Prudential plc 2013 Half Year Results
|
|
- Dana Edwards
- 5 years ago
- Views:
Transcription
1 Prudential plc 2013 Half Year Results Delivering Growth and Cash 12 August HALF YEAR RESULTS
2 This document may contain forward-looking statements with respect to certain of Prudential's plans and its goals and expectations relating to its future financial condition, performance, results, strategy and objectives. Statements that are not historical facts, including statements about Prudential s beliefs and expectations and including, without limitation, statements containing the words may, will, should, continue, aims, estimates, projects, believes, intends, expects, plans, seeks and anticipates, and words of similar meaning, are forward-looking statements. These statements are based on plans, estimates and projections as at the time they are made, and therefore undue reliance should not be placed on them. By their nature, all forward-looking statements involve risk and uncertainty. A number of important factors could cause Prudential's actual future financial condition or performance or other indicated results to differ materially from those indicated in any forward-looking statement. Such factors include, but are not limited to, future market conditions, including fluctuations in interest rates and exchange rates and the potential for a sustained low-interest rate environment, and the performance of financial markets generally; the policies and actions of regulatory authorities, including, for example, new government initiatives related to the financial crisis and the effect of the European Union's Solvency II requirements on Prudential's capital maintenance requirements; the impact of designation as a global systemically important insurer; the impact of competition, economic growth, inflation, and deflation; experience in particular with regard to mortality and morbidity trends, lapse rates and policy renewal rates; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; the impact of changes in capital, solvency standards, accounting standards or relevant regulatory frameworks, and tax and other legislation and regulations in the jurisdictions in which Prudential and its affiliates operate; and the impact of legal actions and disputes. These and other important factors may for example result in changes to assumptions used for determining results of operations or re-estimations of reserves for future policy benefits. Further discussion of these and other important factors that could cause Prudential's actual future financial condition or performance or other indicated results to differ, possibly materially, from those anticipated in Prudential's forward-looking statements can be found under the Risk Factors found in the preliminary document. Any forward-looking statements contained in this document speak only as of the date on which they are made. Prudential expressly disclaims any obligation to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make, whether as a result of future events, new information or otherwise except as required pursuant to the UK Prospectus Rules, the UK Listing Rules, the UK Disclosure and Transparency Rules, the Hong Kong Listing Rules, the SGX-ST listing rules or other applicable laws and regulations HALF YEAR RESULTS
3 Prudential plc 2013 half year results Agenda Business Review Tidjane Thiam Financial Review Nic Nicandrou Outlook Tidjane Thiam HALF YEAR RESULTS
4 2013 half year financial headlines Strong performance on all key metrics m HY 2013 HY 2012 Change (%) New business profit 1,268 1, % Growth IFRS operating profit 1 1,415 1, % EEV operating profit 2,479 2, % Free surplus generation 1,152 1, % Cash Net remittance % Interim dividend per share (pence) % Capital IGD ( bn) NA EEV per share (pence) % 1 HY 2012 adjusted for new and amended accounting standards and excludes Japan Life HALF YEAR RESULTS
