Slide 1: Prudential plc 2025 Half Year Results
Prudential plc 2025 Half Year Results 27 August 2025 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 other uncertainties of future acquisitions or combinations within relevant industries; plans and its goals an
Slide 3: Anil Wadhwani, Chief Executive Officer
Anil Wadhwani Chief Executive Officer 3
Slide 4: Key messages: Delivering growth and enhanced shareholder returns
Key messages: Delivering growth and enhanced shareholder returns Positive start to the Year • Double-digit growth across all key financial metrics Strategy • Inflection in gross operating free surplus generation execution • Growth driven by multi-channel performance in key markets On track to achiev
Slide 5: Strong 1H25 and confident in achieving our objectives
Strong 1H25 and confident in achieving our objectives 1H25 2025 New business profit (NBP) $1.3bn +12% >10% Adjusted operating profit after tax (OPAT) $1.4bn +12% >10% per share per share Gross operating free surplus generation (OFSG) $1.6bn +14% >10% Dividends $0.2bn +13% >10% per share1,3 per share
Slide 6: Focused on consistent delivery of shareholder returns
Focused on consistent delivery of shareholder returns; Reached inflection point for capital generation Enhanced capital return framework Driving greater shareholder returns >10% Total capital returns to shareholders ($’bn) Growing ordinary 1 dividend Return of growth in DPS p.a. excess capital (2025
Slide 7: Delivering on our 5-year strategy
Delivering on our 5-year strategy Reset Build Accelerate 2023 2024 1H25 2025 2026 2027… • Accelerating growth Operational at scale with momentum Agency: Continued progress on strategic programme to across Agency, focus on quality, digitally enabled and Bancassurance and professionalised agency for
Slide 8: Broad-based growth, building on our market-leading positions
Broad-based growth, building on our market-leading positions 13 out of 19 life markets increased NBP Greater China ASEAN Markets Other +8% +5% +21% Mainland Singapore Africa1 China 1H24 1H25 1H24 1H25 1H24 1H25 New business profit ($’m) New business profit ($’m) APE sales ($’m) +16% +34% (4)% Hong K
Slide 9: Driving value creation through focus on execution
Driving value creation through focus on execution 1H25 Performance drivers 1H25 NBP (Growth YoY) NBP ($’m) (ex-francophone) +5% 7% Agency • +10% monthly NBP per active agent +4% 55% 3% Focus on activation • #2 MDRT1 globally; +3% MDRT qualifiers 6% 708 2% and productivity • 58k average monthly activ
Slide 10: Agency: Driving high quality and profitable growth
Agency: Driving high quality and profitable growth Agency NBP1: 1Q25 +3%; 2Q25 +7% Agency transformation journey Performance (NBP growth YoY) • Accelerate quality hire leveraging PRUVenture 1 Quality (5x more productive), rolling out to Malaysia recruitment and China; revamping in Vietnam Indonesia
Slide 11: Investment in capabilities to accelerate value creation
Investment in capabilities to accelerate value creation Cumulative investment of $400m • Recruitment of high-quality agents, equipped Distribution +43% +16% 6ppts with proprietary digital tools & integrated propositions; drive upward mobility to MDRT1 + Agency and Banca APE growth from APE growth fr
Slide 12: Confidence in achieving 2027 objectives
Confidence in achieving 2027 objectives New business profit • Focus on higher margin H&P and Illustrative trajectory 2022-20272 ($’bn) Writing high longer-term products with strong 20% 4.2 quality & cash cash signatures 15% 3.4 Objective: CAGR 2022-27: 15-20%1 generative new • Driving higher product
Slide 13: Delivering high quality, consistent growth and driving shareholder returns
Delivering high quality, consistent growth and driving shareholder returns Leading positions across high growth markets in Asia and Africa Growth On track for 2025 guidance of >10% across key metrics1 Trusted household brand with nearly 180-year heritage 15-20% >$4.4bn Confidence 2022-27 CAGR 2027 G
