Slide 1: Prudential plc 2023 Half Year Results
Prudential plc 2023 Half Year Results 30 August 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 These factors are not exhaustive. Prudential operates in a continually changing business environment with new risks emerging businesses’) plans
Slide 3: Anil Wadhwani, Chief Executive Officer
Anil Wadhwani Chief Executive Officer
Slide 4: Accelerating Value Creation through Operational & Financial Discipline
Accelerating Value Creation through Operational & Financial Discipline Value creation for all stakeholders Building a sustainable growth platform Customers: Top-quartile net promoter score Enhancing customer experiences Employees: Technology-powered distribution Top-quartile engagement1 Shareholders
Slide 5: HY23 Strong New Business Performance
1.5bn 1.4bn 2.2bn + 39% - 2% + 22% Excl. economics +52% HY23 Strong New NBP Gross OFSG EEV operating Business (In-force & AM)2 profit Performance 1,588¢ 1.5bn 228bn 295% 6% 3% 7ppts EEV/share, 30 June 2023 + + - 3 1,324¢ (vs 31 Dec 20221) (vs 31 Dec 20221) Adjusted IFRS shareholders’ equity/share 6.
Slide 6: Hong Kong: Leadership in Agency and MCV segment
Hong Kong: Leadership in Agency and MCV segment Strong growth in both …driven by high performing segments… distribution & innovative new products MCV: Significant growth in new Agency: #11 by market share Translating to strong sales up >100x growth in NBP On track to hire 4k agents 1 # Market positi
Slide 7: Chinese Mainland: Driving Business Mix for Sustainable Long-term Value Creation
Chinese Mainland: Driving Business Mix for Sustainable Long-term Value Creation Rebound in Agency Proactive shift in Banca sales product mix +25% (40)% NBP only 3% lower ex. economics (16)% HY22 HY23 HY22 HY23 203 171 Agency APE sales, $m Banca APE sales, $m HY22 HY23 +53% improvement in Shift to hi
Slide 8: Taiwan: Outperforming the Market Supported by Successful New Product Launches
Taiwan: Outperforming the Market Supported by Successful New Product Launches Strong growth in banca Delivering customer-led and broker channels solutions +28% Innovative comprehensive par product launched, to meet +15% 339 diversified needs of customers 264 HY22 HY23 Launched suite of customer-cent
Slide 9: ASEAN: Malaysia and Indonesia – Strong Momentum
ASEAN: Malaysia and Indonesia – Strong Momentum Malaysia: Continued focus on value over volume APE +12%. Strong growth in banca channel (+36% +11% YoY). Pick up in sales momentum 2Q23 vs 1Q23 Double digit NBP growth in agency, reflecting focus on H&P. H&P contributed to 71% of total NBP NBP, $m
Slide 10: ASEAN: Singapore and Vietnam
ASEAN: Resilient Performance – Singapore retained Top 3 position; Vietnam Outperformed Market rising to #1 in 1Q Singapore: Multi-channel platform provides diversification (20)% Overall APE -3% but agency sales momentum increasing +7% 2Q23 v 1Q23 Banca adjusting for single premium 249 NBP, $m 19
Slide 11: India: Optimistic on the Growth Runway Ahead
India: Optimistic on the Growth Runway Ahead Life: High quality growth Asset management: Scale player +15% APE growth & margin expansion +20% Leading NBP margins in the industry1 +26% 36 30 Broad-based growth across all channels, agency APE +29% FY22 HY23 Pru’s share in AUM managed Enhancing our dis
Slide 12: Enhancing our agency force: Focus on Activation & Productivity
Enhancing our agency force: Focus on Activation & Productivity Active agents at scale Greater productivity +74% +2% +61% +89% excl. economics 64 65 2.9 1,002 1.8 575 HY22 HY23 HY22 HY23 HY22 HY23 No. of active agents per month, thousands Monthly NBP per active agent, $,000 Agency NBP, $m Top 3 agenc
Slide 13: Banca providing Diversification, Scale and Reach
Banca providing Diversification, Scale and Reach Increasing reach Improving quality -11% +26 +2ppts -2% excl. economics 7% 449 401 5% HY22 HY23 HY22 HY23 HY22 HY23 New partners added in last 12 months H&P contribution as % of banca APE Bancassurance NBP, $m #1 independent banca franchise Delivering
Slide 14: Multi-market Growth Engines
