Core Insights - Moira Buckley has been elected as the secretary of Finseca and is set to serve as president in 2028-29, highlighting her leadership within Prudential Advisors and the financial advisory profession [1][3][5] Company Overview - Prudential Advisors is the retail arm of Prudential Financial, Inc., which supports over 3,000 financial advisors across the United States, providing personalized advice and comprehensive solutions to help clients build wealth [7][8] Industry Context - Finseca plays a crucial role in advocating for financial security and supporting professionals in the financial services ecosystem, focusing on making holistic financial advice accessible to all Americans [2][3] Leadership and Impact - Buckley's election reflects her extensive experience and commitment to advancing holistic financial security, particularly in diverse communities [3][5] - Her leadership is expected to drive significant progress in the industry's growth and influence, especially in broadening participation and representation of women in financial advisory roles [5][6] Organizational Commitment - Prudential Advisors emphasizes a commitment to excellence in client service and the development of the next generation of advisors, as highlighted by the recognition of Buckley's leadership at a national level [6][7]

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) | 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 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2026年3月20日 | | 2,530,323,732 | | 0 | | | 2,530,323,732 | | 1). 購回股份 ...

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23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 | | | | | ...

Core Viewpoint - Prudential plc (PUK) is viewed positively due to strong growth prospects and attractive valuation, leading to relatively good share performance [1] Group 1: Company Analysis - Prudential plc has been identified as having good growth prospects, which contributes to its positive outlook [1] - The company's shares have performed relatively well, indicating market confidence in its future performance [1] Group 2: Analyst Background - The analyst has over 18 years of experience in the financial markets, specializing in the financial sector and portfolio management [1]

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20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 | 庫存股份變動 | | 每股 ...

呈交日期： 2026年3月19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 。 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) FF305 | 2). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 1,836 | 0.000073 % | GBP | 7.75 | | | --- | --- | --- | --- | --- | --- | --- | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | | 行使保誠2023年股份儲蓄計劃的購股權 | | | | | | | | 變動日期 | 2026年3月18日 | | | | | | | 於下列日期結束時的結存 (註5及6 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company reported a 74.1% year-on-year increase in net profit attributable to shareholders for 2025, driven by gains from the sale of part of its stake in IPAMC. The operating profit after tax (OPAT) increased by 7.4%, and the total dividend for the year rose by 15% [3][10]. - The report anticipates clear shareholder return expectations for 2026-2027, with dividends expected to grow by over 10% and additional capital returns projected at $1.2 billion and $1.3 billion for 2026 and 2027, respectively [10]. Financial Summary - The company’s insurance service revenue is projected to grow from $10.358 billion in 2024 to $12.880 billion in 2028, reflecting a compound annual growth rate (CAGR) of approximately 4.6% [6]. - The net profit is expected to increase from $2.285 billion in 2024 to $4.338 billion in 2028, with a significant jump of 74.1% in 2025 [6]. - The price-to-earnings (PE) ratio is projected to decrease from 16.62 in 2024 to 8.34 in 2028, indicating improved valuation over time [6]. Business Performance - The new business value (NBV) grew by 12.9% year-on-year in 2025, with notable contributions from both Hong Kong and mainland China markets. The Hong Kong NBV increased by 12%, while the mainland China NBV surged by 27% [10]. - The report highlights strong sales growth driven by local customer demand and an influx of visitors from mainland China, particularly in the bancassurance channel, which saw a 59% increase in NBV [10]. Capital Management - As of the end of 2025, the company had a free surplus reserve of $9.4 billion, with a free surplus ratio of 221%, indicating a robust capital position [10]. - The company is expected to return over $7 billion to shareholders from 2024 to 2027, reflecting a commitment to enhancing shareholder value [10].

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - The company reported a 74.1% year-on-year increase in net profit attributable to shareholders for 2025, driven primarily by gains from the sale of part of its stake in IPAMC [3][10] - The operating profit after tax (OPAT) increased by 7.4% year-on-year, and the total dividend for the year rose by 15% [3][10] - The report anticipates clear shareholder return expectations for 2026-2027, with dividends expected to grow by over 10% [10] Financial Summary - For 2025, the company achieved an insurance service revenue of $11,080 million, reflecting a 7.0% increase from the previous year [6] - The gross profit for 2025 was $4,119 million, while the net profit was $3,978 million, marking a significant increase of 74.1% year-on-year [6] - The report projects a steady growth in net profit for the upcoming years, with estimates of $3,974 million for 2026 and $4,141 million for 2027 [6][11] Business Performance - The New Business Value (NBV) grew by 12.9% year-on-year in 2025, with notable contributions from both Hong Kong and mainland China markets [10] - In Hong Kong, NBV increased by 12%, supported by strong local demand and improved value rates, while mainland China saw a 27% increase in NBV, driven by robust new policy growth [10] - The company’s capital position remains strong, with a free surplus reserve of $9.4 billion and a free surplus ratio of 221% [10] Shareholder Returns - The company plans to provide additional capital returns to shareholders, including share buybacks and proceeds from the IPO of IPAMC, with expected shareholder returns of $1.2 billion and $1.3 billion for 2026 and 2027, respectively [10] - The report indicates that the company is expected to deliver over $7 billion in total shareholder returns from 2024 to 2027 [10]

