TIDMPRU
RNS Number : 4559Y
Prudential PLC
13 May 2021
13 May 2021
Business and Jackson demerger update for 2021 Annual General
Meeting
Prudential announces double-digit Q1 new business profit growth
in Asia and Africa, and now expects the demerger of Jackson to
complete in H2 2021
-- Asia and Africa APE sales(1) up 14 per cent(3) and new
business profit(2) up 21 per cent(3) compared with Q1 2020
-- Cumulative Pulse downloads of 24 million(4) since launch, and
associated Q1 2021 APE sales of $70 million(6) , which now
represent 9 per cent of APE sales in the markets where Pulse is
available
-- Jackson's(5) demerger is now expected to complete in H2 2021,
subject to regulatory and shareholder approvals
-- Jackson National Life continues to expect to have an RBC
ratio in excess of 450 per cent at the point of demerger
-- Prudential plc continues to consider raising equity of
$2.5-$3bn following completion of the demerger in order to enhance
financial flexibility and de-lever the balance sheet
-- Estimated Group local capital summation method (LCSM)
shareholder surplus, excluding Jackson, of $7.9 billion(8,9)
equivalent to a cover ratio of 331 per cent(7,8,9) . Prudential's
initial analysis indicates an equivalent GWS shareholder ratio of
381 per cent(7,8,9,10) .
Prudential plc ("Prudential") provides a business and Jackson
demerger update in advance of its Annual General Meeting, scheduled
for 11.00am London time (6.00pm Hong Kong/Singapore time)
today.
Mike Wells, Group Chief Executive of Prudential, said: "In the
first quarter of 2021 our Asia and Africa businesses generated APE
sales of $1,193 million, up 14 per cent compared with the same
period in 2020, with new business profit increasing 21 per cent to
$624 million. This was despite lower sales in Hong Kong, where
ongoing restrictions continue to severely limit cross-border
business from Mainland China. Excluding Hong Kong, APE sales were
up 35 per cent and new business profit was up 64 per cent compared
with first quarter of 2020. In the first quarter of 2021, our China
JV was our largest business in terms of APE sales and new business
profit, a result of the strong performance of its multichannel and
multiproduct business model and increased penetration of its broad
footprint, which covers 20 provinces and 99 cities.
"Although a number of our markets continue to experience
significant Covid-related disruption, I am pleased that our Asia
and Africa businesses have continued to build on the momentum
established over the third and fourth quarters of 2020.
First-quarter 2021 APE sales were up 4 per cent on the fourth
quarter of 2020. Excluding Hong Kong, APE sales were up 14 per cent
on the fourth quarter of 2020 and were also 30 per cent above
pre-pandemic first quarter sales of 2019. On the same basis
excluding Hong Kong, new business profit increased by 64 per cent
compared with the first quarter of 2020 with higher APE sales at
increased margins, reflecting positive economic effects and a
favourable product and channel mix. All markets other than Hong
Kong and Indonesia delivered both APE and NBP growth compared with
the first quarter of 2020, and nine markets(11) in Asia maintained
or increased their health and protection mix. Our Chinese
operations delivered APE sales growth of 70 per cent compared with
the first quarter of 2020, which was impacted by Covid-related
disruption. This performance was driven by expansion across
distribution channels, with particularly strong growth in agency
production. First-quarter 2021 sales levels in China also benefited
from the timing of seasonal sales campaigns compared with the prior
period. In Thailand, APE sales growth was 56 per cent, supported by
the full activation of our enhanced bancassurance distribution
agreement with TMB Bank from 1 January this year. In Africa, six
out of eight markets delivered double-digit APE sales growth, with
overall APE sales 32 per cent above the first quarter of 2020.
"Our multi-channel model continues to perform well with all
channels delivering growth. APE sales through our bank partners
were 18 per cent higher. We continued the build-out of our digital
capabilities, led by Pulse, our health and wellness platform. In
the first quarter of 2021, APE sales arising through Pulse were $70
million(6) , representing circa 9 per cent of aggregate APE sales
in the 17 markets where Pulse is available. Pulse downloads since
launch reached 24 million at the start of May 2021(4) up from 20
million at the end of February.
"Our US business, Jackson, remains set to become an independent,
separately listed entity in 2021. Insurance regulatory approvals
from the states of Michigan and New York have been received.
