FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： Prudential plc 保誠有限公司* (* 僅供識別) 呈交日期： 2026年4月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 02378 | 說明 | 普通股每股0.05英鎊 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1] Core Insights - The growth in life insurance premiums in January-February 2026 is driven by the "deposit migration" phenomenon, while property insurance premiums are growing slowly, with auto insurance under pressure and non-auto insurance growing rapidly. The report anticipates that the resonance of assets and liabilities will drive profit improvement in 2026 [2] Summary by Sections Premium Income - In January-February 2026, the cumulative premium income for the insurance industry reached 1,642.2 billion yuan, a year-on-year increase of 8.4%. The life insurance sector's original premium income was 1,310.8 billion yuan, up 9.7% year-on-year. The breakdown includes life insurance at 1,132.3 billion yuan (10.9% increase), health insurance at 172.4 billion yuan (3.1% increase), and accident insurance at 6.1 billion yuan (12.4% decrease) [3][4] - The report expects strong demand for insurance savings due to "deposit migration," while demand for protection products remains weak in the short term [3] Investment Contributions - New investment contributions from policyholders (mainly universal insurance) amounted to 238.9 billion yuan, a year-on-year increase of 16.8%. The growth is attributed to the continuous operation of universal insurance accounts during the companies' New Year business period [3] Property Insurance Performance - The cumulative original premium income for the property insurance sector in January-February 2026 was 331.4 billion yuan, a year-on-year increase of 3.5%, with a decline in growth rate of 1.2 percentage points compared to the same period in 2025. Auto insurance and non-auto insurance premiums were 141.8 billion yuan (-0.9% year-on-year) and 189.6 billion yuan (7.0% year-on-year), respectively [3] - Non-auto insurance's share of total property insurance premiums increased by 1.9 percentage points year-on-year, with liability and health insurance being the core growth drivers, showing year-on-year growth rates of 10.2% and 20.5%, respectively [3] Market Outlook - The report is optimistic about the valuation recovery of insurance stocks, driven by strong demand for insurance savings and stable interest rates. It highlights that the recent concerns from trading factors are the main reason for the divergence between the fundamental profit improvement and stock prices in the insurance sector [3] - The report recommends stocks such as China Ping An, China Pacific Insurance, New China Life, and China Life for investment [3]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： Prudential plc 保誠有限公司* (* 僅供識別) 呈交日期： 2026年3月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02378 | 說明 | 普通股每股0.05英鎊 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - The growth in life insurance premiums in January-February 2026 is driven by "deposit migration" and the "opening red" period, while property insurance premiums show slight growth with an increasing share of non-auto insurance [3][4]. - The total premium income for the insurance industry in January-February 2026 reached 1,642.2 billion yuan, representing a year-on-year increase of 8.4% [4]. - The life insurance sector's original premium income for the same period was 1,310.8 billion yuan, up 9.7% year-on-year, benefiting from the "opening red" phase and the migration of household deposits [4]. - The report anticipates a robust demand for insurance savings from residents, contributing to the growth of new business value (NBV) in 2026 [4]. Summary by Sections Life Insurance - In January-February 2026, life insurance premiums totaled 1,132.3 billion yuan, with year-on-year growth of 10.9% [4]. - Health insurance premiums reached 172.4 billion yuan, growing by 3.1%, while accident insurance premiums fell to 6.1 billion yuan, down 12.7% [4]. - The report notes that the single-month original premium income for life insurance in February 2026 was 271.4 billion yuan, a 2.6% increase year-on-year [4]. Property Insurance - The property insurance sector saw a total original premium income of 331.4 billion yuan in January-February 2026, reflecting a year-on-year increase of 3.5% [4]. - Auto insurance premiums were 141.8 billion yuan, down 0.9%, while non-auto insurance premiums reached 189.6 billion yuan, up 7.0% [4]. - The report highlights that the share of non-auto insurance in total property insurance premiums increased by 1.9 percentage points year-on-year [4]. Investment Recommendations - The report expresses optimism regarding the valuation recovery of insurance stocks, driven by strong sales during the "opening red" period, stable long-term interest rates, and solid fundamentals of insurance companies [4]. - Recommended stocks include China Ping An, China Pacific Insurance, New China Life, and China Life Insurance [4].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： Prudential plc 保誠有限公司* (* 僅供識別) 呈交日期： 2026年3月30日 FF305 確認 不適用 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02378 | 說明 | 普通股每股0.05英鎊 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 公司名稱： Prudential plc 保誠有限公司* (* 僅供識別) 呈交日期： 2026年3月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02378 | 說明 | | 普通股每股0.05英鎊 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變 ...

