SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of October, 2003
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
LAURENCE POUNTNEY HILL,
LONDON, EC4R 0HH, ENGLAND
(Address of principal executive offices)
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 X Form 40-F
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 No X
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-
Enclosures: 3rd Quarter Results dated 16 October 2003.
Embargo: 07.00 hrs Thursday 16 October 2003
PRUDENTIAL PLC THIRD QUARTER 2003 NEW BUSINESS RESULTS
- Total Group insurance and investment sales of GBP23.6 billion, an increase
of 12 per cent at constant exchange rates (CER) on the first nine months of
2002 (6 per cent on actual exchange rates). Group APE (Annual Premium
Equivalent) insurance sales of GBP1.2 billion are down 10 per cent at CER
(down 14 per cent on actual exchange rates).
- Total Group investment funds under management of GBP29.7 billion, up 16 per
cent since the beginning of 2003.
- APE insurance sales in Prudential Corporation Asia (PCA) up 17 per cent,
despite the impact of SARS earlier in the year (up 9 per cent on actual
exchange rates).
- Jackson National Life's (JNL) retail sales of GBP2.8 billion at CER were 1
per cent higher than the comparable period in 2002, with particularly strong
sales of variable annuities.
- UK insurance sales on an APE basis down 16 per cent, reflecting weakness
in the with-profit bond market. Strong sales of corporate pensions and
individual annuities.
- M&G total retail and institutional funds under management of GBP23.2
billion, up 14 per cent since the start of the year.
Prudential's Group Chief Executive, Jonathan Bloomer, commented: "The markets in
which we operate have been difficult this year. In the UK, consumer confidence
has not yet fully recovered, in the US, the low interest rate environment
continues, and in Asia, SARS has affected several key territories. However,
market conditions are beginning to stabilise and we are now seeing signs of
improvement and the emergence of some positive trends including: increased sales
of corporate pensions in the UK; good sales of variable annuities in the US; and
a return to strong growth in Asia."
* The narrative below is on constant exchange rates throughout. See Notes to
Editors for further details.
Prudential Corporation Asia
In the first nine months of the year PCA had APE sales of GBP391 million, up 17
per cent on the same period last year. This strong result demonstrates the
benefits of PCA's diverse portfolio of businesses across Asia. Sales have
recovered strongly post SARS and APE sales in the third quarter were GBP148
million, up 33 per cent on the second quarter of 2003.
In Singapore, PCA has continued to focus on more profitable regular premium life
business and for the first nine months of the year sales were up 27 per cent
compared with the same period last year. Strong growth continued in Malaysia
where APE sales in the first nine months of the year were up 25 per cent and in
Hong Kong, despite record high unemployment levels and concerns over SARS, sales
of single premium products in the first nine months of 2003 were 61 per cent
higher than the same period in 2002.
As announced on 1 September 2003, PCA Life Japan is now focusing on its
financial adviser distribution channel and its bancassurance arrangements. While
APE sales for the third quarter were up 44 per cent compared with the second
quarter, PCA Life Japan anticipates some slowdown in the fourth quarter as the
distribution model is refocused.
PCA's Taiwanese life business made a strong recovery in the third quarter with
APE sales up 71 per cent on the second quarter. However, due to the impact of
SARS earlier in the year, sales for the first nine months of the year were up 2
per cent relative to 2002.
PCA's seven smaller life operations (China, India, Indonesia, Korea, the
Philippines, Thailand and Vietnam - collectively classified as 'Other' in the
schedules) continue to build scale with APE sales increasing by 61 per cent
compared with the same period last year. In China, PCA opened its second life
operation with its partner CITIC. This was launched in August in Beijing. In
Korea, bancassurance arrangements were launched with Koram Bank and Korea First
Bank.
Total investment products funds under management in Asia as at 30 September 2003
were GBP6.5 billion, up 10 per cent from GBP5.9 billion at 30 June 2003. This
reflects strong net inflows of GBP395 million during the quarter and the impact
of positive market movements.
Jackson National Life
JNL's retail sales of GBP2.8 billion were 1 per cent higher than the comparable
period in 2002, which was a record year.
Total sales for the first nine months of the year were down 19 per cent on prior
year, reflecting a 62 per cent reduction in sales of institutional products to
GBP499 million as a result of JNL's focus on retail markets. JNL does not expect
to sell any further institutional products before 2004, other than on an
opportunistic basis.
JNL recorded excellent variable annuity sales during the first nine months of
2003. Total sales of GBP1.5 billion were up 88 per cent on the same period last
year. As expected given the volatility of equity markets over the previous three
years, a significant proportion of variable annuity investors continue to elect
the fixed option, with 53 per cent of variable annuity sales going into this
option during the first nine months of 2003. This compares to 58 per cent during
the full year 2002 and 57 per cent for the first six months of 2003.
Due to the continued low interest rate environment in the US and the high rate
of election of the fixed account option within variable annuities, fixed annuity
sales in the first nine months of the year of GBP1.2 billion were 37 per cent
below prior year. Prudential has previously indicated that JNL would self-fund
its capital in the medium-term. Consistent with this objective, third quarter
fixed annuity sales of GBP200 million were 52 per cent down on sales of GBP421
million during the second quarter, and were 76 per cent lower than the
comparable period in 2002. While JNL's outlook for the financial markets remains
cautious, it expects to sell GBP250-300 million of fixed annuities in the fourth
quarter, reflecting its expected capital position.
