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PRU(PUK) - 2023 Q1 - Quarterly Report
2023-03-14 16:00
(Translation of registrant's name into English) SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of March, 2023 PRUDENTIAL PUBLIC LIMITED COMPANY Consolidated income statement 1 Angel Court, London, England, EC2R 7AG | | Note | 2022 $m | 2021 $m | | --- | --- | --- | --- | | Continuing operations: | | | | | Gross premiums earned | B1.3 | 23,344 | 24,217 | | Outward reinsu ...
PRU(PUK) - 2022 Q3 - Quarterly Report
2022-09-29 16:00
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of September, 2022 PRUDENTIAL PUBLIC LIMITED COMPANY (Translation of registrant's name into English) 1 Angel Court, London, England, EC2R 7AG (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F X Form 40-F REPORT OF FOREIGN PRIVATE ISSUER The ...
保诚(02378) - 2022 - 中期财报
2022-08-28 10:19
Financial Performance - Prudential plc reported a strong focus on long-term opportunities in the life insurance and asset management sectors in Asia and Africa for 2022[9]. - The financial performance details are available in the financial review section, highlighting key metrics and results[12]. - Prudential recorded annual premium equivalent sales of $2.213 billion in the first half of 2022, an increase of 9% compared to the first half of 2021[10]. - The total number of life insurance customers reached 19.3 million as of June 30, 2022, up from 18.6 million at the end of 2021[10]. - New business profit was $1.098 billion, a decrease of 5% due to rising interest rates affecting the European embedded value method and a decline in sales in Hong Kong[10]. - The adjusted operating profit for the insurance and asset management business grew by 6% year-on-year, with operating free surplus increasing by 12%[12]. - The total adjusted operating profit of the group increased by 8%, while the total operating free surplus earned by the group rose by 22%[12]. - The after-tax profit for 2022 was $1.06 billion, reflecting the impact of rising interest rates on bond asset values and the valuation rates used for policyholder liabilities[12]. - The total profit from continuing operations was $300 million, a decrease of 76% from $1.263 billion in the previous year[41]. - The total profit from continuing operations attributable to equity holders was $104 million, down from $1,063 million in the first half of 2021, reflecting a 90% decline[141]. Market Expansion and Strategy - The company aims to address significant savings and protection gaps in these markets, leading to increased demand for life insurance and savings products[2]. - Prudential plc's operational performance reflects a diversified growth strategy, focusing on multiple sources of growth[9]. - The company is actively pursuing market expansion and new strategies to enhance its service offerings[9]. - Prudential launched Prudential Syariah in Indonesia, marking a significant expansion into the Islamic insurance market[10]. - The company continues to invest in its agency channel, with a 5% increase in newly recruited agents compared to the first half of 2021[10]. - The company plans to expand its market presence in Southeast Asia, aiming for a 25% market share in the region by 2025[120]. - Prudential is exploring strategic acquisitions to bolster its product offerings, with a focus on health and wellness sectors[122]. Digital Innovation and Technology - The Pulse digital platform recorded 4.8 million sales leads in the first half of 2022, up from 4.3 million in the previous year, with related annual premium equivalent sales remaining stable at $158 million[14]. - The digital strategy focuses on enhancing service delivery to both new and existing customers through platforms like PruServices and PruForce[13]. - Prudential is investing £500 million in new technology and digital services to enhance customer experience and operational efficiency over the next two years[121]. - The company has implemented multiple defense measures against cyber threats, including DDoS protection through web application firewalls and AI-based endpoint security software[110]. - Prudential's cybersecurity and data privacy strategy includes four main objectives: business enablement, continuous improvement of network defenses, automation and optimization, and governance and assurance[110]. Risk Management and Governance - Prudential plc emphasizes the importance of clear strategies and proven execution capabilities to create long-term value for shareholders and stakeholders[4]. - The company is focused on risk management and governance to safeguard its operations and stakeholder interests[26]. - The group has established a governance framework to clearly define risk responsibilities and align with risk policies and standards[86]. - The group has established a risk governance framework led by the Group Risk Committee, which oversees risk policies and communication with business risk committees[89]. - The group is committed to sustainable compliance and constructive engagement with regulatory authorities[86]. - The company is integrating climate change as a cross-cutting risk into its risk framework and enhancing customer conduct risk management[86]. Environmental, Social, and Governance (ESG) Initiatives - The company aims to improve its environmental, social, and governance (ESG) strategies, aligning them with its business objectives and community engagement[15]. - Prudential aims to reduce weighted average carbon intensity by 25% before 2025 and has already exited direct equity investments in businesses with over 30% revenue from coal[18]. - The group’s environmental, social, and governance (ESG) strategy framework is detailed in its ESG report, highlighting its commitment to sustainable practices[89]. - The group is focusing on managing sustainability risks related to environmental, social, and governance (ESG) factors, which could negatively impact its reputation, customer retention, and long-term financial success[101]. Customer Engagement and Conduct - The company is committed to maintaining a culture of fairness and integrity in customer interactions, supported by appropriate compensation structures[116]. - Prudential has launched affordable digital products through the Pulse platform, targeting underserved communities with micro and low-cost insurance solutions[116]. - The company has established five customer conduct principles to ensure fair treatment, appropriate product offerings, and high levels of customer service[116]. - Prudential's risk assessment framework includes regular evaluations and monitoring of conduct risks to ensure compliance and effective management[116]. Financial Reporting and Compliance - Prudential's financial performance is reported under International Financial Reporting Standards, indicating a structured approach to financial reporting[112]. - The company confirmed that there were no significant uncertainties affecting its ability to continue as a going concern for at least the next twelve months[137]. - The financial results for the first half of 2022 have not been audited, and the previous year's results are derived from statutory accounts[136]. - The company is committed to ongoing discussions regarding the quantifiable impacts of IFRS 17 on its financial performance and position[139].
