23 Oct 2007

Prudential plc Third Quarter 2007 New Business Results

All figures in the table below are for the nine months to 30 September 2007, with comparisons to 2006 at constant Exchange Rates.

APE Growth

PVNBP

Growth
Total Group Insurance £1,979 million 15% £14.4 billion 8%
Total Group Retail Insurance £1,894 million 28% £13.5 billion 25%

Asia

£939 million 48% £5.0 billion 52%

US

£511 million 20% £5.1 billion 20%
UK Retail £523 million 8% £4.2 billion 6%

UK Total

£529 million (20)% £4.2 billion (26)%

Asia Fund Management

Net inflows of £2.4 billion up 59%

M&G

Net inflows of £3.6 billion down 30%

Mark Tucker, Group Chief Executive said:

“These new business numbers demonstrate that there is real and continued momentum across the Group, building on the strong growth of the past two years.

“Year to date sales in our Asian life operations are up an excellent 48 per cent compared to 2006 and have already exceeded the £908 million achieved for the full year 2006.

“Jackson, our US business, has recorded further very good growth of 20 per cent in new business overall with a 33% increase in its variable annuity market sales, reflecting its competitive advantages in this product.

“UK retail insurance sales were up 8 per cent on the same period last year with strong performance in individual annuities and corporate pensions, good growth in lifetime mortgages and further demand for Prudential’s with-profits products.

“In our asset management businesses, Asian net fund inflows of £2.4 billion were up 59 per cent on the same period in 2006, while M&G’s net fund inflows of £3.6 billion were 30 per cent down on the first three quarters of last year but still the second highest on record.

“Our strategy remains focused on the growing global market for retirement savings and income. Our regional platforms and global capabilities place the Group in an excellent position to capture a disproportionate share of this opportunity.”

Commentary on Third Quarter 2007 New Business Results

Asia insurance operations

Prudential Corporation Asia’s life operations nine month sales as at 30 September 2007 were £939 million, up 48 per cent compared to 2006 continuing the trend seen at the half year. Nine month sales in 2007 have already exceeded the £908 million achieved for the full year 2006. The life operations delivered new business APE of £320 million during the third quarter this year, an increase of 51 per cent over the same quarter in 2006. On the PVNBP basis sales for third quarter 2007 of £1.7 billion are 54 per cent higher than the same period last year with the comparable numbers for the nine-month period being £5 billion, 52 per cent higher.

The strong growth is attributable to progress with the previously stated priorities for the region that include the further strengthening of agency through increasing scale and improving productivity enhancing partnership distribution, introducing health solutions and developing a holistic retirement strategy.

In Taiwan growth in the first nine months is 90 per cent above the same period in 2006, driven by a significant increase in agency activity rates. The momentum seen in Taiwan during the second quarter, attributed to launch of the retirement themed VA product, has continued beyond the initial launch period, with third quarter sales of £50 million being up 67 per cent on the same period in 2006. The new business mix remains 79 percent unit linked but margins have reverted to more typical levels as the VA launch incentives have finished.

The pace of growth in India remains strong. Nine month sales to 30 September of £126 million are up 64 per cent on the same period in 2006. Third quarter sales are up 95 per cent with Prudential’s 26 per cent share recording sales of £43 million. The operation now has 256,000 agents up 98 per cent over 30 September 2006. ICICI-Prudential Life remains the leading private sector insurer in India and has a 9.6 per cent share of the total market new business. Health related products remain a focus and whilst these are only a small contributor to new business volume (2 per cent) they are written at a higher margin than unit linked products in India.

During the first half of 2007, the pace of growth in Korea had moderated following weaker market sentiment towards linked products early on in the year, the constraint from regulatory caps on volumes from individual bank partners and challenges in recruiting financial consultants. However, following an incentive programme and encouraging bancassurance with local banks Kookmin Bank and Industrial Bank Korea the pace has picked up again during the third quarter, resulting in nine month sales of £192 million, an increase of 25 per cent on 2006, and third quarter new business of £72 million which is 41 per cent higher than the same period in 2006.

