Business
Prudential : Presentation (English) (FY25 Results Presentation)
Prudential : Presentation (English) (FY25 Results
About this update from Prudential Plc
Prudential plc 2025 Full Year Results 18 March 2026 2378.HK PRU.L Anil Wadhwani Chief Executive Officer 3 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 share 1 in 2025 Capital Completed $2bn share buyback in 2025; listed India AMC, implementing additional $1.2bn buyback in 2026, plus $1.3bn capital return 2 in 2027 Consistency Double-digit NBP growth every quarter in 2025; double-digit growth guidance across key metrics 3 in 2026 Confidence On track to deliver 2027 objectives 4 of 15-20% NBP growth and >$4.4bn of gross OFSG 4 Note: Throughout the presentation, growth rates are compared to prior year period and on a constant exchange rate basis, unless otherwise stated. NBP numbers are on TEV basis. Actual exchange rate basis. Capital return of $1.3bn in 2027 is subject to HKIA approval. NBP, gross OFSG, OPAT per share and dividend per share Growing NBP at 15-20% CAGR between 2022 and 2027,and achieving Gross OFSG of at least $4.4bn in 2027. These objectives assume exchange rates at December 2022 and are based on regulatory and solvency regimes applicable across the Group at the time the objectives were set. The objectives assume that the same TEV and Free Surplus methodology will be applicable over the period and no material change to the economic assumptions. Delivered consistent double-digit growth 2025 New business profit (NBP) $2.8bn + 12 % 2025 guidance > 10 % Adjusted operating profit after tax (OPAT) $2.8bn + 12 % per share > 10 % per share Gross operating free surplus generation (OFSG) $3.1bn + 15 % > 10 % Dividends $0.7bn + 15 % per share 1,3 > 10 % per share 1,3 2027 objectives 2 : 15-20 % 2022-27 CAGR NBP > $ 4.4 bn 2027 Gross OFSG 5 Note: Growth rates are compared to prior year period and on a constant exchange rate basis, unless otherwise stated. Group dividend policy: "Group's capital allocation priorities, a portion of capital generation will be retained for reinvestment in organic growth opportunities and for investment in capabilities, and dividends will be determined primarily based on the Group's operating capital generation after allowing for the capital strain of writing new business and recurring central costs. Dividends are expected to grow broadly in line with the growth in the Group's operating free surplus generation, and will be set taking into account financial prospects, investment opportunities and market conditions." Growing NBP at 15-20% CAGR between 2022 and 2027, and achieving Gross OFSG of at least $4.4bn in 2027. These objectives assume exchange rates at December 2022 and are based on regulatory and solvency regimes applicable across the Group at the time the objectives were set. The objectives assume that the same Traditional Embedded Value (TEV) and Free Surplus methodology will be applicable over the period and no material change to the economic assumptions. Actual exchange rate basis. Mainland China + 27 % New business profit Hong Kong + 12 % New business profit Taiwan + 5 % New business sales 2 Indonesia + 11 % New business profit Malaysia + 5 % New business profit India ( 2 )% New business sales 2 Africa 3 + 24 % New business sales 2 Asset management + 12 % Operating profit 4 ASEAN Markets Other Singapore + 2 % New business profit Growth across all key segments and channels New business profit NBP ($'bn) 9 % 55 % Agency + 12 % Other 2025 NBP 1 36 % Bancassurance 2024 2025 Broad-based growth, building on our market-leading positions 2.5 2.8 Greater China 6 Note: Growth rates are compared to prior year period and on a constant exchange rate basis. NBP channel mix before central cost. New business sales as measured by APE. Underlying Africa APE growth excludes divested francophone markets. Operating profit after tax. Driving value creation through focus on execution 2025 Performance drivers NBP ($'m) Investment in capabilities Agency Increasing activation and productivity ✓ + 15 % NBP per active agent # 2 MDRT 1 globally + 19 % CAGR + 4 % YoY 4 1,560 2.5-3x 2022 2022 2023 2024 2025 2027 objective 2023 2027 2024 >$ 0.5 bn Bancassurance Deepening penetration and increasing mix of H&P 13 markets with double-digit NBP growth Bancassurance NBP margin + 5 ppts Health Implementing best in class health capabilities ✓ + 9 % health earned premium > 540 k new health policies 5 + 12 % + 27 % CAGR YoY 1,033 1.5-2x 2022 2022 2023 2024 2025 + 12 % CAGR + 3 % YoY >2x 2022 265 2022 2023 2024 2025 2027 objective 2027 2027 2027 objective 2025 Underpinned 2023-25 capability investment profile (%) Health Customer Driving acquisition and loyalty Success metrics 88 % Customer retention rate ✓ + 8 % APE from existing customers 2 Customer rNPS 3 (no. of BUs in top quartile) 5 2 x + 1 3 4 6 10 Customer Strategic pillars & enablers Distribution 2027 2022 2023 2024 2025 2027 objective Note: Growth rate and margin change are compared to prior year period and on a constant exchange rate basis. 1. Million Dollar Round Table (MDRT). 2. Hong Kong, Singapore, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Taiwan, Cambodia and Laos. 3. Relationship Net Promoter Score. 7 4. Underlying growth excludes divested francophone markets.. 