Slide 1: Prudential plc 2020 Full Year Results
Prudential plc 2020 Full Year Results 3 March 2021 1
Slide 2: Forward-looking statements
This announcement may contain 'forward-looking statements' with respect to certain of Prudential's plans and its goals and expectations relating to its and Jackson’s future financial condition, performance, results, strategy and objectives. Statements that are not historical facts, including stateme
Slide 3: Mike Wells, Group CEO
Mike Wells Group CEO 2020 FULL YEAR RESULTS 3
Slide 4: Content
Group Content Update on the demerger of the US business Business highlights Investment case for New Prudential 2020 FULL YEAR RESULTS 4
Slide 5: Proposed demerger of the US business
US Proposed demerger Delivering on key priorities • Pursue at pace a fully independent Jackson • Investors to benefit from opportunities of Asia & Africa Maximising Intended benefits of demerger shareholder • Accelerates Prudential‘s transformation into pure-play Asia & Africa growth business value
Slide 6: Expected path to completion
US Expected path to completion Notice period Settlement PLC FY20 results PLC Circular published Shareholder vote at EGM Demerger completes1 3 March In 2Q 2021 JFI Bond Issuance Investor outreach Targeted regulatory & exchange approvals Completed transactions with Athene Appointed Steve Kandarian
Slide 7: Asia: diversity and quality underpin resilient performance
Asia Diversity and quality underpins resilient performance High quality Compounding Diversified Product (H&P renewal +6% premiums +8%) H&P Linked Taiwan Philippines Other Non- +19% Hong par Thailand Kong 79% China Par Channel 20.1 Vietnam 2.6 19.0 Eastspring Singapore Other 2.2 Insurance margin 19.0
Slide 8: Asia: priorities and quality execution in 2020
Asia Priorities and quality execution in 2020 • MDRT qualifiers up 2x to >13,200; agent recruits +4% to 143k1 Enhance multi-channel • Leader in banca2 – enhanced with TMB agreement; access to c.20,000 bank branches distribution • 2m new direct policies3 including referrals to agents sourced via • 7
Slide 9: Pulse: new customers and sources of revenue
Asia Pulse: Bringing new customers and sources of revenue to Prudential Engaging Onboarding Fulfilling • Pulse by Prudential live in 15 markets • Launched 37 digital products including Dengue fever, • PRULeads: converting downloads into leads and 11 languages1 Credit Shield, Personal Accident, COVID
Slide 10: Track record of delivering sustainable shareholder value
Asia Track record of delivering sustainable shareholder value New business profit1, $m IFRS operating profit1, $m 2.6x 5.1x 3,667 10Y CAGR 10Y CAGR 10% 18% 2,201 847 721 2010 2020 2010 2020 Embedded value2, $bn Free surplus generation2, $m 3.6x 3.6x 44.2 1,895 10Y CAGR 10Y CAGR 14% 14% 12.4 525 2010
Slide 11: Investment case – exclusive focus on Asia & Africa
Prudential plc Investment case – exclusive focus on Asia & Africa Core characteristics Distinctive shareholder proposition Business model aligned to structural growth levers 1 Diversification across Asia 2 & Africa with H&P focus Focus on high Resilient, predictable & Modern multi-channel return H&P
Slide 12: Key messages
Group Key messages On track for demerger of Jackson in 2Q 20211 Pandemic reinforces structural demand and social purpose Resilient performance & strong QoQ sequential momentum c.$10bn invested in Asia since 20132. IRRs3 of >35% & 3 year cash payback3 Enhancing capabilities to accelerate growth from
Slide 13: Mark FitzPatrick, Group CFO & COO
Mark FitzPatrick Group CFO & COO 2020 FULL YEAR RESULTS 13
Slide 14: 2020 Asia financial performance drivers
2020 Asia financial performance drivers Quality, diversification and agility support resilient growth in challenging conditions Quality Diversification Agility Resilience 175 $20bn Agency 90% regular APE by premium distribution New and revamped products Renewal premiums Banca Other HK ~20m +13% Puls
