Slide 1: Prudential plc 2022 Full Year Results
Prudential plc 2022 Full Year Results 15 March 2023 2378.HK PRU.L
Slide 2: Forward-looking statements
Forward-looking statements This presentation contains 'forward-looking statements' with respect to certain of Prudential's (and its wholly and jointly owned businesses’) plans and its goals and expectations relating to future financial condition, performance, results, strategy and objectives. Statem
Slide 3: Anil Wadhwani, Chief Executive Officer
Hong Kong Thailand Philippines Indonesia Singapore Malaysia Chinese Mainland Anil Wadhwani Chief Executive Officer
Slide 4: My outside-in observations
My outside-in observations Leading positions in Diversified model Digitally enabled Highly engaged Iconic brand with Asia & Africa providing multiple distribution platform people with an 175 years of history sources of resilient across agency & established franchise High-growth & high- growth banca
Slide 5: My areas of focus for the next 6 months
My areas of focus for the next 6 months Getting to know our people and our customers Engaging with key partners and stakeholders Reviewing strategic and operational priorities as well as capabilities Prioritising operational delivery 5
Slide 6: FY22 Financial highlights
FY22 Financial highlights 2.2bn 11 - % 4.4bn + 9% Excl. economics -4% High quality broad- New business profit APE sales based delivery 3.4bn 8 + % 2.2bn 9 + % IFRS operating profit OFSG (Life & AM) 1,534c 18.78c EEV/share, 31 Dec 2022 FY22 DPS (+9% AER1) Note: Data as of FY22 and growth rates are on
Slide 7: Diversified by geography, channel & product
Diversified by geography, channel & product Greater China South-east Asia India Chinese Mainland Top 3 life and asset manager Top 3 in 8 out of 9 Asia life markets Multi-channel platform support outperformance vs industry +20% YoY NBP growth4 #1: Indonesia2, Malaysia3 & Access to >80% of GDP & GWP P
Slide 8: Hong Kong: Primed for growth
Hong Kong: Primed for growth Demand Visitor numbers Value-drivers in drivers intact growing place 4.4 4.1 86% Agency capacity 83% maintained Growing momentum in domestic segment 1.1 Momentum building 0.3 in MCV segment 2021 2022 Jan’18 Jan’23 Feb’18 Feb’23 % of MCV intending to buy HK Number of MCV
Slide 9: Strong momentum as restrictions eased
Strong momentum as restrictions eased Relaxation in Covid Strong APE growth restrictions momentum 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 15% 21 21 21 21 22 22 22 22 23 HK border 11% 10% Chinese Mainland HK domestic Indonesia Malaysia Singapore 3Q22 4Q22 YTD Feb'23 Indicative restriction levels by market YoY APE
Slide 10: Key takeaways
Key takeaways 1 Diversified, market leading, focused on high growth markets 2 High quality resilient growth in FY22 despite challenging environment 3 Sales momentum seen YTD in 2023 4 Clear focus on operational delivery 10
Slide 11: James Turner, Group Chief Financial Officer
James Turner Group Chief Financial Officer
Slide 12: Growth & resilience; Building value; Balance sheet & capital generation
Growth & resilience 1 Building value 2 Balance sheet & capital generation 3 IFRS 4 / IFRS 17 12
Slide 13: Growth & resilience: Diverse platform
Growth & $bn FY21 FY22 % YoY1 resilience NBP 2.41 2.2 (11)% APE 4.01 4.4 +9% Growth Group EEV op. profit 3.41 4.0 +15% Diverse platform Group EEV 47.4 42.2 supports resilient performance GWS3,5 GPCR cover 320% 302% Strong capital (31 Dec. 2021)4,6,9 (31 Dec. 2022)7,8 Free surplus stock2 8.4 8.0 posi
Slide 14: Building value
1 Building value 14
Slide 15: Diverse platform supports resilient NBP generation
Diverse platform supports resilient NBP generation Others1 Others1 5% Greater Greater China China 42% Geography 43% SE Asia SE Asia 53% 48% APE by geography, FY22 NBP by geography, FY22 Other Other Multi-channel $4.4 bn Banca Agency 39% 2.2 $ bn Banca 40% Agency 55% APE 51% NBP +9%2 (11)%2 APE by ch
Slide 16: Chinese Mainland: Expanding & deepening our presence
