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].
保诚(02378) - 2021 - 年度财报