Hong Kong continues to record strong growth with nine month sales of £114 million, up 39 per cent on the same period in 2006. Third quarter new business of £40 million represented a 25 per cent increase on the same period in 2006. The key drivers were continuing momentum for linked sales in the agency channel and a record quarter for bancassurance. We have also just launched a new critical illness product in Hong Kong.

In Indonesia Prudential is becoming well established as the industry leader with nine month growth of 66 per cent to £78 million. Growth in the third quarter was 72 per cent to £31 million. Agent numbers of 44,000 at 30 September 2007 are up 10,000 over the same time last year as Prudential continues to expand its agency channel. During September the business very successfully launched its first takaful product.

Singapore’s nine month sales of £89 million show 25 per cent growth on the same period in 2006 primarily driven by improved agency productivity. Singapore has also launched a very successful new health product with 53,000 applications to the end of September.

Japan’s new business, at £24 million for the first nine months, is three times the same period last year driven by Term Life products and success with partnership distribution.

China has reported a 77 per cent increase in the first nine months of 2007 with the third quarter being its strongest quarter to date at £17 million, up 89 per cent on the same period in 2006.

Of all Prudential Corporation Asia’s markets, Malaysia is currently the most challenging with growth at 9 per cent for the first nine months of 2007 compared to the same period in 2006. It is worth noting however that this exceeds the current level of market growth in Malaysia. There are a number of initiatives to increase sales underway including a medical plan upgrade, a new VA product and the "What’s Your Number?" retirement campaign which has already been successful for Prudential in Hong Kong, Korea and Taiwan.

Whilst Vietnam is a smaller contributor to growth in absolute terms, it has returned to growth with nine month sales up 33 per cent on the same period in 2006, and we have recently received the final regulatory approvals for the launch of unit linked products. With one of the market leading life operations, a successful asset management operation and a newly launched consumer finance operation, Prudential has an unparalleled platform in Vietnam.

Whilst small in absolute terms, Thailand and Philippines have also shown encouraging growth in the third quarter.

Overall the long term prospects in Asia remain as compelling as ever and Prudential sees no material impediments to sustained, profitable growth. We remain focused on delivering our priorities and previously announced new business profit targets and expect these to drive further increases in shareholder value.

US insurance operations

Jackson, Prudential’s US insurance business, delivered APE sales of £511 million in the first three quarters of 2007, representing a 20 per cent increase over the same period in 2006, driven by continued growth in sales of variable annuities. Retail APE sales of £432 million were up 21 per cent. APE sales in the third quarter of 2007 were £159 million, up 20 per cent over the same period in 2006. On a PVNBP basis, new business sales for the nine months to 30 September 2007 were £5.1 billion.

Jackson delivered record variable annuity sales of £3.4 billion in the first three quarters of 2007, up 33 per cent on the corresponding period last year. Variable annuity APE sales for the third quarter of 2007 were £117 million, up 37 per cent over the same period in 2006. For the half year 2007, Jackson increased its variable annuity market share to 5.1 per cent, up from 4.6 per cent for full year 2006, and increased its ranking to 11th in variable annuity sales, up from 12th for full year 2006. Jackson also ranked second in variable annuity net flows in the second quarter of 2007. This significant sales growth performance in variable annuity sales was driven by Jackson’s distinct competitive advantages of an innovative product offering, an efficient and flexible technology platform, a relationship-driven distribution model and award winning customer service.

Earlier in the year, Jackson continued its track record of product innovation by enhancing its existing variable annuity offering, namely by adding three new guaranteed minimum withdrawal benefits (GMWBs), a new guaranteed minimum accumulation benefit (GMAB), and several new portfolio investment options. Jackson also launched a new line of retail mutual funds, a simplified variable annuity, a new universal life product, and a new fixed index annuity.

Fixed annuity APE sales of £42 million were 11 per cent down on the same period of 2006. APE sales in the third quarter of 2007 were £13 million, 30 per cent down on the same period of 2006. Industry sales of traditional fixed annuities were 20 per cent lower at the half year compared to the same period in 2006. Entry spreads for fixed annuities continued to be challenging in the first three quarters of 2007 and the interest rate environment limited the crediting rates that could be offered on the products and has therefore diminished their attractiveness to customers. Jackson ranked sixth in traditional fixed annuity sales with a market share of 3.3 per cent in the first half of 2007 up from a ranking of seventh and a market share of 3.1 per cent for the full year 2006.