Chinese Mainland: Expanding & deepening our presence Agency Banca Solid NBP rebound expansion growth Solid delivery +15%1 36% 387 28% 337 Consistent 6% outperformance 1H22 2H22 FY21 CER 1 FY22 -11% 1H22 2H22 % APE growth YoY1 % APE growth YoY1 NBP, $m Multi-channel distribution 1. Constant exchange
Slide 17: Hong Kong: Premium franchise ready for reopening
Hong Kong: Premium franchise ready for reopening Agency NBP down due to rebound economics & mix Agency APE sales, 2022, $m NBP, 2021-2022, $m Agency: solid 114 71 momentum; 60 58 primed for 1Q 2Q 3Q 4Q (32) (127) growth (188) 731 572 Banca 384 robust 1 2021 CER Volume Mix Ex economics Economics 2022
Slide 18: Singapore: Strong positioning supports continued momentum
Singapore: Strong positioning supports continued momentum Agency Banca NBP rebound strength resilient Solid & resilient, outperforming +49% +11%1 (2)%1 2H22 vs 1H22 peers Premium 510 499 Agency franchise 1 1 1Q22 2Q22 3Q22 4Q22 FY21 CER FY22 FY21 CER FY22 Leading APE sales APE sales NBP, $m Banca po
Slide 19: Indonesia: Regained market leadership, further growth expected
Indonesia: Regained market leadership, further growth expected Agency Quality & Steady NBP rebound leadership growth Market leader 15% >90 % Regular premium as % APE +4%1 -5% -1% -11% Syariah opportunity 1Q22 2Q22 3Q22 APE sales, YoY1 4Q22 79 % NBP H&P % 120 1 125 FY21 CER FY22 NBP, $m Quality focus
Slide 20: Growth markets: Significant opportunities ahead
Growth markets: Significant opportunities ahead Sustained growth NBP up strongly APE sales, $m Vietnam Philippines 26%1 14%1 20%1 298 160 182 237 1 1 FY21 CER FY22 FY21 CER FY22 630 526 Thailand Other growth markets2 18%1 23%1 FY21 CER 1 FY22 NBP, $m 235 727 896 199 1 1 FY21 CER FY22 FY21 CER FY22 1
Slide 21: EEV operating profit +15%, offset by adverse economic impacts
EEV operating profit +15%2, offset by adverse economic impacts Group EEV development FY22, $bn Non Op (8.6) o/w ST flux (6.9) EEV operating profit +15% YoY2 o/w Econ. Assumptions (1.6) o/w FX (1.2) 0.2 o/w MtM own debt 0.9 2.6 (0.2) (0.8) 4.0 o/w Other 0.2 2.2 (8.6) RoEV 9% (2021: 8%)3 51.3 (0.5) 47
Slide 22: Growth & resilience: NBP CAGR ex HK
Growth & resilience 13% NBP CAGR1 ex HK despite disruption 2018-2022 $bn1, NBP assumption base as reported 13% CAGR Ex HK, FY18-221 2.3 0.4 1.2 7% CAGR 0.9 FY18-22 0.6 27% 0.2 2018 2019 2020 2021 2022 Growth Markets Others HK Capacity for HK/MCV cross-border sales maintained 1. Constant exchange rat
Slide 23: Balance sheet & capital generation
2 Balance sheet & capital generation 23
Slide 24: Balance sheet & capital generation
Balance sheet & capital generation Strong regulatory capital position1 $15.2bn 302% AA- Clear capital allocation priorities: GWS surplus1,2,3,4,5 GWS cover ratio1,2,3,4,5 FSR6 1. Organic growth Considerable financial flexibility 2. Build capabilities 3. Strategic inorganic $8.0bn $2.7bn 20% opportun
Slide 25: Strong & resilient regulatory capital position
Strong & resilient regulatory capital position Comfortably above risk appetite Resilient to macro shocks GWS shareholder capital position Macro sensitivities to GWS shareholder cover ratio 31 December 2021 – 31 December 2022, $bn1 31 December 2022, GWS shareholder cover ratio, pro-forma GPCR basis1,
Slide 26: Strong & predictable operating capital generation
Strong & predictable operating capital generation Group free surplus development1 FY22, $bn 31 Dec 2021, pro-forma 2 8.4 3 OFSG in-force life & AM 2.8 +10% YoY4 New business investment 5 (0.6) NBP $2.2bn Operating OFSG from Life & AM 2.2 +9% YoY4 Central costs & restructuring costs (0.8) 3 Group OFS
Slide 27: Considerable financial flexibility
Considerable financial flexibility Group free surplus1, $bn $2.7bn central liquidity3 Free 8.4 8.0 surplus 31 Dec. 2021, 31 Dec. 2022, pro-forma 2 pro-forma 3 Leverage 20 % Moody’s Total Leverage Ratio3,4,5 1. Excluding distribution rights and other intangibles. 2. Proforma for $1.7bn debt redemptio
Slide 28: IFRS 4 / IFRS 17
