Slide 1: Prudential plc 2026 Half Year Results
Prudential plc 2026 Half Year Results 27 August 2026 2378.HK PRU.L
Slide 2: Forward-looking statements
Forward-looking statements This document contains 'forward-looking statements' with respect to certain of Prudential's (and its wholly- and jointly-owned businesses’) The timing, impact, and realisation of intended benefits, if any, and other uncertainties of future acquisitions or combinations wi
Slide 3: Anil Wadhwani, Chief Executive Officer
Anil Wadhwani Chief Executive Officer 3
Slide 4: Disciplined execution driving quality growth, capital generation and shareholder returns
Disciplined execution driving quality growth, capital generation and shareholder returns Quality growth Capital generation Shareholder value Long-term growth New business profit Translating quality new business Driving long-term shareholder Strengthening our supported by multi-market and int
Slide 5: Resilient 1H26 delivery, focused on delivering full year 2026 guidance
Resilient 1H26 delivery, focused on delivering full year 2026 guidance New Business Profit Adjusted Operating Gross Operating Ordinary Dividends (NBP) Profit After Tax Free Surplus Generation and Buybacks2 (OPAT) (OFSG) $1.4bn $1.5bn $1.8bn $1.0bn +8% +17% +15% +15% per share1 DPS3 +10% +19% ex-Chin
Slide 6: Executing on our strategic priorities at pace
Executing on our strategic priorities at pace Agency Bancassurance Health Customer Progressing on the agency Deepening strategic partnership and Building momentum on Health Improving customer experience enabled transformation journey broadening distribution capabilities by technology, operations and
Slide 7: Disciplined quality growth, generated by a diversified portfolio
Disciplined quality growth, generated by a diversified portfolio Quality Broad-based Balanced NBP ($’bn) Multi-market growth engines NBP mix3 by channel (%) +10% +8% Greater China ASEAN ex-Chinese Mainland 53% +5 % +13% Agency New business profit New business profit 1H26 1.4 NBP India Africa 1H25 1H
Slide 8: Chinese Mainland: Responding to regulatory changes and product mix transition
Chinese Mainland: Responding to regulatory changes OPAT and product mix transition Chinese Mainland1 12% Performance highlights Prudent strategy positioning for long-term growth Strong underlying drivers Quarterly Chinese Mainland Bancassurance APE in bancassurance Chinese Mainland NBP ($’m) +18% (4
Slide 9: Hong Kong: Maintaining consistent, profitable and quality growth
Hong Kong: Maintaining consistent, profitable and OPAT quality growth Hong Kong 34% Performance highlights High-quality franchise delivering profitable growth Focus on recurring long-term savings and H&P needs from customers Hong Kong NBP ($’m) 57% 50% +8% NBP margin +7ppts +13% (% of APE) NBP margi
Slide 10: Hong Kong: Recent commentary reinforcing existing rules
OPAT Hong Kong: Recent commentary reinforcing existing rules Hong Kong 34% Focus on quality Intention of CMV Financial products likely Attractiveness of HK Policies to visit HK2 to acquire in HK3 Intention of CMV visiting HK Any insurance products4 Legacy Medical in next 12 months (%) in next 12 mon
Slide 11: ASEAN: Proof points of our underlying transformation
Growth markets & other 43% Indonesia OPAT ASEAN: Proof points of our underlying transformation ASEAN Malaysia Singapore Performance highlights Singapore: Improving agency sales momentum Malaysia: Solid agency transformation progress ASEAN NBP ($’m) +9% +23% +29% +36% +13% NBP per Average agency NBP
Slide 12: India: Repositioning Life and Health operations
India: Repositioning Life and Health operations Acquiring 75% controlling stake in Bharti Life1, a high-growth platform with strong long-term potential India Health business launched, issued first policy India opportunity Life business Health business Largest structural Life growth opportunity T
Slide 13: Eastspring: Important value creator and key differentiator
Eastspring: Important value creator and key differentiator Performance highlights Diversified funds under management (FUM) Building greater synergies between Eastspring and Life FUM by source, 30 Jun. 2026 Operating profit after tax1 ($’m) 22% External retail Total internal: Presence in 10 local mar