Regulatory engagement on the review of the draft Form 10 continues,
and the Form 10 will now need to be updated to include Jackson's Q1
financial information. As a result, we expect the demerger to
complete in H2 2021, subject to regulatory and shareholder
approvals.
" At the point of the proposed separation and subject to market
conditions, Jackson National Life continues to expect to have an
RBC ratio in excess of 450 per cent, after giving effect to the
debt expected to be drawn down prior to demerger. Over the first
quarter of 2021, Jackson's new business premiums were in line with
trends seen in the second half of 2020 and sales of variable
annuities were higher than the first quarter of 2020. Sales of
fixed index annuities and fixed annuities in the same period
remained at historically low levels following earlier pricing
actions. There were no sales of institutional products in the
period.
"The US demerger will complete Prudential's structural
transformation into a business solely focused on the growth
opportunities of Asia and Africa. In order to enhance financial
flexibility and de-lever the balance sheet, as announced in January
2021, Prudential is considering raising new equity of around $2.5-3
billion following the completion of the Jackson demerger. Our
preferred route is a fully marketed global offering to
institutional investors concurrent with a public offering in Hong
Kong to retail investors. As an Asia-focused company, the Group
believes there are clear benefits from increasing both its Asian
shareholder base and the liquidity of its shares in Hong Kong. The
allocation of any offering will take into account a number of
criteria including the interests of existing shareholders. As part
of this potential raise, Prudential will also consider a possible
preferential offering to Hong Kong resident eligible employees and
agents.
"Prudential plans to hold a virtual Investor Conference on 2
June 2021 covering its Asia and Africa continuing operations.
Prudential expects to announce its half-year results on 11 August
2021. In these results, Jackson will be recorded as a discontinued
business activity.
"We continue to support all our stakeholders through what
continues to be a difficult period as we enter the second year of
the pandemic. I would like to thank our colleagues across the Group
for all their efforts over this time.
"We expect vaccination programmes being rolled out during 2021
to trigger a gradual return to more normal economic patterns.
However, the pace of these programmes and their effect is likely to
vary substantially by market and gives a degree of uncertainty over
the economy, and the performance of the business in the
short-term.
"During the first quarter of 2021, our Asia and Africa business
has maintained the momentum established over the second half of
2020, with 14 per cent growth in APE sales compared with the first
quarter of 2020. This momentum is expected to continue to provide a
buffer against any future resurgence in Covid-19 incidents such as
the ones we are currently experiencing in India, Indonesia,
Thailand and the Philippines. Given the uncertainty around
potential future variants and further resurgence of Covid-19, it is
unclear when the border restrictions between Hong Kong and Mainland
China will be substantively lifted. However, we believe that there
remains strong latent demand from Mainland Chinese customers for
the Hong Kong product suite and that sales will resume once the
border reopens. In the meantime, we continue to build our existing
product and digitalisation capabilities to serve the domestic Hong
Kong customers.
"We remain confident that our clear and focused strategy,
coupled with our proven execution ability, leaves us well placed to
continue to deliver value for our shareholders and all our
stakeholders over the long term, with a focus on achieving
sustained double-digit growth in embedded value per share."
Further information:
Prudential Asia & Africa: market-by-market performance
Our China JV saw a strong performance with APE sales growth of
70 per cent compared with the first quarter of 2020. First quarter
2021 APE sales were also 38 per cent above the 2019 pre-pandemic
first quarter sales levels. Our agency channel delivered
particularly strong growth compared with the Covid-disrupted first
quarter of 2020, alongside continuing growth in bancassurance
sales, again demonstrating the value of our diversified
distribution footprint. New business profit more than trebled
compared with the first quarter of 2020, primarily reflecting the
growth in agency APE sales and our continued focus on higher margin
health, protection and traditional products during our new year
sales campaign.
Hong Kong APE sales were 48 per cent below the first quarter of
2020, largely reflecting the impact on cross-border sales of the
continued closure of the Mainland China border. While overall
domestic APE sales were 16 per cent lower than the same period, new
business profit rose by 3 per cent reflecting a higher protection
mix, among other factors. In particular, sales of our VHIS products
almost tripled compared with the first quarter of 2020, building on
the success of our mid-tier VHIS product launched in 2020.