Sales of equity-linked indexed annuities of GBP184 million were down 2 per cent
on the first nine months of last year. Regular premium life sales of
GBP11 million compared with sales of GBP17 million for the same period in 2002.
Curian Capital LLC, JNL's recently launched Registered Investment Advisor
channel, continued to build on its strong start. At the end of September, funds
under management had grown to GBP73 million, more than double the funds under
management at the half year. Curian Capital provides innovative fee-based
separately managed accounts and investment products.
In March 2003 JNL introduced a new equity-linked annuity product, and since June
2003 it has also launched new term and universal life products. These new
developments reinforce JNL's track record of product innovation, with 92 per
cent of sales in the first nine months of the year coming from products launched
since the beginning of 2002.
JNL intends to continue its focus on retail sales for the remainder of the year.
UK and Europe Insurance Operations
Prudential UK and Europe's APE sales for the first nine months of the year were
GBP464 million, 18 per cent down on the comparative period in 2002. Excluding
with-profit bond sales, Prudential UK's APE sales were 6 per cent higher than
the same period in 2002 benefiting from continuing strong corporate pension and
individual annuity sales.
Sales through direct channels were GBP243 million, 15 per cent higher than the
equivalent period in 2002, with strong sales of individual annuities and
corporate pensions. Sales of individual annuities through direct channels were
11 per cent higher than in the same period in 2002 and in the first half of 2003
Prudential UK had a 22 per cent market share of the individual annuity market
(source: ABI).
Sales of corporate pensions through direct channels were GBP136 million, 23 per
cent higher than 2002, reflecting a significant contribution from new schemes.
In the first half of 2003 Prudential UK had an 18 per cent market share of the
defined contribution occupational pension scheme market (source: ABI).
IFA sales were down 38 per cent to GBP208 million. Despite the weak with-profit
bond market Prudential achieved a strong performance with a 59 per cent increase
in sales of with-profit bonds through IFAs in the third quarter over the second.
This reflects a slow return to this market by high net worth investors.
Prudential UK is seeking to improve confidence in with-profit bonds through a
number of measures including product enhancement and improved transparency. In
the first half of 2003 Prudential UK had a 26 per cent market share of
with-profit bond sales distributed through IFAs (source: ABI), which it believes
will have increased in the third quarter.
Partnership agreements with Abbey to sell with-profit bonds, and with Zurich to
underwrite annuities, resulted in single premium sales of GBP81 million for the
first nine months of 2003. Partnership sales in the third quarter of
GBP36 million compare with GBP13 million achieved in the second. The Zurich
agreement was launched during the second quarter of 2003.
Prudential UK expects conditions in the final quarter of the year to remain
challenging, but believes its focus is appropriate. It is confident it is well
positioned to take advantage of the recovery in the savings market. It continues
to focus on products where it has competitive advantage as a result of its brand
recognition, financial strength, diversified distribution capability and low
cost base.
M&G
M&G's gross fund inflows for the first nine months of 2003 were GBP3 billion,
up 1 per cent on 2002, reflecting its strength and broad distribution in the
areas of retail fund management, institutional fixed income, pooled life and
pension funds, property and private finance.
Gross fund inflows into M&G branded retail products were GBP275 million in the
third quarter, up 10 per cent on the same period last year. Net inflows rose in
the quarter, up 8 per cent on the same period in 2002 to GBP64 million.
In its institutional business, M&G continued to benefit from its position as a
leading innovator in fixed income and private finance. Gross institutional fund
inflows during the third quarter were GBP702 million, bringing inflows in the
first nine months to GBP2.1 billion, 5 per cent higher than the same period last
year.
During the third quarter, M&G's segregated and pooled funds saw gross fund
inflows of GBP317 million and the private finance division contributed a further
GBP333 million as a result of its continuing success in winning project finance
and securitised vehicle mandates.
M&G's net institutional fund inflows for the third quarter of 2003 were GBP284
million compared to GBP59 million in the same period in 2002.
Egg
Egg will announce its third quarter results on Wednesday 22 October 2003.
-ENDS-
Enquiries to:
Media Investors/Analysts
Geraldine Davies 020 7548 3911 Rebecca Burrows 020 7548 3537
Steve Colton 020 7548 3721 Laura Presland 020 7548 3511
Clare Staley 020 7548 3719
Notes to Editors:
1. There will be a conference call today for wire services hosted by Jonathan
Bloomer, Group Chief Executive, and Philip Broadley, Group Finance Director
at 8.00am (dial-in telephone number: +44 (0) 20 8288 4500). Callers to quote
"Prudential" for access to the call.
2. There will be a conference call for investors and analysts hosted by
Jonathan Bloomer at 2.30pm (dial-in telephone number: +44 (0) 20 7162 0189,
US callers +1 334 420 4951). Callers to quote "Prudential Q3 new business
results" for access to the call.