Slide 14: Agency: Continued productivity growth opportunity
1H26 53% Agency Agency: Continued productivity growth opportunity NBP1 Performance highlights Consistent growth in productivity NBP per active agent2 ($’000) Agency NBP ($’m) +9% Developed markets Emerging ASEAN +5% +5% +19% 2.5 1H25 1H26 1H25 1H26 1H25 1H26 749 Quality recruitment in Emerging ASEAN
Slide 15: Agency: Accelerating productivity and quality recruitment
1H26 53% Agency Agency: Accelerating productivity and quality recruitment NBP1 Sustaining productivity growth Transforming quality recruitment for sustained active agent growth Continued deployment Quality orientation with slowing NBP per active agent2 ($’000) of AI with PRUAction contraction in act
Slide 16: Bancassurance: Tapping into the wealth flows in Asia
1H26 Bancassurance: Tapping into the wealth flows in Asia 42% NBP1 Bancassurance Performance highlights Exclusive partnerships driving sustainable and Growing non-exclusive partnerships quality growth Bancassurance NBP ($’m) Key exclusive partners: +13% +18% c.150 non-exclusive partners ex-Chinese M
Slide 17: Driving business scalability & growth with One-Tech Digital Backbone
Driving business scalability & growth with One-Tech Digital Backbone From fragmented digital stacks to a unified platform, accelerating growth, improving productivity, and simplifying operations Strengthened digital capabilities Improved business outcomes 1 Innovation & Deployment 4 Business Growth
Slide 18: Committed to delivering attractive shareholder returns
Committed to delivering attractive shareholder returns Total capital returns Increased buyback in 2026 Illustrative trajectory 2024-2027 ($’bn) >$7bn Capital returns to shareholders 2024-27 2025 Completed c.$1.2bn share buyback 1H26 Completed $0.6bn share buyback 0.32 Additional 0.71 return of capit
Slide 19: Firmly focused on delivering 2027 objectives
Firmly focused on delivering 2027 objectives New business profit Gross OFSG Illustrative trajectory 2022-20271 Illustrative trajectory 2022-20273 Objective: 15-20%2 CAGR 2022-27 Objective: >$4.4bn2 in 2027 20% >$4.4bn +18% +15% CAGR 2022-25 15% $3.4bn $2.8bn $3.1bn +8% +15% YoY YoY 1H 1H 1H 1H 2022
Slide 20: Confidence in the long-term potential of our markets
Confidence in the long-term potential of our markets Favourable demographics Large health & protection gap Penetration1 (%) Prudential’s life markets in Asia are growing 4 billion+ population in our markets (~50% of world’s population) c.$300 billion Health and 2x faster than other regions protectio
Slide 21: Delivering on our 5-year strategy
Delivering on our 5-year strategy Reset Build Accelerate 2023 2024 2025 1H26 2026 2027… Accelerating growth Operational delivery Strategic capital allocation Financial delivery at scale with momentum across Agency, Bancassurance and Health and Protection (H&P) 2025 - Divested francophone Executing
Slide 22: Supplementary CEO slides
Supplementary CEO slides 22
Slide 23: Prudential consistently delivers high-quality growth and strong shareholder returns
Prudential consistently delivers high-quality growth and strong shareholder returns Leading positions Growth across high-growth markets in >10% in earnings per share, Asia and Africa capital and DPS1 Trusted household brand Capital with nearly 180-year heritage on track for >$7bn capital return to s
Slide 24: Continued focus on quality growth
Continued focus on quality growth Driving customer Building greater synergies Growing growth and loyalty with Eastspring Health and Protection Delighting our customers Important value creator and key differentiator Key to drive margin expansion Engagement ~5.5m Leads generated Presence in 10 local m
Slide 25: Transforming our Health and Protection business model
Transforming our Health and Protection business model Focus for next 6-12 months Performance highlights Improve H&P focused sales enablement Health NBP ($’m) Increasing agency capabilities Activating bancassurance Sales Enablement Increase number of agents selling +3% 9% Health and Protection, and g
