Financial Performance - Prudential plc reported a profit from new business in continuing operations of $1.176 billion for the first half of 2021, representing a 29% increase compared to the same period in 2020[6]. - The operating free surplus earned from continuing operations was $1.112 billion, reflecting a 13% increase year-over-year[6]. - Adjusted operating profit from continuing operations was $1.571 billion, up 22% from $1.286 billion in the first half of 2020[6]. - The IFRS profit after tax from continuing operations was $1.070 billion, a significant increase of 72% compared to $622 million in the previous year[6]. - The first interim ordinary dividend declared was 5.37 cents per share[5]. - The total equity attributable to shareholders, including Jackson, was $45.8 billion as of June 30, 2021[6]. - The average annualized return on equity from continuing operations was 21%[10]. - The total comprehensive income from continuing operations for the first half of 2021 was $907 million, compared to $421 million in the first half of 2020[120]. - The total comprehensive loss for the first half of 2021, including discontinued operations, was $(5,667) million, compared to a gain of $311 million in the same period of 2020[120]. - The profit attributable to equity holders from continuing operations for the first half of 2021 was $1,063 million, compared to $600 million in the same period of 2020[117]. Business Strategy and Growth - Prudential plc plans to raise approximately $2.5 to $3 billion in new equity following the proposed spin-off of Jackson, focusing on growth in Asia and Africa[8]. - The company aims to serve 50 million customers by 2025 through significant investments in talent and systems[8]. - Prudential plc anticipates long-term double-digit growth in embedded value per share, supported by new business profit growth rates exceeding GDP growth in the markets where it operates[8]. - The company aims to strengthen its position in Hong Kong and Southeast Asia while focusing on major economies like China, India, Indonesia, and Thailand for growth opportunities[12]. - The company is enhancing its digital capabilities to mitigate the impact of COVID-19 on face-to-face sales[12]. - The company plans to leverage its digital capabilities through the Pulse app to meet the substantial demand in the mass market and SMEs[13]. - Prudential's asset management arm, managing $254 billion across 11 Asian markets, aims to diversify its product offerings and enhance investment strategies[13]. - The company is committed to integrating its products and services with its life insurance business to provide comprehensive coverage in life, health, and financial products[13]. Market Performance - The company reported a 17% increase in new business sales in Asia and Africa, reaching $6.2083 billion, with new business profit growing by 25%[10]. - New business profit for the period increased to $1.176 billion, driven by sales growth and favorable product mix changes[10]. - The overall annual premium equivalent sales for growth markets increased by 22%, with notable growth in Vietnam (16%), India (33%), the Philippines (55%), and Africa (29%)[12]. - In Malaysia, annual premium equivalent sales grew by 66%, driven by a more than doubling of agency sales, with new business profit increasing by 59%[12]. - In Singapore, annual premium equivalent sales increased by 58%, with new business profit growing by 65% due to improved sales and favorable economic assumptions[12]. Risk Management - The group effectively managed risks during the first half of 2021, benefiting from strong governance and control systems[60]. - The ongoing pandemic continues to pose risks, with varying vaccine access impacting recovery across different markets[61]. - The group is preparing for the separation of Jackson as an independent business, with risk management remaining within the group framework until the split is implemented[60]. - The group has implemented innovative measures during the pandemic to ensure uninterrupted service to policyholders[61]. - The group is committed to fulfilling obligations to customers and employees during the crisis[61]. Regulatory and Compliance - Prudential plc's group regulatory framework has changed to the Hong Kong Insurance Authority since October 21, 2019, with new regulations effective from March 29, 2021[108]. - The group expects to comply with the new measures set by the Hong Kong Insurance Authority, which includes monitoring to identify increased systemic risks[108]. - Prudential is actively monitoring regulatory changes across major Asian markets, including Hong Kong and Malaysia, which may impact compliance and operational risks[109]. - The group is engaging with national regulators and international standard setters to ensure compliance with new regulatory developments[109]. Environmental, Social, and Governance (ESG) - The company is committed to reducing its carbon footprint and has joined the Net Zero Asset Owner Alliance[63]. - The group published its new Environmental, Social, and Governance (ESG) strategy framework focusing on health and financial security, climate change management, and building social capital[67]. - The group aims to achieve "net zero" carbon emissions for its insurance asset portfolio by 2050, confirmed at the 2021 Annual General Meeting on May 13, 2021[69]. - Prudential's strategy framework, established in 2020, focuses on environmental, social, and governance (ESG) issues, aiming to enhance risk management related to climate risks[110]. - The group has implemented a comprehensive ESG strategy framework that includes risk identification and integration of ESG factors into investment processes[111]. Operational Resilience - The company is focused on maintaining operational resilience through flexible distribution, innovative product development, and enhanced customer communication[15]. - The group is enhancing its operational risk capabilities by establishing a dedicated audit and risk committee for its subsidiary, Pulse Ecosystems Limited[82]. - The group has established a comprehensive risk management process to identify emerging and major risks across its operations, integrating both top-down and bottom-up perspectives[84]. - The group conducts stress and scenario testing, including reverse stress testing, to identify potential failure points in its business model and assess significant risks[85].
保诚(02378) - 2021 - 中期财报