A recording of this call will be available for five working days by
dialling:
UK: 020 8288 4459, US: +1 334 323 6222, access code 817812.
3. Sales for overseas operations have been reported using average exchange
rates as shown in the attached schedules. Commentary is given on the
results on a constant exchange rate basis. The two bases are compared in
the table below.
Annual Premium Equivalent Sales
Actual exchange rates Constant exchange rates
2003 YTD GBPm 2002 YTD GBPm +/- (%) 2003 YTD GBPm 2002 YTD GBPm +/- (%)
UK and Europe 464 568 (18%) 464 568 (18%)
US 342 464 (26%) 342 426 (20%)
Asia 391 358 9% 391 334 17%
Total 1,197 1,390 (14%) 1,197 1,328 (10%)
Gross Inflows
Actual exchange rates Constant exchange rates
2003 YTD GBPm 2002 YTD GBPm +/- (%) 2003 YTD GBPm 2002 YTD GBPm +/- (%)
M&G 3,024 2,981 1% 3,024 2,981 1%
Asia 13,309 9,832 35% 13,309 9,142 46%
Total 16,333 12,813 27% 16,333 12,123 35%
Total Insurance and Investment New Business
Actual exchange rates Constant exchange rates
2003 YTD GBPm 2002 YTD GBPm +/- (%) 2003 YTD GBPm 2002 YTD GBPm +/- (%)
Insurance 7,270 9,398 (23%) 7,270 8,992 (19%)
Investment 16,333 12,813 27% 16,333 12,123 35%
Total 23,603 22,211 6% 23,603 21,115 12%
4. Annual premium equivalent (APE) sales comprise regular premium sales plus
one-tenth of single premium insurance sales.
5. Certain investment mandates previously reported as UK corporate pensions are
now reported as M&G institutional investment flows. The impact is to reduce
UK corporate pensions APE sales by GBP31 million for the full-year 2002
(GBP16 million for the first nine months of 2002).
6. US institutional products (previously referred to as "stable value
products") consist of guaranteed investment contracts (GICs), funding
agreements and medium-term notes backed by funding agreements.
7. Financial Calendar:
2003
Payment of interim dividend Friday 31 October 2003
2004
2003 Full-year New Business Figures Thursday 22 January 2004
2003 Full-year Results Tuesday 24 February 2004
Ex-dividend date Wednesday 17 March 2004
Record date Friday 19 March 2004
First quarter New Business Figures Friday 23 April 2004
Annual General Meeting Thursday 6 May 2004
Payment of 2003 final dividend Wednesday 26 May 2004
2004 Interim Results/Second quarter New Business Figures Tuesday 27 July 2004
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.
Schedule 1
PRUDENTIAL PLC - NEW BUSINESS - NINE MONTHS 2003
TOTAL INSURANCE AND INVESTMENT NEW BUSINESS
UK & Europe US (1) Asia (1) Total
2003 2002 +/- 2003 2002 +/- 2003 2002 +/- 2003 2002 +/-
Q3 YTD Q3 YTD (%) Q3 YTD Q3 YTD (%) Q3 YTD Q3 YTD (%) Q3 YTD Q3 YTD (%)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Total Insurance Products 3,293 4,261 (23%) 3,318 4,483 (26%) 659 654 1% 7,270 9,398 (23%)
Total Investment Products - 3,024 2,981 1% - - - 13,309 9,832 35% 16,333 12,813 27%
Gross Inflows (2)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Group Total 6,317 7,242 (13%) 3,318 4,483 (26%) 13,968 10,486 33% 23,603 22,211 6%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
INSURANCE OPERATIONS
Single Regular Total Annual Equivalents (3)
2003 2002 +/- 2003 2002 +/- 2003 2002 +/- 2003 2002 +/-
Q3 YTD Q3 YTD (%) Q3 YTD Q3 YTD (%) Q3 YTD Q3 YTD (%) Q3 YTD Q3 YTD (%)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
UK Insurance Operations : (4)
Direct Distribution :
Individual Pensions 7 13 (46%) 7 9 (22%) 14 22 (36%) 8 10 (20%)
Corporate Pensions 386 324 19% 97 79 23% 483 403 20% 136 111 23%
Life 10 51 (80%) 2 3 (33%) 12 54 (78%) 3 8 (63%)
Individual Annuities 687 621 11% - - - 687 621 11% 69 62 11%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Sub-Total 1,090 1,009 8% 106 91 16% 1,196 1,100 9% 215 192 12%
DWP Rebates 280 195 44% - - - 280 195 44% 28 20 40%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total 1,370 1,204 14% 106 91 16% 1,476 1,295 14% 243 211 15%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Intermediated Distribution :
Individual Pensions 42 74 (43%) 19 27 (30%) 61 101 (40%) 23 34 (32%)
Corporate Pensions 38 70 (46%) 5 12 (58%) 43 82 (48%) 9 19 (53%)
