 |
% |
218 |
% |
(30 |
)% |
(104 |
)% |
276 |
% |
|
|
36 |
% |
|
Total M&G |
|
19 |
% |
190 |
% |
48 |
% |
242 |
% |
(30 |
)% |
(89 |
)% |
354 |
% |
|
|
27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India |
|
5 |
% |
26 |
% |
(26 |
)% |
(26 |
)% |
(5 |
)% |
21 |
% |
(25 |
)% |
|
|
3 |
% |
|
Taiwan |
|
(33 |
)% |
(61 |
)% |
48 |
% |
(194 |
)% |
— |
|
9 |
% |
(152 |
)% |
|
|
(42 |
)% |
|
Korea |
|
53 |
% |
9 |
% |
22 |
% |
97 |
% |
(280 |
)% |
425 |
% |
187 |
% |
|
|
69 |
% |
|
Japan |
|
299 |
% |
317 |
% |
(124 |
)% |
393 |
% |
— |
|
(3650 |
)% |
287 |
% |
|
|
297 |
% |
|
Other Mutual Fund Operations |
|
71 |
% |
(38 |
)% |
(156 |
)% |
(226 |
)% |
— |
|
(240 |
)% |
(228 |
)% |
|
|
14 |
% |
|
Total Asian Mutual Fund Operations |
|
19 |
% |
(6 |
)% |
4 |
% |
(33 |
)% |
(60 |
)% |
23 |
% |
(28 |
)% |
|
|
16 |
% |
|
Hong Kong MPF Products (@36%) (6) |
|
24 |
% |
6 |
% |
(20 |
)% |
0 |
% |
— |
|
50 |
% |
10 |
% |
|
|
24 |
% |
|
Total Asian Investment Operations |
|
19 |
% |
(6 |
)% |
4 |
% |
(31 |
)% |
(60 |
)% |
25 |
% |
(26 |
)% |
|
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Products |
|
19 |
% |
19 |
% |
15 |
% |
353 |
% |
(60 |
)% |
(64 |
)% |
982 |
% |
|
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 Q1 |
|
2004 Q1 |
|
+/- (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£m |
|
£m |
|
|
|
|
US (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curian Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External Funds under Administration |
|
|
|
|
|
|
|
|
|
|
|
|
|
642 |
|
237 |
|
171 |
% |
8
Schedule 3
PRUDENTIAL PLC - NEW BUSINESS - QUARTER 1 2005 VERSUS QUARTER 4 2004(8)
INSURANCE OPERATIONS
|
|
|
Single |
|
Regular |
|
Total |
|
|
|
|
|
|
|
||||||||||||
|
|
|
Q1 2005 |
|
Q4 2004 |
|
+/- (%) |
|
Q1 2005 |
|
Q4 2004 |
|
+/- (%) |
|
Q1 2005 |
|
Q4 2004 |
|
+/- (%) |
|
|
|
|
|
|
|
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK Insurance Operations : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct to Customer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individual Pensions |
|
4 |
|
2 |
|
100 |
% |
2 |
|
2 |
|
0 |
% |
6 |
|
4 |
|
50 |
% |
|
|
|
|
|
|
|
Life - With Profit Bond |
|
2 |
|
2 |
|
0 |
% |
— |
|
— |
|
— |
|
2 |
|
2 |
|
0 |
% |
|
|
|
|
|
|
|
Individual Annuities |
|
167 |
|
166 |
|
1 |
% |
— |
|
— |
|
— |
|
167 |
|
166 |
|
1 |
% |
|
|
|
|
|
|
|
Sub-Total |
|
173 |
|
170 |
|
2 |
% |
2 |
|
2 |
|
0 |
% |
175 |
|
172 |
|
2 |
% |
|
|
|
|
|
|
|
DWP Rebates |
|
234 |
|
13 |
|
1700 |
% |
— |
|
— |
|
— |
|
234 |
|
13 |
|
1700 |
% |
|
|
|
|
|
|
|
Total |
|
407 |
|
183 |
|
122 |
% |
2 |
|
2 |
|
0 |
% |
409 |
|