5. Based on new lives assured. Delivering on our 5-year strategy Reset Build Accelerate 2023 2024 2025 2026 2027… Renewed focus on Customer, Distribution and Health Investing in enablers to support strategy New leadership team Introduced new and consistent Management Information & reporting Operational execution Agency : Continued progress on building quality, digitally enabled and professionalised agency force Bancassurance : Strong performance underpinned by strong focus on quality; successful activation of BSI 1 ; new partnerships Technology/Operations : Building a scalable digital backbone with reusable digital assets; enhancing operational efficiency; delivering improved customer experience and rNPS 2 Strategic portfolio management India AMC IPO completed Divested francophone markets in Africa 3 & Eastspring Korea Increased ownership to 70% in MY conventional business 4 Financial delivery Achieved 2025 guidance across all key metrics Enhanced capital allocation framework for sustainable growth in total capital returns to shareholders Key areas of focus Sustaining bancassurance 1 momentum while accelerating Agency strength and quality 2 Continuous enhancement of new business quality 3 Efficient growth through digitisation, analytics & AI 4 Focus on delivering capital returns Accelerating growth at scale with momentum across Agency, Bancassurance and Health & Protection Customer experience & operational excellence Consistent delivery of financial targets Engaged people & high-performance culture Continuous progression on digitising Tech & Ops platforms, leveraging AI & data analytics Bank Syariah Indonesia. Relationship Net Promoter Score. Divestment completed in July 2025 of Cameroon, Cote d'Ivoire and Togo. Announced in January 2026. 8 1 Bancassurance: Continued outstanding performance Leading franchise in Asia Bancassurance NBP ($'bn) + 12 % CAGR + 27 % YoY 2022 2023 2024 2025 Reached c. 95 % of lower-end of 2027 objective in 2025 1,033 Focus on quality growth Bancassurance NBP margin (%) Increasing quality of new business + 5 ppts 2024 2025 + 15 % Bancassurance H&P APE CAGR (2022-25) 1 in 2 Policies is H&P Deepening strategic alliances + 15 % APE CAGR CITIC Bank + 48 % APE CAGR 2023 2025 2023 2025 Broadening our relationships through disciplined expansion of partnerships in Indonesia 36% Note: Growth rate and margin change are compared to prior year period and on a constant exchange rate basis. 9 1 Agency: Productivity-led NBP growth driven by MDRT focus Consistent growth in productivity Agency NBP ($'bn) + 19 % CAGR + 4 % 1 YoY 2022 2023 2024 2025 NBP per active agent 2 growth driven by MDRT 3 Total MDRT + 22 % CAGR + 15 % YoY + 24 % MDRT NBP per active agent CAGR 2022-25 2022 2023 2024 2025 > 7 x higher productivity of MDRTs than non-MDRTs 4 Enhancing focus on Emerging ASEAN Developed markets Consistent all-round delivery NBP per active agent Active agents 73 % + 17 % CAGR + 17 % CAGR 2025 NBP mix 2022 2023 2024 2025 2022 2023 2024 2025 Focus on quality growth Emerging ASEAN NBP per active agent Active agents + 7 % CAGR ( 12 )% CAGR 2022 2023 2024 2025 2022 2023 2024 2025 10 Note: Growth rates are compared to prior year period and on a constant exchange rate basis. Underlying year-on-year growth excluding francophone markets. Calculated as the average monthly agency new business profit divided by the number of active agents per month. Includes 100% of new business profit and number of active agents in Joint Ventures and Associates. Million Dollar Round Table (MDRT) qualifiers. NBP per active MDRT agent was 7.5x higher than NBP per active non-MDRT agent in 2025. 1 Agency: Accelerating agency transformation Productivity driving upward mobility to MDRT 1 Quality recruitment to drive activation NBP from top tier agents (MDRT & aspirants 3 ) + 27 % CAGR 2022 2023 2024 2025 Agency new recruits from Hong Kong + 43 % 2024 2025 Malaysia 6 x 2024 2025 6 x More productive than non- PRU Venture new recruits (MY) 48 % 59 % % of total agency NBP % of total new recruits > 40 % > 20 % 4 Building the momentum of top tier agents Improving activity driven by quality recruitment in Emerging ASEAN Specific and targeted recognition for upward mobility and productivity growth Focused upskilling programmes with LIMRA 2 and MDRT Academy Focus on affluent segment specific product propositions and value-added services Enhancing PRU Force capabilities and accelerate execution of AI enablement including roll out of PRU Action (performance enhancement) Replicate and industrialise success of quality recruitment in developed markets to our Emerging ASEAN markets Benefits and rewards revamp in Emerging ASEAN focused on quality recruitment and leader development Strategic partnership with LIMRA for leader training and industrialisation of Career Choices® recruitment tool Continue to enhance PRU Force capabilities by embedding recruitment model, enabled by AI through the partnership with Salesforce 11 Note: Growth rates are compared to prior year period and on a constant exchange rate basis.. Million Dollar Round Table (MDRT) qualifiers who are qualified based on MDRT production criteria, but not a registered MDRT member. Life Insurance Marketing and Research Association (LIMRA). MDRT qualifiers and 70% or above MDRT production In Malaysia conventional business. 