Life 721 1,793 (60%) 20 12 67% 741 1,805 (59%) 92 191 (52%)
Individual Annuities 596 597 - - - - 596 597 - 59 60 (2%)
Bulk Annuities 189 286 (34%) - - - 189 286 (34%) 19 29 (34%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Sub-Total 1,586 2,820 (44%) 44 51 (14%) 1,630 2,871 (43%) 202 333 (39%)
DWP Rebates 60 45 33% - - - 60 45 33% 6 5 20%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total 1,646 2,865 (43%) 44 51 (14%) 1,690 2,916 (42%) 208 338 (38%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Partnerships :
Life 53 - - - - - 53 - - 5 - -
Individual Annuities 28 - - - - - 28 - - 3 - -
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total 81 - - - - - 81 - - 8 - -
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total :
Individual Pensions 49 87 (44%) 26 36 (28%) 75 123 (39%) 31 45 (31%)
Corporate Pensions 424 394 8% 102 91 12% 526 485 8% 145 130 12%
Life 784 1,844 (57%) 22 15 47% 806 1,859 (57%) 100 199 (50%)
Individual Annuities 1,311 1,218 8% - - - 1,311 1,218 8% 131 122 7%
Bulk Annuities 189 286 (34%) - - - 189 286 (34%) 19 29 (34%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Sub-Total 2,757 3,829 (28%) 150 142 6% 2,907 3,971 (27%) 426 525 (19%)
DWP Rebates 340 240 42% - - - 340 240 42% 34 24 42%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total UK Insurance 3,097 4,069 (24%) 150 142 6% 3,247 4,211 (23%) 460 549 (16%)
Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
European Insurance Operations : (1)
Insurance Products 46 34 35% - 16 - 46 50 (8%) 5 19 (74%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total European Insurance 46 34 35% - 16 - 46 50 (8%) 5 19 (74%)
Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total UK & European 3,143 4,103 (23%) 150 158 (5%) 3,293 4,261 (23%) 464 568 (18%)
Insurance Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
US Insurance Operations : (1)
Fixed Annuities 1,153 1,978 (42%) - - - 1,153 1,978 (42%) 115 198 (42%)
Equity-Linked Indexed 184 204 (10%) - - - 184 204 (10%) 18 20 (10%)
Annuities
Variable Annuities 1,471 852 73% - - - 1,471 852 73% 147 85 73%
Life - - - 11 18 (39%) 11 18 (39%) 11 18 (39%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Sub-Total Retail 2,808 3,034 (7%) 11 18 (39%) 2,819 3,052 (8%) 292 321 (9%)
Guaranteed Investment 192 297 (35%) - - - 192 297 (35%) 19 30 (37%)
Contracts
GIC - Medium Term Note 307 1,134 (73%) - - - 307 1,134 (73%) 31 113 (73%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total US Insurance 3,307 4,465 (26%) 11 18 (39%) 3,318 4,483 (26%) 342 464 (26%)
Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Asian Insurance Operations : (1)
Singapore 96 194 (51%) 40 33 21% 136 227 (40%) 50 52 (4%)
Hong Kong 134 89 51% 55 62 (11%) 189 151 25% 68 71 (4%)
Malaysia 9 11 (18%) 43 37 16% 52 48 8% 44 38 16%
Taiwan 18 13 38% 94 100 (6%) 112 113 (1%) 96 101 (5%)
Japan 7 7 - 33 29 14% 40 36 11% 34 30 13%
Other (5) 34 15 127% 96 64 50% 130 79 65% 99 66 50%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total Asian Insurance 298 329 (9%) 361 325 11% 659 654 1% 391 358 9%
Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Group Total 6,748 8,897 (24%) 522 501 4% 7,270 9,398 (23%) 1,197 1,390 (14%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Notes to Schedules :
(1) Insurance and investment new business for overseas operations has been
calculated using average exchange rates. The applicable rate for Jackson
National Life is 1.6110 (2002 - 1.4798).
(2) Represents cash received from sale of investment products.
(3) Annual Equivalents, calculated as regular new business contributions +
10% single new business contributions, are subject to roundings.
(4) Reflecting the expanded investment business new business analysis on
Schedule 2, certain investment fund mandates previously classified from
UK Corporate Pensions sales are now reported as M&G institutional funds
under management. 2002 UK insurance sales now reflect this change in
presentation.
(5) In Asia, 'Other' insurance operations include Thailand, Indonesia, The
Philippines, Vietnam, India (26% interest), China and Korea.
