Slide 1: Prudential plc 2025 Full Year Results
Prudential plc 2025 Full Year Results 18 March 2026 2378.HK PRU.L
Slide 2: Forward-looking statements
Forward-looking statements This document contains 'forward-lookin g stat ement s' with resp ect t o cert ain of Prudenti al's (an d its wh olly - and joi ntly-owned bus iness es’) ▪ The i mpact of internal t rans format ion projects and oth er st rat egic ac tions faili ng to meet their object ives
Slide 3: Anil Wadhwani, Chief Executive Officer
Anil Wadhwani Chief Executive Officer 3
Slide 4: Delivering high quality, consistent growth and shareholder returns
Delivering high quality, consistent growth and shareholder returns Growth Delivered >10% YoY growth across new business profit, gross operating free surplus generation, operating profit after tax per share and dividend per share1 in 2025 Capital Completed $2bn share buyback in 2025; listed India AMC
Slide 5: Delivered consistent double-digit growth
Delivered consistent double-digit growth 2025 2025 guidance New business profit (NBP) $2.8bn +12% >10% Adjusted operating profit after tax (OPAT) $2.8bn +12% >10% per share per share Gross operating free surplus generation (OFSG) $3.1bn +15% >10% Dividends $0.7bn +15% >10% per share1,3 per share1,3
Slide 6: Growth across all key segments and channels
Growth across all key segments and channels New business profit 55% NBP ($’bn) Agency Mainland China Hong Kong Taiwan 9% Greater +27% +12% +5 % Other 2025 +12% NBP1 China New business profit New business profit New business sales2 36% Bancassurance Indonesia Malaysia Singapore ASEAN 2.8 Markets +11%
Slide 7: Driving value creation through focus on execution
Driving value creation through focus on execution 2025 Performance drivers NBP ($’m) Investment in capabilities +19% +4% Agency ✓ +15% NBP per active agent CAGR YoY4 2023 2.5-3x Increasing activation 1,560 2022 ✓ #2 MDRT1 globally 2024 and productivity 2022 2023 2024 2025 2027 2027 objective >$0.5bn
Slide 8: Delivering on our 5-year strategy
Delivering on our 5-year strategy Reset Build Accelerate 2023 2024 2025 2026 2027… ▪ Accelerating growth at scale with momentum Operational execution across Agency, Key areas of focus Bancassurance and ✓ Agency: Continued progress on building quality, digitally enabled and professionalised agency fo
Slide 9: Bancassurance: Continued outstanding performance
1 Bancassurance: Continued outstanding performance Leading franchise in Asia Focus on quality growth Bancassurance NBP ($’bn) Bancassurance NBP margin (%) Increasing quality of new +5ppts +15% +12% business Bancassurance H&P APE CAGR (2022-25) CAGR +27% 36% YoY 1 in 2 Policies is H&P 2024 2025 1.0 D
Slide 10: Agency: Productivity-led NBP growth driven by MDRT focus
1 Agency: Productivity-led NBP growth driven by MDRT focus Consistent growth in productivity Enhancing focus on Emerging ASEAN Agency NBP ▪ Consistent all-round delivery Developed +19% markets NBP per active agent Active agents +4 % 1 CAGR YoY +17% +17% CAGR CAGR 73% 2022 2023 2024 2025 2025 NBP mix
Slide 11: Agency: Accelerating agency transformation
1 Agency: Accelerating agency transformation Productivity driving Quality recruitment to upward mobility to MDRT1 drive activation Hong Kong Malaysia +27% NBP from top Agency new 6x CAGR recruits from +43% 6x tier agents More productive (MDRT & than non- aspirants3) PRUVenture new recruits (MY) 2022
Slide 12: Focus on quality growth
2 Focus on quality growth Delighting our customers Driving greater synergistic Growing Health & Protection value with Eastspring Deepen relationships with tailored Presence in 10 local markets in Asia, Health and Protection contributed to customer engagement with deep local insights & knowledge 36%
Slide 13: Efficient growth by leveraging digitisation, analytics and AI
3 Efficient growth by leveraging digitisation, analytics and AI Business-led AGENCY HEALTH OPERATIONS strategy Embedding AI and Advisory & analytics across Underwriting Servicing Claims the value chain onboarding Enhancing new Near-instant Hyper-personalised AI-enabled claims business through underw
Slide 14: Embedding Tech, Digital & AI to drive growth & efficiency