Slide 15: Selected performance metrics
Group Selected performance metrics $m FY19 (CER1) FY20 Change Embedded Value ($bn) 39.22,3 44.24 13% New business profit 3,533 2,201 (38)% Sales disruption Asia Operating FSG5,6 1,762 1,895 8% Resilient in-force Adjusted IFRS operating profit5 3,256 3,667 13% Eastspring FuM ($bn) 2412,3 2484 3% RBC
Slide 16: Asia: high quality recurring business model
Asia: high quality recurring business model Resilient, broad-based compounding growth drives IFRS operating profit Renewal premiums, $bn Insurance income mix, 2020 %2 IFRS operating profit, $bn Broad-based growth, at scale FY20 IFRS operating profit Insurance margin WP +6% % YoY3 $m Fee Spread +13%
Slide 17: Asia: new business performance
Asia: new business performance FY20 sales reflect power of diverse, digitally enabled franchise to rebound New sales ex HK (6)% Improving momentum Well diversified APE 2020, $bn APE per quarter, $bn APE by market, distribution +18%1 Growth HK 5.2 markets 2 1.1 1.0 +33%1 0.9 Asia 3.7 (28)% Asia China
Slide 18: Asia: growing value & scale
Asia: growing value & scale NBP drives double-digit EEV growth, pre remittances and non-operating effects New business profit, $bn NBP drives Asia segment EEV value build, $bn +11% +13% YoY 1.6 44.2 0.3 43.4 1.9 (0.7) 3.5 39.2 2.2 Asia ex HK 1.5 2.2 (38)% NBP % YoY1 Growth mkts2 11% China JV 3% 1.4
Slide 19: US: 2020 new sales and operating profit performance
US 2020 new sales and operating profit performance Sustained VA momentum Core life profit stable, supported by fee growth New APE by product, $m 3,038 IFRS life operating profit, $m 631 (280) 2,787 493 2,758 94 2,744 451 (108) 83 348 (40) 1Q20 2Q20 3Q20 4Q20 Op. profit DAC decl. Adjusted Fee income
Slide 20: US: focus on capital development
US Focus on capital development US RBC ratio development In-force operating capital surplus3 generation of $975m as 2020 (%)1 expected, adding 100%p Reduced new business strain of (23)%p (2019: (75)%p) 100% (23%) (108%) 92% (80%) Other non operating impact mainly due to falling interest rates, risin
Slide 21: Group IFRS result and corporate expenditure reduction
Group $180m pa reduction in corporate expenditure delivered; further $70m by start 2023 Group IFRS result, $m $180m pa savings from 1/1/21; of FY19 FY20 Change which c$80m reflected in 2020 costs (CER)1 % Asia Further ~$70m pa reduction by 3,256 3,667 13% US start 2023 3,070 2,796 (9)% Total segment
Slide 22: Well positioned and prepared for GWS transition
Well positioned and prepared for GWS transition Building LCSM track record Building track record LCSM shareholder surplus Group shareholder % LCSM cover ratio1, 2018-2020 Estimated sensitivities1,3,4 Impact on FY20 estimated surplus1 $11.0bn 328% Solvency ratio 356% 340% 328% 323% 334% 309% 10% equi
Slide 23: Predictable capital generation for Asia & Africa
Prudential: Asia & Africa Delivering predictable capital generation for investment in Asia & Africa 2020 Group capital sources & uses, excluding Jackson $bn 2.4 1. Investment in organic new business Asset management, net internal eliminations 0.2 FY20 $(0.6)bn (0.4) Variances, other 0.3 (0.3) 2. Str
Slide 24: Supported by the appropriate funding structure
Prudential: Asia & Africa Supported by the appropriate funding structure Enhanced financial flexibility Moody’s total leverage ratio (%)1 33% 30% Moody’s ‘AA’ threshold 30% 25% 20% End 2020, ex US 2 Potential new equity Potential debt redemption End 2020, ex US, pro forma Moody’s total leverage targ
Slide 25: Investment case – exclusive focus on Asia & Africa
Prudential: Asia & Africa Investment case – exclusive focus on Asia & Africa Core characteristics Distinctive shareholder proposition Top 3/Top 10 in nine life markets/7 asset management markets Business model aligned to structural growth levers 1 79% IFRS life income ins. margin 1 Diversification a