Schedule 2
PRUDENTIAL PLC - NEW BUSINESS - NINE MONTHS 2003
INVESTMENT OPERATIONS
Opening Gross Redemptions Net inflows Other Market & Net Closing
FUM inflows movements currency movement FUM
movements in FUM
2003
M&G (4)
M&G branded retail 7,587 809 ( 612) 197 ( 14) 679 862 8,449
investment products
Prudential branded UK 1,137 107 ( 107) - - 117 117 1,254
retail investment
products (6)
M&G institutional (7) 11,560 2,108 ( 1,120) 988 - 942 1,930 13,490
---- ---- ---- ---- ---- ---- ---- ----
Total M&G 20,284 3,024 ( 1,839) 1,185 ( 14) 1,738 2,909 23,193
---- ---- ---- ---- ---- ---- ---- ----
Asia
India 1,372 5,261 ( 4,906) 355 ( 35) 160 480 1,852
Taiwan 2,425 5,707 ( 5,485) 222 - 65 287 2,712
Korea 993 1,768 ( 1,702) 66 ( 20) 36 82 1,075
Other Mutual Fund 306 517 ( 177) 340 - 31 371 677
Operations
---- ---- ---- ---- ---- ---- ---- ----
Total Asian Mutual Fund 5,096 13,253 ( 12,270) 983 ( 55) 292 1,220 6,316
Operations
---- ---- ---- ---- ---- ---- ---- ----
Hong Kong MPF Products 136 56 ( 16) 40 - 10 50 186
(8)
---- ---- ---- ---- ---- ---- ---- ----
Total Asian Investment 5,232 13,309 ( 12,286) 1,023 ( 55) 302 1,270 6,502
Operations
---- ---- ---- ---- ---- ---- ---- ----
---- ---- ---- ---- ---- ---- ---- ----
Total Investment 25,516 16,333 ( 14,125) 2,208 ( 69) 2,040 4,179 29,695
Products
---- ---- ---- ---- ---- ---- ---- ----
Opening Gross Redemptions Net inflows Other Market & Net Closing
FUM inflows movements currency movement FUM
movements in FUM
2002
M&G
M&G branded retail 8,890 858 ( 565) 293 ( 108) ( 1,694) ( 1,509) 7,381
investment products (9)
Prudential branded UK 1,546 118 ( 150) ( 32) - ( 404) ( 436) 1,110
retail investment
products (6)
M&G institutional (7) 9,873 2,005 ( 624) 1,381 - ( 148) 1,233 11,106
---- ---- ---- ---- ---- ---- ---- ----
Total M&G 20,309 2,981 ( 1,339) 1,642 ( 108) ( 2,246) ( 712) 19,597
---- ---- ---- ---- ---- ---- ---- ----
Asia
India 1,072 2,672 ( 2,535) 137 ( 20) ( 9) 108 1,180
Taiwan 2,076 6,922 ( 6,518) 404 - ( 231) 173 2,249
Korea - - - - - - - -
Other Mutual Fund 57 180 ( 7) 173 - ( 7) 166 223
Operations
---- ---- ---- ---- ---- ---- ---- ----
Total Asian Mutual Fund 3,206 9,774 ( 9,060) 714 ( 20) ( 247) 447 3,652
Operations
---- ---- ---- ---- ---- ---- ---- ----
Hong Kong MPF Products 90 58 ( 9) 49 - ( 18) 31 121
(8)
---- ---- ---- ---- ---- ---- ---- ----
Total Asian Investment 3,296 9,832 ( 9,069) 763 ( 20) ( 265) 478 3,773
Operations
---- ---- ---- ---- ---- ---- ---- ----
---- ---- ---- ---- ---- ---- ---- ----
Total Investment 23,605 12,813 ( 10,408) 2,405 ( 128) ( 2,511) ( 234) 23,370
Products
---- ---- ---- ---- ---- ---- ---- ----
Opening Gross Redemptions Net inflows Other Market & Net Closing
FUM inflows movements currency movement FUM
movements in FUM
2003 movement relative to 2002
M&G
M&G branded retail (15%) (6%) (8%) (33%) 87% 140% 157% 14%
investment products
Prudential branded UK (26%) (9%) 29% - - 129% 127% 13%
retail investment
products (6)
M&G institutional (7) 17% 5% (79%) (28%) - 736% 57% 21%
---- ---- ---- ---- ---- ---- ---- ----
Total M&G - 1% (37%) (28%) 87% 177% 509% 18%
---- ---- ---- ---- ---- ---- ---- ----
Asia
India 28% 97% (94%) 159% (75%) 1878% 344% 57%
Taiwan 17% (18%) 16% (45%) - 128% 66% 21%
Korea - - - - - - - -
Other Mutual Fund 437% 187% (2429%) 97% - 543% 123% 204%
Operations
---- ---- ---- ---- ---- ---- ---- ----
Total Asian Mutual Fund 59% 36% (35%) 38% (175%) 218% 173% 73%
Operations
---- ---- ---- ---- ---- ---- ---- ----
Hong Kong MPF Products 51% (3%) (78%) (18%) - 156% 61% 54%
(8)
---- ---- ---- ---- ---- ---- ---- ----
Total Asian Investment 59% 35% (35%) 34% (175%) 214% 166% 72%
Operations
---- ---- ---- ---- ---- ---- ---- ----
---- ---- ---- ---- ---- ---- ---- ----
Total Investment Products 8% 27% (36%) (8%) 46% 181% 1886% 27%
---- ---- ---- ---- ---- ---- ---- ----
US BANKING PRODUCTS
2003 Q3 2002 Q3 YTD +/- (%)
YTD
GBPm GBPm
US Banking Products (10)
Total Deposit 666 658 1%
Liabilities
Retail Assets 689 674 2%
Notes to Schedules :
(4) Reflecting the expanded investment business new business analysis
above, certain investment fund mandates previously classified from UK
Corporate Pensions sales are now reported as M&G institutional funds under
management. 2002 UK insurance sales now reflect this change in presentation.
