Business
Prudential plc - HY20 Results - Business Review
Prudential plc - HY20 Results - Business Review.
About this update from Prudential Plc
[{"type":"text","content":"\n \n \n RNS Number : 7137V\n Prudential PLC\n 11 August 2020\n \n \n \n \n This announcement contains inside information\n \n \n \n \n \n \n NEWS RELEASE\n \n \n \n \n \n 11 August 2020\n \n \n \n \n \n \n \n \n \n \n \n \n PRUDENTIAL PLC HALF YEAR 2020 RESULTS\n \n \n \n \n \n PRUDENTIAL ANNOUNCES RESILIENT ASIA OPERATING PROFIT AND INTENTION TO FULLY SEPARATE JACKSON\n \n \n \n \n \n Strategic updates and performance highlights on a constant (and actual) exchange rate basis \n \n \n · \n Prudential plc intends to fully separate Jackson from the Group, commencing with minority IPO planned for first half of 2021 and full divestment over time\n \n \n · \n Post-separation Prudential Group to focus on high growth Asia and Africa markets with a view to\n sustained double-digit growth in embedded value per share\n \n \n · \n New dividend policy aligned with revised Group strategy to focus on value creation through growth\n \n \n · \n Asia half year adjusted operating profit1 up 14 per cent2, with double-digit adjusted operating profit1 growth2 in nine Asia markets\n \n \n · \n Jackson local statutory RBC ratio expected to be above 425 per cent after Athene equity investment9\n \n \n · \n Group regulatory capital surplus8 strong at $12.4 billion, with an LCSM ratio of 334 per cent (31 December 2019: 309 per cent)\n \n \n \n \n \n Mike Wells, Prudential plc's Group Chief Executive, said: \"We have delivered a resilient performance in the first half, despite a challenging new business sales environment, which is likely to persist for the rest of the year, and further falls in interest rates. Our diverse, high-quality platform in Asia and our focus on writing profitable value-adding business led to a 14 per cent2 increase in Asia adjusted operating profit1. Our performance is again broad-based, with nine markets reporting double-digit adjusted operating profit1 growth2. In the US adjusted operating profit1 was (19) per cent lower due to market-related effects on the level of DAC amortisation but, while sales were lower, we have maintained our leadership position in the annuities market.\n \n \n \n \n \n \"The Board of Prudential plc has decided to pursue the full separation and divestment of Jackson to enable the Group to focus exclusively on its high-growth Asia and Africa businesses. Thi...