Slide 26: Key takeaways
Prudential plc Key takeaways Quality, diversification and agility support resilient growth in challenging conditions US separation expected to complete via demerger in the second quarter of 20211 Considering raising new equity of $2.5-3bn to enhance financial flexibility and de-lever the balance she
Slide 27: Appendix contents
Contents: Group 28 Appendix Asia Africa 79 79 US 82 2020 Full Year Results 2020 FULL YEAR RESULTS 27
Slide 28: Medium term bond maturity profile
Group Medium term bond maturity profile Balanced call date/maturity profile EEV, IFRS Equity & Debt at amortised cost, $bn (As at 31 Dec 2020) Facilitates group debt management Prudential plc: debt maturity schedule2, 31 Dec 2020 4.6 Maturity Next Call Date Callable Currency Coupon Amount (m) Type 5
Slide 29: Asia Section
Asia Section 2020 FULL YEAR RESULTS 29
Slide 30: Asia content
Asia Content Key messages Strategic priorities and progress Market updates Capital and balance sheet 2020 FULL YEAR RESULTS 30
Slide 31: Capturing recovery and structural potential
Asia Capturing recovery and structural potential with quality platform and new capabilities Intact structural Amplifying Accelerating Strong Resilience consumer demand capabilities to Pulse sequential through diverse for H&P meet customer rollout recovery high quality demand platform 2020 FULL YEAR
Slide 32: Market context
Market context Improving the business against a challenging backdrop GDP growth, % Unemployment rate, % 8.0 16 8.0 14 7.0 12 4.0 6.0 10 5.0 8 0.0 6 4.0 4 (4.0) 3.0 2 (8.0) 2.0 0 2018 2019 2020 2021 2022 2023 2024 2025 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Hong Kong China Indonesia
Slide 33: Intact structural consumer demand for H&P
Asia Intact structural consumer demand for H&P Growing awareness and demand for wellness and insurance 91% 46% 58% 58% 61% Hong Kong consumers Asian consumers Asian consumers Asian consumers Mainland Chinese would retain life insurance searched for new desire access to look for more visitor preferen
Slide 34: Amplifying capabilities to meet customer demand
Asia Amplifying capabilities to meet customer demand Extending China footprint Established ecosystem 20 branches and 34% 15 markets2,3 2.0m policies issued 4 presence in 99 cities (+5) Banca APE growth 20m downloads2 $211m APE through direct 17 branches gained 85% and agency referrals4 market shares
Slide 35: Agent recruitment, bancassurance and Eastspring
Asia Amplifying capabilities to meet customer demand Stepped up agent recruitment Expanding bancassurance and improved productivity 8 20k 5 > 13,200 143k + % Bank branch access2 Markets grew banca APE MDRT qualifiers in Agent recruits1, up Increase in cases by double digits per active agent1 New par
Slide 36: Pulse: end-to-end health and wellness platform
Pulse Redefining health – End-to-end health and wellness platform Sources of customers Converting users to customers Attract Engage Convert Serve Extend Agent referrals Acquire users Engage users Convert users to Serve customer Drive Customer paying customers efficiently & Value No. of Downloads in
Slide 37: First-of-its kind, all-in-one AI-powered Pulse
Pulse First-of-its kind, All-in-One & AI-powered Pulse Dual Lang. & Chinese Biometric Healthcheck & Symptom Telemed. Online Hospital Dengue Selfie BMI & Gout Medicine Facial Login AI Digital Twin Checker Doctor Consult Navigator Alerts Wrinkle Index Buster Assessment My Wellness My Family My Meal My
Slide 38: Strong sequential sales recovery
Asia Strong sequential sales recovery Strong sequential sales recovery Power of franchise to rebound Quarterly APE ($m) • 9 markets (incl. Hong Kong, Singapore, Malaysia, Indonesia, Vietnam, 1,090 India, Philippines) and all product lines saw strong sequential APE 989 925 4Q vs 1Q 1.2x growth in bot
Slide 39: Strong sequential NBP recovery