3 Embedding Tech, Digital & AI to drive growth & efficiency Enhancing the core Innovation PRUServices 90% 9 24/7 anywhere, Straight-through Business units anytime seamless processing deployed2 customer services Strategic partnership with WeLab Pan-Asian allowing us to innovate and grow fintech & dig
Slide 15: Continued focus on delivering shareholder returns
4 Continued focus on delivering shareholder returns Disciplined capital management Capital return framework Total capital returns to shareholders ($’bn) $1.2 bn share buyback Additional return in 2026 of capital $700m $700m $2bn share buyback in excess of 200% in 2026 in 20272 completed free surplus
Slide 16: Confidence in achieving 2027 objectives
Confidence in achieving 2027 objectives New business profit Gross OFSG Dividend per share Illustrative trajectory 2022-20271 ($’bn) Illustrative trajectory 2022-20273 ($’bn) Illustrative trajectory 2022-2027 ($’bn) Objective: 15-20% CAGR 2022-27 2 Objective: >$4.4bn in 2027 2 Guidance: >10% per shar
Slide 17: Significant opportunities in our Asian and African markets
Significant opportunities in our Asian and African markets Unparalleled growth drivers leading to significant growth opportunities Prudential’s life markets in Asia is Favourable Large health & demographics protection gap1 growing 2x faster than other regions 4 billion+ c.$300 billion Population Pre
Slide 18: Focus on delivering high quality, consistent growth and driving shareholder returns
Focus on delivering high quality, consistent growth and driving shareholder returns Building on 2025 momentum, we expect consistent double-digit growth across key metrics in 2026 >$4.4bn 2027 gross OFSG 1 15-20% Leading positions across high-growth markets in Asia and Africa 2022-27 CAGR NBP1 Confid
Slide 19: Supplementary CEO slides
Supplementary CEO slides 19
Slide 20: Consistent performance driving enduring growth in shareholder returns
Consistent performance driving enduring growth in shareholder returns Scale franchise in Asia & Africa Leading positions in high-growth markets Diversified footprint across Greater China Asia & Africa ✓ Top 5 in all markets3 ✓ 19 Life markets 1.4bn+ population / 3% life penetration Trusted household
Slide 21: Asian market growth recovered to pre-COVID levels
Asian market growth recovered to pre-COVID levels Gross Written Premium Growth pre/post-COVID Rebased 2013 to 100 (%)1 Pre- Post- 260% COVID COVID COVID 250% COVID period 240% APE3 APE3 APE3 230% CAGR % 2013-2019 2019-2022 2022-2025 220% 210% Greater China4 13% (7)% 18% 200% 190% Greater China ASEAN
Slide 22: Hong Kong: Strong franchise and focus on quality growth
Multi-market growth engines OPAT Hong Kong: Strong franchise and focus on quality growth Hong Kong 33% Demand drivers Platform to execute Operating highlights Professional agency force Hong Kong NBP ($’m) enabled by technology Cross-border insurance buying by Mainland Chinese Visitors (MCV) +9% +12%
Slide 23: Hong Kong: Mainland visitors' demand remains robust
Multi-market growth engines OPAT Hong Kong: Mainland visitors’ demand remains robust Hong Kong 33% Intention of MCV to visit HK1 Financial products likely to acquire in (Next 12 months) HK2 (Next 12 months) Intention of MCV visiting HK (%) Any insurance products3 (%) 75 76 73 91 91 71 70 71 68 69 69
Slide 24: Mainland China: Re-positioned for sustainable growth
Multi-market growth engines OPAT Mainland China: Re-positioned for sustainable growth Mainland China 12% 1 Demand drivers Platform to execute Operating highlights Deepening bancassurance partnership – Mainland China NBP ($’m) Rising household wealth driving Focus on productivity and strategic collab
Slide 25: ASEAN: Building on our market-leading positions
Growth markets & other Multi-market growth engines 43% Indonesia ASEAN OPAT ASEAN: Building on our market-leading positions Malaysia Singapore Indonesia Malaysia Singapore ▪ Balanced growth across agency and ▪ #1 in Takaful ▪ Maintaining quality franchise bancassurance ▪ Transforming our agency fran
Slide 26: India: Significant growth opportunities ahead