Slide 14: Supplementary CEO slides
Roce 14 Supplementary CEO slides
Slide 15: Consistent performance driving enduring growth in shareholder returns
Consistent performance driving enduring growth in shareholder returns Diversified footprint Greater China across Asia & Africa Top 5 in all markets1 Scale franchise in Asia & Africa Trusted household ASEAN brand Top 3 in 7 out of 9 markets2 Well balanced distribution India channel at scale Top
Slide 16: Asian market growth recovered to pre-COVID levels
Multi-market growth engines Asian market growth recovered to pre-COVID levels Gross Written Premium Growth pre/post-COVID Rebased 2013 to 100 (%)1 Pre- Post- 230% COVID COVID COVID COVID period APE3 APE3 APE3 210% CAGR % 2013-2019 2019-2022 2022-2024 Greater China4 13% (7)% 25% 190% Greater ASEAN2 7
Slide 17: Technology-powered distribution: Agency
Strategic pillars Technology-powered distribution: Agency Performance highlights Customised learning and cohort-based focus Agency NBP ($’m) +10% targeting rewards and recognition Focus on +10% ex. 3% 12% 35% ($2.3k) professional + + agency Monthly NBP/active agent1 +4% Mainland China & Vietnam & in
Slide 18: Technology-powered distribution: Bancassurance
Strategic pillars Technology-powered distribution: Bancassurance Performance highlights Optimise strategic network with customised Bancassurance NBP ($’m) proposition, sales model and training Broadening 14 & building Successful 11 Markets with +28% partnerships Strategic double-digit NBP activation
Slide 19: Transforming our Health Business Model
Strategic pillars Transforming our Health Business Model Performance highlights Health NBP ($’m) Growing our $87m 6.5m +13% Disciplined scale in Health Annualised savings repricing across Health and improving from Healthcare customers markets Earned premium +13% profitability provider management A
Slide 20: Enhancing Customer Experience
Strategic pillars Enhancing Customer Experience Performance highlights Deepening connection Strengthening customer Customer rNPS2 & expanding network loyalty (no. of business units in top quartile) +7% Growing new customers, increasing 57% 1ppt APE sales from APE from New-to-Pru Improvement in exist
Slide 21: Hong Kong: Market-leading Quality Franchise
Multi-market growth engines OPAT Hong Kong: Market-leading Quality Franchise Hong Kong 32% Performance highlights Hong Kong NBP ($’m) Professional +11% 2.6k +70% +15% +16% agency force Active agents New recruits PRUVenture Agency NBP agents 540 +17% 1st in Market Domestic +28% Top quality Trust-conc
Slide 22: Hong Kong: Market-leading Quality Franchise
Multi-market growth engines OPAT Hong Kong: Market-leading Quality Franchise Hong Kong 32% Intention of MCV to visit HK1 Financial products likely to acquire in HK2 (Next 12 months) (Next 12 months) Intention of MCV visiting HK in the Any insurance CI Medical & Savings next 12 months, % products3, %
Slide 23: Mainland China: Re-positioned for sustainable growth
Multi-market growth engines OPAT Mainland China: Re-positioned for sustainable growth Mainland China1 12% Performance highlights Mainland China NBP ($’m) 23 102 Scale of Branches Cities c.42k +8% operation New-to-Prudential 1.6m 14k 60 customers Customers Agents Banca Partners Par Non Non Par +20ppt
Slide 24: ASEAN: Building on our market-leading positions
Growth markets & other Multi-market growth engines 42% Indonesia ASEAN OPAT ASEAN: Building on our market-leading positions Malaysia Singapore Performance highlights Top 3 Singapore NBP ($’m) +4% >1,000 +3% Market share1 +5% Singapore Agency Prudential Agency average #2 in new business +5ppts produc
Slide 25: India: Strong franchise value in Life and Asset Management
Growth markets & other Multi-market growth engines India OPAT India: Strong franchise value in Life and Asset Management Eastspring Performance highlights APE sales ($’m) Developing scale and Focus on growing protection ICICI-Prudential Life (22% ownership) quality in agency to drive margin enhancem