Asia Strong sequential NBP recovery Diversified NBP mix (by geography), FY20 Prudential Insurance Growth Markets (PrIGM) Hong Kong Strong sequential NBP recovery from 2Q20 low. 8 markets (including 20% Hong Kong, Singapore, Malaysia, Vietnam, Philippines, Thailand) saw 36% Indonesia 7% sequential
Slide 40: Resilience through diverse high quality platform
Asia Resilience through diverse high quality platform Diversified APE mix Diversified APE mix (by geography), FY20 (by channel), FY20 Strong bank channel performance: APE ex-HK flat Prudential Insurance Others YoY in FY20, led by China (+34%), Indonesia (+15%), Hong Kong Growth Markets 8% Agency T
Slide 41: Resilience through diverse high quality platform
Asia Resilience through diverse high quality platform High regular premium mix Advantaged business IFRS operating profit, $m2 Regular premium (% of APE) Renewal premiums ($bn)2 Hong Kong ($891m, +20%) +6% Singapore ($574m, +18%) 90% 19.0 20.1 FY20 Indonesia ($519m, -1%) FY19 FY20 $3,667m High-qualit
Slide 42: Eastspring FUM rebound in 2H20
Asia Resilience through diverse high quality platform FUM rebound in 2H201 ($bn) +13% • FUM rebound in 2H20, up +13% half on half, 248 241 supported by moderation of net outflows in 220 3Q20 and net inflows in 4Q20 +12% 110 125 • ESI structural strengths underpinned by reliable 98 flows from Asia Li
Slide 43: Track record: compounding growth across cycles
Track record Compounding growth across cycles Renewal premiums, $bn1,3 IFRS operating profit, $m1,3 2.0x 1.9x 3,667 20.1 1,891 10.1 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 Funds under management, $bn2 Embedded value, $bn2,3 1.9x 2.1x 44.2 248 131 20.9 2015 2016 2017 2018 2019 202
Slide 44: Well positioned for long-term profitable growth
Asia Well positioned for long-term profitable growth • Resilient results and strong sequential momentum from diverse high-quality platform • Structural opportunities intact and reinforced by global pandemic • Scaling our digital health and wellness platform and digital fulfilment model • Enhanced ca
Slide 45: Asia content
Asia Content Key messages Strategic priorities and progress Market updates Capital and balance sheet 2020 FULL YEAR RESULTS 45
Slide 46: Clear strategic priorities and quality execution in 2020
Asia Clear strategic priorities and quality execution in 2020 Strategic priorities • Leader in banca1 – enhanced with TMB agreement; access to c.20,000 bank branches2 • 175 new and revamped products3 Enhance the core • 28% of agency (Apr to Dec) and 27% of bank channel (Jul to Dec) new cases sold vi
Slide 47: Enhance the Core
Enhance the Core Diversifying into new distribution partners, customer segments and products Channels Core products Customer segment New distribution, product & customer segments High Net Worth NEW Estate Robo- • OPUS in Singapore APE of $67m planning investing • 111 Private Wealth consultants Consu
Slide 48: Redefining Health: from insurer to health partner
Redefining Health From insurer to health partner Significant health gap Significant wellness gap Current Insurance Focus All-in-one, personalised and on- demand AI-powered app 3 80% of Asians don’t have Enabling Asians 2 insurance cover1 to live longer, healthier lives 1 Future Customer Focus 1 • Ri
Slide 49: Pulse: end-to-end health and wellness platform
Pulse End-to-end health and wellness platform Engagement through Pulse drives revenue streams Engage Drive revenue through tailored solutions Onboard 1 streams Trusted advisor and navigator - helping Broader customer segments, access individuals achieve their personalised points and offerings health
Slide 50: Pulse delivery roadmap
Pulse Delivery roadmap in first 18 months 3Q 2020 Feb 2021 Aug 2019 Sep 2019 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Oct 2020 Oct/Nov 2020 Dec 2020 Taiwan, Launch Launch in Started AI Launch in Launch in Launch in Launch in Launch in PRUShalira Available in Available in Myanmar, PRUIman in Mala