Growth markets & other Multi-market growth engines India OPAT India: Significant growth opportunities ahead Eastspring ICICI Prudential Life ICICI Prudential AMC ▪ Well diversified distribution mix ▪ Completed ICICI Prudential AMC (IPAMC) IPO with 35% JV ownership ▪ Focus on driving profitable growt
Slide 27: Africa: Significant growth opportunities ahead
Multi-market growth engines Africa: Significant growth opportunities ahead Demand drivers Platform to execute Operating highlights ▪ Access to markets with population of Quality agency force Africa APE4 400m+ ▪ Access to markets with GDP of $600bn+ +30% +9% +20% +24% Agency Active MDRT5 ▪ Significan
Slide 28: Eastspring: Important value creator and key differentiator
Eastspring: Important value creator and key differentiator Demand drivers Unique Competitive Positioning Operating highlights ▪ Large, growing & wealthier population – Operating profit after tax ($’m) New wealth creation rising by c.$10 trillion a year1 Broad Asian footprint +12% with ~400 investmen
Slide 29: Sustainability at the core of everything we do
Sustainability at the core of everything we do Simple & accessible health Responsible Investment Sustainable Business and financial protection Increase access to health and financial Enable a just and inclusive transition Embed sustainability into our business and value chain protection for every li
Slide 30: Ben Bulmer, Chief Financial Officer
Ben Bulmer Chief Financial Officer 30
Slide 31: Delivered 2025 guidance, driving enhanced shareholder returns
Delivered 2025 guidance, driving enhanced shareholder returns 2025 financial highlights Enhanced shareholder returns vs 2025 guidance New +15% Value business profit +12% Growing ordinary Dividend per share3 dividends1 2026 & 2027 guidance: >10% per share +12% OPAT Earnings per share $500m Recurring
Slide 32: Consistent and broad-based NBP growth
Value Earnings Capital Consistent and broad-based NBP growth New business profit Broad-based growth NBP ($’bn) NBP growth by geography (%) NBP growth by channel (%) +12% Bancassurance +27% Hong Kong +12% 2.5 2.8 2024 2025 Mainland China1 +27% 2025 2025 NBP2 NBP2 Indonesia +11% Growth +12% +11% +13%
Slide 33: High quality, higher margin, capital generative new business
Value Earnings Capital High quality, higher margin, capital generative new business High quality Higher margin Capital generative NBP by product (%) Group NBP Margin (%) New business cohort contribution to 2027 OFSG Non Participating +2ppts +16% 14% Health & Linked Protection 7% 36% (H&P) NBP1 15% $
Slide 34: Hong Kong: Consistent, quality growth
Value Earnings Capital Hong Kong: Consistent, quality growth NBP & Margin Strong performance across all channels Hong Kong NBP ($’m) Focus on high quality recruitment Strong performance and focus on and professional agency force driving H&P +12% Agency NBP Bancassurance NBP +9% +25% 1,221 2024 2025
Slide 35: Mainland China: Sustainable growth
Value Earnings Capital Mainland China: Sustainable growth NBP & Margin Accelerating momentum Mainland China NBP ($’m) Growth supported by strong Agency momentum improving bancassurance +27% Bancassurance NBP Agency NBP 282 +59% (9)% +11% YoY 2024 2025 Mainland China NBP Margin (%) (3)ppts 1H25 2H25
Slide 36: ASEAN: Building on our market-leading positions
Value Earnings Capital ASEAN: Building on our market-leading positions Indonesia Malaysia Singapore Delivered quality & diversification Improving 2H25 momentum Sales rebounded in 2H25 Indonesia NBP ($’m) Malaysia NBP ($’m) Singapore NBP ($’m) +11% +5% +2% 118 118 436 2024 2025 2024 2025 2024 2025 +6
Slide 37: Growth markets and other: Driving quality growth
Value Earnings Capital Growth markets and other: Driving quality growth NBP & Margin Operational highlights Robust performance; market leader in Par Delivering consistent growth NBP ($’m) Taiwan APE Thailand APE +12% +5% +9% 667 2024 2025 2024 2025 2024 2025 Solid growth across all markets Focus on
Slide 38: Eastspring: Positioned to drive further growth
Value Earnings Capital Eastspring: Positioned to drive further growth Diversified FUM Positive net flows Higher operating profit FUM by source, 31 December 2025 Movement in FUM ($’bn) Operating profit after tax ($’m) Internal Funds under Advice External 17% Retail +12% 23% External (18.3) 8% Institu