Multi-market Growth Engines • Long-term structural demand drivers remain intact & are attractive Greater China • China focused on driving quality growth. 2nd largest economy and grew >5% in H1 Sustaining quality growth • Diversified platform in China by footprint, channel & product • Remain highly o
Slide 15: Key takeaways
Key takeaways 1 Strong performance delivering high quality growth 2 Momentum has continued into 3Q 2023 3 Unmatched opportunity to accelerate value creation 15
Slide 16: Ben Bulmer, Chief Financial Officer
Ben Bulmer Chief Financial Officer
Slide 17: Key messages
Key messages Strategic Update: Accelerating value creation • Growing profitable new business and capital generation • Objectives to grow NBP at 15-20% and Gross OFSG1 at double-digit CAGR, 2022-272 • Disciplined capital allocation, prioritising organic growth, building free surplus to enhance strate
Slide 18: Strategic Update: Accelerating value creation
Strategic Update: 1 Accelerating value creation Half year 2023 results: 2 Strong performance despite challenging environment 3 Key messages
Slide 19: Accelerating value creation
Accelerating value creation Central costs, interest, ordinary dividend and Allocating capital for growth return of surplus capital A Gross Free Surplus Generation New Business Compounding Profit Managing in-force with greater discipline Writing quality new business C B Embedded Value Double-digit gr
Slide 20: Strategic update August 2023: Financial objectives
Strategic update August 2023: Financial objectives 2027: NBP 15-20% NBP CAGR 2022-271 $ 4.4-5.4bn 2022: $2.2bn Gross OFSG Double-digit life & AM OFSG CAGR 2022-271,2 >$4.4bn 2022: $2.8bn 1. Assumes average exchange rates of 2022 and economic assumptions made by Prudential in calculating the EEV basi
Slide 21: Reinvesting capital to drive compounding growth: Priorities
Reinvesting capital to drive compounding growth: Priorities Resilient capital Target resilient capital buffers of at least 150% of PCR position Moody’s total leverage target over medium term: 20-25%1 Profitable new Prioritise investment in profitable new business with IRRs >25% and payback periods <
Slide 22: Strong regulatory capital position with substantial free surplus flexibility
Strong regulatory capital position with substantial free surplus flexibility GWS Shareholder Surplus to EEV Free Surplus ex intangibles Pro-forma 31 December, 2022 $bn $ 2.7 bn Holding company cash 31 December 20223 302 (7.2) 20 % GWS cover ratio % 31 December Leverage ratio 20221,2,3 15.2 31 Decemb
Slide 23: Substantial & compounding capacity to fund investments in growth
Substantial & compounding capacity to fund investments in growth EEV Free Surplus ex intangibles Indicative movement, 31 December 2022-2027, $bn Adds to future OFSG OFSG reinvestment c.11 in profitable new (0.0) business 19.4 19.5 18.5 Illustration Compounding 13.6 excludes effect of any strategic g
Slide 24: Investment in capabilities to accelerate value creation
Investment in capabilities to accelerate value creation • Expensed at business unit level as operating variance ~$1bn investment in core capabilities • No impact on central expenses • Weighted to 2023-2025 Indicative Gross OFSG development1 Indicative investment by core capability 2022-2027 ($bn) He
Slide 25: Achieving our 2027 Gross OFSG objective
Achieving our 2027 Gross OFSG objective1,2 Illustrative 2022 versus 2027 Gross OFSG $bn >$4.4bn Drivers: Objective: Double-digit CAGR Gross OFSG1,2 • 2027 in-force contribution expected from 2022 in-force: $2.1bn2 • Addition to gross 2027 OFSG from profitable new business written 2023-2027 $2.8bn In
Slide 26: Half year 2023 results: Strong performance despite challenging environment
Strategic Update: 1 Accelerating value creation Half year 2023 results: 2 Strong performance despite challenging environment 3 Key messages
Slide 27: HY23 Strong New Business Performance
1.5bn 1.4bn 2.2bn + 39% - 2% + 22% Excl. economics +52% HY23 Strong New NBP Gross OFSG EEV operating Business (In-force & AM)2 profit Performance 1,588¢ 1.5bn 228bn 295% 6% 3% 7ppts EEV/share, 30 June 2023 + + - 3 1,324¢ (vs 31 Dec 20221) (vs 31 Dec 20221) Adjusted IFRS shareholders’ equity/share 6.
