Financial Performance - Prudential plc reported a profit from continuing operations of $2.802 billion, a decrease of 36% compared to the previous year[3]. - The operating free surplus from continuing operations was $2.886 billion, reflecting a 1% increase year-over-year[3]. - The adjusted operating profit from continuing operations was $5.507 billion, representing a 4% increase compared to the prior year[3]. - The after-tax profit from continuing operations under IFRS was $2.185 billion, showing a 12% increase from the previous year[3]. - The total after-tax profit from continuing operations under IFRS for 2020 was $2.185 billion, compared to $1.944 billion in 2019[122]. - The total profit from continuing operations was $6,463 million, up 2% from $6,326 million in 2019[131]. - The adjusted operating profit attributable to shareholders was $4,559 million, slightly up from $4,528 million in 2019[132]. - The total profit attributable to shareholders for the year was $2,118 million, significantly up from $783 million in 2019[132]. - The adjusted operating profit for 2020 was $3,667 million, up 12% from $3,276 million in 2019[151]. - The adjusted operating profit from the group's Asian insurance and asset management business grew by 13%, offset by a 9% decrease in the adjusted operating profit from the US business[120]. Dividend Policy - The total ordinary dividend for the year was set at 16.10 cents per share[3]. - The company has implemented a new dividend policy, with the second interim ordinary dividend set at 10.37 cents per share[9]. - The board approved a total dividend of $0.1610 per share for 2020, which includes an interim dividend of $0.1073 per share[147]. Business Strategy and Focus - Prudential plans to raise approximately $2.5 billion to $3 billion in new equity following the separation of its US business, Jackson[10]. - The company aims to transform from a diversified multinational group to a focused enterprise, emphasizing growth opportunities in Asia and Africa[10]. - The company is focused on innovative approaches to meet customer and stakeholder needs during challenging times[9]. - Prudential's restructuring aims to transition from a diversified multinational group to a growth-focused company, concentrating on unmet health and financial needs in Asia and Africa[26]. - The company is adapting its board to better align with its strategic focus on growth in Asia and Africa[18]. - Prudential aims to focus on rapidly growing Asian and African markets while accelerating the development of digital products and services[75]. Market Position and Growth - Prudential is positioned among the top three in nine life insurance markets in Asia, with significant growth potential in China and India[12]. - The company aims to maintain its leading position in Hong Kong and ASEAN while identifying significant opportunities in China, India, Indonesia, and Thailand[28]. - The strategy to focus on Asia and Africa is expected to support double-digit growth in new business profits, significantly exceeding the GDP growth rate of the markets where Prudential operates post-split[28]. - Prudential operates in 13 life insurance markets across Asia and Africa, ranking in the top three in nine of these markets[76]. - The average annual growth rate of embedded value in Asia was 14% from 2010 to 2020, reaching $44.2 billion by December 31, 2020[76]. Digital Transformation - The company emphasized the increasing importance of digital capabilities in its future strategy[18]. - Prudential has launched a new digital platform, Pulse, across 15 markets in Asia and Africa, supporting agent management and customer fulfillment[12]. - The health and financial super app Pulse by Prudential has approximately 20 million downloads as of February 2, 2021[49]. - The Pulse app has been downloaded approximately 20 million times since its launch in Malaysia in 2019[96]. - The subscription plan for Pulse users attracted 164,000 active users in 2020, with a monthly fee ranging from $1 to $3[97]. Customer Engagement and Retention - The company has a customer base exceeding 20 million, providing health, protection, and savings solutions[39]. - Customer retention rate remains above 90%, indicating high customer loyalty and satisfaction[53]. - The company recorded a 47% repeat sales ratio in annual premium equivalent sales for 2020[98]. - The number of agents qualifying for the "Million Dollar Round Table" doubled to over 13,200 in 2020[92]. Response to COVID-19 - The company has implemented various innovative measures to support customers and distributors during the pandemic, including free COVID-19 coverage and virtual sales processes, resulting in 28% of new agent policies being obtained virtually[26]. - Prudential has launched the COVID-19 Relief Fund to support communities and employees across Asia, the US, and Africa, distributing funds to address pandemic-related challenges[26]. - The group reported that claims related to COVID-19 in Asia accounted for less than 1% of the total claims paid during the year, amounting to $7.2 billion[117]. Financial Health and Capital Management - Prudential's total shareholder equity exceeded the group's minimum capital requirements by $11 billion[4]. - The local capital surplus under the local capital sum method increased from $9.5 billion (309% ratio) at the end of 2019 to $11.0 billion (328% ratio) at the end of 2020[68]. - The group’s local capital surplus increased by $1.5 billion to $11 billion as of December 31, 2020[134]. - The effective operating capital income calculated under local capital solvency was $2.2 billion, supporting $200 million in new business investments[134]. Product Development and Innovation - The company has introduced 175 new products in 2020 to meet evolving consumer demands[13]. - The company has introduced 37 micro-digital products as part of its strategy to enhance its digital offerings[20]. - The new independent protection products in Indonesia increased their contribution from 8% in 2019 to 37% in 2020, leading to a 12% overall increase in new policy sales[28]. Environmental, Social, and Governance (ESG) Commitment - The company is committed to addressing climate change and fostering an inclusive culture as part of its environmental, social, and governance strategy[15]. - Prudential emphasizes sustainable business practices by incorporating environmental, social, and governance factors into its investment processes[59].
保诚(02378) - 2020 - 年度财报