185 |
|
121 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business to Business: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Pensions |
|
56 |
|
45 |
|
24 |
% |
31 |
|
33 |
|
(6 |
)% |
87 |
|
78 |
|
12 |
% |
|
|
|
|
|
|
|
Individual Annuities |
|
49 |
|
68 |
|
(28 |
)% |
— |
|
— |
|
— |
|
49 |
|
68 |
|
(28 |
)% |
|
|
|
|
|
|
|
Bulk Annuities |
|
215 |
|
222 |
|
(3 |
)% |
— |
|
— |
|
— |
|
215 |
|
222 |
|
(3 |
)% |
|
|
|
|
|
|
|
Total |
|
320 |
|
335 |
|
(4 |
)% |
31 |
|
33 |
|
(6 |
)% |
351 |
|
368 |
|
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediated Distribution : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individual Pensions |
|
21 |
|
10 |
|
110 |
% |
5 |
|
1 |
|
400 |
% |
26 |
|
11 |
|
136 |
% |
|
|
|
|
|
|
|
Corporate Pensions |
|
10 |
|
7 |
|
43 |
% |
2 |
|
2 |
|
0 |
% |
12 |
|
9 |
|
33 |
% |
|
|
|
|
|
|
|
Life - With Profit Bond |
|
33 |
|
43 |
|
(23 |
)% |
— |
|
— |
|
— |
|
33 |
|
43 |
|
(23 |
)% |
|
|
|
|
|
|
|
Life - Other Bond |
|
226 |
|
250 |
|
(10 |
)% |
— |
|
— |
|
— |
|
226 |
|
250 |
|
(10 |
)% |
|
|
|
|
|
|
|
Life - Other |
|
— |
|
— |
|
— |
|
1 |
|
1 |
|
0 |
% |
1 |
|
1 |
|
0 |
% |
|
|
|
|
|
|
|
Individual Annuities |
|
269 |
|
326 |
|
(17 |
)% |
— |
|
— |
|
— |
|
269 |
|
326 |
|
(17 |
)% |
|
|
|
|
|
|
|
Sub-Total |
|
559 |
|
636 |
|
(12 |
)% |
8 |
|
4 |
|
100 |
% |
567 |
|
640 |
|
(11 |
)% |
|
|
|
|
|
|
|
DWP Rebates |
|
80 |
|
(3 |
) |
2767 |
% |
— |
|
— |
|
— |
|
80 |
|
(3 |
) |
2767 |
% |
|
|
|
|
|
|
|
Total |
|
639 |
|
633 |
|
1 |
% |
8 |
|
4 |
|
100 |
% |
647 |
|
637 |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Partnerships : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life - With Profit Bond |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
Life - Other |
|
198 |
|
214 |
|
(7 |
)% |
— |
|
— |
|
— |
|
198 |
|
214 |
|
(7 |
)% |
|
|
|
|
|
|
|
Individual Annuities |
|
44 |
|
53 |
|
(17 |
)% |
— |
|
— |
|
— |
|
44 |
|
53 |
|
(17 |
)% |
|
|
|
|
|
|
|
Bulk Annuities |
|
25 |
|
1,108 |
|
(98 |
)% |
— |
|
— |
|
— |
|
25 |
|
1,108 |
|
(98 |
)% |
|
|
|
|
|
|
|
Total |
|
267 |
|
1,375 |
|
(81 |
)% |
— |
|
— |
|
— |
|
267 |
|
1,375 |
|
(81 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individual Pensions |
|
25 |
|
12 |
|
108 |
% |
7 |
|
3 |
|
133 |
% |
32 |
|
15 |
|
113 |
% |
|
|
|
|
|
|
|
Corporate Pensions |
|
66 |
|
52 |
|
27 |
% |
33 |
|
35 |
|
(6 |
)% |
99 |
|
87 |
|
14 |
% |
|
|
|
|
|
|
|
Life - With Profit Bond |
|
35 |
|
45 |
|
(22 |
)% |
— |
|
— |
|
— |
|
35 |
|
45 |
|
(22 |
)% |
|
|
|
|
|
|
|
Life - Other Bond |
|
226 |
|
250 |
|
(10 |
)% |
— |
|
— |
|
— |
|
226 |
|
250 |
|
(10 |