Core Insights - Domestic mutual funds experienced significant losses in FY26, with 486 out of 556 funds reporting negative returns, while most international funds performed positively [1][18] - The top-performing fund was Nippon India Taiwan Equity Fund, which delivered a remarkable 164% return on SIP investments in FY26 [12][19] - Experts recommend a diversified approach for SIP investments, focusing on broader international funds while using specific themes as satellite exposures [9][11][19] Domestic Fund Performance - Domestic equity mutual funds lost up to 48% on SIP investments in FY26, with notable losses from tech and small-cap funds [18] - Tata Small Cap Fund was down 32.56%, while other tech funds like HDFC Technology Fund and Tata Digital India Fund lost 31.79% and 30.13% respectively [2][18] - Invesco India Technology Fund and Invesco India Multicap Fund reported declines of 23.47% and 23.39% respectively [5][19] International Fund Performance - International funds generally outperformed domestic funds, with Mirae Asset Hang Seng TECH ETF FoF losing only 18.43% on SIP investments [6][19] - The analysis highlighted that many international markets are trading at elevated valuations, but they still provide geographical diversification benefits [16][19] Investment Strategies - Experts suggest staggering SIP investments gradually and avoiding return-chasing to mitigate risks associated with market volatility [10][19] - A recommended allocation strategy includes 10-20% of the portfolio in international exposure, primarily focused on US markets [15][19] - The recent performance of international funds is attributed to AI and tech-driven rallies, emphasizing the importance of a long-term investment view [15][19]

Financial Performance - Prudential achieved a new business profit of $2,782 million in 2025, reflecting a 12% increase on a constant exchange rate basis[7]. - Adjusted operating profit before tax increased by 5% to $3,306 million, while adjusted operating profit after tax grew by 7% to $2,772 million[8]. - IFRS profit after tax surged by 71% to $4,119 million, with basic earnings per share based on IFRS profit increasing by 83% to 154.2 cents[8]. - Total segment profit increased to $3,939 million, reflecting a 6% growth from $3,723 million in 2024[125]. - The insurance business generated a profit of $3,610 million, a 6% increase from $3,419 million in 2024[131]. - New business profit increased by 12% to $2,782 million, driven by higher APE sales and positive pricing effects, with double-digit growth in each quarter of 2025[150]. - Total insurance business APE sales reached $6,661 million in 2025, a 7% increase from 2024, while new business profit rose by 13%[151]. - The new business margin improved to 42% in 2025, up from 40% in 2024, reflecting a focus on higher-margin products[152]. - Operating profit from the insurance business increased to $5,066 million, with a 16% rise in profit from in-force business to $2,284 million[154]. - The effective tax rate on adjusted operating profit was 16%, consistent with the 17% rate in 2024[146]. Shareholder Returns - Total dividend for 2025 was 26.60 cents per share, marking a 15% increase compared to 2024[7]. - The company plans to grow ordinary dividends by more than 10% in both 2026 and 2027, alongside additional capital returns including $500 million in share buybacks in 2026[161]. - The Group plans to return over $7 billion to shareholders from 2024 to 2027, including $500 million in share buybacks in 2026 and $600 million in 2027[54]. - Shareholders' equity rose from $17.5 billion at the beginning of 2025 to $20.1 billion by year-end, reflecting a profit of $4.0 billion during the period[159]. - The Group's total cash dividends for 2025 increased by 15% to 26.60 cents per share, compared to 23.13 cents per share in 2024[171]. Capital Management - Prudential completed a $2 billion share buyback in 2025 and commenced an additional $1.2 billion buyback in 2026[7]. - The Group issued SGD 600 million subordinated debt in May 2025, contributing $462 million to available capital[181]. - The Group maintained a total of $1.5 billion in undrawn committed facilities as of December 31, 2025, which expire in 2031[184]. - The company launched a $1.2 billion share buyback program in January 2026, comprising $500 million of recurring capital returns and $700 million from the IPO of IPAMC[122]. - The free surplus ratio was 221% at the end of 2025, down from the previous year due to capital returns, with a target operating range of 175-200%[121]. Business Growth - Prudential aims to grow new business profit at a compound annual growth rate of 15–20% from 2022 to 2027, targeting at least $4.4 billion in operating free surplus generation by 2027[30]. - In 2025, Prudential achieved a 12% growth in new business profit, exceeding the guidance of over 10%, supported by a 6% increase in APE sales and margin expansion[36]. - Bancassurance new business profit increased by 27% to $1,033 million in 2025, driven by a 5 percentage point margin increase and successful partnerships[42]. - Prudential's agency channel delivered new business profit of $1,560 million, up 4% from the prior year, with a 15% increase in agent productivity[40]. - New business profit in Mainland China grew by 27%, driven by strong APE sales growth and a focus on top-performing outlets[45]. - Prudential's growth markets collectively delivered a 12% increase in new business profit, with significant contributions from Taiwan and Thailand[48]. - New business profit in Hong Kong reached $1,221 million in 2025, a 12% increase from $1,091 million in 2024[196]. - APE sales in Hong Kong increased to $2,221 million in 2025, representing an 8% growth from $2,063 million in 2024[196]. Operational Efficiency - The company achieved a customer retention rate of 88%, up 1 percentage point from the previous year, with a target of 90-95% by 2027[97]. - The proportion of new business processed through auto-underwriting reached 70% by December 2025, indicating a significant shift towards digital self-service[101]. - The introduction of a generative AI-led performance management platform (PruAction) in Singapore aims to enhance agent productivity and is set for rollout to additional markets in 2026[62]. - The Group's focus on quality recruitment and upskilling initiatives led to a 15% increase in monthly new business profit per active agent in 2025[63]. - The company introduced a Health AI chatbot in Singapore to enhance sales team efficiency, supporting over 48,000 active health agents in priority markets[95]. Asset Management - Prudential's Asia-based asset management business, Eastspring, manages over $277 billion in funds and ranks in the top 10 in six markets[31]. - Eastspring's funds under management and advice increased by 8% from $258.0 billion at December 31, 2024, to $277.7 billion at December 31, 2025, driven by positive inflows and market movements[49]. - Operating free surplus generated from in-force insurance and asset management business rose by 15% to $3,059 million[7]. - Total expected transfer from in-force business and return on existing free surplus was $3,029 million, reflecting a 13% increase from 2024[165]. Market Recognition - The company was recognized as one of the 'Best Companies to Work for in Asia' for the fourth consecutive year, reflecting its commitment to a high-performance culture[200].