Meanwhile, the in-force operation continued to demonstrate
resilience as customer retention remained above 99 per cent and
health and protection renewal premiums grew 7 per cent.
In Singapore, APE sales increased by 15 per cent and new
business profit by 14 per cent, driven by strong agency momentum.
In Malaysia, APE sales increased by 58 per cent and new business
profit by 64 per cent, reflecting very strong growth in agency
production. The Takaful business saw APE sales nearly double those
of the first quarter of 2020.
In Indonesia, APE sales were down 14 per cent compared with the
first quarter of 2020. The sales environment remained challenging
following the re-introduction of significant Covid-related
restrictions in January. Bancassurance APE sales were 7 per cent
higher in the first quarter driven by new products, while the
agency channel continued to diversify product offerings. Our Sharia
business maintained APE sales at prior year levels, with new
policies more than trebling compared with the first quarter of 2020
supported by our lower ticket size products. Meanwhile, our
employee benefit insurance business recorded its highest quarter of
new sales by APE in the first quarter. Overall new business profit
reduced by 22 per cent, reflecting lower sales, channel mix and
adverse economic effects.
In our other markets APE sales rebounded strongly by 30 per
cent, with new business profit in these markets 51 per cent higher.
The improvement in Thailand APE sales and new business profit (up
56 per cent and 126 per cent respectively) and in India APE sales
and new business profit (up 27 per cent and 33 per cent
respectively) underpinned the strong first quarter performance in
these markets.
Eastspring's total funds under management were $242 billion at
31 March 2021 (31 December 2020: $248 billion) with adverse
currency and market effects being partially offset by total net
inflows in the period. Net inflows from life operations grew to
over $3 billion. Offsetting this amount were $(0.4) billion of net
outflows in the first quarter on externally managed funds
(excluding both those managed on behalf of M&G plc and those
related to money market funds). Institutional net in-flows of $0.4
billion were more than offset by retail net outflows. Our fixed
income relative investment performance remains positive over a
3-year and 5-year horizon, while our equity value strategies have
delivered significant relative outperformance on a 1 year view
supporting positive relative performance over a five year basis .
Assets managed on behalf of M&G plc saw net outflows of $(0.8)
billion in the period resulting in assets under management of $14.9
billion at 31 March. A further $5 billion of redemptions by M&G
plc are expected over the remainder of 2021.
Group Capital Position
The formal LCSM regulatory position of the Group is stated after
including all the Asia with-profit funds and before allowance for
the 2020 second interim dividend. At 31 March 2021 the estimated
cover ratio on this basis was 343 per cent (31 December 2020: 329
per cent). The estimated Group LCSM shareholder cover ratio at 31
March 2021 was 319 per cent(7,8) after allowing for the 2020 second
interim dividend, which reduced the cover ratio by 6 percentage
points (31 December 2020: 328 per cent(7) before the 2020 second
interim dividend).
The estimated Group excluding Jackson LCSM shareholder coverage
ratio at 31 March 2021 was 331 per cent(7,8,9) (31 December 2020:
323 per cent(7,9) before allowing for the second interim dividend),
with a surplus of $7.9 billion(8,9) (31 December 2020: $7.8
billion(9) before allowing for the second interim dividend).
This increase in surplus of $0.1 billion reflects $0.4 billion
of operating capital generation offset by the allowance for the
$(0.3) billion second interim dividend to be paid in May 2021.
Prudential will become subject to the Group-wide Supervision
(GWS) Framework upon designation by the Hong Kong Insurance
Authority (IA), which is expected to take place imminently. The
Group's initial analysis is that if this framework had been applied
at 31 March 2021, the Group excluding Jackson GWS shareholder cover
ratio would have been 381 per cent (7,8,9,10) , 50 percentage
points higher than the LCSM cover ratio at the same date. Further
information is given below. This is subject to final Hong Kong IA
approval.
Contact:
Media Investors/Analysts
Jonathan Oliver +44 (0)20 3977 9500 Patrick Bowes +44 (0)20 3977 9702
Tom Willetts +44 (0)20 3977 9760 William Elderkin +44 (0)20 3977 9215
Notes
1 APE sales is a measure of new business activity that comprises
the aggregate of annualised regular premiums and one-tenth of
single premiums on new business written during the year for all
insurance products, including premiums for contracts designated as
investment contracts under IFRS 4.