Slide 26: Africa: Significant growth opportunities ahead
Africa: Significant growth opportunities ahead Performance highlights Quality agency force Africa APE sales +6% +10% +43% +23% Active agents Cases per MDRT1 qualifiers Agency APE +19% active agent Expanding partnerships Key strategic bank partners c.1k >25 +13% Bank branch Bank Bancassurance APE acc
Slide 27: Sustainability at the core of everything we do
Sustainability at the core of everything we do Simple and accessible health Responsible Investment Sustainable Business and financial protection Enable a just and inclusive transition Embed sustainability into our business and value Increase access to health and financial to net zero for every futur
Slide 28: Ben Bulmer, Chief Financial Officer
Ben Bulmer Chief Financial Officer 28
Slide 29: 1H26 highlights
1H26 highlights On-going financial delivery Building long-term shareholder value Strengthening India: Agreed to purchase 75% +8% New Value business our portfolio controlling stake in Bharti Life2 profit India: Licence approved for Standalone FY 2026 guidance: >10% Health (SAHI) Malaysia: Incre
Slide 30: High quality and diversified NBP growth
Value Earnings Capital High quality and diversified NBP growth New business profit Broad-based growth NBP ($’bn) NBP growth by geography (%) NBP growth by channel (%) +8% +10% ex-Chinese Bancassurance +13% Mainland Hong Kong +8% Chinese Mainland (4)% 1H26 1H26 Indonesia 0% NBP1 NBP1 Agency +5% 1.4 S
Slide 31: High quality, higher margin, capital generative new business
Value Earnings Capital High quality, higher margin, capital generative new business Higher margin High quality and capital velocity Group NBP margin (%) NBP1 by product (%) Non-Participating 4 years +2ppts Linked 11% Health and < 3 7% Protection 33% Pay-back periods (H&P) NBP 40% Participating 21% $
Slide 32: Strong growth in embedded value (EV)
Value Earnings Capital Strong growth in embedded value (EV) EV Operating profit +11% Driving higher embedded value per share EV operating profit ($’bn) EV shareholders’ equity ($’bn) +11% +6%4 Return on EV2: 15% 0.1 2.5 (0.2) 0.1 (1.0) 2.5 40.1 39.1 2.3 37.8 1H25 NBP In-force, 1H26 31 Dec. 2025 Oper
Slide 33: Consistent underlying CSM growth
Value Earnings Capital Consistent underlying CSM growth CSM movement, net of reinsurance 1H26 (Shareholder view) ($’bn) Net ‘underlying’ CSM increase: $0.9bn +7%1 +$2.3bn 0.3 0.9 (1.4) 1.4 28.2 28.2 28.5 27.3 27.1 (0.2) 26.8 26.8 25.9 25.9 31 Dec. 2025 New business Normalised CSM before Economic and
Slide 34: 17% EPS growth driven by high quality, efficient growth, and active capital management
Value Earnings Capital 17% EPS growth driven by high quality, efficient growth, and active capital management Diversified insurance profit Earnings per share +17% IFRS insurance adjusted operating profit 1H26 ($’bn) IFRS adjusted operating profit ($’m) 1H26 1H25 % YoY Growth +10% +2% +5% (CER) Insur
Slide 35: Gross OFSG momentum continuing
Value Earnings Capital Gross OFSG momentum continuing On track to deliver 2027 objective 1H26 Gross OFSG +15% 2022-2027 Gross OFSG: illustrative trajectory ($’bn)1 Group OFSG, 1H25-1H26 ($’m) 1H26 1H25 % 2026 Guidance (CER) YoY >10% >4.4 Expected transfer 1,596 1,381 +16 Return on free surplus 167 1
Slide 36: Clear path to our 2027 gross OFSG objective
Value Earnings Capital Clear path to our 2027 gross OFSG objective Achieving 2027 Gross OFSG objective1,2 Illustrative 2027 Gross OFSG generation1,2 ($’bn) A New business addition to expected OFSG ($’bn) +42% 2027 OFSG from in- >$4.4 1H26 new business force life business cohort contribution to 2027
Slide 37: Capability investment remains elevated but is nearing completion
Value Earnings Capital Capability investment remains elevated but is nearing completion, while underlying variances are improving Operating assumptions and experience variances ($’m)1 Claims management, repricing actions, focus on underwriting profitability in Health 2020 2021 2022 2023 2024 2025
Slide 38: Strong cash conversion
Value Earnings Capital Strong cash conversion Strong business unit Free cash flow of $0.9bn remittances to Group Holding company cash movement 1H26 ($’bn) Gross OFSG to remittances 1H26 ($’bn) (0.3) (0.4) 1.4 (0.2) (0.4) 0.9 (0.6) (0.5) 1.8 1.4 1.4 4.3 3.7 Gross OFSG Investment in Segment Remittance
