Business
Business update for 2020 Annual General Meeting
Business update for 2020 Annual General Meeting.
About this update from Prudential Plc
[{"type":"text","content":"\n \n \n RNS Number : 8369M\n Prudential PLC\n 14 May 2020\n \n \n \n \n 14 May 2020\n \n \n Business update for the 2020 Annual General Meeting\n \n \n \n \n \n Prudential remains resilient in challenging market and accelerates innovation\n \n \n to meet consumer needs\n \n \n \n \n \n · \n Asia APE sales1 outside Hong Kong and China up 1 per cent2 and total Asia APE sales1 down 24 per cent, reflecting the effects of Covid-19 on China and Hong Kong. In-force business resilient with adjusted operating profit3\n \n in Asia 14 per cent higher2.\n \n \n \n \n \n · \n New services delivered for customers with the \n 'Pulse by Prudential' digital health app\n downloaded on 4 million devices, more than trebling since early March4.\n \n \n \n \n \n · \n In Asia, products equivalent to around two-thirds of APE1 now capable of being sold virtually5.\n \n \n \n \n \n · \n Jackson minority IPO preparations continue alongside active evaluation of other options.\n \n \n \n \n \n · \n Group local capital summation method (LCSM) position robust, with an estimated 31 March 2020 shareholder surplus of $11.1 billion6,7 and shareholder cover ratio of 302 per cent6,7.\n \n \n \n \n \n · \n New $2.5 million Group-wide Covid-19 relief fund to supplement existing long-term community investment and volunteering.\n \n \n \n \n \n Prudential plc (\"Prudential\") provides a business update in advance of its Annual General Meeting, scheduled for 11.00am London time (6.00pm Hong Kong/Singapore time) today.\n \n \n Mike Wells, Group Chief Executive of Prudential plc, said: \"Over the first quarter of 2020 the world has seen substantial disruption caused by Covid-19, alongside related market volatility. During this time our focus has been on supporting our colleagues, distributors, customers and communities, while continuing to invest for the future and deliver on our strategic objectives.\n \n \n \"Around 75 per cent of our approximately 19,500 colleagues are working remotely as at 6 May 2020, with no notable increase in costs, and across the Group we are ensuring that our people have the support they need to ensure their physical and mental wellbeing. In some markets, such as China, we are seeing some easing of social distancing rules, while in others, lockdowns are expected to continue for some ti...