Slide 51: Pulse launched in 15 markets
Pulse Redefining health – End-to-end health and wellness platform Pulse has launched in 15 markets & is available in 11 languages 20m downloads1 1.5m telehealth services accessed1 7.8m registered users1 2.0m policies issued2,3 32 digital partnerships1 164k subscribers to ‘fee-based’ packages2 37 dig
Slide 52: Accelerate Eastspring
Accelerate Eastspring Proven track record; expanding into new capabilities External: $34bn Funds under management1,2 $bn External: $110bn Gaining strong traction Internal: $47bn Internal: $138bn 3.1x >300 investment professionals; >300 distribution partnerships 78.4 Growing presence in China. WF
Slide 53: Expand Presence in China
Expand Presence in China Significant growth potential from higher penetration CITIC‐Prudential footprint NBP2 (US$’m, 100% basis) (Dec’20) Access to1 Presence in 2020 539 539 20 Branches 2015 84 83% 77% 85% 99 Cities (+5) IFRS Profit2 (US$’m, 100% basis) 2020 502 502 GDP Population GWP 229 Sales out
Slide 54: Stakeholder delivery during COVID-19
Asia Stakeholder delivery during the COVID-19 affected period • COVID-19 protection Customers • Acceleration of claims payment • Flexible premium payment options • Flexible “work at home” support Staff & • Digital tool roll out agents • Online training & education programme • Launched COVID-19 Relie
Slide 55: Asia content
Asia Content Key messages Strategic priorities and progress Market updates Capital and balance sheet 2020 FULL YEAR RESULTS 55
Slide 56: Significant long-term growth opportunity
Asia Significant long-term growth opportunity: $1.3tn of expected premiums2 income Majoritysolutions of Asian markets remain below the inflection point, US$10k to US$20k GDP per capita, for life insurance penetration Our Asia Market profile1 Future sources of growth 1.8x 4.5 1.3 Inflection point for
Slide 57: Leading pan-regional franchise
Asia Leading pan-regional franchise c.600k China Pru Asia footprint1 Japan Agents 1,439m 126m >300 India7 Korea Taiwan Life & asset management distribution partnerships 1,380m Top 3 Top 10 51m 24m Top 3 Myanmar Position in 9 of 13 Hong Kong 54m life markets1,2 Laos 7m Top 3 Top 10 Phil
Slide 58: Operating environment: restrictions across Asian markets
Operating environment Asian markets at different levels of restrictions Restriction measures & timeline 2020 2021 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar China Taiwan Vietnam Thailand Hong Kong Malaysia India Philippines Indonesia Singapore Before Covid restrictions Significant c
Slide 59: Market trends – APE, NBP and renewal premiums
Asia Market trends – APE, NBP and Renewal Premiums Sequential APE growth in 2H20, $m NBP rebound in 2H20, $m Advantaged recurring premium business model, $bn +40% +18% +6% +7% +7% +3% HK Ex-HK H&P All other 749 +33% HK Ex-HK 5.4 1,090 +28% 5.0 4.9 989 4.8 925 275 533 503 2.8 693 2.4 2.5 2.4 416 198
Slide 60: Market highlights – China
Asia Market highlights – China Intact structural demand drivers Enabling agency with technology Execution6 • Faster growth in GDP than advanced economies1 • Digital products launched in Feb; Agency profiling / APE assessment / recruitment / training all moved online (Size of bars represents actual;
Slide 61: Market highlights – Hong Kong
Asia Market highlights – Hong Kong Intact structural demand drivers Enhancing our distribution capabilities Execution5 0.6m Pulse downloads4 (Size of bars represents actual; XX% indicates 2020 Domestic Mainland • sales as a proportion of 2019 levels) • Ageing population • 91% of MCH customers intend
Slide 62: Well positioned in Greater Bay Area
Asia Well positioned in Greater Bay Area Solid foothold in GBA Presence • Prudential has presence in Hong Kong and all 9 domestic cities in GBA • Prudential entered Hong Kong in 1964 and China in 2000 with the first branch in History Guangdong province • The 9 domestic cities in GBA contribute 20% o