2 New business profit on a post-tax basis on business sold in
the first quarter of 2021, calculated in accordance with EEV
principles.
3 Comparisons are to the first three months of the prior year
unless otherwise stated and year-on-year percentage changes are
provided on a constant exchange rate basis unless otherwise
stated.
4 Total downloads at 5 May 2021, compared with around 20 million
at 22 February 2021 (as included in the full year 2020 Annual
Report).
5 Unless otherwise stated Jackson throughout this announcement
refers to the Jackson Financial Inc., the Group's US
operations.
6 APE sales substantially from full-premium products sold
through referrals to agents and a small amount of revenue from new
digital products.
7 Ratio of capital resources over Group minimum capital
requirement attributable to shareholder business . Shareholder
business excludes the capital resources and minimum capital
requirement of participating business in Hong Kong, Singapore and
Malaysia.
8 LCSM position at 31 March 2021 after allowing for the impact
of the 2020 second interim dividend to be paid in May 2021.
9 The Group excluding Jackson LCSM position is stated before
including the value of the proposed retained 19.7 per cent
non-controlling economic interest in US operations.
10 Under the GWS Framework, Prudential's initial analysis
indicates that all debt instruments (senior and subordinated)
issued by Prudential plc will meet the transitional conditions set
by the Hong Kong IA and will be included as eligible Group capital
resources. This is subject to final approval by the Hong Kong
IA.
11 Of a total 13 markets in Asia.
Notes to editors
Life EEV new business profit and APE new business sales (APE sales)
Actual exchange rate Constant exchange rate
----------------------------------------------------------- ---------------------------------------
1Q 2021 $m 1Q 2020 $m Change % 1Q 2020 $m Change %
------------------- ------------------- ----------------- ------------------ -------------------
New New New New New
business business APE business APE business APE business
APE sales profit APE sales profit sales profit sales* profit sales* profit
---------- --------- -------- --------- -------- ------ --------- ------- --------- -------- ---------
Hong Kong 139 137 265 216 (48)% (37)% 265 217 (48)% (37)%
China JV 324 177 177 53 83% 234% 191 57 70% 211%
Indonesia 62 28 72 36 (14)% (22)% 72 36 (14)% (22)%
Malaysia 112 59 69 35 62% 69% 71 36 58% 64%
Singapore 181 95 152 80 19% 19% 158 83 15% 14%
Growth
markets
and other 375 128 281 82 33% 56% 288 85 30% 51%
---------- --------- -------- --------- -------- ------ --------- ------- --------- -------- ---------
Total Asia
and
Africa 1,193 624 1,016 502 17% 24% 1,045 514 14% 21%
---------- --------- -------- --------- -------- ------ --------- ------- --------- -------- ---------
Total Asia
and
Africa
excluding
Hong Kong 1,054 487 751 286 40% 70% 780 297 35% 64%
---------- --------- -------- --------- -------- ------ --------- ------- --------- -------- ---------
Total new
business
margin 52% 49% 49%
---------- --------- -------- --------- -------- ------ --------- ------- --------- -------- ---------
* 1Q 2020 comparatives for APE include Africa.
Eastspring third party investment flows
Market Market At
and At 31 and 31
At 1 Jan Net other March At 1 Jan Net other March
$ million 2021 flows movements 2021 2020 flows movements 2020
--------------------- --------- -------- ----------- ------- --------- -------- ----------- -------
Retail 66,838 (775) 633 66,696 73,644 (6,082) (12,083) 55,479
Institutional(1) 13,827 353 234 14,414 11,024 820 (2,002) 9,842
--------------------- -------- ----------- -------
External
funds, excluding
MMF 80,665 (422) 867 81,110 84,668 (5,262) (14,085) 65,321
--------------------- --------- -------- ----------- ------- --------- -------- ----------- -------
Money market
funds (MMF) 13,198 (908) (95) 12,195 13,337 (1,225) (556) 11,556
--------------------- --------- -------- ----------- ------- --------- -------- ----------- -------
Total Eastspring(2) 93,863 (1,330) 772 93,305 98,005 (6,487) (14,641) 76,877
--------------------- --------- -------- ----------- ------- --------- -------- ----------- -------
Notes
(1) Excludes those managed on behalf of M&G plc, which saw
outflows of $0.8 billion in the first quarter of 2021 leading to
assets being managed on behalf of M&G plc at 31 March 2021 of
$14.9 billion (31 December 2020: $15.7 billion).
