Presentation (English) (FY25 Results Presentation)

Prudential plc 2025 Full Year Results

18 March 2026

2378.HK PRU.L

Chief Executive Officer

3

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, implementing additional $1.2bn buyback in 2026, plus $1.3bn capital return2 in 2027

Consistency

Double-digit NBP growth every quarter in 2025; double-digit growth guidance across key metrics3 in 2026

Confidence

On track to deliver 2027 objectives4 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.

1. Actual exchange rate basis.

2. Capital return of $1.3bn in 2027 is subject to HKIA approval.

3. NBP, gross OFSG, OPAT per share and dividend per share

4. 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.

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 share1,3

>10%

per share1,3

2027 objectives2:

2022-27 CAGR NBP

>$4.4bn

2027 Gross OFSG

5

Note: Growth rates are compared to prior year period and on a constant exchange rate basis, unless otherwise stated.

1. 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."

2. 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.

3. Actual exchange rate basis.

Mainland China

+27%

New business profit

Hong Kong

+12%

New business profit

Taiwan

+5%

New business sales2

Indonesia

+11%

New business profit

Malaysia

+5%

New business profit

India

(2)%

New business sales2

Africa3

+24%

New business sales2

Asset management

+12%

Operating profit4

ASEAN

Markets

Other

Singapore

+2%

New business profit

New business profit

NBP ($'bn)

9%

55%

Agency

+12%

Other

2025

NBP1

36%

Bancassurance

2024

2025

Broad-based growth, building on our market-leading positions

2.8

Greater China

6

Note: Growth rates are compared to prior year period and on a constant exchange rate basis.

1. NBP channel mix before central cost.

2. New business sales as measured by APE.

3. Underlying Africa APE growth excludes divested francophone markets.

4. Operating profit after tax.

2025 Performance drivers

NBP ($'m)

Investment in capabilities

Agency

Increasing activation and productivity

✓ +15% NBP per active agent

• #2 MDRT1 globally

  +19%

  CAGR

  +4% YoY4

  1,560

  2.5-3x

  2022

  2022 2023 2024 2025

  2027 objective

  2023

  2027

  2024

  >$0.5bn

  Bancassurance

  Deepening penetration and increasing mix of H&P

• 13 markets with double-digit NBP growth

• Bancassurance NBP margin +5ppts

  Health

  Implementing best in class health capabilities

  ✓ +9% health earned premium

• >540k new health policies5

  +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 customers2

Customer rNPS3 (no. of BUs in top quartile)

2x

+1

3

4

6

10

Customer

Strategic pillars & enablers

Distribution

2027

2022 2023 2024 2025 2027 objective

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 BSI1; new partnerships

• Technology/Operations: Building a scalable digital backbone with reusable digital assets; enhancing operational efficiency; delivering improved customer experience and rNPS2

  Strategic portfolio management

• India AMC IPO completed

• Divested francophone markets in Africa3 & Eastspring Korea

• Increased ownership to 70% in MY conventional business4 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

    1. Bank Syariah Indonesia.

    2. Relationship Net Promoter Score.

    3. Divestment completed in July 2025 of Cameroon, Cote d'Ivoire and Togo.

    4. 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

    +5ppts

    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

Consistent growth in productivity

Agency NBP ($'bn)

+19%

CAGR

+4%1

YoY

2022

2023

2024

2025

NBP per active agent2 growth driven by MDRT3

Total MDRT

+22%

CAGR

+15%

YoY

+24% MDRT NBP per active agent

CAGR 2022-25

2022

2023

2024

2025

>7x higher productivity of MDRTs than non-MDRTs4

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.

1. Underlying year-on-year growth excluding francophone markets.

2. 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.

3. Million Dollar Round Table (MDRT) qualifiers.

4. NBP per active MDRT agent was 7.5x higher than NBP per active non-MDRT agent in 2025.

1

Productivity driving upward mobility to MDRT1

Quality recruitment to drive activation

NBP from top tier agents

(MDRT &

aspirants3)

+27%

CAGR

2022 2023 2024 2025

Agency new recruits from

Hong Kong

+43%

2024 2025

Malaysia

6x

2024 2025

6x

More productive than non-PRUVenture 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

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..