Business Overview - Prudential serves over 17 million customers across 20 markets in Asia and Africa, with a focus on life and health insurance and asset management solutions[32]. - Prudential aims to address the health and financial needs of approximately four billion people in Asia and Africa, leveraging its strategic plan for growth in these markets[38]. - The company has a strong presence in Africa, with access to over 400 million people and an aggregate GDP base exceeding $600 billion[49]. Financial Performance - The company reported a new business profit growth of over 10% across key metrics, including basic earnings per share based on adjusted operating profit[36]. - In 2025, Prudential achieved a growth in new business profit of over 10% across its life insurance markets, reflecting strong underlying performance[97]. - Profit for the year rose to $4,119 million in 2025, compared to $2,415 million in 2024, reflecting a 71% increase[203]. - Total profit after tax for 2025 was $4,119 million, an increase of $1,704 million from $2,415 million in 2024[207]. - Profit before shareholder tax rose by $1,988 million to $4,941 million, including a net gain of $1,515 million from corporate transactions[207]. Shareholder Returns - Prudential plans to implement an additional $1.2 billion buyback in 2026, with an expected $1.3 billion capital return in 2027[36]. - Prudential's capital returns to shareholders are projected to exceed $7 billion from 2024 to 2027, subject to regulatory approval[36]. - The company plans to return $1.8 billion to shareholders in 2025, up from $1.4 billion in 2024[181]. - Prudential's total cash dividend for 2025 is set at 26.60 cents per share, reflecting a 15% increase from 2024[67]. - Prudential's total ordinary dividend per share is expected to increase by more than 10% for both 2026 and 2027[198]. Market Position and Strategy - Prudential is positioned as a top player in several markets, including $621 million in Mainland China and $938 million in Singapore for annualized premium equivalent (APE) sales[34]. - The company emphasizes deepening penetration and increasing the mix of health and protection business, focusing on quality offerings[36]. - Life insurance penetration in India is approximately 3%, indicating a substantial opportunity for market expansion[52]. - Prudential's strategy includes a commitment to sustainability and addressing climate-related risks, which may impact future performance[22]. Distribution and Technology - The company maintains a balanced and scaled distribution channel, integrating life insurance and asset management capabilities[35]. - Prudential's bancassurance partnerships include over 950 bank branches from more than 25 partnerships, enhancing distribution capabilities[49]. - Prudential's technology-powered distribution model aims to enhance customer experiences and drive growth across its markets[41]. - Prudential's focus on technology and AI is driving innovation and operational efficiency, with plans to roll out a generative AI-led performance management platform in 2026[122]. Operational Efficiency - The company is focused on operational execution across its strategic pillars to deliver financial results for shareholders[44]. - The operating free surplus generated from in-force insurance and asset management business also grew by more than 10% in 2025, indicating improved cash generation[97]. - The proportion of new business processed through auto-underwriting reached 70% by December 2025, showcasing advancements in digital capabilities[158]. - Prudential's customer retention rate increased by 1 percentage point to 88% in 2025, moving closer to its 2027 target of 90-95%[154]. Growth Potential - Prudential identifies a health protection gap exceeding $300 billion in premium equivalent terms across its markets, highlighting significant growth potential[44]. - The agency channel's APE sales increased by 1% to $2,778 million, supported by improved agent productivity and quality recruitment[119]. - The bancassurance channel saw growth in new business profitability, particularly through partnerships with Standard Chartered Bank and CITIC Bank[101]. - Prudential launched several new health products in 2025, including a whole life limited pay hospital cash protection plan in Hong Kong and a combined critical illness and savings solution for SCB Malaysia customers[139].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： Prudential plc 保誠有限公司* (* 僅供識別) 呈交日期： 2026年3月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02378 | 說明 | 普通股每股0.05英鎊 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 已發行 ...