(2) Eastspring's total funds under management, including
internal funds, funds managed on behalf of M&G plc and money
market funds was $242.1 billion at 31 March 2021 (31 December 2020:
$247.8 billion).
Estimated Group excluding US operations capital position
The results presented below reflect the local capital summation
method that has been agreed with the Hong Kong IA to determine
group regulatory capital requirements (both minimum and prescribed
levels). Prudential will become subject to the Group-wide
Supervision (GWS) Framework upon designation by the Hong Kong IA,
which is expected to take place imminently .
The GWS methodology is expected to be largely consistent with
that applied under LCSM with the exception of the treatment of debt
instruments which will be subject to transitional arrangements
under the GWS Framework. As agreed with the Hong Kong IA, only
specific bonds (being those subordinated debt instruments issued by
Prudential plc at the date of demerger of M&G plc) are
currently included as eligible Group LCSM capital resources for the
purposes of satisfying group minimum and prescribed capital
requirements. Senior debt instruments issued by Prudential plc have
not been included as part of the Group capital resources and are
treated as a liability in the LCSM results. Under the GWS
Framework, Prudential's initial analysis indicates that all debt
instruments (senior and subordinated) issued by Prudential plc will
meet the transitional conditions set by the Hong Kong IA and will
be included as eligible Group capital resources. If this were to be
the case, the 31 March 2021 Group excluding Jackson shareholder
LCSM coverage ratio (over GMCR) after allowing for the second
interim dividend presented below would increase by 50 percentage
points to 381 per cent. This is subject to final approval by the
Hong Kong IA.
Estimated Group excluding Jackson LCSM capital position (based
on GMCR) note (1)
Before second interim dividend After second interim dividend
---------------------------------- -----------------------------------------
Less
31 Mar 2021 Total policyholder Shareholder Less second interim dividend Shareholder
------------------------------------- ------ ------------- ----------- ---------------------------- -----------
Capital resources ($bn) 34.9 (23.3) 11.6 (0.3) 11.3
Group Minimum Capital Requirement
($bn) 10.0 (6.6) 3.4 - 3.4
LCSM surplus (over GMCR) ($bn) 24.9 (16.7) 8.2 (0.3) 7.9
LCSM ratio (over GMCR) (%) 349% 339% 331%
------------------------------------- ------ ------------- ----------- ---------------------------- -----------
Equivalent GWS ratio (over GMCR) (%)
( as described above) 381%
Before second interim dividend
----------------------------------
Less
31 Dec 2020 Total policyholder Shareholder
------------------------------------- ------ ------------- -----------
Capital resources ($bn) 33.3 (22.1) 11.2
Group Minimum Capital Requirement
($bn) 10.1 (6.7) 3.4
LCSM surplus (over GMCR) ($bn) 23.2 (15.4) 7.8
LCSM ratio (over GMCR) (%) 328% 323%
------------------------------------- ------ ------------- -----------
Note
(1) The Group excluding Jackson capital positions are presented
before including the value of the proposed retained 19.7 per cent
non-controlling economic interest in US operations.
Sensitivity analysis
The estimated sensitivity of the Group excluding US operations
shareholder capital position (based on GMCR) to significant changes
in market conditions at 31 Mar 2021 is as follows:
31 Mar 2021
--------------
Surplus Ratio
Impact of market sensitivities note (1) ($bn) (%)
---------------------------------------------- ------- -----
Base position 31 Mar 2021 7.9 331%
Impact of:
10% instantaneous increase in equity markets 0.3 8%
20% instantaneous fall in equity markets (0.6) (6)%
40% instantaneous fall in equity markets (1.1) (11)%
50 basis points reduction in interest rates 0.2 1%
100 basis points increase in interest rates (0.8) (15)%
100 basis points increase in credit spreads (0.6) (14)%
--------------------------------------------- ------- -----
Note
(1) The sensitivity results above assume instantaneous market
movements and reflect all consequential impacts as at the valuation
date. The sensitivity results also allow for limited management
actions such as changes to future policyholder bonuses and
rebalancing investment portfolios where relevant. If such economic
conditions persisted, the financial impacts may differ to the
instantaneous impacts shown above. In this case management could
also take additional actions to help mitigate the impact of these
stresses. These actions include, but are not limited to, market
risk hedging, further rebalancing of investment portfolios,
increased use of reinsurance, repricing of in-force benefits,
changes to new business pricing and the mix of new business being
sold.