1. Million Dollar Round Table (MDRT) qualifiers who are qualified based on MDRT production criteria, but not a registered MDRT member.

2. Life Insurance Marketing and Research Association (LIMRA).

3. MDRT qualifiers and 70% or above MDRT production

4. In Malaysia conventional business.

2

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

(%)

+2ppts1

Customer rNPS2

(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

2023 2024 2025

2022 2023 2024 2025

221 237 258 278

2022 2023 2024 2025

52% Cost-income ratio

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.

1. Improvement in customer retention rate between 2023 and 2025.

2. Relationship Net Promoter Score.

3. On actual exchange rate basis.

12

Underwriting

Near-instant underwriting reducing underwriting cycle times

50%

Reduced underwriting time1 in Hong Kong

Advisory & onboarding

Enhancing new business through AI-enabled advice

>$300m

APE generated via Customer Engagement platform3

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

>1.5m

Digital interactions2 via PRUServices

Claims

AI-enabled claims process to drive efficiency

>$100m

Fraud, Waste & Abuse savings3

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 adoption4 enabling flexibility and speed-to-market

Customer journey

1. Underwriting time on medical report for indicative decisions.

2. PRUServices online transactions across local business units (excluding renewal premium payment) where PRUServices was live during the year and for that period.

3. Through platforms powered by data analytics and AI.

4. Across seven key markets

13

WeLab

3

Enhancing the core

PRUServices

24/7 anywhere, anytime seamless customer services

90%

Straight-through processing

9

Business units deployed2

>90% 10.8m+

Hong Kong agent Leads generated adoption & monthly from PRULeads average user

Streamlines the end-to-end workflow, freeing up more agents' time to sell

PRUAction

AI-powered management tool that improves goal-setting, activity discipline, and execution quality

+15%

Singapore agent productivity1

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

1. 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.

2. As of 6 March 2026.

14

4

Recurring capital returns

$500m in 2026

$600m in 20272

Disciplined capital management

Capital return framework Total capital returns to shareholders ($'bn)

Additional return of capital

in excess of 200% free surplus ratio1

Growing ordinary dividends

$700m in 2026

+15%

Dividend per share3

$700m in 20272

>10% p.a.

Growth in DPS (2025-27)3

0.62

0.72

$2bn share buyback completed

$1.2bn share buyback in 2026

0.5

0.7

>$7bn

Capital returns to shareholders 2024-27

0.8

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.

1. 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.

2. Subject to HKIA approval.

3. On actual exchange rate basis.

New business profit

Illustrative trajectory 2022-20271 ($'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 2022-20273 ($'bn)

Objective: >$4.4bn2 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 share4 p.a. 2025-27

+15%

Per share4

2022 2023 2024 2025 2026 2027

16

1. After allocation of central costs.

2. 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.

3. 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.

4. Growth per share on actual exchange rate basis.

Unparalleled growth drivers leading to significant growth opportunities

Favourable demographics

Population

Large health & protection gap1

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 2024-292

Mortality protection gap1

c.$43 trillion

Gross written premium rebased 2015 to 100 (x)3

2.1x

1.4x

3.8x

2.2x

2015 2025 2035

Asia 3World

1. 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.

2. Source: BCG Global Wealth Report 2025.

3. Asia excluding Australia, Japan, and Korea.

17

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

>$4.4bn

2027 gross OFSG1

15-20%

2022-27 CAGR NBP1

Confidence

Consistency

>10%

guidance across key metrics2

in 2026

>$7bn

2024-27

An integration of life insurance and asset

metrics2 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.

1. 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.

2. Key metrics are new business profit, adjusted operating profit after tax per share, gross operating free surplus generation (OFSG) and dividend per share.

19

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 agents1

• >180 bank partners

• #1 independent life bancassurer in Asia2

  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 markets3

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 premium4

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.