Fixed index annuity sales continued to be affected by the uncertain regulatory environment in the US and industry sales were 4 per cent lower at the half year compared to the same period last year. APE sales of £34 million were 15 per cent down on the same period in 2006. APE sales in the third quarter of 2007 were £12 million, 9 per cent down on the same period of 2006 but 11 per cent up on the second quarter of 2007 driven by strong sales of the new product launched in June. In the second quarter of 2007, Jackson ranked first in fixed index annuity sales through banks for the eighth consecutive quarter.

Institutional APE sales of £79 million were up 13 per cent on the same period in 2006, as Jackson continues to participate in this market on an opportunistic basis.

Curian Capital, a specialised asset management company that provides innovative fee-based separately managed accounts, continues to build its position in the US retail asset management market with total assets under management at the end of September 2007 of £1.6 billion ($3.3 billion) compared with £1.2 billion at CER ($2.4 billion) at the end of December 2006. Curian generated record deposits in the first three quarters of 2007 of £484 million, up 56 per cent on the same period in 2006.

Jackson’s fixed maturity portfolio is of high quality and its exposure to sub prime mortgage business is modest and is through structured deals in the highest rated (‘AAA’) tranches. Jackson’s recognised IFRS net credit related losses for the total fixed maturity portfolio of £6 million ($12 million) to the end of September 2007. In determining IFRS operating profit, the longer-term return for fixed income securities incorporates a risk margin reserve (RMR) charge for longer term defaults and the net loss position for the nine months to 30 September 2007 is well below the current year RMR charge.

Jackson continues to focus on value-driven growth and is well positioned to take advantage of the attractive opportunities in the US retirement market, through organic growth and also through bolt-on acquisitions, where Jackson will consider taking advantage of securitisation financing, that meet targeted rates of return.

UK insurance operations

Overall retail APE sales in the first nine months were up 8 per cent year-on-year to £523 million, driven principally by continued strong performance in individual annuities and corporate pensions, good growth in lifetime mortgages and demand for Prudential’s with-profits products where customers benefit from Prudential’s asset allocation expertise and experience. In line with the strategy announced in March 2007, Prudential UK has continued to de-emphasise low margin, low persistency pension and unit-linked bond business, which has resulted in third-quarter on third-quarter growth in retail sales of 3 per cent to £165 million. On a PVNBP basis retail sales in the first nine months were up 6 percent to £4.2 billion.

Total sales for Prudential UK for the first nine months of 2007 were £529 million, a decrease of 20 per cent over the same period last year. This was due to two large back-book deals in the first half of 2006 which were not repeated in 2007 as well as £45 million of credit life sales in the first nine months of 2006 under a contract with Lloyds TSB that was not renewed in 2007. On a PVNBP basis total sales were down 26 per cent to £4.2 billion. Prudential UK will continue to compete selectively in the wholesale market, only writing business that delivers an acceptable rate of return. As previously announced, Prudential UK expects to complete the transfer of Equitable Life’s portfolio of in-force with-profit annuities in the fourth quarter of 2007 at which point it will recognise new business premium and associated profit from this transaction. This transaction comprises a book of 62,000 policies and assets of approximately £1.7 billion. Equitable Life’s Extraordinary General Meeting is scheduled for 26 October and the UK Court hearing for approval of the transfer is due on 28 November.

Individual annuity sales in the first nine months grew by 14 per cent to £214 million, with sales of £74 million in the third quarter in line with the same quarter last year. Prudential continues to benefit from the strength of its internal vesting pipeline with sales in the first nine months of £103 million up 6 per cent on the same period last year. Annuity sales through the UK’s direct channel and its partnership deals of £66 million were 32 per cent higher than last year. Prudential has recently announced a new partnership agreement with Barclays, where Prudential UK is the preferred provider for customers who enquire about a range of annuity options – this is on track for launch in the fourth quarter with business flows due to start in the first quarter of 2008.