(6) Scottish Amicable and Prudential branded Investment Products.
(7) Balance includes segregated pensions fund business, private finance
flows and M&G South Africa institutional business. M&G institutional funds
under management restated in Q2 2003 to include funds managed on behalf of
the Prudential Staff Pension Scheme previously categorised as internal
funds.
(8) Mandatory Provident Fund product sales in Hong Kong are included at
Prudential's 36% interest of the Hong Kong MPF operation.
(9) Balance restated to include M&G South Africa retail investment
operations.
(10) Balance sheet figures have been calculated at closing exchange rates.
Schedule 3
PRUDENTIAL PLC - NEW BUSINESS - QUARTER 3 2003 VERSUS QUARTER 3 2002
INSURANCE OPERATIONS
Single Regular Total Annual Equivalents (3)
Q3 Q3 +/- (%) Q3 Q3 +/- (%) Q3 Q3 +/- Q3 Q3 +/- (%)
2003 2002 2003 2002 2003 2002 (%) 2003 2002
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
UK Insurance Operations : (4)
Direct Distribution :
Individual Pensions 1 3 (67%) 2 2 - 3 5 (40%) 2 2 -
Corporate Pensions 138 31 345% 27 25 8% 165 56 195% 41 28 46%
Life 3 14 (79%) - 1 - 3 15 (80%) - 2 -
Individual Annuities 215 230 (7%) - - - 215 230 (7%) 22 23 (4%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Sub-Total 357 278 28% 29 28 4% 386 306 26% 65 56 16%
DWP Rebates - - - - - - - - - - - -
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total 357 278 28% 29 28 4% 386 306 26% 65 56 16%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Intermediated Distribution :
Individual Pensions 9 17 (47%) 6 9 (33%) 15 26 (42%) 7 10 (30%)
Corporate Pensions 15 18 (17%) 2 3 (33%) 17 21 (19%) 4 5 (20%)
Life 280 443 (37%) 3 4 (25%) 283 447 (37%) 31 48 (35%)
Individual Annuities 206 285 (28%) - - - 206 285 (28%) 21 29 (28%)
Bulk Annuities 32 123 (74%) - - - 32 123 (74%) 3 13 (77%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Sub-Total 542 886 (39%) 11 16 (31%) 553 902 (39%) 65 105 (38%)
DWP Rebates - - - - - - - - - - - -
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total 542 886 (39%) 11 16 (31%) 553 902 (39%) 65 105 (38%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Partnerships :
Life 12 - - - - - 12 - - 1 - -
Individual Annuities 24 - - - - - 24 - - 2 - -
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total 36 - - - - - 36 - - 3 - -
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total :
Individual Pensions 10 20 (50%) 8 11 (27%) 18 31 (42%) 9 13 (31%)
Corporate Pensions 153 49 212% 29 28 4% 182 77 136% 45 33 36%
Life 295 457 (35%) 3 5 (40%) 298 462 (35%) 32 50 (36%)
Individual Annuities 445 515 (14%) - - - 445 515 (14%) 45 52 (13%)
Bulk Annuities 32 123 (74%) - - - 32 123 (74%) 3 13 (77%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Sub-Total 935 1,164 (20%) 40 44 (9%) 975 1,208 (19%) 134 160 (16%)
DWP Rebates - - - - - - - - - - - -
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total UK Insurance 935 1,164 (20%) 40 44 (9%) 975 1,208 (19%) 134 160 (16%)
Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
European Insurance Operations : (1)
Insurance Products 17 7 143% - 6 - 17 13 31% 2 6 (67%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total European Insurance 17 7 143% - 6 - 17 13 31% 2 6 (67%)
Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total UK & European 952 1,171 (19%) 40 50 (20%) 992 1,221 (19%) 136 166 (18%)
Insurance Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
US Insurance Operations : (11)
Fixed Annuities 200 925 (78%) - - - 200 925 (78%) 20 93 (78%)
Equity Linked Indexed 72 75 (4%) - - - 72 75 (4%) 7 7 -
Annuities
Variable Annuities 561 368 52% - - - 561 368 52% 56 36 56%
Life - - - 3 6 (50%) 3 6 (50%) 3 6 (50%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Sub-total Retail 833 1,368 (39%) 3 6 (50%) 836 1,374 (39%) 86 142 (39%)
Guaranteed Investment 6 15 (60%) - - - 6 15 (60%) 1 2 (50%)
Contracts
GIC - Medium Term Note 28 225 (88%) - - - 28 225 (88%) 3 22 (86%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total US Insurance 867 1,608 (46%) 3 6 (50%) 870 1,614 (46%) 90 166 (46%)
Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Asian Insurance Operations : (1)
Singapore 45 56 (20%) 14 12 17% 59 68 (13%) 18 17 6%
Hong Kong 58 45 29% 21 19 11% 79 64 23% 27 24 13%
Malaysia 3 4 (25%) 19 13 46% 22 17 29% 20 13 54%
Taiwan 9 4 125% 30 50 (40%) 39 54 (28%) 31 50 (38%)
Japan 2 2 - 13 11 18% 15 13 15% 13 11 18%
Other (5) 17 7 143% 37 24 54% 54 31 74% 39 26 50%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total Asian Insurance 134 118 14% 134 129 4% 268 247 9% 148 141 5%
Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Group Total 1,953 2,897 (33%) 177 185 (4%) 2,130 3,082 (31%) 373 473 (21%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
INVESTMENT OPERATIONS
M&G (7) Asia Mutual Funds Hong Kong MPF Total Investment