2 Focus on quality growth Delighting our customers Driving greater synergistic value with Eastspring Growing Health & Protection Deepen relationships with tailored customer engagement Presence in 10 local markets in Asia, with deep local insights & knowledge Health and Protection contributed to 36% of Group NBP Holistic, differentiated propositions catering to different life stages Enhanced digital tools for intuitive, end-to-end servicing Driving customer growth and loyalty Broad range of funds supporting innovative and bespoke propositions at pace High ROE with high cash generation Important value creator and key differentiator Health NBP has grown 12% CAGR (2022-25); reduced Fraud Waste and Abuse by >$100m Extending Health capabilities to Protection and innovating bundled propositions , empowering agents with AI-driven tools to enhance sales and service, upgrading analytics to improve underwriting and claims management Customer retention (%) 88% + 2 ppts 1 Customer rNPS 2 (business units # in top quartile) Funds under management ($'bn) 3 65 % of FUM outperforming 3Y benchmarks Health earned premium ($bn) 2025 H&P NBP mix 6 2023 2024 2025 3 4 5 2022 2023 2024 2025 221 237 258 278 2022 2023 2024 2025 52 % Cost-income ratio 2.8 2023 2024 2025 1/4 3/4 Health Protection Note: Growth rates are compared to prior year period and on a constant exchange rate basis. Improvement in customer retention rate between 2023 and 2025. Relationship Net Promoter Score. On actual exchange rate basis. 12 Underwriting Near-instant underwriting reducing underwriting cycle times 50 % Reduced underwriting time 1 in Hong Kong Advisory & onboarding Enhancing new business through AI-enabled advice >$ 300 m APE generated via Customer Engagement platform 3 3 Embedding AI and analytics across the value chain Focused AI investments that drive operating leverage and quality growth Laying strong foundation with cloud capability, data quality and stability of our systems Business-led strategy Foundational capabilities AGENCY OPERATIONS Servicing Hyper-personalised servicing improving cost-to-serve across servicing journeys > 1.5 m Digital interactions 2 via PRU Services Claims AI-enabled claims process to drive efficiency >$ 100 m Fraud, Waste & Abuse savings 3 HEALTH Cloud-enabled, secure, stable and flexible infrastructure layer High-quality data platform with robust governance and risk guardrails Targeted AI fluency programmes to leverage AI effectively and responsibly > 99.5 % system availability driven by modernised digital backbone > 90 % Cloud adoption 4 enabling flexibility and speed-to-market Efficient growth by leveraging digitisation, analytics and AI Customer journey Underwriting time on medical report for indicative decisions. PRUServices online transactions across local business units (excluding renewal premium payment) where PRUServices was live during the year and for that period. Through platforms powered by data analytics and AI. Across seven key markets 13 WeLab 3 Embedding Tech, Digital & AI to drive growth & efficiency Enhancing the core PRU Services 24/7 anywhere, anytime seamless customer services 90 % Straight-through processing 9 Business units deployed 2 > 90 % 10.8 m+ Hong Kong agent Leads generated adoption & monthly from PRU Leads average user Streamlines the end-to-end workflow , freeing up more agents' time to sell PRU Action AI-powered management tool that improves goal-setting, activity discipline, and execution quality + 15 % Singapore agent productivity 1 Launching in Hong Kong and Malaysia next as part of the wider roll-out Innovation Pan-Asian fintech & digital banking platform Strategic partnership with allowing us to innovate and grow digital insurance distribution Standalone Health Insurer (SAHI) in India Reimagining AI-native operating system in acquiring and servicing customers in our green field health business in India Contributed by new action-oriented performance management application (PRUAction) launched in Singapore and stabilisation of other agency digital applications across all market. Productivity is measured by new cases per active agent. As of 6 March 2026. 14 4 Continued focus on delivering shareholder returns Recurring capital returns $ 500 m in 2026 $ 600 m in 2027 2 Disciplined capital management Capital return framework Total capital returns to shareholders ($'bn) Additional return of capital in excess of 200% free surplus ratio 1 Growing ordinary dividends $ 700 m in 2026 + 15 % Dividend per share 3 $ 700 m in 2027 2 > 10 % p.a. Growth in DPS (2025-27) 3 0.6 2 0.7 2 $ 2 bn share buyback completed $ 1.2 bn share buyback in 2026 0.5 0.7 >$ 7 bn Capital returns to shareholders 2024-27 0.6 0.8 0.7 1.2 2024 2025 2026 2027 15 Note: Our dividend policy, which remains unchanged, is to grow dividends broadly in line with the Group's net operating free surplus generation after allowing for new business investment, central costs and investment in capabilities. In addition to the ordinary dividend, the Board will now consider making additional recurring returns of capital out of the annual flow of capital generation. Capital returns will be set taking into account the Group's financial condition and prospects, applicable capital and solvency requirements, investment opportunities, market conditions and the general economic environment. We seek to operate with a free surplus ratio of between 175 per cent and 200 per cent. If the free surplus ratio is above the operating range over the medium term, and taking into account opportunities to reinvest at appropriate returns and allowing for market conditions, capital will be returned to shareholders. Subject to HKIA approval. On actual exchange rate basis. Confidence in achieving 2027 objectives New business profit Illustrative trajectory 2022-2027 1 ($'bn) Objective: 15-20% 2 CAGR 2022-27 20% 15% + 18 % CAGR 2022-25 2022 2023 2024 2025 2026 2027 objective Gross OFSG Illustrative trajectory 2022-2027 3 ($'bn) Objective: >$4.4bn 2 in 2027 >4.4 Inflection