Prudential plc (PUK) CEO Mark FitzPatrick on H1 2022 Results - Earnings Call Transcript
2022-08-10 19:04
Prudential plc (NYSE:PUK) H1 2022 Earnings Conference Call August 10, 2022 ET Company Participants Mark FitzPatrick - Group Executive Officer James Turner - Group Chief Financial Officer Avnish Kalra - Group Chief Risk Officer and Compliance officer Lilian Ng - Managing Director of the Strategic Business Group Dennis Tan - Managing Director of the Strategic Business Group Solmaz Altin - Managing Director of the Strategic Business Group Seck Wai-Kwong - Chief Executive Officer of Eastspring Patrick Bowes - I ...
PRU(PUK) - 2022 Q2 - Quarterly Report
2022-08-09 16:00
Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 10 August 2022 Commission File Number: 1-15040 PRUDENTIAL PUBLIC LIMITED COMPANY (Name of Registrant) 1 Angel Court, London EC2R 7AG, United Kingdom 13th Floor, One International Financial Centre, 1 Harbour View Street, Central, Hong Kong (Address of Principal Executive Offices) Indicate by check mark whether the regist ...
保诚(02378) - 2021 - 年度财报
2022-04-21 09:23
Financial Performance - Prudential achieved a cash dividend of $0.1723 per share for 2021, up from $0.1610 per share in 2020, reflecting a commitment to shareholder returns [17]. - The company reported a strong financial performance despite challenges posed by the COVID-19 pandemic, highlighting the resilience of its management and employees [16]. - In 2021, the company successfully raised capital and redeemed debt in Hong Kong despite market volatility, indicating resilience in challenging conditions [18]. - The group reported a European embedded value of $47.4 billion, indicating strong financial health and potential for future growth [43]. - The company reported a total IFRS net loss of $2.813 billion in 2021, compared to a net profit of $2.231 billion in 2020 [48]. - Adjusted operating profit from continuing operations grew by 16% (17% on a constant currency basis) in 2021 [48]. - The overall market share increased from 0.74% in 2020 to 0.86% in 2021, indicating strong growth relative to the industry [66]. - The total assets managed by the company include both externally managed funds and internally managed funds, with a significant portion reported from various Asian markets [5]. - The company paid out over $8.8 billion in claims for long-term insurance products during the year, reflecting its commitment to customer service and satisfaction [43]. Strategic Focus - The company completed a strategic repositioning to focus entirely on growth opportunities in Asia and Africa [15]. - Prudential's strategy aligns with public policy goals, leveraging its strengths to create unique value for shareholders [17]. - The company aims to streamline its management and operational model following the completion of its strategic repositioning [15]. - Prudential's strategy focuses on expanding its presence in Asia and Africa, leveraging predictable cash flows from its life insurance business [46]. - The company is focused on creating long-term shareholder value through strategic restructuring and market expansion efforts [18]. Environmental, Social, and Governance (ESG) Initiatives - Prudential plans to reduce the carbon emissions of its insurance portfolio, aiming for net-zero emissions by 2050 [17]. - The company has made significant progress in environmental, social, and governance (ESG) initiatives, with a dedicated board committee overseeing these efforts [21]. - The company is committed to achieving "net zero" emissions for the assets held by its insurance companies by 2050 [39]. - The company aims to create a sustainable business by integrating ESG considerations into its investment processes [41]. - The weighted average carbon intensity of the investment portfolio decreased by 23% compared to the 2019 baseline, with a target to reduce carbon emissions by 25% by 2025 [107]. - The group emphasizes managing climate change impacts and reducing carbon emissions from its business and investment activities, viewing environmental issues as long-term risks to sustainability [199]. Market Opportunities - The company recognizes significant growth potential in its markets, driven by increasing demand for life insurance and savings products [17]. - Demand for healthcare and insurance services in Asia and Africa remains strong, with the pandemic intensifying this need, driving structural growth for the company [18]. - The estimated health and protection gap in Asia is $1.8 trillion, with 80% of the population lacking insurance coverage [28]. - In Africa, less than 50% of the population has access to modern healthcare facilities [28]. - Prudential aims for new business profit growth rates to significantly exceed local GDP growth in markets where it operates [29]. Digital Transformation - Prudential's digital transformation