Core Insights - The company reported broad-based growth across all segments, particularly in bancassurance, with a notable 27% increase in new business profit (NBP) for 2025, and a five-point margin improvement attributed to mix effects and repricing actions [1][4] - The CFO reiterated guidance for double-digit growth in 2026 across key financial metrics, expressing confidence in achieving 2027 financial objectives [2][5] - Capital returns and balance-sheet strength were emphasized, with a completed $2 billion share buyback and plans to return over $7 billion to shareholders from 2024 to 2027 [3][20][21] Financial Performance - Prudential reported a 12% increase in new business profit to $2.8 billion for 2025, with operating profit per share and gross OFSG also up by 12% and 15% respectively [5] - The company achieved a 4% year-over-year growth in agency NBP and a 15% increase in "other channels" [5] - The new business margin improved to 42%, driven by a shift towards higher-quality, capital-efficient products [6] Regional Highlights - In Mainland China, NBP rose 59%, with a significant shift towards participating products contributing to this growth [7] - Hong Kong's NBP increased by 12%, supported by growth in both domestic and Mainland Chinese visitor segments [8] - Indonesia saw an 11% NBP growth, with bancassurance NBP increasing by 53% [10] Transformation Initiatives - The company is focused on a five-year transformation program, prioritizing agency transformation to enhance productivity [14] - A dedicated health-focused vertical has been established to improve medical repricing and fraud controls, with analytics and AI reducing fraud-related losses by over $100 million in 2025 [16] - Technology and AI are being leveraged to enhance customer engagement and operational efficiency, with significant improvements in underwriting and transaction processing [17] Capital Actions - Prudential completed a $2 billion share buyback and plans to return all $1.4 billion from the ICICI Prudential Asset Management Company IPO to shareholders [18][20] - The company increased its dividend per share by 15% and launched an additional $1.2 billion buyback in 2026 [19] - The free surplus ratio ended 2025 at 221%, indicating a robust capital position, further supported by an S&P upgrade to AA [21]

Financial Data and Key Metrics Changes - The company achieved double-digit growth across key financial metrics, with new business profit and adjusted operating profit after tax per share both increasing by 12% [5][11] - Gross OFSG and dividend per share both rose by 15%, reflecting strong capital management and shareholder value focus [5][12] - The return on embedded value increased to 15%, with net OFSG up 22% year-over-year [11][12] Business Line Data and Key Metrics Changes - The bancassurance channel delivered over $1 billion in new business profit, achieving 95% of its 2027 new business profit objective [8] - Agency productivity improved by 15%, although active agents declined by 11% due to recruitment challenges in emerging ASEAN markets [28][29] - The company reported a 27% growth in new business profit in mainland China, with strong contributions from both bancassurance and agency channels [22][24] Market Data and Key Metrics Changes - In Singapore, sales grew by 19% in the second half of 2025, but product mix challenges affected overall performance [72] - Indonesia achieved 11% growth in new business profit, marking a recovery from previous struggles [73] - Malaysia showed a rebound in the second half of 2025, with expectations for double-digit growth in 2026 [74] Company Strategy and Development Direction - The company is focused on executing a five-year strategic transformation plan, aiming for consistent quality new business and cash generation [7][10] - There is a strong emphasis on enhancing agency productivity and expanding bancassurance partnerships to drive growth [9][60] - The company plans to return over $7 billion of capital to shareholders between 2024 and 2027, with additional capital returns expected in 2028 and beyond [6][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining double-digit growth across financial metrics for 2026, supported by a strong multi-market, multi-channel model [21][22] - The company acknowledged the volatile microenvironment but highlighted significant structural growth opportunities in Asia and Africa [9][10] - Management is optimistic about the agency transformation and the potential for improved performance in the coming years [27][33] Other Important Information - The company successfully completed the IPO of its Indian asset management company and increased its holding in the Malaysian conventional business to 70% [5][6] - The financial strength was recognized by S&P with an upgrade to a double A rating [12] Q&A Session Questions and Answers Question: Outlook for growth in China and Hong Kong - Management noted a strong 27% growth in new business profit in China and expressed confidence in maintaining momentum into 2026, while acknowledging challenges in Hong Kong due to regulatory changes [19][21][24] Question: Agency growth initiatives - Management highlighted the importance of agency transformation and discussed initiatives to improve productivity and recruitment, including the PRUVenture scheme [27][29][39] Question: Capital remittances and investment margins - Management explained the decision to remit capital to the holding company for flexibility and agility, while also addressing the impact on investment margins [36][44] Question: Non-Chinese market outlook - Management provided insights into the growth potential in Singapore, Indonesia, and Malaysia, with expectations for double-digit growth in these markets [71][73][74]