5 Continuation of a strong track record 562 New business profit 1, m CAGR +18% 1,141 1, x 1, IFRS operating profit 2, m CAGR +18% 1,157 1, x 1,415 HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 Net cash remittances, m CAGR +20% x HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 x.x HY 2013 multiple over HY Excludes Japan Life and Taiwan agency. 2 HY 2008 HY 2013 adjusted for new and amended accounting standards and excludes Japan Life HALF YEAR RESULTS
6 Resilient income Well positioned for upside IFRS operating income 1, m 2, ,092 Expected return With-profits Spread income % Fee income Insurance margin % Excludes margin on revenues, acquisition and administration expenses, DAC amortisation. HY 2009 as reported. HY 2009 HY HALF YEAR RESULTS
7 2013 Growth and Cash objectives 4 out of 6 objectives achieved 2013 Growth and Cash objectives 1, m m Objective 1 HY 2013 Status Growth Asia new business profit 713 1,266 1, On-track 1 Asia IFRS operating profit Asia Net Remittance Cash Jackson Net Remittance UK Net Remittance HY 2013 On-track 4 5 Group Net Remittance (cumulative) - 3,240 3,800 4,084 HY The objectives assume current exchange rates and a normalised economic environment consistent with the economic assumptions made by Prudential in calculating the EEV basis supplementary information for the half-year ended 30 June They have been prepared using current solvency rules and do not pre-judge the outcome of Solvency II, which remains uncertain and 2012 are as originally reported. The comparatives represent results as reported in respective periods. 2 Total Asia operating profit from long-term business and Eastspring Investments after development costs. 3 Jackson net remittance objective increased from 200m to 260m on completion of REALIC acquisition. 4 The net remittances from UK include 150m in 2009 arising from the pro-active financing techniques used to bring forward cash emergence of the in-force book during the financial crisis HALF YEAR RESULTS
8 Delivery for shareholders Share price Share price performance (Jan 2009 to Jun 2013) 1 Prudential 158% STOXX Europe 600 Insurance 39% FTSE % 1 Source: Datastream HALF YEAR RESULTS
9 Delivery for shareholders Dividend Dividend, pence per share % % % Total dividend % % % % Final dividend Interim dividend % HALF YEAR RESULTS
10 Effective response to a broad range of challenges IFRS operating profit 1, m 2008 Liquidity crisis Sub-prime market concerns Lehman Brothers collapse Asset risk concerns Start of global recession European sovereign debt crisis begins All time low interest rates Focus on Solvency II implications US industry VA losses emerge Greece and Ireland bailouts Regulatory change in India Concern over China hard-landing Focus on exposure to deepening Eurozone debt crisis 1,022 US debt ceiling Europe re-enters recession FAIR review in Singapore Regulatory change in the UK accelerates 1,157 Concern over China & EM growth QE tapering RDR goes live in the UK Designation of GSIIs announced 1, HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY Adjusted for new and amended accounting standards and excludes Japan Life HALF YEAR RESULTS
11 Asia Track record of successful execution New business profit 1, m CAGR +17% x 659 IFRS operating profit 2, m CAGR +38% x HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 Net cash remittances, m CAGR +77% 17.3x HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 x.x HY 2013 multiple over HY Excludes Japan Life and Taiwan agency. 2 Adjusted for new and amended accounting standards and excludes Japan Life HALF YEAR RESULTS
12 Asia Long-term drivers intact Increasing share of world GDP growth to come from Asia Strong demand for savings & protection products from growing middle class Positioned in the right markets Strong track-record of delivery HALF YEAR RESULTS
13 Long-term trends remain intact GDP Asia s contribution to world GDP growth 1, US$tn xx% Asia s contribution to absolute growth in world GDP c44% 30% 21 10% F Absolute growth in world GDP, $tn Asia excluding Japan. Source: US Department of Agriculture Economic Research Service (sourced from World Bank World Development Indicators, International Financial Statistics of the IMF, other sources and projected values, developed by the Economic Research Service all converted to a 2005 base year). Prudential estimates HALF YEAR RESULTS