)% |
|
|
|
|
|
|
|
Life - Other |
|
198 |
|
214 |
|
(7 |
)% |
1 |
|
1 |
|
0 |
% |
199 |
|
215 |
|
(7 |
)% |
|
|
|
|
|
|
|
Individual Annuities |
|
529 |
|
613 |
|
(14 |
)% |
— |
|
— |
|
— |
|
529 |
|
613 |
|
(14 |
)% |
|
|
|
|
|
|
|
Bulk Annuities |
|
240 |
|
1,330 |
|
(82 |
)% |
— |
|
— |
|
— |
|
240 |
|
1,330 |
|
(82 |
)% |
|
|
|
|
|
|
|
Sub-Total |
|
1,319 |
|
2,516 |
|
(48 |
)% |
41 |
|
39 |
|
5 |
% |
1,360 |
|
2,555 |
|
(47 |
)% |
|
|
|
|
|
|
|
DWP Rebates |
|
314 |
|
10 |
|
3040 |
% |
— |
|
— |
|
— |
|
314 |
|
10 |
|
3040 |
% |
|
|
|
|
|
|
|
Total UK Insurance Operations |
|
1,633 |
|
2,526 |
|
(35 |
)% |
41 |
|
39 |
|
5 |
% |
1,674 |
|
2,565 |
|
(35 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
European Insurance Operations : (8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance Products |
|
39 |
|
18 |
|
117 |
% |
— |
|
1 |
|
— |
|
39 |
|
19 |
|
105 |
% |
|
|
|
|
|
|
|
Total European Insurance Operations |
|
39 |
|
18 |
|
117 |
% |
— |
|
1 |
|
— |
|
39 |
|
19 |
|
105 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total UK & European Insurance Operations |
|
1,672 |
|
2,544 |
|
(34 |
)% |
41 |
|
40 |
|
3 |
% |
1,713 |
|
2,584 |
|
(34 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Insurance Operations : (8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Annuities |
|
165 |
|
282 |
|
(41 |
)% |
— |
|
— |
|
— |
|
165 |
|
282 |
|
(41 |
)% |
|
|
|
|
|
|
|
Fixed Index Annuities |
|
127 |
|
136 |
|
(7 |
)% |
— |
|
— |
|
— |
|
127 |
|
136 |
|
(7 |
)% |
|
|
|
|
|
|
|
Variable Annuities |
|
548 |
|
492 |
|
11 |
% |
— |
|
— |
|
— |
|
548 |
|
492 |
|
11 |
% |
|
|
|
|
|
|
|
Life |
|
4 |
|
6 |
|
(33 |
)% |
2 |
|
3 |
|
(33 |
)% |
6 |
|
9 |
|
(33 |
)% |
|
|
|
|
|
|
|
Sub-total Retail |
|
844 |
|
916 |
|
(8 |
)% |
2 |
|
3 |
|
(33 |
)% |
846 |
|
919 |
|
(8 |
)% |
|
|
|
|
|
|
|
Guaranteed Investment Contracts |
|
50 |
|
74 |
|
(32 |
)% |
— |
|
— |
|
— |
|
50 |
|
74 |
|
(32 |
)% |
|
|
|
|
|
|
|
GIC - Medium Term Note |
|
360 |
|
48 |
|
650 |
% |
— |
|
— |
|
— |
|
360 |
|
48 |
|
650 |
% |
|
|
|
|
|
|
|
Total US Insurance Operations |
|
1,254 |
|
1,038 |
|
21 |
% |
2 |
|
3 |
|
(33 |
)% |
1,256 |
|
1,041 |
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asian Insurance Operations : (8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China |
|
1 |
|
3 |
|
(67 |
)% |
4 |
|
5 |
|
(20 |
)% |
5 |
|
8 |
|
(38 |
)% |
|
|
|
|
|
|
|
Hong Kong |
|
52 |
|
94 |
|
(45 |
)% |
17 |
|
23 |
|
(26 |
)% |
69 |
|
117 |
|
(41 |
)% |
|
|
|
|
|
|
|
India (@26%) (6) |
|
1 |
|
1 |
|
0 |
% |
18 |
|
8 |
|
125 |
% |
19 |
|
9 |
|
111 |
% |
|
|
|
|
|
|
|
Indonesia |
|
15 |