3 IFRS 4 / IFRS 17 28
Slide 29: IFRS: High quality, broad-based delivery
IFRS: High quality, broad-based delivery Well diversified life profit Cost reduction delivered Operating profit +8%1 Life IFRS operating profit, FY22 Central costs, $m Group P&L % YoY CER1 FY21 % $m FY22 (CER1) Growth CPL +12%2 Life 3,583 3,846 7 Hong Kong +7% Eastspring 299 260 (13) Segment Profit
Slide 30: IFRS 17: Strong fundamentals unchanged
IFRS 17: Strong fundamentals unchanged Change: • The timing of profit recognition (not the total profit generated) • Initial audited estimate of 31 December 2021 equity impact: increases by $1.8-2.7bn vs IFRS 4 • Initial unaudited guidance of 2022 IFRS 17 operating profit impact: reduces by $650-850
Slide 31: IFRS 17 transition: adjusted equity broadly aligns with EEV
IFRS 17 transition: adjusted IFRS 17 equity broadly aligns with EEV Shareholders’ Equity: IFRS 4 to IFRS 17 and EEV 31 December 2021, $bn +1.8 to +2.7 47.4 17.1 IFRS 4 Release Shareholders’ Various IFRS 17 CSM Risk Related IFRS 17 Equity Valuation EEV Equity prudent share WP timing Equity adjustment
Slide 32: IFRS 17 operating profit
IFRS 17 operating profit Operating profit IFRS 4 to IFRS 17: Unaudited guidance FY22,$bn $(650)m to (850)m 3.4 IFRS 4 New business In-force Other items IFRS 17 1 2 3 No ‘day 1’ gain recognition Net impact of timing Smoothed into profit as new business is written. effects varying across under IFRS 17
Slide 33: IFRS 17 profit growth depends on CSM added from new business
IFRS 17 profit growth depends on level of CSM added from new business CSM balance development Compounding IFRS 17 drives profit growth profit development Illustrative Illustrative Opening Interest New Amortisation Unlocking Closing CSM 2022 2023 2024 2025 CSM accretion business 2022 2023 2024 Column
Slide 34: Growth & resilience
Growth & resilience 34
Slide 35: Key messages: Growth & resilience
Key messages: Growth & resilience 1 Diversified platform underpins confidence in growth opportunity 2 Strong momentum in agency positions the Group for growth in 2023 3 Resilience supported by strong and robust capital position 4 Focused on quality of new business and growing value 35
Slide 36: CEO appendix
CEO appendix
Slide 37: ESG
ESG At Prudential, ESG is intrinsic to who Making healthcare affordable and we are, what we do and how we can accessible and promoting financial deliver long term value for our inclusion for those living in markets Customers, Employees, Shareholders with growing health and protection and Communities
Slide 38: Leading pan-Asia & Africa focused life & health insurer and asset manager
Leading pan-Asia & Africa focused life & health insurer and asset manager Why? Who? What? How? Our Purpose 18.3m customers1 Broad & innovative product Multi-channel distribution propositions and solutions We help people get the most out of life We make healthcare affordable and accessible Health & P
Slide 39: Diversified franchise with leading presence in markets with favourable macro trends
Diversified franchise with leading presence in markets with favourable macro trends FY22 IFRS Life Eastspring Insurance Total health GDP growth adjusted position1 position6 penetration7 protection forecast9 operating gap8 profit Chinese $368m Top 32 P 2.1% $805bn 4.5% Mainland Hong Kong $1,036m Top
Slide 40: Distinct competitive advantages
Distinct competitive advantages 1 Chinese Mainland: Access to nearly whole of country 5 Pulse: Compelling digital strategy > 80% 23 branches All-in-one, personalised & presence and on-demand Engage Agent & Customer in 100 cities AI-powered app lead Fulfilment GDP & GWP1 management 2 India: Top 3 Lif
Slide 41: Focusing on customer advocacy
Focusing on customer advocacy Understanding Customer Customer customer needs delivery advocacy Reach > 50% >30% 79% 31% 89% 46% 18.3m Policies issued are health & New customers are Affluent and Policies are auto- underwritten Claims are auto- adjudicated Customer retention of APE generated by repeat