point reached + 15 % 2022 2023 2024 2025 2026 2027 objective Dividend per share Illustrative trajectory 2022-2027 ($'bn) Guidance: >10% per share 4 p.a. 2025-27 + 15 % Per share 4 2022 2023 2024 2025 2026 2027 16 After allocation of central costs. Growing NBP at 15-20% CAGR between 2022 and 2027 and achieving Gross OFSG of at least $4.4bn in 2027. These objectives assume exchange rates at December 2022 and are based on regulatory and solvency regimes applicable across the Group at the time the objectives were set. The objectives assume that the same TEV and Free Surplus methodology will be applicable over the period and no material change to the economic assumptions. Gross OFSG is the operating free surplus generated from in-force insurance business which represents amounts emerging from the in-force business during the year before deducting amounts reinvested in writing new business and excludes non-operating items. For asset management businesses, it equates to post-tax operating profit for the year. Growth per share on actual exchange rate basis. Significant opportunities in our Asian and African markets Unparalleled growth drivers leading to significant growth opportunities Favourable demographics 4 billion+ Population Large health & protection gap 1 c.$ 300 billion Premium equivalent Prudential's life markets in Asia is growing 2x faster than other regions Growing wealthier population c.$ 10 trillion Net wealth increase p.a. in 2024-29 2 Mortality protection gap 1 c.$ 43 trillion Gross written premium rebased 2015 to 100 (x) 3 2.1x 1.4x 3.8x 2.2x 2015 2025 2035 Asia 3 World Source: Swiss Re Institute. Asia Life & Health consumer survey 2025. Figures quoted are for key Prudential markets only. Mortality protection gap is defined as dependent support shortfall after primary income earner death. Health protection gap is defined as uncovered out-of-pocket health care costs that cause financial strain to households. c.$300bn health & protection gap is in premium equivalent terms. Source: BCG Global Wealth Report 2025. Asia excluding Australia, Japan, and Korea. 17 Focus on delivering high quality, consistent growth and driving shareholder returns Building on 2025 momentum, we expect consistent double-digit growth across key metrics in 2026 Leading positions across high-growth markets in Asia and Africa Trusted household brand with nearly 180-year heritage (S&P 'AA' financial strength) Balanced and scaled distribution channels > 10 % across key >$ 4.4 bn 2027 gross OFSG 1 15 - 20 % 2022-27 CAGR NBP 1 Confidence Consistency > 10 % guidance across key metrics 2 in 2026 >$ 7 bn 2024-27 An integration of life insurance and asset metrics 2 in 2025 capital returns management capabilities Growth Capital 18 Note: Our dividend policy, which remains unchanged, is to grow dividends broadly in line with the Group's net operating free surplus generation after allowing for new business investment, central costs and investment in capabilities. In addition to the ordinary dividend, the Board will now consider making additional recurring returns of capital out of the annual flow of capital generation. Capital returns will be set taking into account the Group's financial condition and prospects, applicable capital and solvency requirements, investment opportunities, market conditions and the general economic environment. Growing NBP at 15-20% CAGR between 2022 and 2027, and achieving Gross OFSG of at least $4.4bn in 2027. These objectives assume exchange rates at December 2022 and are based on regulatory and solvency regimes applicable across the Group at the time the objectives were set. The objectives assume that the same TEV and Free Surplus methodology will be applicable over the period and no material change to the economic assumptions. Key metrics are new business profit, adjusted operating profit after tax per share, gross operating free surplus generation (OFSG) and dividend per share. Supplementary CEO slides 19 Consistent performance driving enduring growth in shareholder returns Scale franchise in Asia & Africa Diversified footprint across Asia & Africa 19 Life markets Trusted household brand 17 million customers over 178 years of history Well-balanced distribution channel at scale 57k active agents 1 >180 bank partners #1 independent life bancassurer in Asia 2 Expertise in Asian investments $278bn funds under management Top 10 positions in 6 markets Leading positions in high-growth markets Greater China Top 5 in all markets 3 1.4bn+ population / 3% life penetration ASEAN Top 3 in 6 out of 9 markets 680m+ population / 2% life penetration India Top 5 Life new premium 4 1.4bn+ population / 3% life penetration Africa Top 3 in 2 markets 400m+ population / < 2% life penetration 20 Notes: Throughout this document, life positions as per the latest available industry statistics. Sources include formal (e.g. local regulators and insurance associations) and informal (industry exchange) market share data. Market rankings are based on new business premium (including APE, weighted first year premium, new business standard premium, retail weighted revenue premium) or gross written premium depending on availability of data. Sources: Life penetration and population from Swiss re sigma, Deloitte 2024/25 Africa Insurance Outlook, and United Nation World Population Prospects. Average monthly active agent Based on full year 2025 data from local regulators, industry associations and Prudential internal data. Market ranking includes Hong Kong, Singapore, Malaysia, Indonesia, Thailand, Vietnam, Philippines, Cambodia