Slide 63: Hong Kong: demand drivers for mainland Chinese customers
Asia Hong Kong: Intact demand drivers for mainland Chinese customers MCH visitors’ intention for financial products MCH visitors’ preference for medical treatment MCH visitors’ preference for medical treatment Note: Based on our 4Q20 MCH Sentiment Tracker conducted through online survey using Nielse
Slide 64: Market highlights – Indonesia
Asia Market highlights - Indonesia Intact structural drivers & premium franchise Enhancing our distribution capabilities Execution APE • Rapid expansion of the middle class; significant Agency segmentation strategy (Size of bars represents actual; XX% indicates 2020 protection gap 1 2 Core agency 3
Slide 65: Market highlights – Thailand
Asia Market highlights - Thailand Thai opportunities New distribution – TMB & Tbank (‘TTB’) Execution No. 1 in CSAT and NPS 88% 58% • Aging population: 20% of Thai Launched Jan 1, 2021 among Thai leading life CSAT NPS population in 2020 are 60 and over insurers1 • Covered 685 bank branches for the 1
Slide 66: Market highlights – India
Asia Market highlights – India Life Insurance: Emerging economic powerhouse Asset Management: Significant long-term growth runway • 2nd largest contributor to Asian GDP growth; projected real GDP • Strong sector momentum with mutual fund AUM growing at a 16% growth of 6.1% (2020-30F)1, among the hig
Slide 67: Singapore and Malaysia
Asia Singapore and Malaysia Singapore Malaysia Continued focus on quality Continued to focus on quality • H&P APE +17%, sales mix +5ppts to 25% • 97% of APE from regular premiums • Strong customer retention of 96% • Operating profit up +14% • Renewal premiums +10%, driving operating profit growth of
Slide 68: Vietnam and Philippines
Asia Vietnam and Philippines Vietnam Philippines Enhancing distribution capabilities Enhancing distribution capabilities • Leader in banca with 21% market share1 • Agent count up +21% to 45k • SeABank partnership launched in April • #1 ranked with market share of 18%3 • +6% increase in agent recruit
Slide 69: Asia content
Asia Content Key messages Strategic priorities and progress Market updates Capital and balance sheet 2020 FULL YEAR RESULTS 69
Slide 70: Robust capital position
Asia Robust capital position Shareholder solvency1 ($bn) Total company solvency1,2 ($bn) 253% 338% 334% 333% 8.2 23.6 18.8 4.7 3.0 3.4 8.0 10.1 YE19 YE20 YE19 YE20 Minimum capital requirement LCSM surplus Minimum capital requirement LCSM surplus 1. Based on Group Minimum Capital Requirement. Until H
Slide 71: Asia invested assets
Asia invested assets Asset portfolio Breakdown of Asia invested assets1, 31 Dec 2020 $bn Shareholder debt portfolio, 31 Dec 2020 $bn Shareholder- Holding by issuer Par funds Unit linked Total backed2 Portfolio No. Av. Max <BBB5 $bn Issuers4 $m $m Debt 55.9 5.7 28.0 89.6 Sovereign debt 12.6 77 163.6
Slide 72: Shareholder-backed debt exposures
Asia invested assets Shareholder-backed debt exposures By geography1, 31 Dec 2020 $bn By credit rating1,2, 31 Dec 2020 $bn Sovereign debt Other government bonds Corporate bonds 4% 11% 20% By market: 13% Rating: United States 31% 29% AAA 41% Thailand AA 16% Vietnam A 35% Other 2% 37% BBB 14% 24% <BBB
Slide 73: Shareholder-backed debt exposures
Asia invested assets Shareholder-backed debt exposures By asset type1, 31 Dec 2020 By sector1,2, 31 Dec 2020 Corporate debt exposures Government Technology 1% 5% Basic Materials 3% Financial Other 34% 1% Consumer, Cyclical Sovereign 5% Corporate 45% Bonds 50% Industrial 6% Energy 9% Consumer, Non- C
Slide 74: PCA value in Prudential joint ventures
Asia PCA value in Prudential joint ventures CITIC PRU Partner ICICI Bank CITIC Corporation Prudential Share 22.1% 50% Market Value $ 9.7 bn ₹ 705.4bn1 N/A EV $ 3.5 bn ₹ 257.1bn2 $ 5.6bn (at 100%)3 IFRS NAV $ 1.1 bn ₹ 82.1 bn2 Not disclosed GWP $ 4.7 bn ₹ 334.3 bn4 $ 3.4 bn RMB 23.4bn (at 100%) Pre-t
