21 Apr 2004
Prudential earns Queen’s Award for outstanding achievement in international trade
Prudential plc has earned the Queen’s Award for Enterprise for outstanding achievement in international trade.
The award recognises the significant growth in the contribution made over a three-year period by Prudential’s overseas businesses in the United States and Asia, which between them contributed 74 per cent of the Group’s sales and 70 per cent of new business achieved profits in 2002, compared with 55 per cent and 61 per cent respectively in 2000. During that period, Prudential Corporation Asia's (PCA) sales increased five-fold and its new business achieved profits more than doubled.
In recent years, Prudential has developed a strategy focused on international diversification by broadening its geographic presence, distribution channels and range of products, to meet the needs of its 16 million customers around the world.
At the start of 2000, PCA had 16 operations in 11 countries, 1,900 staff and 16,000 agents and had only recently gained its first life licence in China. By the end of 2002, it had 23 operations in 12 countries, 6,000 staff and over 89,000 agents and had gained a second life licence in China in Beijing. Today, PCA holds leading positions in many of its markets and has 112,000 agents. It gained a further life licence in China in March this year.
Jackson National Life (JNL), Prudential's US business, is a leading life insurer in the US and offers a diversified range of long-term savings and retirement products through a number of distribution channels. Over the past two years it has enjoyed record retail sales, and in 2003 over 90 per cent of JNL's sales came from products launched since the beginning of 2002. The business is well positioned to benefit from growth in the US savings market.
Prudential's Group Chief Executive, Jonathan Bloomer, said: “We are delighted to receive this award. It endorses Prudential's international strategy and is testament to the energy and commitment of our people who have helped make our overseas operations the scale and success they are today."
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Notes to Editors:
The Queen's Award for Enterprise
The Award was instituted by Royal Warrant in 1966 and has taken a number of formats since then. Today, there are three categories under which an award can be won: International Trade, Innovation and Sustainable Development.
HM The Queen makes the Awards on the advice of the Prime Minister, who is assisted by an Advisory Committee that includes representatives of Government, industry and commerce, and the trade unions. They are announced annually on 21 April, The Queen's personal birthday.
More information on the Queen's Awards for Enterprise can be found at the following website address: www.queensawards.org.uk