and Myanmar. China ranking is amongst foreign insurers. Ranking among private insurers. Asian market growth recovered to pre-COVID levels Gross Written Premium Rebased 2013 to 100 (%) 1 260% 250% 240% 230% 220% 210% 200% 190% 180% 170% 160% 150% 140% 130% 120% 110% 100% 90% COVID period Greater China ASEAN 2 ASIA India World 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Growth pre/post-COVID Pre-COVID COVID Post-COVID CAGR % APE 3 APE 3 APE 3 2013-2019 2019-2022 2022-2025 Greater China 4 13% (7)% 18% ASEAN 2 7% 2% 8% India 9% 8% 10% ASIA 2 12% (5)% 15% Asia market premium (GWP) growth recovering back to pre-COVID levels, but recovery mixed by region, especially ASEAN New business premium (APE), a leading indicator of GWP trends, is now showing faster growth post COVID Source: Swiss Re Sigma 2013 to 2024. 2025 based on latest available industry statistics. Growth quoted excludes Vietnam (due to market disruption in 2023). Based on data from local regulators and industry associations. Mainland China based on listed Chinese insurers' public disclosures till 1H25.Hong Kong based on 9M 2025. 21 Multi-market growth engines Hong Kong: Strong franchise and focus on quality growth OPAT Hong Kong 33% Demand drivers Platform to execute Operating highlights Cross-border insurance buying by Professional agency force enabled by technology Hong Kong NBP ($'m) Mainland Chinese Visitors (MCV) continues to be the biggest structural engine of growth + 9 % Agency NBP + 12 % Active agents > 60 % H&P new case mix in agency² + 12 % Rising customer confidence in Top quality bancassurance partnership 1,221 Hong Kong as a financial hub Net inflows remain strong despite + 25 % Bancassurance NBP c. 40 % H&P new case mix in bancassurance² + 16 % Domestic global uncertainty Talent inflow and affluent segments expanding market size 26 years of exclusive partnership with Need-based propositions cover all segments Encash : First in market limited pay whole life Medical protection 2024 2025 + 8 % MCV Year-on-year growth in GDP for the financing and insurance sector 1 Entrust : First in market trust like features # 2 Sum insured 3 + 2 ppts YoY improvement in NBP margin Note: Growth rates and margin changes are compared to prior year period and on a constant exchange rate basis. Operating profit after tax mix chart is based on segment total IFRS operating profit after tax before non-controlling interests. Source: HK Census and Statistics Department As % of Hong Kong channel new cases. 22 3. Source: HKIA statistics as of 9M 2025. Multi-market growth engines Hong Kong: Mainland visitors' demand remains robust OPAT Hong Kong Intention of MCV to visit HK 1 (Next 12 months) Intention of MCV visiting HK (%) 76 71 73 75 68 69 70 71 69 64 65 65 Financial products likely to acquire in HK 2 (Next 12 months) Any insurance products 3 (%) 91 91 86 85 86 83 85 87 84 85 80 82 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 33% Note: Based on our 4Q 2025 Chinese Mainland Sentiment Tracker conducted through an online survey. Survey results are based on sample size of 450. Operating profit after tax mix chart is based on segment total IFRS operating profit after tax before non-controlling interests. Based on all respondents of the MCV Sentiment Tracker undertaken in December 2025. Based on respondents who have the intention to manage personal wealth in HK in the next 12 months. Any insurance products refers to insurance with coverage in the event of death, Critical illness, Medical & hospitalisation insurance and savings insurance. 23 Multi-market growth engines Mainland China: Re-positioned for sustainable growth OPAT Mainland China 1 Platform to execute Deepening bancassurance partnership -Focus on productivity and strategic collaboration + 7 % Active branches + 32 % Case size Demand drivers Rising household wealth driving demand for protection and savings c. RMB 300 tn Household financial assets (2Q25) Increasing demand for senior care 28 % of population will be >60 by 2040 2 Growing demand for high-end healthcare services >$ 140 bn Health protection gap in China 3 Disciplined market with healthy competition Regulatory guidance on pricing interest rate cap and expense alignment improves financial discipline and promotes long-term stability 12% Par 282 + 48 % + 100 % Agency APE YoY Agency recruitment H&P Non Par H&P 1/4 of China GDP c.240m population Yangtze River Delta 2025 2024 Operating highlights Mainland China NBP ($'m) + 27 % Non Par Par 80 % of China GDP & GWP Established operations 23 102 Branches Cities Strategic shift in product mix (% APE) 2025 2024 + 11 % Agency NBP in 2H25 + 7 % Active agents + 14 % New recruits Transforming agency - Focus on quality recruitment and improving productivity Note: Growth rates are compared to prior year period and on a constant exchange rate basis. Operating profit after tax mix chart is based on segment total IFRS operating profit after tax before non-controlling interests. CITIC Prudential Life (CPL). CPL is included at Prudential's 50 per cent interest in the joint venture. Source: World Health Organization (WHO). Source: Swiss Re Institute. Asia Life & Health consumer survey 2025. Health protection gap in premium equivalent terms. 