About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on
structural growth markets. The business helps people get the most
out of life through life and health insurance and retirement and
asset management solutions. Prudential plc has 17 million life
customers in its Asia and Africa businesses and is listed on stock
exchanges in London, Hong Kong, Singapore and New York. 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, nor with The Prudential Assurance Company Limited, a
subsidiary of M&G plc, a company incorporated in the United
Kingdom.
Conference Call for analysts and investors
We expect to announce our Q1 Business Update for the 2021 Annual
General Meeting to the London Stock Exchange at 9.30am (UK time) on
Thursday, 13 May 2021.
A conference call for analysts and investors will be held on the
same day at 9.45am (UK time). The 2021 Annual General Meeting is
due to start at 11.00am (UK time).
Dial-in details
A dial-in facility will be available to listen to the call and
ask questions: please allow 15 minutes ahead of the start time to
join the call (lines open half an hour before the presentation is
due to start, i.e. from 9.15am (UK time).
Dial-in: +44 (0) 20 3936 2999 (UK and international) / 0800 640
6441 (Freephone UK), Participant access code: 984543 . Once
participants have entered this code their name and company details
will be taken.
Transcript
Following the call a transcript will be published on the results
centre page of Prudential plc's website on 17 May 2021.
Playback facility
Please use the following for a playback facility: +44 (0) 20
3936 3001 (UK and international), replay code 549482 . This will be
available from approximately 5.00pm (UK time) on 13 May 2021 until
11.59pm (UK time) on 27 May 2021.
An AGM Business Update slide presentation will be published on
the Prudential plc IR website at 9.30am (UK time).
Forward-Looking Statements
This document may contain 'forward-looking statements' with
respect to certain of Prudential's plans and its goals and
expectations relating to its and Jackson's future financial
condition, performance, results, strategy and objectives.
Statements that are not historical facts, including statements
about Prudential's beliefs and expectations and including, without
limitation, statements containing the words 'may', 'will',
'should', 'continue', 'aims', 'estimates', 'projects', 'believes',
'intends', 'expects', 'plans', 'seeks' and 'anticipates', and words
of similar meaning, are forward-looking statements. These
statements are based on plans, estimates and projections as at the
time they are made, and therefore undue reliance should not be
placed on them. By their nature, all forward-looking statements
involve risk and uncertainty.
A number of important factors could cause Prudential's and
Jackson's actual future financial condition or performance or other
indicated results of the entity referred to in any forward-looking
statement to differ materially from those indicated in such
forward-looking statement. Such factors include, but are not
limited to, the ability to complete the proposed demerger of
Jackson Financial Inc. in the anticipated timeframe or at all; the
ability of the management of Jackson Financial Inc. and its group
to deliver on its business plan post-separation; the impact of the
current Covid-19 pandemic, including adverse financial market and
liquidity impacts, responses and actions taken by regulators and
supervisors, the impact to sales, claims and assumptions and
increased product lapses, disruption to Prudential's operations
(and those of its suppliers and partners), risks associated with
new sales processes and information security risks; future market
conditions, including fluctuations in interest rates and exchange
rates, the potential for a sustained low-interest rate environment,
and the impact of economic uncertainty, asset valuation impacts
from the transition to a lower carbon economy, derivative
instruments not effectively hedging exposures arising from product
guarantees, inflation and deflation and the performance of
financial markets generally; global political uncertainties,
including the potential for increased friction in cross-border
trade and the exercise of executive powers to restrict trade,
financial transactions, capital movements and/or investment; the
policies and actions of regulatory authorities, including, in
particular, the policies and actions of the Hong Kong Insurance
Authority, as Prudential's Group-wide supervisor, as well as new
government initiatives generally; given its designation as an
Internationally Active Insurance Group, the impact on Prudential of
systemic risk and other group supervision policy standards adopted
by the International Association of Insurance Supervisors; the
impact of competition and fast-paced technological change; the
effect on Prudential's business and results from, in particular,
mortality and morbidity trends, lapse rates and policy renewal
rates; the physical, social and financial impacts of climate change
