Our purpose We are Prudential. For every life, we are Partners. For every future, we are Protectors. Our mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. 2 Strategic report 156 Governance 204 Directors' remuneration report 230 Financial statements 336 European Embedded Value (EEV) basis results 360 Additional information Find our whole reporting suite at prudentialplc.com This report contai ...

Table of Contents As filed with the Securities and Exchange Commission on 26 March 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended 31 December 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPA ...

Patrick Bowes Good afternoon, and good morning. It's Patrick Bowes speaking. Welcome to Prudential's 2024 Results Analyst and Investor Call. Before I turn the call over to Anil, our CEO; and Ben, our CFO, a couple of housekeeping points. A recording of the call, it will be available from Tuesday next week. As usual, our full results package is available on our website. And Anil and Ben will start the call with some opening remarks before we then go to Q&A. As you will understand, we're under restrictions as ...

Group 1 - Prudential plc has faced challenges in recent years despite a strong performance in the six months following the last analysis [1] - The company's shares initially outperformed peers, indicating a positive trend during that period [1] Group 2 - No specific financial data or performance metrics were provided in the articles [2]

Group 1 - The article discusses the journey to financial independence through disciplined living and smart investing strategies [2] - It highlights the importance of dividend growth investing and focusing on undervalued high-quality dividend stocks [2] - The founder transitioned from financial instability at age 27 to achieving financial freedom by age 33 [2] Group 2 - The content emphasizes creating long-term investment opportunities and the significance of living off dividends [2] - It mentions the founder's experience in blogging about financial independence since 2011 [2] - The article outlines the founder's involvement in multiple financial platforms related to dividends and income [1]

Group 1 - The article emphasizes the importance of selective investment strategies for analysts and investors, referencing Warren Buffett's philosophy that there are no called strikes in investing [1] - The author has been involved in dividend investing since 2009 and has documented their journey towards financial independence through a blog focused on dividend growth investing [1] - The author expresses gratitude for the opportunities provided by their blog, which has facilitated their introduction to the Seeking Alpha community as an analyst [1] Group 2 - The article does not provide specific company or industry insights, focusing instead on the author's personal investment journey and philosophy [2]

Group 1 - Prudential Financial (NYSE: PRU) shares have increased by 11% over the past year but are down more than 10% from their peak [1] - The stock experienced a decline of over 3% on Wednesday due to mixed quarterly results [1] - The company has a history of making contrarian bets based on macro views and stock-specific turnaround stories [1]

Core Viewpoint - Prudential Financial, Inc. (PRU) is expected to report its fourth-quarter 2024 earnings on February 4, with a positive earnings surprise in the last quarter [1] Group 1: U.S. Business Performance - The U.S. business is anticipated to benefit from improved underwriting results and net investment spread results, although this may be partially offset by increased expenses and higher amortization of acquisition costs in the Individual Retirement Strategies business [2] Group 2: International Business Performance - Prudential Financial's international operations are likely to face challenges from lower underwriting results and higher expenses, but these downsides may be mitigated by increased earnings from joint ventures and higher net investment spread results [3] Group 3: Group Insurance and PGIM - The Group Insurance business is expected to be impacted by higher expenses, though this may be offset by improved net investment spread results [3] - PGIM is likely to see gains from higher net asset management fees and related revenues, with assets under management benefiting from lower interest rates, equity market appreciation, and strong investment performance [4] Group 4: Financial Projections - Net investment income is projected to rise by 7.2% to $4.2 billion, driven by growth in indexed variable annuities and higher reinvestment rates, despite total expenses expected to reach $13.2 billion [5] - The Individual Retirement Strategies business is likely to see benefits from higher net investment spread results, although this may be countered by increased amortization costs and lower fee income [6] Group 5: Earnings Estimates - The estimated earnings per share for the fourth quarter of 2024 is $3.34, while the Zacks Consensus Estimate is $3.28, reflecting a 27.1% increase from the previous year [6][7] - Revenue estimates stand at $14.15 billion, indicating an 8.7% increase from the year-ago quarter [7] Group 6: Earnings Prediction Model - The earnings prediction model indicates that Prudential Financial may not achieve an earnings beat this time, as the Earnings ESP is -1.07%, with the Most Accurate Estimate at $3.25, lower than the Zacks Consensus Estimate [8] Group 7: Zacks Rank - Prudential Financial currently holds a Zacks Rank of 3, indicating a hold position [9]

Core Insights - Prudential Financial's stock has increased by approximately 19% since early 2024, outperforming its peer AIG, which rose by about 9% during the same period [1] - The company reported better-than-expected Q3 2024 results, with adjusted operating income after taxes at $1.26 billion, or about $3.48 per share, compared to $3.62 per share in the previous year [1] - Prudential's assets under management have grown to around $1.6 trillion, driven by stock market appreciation, lower interest rates, strong investment performance, and net inflows [1] Financial Performance - The investment management business saw a 14% year-over-year increase in adjusted operating income to $241 million, attributed to higher asset management fees [1] - The insurance business demonstrated strong underwriting income in the U.S., while annuity offerings contributed significantly to the retirement business, with five annuity products exceeding $1 billion in sales for 2024 [1] Market Trends and Strategic Moves - Prudential has undergone a shift in its business mix, including a $11 billion reinsurance transaction that reduced exposure to guaranteed universal life policies by approximately 60% [3] - The company executed a similar transaction for $12.5 billion in March 2024, allowing for capital reallocation to less capital-intensive products [3] - The potential election of Donald Trump could lead to lower regulatory burdens and tax reductions, benefiting financial and insurance companies like Prudential [3] Shareholder Returns - Prudential has been increasing shareholder returns, repurchasing about $250 million of stock in the last quarter and paying out $1.30 per share in dividends, yielding roughly 5% on adjusted book value [3]

Group 1 - The importance of both quality and valuation in investing is emphasized, with a reference to Warren Buffett's principle of holding stocks long-term without concern for market fluctuations [1] Group 2 - The author has been investing since September 2017 and has a focus on dividend growth investing, which has been a key part of their journey towards financial independence [2] - The blog "Kody's Dividends" serves as a documentation of the author's investment journey and has facilitated their introduction to the Seeking Alpha community [2]