Slide 39: Strong growth in embedded value (EV)
Value Earnings Capital Strong growth in embedded value (EV) EV Operating profit Driving higher embedded Improving return on +15% value per share embedded value EV operating profit ($’bn) EV shareholder equity ($’bn) Return on EV (%)4 +15% +11%1 +1ppt (0.0) (0.9) 0.3 4.8 (0.3) 0.3 4.8 38.1 37.8 34.3
Slide 40: Consistent underlying CSM growth
Value Earnings Capital Consistent underlying CSM growth CSM movement, net of reinsurance 2025 ($’bn) Net ‘underlying’ CSM increase: $2.1bn +9%1 +$4.6bn 0.3 1.8 26.6 26.6 26.9 (2.6) 24.8 0.6 25.0 2.8 24.4 24.4 22.0 22.0 31 Dec. 2024 New business Normalised CSM before Economic & Balance before Release
Slide 41: Consistent growth of insurance profit driven by diversified portfolio
Value Earnings Capital Consistent growth of insurance profit driven by diversified portfolio Diversified insurance profit Earnings per share +12% IFRS insurance adjusted operating profit 2025 ($’bn) Adjusted operating profit ($’m) 2025 2024 % YoY Growth +8% +1% +5% (CER) Insurance profit Insurance 3
Slide 42: 2025 Gross OFSG inflection point reached
Value Earnings Capital 2025 Gross OFSG inflection point reached 2025 Gross OFSG inflection point 2025 net OFSG up 22% 2022-2027 Gross OFSG: illustrative trajectory ($’bn)1 Group OFSG, 2024-2025 ($’m) 2026 % 2025 2024 % YoY (CER) YoY >4.4 5 Expected transfer 3,131 +15 2,731 2,394 +14 +15% Return on f
Slide 43: Clear path to our 2027 gross OFSG objective
Value Earnings Capital Clear path to our 2027 gross OFSG objective Achieving 2027 Gross OFSG objective1,2 Illustrative 2027 Gross OFSG generation1,2 ($’bn) A New business addition to expected OFSG ($’bn) 2027 OFSG from in- >$4.4 +16% 2025 2026 2027 force life business 2026 3 0.5+ 2025 new business c
Slide 44: Continued improvement in underlying variances
Value Earnings Capital Continued improvement in underlying variances Progressing back to positive variances Illustrative 2027 Gross OFSG generation1,2 ($’bn) Operating assumptions and experience variances3 ($’m) 2020 2021 2022 2023 2024 2025 2027 OFSG from in- >$4.4 force life business 215 (113) (45
Slide 45: Strong cash conversion
Value Earnings Capital Strong cash conversion Strong business unit Free cash flow of $1.6bn remittances to Group Gross OFSG to remittances 2025 ($’bn) Holding company cash movement 2025 ($’bn) (0.8) (0.4) (0.2) (0.6) 2.1 1.6 1.6 (1.2) 3.1 2.3 2.3 2.1 4.3 2.9 Gross OFSG Investment in Segment Remittan
Slide 46: Robust capital position
Value Earnings Capital Robust capital position Free surplus ratio 221% S&P upgraded our Free surplus ratio (%), 2024-25 ‘AA’ financial strength from 'AA-’ Operating range 175%-200% 13% Leverage ratio2 234% 221% 221% 204% 2025 proforma free surplus ratio1 262% GWS cover ratio (Shareholder) 31 Dec. 20
Slide 47: Enhanced and sustainable capital returns
Value Earnings Capital Enhanced and sustainable capital returns Total capital returns to shareholders ($’bn) Additional return ▪ Completed $2bn share $1.4bn net proceeds from of capital buyback in 2025 $2bn share buyback IPAMC IPO5 completed in excess of 200% ▪ $1.4bn net proceeds free surplus ratio
Slide 48: High quality, resilient platform for sustainable growth & predictable return
Value Earnings Capital High quality, resilient platform for sustainable growth & 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 Par >90% 1 2
Slide 49: High quality business growth, consistent delivery and sustainable shareholder returns
High quality business growth, consistent delivery and focus on driving sustainable shareholder returns Growth Capital Consistency Capital Returns ✓ Double-digit ✓ Improving ✓ 2026 double-digit ✓ Completed $2bn growth across key operating variances growth guidance: share buyback; metrics, consistent
Slide 50: Supplementary CFO slides
Supplementary CFO slides 50
Slide 51: 2025 Financial highlights
2025 Financial highlights Financial performance by segment Growth Markets Hong Kong NBP OPAT2 & other $’m 2025 % YoY 2025 % YoY NBP Indonesia $2.8bn Other Hong Kong 1,221 12 1,126 16 Malaysia Mainland China1 282 27 411 13 Banca NBP Singapore Singapore 436 2 603 (1) Mainland China 1 Agency Malaysia 1