Slide 39: Robust capital position
Value Earnings Capital Robust capital position Free surplus ratio above operating range ‘AA’ Free surplus ratio (%) S&P financial strength Operating range 175%-200% 14% Leverage ratio2 234% 221% 209% 200% 1H26 proforma free surplus ratio1 268% GWS cover ratio (Shareholder) 31 Dec. 2024 31 Dec. 2025
Slide 40: Disciplined capital allocation framework
Value Earnings Capital Disciplined capital allocation framework Capital allocation framework Repositioning India with 75% Increased Malaysia conventional controlling stake in Bharti Life1 business ownership to 70% Strong capital position Profitable new business Initial cash consideration of c.$370
Slide 41: High quality, resilient platform for sustainable growth and predictable return
High quality, resilient platform for sustainable growth and predictable return High-quality business Compounding growth Predictable cash conversion Non-par Linked Profitable new business drives c.70% compounding growth in capital H&P generation In-force business mix >95% Par 1 2 3 4 5 6 7 8 9 10 Val
Slide 42: Prudential is delivering quality growth, improving capital generation and increasing returns
Prudential is delivering quality growth, improving capital generation and increasing returns to shareholders Operational delivery Strategic capital allocation Financial delivery Executing against our strategic 2025: Divested francophone Disciplined execution of priorities at pace: markets in Afric
Slide 43: Supplementary CFO slides
Supplementary CFO slides 43
Slide 44: Driving sustained growth in value and cash
Driving sustained growth in value and cash Dividend Shareholder returns1 Central costs & interest Recurring capital Allocating capital for growth returns A • Strong capital position Remittances • Profitable new business Excess capital • Investment in enhancing capabilities returns New business profi
Slide 45: 1H26 Financial highlights
1H26 Financial highlights Financial performance by segment Growth Markets & other Hong Kong NBP OPAT $’m 1H26 % YoY 1H26 % YoY NBP1 Indonesia $1.4bn Other Hong Kong 581 +8 619 +14 Malaysia Chinese Mainland2 159 (4) 209 (7) Banca NBP1 Singapore Singapore 201 +5 322 +5 Chinese Mainland2 Agency Malaysi
Slide 46: Efficient growth: Growing operating leverage
Efficient growth: Growing operating leverage Strong top-line growth Disciplined cost control Improving operating ratio Total weighted premium income1 ($’bn) Operating expense ($’bn) Operating expense ratio2 (%) +10% +5% (40)bps 13.2 1.1 8.3% 1H25 1H26 1H25 1H26 1H25 1H26 Note: Growth rate and margin
Slide 47: >$7bn Capital returns to shareholders 2024-27
Enhanced and sustainable capital returns Total capital returns to shareholders ($’bn) Additional return $1.4bn net proceeds of capital from IPAMC IPO5 0.36 in excess of 200% Additional c.$0.3bn 0.74 Additional free surplus ratio3 return of capital share buyback6 0.7 1.2 Recurring 0.64 0.8 0.5 ca
Slide 48: Free surplus ratio above operating range of 175-200%
Free surplus ratio above operating range of 175-200% Group capital resources and life required capital development 1H26 ($’bn) Capital resources1 0.1 1.8 (0.3) 1.6 (0.4) (0.6) 17.8 (0.8) 17.0 17.2 Capital resources Gross OFSG life & AM Investment in new Central items Group OFSG Dividends paid Buybac
Slide 49: Strong regulatory capital position – shareholder basis
Strong regulatory capital position – shareholder basis Comfortably above risk appetite Resilient to macro shocks GWS shareholder capital position (GPCR basis) ($’bn)1 Macro sensitivities to GWS shareholder cover ratio 30 Jun. 2026, GWS shareholder cover ratio, GPCR basis1 Surplus 262% 268% ($’bn) Ba
Slide 50: Strong regulatory capital position – total basis
Strong regulatory capital position – total basis Comfortably above risk appetite Resilient to macro shocks GWS total capital position (GPCR basis) ($’bn)1 Macro sensitivities to total GWS cover ratio 30 Jun. 2026, GWS cover ratio, GPCR basis1 Surplus 197% 195% ($’bn) Base position 195% 24.7 50.6 46.