Slide 26: Africa: Significant growth opportunities ahead
Multi-market growth engines Africa: Significant growth opportunities ahead Performance highlights Africa APE1 ($’m) Well- 10 years Uganda 400m of operation in Africa Accessible population positioned in All markets2 our chosen <1 % delivered APE growth +21% Ghana Kenya markets 5 Nigeria Life insuranc
Slide 27: Asset Management: Continued net inflows
Asset Management: Continued net inflows Increased funds Positive net flows Steady operational under management performance Movement in FUM ($’bn) Operating profit before tax3 ($’m) +11%2 +8% ex Internal Funds (1.0) +2% seed gains under Advice 3rd party net flows1: 12.7 +$2.8bn 0.2 2.5 275 15% Extern
Slide 28: Sustainability at the core of everything we do
Sustainability at the core of everything we do Simple and accessible health and Responsible Investment Sustainable Business financial protection Increase access to health and financial protection Enable a just and inclusive transition to Embed sustainability into our business and value chain for eve
Slide 29: Ben Bulmer, Chief Financial Officer
Ben Bulmer Chief Financial Officer 29
Slide 30: 1H25 summary
1H25 summary 1H25 Performance Enhanced Capital Returns 2025 guidance +12% Value >10% (NBP) Growing >10% p.a. 1 ordinary growth in DPS4 dividends1 (2025-2027) >10% +12% Earnings >$5bn (OPAT per share) per share Recurring 2026: $500m 2 capital Expected capital returns2 2027: $600m returns 2024-2027 be
Slide 31: Broad-based NBP performance in-line with guidance
Value Earnings Capital Capital update Broad-based NBP performance in-line with guidance 13 out of 19 life markets increased NBP NBP up 12% Broad-based growth Growth NBP ($’bn) markets Hong 1H25 NBP growth by segment % YoY and other 25% Kong Hong Kong +16% 42% +12% NBP Malaysia 3% Indonesia +34% 14%
Slide 32: High quality, higher margin, capital generative new business
Value Earnings Capital Capital update High quality, higher margin, capital generative new business High quality Higher margin Capital generative NBP by product (%) Group NBP Margin (%) 2025 new business cohort contribution to 2027 OFSG Non Health Participating +2ppts +27% 15% Health & Linked 33% Pro
Slide 33: Strong development in embedded value
Value Earnings Capital Capital update Strong development in embedded value EV Operating profit Driving higher embedded Improving return on +16% value per share embedded value EV operating profit ($’bn) EV shareholder equity ($’bn) Return on EV (%)2 +16% +5% +2ppts per share ex goodwill, AER1 (0.4) (
Slide 34: Consistent underlying CSM growth
Value Earnings Capital Capital update Consistent underlying CSM growth CSM movement, net of reinsurance 1H25 ($’bn) Net ‘underlying’ CSM increase: $0.9bn Adjusted CSM release rate3: (10.2)% +8%1 +$2.1bn 0.9 24.1 24.1 24.1 (1.2) 0.0 1.2 23.5 23.2 0.7 22.8 22.8 22.0 22.0 31 Dec. 2024 New business Norm
Slide 35: Diversified insurance profit
Value Earnings Capital Capital update Diversified insurance profit Diversified insurance profit Earnings per share +12% IFRS insurance adjusted operating profit 1H25 ($’bn) Adjusted operating profit ($’m) 1H24 $m 1H25 % YoY Growth +12% (6)% +6% (CER) Insurance profit Insurance 1,803 1,703 +6 Asset m
Slide 36: Inflection point reached: delivering 2025 OFSG growth >10%
Value Earnings Capital Capital update Inflection point reached: delivering 2025 OFSG growth >10% 2025 Gross OFSG inflection point 1H25 Gross OFSG up 14% 2022-2027 Gross OFSG: illustrative trajectory ($’bn)1 Group OFSG, 1H24-1H25 ($’m) $m 1H25 1H24 % YoY (CER) >4.4 Expected transfer 1,371 1,256 +9 >1
Slide 37: Improving variances support gross OFSG delivery
Value Earnings Capital Capital update Improving variances support gross OFSG delivery Group free surplus: changes in operating assumptions and experience variances ($’m)1 • Claims management, repricing actions, focus on underwriting profitability in Health & Protection Variances 2020 2021 2022 2023