Slide 28: NBP up over 50% ex-economics
NBP up over 50%1 ex-economics NBP + 39%1 NBP development HY22-HY23, $m 52% 108 (137) 449 1,626 1,489 1,069 HY22 Volumes Product/Channel HY23 excl. Economics HY23 (CER)1 mix/Other Economics % NBP Margin 50% 4% 54% (5)% 49% 28 1. Constant exchange rate basis.
Slide 29: HY23: Multi-market growth engines drive NBP
HY23: Multi-market growth engines drive NBP $171m $61m $198m 1.5bn (16)% 22% (20)% CPL1 Indonesia Singapore $ $670m $73m $316m +39% 218% 11% 9% Group Hong Kong Malaysia Growth Mkts $0.4bn $1.0bn (11)% 74% Banca Agency Note: Growth rates are on a constant exchange rate basis. 29 1. CITIC Prudential L
Slide 30: Building value: EEV operating profit +22%
Building value: EEV operating profit +22%1 Group EEV development HY23 $bn 0.1 0.2 1.1 (0.3) (0.3) (0.4) 2.2 (0.5) 1.5 Operating RoEV 10% (HY22: 8%)3 44.3 44.3 44.2 43.7 43.7 42.2 31 Dec. 2022 2 NBP Expected return Operating Eastspring Central costs EEV Operating Non operating Dividend paid FX, other
Slide 31: CSM: Annualised growth 8%
CSM: Annualised growth 8%1 CSM movement, net of reinsurance HY23, $bn Net ‘underlying’ CSM increase: $0.8bn +$2.0bn 0.3 0.8 (1.2) 1.2 (0.2) 21.9 21.9 22.2 21.2 21.1 20.8 20.8 20.0 20.0 31 Dec. 2022 New business 2 Normalised unwind 3 CSM before Economic & other Balance before Release to P&L FX 30 Jun
Slide 32: Insurance service result drives operating profit
Insurance service result drives operating profit Adjusted operating profit, insurance business HY23, $bn (0.1) Release from CSM 0.6 0.1 (0.1) (0.1) 1.6 1.6 1.2 1.2 1.2 1.1 1.1 1.1 Adjusted release Release of RA2 Experience Other insurance Adjusted Net investment Other insurance Adjusted of CSM 1 var
Slide 33: Broad-based delivery; reduced central overhead
Broad-based delivery; reduced central overhead Well diversified insurance profit Operating profit +6%2 Group P&L IFRS insurance adjusted operating profit, HY23 % YoY HY23 $m HY23 % YoY2 CPL1 Insurance 1,636 (2) Eastspring 146 14 Hong Kong Total segment profit 1,782 0 Corporate expenditure, interest
Slide 34: Strong regulatory capital position with considerable financial flexibility
Strong regulatory capital position with considerable financial flexibility Strong regulatory capital position $15.5bn 295% AA- GWS surplus1,2,3 GWS cover ratio1,2,3 FSR4 Considerable financial flexibility $8.4bn $3.3bn 20% Group free surplus5 Holding company cash Moody’s Total Leverage6 Note: At 30
Slide 35: Resilient regulatory capital position
Resilient regulatory capital position Comfortably above risk appetite Resilient to macro shocks GWS shareholder capital position $bn1 Macro sensitivities to GWS shareholder cover ratio 30 June 2023, GWS shareholder cover ratio, GPCR basis1,4 Base position 295% Risk appetite: Cover 302% 295% >150% ra
Slide 36: Key messages
Strategic Update: 1 Accelerating value creation Half year 2023 results: 2 Strong performance despite challenging environment 3 Key messages
Slide 37: Key messages
Key messages Strategic Update: Accelerating value creation • Growing profitable new business and capital generation • Objectives to grow NBP at 15-20% and Gross OFSG1 at double-digit CAGR, 2022-272 • Disciplined capital allocation, prioritising organic growth, building free surplus to enhance strate
Slide 38: CEO Appendix
CEO Appendix 2378.HK PRU.L
Slide 39: Anil Wadhwani, Chief Executive Officer
Anil Wadhwani Chief Executive Officer
Slide 40: Strategic update August 2023: Non-financial KPIs
Strategic update August 2023: Non-financial KPIs Success metrics Customer advocacy driving Top-quartile 90-95% Customer NPS Retention ratio acquisition & retention (2022: mostly mid-quartile) (2022: 89%) 80-90k 2.5-3x Quality agency growth Active agents per month Agency NBP (2022: ~65k) (2022: $1.2b
Slide 41: ESG
ESG Success Net Zero Asset Owner by 2050 All people managers to have Metrics 55% WACI Reduction by 2030 ESG linked KPI by 2026 Purpose For Every Life, For Every future Ambition Re-define ESG for Real World Impact Accessible Health & Responsible Sustainable Financial Protection Investment Business As