and global health crises on Prudential's business and operations;
the timing, impact and other uncertainties of future acquisitions
or combinations within relevant industries; the impact of internal
transformation projects and other strategic actions failing to meet
their objectives; the effectiveness of reinsurance for Prudential's
businesses; the risk that Prudential's operational resilience (or
that of its suppliers and partners) may prove to be inadequate,
including in relation to operational disruption due to external
events; disruption to the availability, confidentiality or
integrity of Prudential's information technology, digital systems
and data (or those of its suppliers and partners); any ongoing
impact on Prudential of the demerger of M&G plc and, if and
when completed, the demerger of Jackson Financial Inc.; the impact
of changes in capital, solvency standards, accounting standards or
relevant regulatory frameworks, and tax and other legislation and
regulations in the jurisdictions in which Prudential and its
affiliates operate; the impact of legal and regulatory actions,
investigations and disputes; and the impact of not adequately
responding to environmental, social and governance issues. These
and other important factors may, for example, result in changes to
assumptions used for determining results of operations or
re-estimations of reserves for future policy benefits. Further
discussion of these and other important factors that could cause
Prudential's or Jackson's actual future financial condition or
performance or other indicated results of the entity referred to in
any forward-looking statements to differ, possibly materially, from
those anticipated in Prudential's forward-looking statements can be
found under the 'Risk Factors' heading in Prudential's 2020 Annual
Report and the 'Risk Factors' heading of Prudential's most recent
annual report on Form 20-F filed with the U.S. Securities and
Exchange Commission ("SEC"). Prudential's most recent Annual Report
and Form 20-F are available on its website at
www.prudentialplc.com.
Any forward-looking statements contained in this document speak
only as of the date on which they are made. Prudential expressly
disclaims any obligation to update any of the forward-looking
statements contained in this document or any other forward-looking
statements it may make, whether as a result of future events, new
information or otherwise except as required pursuant to the UK
Prospectus Rules, the UK Listing Rules, the UK Disclosure Guidance
and Transparency Rules, the Hong Kong Listing Rules, the SGX-ST
listing rules or other applicable laws and regulations. Prudential
may also make or disclose written and/or oral forward-looking
statements in reports filed with or furnished to the FCA, the SEC
or other regulatory authorities, as well as in its annual report
and accounts to shareholders, periodic financial reports to
shareholders, proxy statements, offering circulars, registration
statements, prospectuses and prospectus supplements, press releases
and other written materials and in oral statements made by
directors, officers or employees of Prudential to third parties,
including financial analysts. All such forward-looking statements
are qualified in their entirety by reference to the factors
discussed under the 'Risk Factors' heading in Prudential's 2020
Annual Report and the 'Risk Factors' heading of Prudential's most
recent annual report on Form 20-F filed with the SEC. These factors
are not exhaustive as Prudential operates in a continually changing
business environment with new risks emerging from time to time that
it may be unable to predict or that it currently does not expect to
have a material adverse effect on its business.
Cautionary statements
This document does not constitute or form part of any offer or
invitation to purchase, acquire, subscribe for, sell, dispose of or
issue, or any solicitation of any offer to purchase, acquire,
subscribe for, sell or dispose of, any securities in any
jurisdiction nor shall it (or any part of it) or the fact of its
distribution, form the basis of, or be relied on in connection
with, any contract therefor. The securities referred to in this
document have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the " U.S. Securities Act " ),
and may not be offered or sold in the United States or to, or for
the account or benefit of, U.S. persons (as such term is defined in
Regulation S under the U.S. Securities Act) absent registration or
an exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act and in
accordance with applicable U.S. state securities laws. Prudential
does not intend to register any securities referred to herein in
the United States or to conduct a public offering of securities in
the United States.
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END
QRFSFWFUEEFSEFI
(END) Dow Jones Newswires
May 13, 2021 04:30 ET (08:30 GMT)
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