24 Multi-market growth engines ASEAN: Building on our market-leading positions 43% ASEAN Growth markets & other Indonesia OPAT Malaysia Singapore Indonesia Malaysia Singapore Balanced growth across agency and bancassurance Consistent leadership in Sharia with partnership enhancing reach #1 in Takaful Transforming our agency franchise Sustained market leadership in bancassurance Maintaining quality franchise Quality advisers with improved H2 traction Innovative product offering driving growth and HNW penetration + 18 % Monthly NBP/ active agents 1 + 53 % Bancassurance NBP + 10 % Agency NBP in 2H25 + 7 % MDRT 2 + 21 % Bancassurance NBP Top 3 Market share (agency & banca) 3 + 24 % MDRT 2 APE + 17 % Average agency case size Indonesia NBP ($'m) + 11 % Malaysia NBP ($'m) + 5 % 2025 NBP 21% growth YoY Singapore NBP ($'m) + 2 % 2025 APE growth YoY 2024 2025 + 4 ppts 118 Improvement in NBP margin 2024 2025 (12)% 118 1H25 2H25 2024 2025 (7)% 19% 436 1H25 2H25 Note: Growth rates and margin changes are compared to prior year period and on a constant exchange rate basis. Operating profit after tax mix chart is based on segment total IFRS operating profit after tax before non-controlling interests. Calculated as the average monthly agency new business profit divided by the number of active agents per month. Includes 100% of new business profit and number of active agents in Joint Ventures and Associates. Million Dollar Round Table (MDRT). Based on APE from regulatory information. 25 Multi-market growth engines India: Significant growth opportunities ahead Growth markets & other India OPAT Eastspring ICICI Prudential Life ICICI Prudential AMC Well diversified distribution mix Focus on driving profitable growth and margin improvement Strong growth in retail sum assured and retail protection Completed ICICI Prudential AMC (IPAMC) IPO with 35% JV ownership Scaled and profitable franchise: Continue to drive investment performance + 21 % + 2 ppts Distribution mix 2 (% APE) 37 bps + 22 % $ 1.4 bn Retail protection APE 2 Improvement in NBP margin 2 Group PD 1 2025 2 Agency Operating margin 2,5 (% of AUM) Quarterly average AUM 2 Net proceeds from IPAMC IPO to be returned to shareholders 7 APE ICICI-Prudential Life (22% ownership) ( 2 )% 2024 2025 Direct Bancassurance Top 5 Life position 3 Profit after tax 6 ($'m) ICICI-Prudential AMC 174 + 24 % 2024 2025 2 nd AMC position with AUM $100bn+ (@100%) 4 26 Note: Growth rates and margin changes are compared to prior year period and on a constant exchange rate basis. Operating profit after tax mix chart is based on segment total IFRS operating profit after tax before non-controlling interests. Partnership distribution. Based on 9 months ended 31 December 2025. Growth rate based on 9 months YoY comparison. Source: IRDAI. Based on 12 months ended December 2025 retail weighted premium income and rank among private insurers. ICICI Prudential Life on a 100% basis. Source: AMFI. As at 31 December 2025, Eastspring FUM includes $44 billion from our 35 per cent share in funds managed by IPAMC in India. On annualized basis. 35% JV ownership is as of 31 December 2025 following the IPAMC IPO. $174m profit after tax reflects the 49% JV ownership stake prior to the IPO. Include pre-IPO placement. Multi-market growth engines Africa: Significant growth opportunities ahead Operating highlights Africa APE 4 + 24 % 2024 2025 Top 5 rankings in 3 out of 5 markets, including #1 in Uganda & Zambia All markets deliver APE growth 617 403 2050 2025 Africa markets population 3 (m) 1.5 x Access to markets with population of 400m+ Access to markets with GDP of $600bn+ Significant savings & protection needs Insurance penetration at 1.5% 1 Out-of-pocket health expenses still account for up to 40% 2 Demand drivers Platform to execute Quality agency force + 30 % Agency APE 4 + 9 % Active agents 4 + 20 % MDRT 5 qualifiers Continue to enhance agency capabilities, leverage our success in Asia Expanding partnerships c. 1 k Bank branch access > 25 Bank partnerships + 34 % Bancassurance APE 4 Acquired 100% ownership in Nigeria 27 Note: Growth rates are compared to prior year period and on a constant exchange rate basis. Source: Deloitte 2024/25 Africa Insurance Outlook, data as of 2022. Brookings, An overlooked way to close Africa's health gaps, 2026. United Nations Population Prospects 2025. Africa markets include Ghana, Kenya, Nigeria, Uganda and Zambia. Underlying growth excludes francophone markets. Million Dollar Round Table (MDRT). Eastspring: Important value creator and key differentiator 141 191 Demand drivers Large, growing & wealthier population - New wealth creation rising by c.$10 trillion a year 1 Capital rotating towards Asia to capture diversification and growth opportunities Significant growth opportunity - APAC expected to drive up to 38% of global net new flows by 2027 2 Asia-Pacific net wealth 1 ($'tn) c.$ 10 tn per year Unique Competitive Positioning 305 Operating highlights Operating profit after tax ($'m) + 12 % 2024 2025 $ 278 bn Funds under management (FUM) + 8 % FUM growth 3 65 % of FUM outperforming 3-year benchmarks Broad Asian footprint with ~400 investment professionals in 10 markets Powerful synergy and partnership with Prudential Investing in capabilities to capture market opportunities Clear value creation through IPAMC IPO 2024 2029 Note: Growth rates are compared to prior year period and on a constant exchange rate basis. Source: BCG Global Wealth Report 2025. Source: Broadridge APAC Quarterly Trends ReportQ2 2025. On actual exchange rate basis 28 Sustainability at the core of everything we do Simple & accessible health and financial protection Increase access to health and financial protection for every life Developing sustainable and inclusive offerings Driving partnerships & digital innovation for health outcomes Building resilient communities Responsible Investment Enable a just and inclusive transition to net zero for every future Decarbonising our portfolio Financing a just and inclusive transition Mainstreaming responsible investments in emerging markets Sustainable Business Embed sustainability into our business and value chain to amplify the pace and scale of our impact Empowering our people Establishing sustainable operations and value chain Harnessing thought leadership to shape the agenda $ 16 m Community investment spend 1 > 3.9 m Students reached via Cha-Ching 2 53 % WACI reduction vs 2019 3 Target: 55 % WACI reduction by 2030 $ 1.5 bn Financing the transition investments 4 Target: Reach $ 6 bn FTT portfolio investments by 2030 to support a lower-carbon future. 