Slide 42: Agency is our lifeblood of driving quality growth
Agency is our lifeblood of driving quality growth Attracting Increasing Increasing talent activity productivity At scale +9% +6% +5% >100k Active agents1 FY21 FY22 FY21 FY22 FY21 FY22 Quality No. of new recruits Cases per agent2 PRUMDRT qualifiers APE > 7k MDRTs 4x 30% 50% More productive vs standar
Slide 43: Banca provides diversification & scale underpinning resilience
Banca provides diversification & scale underpinning resilience Increasing Increasing Growing scale quality value Strong positioning +20% +39% +15% > 190 Bank partners Reach >27k FY21 FY22 FY21 FY22 FY21 FY22 Access to bank APE growth1 H&P policies NBP growth1 branches 1. On a constant exchange rate
Slide 44: Lilian Ng, Managing Director, Strategic Business Group
Lilian Ng Managing Director, Strategic Business Group
Slide 45: Chinese Mainland: Unparalleled platform for customer growth
Chinese Mainland: Unparalleled platform for customer growth New business profit, $m Structural demand $ 805bn > 80% Large health Access to GDP and drivers protection gap1 life GWP 15% Operational 16% 26% 45% 387 highlights GWP growth, APE growth in Banca NBP 337 5x industry 2H22 vs PY growth vs PY F
Slide 46: Chinese Mainland: Our City Cluster Model
Chinese Mainland: Our “City Cluster” Model CPL Citic-Prudential Life (CPL) GWP, $bn1 CPL GWP YoY GWP Mix %2 CPL GWP Market Share % Agency CPL Banca Channel3 Channel3 (FY21- # of Agents # of # of CPL Market FY21 FY22 FY22) (,000) Partners6 Outlets 3.8x $4.6bn Rest 12% 26% 52% 0.44%4 0.48%4 5 10 3,292
Slide 47: Hong Kong: Resilient platform to serve customers
Hong Kong: Resilient platform to serve customers New business profit, $m 23bn Macau license obtained; Structural GBA footprint completed $ demand Intact demand drivers for Large health drivers MCV customers protection gap1 (47)% Operational 7.4% 57% 24% highlights Market share2, HoH Agency APE Banca
Slide 48: Hong Kong: Intact demand drivers for Chinese Mainland customers
Hong Kong: Intact demand drivers for Chinese Mainland customers Highest intention to visit HK MCV reasons Financial products likely to since 4Q19 (Next 12 months) to visit HK (Next 12 months) acquire in HK (Next 12 months) Intention of MCV visiting HK in the next 12 Managing personal Healthcare Any
Slide 49: Hong Kong: Intact demand drivers for Chinese Mainland customers
Hong Kong: Intact demand drivers for Chinese Mainland customers Financial products likely to MCV preference for MCV preference for acquire in HK (Next 12 months) medical treatment medical treatment CI Medical & Savings Minor illness, % Critical illness, % insurance, % hospitalisation insurance, % in
Slide 50: Solmaz Altin, Managing Director, Strategic Business Group
Solmaz Altin Managing Director, Strategic Business Group
Slide 51: Indonesia: Regained market leadership, solid growth expected
Indonesia: Regained market leadership, solid growth expected New business profit, $m Structural demand $ 82bn 1/3 Large health of ASEAN’s expected drivers protection gap1 economic growth in 2021-2026 4% Operational # 1 30% Regained #1 market highlights share overall & HoH APE growth 120 125 maintain
Slide 52: Malaysia: Premium franchise, secular growth drivers intact
Malaysia: Premium franchise, secular growth drivers intact New business profit, $m Structural demand $ 47bn > 60% Large health of Malaysian drivers protection gap1 population is Muslim2 (27)% Operational # 1 # 1 15% highlights Takaful market Banca APE HoH APE growth 219 leadership3 Conventional in 2
Slide 53: Reinforced leadership in Syariah and Takaful
Reinforced leadership in Syariah and Takaful Malaysia Takaful 22% market share2 19k agents; 0% Broadening access to new 240m # 1 Indonesia Syariah 32% market share2 Covid restrictions & repricing Muslims in SE Asia customers 169k agents; +18% actions3 impacting sales Favourable Leading demographics
Slide 54: Philippines: Strong positioning supports continued momentum