Slide 42: Diversified franchise with leading presence in markets with favourable macro trends
Diversified franchise9 with leading presence in markets with favourable macro trends HY23 IFRS17 HY23 HY23 Life Life Life g Eastspring Insurance Insurance Total Total health health 2022 -2028 2022-28 2022-33 1 Eastspring6 7 adjusted IFRS17 IFRS17 position position11 position position position65 pene
Slide 43: Lilian Ng
Lilian Ng SBG Managing Director including Customer and Distribution
Slide 44: Chinese Mainland: Quality for long-term value creation
Chinese Mainland: Quality for long-term value creation New business profit, $m Structural demand $ 805bn >$ 550bn (16)% drivers Large health Individual Pension protection gap1 AUM by 20302 203 171 Operational + 25% + 34% 47% highlights YoY Agency YoY Active Banca APE Mix HY22 HY23 APE Agents Income
Slide 45: Chinese Mainland: Our City Cluster Model
Chinese Mainland: Our “City Cluster” Model Citic-Prudential Life (CPL) GWP, $bn1 CPL GWP CPL GWP CPL Banca GWP Mix %2 Agency CAGR Market Share % Channel3 Channel3 # of # of (1H17- China # of CPL 1H17 1H23 Agents Outlets 1H23) Market Partners6 2.6x (,000) (,000) $2.5bn $2.3bn Rest 24% 25% 52% 0.12%4
Slide 46: Hong Kong: Resilient platform to serve customers
Hong Kong: Resilient platform to serve customers New business profit, $m 23 Launched Structural Regain MCV leadership1; Macau in June; $ bn +218% demand 2Q APE >2019 Access to 11 Health protection drivers levels cities in GBA gap2 in HK 670 Operational + 318% # 1 + 68% 211 highlights Fastest YoY In
Slide 47: Hong Kong: MCV traffic levels
Hong Kong: MCV traffic levels YTD average number of Mainland Chinese Visitors % difference between 2018 v 2023 7% 16% 28% 35% 40% 43% 47% 50% YTD Jan YTD Feb YTD Mar YTD Apr YTD May YTD Jun YTD Jul YTD 22 Aug Daily number of Mainland Chinese Visitors since the border re-opened 180,000 160,000 140,00
Slide 48: Taiwan: Continued diversification success
Taiwan: Continued diversification success New business profit, $m Structural demand # 1 56% +15% drivers Par Business Population are Family segment Operational # 1 + 46% highlights Foreign Insurer YoY Broker HY22 HY23 for 22 months APE Growth APE sales 264 339 28% Product innovation + 51% + 23% IFRS
Slide 49: Solmaz Altin
Solmaz Altin SBG Managing Director including Health & Technology
Slide 50: Indonesia: Good growth across channels and products
Indonesia: Good growth across channels and products New business profit, $m Structural demand $ 82bn 1/3 +22% of health of ASEAN’s expected drivers protection gap1 economic growth in 2021-2026 50 61 Operational 51% 15% highlights YoY Agency APE YoY Banca APE HY22 HY23 growth growth Revamped unit lin
Slide 51: Malaysia: Returning to double-digit growth
Malaysia: Returning to double-digit growth New business profit, $m Structural demand $ 47bn > 60% +11% of health of Malaysian drivers protection gap1 population is Muslim2 66 73 Operational 36% 12% highlights YoY Banca APE YoY Agency NBP HY22 HY23 growth growth PruMY Child Plus pre- PruBSN Damai 1st
Slide 52: Philippines: Quality growth achieved by strong agency channel
Philippines: Quality growth achieved by strong agency channel APE sales, $m Structural demand $ 32bn 1.3% +13% of health Life insurance drivers protection gap1 penetration2 83 94 Operational # 1 + 32% highlights Market share overall New agency HY22 HY23 & in agency3 recruits IFRS operating 58 59 +2%
Slide 53: Africa: Strong resilient businesses with significant potential
Africa: Strong resilient businesses with significant potential New business profit, $m Structural demand 1.1% 30% +38% Low insurance Out of pocket drivers penetration1 healthcare expenditure2 Operational Top 5 In 6 highlights in 5 markets. #1 in markets, partnered HY22 HY23 Uganda & Zambia3 with top
Slide 54: Dennis Tan
Dennis Tan SBG Managing Director including Wealth
Slide 55: Singapore: Premier franchise positioned to capture growing affluence
Singapore: Premier franchise positioned to capture growing affluence New business profit, $m Structural demand #1 + 8% (20)% GDP per capita Growing wealth per drivers in Asia1 adult (CAGR 2016-21) 249 198 Operational 11% 14% highlights YoY H&P APE YoY Agency RP HY22 HY23 growth APE growth APE sales