Prudential continues to be the clear leader in the growing with-profit annuity market with sales of £36 million up 43 per cent on the first nine months of 2006 and sales up 16 per cent on the third quarter of 2006.

Corporate pensions sales increased 20 per cent to £173 million, with sales in the third quarter 2 per cent above the third quarter of 2006. The sales increase was due to a combination of new scheme growth, new member growth and incremental sales to existing schemes.

Lifetime mortgage advances in the first nine months of £108 million have increased by 96 per cent on the same period in 2006, supported by growth and development of the face-to-face sales-force as well as continued work to build relationships in the intermediary channel. Advances in the third quarter of £41 million were 64 per cent above the third quarter of 2006. Prudential UK had grown its market share to 11.2 per cent at the end of the second quarter.

With-profit bonds sales in the first nine months of £27 million were up 50 per cent on the corresponding period of 2006 on the back of impressive investment performance of the with-profits fund over a sustained period of years. Sales in the third quarter of £10 million were up 43 per cent on the same quarter last year. Sales of PruFund, Prudential’s unitised and smoothed investment plan, have now exceeded £200m since launch three years ago.

Unit-linked bond sales in the first nine months of £23 million were down 32 per cent on 2006. Sales of £7 million in the third quarter were down 30 per cent on the same quarter last year. Prudential has continued its focus on value rather than volume and moved away from sales of the initial commission-based unit-linked bond. Prudential launched the Prudential Investment Plan (PIP), a factory gate priced bond, in August. PIP includes a selected range of investment solutions, offering both with-profits and unit-linked options, including the recently launched Cautious Managed Growth and Managed Defensive Funds, which utilise Prudential’s core asset allocation expertise. These two funds have generated strong relative and absolute investment returns since they were launched and are available across the full tax wrapper suite, including onshore and offshore bonds, individual pensions and mutual funds.

Prudential welcomes the publication of the FSA's Retail Distribution Review discussion papers which outline a number of potential changes designed to encourage greater levels of transparency, professionalism and sustainability, with the prime aim of increasing consumers’ access to savings and their understanding of the value of advice. Prudential is encouraged that the concept of consumer agreed remuneration has been included as part of the Review and believes that this is an excellent opportunity to put in place a framework that will better align the interests of consumers, advisers and providers.

Offshore product sales in the first nine months were £34 million, driven by a 59 per cent increase in sales in Europe. This reflected strengthening demand for Prudential’s with-profits offering in its target markets. Although overall offshore sales were down 29 per cent on the first nine months of 2006, this was as a result of a large tranche of one-off business that was written with a particular UK distributor in the first half of 2006. Sales in the third quarter were up 16 per cent with sales in Europe up 85 per cent compared with the corresponding quarter last year.

PruHealth continues to progress well and now covers 131,000 lives, an increase of 47 per cent since the end of 2006. The business has continued to focus on high quality corporate schemes and retail business and gross written premiums of £45 million were up 87 per cent on the corresponding period last year. Tied regional broker networks have recently been established to enhance our distribution coverage.

Prudential UK and South African joint venture partner, Discovery, launched PruProtect in September. This is an innovative new protection insurance product offering customers life cover, income protection and severity-based serious illness cover.

While less dependent on investment bonds than many providers in the market, Prudential is, together with others in the industry, consulting the relevant Government departments to seek clarity on the capital gains tax proposals in the pre-Budget Report to avoid a detrimental impact on consumers’ savings. Prudential's multi-asset investment capability means that it can provide savings and income products across all tax wrappers and its new income drawdown product will provide customers with further options and opportunities to manage their retirement provision.

Prudential UK continues to focus on the market for retirement savings and income through selectively competing in areas where it can generate attractive returns based on its manufacturing strengths and brand.

Asset Management

M&G

Strong fund performance led to M&G delivering gross fund inflows of £10.8 billion during the first nine months of 2007, an increase of 8 per cent on the same period last year, reflecting M&G’s leading positions in retail funds management, institutional fixed income, pooled life and pension funds, property and private finance. Net fund inflows of £3.6 billion, while 30 per cent down on the first three quarters of last year, were the second highest on record.