|
11 |
|
36 |
% |
7 |
|
8 |
|
(13 |
)% |
22 |
|
19 |
|
16 |
% |
|
|
|
|
|
|
|
Japan |
|
5 |
|
5 |
|
0 |
% |
1 |
|
2 |
|
(50 |
)% |
6 |
|
7 |
|
(14 |
)% |
|
|
|
|
|
|
|
Korea |
|
4 |
|
6 |
|
(33 |
)% |
27 |
|
20 |
|
35 |
% |
31 |
|
26 |
|
19 |
% |
|
|
|
|
|
|
|
Malaysia |
|
2 |
|
2 |
|
0 |
% |
12 |
|
22 |
|
(45 |
)% |
14 |
|
24 |
|
(42 |
)% |
|
|
|
|
|
|
|
Singapore |
|
45 |
|
45 |
|
0 |
% |
11 |
|
16 |
|
(31 |
)% |
56 |
|
61 |
|
(8 |
)% |
|
|
|
|
|
|
|
Taiwan |
|
24 |
|
24 |
|
0 |
% |
22 |
|
48 |
|
(54 |
)% |
46 |
|
72 |
|
(36 |
)% |
|
|
|
|
|
|
|
Other (4) |
|
2 |
|
2 |
|
0 |
% |
8 |
|
10 |
|
(20 |
)% |
10 |
|
12 |
|
(17 |
)% |
|
|
|
|
|
|
|
Total Asian Insurance Operations |
|
151 |
|
193 |
|
(22 |
)% |
127 |
|
162 |
|
(22 |
)% |
278 |
|
355 |
|
(22 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group Total |
|
3,077 |
|
3,775 |
|
(18 |
)% |
170 |
|
205 |
|
(17 |
)% |
3,247 |
|
3,980 |
|
(18 |
)% |
|
|
|
|
|
|
INVESTMENT OPERATIONS
|
|
|
M&G (5) |
|
Asia Mutual Funds |
|
Hong Kong MPF Products (6) |
|
Total Investment Products |
|
||||||||||||||||
|
|
|
Q1 2005 |
|
Q4 2004 |
|
+/- (%) |
|
Q1 2005 |
|
Q4 2004 |
|
+/- (%) |
|
Q1 2005 |
|
Q4 2004 |
|
+/- (%) |
|
Q1 2005 |
|
Q4 2004 |
|
+/- (%) |
|
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening FUM |
|
28,705 |
|
25,876 |
|
11 |
% |
7,588 |
|
6,540 |
|
16 |
% |
244 |
|
232 |
|
5 |
% |
36,537 |
|
32,648 |
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross inflows |
|
2,092 |
|
2,393 |
|
(13 |
)% |
4,617 |
|
5,051 |
|
(9 |
)% |
18 |
|
17 |
|
6 |
% |
6,727 |
|
7,460 |
|
(10 |
)% |
|
Less redemptions |
|
(832 |
) |
(1,006 |
) |
17 |
% |
(4,420 |
) |
(4,121 |
) |
(7 |
)% |
(6 |
) |
(5 |
) |
(20 |
)% |
(5,258 |
) |
(5,132 |
) |
(2 |
)% |
|
Net flows |
|
1,260 |
|
1,387 |
|
(9 |
)% |
197 |
|
930 |
|
(79 |
)% |
12 |
|
11 |
|
9 |
% |
1,469 |
|
2,328 |
|
(37 |
)% |
|
Other movements |
|
69 |
|
122 |
|
(43 |
)% |
(40 |
) |
(11 |
) |
(264 |
)% |
— |
|
— |
|
— |
|
29 |
|
111 |
|
(74 |
)% |
|
Market and currency movements |
|
27 |
|
1,321 |
|
(98 |
)% |
90 |
|
129 |
|
(30 |
)% |
(1 |
) |
0 |
|
— |
|
116 |
|
1,450 |
|
(92 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net movement in FUM |
|
1,356 |
|
2,830 |
|
(52 |
)% |
247 |
|
1,048 |
|
(76 |
)% |
11 |
|
12 |
|
(8 |
)% |
1,614 |
|
3,889 |
|
(58 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing FUM |
|
30,061 |
|
28,705 |
|
5 |
% |
7,835 |
|
7,588 |
|
3 |
% |
255 |
|
244 |
|
5 |
% |
38,151 |
|
36,538 |
|
4 |
% |
9
Notes to Schedules :