Products (8) Products
Q3 Q3 +/- Q3 Q3 +/- Q3 Q3 +/- Q3 Q3 +/-
2003 2002 (%) 2003 2002 (%) 2003 2002 (%) 2003 2002 (%)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Opening FUM 22,331 20,685 8% 5,721 3,781 51% 165 117 41% 28,217 24,583 15%
Gross inflows 1,008 540 87% 4,929 3,144 57% 17 18 (6%) 5,954 3,702 61%
Less redemptions ( 657) ( 381) (72%) (4,547)(3,086) (47%) ( 4) ( 3) (33%) (5,208)(3,470) (50%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Net flows 351 159 121% 382 58 559% 13 15 (13%) 746 232 222%
Other movements - - - ( 25) ( 1) (2400%) - - - ( 25) ( 1) (2400%)
Market and currency 511 (1,247) 141% 238 ( 186) 228% 8 ( 11) 173% 757 (1,443) 152%
movements
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Net movement in FUM 862 (1,088) 179% 595 ( 129) 561% 21 4 425% 1,478(1,212) 222%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Closing FUM 23,193 19,597 18% 6,316 3,652 73% 186 121 54% 29,695 23,370 27%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Notes to Schedules :
(1) Insurance and investment new business for overseas operations has been
calculated using average exchange rates.
(3) Annual Equivalents, calculated as regular new business contributions +
10% single new business contributions, are subject to roundings.
(4) Reflecting the expanded investment business new business analysis on
Schedule 2, certain investment fund mandates previously classified from UK
Corporate Pensions sales are now reported as M&G institutional funds under
management. 2002 UK insurance sales now reflect this change in presentation.
(5) In Asia, 'Other' insurance operations include Thailand, Indonesia, The
Philippines, Vietnam, India (26% interest), China and Korea.
(7) Balance includes segregated pensions fund business, private finance flows
and M&G South Africa institutional business. M&G institutional funds under
management restated in Q2 2003 to include funds managed on behalf of the
Prudential Staff Pension Scheme previously categorised as internal funds.
(8) Mandatory Provident Fund product sales in Hong Kong are included at
Prudential's 36% interest of the Hong Kong MPF operation.
(11) Sales for overseas operations are converted to sterling using the year
to date average exchange rate applicable at the time. The sterling results
for individual quarters represent the difference between the year to date
reported sterling results at successive quarters and will include foreign
exchange movements from earlier periods.
Schedule 4
PRUDENTIAL PLC - NEW BUSINESS - QUARTER 3 2003 VERSUS QUARTER 2 2003
INSURANCE OPERATIONS
Single Regular Total Annual Equivalents
(3)
Q3 2003 Q2 2003 +/- Q3 2003 Q2 2003 +/- Q3 2003 Q2 2003 +/- Q3 Q2 +/-
(%) (%) (%) 2003 2003 (%)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
UK Insurance Operations : (4)
Direct Distribution :
Individual Pensions 1 3 (67%) 2 3 (33%) 3 6 (50%) 2 4 (50%)
Corporate Pensions 138 52 165% 27 46 (41%) 165 98 68% 41 51 (20%)
Life 3 3 - - 1 - 3 4 (25%) - 2 -
Individual Annuities 215 201 7% - - - 215 201 7% 22 20 10%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Sub-Total 357 259 38% 29 50 (42%) 386 309 25% 65 76 (14%)
DWP Rebates - - - - - - - - - - - -
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total 357 259 38% 29 50 (42%) 386 309 25% 65 76 (14%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Intermediated Distribution :
Individual Pensions 9 16 (44%) 6 7 (14%) 15 23 (35%) 7 8 (13%)
Corporate Pensions 15 11 36% 2 1 100% 17 12 42% 4 2 100%
Life 280 207 35% 3 9 (67%) 283 216 31% 31 30 3%
Individual Annuities 206 151 36% - - - 206 151 36% 21 15 40%
Bulk Annuities 32 86 (63%) - - - 32 86 (63%) 3 9 (67%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Sub-Total 542 471 15% 11 17 (35%) 553 488 13% 65 64 2%
DWP Rebates - - - - - - - - - - - -
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total 542 471 15% 11 17 (35%) 553 488 13% 65 64 2%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Partnerships :
Life 12 9 33% - - - 12 9 33% 1 1 -
Individual Annuities 24 4 500% - - - 24 4 500% 2 1 100%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total 36 13 177% - - - 36 13 177% 3 2 50%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total :
Individual Pensions 10 19 (47%) 8 10 (20%) 18 29 (38%) 9 12 (25%)
Corporate Pensions 153 63 143% 29 47 (38%) 182 110 65% 45 53 (15%)
Life 295 219 35% 3 10 (70%) 298 229 30% 32 32 -
Individual Annuities 445 356 25% - - - 445 356 25% 45 36 25%
Bulk Annuities 32 86 (63%) - - - 32 86 (63%) 3 9 (67%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Sub-Total 935 743 26% 40 67 (40%) 975 810 20% 134 141 (5%)
DWP Rebates - - - - - - - - - - - -
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total UK Insurance 935 743 26% 40 67 (40%) 975 810 20% 134 141 (5%)
Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