M&G’s retail business continued to perform well, with gross fund inflows up 28 per cent to £6.6 billion compared to the same period last year. Net fund inflows of £2.4 billion were down 5 per cent relative to the first nine months of 2006, but were still a solid result in a more challenging sales environment.

While equity markets have proved resilient, increased volatility and uncertainty in debt markets have had an effect on retail investor confidence. However, M&G remains extremely well positioned in its retail markets with strongly performing funds and an excellent UK and international distribution network, combined with a reinvigorated brand which has been very well received by both intermediaries and customers.

For M&G’s wholesale businesses, gross fund inflows for the first nine months of the year were £4.2 billion, a decrease of 13 per cent on the same period last year. Net fund inflows of £1.2 billion were down 54 per cent compared to the first three quarters of 2006. This decrease has in the main been due to redemptions in M&G’s segregated fixed income business in the third quarter due to one-off mandate changes and the ongoing reorganisation of mandates by some larger clients. It is worth noting that as part of this process of reorganisation, while M&G has seen physical outflows of assets, new revenue streams have arisen from clients’ increased use of derivatives.

M&G’s higher margin wholesale product lines have continued to be particularly strong performers, with gross fund inflows doubling in the first nine months of the year and net inflows up almost threefold. These business lines, such as leveraged loans, Collateralised Debt Obligations (CDOs), Infrastructure Finance and M&G’s Absolute Return Business, currently account for 50 per cent of gross inflows, producing a more profitable sales mix for M&G’s third party business.

Despite the recent turmoil in structured credit markets, the performance of M&G’s range of CDOs has remained strong and the CDO team successfully closed their most recent issue, Panther V, in August. Current market conditions are very challenging for CDOs, although the market for synthetic transactions, in which M&G is a leading player, remains open. M&G’s leveraged loans business also saw good inflows despite the wider market context. While activity in the leveraged loans has been very quiet in Q3, M&G expects to be among the first CLO managers to be able to conclude deals once activity in the market picks up.

For M&G’s Absolute Return Business, the 30th of September saw the reopening of the Episode global macro fund to new investment, having been soft closed for nine months after successfully reaching its target of $1.5 billion assets under management. The fund saw inflows of $190 million on the first day of reopening and M&G expects the $1 billion in new capacity on the fund to be fully subscribed over the next six months.

Looking ahead, M&G’s priorities continue to be to deliver investment outperformance to its clients, extend distribution through existing channels and exploit new opportunities, and to leverage its scale and capabilities to develop innovative products for the retail and wholesale marketplaces.

Asian Fund Management Business

The Asian Fund Management business has continued to perform well in the first nine months of 2007 with record net flows of £2.4 billion up 59 per cent on the same period in 2006. This is primarily driven by net inflows in India, Japan and Taiwan. Of the £2.4 billion in net flows, 60 per cent were in longer-term equity and fixed income products with 40 per cent in shorter-term money market funds. Net inflows for the first nine months of 2007 are almost at the same level as the total net inflows for the full year of 2006.

Total third party funds under management were £16.1 billion at 30 September 2007, up 32 per cent on year end 2006. Taiwan, India and Japan were the main contributors to the nine month growth with funds under management increasing by 58 per cent, 48 per cent and 31 per cent respectively. In Japan, the growth in FUM was mainly attributed to net flows of £730 million from PCA Growing Asia Equity Open, India Infrastructure Equity and Asia Oceania Equity funds. Taiwan's growth was driven by the successful launch of the Asian Infrastructure Fund in May that raised £220 million, a discretionary mandate from The Public Service Pension Fund and institutional clients that contributed £100 million.

We continue to strengthen our distribution capability and reach in the region. In Korea, we have successfully implemented the PCA Life distribution project which has provided training and marketing promotion plans to support PCA Life agents to distribute our mutual fund products. In UAE, we have established thirteen distribution agreements since launch, with total funds under management of over £250 million.