1. Average monthly active agent

2. 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.

3. China ranking is amongst foreign insurers.

4. Ranking among private insurers.

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

ASEAN2

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 %

APE3 APE3 APE3

2013-2019 2019-2022 2022-2025

Greater China4

13%

(7)%

18%

ASEAN2

7%

2%

8%

India

9%

8%

10%

ASIA2

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

1. Source: Swiss Re Sigma 2013 to 2024. 2025 based on latest available industry statistics.

2. Growth quoted excludes Vietnam (due to market disruption in 2023).

3. Based on data from local regulators and industry associations.

4. Mainland China based on listed Chinese insurers' public disclosures till 1H25.Hong Kong based on 9M 2025.

21

Multi-market growth engines

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 sector1

Entrust: First in market trust like features

#2 Sum insured3

+2ppts

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.

1. Source: HK Census and Statistics Department

2. As % of Hong Kong channel new cases.

22 3. Source: HKIA statistics as of 9M 2025.

Multi-market growth engines

OPAT

Hong Kong

Intention of MCV to visit HK1 (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 HK2 (Next 12 months)

Any insurance products3 (%)

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.

1. Based on all respondents of the MCV Sentiment Tracker undertaken in December 2025.

2. Based on respondents who have the intention to manage personal wealth in HK in the next 12 months.

3. 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

OPAT

Mainland China1

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 300tn

Household financial assets (2Q25)

Increasing demand for senior care

28%

of population will be >60 by 20402

Growing demand for high-end healthcare services

>$140bn

Health protection gap in China3

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.

1. CITIC Prudential Life (CPL). CPL is included at Prudential's 50 per cent interest in the joint venture.

2. Source: World Health Organization (WHO).

3. Source: Swiss Re Institute. Asia Life & Health consumer survey 2025. Health protection gap in premium equivalent terms.

24

Multi-market growth engines

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 agents1

  +53%

  Bancassurance NBP

  +10%

  Agency NBP in 2H25

  +7% MDRT2

  +21%

  Bancassurance NBP

  Top 3

  Market share (agency & banca)3

  +24% MDRT2

  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

+4ppts

Improvement in NBP margin

2024 2025

1H25 2H25

2024 2025

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.

1. 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.

2. Million Dollar Round Table (MDRT).

3. Based on APE from regulatory information.

25

Multi-market growth engines

Growth markets & other

India

OPAT Eastspring

ICICI Prudential Life ICICI Prudential AMC

2050

2025

Africa markets population3 (m)

1.5x

• 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 APE4

+9%

Active agents4

+20% MDRT5

qualifiers

Demand drivers

• Large, growing & wealthier population -

  New wealth creation rising by

  c.$10 trillion a year1

• 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 20272

  Asia-Pacific net wealth1 ($'tn)

  c.$10tn per year

  Unique Competitive Positioning

  305

Operating highlights

Operating profit after tax ($'m)

+12%

2024

2025

$278bn

Funds under management (FUM)

+8%

FUM growth3

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.

1. Source: BCG Global Wealth Report 2025.

2. Source: Broadridge APAC Quarterly Trends ReportQ2 2025.

3. On actual exchange rate basis

28

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

$16m

Community investment spend1

>3.9m

Students reached via Cha-Ching2

53%

WACI reduction vs 20193

Target: 55% WACI

reduction by 2030

$1.5bn

Financing the transition investments4

Target: Reach $6bn FTT portfolio investments by 2030 to support a lower-carbon future.

38%

Female leadership5

Target: 42% female

leadership by 2027

7,100+

of employees6 set at least one sustainability-linked goal

AA

(2024: AA)

14.3

(2024: 17.2)

1st Decile

(2024: 1st Decile)

A- Climate

(2024: C)

Note: For more details: https://www.prudentialplc.com/en/sustainability-social-impact/sustainability

1. Only cash contribution is reported for community investment. In-kind charitable activities and donations are excluded.

2. Cha-Ching, our award-winning financial literacy programme owned by The Prudence Foundation (since 2016).

3. 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

4. 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.