Slide 38: Continued progress towards our 2027 capital generation objective
Value Earnings Capital Capital update Continued progress towards our 2027 capital generation objective Achieving our 2027 Gross OFSG objective1,2 Illustrative 2027 Gross OFSG generation ($’bn) Predictable monetisation: 1H25 2027 OFSG from in- force life business >$4.4 A expected transfer in-line wit
Slide 39: OFSG capital generation drives free cash flow
Value Earnings Capital Capital update OFSG capital generation drives free cash flow Strong business unit Free cash flow of $1.0bn remittances to Group Gross OFSG to remittances 1H25 ($’bn) Holding company cash movement 1H25 ($’bn) (0.3) (0.2) (0.4) 1.5 (0.4) 1.0 (0.7) 0.6 1.6 1.5 1.2 1.2 3.4 2.9 Gro
Slide 40: Sustained growth in capital & cash flow supports enhanced capital returns
Value Earnings Capital Capital update Sustained growth in capital & cash flow supports enhanced capital returns2 Higher capital generation… Illustrative segment OFSG development ($’bn) 2024 2027 >4.4 (0.7) Growing ordinary dividends2 2.7 • Sustainable dividend policy 1.9 1 • Growth in dividends broa
Slide 41: Free surplus generation drives capital return
Value Earnings Capital Capital update Free surplus generation drives capital return1 Illustrative free surplus ratio progression Net OFSG Capital returns generated Additional return of from OFSG capital in excess of free surplus ratio Operating range 175-200% Opening free Gross OFSG Investment in Ce
Slide 42: Enhanced and sustainable capital allocation framework
Value Earnings Capital Capital update Enhanced and sustainable capital allocation framework1 Total capital returns to shareholders ($’bn) 1 Growing ordinary • DPS growth > 10% p.a. Return of dividends1 2025-27 excess capital (incl. India AMC) 1.4 1.2 Recurring capital 0.6 returns 0.8 0.5 2 Recurring
Slide 43: High quality, resilient platform for sustainable growth & predictable return
Value Earnings Capital Capital update High quality, resilient platform for sustainable growth & predictable return High quality Compounding Predictable cash business growth conversion +90% Value of in-force (VIF) with Profitable new business limited guarantees drives compounding growth in capital ge
Slide 44: Accelerating value creation and enhanced capital returns
Accelerating value creation and enhanced capital returns • Double-digit growth across key metrics, consistent with 2025 guidance • Broad-based, high quality new business profit +12% 1H25 • Improving operating variances with management actions taken Highlights • Capital generation inflection reached
Slide 45: Supplementary CFO slides
Roce 45 Supplementary CFO slides
Slide 46: 1H25 Financial highlights
1H25 Financial highlights Financial performance by segment Growth Markets Hong Kong NBP OPAT2 & other $’m 1H25 % YoY 1H25 % YoY NBP Indonesia $1.3bn Other Hong Kong 540 16 547 16 Malaysia Mainland China1 156 8 212 8 Banca NBP Singapore Singapore 184 5 297 1 Mainland China1 Agency Malaysia 44 (12) 15
Slide 47: Driving sustained growth in value and cash
Value Earnings Capital Capital update Driving sustained growth in value and cash Dividend Shareholder returns1 Central costs & interest Recurring capital Allocating capital for growth returns A • Strong capital position Remittances • Profitable new business Excess capital • Investment in enhancing c
Slide 48: Enhanced capital allocation framework to drive shareholder returns
Value Earnings Capital Capital update Enhanced capital allocation framework to drive shareholder returns • GWS shareholder regulatory capital: target resilient capital buffers of above 267% 221% Strong capital position 150% of GPCR1 and FSR operating range of 175-200% GWS shareholder Free surplus ra
Slide 49: Recap from FY24: Clear path to our 2027 gross OFSG objective