38 % Female leadership 5 Target: 42 % female leadership by 2027 7,100 + of employees 6 set at least one sustainability-linked goal AA (2024: AA) 14.3 (2024: 17.2) 1 st Decile (2024: 1st Decile) A- Climate (2024: C) Note: For more details: https://www.prudentialplc.com/en/sustainability-social-impact/sustainability Only cash contribution is reported for community investment. In-kind charitable activities and donations are excluded. Cha-Ching, our award-winning financial literacy programme owned by The Prudence Foundation (since 2016). The carbon footprint of the investment portfolio is in line with industry practice and standards. Further information is provided in the Basis of Reporting here: https://www.prudentialplc.com/content/dam/prudential-plc/sustainability-social-impact/sustainability/sustainability-reporting/basis-of-reporting-2025.pdf Financing the transition target is a critical underpin for the WACI reduction target and is linked to our executive remuneration. 29 5. Group Leadership Team (GLT) is defined as the direct reports of all GEC members, all CEOs of our Life businesses and their direct reports, all CEOs of our Eastspring businesses, and select roles that are essential in delivering our strategy. 6. This includes people managers in group head offices and life businesses, Eastspring Investments adopted sustainability goals for specific people managers linked to the nature of their role and business priorities. Ben Bulmer Chief Financial Officer 30 Delivered 2025 guidance, driving enhanced shareholder returns 2025 financial highlights vs 2025 guidance Value New business profit + 12 % Earnings OPAT are per sh + 12 % Gross OFSG + 15 % Capital Dividend per share 3 + 15 % Enhanced shareholder returns Growing ordinary dividends 1 + 15 % Dividend per share 3 2026 & 2027 guidance: >10% per share $ 500 m Capital return in 2026 $600m capital returns expected in 2027 4 Additional return of capital in excess of 200% free surplus ratio 6 $ 1.4 bn Net proceeds from India AMC IPO 5 To be returned to shareholders 2026-27 Recurring capital returns 2 31 Note: Growth rates are YoY, on a constant exchange rate basis, unless otherwise stated. Our dividend policy remains to grow broadly in line with net operating free surplus generation, which is calculated after investment in new business, central costs and capability investment. In addition to the ordinary dividend, the Board will now consider making additional recurring returns of capital out of the annual flow of capital generation. Capital returns will be set taking into account the Group's financial condition and prospects, applicable capital and solvency requirements, investment opportunities, market conditions and the general economic environment. Growth rates are on an actual exchange rate basis. Subject to HKIA approval Includes pre-IPO private placement. We seek to operate with a free surplus ratio of between 175 per cent and 200 per cent. If the free surplus ratio is above the operating range over the medium term, and taking into account opportunities to reinvest at appropriate returns and allowing for market conditions, capital will be returned to shareholders. Value Earnings Capital Consistent and broad-based NBP growth New business profit NBP ($'bn) + 12 % 2024 2025 Growth YoY +12% +11% +13% +11% 1Q25 2Q25 3Q25 4Q25 Delivered consistent double-digit growth across all quarters in 2025 0.6 0.7 0.7 0.8 2.5 2.8 2025 NBP 2 Broad-based growth NBP growth by geography (%) NBP growth by channel (%) Bancassurance + 27 % Hong Kong + 12 % Mainland China 1 + 27 % Indonesia + 11 % Singapore + 2 % 2025 NBP 2 Agency 3 + 4 % Malaysia + 5 % Growth markets and other + 12 % Other + 15 % Note: Growth rates are compared to prior year period and on a constant exchange rate basis. Mainland China is included at Prudential's 50 per cent interest in the joint venture. NBP mix before central costs. Excludes francophone markets in Africa. 32 Value Earnings Capital High quality, higher margin, capital generative new business High quality NBP by product (%) Non Participating 14% Linked 7% 15% NBP 1 $2.8bn Health & Protection 36% (H&P) Participating 28% Participating (Shareholder-backed) H&P Savings % PVNBP margin 2 14 % 8 % Higher margin Group NBP Margin (%) + 2 ppts 2024 2025 < 4 years 3 Pay-back periods 42% Capital generative New business cohort contribution to 2027 OFSG + 16 % 2024 2025 > 25 % 3 IRRs Note: Growth rates are on a constant exchange rate basis, unless otherwise stated. Product NBP mix before central cost. Present value of new business premiums (PVNBP) margin before notional recharge. Based on an aggregate portfolio of products basis, from shareholder perspective. 