(1a) Insurance and investment new business for overseas operations have been translated using constant exchange rates for both reporting periods. The applicable rate for Jackson National Life is US dollars 1.89 per 1 GB pound, being the average exchange rate for the first quarter of 2005. JNL’s results, as reported in GB pounds, are affected by movements in the exchange rate between the GB pound and US dollar. Prudential does use actual exchange rates prevailing during reporting periods to translate JNL’s results into GB pounds, as set out in note 1b below. However, in order to illustrate underlying performance, Prudential also discusses JNL’s results in terms of constant exchange rate (CER) growth where relevant. This represents growth calculated as if the exchange rate used to determine JNL’s results in GB pounds in 2005 was also the rate used to determine JNL’s results in GB pounds in 2004.
(1b) Insurance and investment new business for overseas operations have been translated using actual exchange rates for each reporting period. The applicable rates for Jackson National Life are, for 2005, US dollars 1.89 per 1 GB pound, being the average exchange rate for the first quarter of 2005, and for 2004, US dollars 1.84 per 1 GB pound, being the average exchange rate for the first quarter of 2004.
(2) Represents cash received from sale of investment products.
(3) Not used.
(4) In Asia, ‘Other’ insurance operations include Thailand, the Philippines and Vietnam.
(5) Balance includes segregated and pooled pension funds, private finance assets and other institutional clients. Other movements reflect the net flows arising from the cash component of a tactical asset allocation fund managed by PPM South Africa.
(6) New business in India is included at Prudential’s 26% interest in the India life operation. Mandatory Provident Fund (MPF) product sales in Hong Kong are included at Prudential’s 36% interest in the Hong Kong MPF operation.
(7) Curian Capital figures for both 2005 and 2004 have been translated at US dollars 1.89 per 1 GB pound, being the exchange rate at March 31, 2005.
(8) Sales are translated using the year to date average exchange rates applicable at the time of reporting. The GB pound results for individual quarters represent the difference between the year to date reported GB pounds results at successive quarters and will include foreign exchange movements from earlier periods.
10
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
Prudential Public Limited Company |
|||
|
|
|
|||
|
|
|
By: /s/ John Foley |
||
|
|
|
|
||
|
|
|
Name: |
John Foley |
|
|
|
|
|
||
|
|
|
Title: |
Managing Director, Prudential Finance |
|
|
|
|
|
||
|
|
|
Date: July 11, 2005 |
||
11