Recap from FY24: Clear path to our 2027 gross OFSG objective Illustrative 2027 Gross OFSG composition ($’bn)1,2,3 2027 OFSG expected from in-force life business >$4.4 New business 2024: (0.3)6 addition to 2027 OFSG 2024: 0.3 2024: 0.3 2026 New business addition to OFSG 2.6 2025 2025 2026 2027 +0.3 2
Slide 50: Strong regulatory capital position – shareholder basis
Strong regulatory capital position – shareholder basis Comfortably above risk appetite Resilient to macro shocks GWS shareholder capital position (GPCR basis) ($’bn)1 Macro sensitivities to GWS shareholder cover ratio 30 Jun. 2025, GWS shareholder cover ratio, GPCR basis1 Risk appetite: >150% Surplu
Slide 51: 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) ($’bn)1 Macro sensitivities to total GWS cover ratio 30 Jun. 2025, GWS cover ratio, GPCR basis1 Risk appetite: >150% Surplus 203% 200% ($’bn) shareholder
Slide 52: Free surplus ratio range set at 175-200%
Free surplus ratio range set at 175-200% Group capital resources and life required capital development 1H25 ($’bn) Capital resources1 (0.3) (0.0) (0.4) 1.6 1.2 (0.7) 0.0 0.4 15.5 15.1 15.1 15.0 Capital Resources Gross OFSG life & Investment in new Central Items Group OFSG Dividends paid Buyback Non-
Slide 53: 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 June 2025) Senior Subordinated $’m 2.95% 3.125% 12.9 1,000 4.875% Total equity 6.125% Moody’s 3.8% 50% CSM & 500 5.875% 3.625% Leverage 5.3 Ratio4 WP equity c
Slide 54: Embedded value economic assumptions
Embedded value economic assumptions In-force economic assumptions, 30 Jun 2025 Risk Discount Long-term Risk 1 Market Rates 10-year Govt Bonds Premium2 Mainland China 8.9 2.9 6.0 Hong Kong (USD) 7.7 3.2 4.5 Indonesia 12.6 6.3 6.3 Malaysia 7.9 3.9 4.0 Philippines 12.1 5.8 6.3 Singapore 6.7 2.7 4.0 Tai
Slide 55: EV vs IFRS17: Key difference economic assumptions
EV vs IFRS17: Key difference economic assumptions EV vs IFRS17 Adjusted Equity 30 June 2025 ($’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 al
Slide 56: 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 June 2025 ($’m) Assumptions IFRS17 TEV Economic Risk neutral1 Real world1 Non-economic Aligned 31 (188) 172 1,260 1,249 1,103 (26) 1,077 TEV NBP Central costs Economics & other New rider sales Relate
Slide 57: Limited IFRS & EV macro sensitivity
Limited IFRS & EV macro sensitivity IFRS shareholders’ equity IFRS CSM1 TEV2 30 June 2025 ($’bn) 30 June 2025 ($’bn) 30 June 2025 ($’bn) Base position 18.1 23.5 33.8 Interest rates -50bps 0.5 +3% 0.3 +1% 1.1 +3% Interest rates +100bps -1.2 -7% -1.0 -4% -2.0 -6% Equity/property markets -20% -0.7 -4%
Slide 58: Investment asset portfolio
Investment asset portfolio Breakdown of invested assets1,2 Shareholder debt portfolio 30 June 2025 ($’bn) 30 June 2025 ($’bn) Funds with Holding by issuer Unit Shareholder- policyholder Total linked backed3 participation2 Portfolio No. Avg. Max $’bn Issuers6 $’m $’m <BBB-7 Debt 67.2 5.0 12.7 84.9 So
Slide 59: Shareholder-backed debt exposures
Shareholder-backed debt exposures By geography1 By credit rating 1,2 30 June 2025 30 June 2025 Sovereign debt Other government bonds Corporate bonds United States <BBB-4 <BBB-4 AAA 3% Singapore AAA 8% 5% 7% 15% 19% BBB 13% AA Other3 19% 36% 5% AA Total Total BBB 36% Total $7.5bn $0.5bn $4.6bn 2% 44%
Slide 60: Shareholder-backed debt exposures
Shareholder-backed debt exposures By asset type1 By sector1,2 30 June 2025 30 June 2025, Corporate debt exposures Basic Materials 3% ABS Technology 3% 1% Government related 1% Industrial Communications 5% Corporate 6% 37% Consumer, 38% Financial Bonds Total Cyclical 7% Total $12.7bn $4.6bn 58% Sover
Slide 61: CITIC Prudential Life (CPL): General Account portfolio summary
CITIC Prudential Life (CPL): General Account portfolio summary CPL general account General account invested assets in focus invested assets1 Presented on a 50% basis Presented on a 50% basis. At 30 June 2025($’bn) 30 Jun. 2025, $’bn Investments (31 Dec. 2024) @50% Liquid Asset Other <1% of total of
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