Philippines: Strong positioning supports continued momentum APE sales, $m Structural demand $ 32bn 1.5% Large health Life insurance drivers protection gap1 penetration2 14% Operational # 1 16% 14% highlights Market share overall Growth in Growth in 160 182 & in agency3 active agents case count FY21
Slide 55: Africa: Strong resilient businesses with significant potential
Africa: Strong resilient businesses with significant potential APE sales, $m Structural demand 30% 35% Low insurance Out of pocket drivers penetration healthcare expenditure 19% Operational Top 5 In 6 highlights in 5 markets. #1 in markets, partnered Uganda & Zambia with top 3 banks 125 149 FY21 FY2
Slide 56: Dennis Tan, Managing Director, Strategic Business Group
Dennis Tan Managing Director, Strategic Business Group
Slide 57: Singapore: Strong positioning supports continued momentum
Singapore: Strong positioning supports continued momentum New business profit, $m Structural demand $ 23bn + 8% Large health Growing wealth per drivers protection gap1 adult (CAGR 2016-21) -2% Operational + 23% + 30% 510 highlights Increase in Growth in HNW 499 MDRT qualifiers APE FY21 FY22 Innovati
Slide 58: Thailand: Strong progress
Thailand: Strong progress APE sales, $m Structural demand 2nd 3x Largest economy in HNW & affluent individuals drivers ASEAN in next 10 years 18% Operational + 17% 3x 235 highlights Increase in banca YoY growth in Health 199 APE reimbursement & WL APE FY21 FY22 Innovation 3x # 1 IFRS operating 215 2
Slide 59: Vietnam: Well positioned to capture urban opportunities
Vietnam: Well positioned to capture urban opportunities APE sales, $m Structural demand $ 36bn ~2x Large health Growth in middle class drivers protection gap1 (2020-30E) 26% Operational + 24% + 26% highlights Increase in APE Increase in scale 237 298 per agent (growth in banca APE) FY21 FY22 Innovat
Slide 60: CFO appendix
CFO appendix
Slide 61: Growth and resilience: Financial performance by segment
Growth and resilience Financial performance by segment CPL 3 Growth New Business Adjusted IFRS EEV SHF Long- mkts $m Profit Operating Profit term business1 New Business HK Profit, FY22 FY22 %YoY2 FY22 %YoY2 31-Dec-22 Indo. Sing. Malaysia CPL3 387 15 368 12 3,259 3 Hong Kong 384 (47) 1,036 7 16,576 E
Slide 62: $2.2bn NBP added, impacted by economics
$2.2bn NBP added, impacted by economics NBP excl. economics NBP development FY21-FY22, $m (4)% (7)% 231 (317) (173) 2,443 2,357 2,184 FY21 Volumes Product/Channel FY22 excl. Economics Economics FY22 1 (CER) mix/Other % NBP Margin 61% (7)% 54% (4)% 50% 62 1. Constant exchange rate basis.
Slide 63: Diversified and resilient segment NBP performance
Diversified and resilient segment NBP performance Diversified Mix & economic effects Resilient APE, FY22 $m, % Growth YoY (CER1) NBP margin (NBP/APE) FY22 vs FY211 NBP, $m, % Growth YoY (CER1) 44% CPL2 884 19% CPL 2 45% CPL2 387 15% 74% HK 522 (4)% HK 134% HK 384 (47)% Indo. 51% Indo. 247 2% Indo. 4
Slide 64: Eastspring: Positive net inflows in challenging environment
Eastspring: Positive net inflows in challenging environment Eastspring: Movement in FUM FY22, $bn 0.2 7.8 (0.8) (1.8) Net flows: +$6.2bn (42.5) Average FUM: $229.4bn (2021: $240.9bn): (5)% vs FY21 (CER)1 258.5 256.7 Fee margin 29bps (FY21: 30bps) 221.4 221.4 FUM 31 Dec 21 External Retail net Externa
Slide 65: Quality & resilience: Actively managing inflation risk
Quality & resilience: Actively managing inflation risk Considerations Impact on business Mitigants • Product • Adverse economic conditions • Asset-liability matching, & asset value volatility prudent asset allocation, • Pricing strong participating funds • Lower consumer disposable • Persistency inc
Slide 66: Asset portfolio
Asset portfolio Breakdown of invested assets1 Shareholder debt portfolio at 31 December 2022 $bn at 31 December 2022 Shareholder- Holding by issuer Par funds Unit linked Total backed 2 Portfolio No. Av. Max <BBB-6 $bn Issuers5 $m $m Debt 49.0 5.0 23.0 77.0 Direct equities 13.0 11.4 2.2 26.6 Sovereig