14 Long-term trends remain intact Growing Asian middle class Middle Class population 1, m Asia as a % of world middle class 28% 54% 66% 3, x 1, x Asia Rest of the World Asia as % of world population ,320 1,509 1, % 61% 60% 1 Source: The emerging middle class in developing countries, Homi Kharas Brookings Institute (Mar 2010). Prudential estimates. 2 Source: UN Department of Economic and Social Affairs / Population Division. World Population to Prudential estimates HALF YEAR RESULTS
15 Asia Leading pan-asian franchise Malaysia Rank: 1 Hong Kong Rank: 4 Singapore Rank: 1 Indonesia: Rank: 1 Vietnam Rank: 1 Philippines Rank: 1 India Rank: 1 Thailand Rank: 11 China Rank: 2 Sweet spot market Cambodia Taiwan Rank: 17 Korea Rank: 17 Source: Based on formal (Competitors results release, local regulators and insurance associations) and informal (industry exchange) market share data. Ranking based on new business (APE or weighted FYP depending on the availability of data). Malaysia includes Takaful China: Ranking amongst foreign JVs. India: Ranking amongst foreign JVs. Philippines: #1 ranking based on most recent industry sharing data HALF YEAR RESULTS
16 Asia Sweet spot markets driving performance New business profit, m CAGR +27% 2.6x IFRS life operating profit 1, m 2.4x CAGR +25% HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 Net cash remittances, m +32% 3.0x HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 x.x HY 2013 multiple over HY Adjusted for new and amended accounting standards. Sweet spot markets include Indonesia, Malaysia, Singapore, Hong Kong, Philippines, Thailand and Vietnam HALF YEAR RESULTS
17 Asia Significant protection gap in sweet spot markets Share of medical expenses paid out-of-pocket (2011), % 60% 59% 56% 56% 50% 42% 35% 35% 33% 31% 11% 9% 16% USA UK Japan 1 World Health Organisation Global Health Expenditure Database (2011). For Hong Kong Food and Health Bureau, Government of Hong Kong (2010). For Taiwan data is for the year HALF YEAR RESULTS
18 Asia Creating customer and shareholder value Health & Protection Out-of-pocket Annual premium for a customer aged 50 medical expenses 1 (indexed) Saving Spend Without insurance Basic Government insurance Prudential Protection product Prudential Co. A Co. B Co. C Co. D 1 Expenses for a male aged 50 for heart disease and heart surgery treatment HALF YEAR RESULTS
19 Asia Two major routes to market Number of agents in sweet spot countries 1, 000 s Access to bank branches , x +1.2x 110 > 13,000 HY 2009 HY HY Sweet spot countries Indonesia, Malaysia, Hong Kong, Singapore, Philippines, Vietnam and Thailand HALF YEAR RESULTS
20 Asia Indonesia Building wider geographical reach 1995 Agency offices: 3 Number of agents: 251 Number of cities: Agency offices: > 320 Number of agents: > 200,000 Number of cities: 137 Clear market leader with wide geographic reach Growing agency scale and productivity Expanding bancassurance platform New products & riders launched Strong track record of NBP growth HALF YEAR RESULTS
21 Asia Philippines Channel mix APE sales, m Favourable macro trends 29 27% 8% Bancassurance DMTM Strong agency growth New leg Bancassurance platform Unit-linked sales up 54% 5 27% 73% 65% Agency HY 2009 HY 2013 DMTM Direct Marketing and Telemarketing HALF YEAR RESULTS
22 Asia Thailand Bank branches > 800 Acquisition completed in May 2013 Successful integration Full product suite launched with H&P focus First policy sold on 4th May Pre-Thanachart Life Current APE contribution of 5m Agency opportunity with increasing scale and visibility HALF YEAR RESULTS
23 Asset Management Eastspring Funds under management, bn % HY HALF YEAR RESULTS
24 Asset Management M&G M&G IFRS operating profit 1, m M&G funds under management, bn >50% External FUM as % of total FUM 31% External FUM Internal FUM HY M&G international retail FUM, bn 5.6x 21.2 HY 2007 HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY HY Excludes PruCap HALF YEAR RESULTS