initiatives, including the Pulse by Prudential app, aim to enhance customer engagement and reach a broader audience [42]. - The company aims to serve 50 million customers by 2025 as part of its digital transformation strategy [39]. - Pulse has been launched in 17 markets across Asia and Africa, providing services such as health assessments, risk factor identification, telemedicine, healthcare, and digital payments [55]. - The digital platform Pulse attracted a significant number of young customers, enhancing the company's market presence [72]. - The company is enhancing its information security management framework to address increased risks from digital business growth and cyber threats [190]. Employee Engagement and Support - Prudential's employee support initiatives during the pandemic included measures for emotional, mental, and financial well-being [17]. - Employee engagement scores are above the global industry average, reflecting improved participation and commitment within the workforce [22]. - The company paid $1 billion in salaries and wages to employees during the year, providing significant support for health and mental well-being [49]. - The company is committed to continuous improvement in diversity and inclusion, with new initiatives established to support these goals [22]. - The company is committed to providing employees with opportunities to express their opinions and is adopting flexible work models to enhance skills and motivation [173]. Risk Management - Prudential's risk management and compliance functions are focused on maintaining the group within its risk appetite while adapting to unique risks in emerging markets [166]. - The group has established a robust risk governance framework, including risk identification, measurement, and assessment processes aligned with business strategies [184]. - The group employs stress and scenario testing to identify potential major risks that could significantly impact its operations [179]. - The group’s risk committee is authorized to approve adjustments to limits, triggers, and indicator systems, ensuring alignment with overall risk appetite [183]. - The group faces significant equity risk due to the majority of its products, including both participating and non-participating savings products, being invested in equity assets [195]. Financial Position and Capital Management - Prudential plc's eligible group capital resources amounted to $44.4 billion as of December 31, 2021, an increase from $34.9 billion in 2020 [151]. - The group regulatory capital surplus over the minimum capital requirement was $33.7 billion, with a coverage ratio of 414% as of December 31, 2021, compared to 344% in 2020 [151]. - The group anticipates that dividend growth will align with the growth of operating free surplus earnings, excluding appropriate adjustments for central costs [147]. - The company successfully issued new equity in October 2021, contributing to a $4.2 billion increase in shareholders' equity, excluding the impact of the Jackson spin-off [135]. - The group has maintained a strong market presence as an issuer over the past decade, enhancing its ability to access debt capital markets [196].
PRU(PUK) - 2021 Q4 - Annual Report
2022-03-16 16:00
Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of March, 2022 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes No X If "Yes" is marked, indicate below the file number assigned to the regi ...
PRU(PUK) - 2021 Q4 - Annual Report
2022-03-16 16:00
Table of Contents As filed with the Securities and Exchange Commission on 17 March 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended 31 December 2021 ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY RE ...
PRU(PUK) - 2021 Q4 - Earnings Call Presentation
2022-03-11 09:58
Prudential plc 2021 Full Year Results 9 March 2022 Forward Looking Statements This presentation may contain 'forward-looking statements' with respect to certain of Prudential's (and its wholly and jointly owned businesses') plans and its goals and expectations relating to its future financial condition, performance, results, strategy and objectives. Statements that are not historical facts, including statements about Prudential's (and its wholly and jointly owned businesses') beliefs and expectations and in ...
PRU(PUK) - 2021 Q4 - Earnings Call Transcript
2022-03-09 15:15
Prudential plc (NYSE:PUK) Q4 2021 Earnings Conference Call March 9, 2022 2:30 AM ET Company Participants Michael Wells - Group Chief Executive & Executive Director Mark FitzPatrick - Group CFO, COO & Executive Director Nick Nicandrou - CEO of Asia and Africa James Turner - Group Chief Risk Officer Conference Call Participants Edwin Liu - CLSA Qingqing Mao - CICC Sabrina Soh - UOB Kay Hian Fulin Liang - Morgan Stanley Kailesh Mistry - HSBC Andrew Crean - Autonomous Larissa Van Deventer - Barclays Blair Stew ...