European Insurance Operations : (1)
Insurance Products 17 17 - - - - 17 17 - 2 2 -
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total European 17 17 - - - - 17 17 - 2 2 -
Insurance Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total UK & European 952 760 25% 40 67 (40%) 992 827 20% 136 143 (5%)
Insurance Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
US Insurance Operations : (11)
Fixed Annuities 200 421 (52%) - - - 200 421 (52%) 20 42 (52%)
Equity Linked Indexed 72 68 6% - - - 72 68 6% 7 7 -
Annuities
Variable Annuities 561 468 20% - - - 561 468 20% 56 47 19%
Life - - - 3 5 (40%) 3 5 (40%) 3 5 (40%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Sub-total Retail 833 957 (13%) 3 5 (40%) 836 962 (13%) 86 101 (15%)
Guaranteed Investment 6 186 (97%) - - - 6 186 (97%) 1 19 (95%)
Contracts
GIC - Medium Term Note 28 279 (90%) - - - 28 279 (90%) 3 28 (89%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total US Insurance 867 1,422 (39%) 3 5 (40%) 870 1,427 (39%) 90 147 (39%)
Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Asian Insurance Operations : (1)
Singapore 45 22 105% 14 14 - 59 36 64% 18 16 13%
Hong Kong 58 42 38% 21 20 5% 79 62 27% 27 25 8%
Malaysia 3 3 - 19 11 73% 22 14 57% 20 12 67%
Taiwan 9 8 13% 30 17 76% 39 25 56% 31 18 72%
Japan 2 2 - 13 8 63% 15 10 50% 13 8 63%
Other (5) 17 10 70% 37 31 19% 54 41 32% 39 32 22%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Total Asian Insurance 134 87 54% 134 101 33% 268 188 43% 148 110 35%
Operations
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Group Total 1,953 2,269 (14%) 177 173 2% 2,130 2,442 (13%) 373 400 (7%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
INVESTMENT OPERATIONS
M&G (7) Asia Mutual Funds Hong Kong MPF Products Total Investment
(8) Products
Q3 2003 Q2 2003 +/- Q3 2003 Q2 2003 +/- Q3 2003 Q2 2003 +/- Q3 2003 Q2 2003 +/-
(%) (%) (%) (%)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Opening FUM 22,331 20,677 8% 5,721 5,022 14% 165 151 9% 28,217 25,850 9%
Gross inflows 1,008 832 21% 4,929 4,552 8% 17 21 (19%) 5,954 5,406 10%
Less redemptions ( 657) ( 627) (5%) (4,547) (3,854) (18%) ( 4) ( 8) 50% (5,208)(4,489) (16%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Net flows 351 205 71% 382 699 (45%) 13 12 8% 746 917 (19%)
Other movements - ( 18) - ( 25) ( 16) (56%) - - - ( 25) ( 34) 26%
Market and currency 511 1,466 (65%) 238 17 1300% 8 2 300% 757 1,485 (49%)
movements
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Net movement in FUM 862 1,653 (48%) 595 698 (15%) 21 15 40% 1,478 2,367 (38%)
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Closing FUM 23,193 22,331 4% 6,316 5,721 10% 186 165 13% 29,695 28,217 5%
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Notes to Schedules:
(1) Insurance and investment new business for overseas operations has been
calculated using average exchange rates.
(3) Annual Equivalents, calculated as regular new business contributions +
10% single new business contributions, are subject to roundings.
(4) Reflecting the expanded investment business new business analysis on
Schedule 2, certain investment fund mandates previously classified from UK
Corporate Pensions sales are now reported as M&G institutional funds under
management. 2002 UK insurance sales now reflect this change in presentation.
(5) In Asia, 'Other' insurance operations include Thailand, Indonesia, The
Philippines, Vietnam, India (26% interest), China and Korea.
(7) Balance includes segregated pensions fund business, private finance flows
and M&G South Africa institutional business. M&G institutional funds under
management restated in Q2 2003 to include funds managed on behalf of the
Prudential Staff Pension Scheme previously categorised as internal funds.
(8) Mandatory Provident Fund product sales in Hong Kong are included at
Prudential's 36% interest of the Hong Kong MPF operation.
(11) Sales for overseas operations are converted to sterling using the year
to date average exchange rate applicable at the time. The sterling results
for individual quarters represent the difference between the year to date
reported sterling results at successive quarters and will include foreign
exchange movements from earlier periods.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of ***Month, Year***
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
LAURENCE POUNTNEY HILL,
LONDON, EC4R 0HH, ENGLAND
(Address of principal executive offices)
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 X Form 40-F
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 No X
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-
SIGNATURES
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.
Date 16 October 2003
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ By: /s/ Steve Colton
Steve Colton
Group Head of Media Relations