Slide 56: Thailand: Strong progress
Thailand: Strong progress APE sales, $m Structural demand 2nd 3x +20% Largest economy in HNW & affluent individuals drivers ASEAN from 2020-2030 98 118 Operational 14% 13% highlights YoY Banca APE YoY H&P APE HY22 HY23 growth growth IFRS operating 64 52 (19)% Recognised for profit excellence in digi
Slide 57: Vietnam: Market outperformance in a challenging environment
Vietnam: Market outperformance in a challenging environment New business profit, $m Structural demand 1.6% ~ 2x (12)% Low insurance Growth in middle class drivers penetration1 (2020-30E) Operational 34% + 2ppt highlights YoY Agency APE YoY increase in APE HY22 HY23 growth market share2 First life in
Slide 58: CFO Appendix
CFO Appendix 2378.HK PRU.L
Slide 59: HY23: Financial performance by segment
HY23: Financial performance by segment Financial performance by segment Growth CPL3 mkts New Business Adjusted IFRS EEV SHF Long- $m Profit Operating Profit term business1 New Business Profit, HY23 Sing. HY23 %YoY2 HY23 %YoY2 30-Jun-23 Malaysia HK Indo. CPL3 171 (16) 164 32 3,131 3 Hong Kong 670 218
Slide 60: Diversified NBP performance
Diversified NBP performance Diversified Group NBP margin stable NBP +39% APE, HY23 $m, % Growth YoY (CER1) NBP margin (NBP/APE) HY23 vs HY221 NBP, HY23 $m, % Growth YoY (CER1) 43% CPL 2 394 (17)% CPL 2 43% CPL2 171 (16)% 65% HK 1,027 352% HK 93% HK 670 218% Indo. 41% Indo. 150 42% Indo. 47% 61 22% 3
Slide 61: Predictable capital generation
Predictable capital generation Group free surplus development HY23, $bn Expected NBP $1.5bn: c4x value multiplier in-force emergence FY23: $2.7bn 31 Dec. 20221 0.1 0.1 (0.4) (0.2) (0.3) 1.4 1.4 0.1 (0.4) 0.7 (0.0) (0.4) Gross OFSG (2)% YoY3,4 9.4 9.3 9.3 9.0 8.7 8.4 8.3 8.3 8.3 8.4 8.0 8.0 8.0 8.0 8
Slide 62: HY23 Regulatory GWS capital generation
HY23 Regulatory GWS1 capital generation GWS shareholder surplus development, GPCR basis1 HY23, $bn Cover ratio: 302% 19ppt (12)ppt 7ppt (5)ppt 0ppt (9)ppt 295% 1.1 0.1 (0.4) 0.7 (0.4) (0.1) 15.2 15.4 15.5 GWS surplus In-force Group New business Group OFSG Dividend paid Non-operating Other GWS GWS su
Slide 63: Substantial flexibility to support growth
Substantial flexibility to support growth Holding company cash development HY23, $bn 0.3 (0.2) (0.4) 1.0 (0.2) 3.5 3.3 3.0 3.0 2.7 31 Dec. 2022 Net cash remitted Central & interest Dividend paid Central banca fees Other corporate 30 Jun. 2023 pro-forma1 costs activities, FX • Completed disposal rema
Slide 64: Balanced call date/maturity profile supports financial flexibility
Balanced call date/maturity profile supports financial flexibility Prudential plc: Core structural borrowings1 30 June 2023, pro-forma2 Next call/maturity schedule US$m 2.95% 3.125% 1,000 4.875% 6.125% 500 5.875% 3.625% 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Senior Subordinated Maturity
Slide 65: History of materially positive operating and economic variances
History of materially positive operating and economic variances Operating experience & assumption changes1 Economic experience2 as % of opening EV as % of opening EV 2011 1.1% 2011 1.2% 2012 1.1% 2012 2.4% 2013 0.9% 2013 -0.5% 2014 0.9% 2014 1.7% 2015 0.7% 2015 -2.8% 2016 1.2% 2016 -0.2% 2017 1.9% 2
Slide 66: Eastspring: Positive 3rd party net inflows in challenging environment
Eastspring: Positive 3rd party net inflows in challenging environment Eastspring: Movement in FUM1 HY23, $bn 3rd party net flows: +$1.9bn 1.4 2.0 (0.2) 10.2 (7.1) 227.7 223.3 221.4 217.5 FUM 31 Dec 22 External Retail net External Institutional Internal net flow M&G plc Mkt movements, FX, FUM 30 Jun
Slide 67: EEV vs IFRS17: Key difference economic assumptions
EEV vs IFRS17: Key difference economic assumptions EEV vs IFRS17 Adjusted Equity 30 June 2023, $bn ‘Real-world’ economic assumptions based on the expected returns on the actual assets held with Assumptions IFRS17 EEV an allowance for risk in the risk discount rate. Updated at every reporting period.