Slide 52: Strong regulatory capital position – shareholder basis
Strong regulatory capital position – shareholder basis Comfortably above risk appetite Resilient to macro shocks GWS shareholder capital position (GPCR basis) ($’bn)1 Macro sensitivities to GWS shareholder cover ratio 31 Dec. 2025, GWS shareholder cover ratio, GPCR basis1 Risk appetite: >150% Surplu
Slide 53: 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) ($’bn)1 Macro sensitivities to total GWS cover ratio 31 Dec. 2025, GWS cover ratio, GPCR basis1 Risk appetite: >150% Surplus 203% 197% ($’bn) shareholder
Slide 54: 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 55: Enhanced capital allocation framework to drive shareholder returns
Value Earnings Capital Enhanced capital allocation framework to drive shareholder returns • GWS shareholder regulatory capital: target resilient capital buffers of above 150% of GPCR1 and FSR operating range of 175-200% 262% 221% Strong capital position GWS shareholder Free surplus ratio • Leverage:
Slide 56: Free surplus ratio range set at 175-200%
Free surplus ratio range set at 175-200% Group capital resources and life required capital development 2025 ($’bn) Capital resources1 0.1 (0.6) (0.6) 3.2 2.7 (1.2) 1.3 17.2 15.9 15.9 15.0 Capital Resources Gross OFSG life & AM Investment in new Central Items Group OFSG Dividends paid Buyback Non-ope
Slide 57: 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 (31 December 2025) Senior Subordinated 13.5 $’m 2.95% 3.125% Total equity 1,000 4.875% Moody’s 6.125% 50% CSM & 3.8% 5.3 Leverage WP equity 500 5.875% 3.625% Rati
Slide 58: Embedded value economic assumptions
Embedded value economic assumptions In-force economic assumptions, 31 Dec 2025 Risk Discount Long-term Risk 1 Market Rates 10-year Govt Bonds Premium2 Mainland China 8.9 2.9 6.0 Hong Kong (USD) 7.7 3.2 4.5 Indonesia 12.6 6.3 6.3 Malaysia 7.9 3.9 4.0 Philippines 12.1 5.8 6.3 Singapore 6.7 2.7 4.0 Tai
Slide 59: EV vs IFRS17: Key difference economic assumptions
EV vs IFRS17: Key difference economic assumptions EV vs IFRS17 Adjusted Equity 31 Dec. 2025 ($’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 60: 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 31 Dec. 2025 ($’m) Assumptions IFRS17 TEV Economic Risk neutral1 Real world1 Non-economic Aligned 60 (332) 392 (67) 2,782 2,835 2,510 2,443 TEV NBP Central costs Economics & other New rider sales Relate
Slide 61: Limited IFRS & EV macro sensitivity
Limited IFRS & EV macro sensitivity IFRS shareholders’ equity IFRS CSM1 TEV2 31 Dec. 2025 ($’bn) 31 Dec. 2025 ($’bn) 31 Dec. 2025 ($’bn) Base position 20.1 25.0 36.2 Interest rates -50bps 0.6 +3% 0.4 +2% 1.3 +4% Interest rates +100bps (1.2) (6)% (1.1) (4)% (2.2) (6)% Equity/property markets -20% (0.
Slide 62: Investment asset portfolio
Investment asset portfolio Breakdown of invested assets1,2 Shareholder debt portfolio 31 December 2025 ($’bn) 31 December 2025 Funds with Unit Shareholder- policyholder Total Holding by issuer linked backed3 participation2 Debt 73.4 4.8 13.9 92.1 Portfolio No. Avg. Max <BBB-7 $’bn Issuers6 $’m $’m %
Slide 63: Shareholder-backed debt exposures
Shareholder-backed debt exposures By geography1 By credit rating 1,2 31 December 2025 31 December 2025 Sovereign debt Other government bonds Corporate bonds United States <BBB-4 <BBB-4 AAA 3% Singapore AAA 7% 5% 8% 15% 18% BBB 12% AA Other3 35% 20% 4% AA 32% Total Total BBB Total $8.2bn $0.6bn $4.9b
Slide 64: Shareholder-backed debt exposures
Shareholder-backed debt exposures By asset type1 By sector1,2 31 December 2025 31 December 2025, Corporate debt exposures Basic Materials 3% ABS Technology 2% 1% Government related 1% Industrial Communications 6% Corporate 7% 35% Bonds Consumer, Cyclical 40% Financial Total 5% Total $13.9bn $4.9bn S
Slide 65: CITIC Prudential Life (CPL): General Account portfolio summary
CITIC Prudential Life (CPL): General Account portfolio summary CPL general account General account invested assets in focus invested assets1 Presented on a 50% basis Presented on a 50% basis at 31 Dec 2025($’bn) 31 Dec 2025, $’bn Investments (31 Dec. 2024) @50% Liquid Asset Other <1% of total of Pru
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