We have increased our stake in CITIC Prudential Fund Management, our joint venture fund management company with CITIC Group in China. Our stake has increased from 33 per cent to 49 per cent from 12 August 2007, following approval from the regulators. Prudential and CITIC remain primary shareholders, each with a 49 per cent share with the balance of 2 per cent being held by China-Singapore Suzhou Industrial Park Venture Company. Notable achievements for the CITIC–Prudential operation include launching two well received funds and securing our participation in the Qualified Foreign Institutional Investor (QFII) scheme. CITIC-Prudential currently acts as investment adviser to Prudential Asset Management HK for the latter's participation in China's domestic stock market through this scheme.

Prudential remains confident that its fund management businesses in Asia are well placed to achieve strong and profitable growth.

ENDS

Enquiries:
Media Investors/Analysts
Jon Bunn 020 7548 3559 James Matthews 020 7548 3561
William Baldwin-Charles 020 7548 3719 Marina Novis 020 7548 3511

Notes to Editor:

  1. Annual premium equivalent (APE) sales comprise regular premium sales plus one-tenth of single premium insurance sales and are subject to rounding.

  2. Present Value of New Business Premiums (PVNBP) are calculated as equalling single premiums plus the present value of expected new business premiums of regular premium business, allowing for lapses and other assumptions made in determining the EEV new business contribution.

  3. UK Retail sales include all products except bulk annuities and credit life sales.

  4. There will be a conference call today for wire services at 7.30am (BST) hosted by Mark Tucker, Group Chief Executive, and Philip Broadley, Group Finance Director. Dial in telephone number: +44 (0)20 8609 0205. Passcode: 155439#

  5. There will be a conference call for investors and analysts at 09:30am (BST) hosted by Mark Tucker, Group Chief Executive, and Philip Broadley, Group Finance Director. From the UK please call +44 (0)20 8609 0793 and from the US +1 866 793 4279. Pin number 487687#. A recording of this call will be available for replay for one week by dialling: +44 (0)20 8609 0289 from the UK or +1 866 676 5865 from the US. The conference reference number is 160475#.

  6. High resolution photographs are available to the media free of charge at www.newscast.co.uk (+44 (0) 207 608 1000).

  7. 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
    2007 Q3 2006 Q3 +/- (%)
    2007 Q3 2006 Q3 +/- (%)

    YTD YTD YTD YTD

    £m £m £m £m
    UK 529 664 (20%) 529 664 (20%)
    US 511 467 9% 511 427 20%
    Asia 939 673 40% 939 633 48%
    Total 1,979 1,803 10% 1,979 1,723 15%

    Gross Inflows
    Actual Exchange Rates
    Constant Exchange Rates
    2007 Q3 2006 Q3 +/- (%)
    2007 Q3 2006 Q3 +/- (%)

    YTD YTD YTD YTD

    £m £m £m £m
    M&G 10,812 9,981 8% 10,812 9,981 8%
    US 33 - - 33 - -
    Asia 27,945 14,694 90% 27,945 14,095 98%
    Total 38,790 24,675 57% 38,790 24,076 61%

    Total Insurance and Investment New Business
    Actual Exchange Rates
    Constant Exchange Rates
    2007 Q3 2006 Q3 +/- (%)
    2007 Q3 2006 Q3 +/- (%)

    YTD YTD YTD YTD

    £m £m £m £m
    Insurance 10,788 11,185 (4%) 10,788 10,717 1%
    Investment 38,790 24,675 57% 38,790 24,076 61%
    Total 49,578 35,860 38% 49,578 34,793 42%
  8. For Jackson, market share data is provided for the half year of 2007, being the latest available. Variable annuity data is sourced from VARDS, fixed annuity data is sourced from LIMRA and fixed index annuities data is sourced from LIMRA and The Advantage Group.

  9. Financial Calendar:

    Full Year 2007 New Business Figures 29th January 2008
    Full Year 2007 Results 14th March 2008


*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 £256 billion in assets under management, (as at 30 June 2007) 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.

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Prudential plc is an international company incorporated 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, and it has been in existence for over 170 years. 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, or the Prudential Assurance Company, a subsidiary of M&G plc (a company incorporated in the United Kingdom).