Slide 68: EEV NBP vs New business CSM: Key difference economic assumptions
EEV NBP vs New business CSM: Key difference economic assumptions EEV NBP vs IFRS17 New business CSM HY23, $m Assumptions IFRS17 EEV Risk Real Economic neutral1 world1 Non-economic Aligned3 1,248 52 New riders2 (411) 1,078 42 160 (42) 1,489 NB 1,196 1,036 1,036 CSM EEV NBP Economics & other NB CSM +
Slide 69: CSM measurement models reflect our business mix
CSM measurement models reflect our business mix CSM Balance1,2 At transition, 1 Jan. 2022 Model Variable Fee Approach (VFA) General Measurement Model (GMM) • With-profits • Standalone protection • Unit-linked with low proportion of • Unit-linked with high proportion of protection Business protection
Slide 70: Operating and non-operating profit under IFRS17
Operating and non-operating profit under IFRS17 Insurance segmental income statement Economic experience (Illustrative: not to scale) VFA business CSM amortisation Market movements smoothed over time via CSM release RA release Variances & other GMM business o/w Expected long-term spread1 Adjusted in
Slide 71: HY23: Effects of market movements under IFRS17
HY23: Effects of market movements under IFRS17 Equities: Rates: Spreads: CSM Operating profit Non-operating Current Future VFA n/a (c70% CSM1) Impact of HY23 Smoothed over time via lower CSM release Business market movements type GMM n/a Based on long-term assumed spreads (c30% CSM1) Difference long
Slide 72: Compounding effect of new business added to CSM supports growth in insurance profit
Compounding effect of new business added to CSM1 supports growth in insurance profit over time Compounding new business supports growth in insurance profit Illustrative, $bn Illustrative increment to IFRS17 profit from compounding new business via CSM release 2022 CSM release/ expected discounted 2.
Slide 73: Diversified invested assets
Diversified invested assets Breakdown of invested assets1 Shareholder debt portfolio at 30 June 2023 $bn at 30 June 2023 Funds with Holding by issuer Shareholder- policyholder Unit linked Total backed 3 participation 2 Portfolio No. Av. Max <BBB-7 $bn Issuers6 $m $m Debt 62.7 4.6 13.1 80.4 Direct eq
Slide 74: Diversified shareholder-backed debt portfolio
Diversified shareholder-backed debt portfolio By geography By credit rating1,2 at 30 June 2023 at 30 June 2023 Sovereign debt Other government bonds Corporate bonds 4% 6% 26% By market: 15% Rating: 25% 16% 33% United States AAA 13% Singapore AA 35% Thailand 4% A 14% Vietnam BBB Other 43% 39% <BBB- 3
Slide 75: Diversified shareholder-backed debt portfolio
Diversified shareholder-backed debt portfolio By asset type1 By sector1,2 at 30 June 2023 at 30 June 2023 Corporate debt exposures Basic ABS 1% Technology Materials 3% 3% Government related 1% Corporate Real Estate Bonds 8% 44% Consumer, Financial Sovereign Cyclical 32% 51% 6% Industrial 5% Energy 9
Slide 76: Extract from CITIC Prudential Life financial statements: General account portfolio
Extract from CITIC Prudential Life (CPL) financial statements: General account portfolio CPL general account invested assets General account invested assets in focus Presented on a 50% basis. At 30 June 2023, $bn Presented on a 50% basis Investments 30 June 2023, $bn Other 2% 3% Liquid assets @50% I
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
Slide 78: For
For