Slide 67: Shareholder-backed debt exposures
Shareholder-backed debt exposures By geography1 By credit rating1,2 at 31 December 2022 at 31 December 2022 Sovereign debt Other government bonds Corporate bonds 3% 3% 13% 11% 18% By market: 14% Rating: 36% United States 38% AAA 9% Singapore AA Thailand 34% A 30% 14% Vietnam 38% BBB Other <BBB- 23%
Slide 68: Shareholder-backed debt exposures
Shareholder-backed debt exposures By asset type1 By sector1,2 at 31 December 2022 at 31 December 2022 ABS Corporate debt exposures 1% Basic Technology Materials 3% Other 3% Corporate 1% Real Estate Bonds Sovereign 6% 50% 46% Consumer, Cyclical Financial 6% 34% Industrial 6% Energy 9% Other Public Qu
Slide 69: History of materially positive operating and economic variances
History of materially positive operating and economic variances Operating experience & Economic experience2 assumption changes1 as % of opening EV as % of opening EV 2011 1.14% 2011 1.2% 2012 1.10% 2012 2.4% 2013 0.86% 2013 -0.5% 2014 0.87% 2014 1.7% 2015 0.66% 2015 -2.8% 2016 1.20% 2016 -0.2% 2017
Slide 70: Free surplus represents shareholder capital available for investment
Free surplus represents shareholder capital available for investment Free surplus less impacted by recent Reconciliation of EEV free surplus3 regulatory changes than GWS1 to GWS1 surplus GWS/LCSM shareholder & EEV free surplus, 2018-2022 $bn On a GPCR basis 31 December 2022, $bn 15.2 GWS surplus2 0.
Slide 71: Building high quality, growing capital generation
Building high quality, growing capital generation Highly predictable in-force capital generation Expected free surplus generation from in-force business by year, 2023-2062, 31 December 2022, $bn $2.7bn $2.1bn $1.9bn $1.9bn $1.9bn $2.0bn $2.0bn $2.0bn $2.0bn Excludes future new business $80bn Undisco
Slide 72: Impact of regulatory changes measured as at 1 January 2022
Impact of regulatory changes measured as at 1 January 2022 Impact of Hong Kong 1 January 2022, $bn RBC and C-ROSS II1 GWS2 GWS shareholder capital surplus over GMCR +9.3 Increase in capital resources as prudence removed from liabilities and capital requirements increase as a result of risk-based app
Slide 73: Impact of regulatory change on GWS position 31 December 2021
Impact of regulatory change on GWS position 31 December 20211 Impact of regulatory change on GWS position, GMCR basis, $bn1,2,3 Reconciliation of Group shareholder GWS position for impact of regulatory change, 31 December 2021 Capital resources Required capital Cover ratio: 408% +137%p 545% 10.3 9.3
Slide 74: 2022 Regulatory GWS capital generation
2022 Regulatory GWS1 capital generation GWS shareholder surplus development, GPCR basis1 FY22, $bn Cover ratio: 320% 30ppt (17)ppt 13ppt (6)ppt (11)ppt (9)ppt (5)ppt 302% 2.0 (0.6) 1.4 (0.5) (2.4) (0.4) (0.4) 17.5 15.6 15.2 15.2 GWS surplus In-force Group New business Group OFSG Dividend paid Non-op
Slide 75: Strong central liquidity
Strong central liquidity Holding company cash development FY22, $bn (0.4) (1.7) 0.9 1.3 (0.4) 0.1 (0.5) 3.6 (0.2) 3.1 2.7 2.7 2.7 2.2 $(1.1)bn Central outflow: 2.0 2.2 1.8 31-Dec-21 Debt Pro forma Net cash Central & Dividend Central Other Change 31-Dec-22 Debt Pro forma redemption remitted interest
Slide 76: Balanced call date/maturity profile supports financial flexibility
Balanced call date/maturity profile supports financial flexibility Prudential plc: Core structural borrowings1 31 December 2022, pro-forma for redemption of £300m note 20 January 2023 Next call / Maturity Schedule US$m 2.95% 3.125% 1,000 4.875% 6.125% 500 5.875% 3.625% 0 2023 2024 2025 2026 2027 202
Slide 77: Transfer of Prudential shares between UK and HK share registers
Transfer of Prudential shares between UK and HK share registers • Prudential has a UK and HK share register. Shareholders can transfer Prudential shares from one register to the other, ‘shunting’ • This can be processed in 4 business days, 2 in the UK plus 2 in HK, subject to fees London Hong Kong H