Slide 51: Balanced call date/maturity profile supports financial flexibility
Balanced call date/maturity profile supports financial flexibility Prudential plc: Core structural borrowings1 Next call/maturity profile (30 Jun. 2026) Senior Subordinated 14.0 $’m 2.95% 3.125% Total equity 1,000 4.875% Moody’s 6.125% 50% CSM & 3.8% Leverage WP equity 500 5.875% 3.625% 5.4 Ratio4 c
Slide 52: Embedded value economic assumptions
Embedded value economic assumptions In-force economic assumptions, 30 Jun. 2026 Risk Discount Long-term Risk 1 Market Rates 10-year Govt Bonds Premium2 Chinese Mainland 8.9 2.9 6.0 Hong Kong (USD) 7.7 3.2 4.5 Indonesia 12.6 6.3 6.3 Malaysia 7.9 3.9 4.0 Philippines 12.1 5.8 6.3 Singapore 6.7 2.7 4.0
Slide 53: EV vs IFRS 17: Key difference economic assumptions
EV vs IFRS 17: Key difference economic assumptions EV vs IFRS17 Adjusted Equity 30 Jun. 2026 ($’bn) TEV is calculated using ‘real-world’ long-term Assumptions IFRS17 TEV economic assumptions that are based on the expected returns on the actual assets held with Economic Risk neutral1 Real world1 an a
Slide 54: EV NBP vs New business CSM: Key difference economic assumptions
EV NBP vs New business CSM: Key difference economic assumptions EV NBP vs IFRS17 New business CSM 30 Jun. 2026 ($’m) Assumptions IFRS17 TEV Economic Risk neutral1 Real world1 Non-economic Aligned 28 (48) (148) 193 1,384 (32) 1,377 TEV NBP Central costs Economics & New rider sales Related tax Reinsur
Slide 55: Limited IFRS & EV macro sensitivity
Limited IFRS & EV macro sensitivity IFRS shareholders’ equity IFRS CSM1 TEV2 30 Jun. 2026 ($’bn) 30 Jun. 2026 ($’bn) 30 Jun. 2026 ($’bn) Base position 19.8 25.9 38.1 Interest rates -50bps 0.6 +3% 0.4 +2% 1.2 +3% Interest rates +100bps (1.3) (7)% (1.1) (4)% (2.3) (6)% Equity/property markets -20% (0.
Slide 56: Investment asset portfolio
Investment asset portfolio Breakdown of invested assets1 Shareholder debt portfolio1 30 Jun. 2026 ($’bn) 30 Jun. 2026 Funds with Unit Shareholder- policyholder Total Holding by issuer linked backed3 participation2 Portfolio No. Avg. Max <BBB-7 Debt 76.5 5.1 13.2 94.8 $’bn Issuers6 $’m $’m % Direct e
Slide 57: Shareholder-backed debt exposures
Shareholder-backed debt exposures By geography1 By credit rating1,2 30 Jun. 2026 30 Jun. 2026 Sovereign debt Other government bonds Corporate bonds United States 2% <BBB- <BBB- AAA Singapore BBB 6% 5% 8% 16% 9% Other 37% AA 36% AAA BBB 34% 18% Total Total Total $7.7bn $0.7bn $4.6bn 43% 45% 4% Thaila
Slide 58: Shareholder-backed debt exposures
Shareholder-backed debt exposures By asset type1 By sector1,2 30 Jun. 2026 30 Jun. 2026, Corporate debt exposures Basic Materials ABS 3% 2% Technology 2% 1% Government related Industrial 6% Communications 7% Corporate Bonds 35% 40% Financial Total Consumer, Cyclical 5% Total $13.2bn 58% Sovereign Ut
Slide 59: CITIC Prudential Life (CPL): General Account portfolio summary
CITIC Prudential Life (CPL): General Account portfolio summary CPL general account General account invested assets in focus invested assets1 Presented on a 50% basis Presented on a 50% basis at 30 Jun. 2026 ($’bn) 30 Jun. 2026, $’bn Investments (31 Dec. 2025) @50% Liquid Asset 3% <1% of total of Pru
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