Chief Financial Officer

30

2025 financial highlights

vs 2025 guidance

Value

New business profit

+12%

Earnings

OPAT

are

per sh

+12%

Gross OFSG

+15%

Capital

Dividend

per share3

+15%

Enhanced shareholder returns

Growing ordinary dividends1

+15%

Dividend per share3

2026 & 2027 guidance: >10% per share

$500m

Capital return in 2026

$600m capital returns expected in 20274

Additional return of capital in excess of 200% free surplus ratio6

$1.4bn

Net proceeds from India AMC IPO5

To be returned to shareholders 2026-27

Recurring capital returns2

31

Note: Growth rates are YoY, on a constant exchange rate basis, unless otherwise stated.

1. 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.

2. 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.

3. Growth rates are on an actual exchange rate basis.

4. Subject to HKIA approval

1. Includes pre-IPO private placement.

2. 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

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

2.8

2025

NBP2

Broad-based growth

NBP growth by geography (%)

NBP growth by channel (%)

Bancassurance +27%

Hong Kong +12%

Mainland China1 +27%

Indonesia +11%

Singapore +2%

2025

NBP2

Agency3 +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.

1. Mainland China is included at Prudential's 50 per cent interest in the joint venture.

2. NBP mix before central costs.

3. Excludes francophone markets in Africa.

32

Value Earnings Capital

High quality

NBP by product (%)

Non Participating

14%

Linked

7%

15%

NBP1

$2.8bn

Health & Protection

36% (H&P)

Participating

28%

Participating (Shareholder-backed)

H&P

Savings

% PVNBP

margin2

14%

8%

Higher margin

Group NBP Margin (%)

+2ppts

2024

2025

<4 years3

Pay-back periods

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.

1. Product NBP mix before central cost.

2. Present value of new business premiums (PVNBP) margin before notional recharge.

3. Based on an aggregate portfolio of products basis, from shareholder perspective.

33

Value Earnings Capital

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

+9% +25%

2024 2025

Hong Kong NBP Margin (%)

+2ppts

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

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

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

Indonesia

Delivered quality & diversification

Indonesia NBP ($'m)

+11%

2024

2025

+6%

Agency NBP

+18%

NBP/Active agent

+53%

Bancassurance NBP

NBP Margin:

46%

+4ppts

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%

+1ppt

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

NBP & Margin Operational highlights

NBP ($'m)

+12%

Robust performance; market leader in Par Taiwan APE

+5%

Delivering consistent growth Thailand APE

+9%

2024 2025

2024 2025

2024 2025

NBP Margin (%)

Solid growth across all markets Africa1 APE

Focus on protection and annuities India APE

+3ppts

+24%

(2)%

+22%

Retail protection APE growth

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

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

Diversified FUM Positive net flows

FUM by source, 31 December 2025 Movement in FUM ($'bn)

Internal Funds under Advice

17%

23%

External Retail

Internal Funds under Management

46%

8% External Institutional

6%

Money Market Funds

Net flows:

+$12.8bn

+8%1

278

FUM by asset class, 31 December 2025

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

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

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 transactions3

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

+1ppt

2024

2025

39

Note: Totals do not cast as a result of rounding. Growth rates are on a constant exchange rate basis, unless otherwise stated.

1. Actual exchange rate basis.

2. Asset management (AM)

3. Including India AMC IPO net proceeds gain.

4. 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

CSM movement, net of reinsurance 2025 ($'bn)

Net 'underlying' CSM increase: $2.1bn

+9%1

+$4.6bn

0.3

25.0

0.6

22.0

Adjusted CSM release rate3: (9.5)%

Note: Contractual Service Margin (CSM). Totals do not cast as a result of rounding.

1. Underlying CSM growth presented on an actual exchange rate basis and calculated excluding the effect of economic and other variances and exchange rates.

2. 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.

3. Calculated as adjusted CSM release (based on operating release) / (CSM closing balance - adjusted CSM release - FX movements).

40