Slide 75: Life operating variances
EEV Operating Profit Life operating variances Asia Life operating variances1,2 $m 824 755 532 425 281 252 241 226 195 135 112 100 59 48 (73) 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 Note: Exp
Slide 76: Summary group KPIs ex US
Summary group KPI’s ex US New segments Adjusted IFRS EEV for long-term $m (AER) APE NBP Operating Profit business 2020 2019 2020 2019 2020 2019 2020 2019 China JV 582 590 269 262 251 219 2,798 2,180 Hong Kong 758 2,016 787 2,042 891 734 20,156 18,255 Indonesia 267 390 155 227 519 540 2,630 2,737 Mal
Slide 77: Enduring business model
Enduring business model Delivering for all our stakeholders Building sustainable long-term value for Market leading businesses at centre investors and other stakeholders Capturing of mega trends structural opportunity • Opportunity: $1.3tn of expected premiums1 Asia EEV: +13% to $44.2bn • Majority o
Slide 78: Quality execution: consistent and resilient growth across cycles
Asia Quality execution: Consistent and resilient growth across cycles IFRS operating profit1, $m 23% CAGR • Asian Financial • 9-11 Terrorist Attack • China & India grow • Global Financial Crisis • Eurozone slowdown • Further US recovery • Brexit (2016) • Lower interest rates (2019-20) Crisis (1997-1
Slide 79: Africa Section
Africa Section 2020 FULL YEAR RESULTS 79
Slide 80: Africa regional footprint
Africa Regional footprint Africa opportunity Our timeline Accomplishments Rapid population growth1 100% owned Joint Ventures 1,200,000+ customers 5 1.3 bn Expected to double to >2 bn 2019 2050 Moving from 17% of world pop to 24% Ghana 2014 Acquisition of Express Life 11,000+ agents 2015: Distributio
Slide 81: Africa FY20 business highlights
Africa FY20 Business highlights $112 million of APE sales Agency Bancassurance +71% ~11,000 agents +84% APE sales growth Distribution +51% APE sales All 8 markets with Optimising APE growth1 growth strategic MDRT agents partnerships COVID-19 cover for all customers Mobile policies in Nigeria Product
Slide 82: US Section
US Section 2020 FULL YEAR RESULTS 82
Slide 83: US key features
US Key features US financial performance, USDm FY20 FY19 % HY20 APE 1,923 2,223 (13)% 979 NBP 601 883 (32)% 248 IFRS operating profit1 2,796 3,070 (9)% 1,266 RBC ratio (%) 347% 366% (19)ppts >425%2 1. Includes asset management 2. Estimated RBC ratio at 30 June 2020 assuming the Athene investment tra
Slide 84: US invested assets
US invested assets Asset portfolio Breakdown of US invested assets 1, 31 Dec 2020 $bn Shareholder debt portfolio, 31 Dec 2020 Holding by issuer Shareholder-backed 2 Portfolio No. Av. Max <BBB7 Debt 36.0 $bn Issuers6 $m $m Sovereign debt 4 5.2 7 735.9 5,121.1 0.0% Equity 0.3 Other debt 29.7 1,180 25.
Slide 85: US shareholder-backed debt exposures by credit rating
US invested assets Shareholder-backed debt exposures by credit rating1,2 Other government bonds Corporate debt3 Asset backed securities 1% 3% 1% 4% 5% Rating: 17% AAA 35% 23% AA A 50% 42% BBB 65% 6% <BBB 48% Total $1.1bn Total $25.4bn Total $3.2bn Note: assets valued on an IFRS basis 1. Totals may n
Slide 86: US shareholder-backed debt exposures
US invested assets Shareholder-backed debt exposures By asset type1,2, 31 Dec 2020 By sector1,2,3, 31 Dec 2020 Corporate debt portfolio4 Corporate debt exposures Investment grade • Significant weighting towards investment grade Technology Diversified Quasi Sovereign 5% 2% Other… − Investment grade i
Slide 87: US RBC development 2H20
US appendix RBC development 2H20 RBC ratio development, 2H201 406% 36% (2)% (38)% 25% (80)% 347% 347 30-Jun-20 OCG in-force New Business Other non operating Athene investment 2 Hedge modelling revision 31-Dec-20 1. Jackson National Life 2 In July 2020, Athene Life Re Ltd invested $500 million in Pru
Slide 88: Prudential plc 2020 Full Year Results
Prudential plc 2020 Full Year Results 3 March 2021 88