33 Value Earnings Capital Hong Kong: Consistent, quality growth NBP & Margin Strong performance across all channels Hong Kong NBP ($'m) Focus on high quality recruitment and professional agency force Strong performance and focus on driving H&P + 12 % Agency NBP Bancassurance NBP 1,221 + 9 % + 25 % 2024 2025 Hong Kong NBP Margin (%) + 2 ppts 2024 2025 2024 2025 55% 2024 2025 > 60 % H&P mix in Agency new cases c. 40 % H&P mix in Bancassurance new cases Note: Growth rates and margin changes are on a constant exchange rate basis, unless otherwise stated. 34 Value Earnings Capital Mainland China: Sustainable growth NBP & Margin Accelerating momentum Mainland China NBP ($'m) + 27 % Growth supported by strong bancassurance Bancassurance NBP Agency momentum improving Agency NBP 282 2024 2025 + 59 % ( 9 )% +11% YoY Mainland China NBP Margin (%) ( 3 )ppts 2024 2025 2024 2025 1H25 2H25 45% 2024 2025 > 10 % APE growth achieved by all our top 10 bank partners + 14 % Increase in agency new recruits Note: Growth rates and margin changes are on a constant exchange rate basis, unless otherwise stated. 35 Value Earnings Capital ASEAN: Building on our market-leading positions Indonesia Delivered quality & diversification Indonesia NBP ($'m) + 11 % 2024 2025 + 6 % Agency NBP + 18 % NBP/Active agent + 53 % Bancassurance NBP NBP Margin: 46 % + 4 ppts 118 Malaysia Improving 2H25 momentum Malaysia NBP ($'m) + 5 % 2024 2025 + 21 % NBP in 2H25 + 10 % Agency NBP in 2H25 + 16 % NBP/Active agent in 2H25 NBP Margin: 27 % + 1 ppt 118 Singapore Sales rebounded in 2H25 Singapore NBP ($'m) + 2 % 2024 2025 + 4 % NBP per active agent + 17 % Agency case size + 27 % Agency APE in 2H25 NBP Margin: 46 % (2)ppts 436 Note: Growth rates and margin changes are on a constant exchange rate basis, unless otherwise stated. 36 Value Earnings Capital Growth markets and other: Driving quality growth NBP & Margin Operational highlights NBP ($'m) + 12 % Robust performance; market leader in Par Taiwan APE + 5 % Delivering consistent growth Thailand APE + 9 % 667 2024 2025 2024 2025 2024 2025 NBP Margin (%) Solid growth across all markets Africa 1 APE Focus on protection and annuities India APE + 3 ppts + 24 % ( 2 )% + 22 % Retail protection APE growth 30% 2024 2025 2024 2025 2024 2025 Note: Growth rates and margin changes are on a constant exchange rate basis, unless otherwise stated. 1. Underlying growth excludes divested francophone markets. 37 Value Earnings Capital Eastspring: Positioned to drive further growth Higher operating profit Operating profit after tax ($'m) + 12 % 2024 2025 65 % of FUM outperforming 3-year benchmarks 74 % of FUM outperforming 1-year benchmarks 52 % Cost-income ratio 305 Diversified FUM Positive net flows FUM by source, 31 December 2025 Movement in FUM ($'bn) Internal Funds under Advice 17% 23% (18.3) 25.2 External Retail Internal Funds under Management 46% 8% External Institutional 6% Money Market Funds Net flows: +$12.8bn +8% 1 278 7.3 FUM by asset class, 31 December 2025 5.6 Money Market Alternatives 1% Funds 6% 21% Equity 258 FUM 31 Dec 24 External net flow Internal net flow Market movements, IPO of IPAMC FUM 31 Dec 25 Multi-asset 56% 16% Fixed income MMF net flows & other Note: Funds under management (FUM). Growth rates are compared to prior year and on a constant exchange rate basis. 1. On actual exchange rate basis. 38 Value Earnings Capital Strong growth in embedded value (EV) EV Operating profit +15% EV operating profit ($'bn) + 15 % (0.0) 0.3 2024 NBP In-force & Centre 2025 Operating AM 2 Operating profit profit 146.2 ¢ per share + 21 % 178.5 ¢ per share 4.1 4.8 0.3 Driving higher embedded value per share EV shareholder equity ($'bn) + 11 % 1 4.8 (0.9) (0.3) 31 Dec. 2024 Operating Non-operating 31 Dec. EV equity profit result, FX 2025 impact & EV equity other before capital returns Dividends / Share buybacks & corporate transactions 3 31 Dec. 2025 EV equity $ 12.62 per share ex. goodwill + 15 % 1 $ 14.53 per share ex. goodwill 34.3 37.8 38.1 Improving return on embedded value Return on EV (%) 4 + 1 ppt 2024 2025 14% 15% 39 Note: Totals do not cast as a result of rounding. Growth rates are on a constant exchange rate basis, unless otherwise stated. Actual exchange rate basis. Asset management (AM) Including India AMC IPO net proceeds gain. Operating return on embedded value is calculated as TEV operating profit for the period after non-controlling interests as a percentage of opening Group TEV equity, excluding goodwill, distribution rights and other intangibles. Operating profit and Group TEV equity are net of non-controlling interests. Value Earnings Capital Consistent underlying CSM growth CSM movement, net of reinsurance 2025 ($'bn) Net 'underlying' CSM increase: $ 2.1 bn + 9 % 1 + $4.6 bn 2.8 1.8 0.3 (2.6) 25.0 26.6 26.9 0.6 22.0 31 Dec. 2024 New business Normalised CSM before Economic & Balance before Release to FX 31 Dec. 2025 unwind 2 variances, FX, other variances release income release statement Adjusted CSM release rate 3 : (9.5)% Note: Contractual Service Margin (CSM). Totals do not cast as a result of rounding. Underlying CSM growth presented on an actual exchange rate basis and calculated excluding the effect of economic and other variances and exchange rates. The unwind of CSM presented reflects the accretion of interest on general measurement model contracts, together with the unwind of variable fee approach contracts on a long-term normalised basis. Calculated as adjusted CSM release (based on operating release) / (CSM closing balance - adjusted CSM release - FX movements). 40 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .