Prudential plc* is an international financial services group with significant operations in Asia, the US and the UK. We serve over 24 million insurance customers and have £427 billion of assets under management as at 30 June 2013. Prudential plc is listed on stock exchanges in Hong Kong, London, New York and Singapore.
Financial Highlights of Prudential plc
Prudential plc delivered strong 2013 half year results**:
- New Business APE1 was ￡2,162 million, up 7%
- European Embedded Value New Business Profit was ￡1,268 million, up 11%
- European Embedded Value Operation Profit was ￡2,479 million, up 18%
- IFRS2 Operating Profit was ￡1,415 million, up 22%
- Insurance Groups Directive surplus before dividend estimated at ￡3.9 billion3; solvency requirements covered 2.3 times
- 2013 interim dividend increased by 15.8% to 9.73 pence per share
Prudential has been serving the people of Hong Kong since 1964. Through Prudential Hong Kong Limited and Prudential General Insurance Hong Kong Limited, we provide a range of financial planning services and products including individual life insurance, investment-linked insurance, retirement solutions, health and medical protection, general insurance and employee benefits.
Prudential has over 6,000 financial consultants, executive financial services managers and staff in Hong Kong, most of whom are tertiary educated. All of our financial consultants and executive financial services managers have undergone comprehensive and intensive training and are committed to delivering professional and quality service to our customers.
Prudential partnered with Hong Kong’s leading banks on the distribution of life insurance, investment-link, savings, protection and general insurance products.
Prudential also formed a joint venture partnership in 1999 with Bank of China International (BOCI) to provide mutual funds and investment services under the Hong Kong Mandatory Provident Fund Scheme.
Caring for the community
Prudential is committed to giving back to the local community through a wide array of voluntary services provided by our volunteers, charitable donations and sponsorship programmes. We actively promote financial management training for the youth, and participate in caring services for the most needy sectors including senior citizens. We are also supportive of worthwhile corporate social responsibility causes to contribute to the well-being of the Hong Kong community.
Prudential has received the Caring Company Logo award from the Hong Kong Council of Social Service for eight consecutive years, in recognition of its long-standing contribution to social services and caring spirit for the community.
* Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.
** as at 30 June 2013
1Annual premium equivalent (APE) sales comprise regular premium sales plus one-tenth of single premium insurance sales.
2Operating profits are determined on the basis of including longer-term investment returns. EEV and IFRS operating profits are stated after excluding the effect of short-term fluctuations in investment returns against long-term assumptions, the shareholders’ share of actuarial and other gains and losses on defined benefit pension schemes and gain on dilution of Group holdings. In addition, for EEV basis results, operating profit based on longer-term investment returns excludes the effect of changes in economic assumptions, the mark to market value movement on core borrowings and the gain arising on the acquisition of Reassure America Life Insurance Company (REALIC). Separately on the IFRS basis, operating profit also excludes amortisation of accounting adjustments on the acquisition of REALIC. In 2012 the Group as an accounting policy change adopted altered US GAAP requirements for deferred acquisition costs for certain businesses in our Group IFRS results. Accordingly, the 2011 comparative results have been adjusted from those previously published for the retrospective application of the change as if the new accounting policy had always applied.
3From March 2013, the basis of calculating Jackson’s contribution to the Group’s IGD surplus will change; further detail can be found in Annual Report 2012.