25 UK Delivering through regulatory change 303 Selective participation Retail Life IFRS operating profit, m Robust capital Inherited estate, bn HY 2009 HY 2010 HY 2011 HY 2012 HY HY 2013 Cash delivery to Group Net cash remittances, m HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY Represents 27m of longevity swap entered into this year to further optimise capital position of the business HALF YEAR RESULTS
26 Jackson Proactive diversification Elite Access sales, $m VA sales, $bn 1, Without living benefits With living benefits 218 HY 2012 HY 2013 HY 2012 HY HALF YEAR RESULTS
27 Jackson Disciplined growth Separate account value by S&P 500 level at policy issue In the Money from issue 7% 2% 9% $97.7bn as of 30 June % 11% 16% 23% 17% ( 1000) ( ) ( ) ( ) ( ) ( ) ( ) > Includes VAs allocated to General Account HALF YEAR RESULTS
28 Jackson Net remittances Net remittances, m 2.4x Objective 260m HY Net remittances from Jackson include 122m in 2011 representing release of excess surplus to the Group HALF YEAR RESULTS
29 Prudential plc 2013 half year results Agenda Business Review Tidjane Thiam Financial Review Nic Nicandrou Outlook Tidjane Thiam HALF YEAR RESULTS
30 Delivering Growth and Cash HY 2013 builds on recent strong performance Overview Growth & Profitability Cash & Capital m HY 2013 HY 2012 HY 2013 vs. HY 2012 New business profit 1,268 1, % Growth IFRS operating profit 1 1,415 1, % IFRS operating EPS 1 (pence) % EEV per share (pence) % Free surplus generation 1 1,152 1, % Cash Net remittance % Dividend per share (pence) % 1 IFRS results and free surplus generation have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY 2012 comparatives have been adjusted on a comparable basis HALF YEAR RESULTS
31 Growth in value and volume Balancing value creation and capital consumption Overview Growth & Profitability Cash & Capital NBP, m NBP margin, % Group Life +11% 1,141 1,268 56% 59% IRR: >20% Asia Life % % 65% Payback: 4 years IRR: >20% US Life % % 60% Payback: 2 years IRR: >20% UK Life Wholesale Retail -14% % 37% Payback 1 : 4 years IRR: >20% HY 2012 HY Shareholder-backed business HALF YEAR RESULTS
32 Growth in value and volume Balancing value creation and capital consumption Overview Growth & Profitability Cash & Capital NBP, m Group Life +11% 1,141 1,268 Asia Continued strong volume growth in high return markets of SE Asia % 659 Positive impact of rise in yields, particularly in Hong Kong Asia Life US US Life % 479 Lower volumes of VA ex Elite Access offset by positive effect of re-pricing Positive impact of higher yields on economics of VA ex Elite Access Benefit of strong growth in Elite Access UK UK Life Wholesale Retail -14% Retail: positive impact of re-pricing and improved mix offset by lower retail sales Wholesale: no bulks in HY 2013 HY 2012 HY Shareholder-backed business HALF YEAR RESULTS
33 New business profit Strong underlying progress Overview Growth & Profitability Cash & Capital New business profit, m HY ,141 Volume 43 Mix/Pricing 1 30 Economic Effect 1 54 HY ,268 1 Economic and mix / pricing effects have been prepared excluding Elite Access which is included in volume effect HALF YEAR RESULTS
34 Profitability IFRS IFRS profits up 22% Overview Growth & Profitability Cash & Capital IFRS operating profit 1, m 1, % 1,397 Life Group HY 2012 HY , % 1,415 Asset Management and Other businesses % 312 HY 2012 HY 2013 HY 2012 HY 2013 Other income and expenses / restructuring HY 2012 HY 2013 (289) -2% (294) 1 IFRS results have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY 2012 comparatives have been adjusted on a comparable basis HALF YEAR RESULTS
35 Profitability IFRS IFRS profits up 22% Overview Growth & Profitability Cash & Capital IFRS operating profit 1, m 1, % 1,397 HY 2012 HY 2013 Asia Life US UK Group HY 2012 HY , % 1,415 Asset Management and Other businesses % 312 HY 2012 HY 2013 HY 2012 HY 2013 Other income and expenses / restructuring HY 2012 HY 2013 (289) -2% (294) 1 IFRS results have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY 2012 comparatives have been adjusted on a comparable basis HALF YEAR RESULTS
36 Delivering growth Strong growth in Life Overview Growth & Profitability Cash & Capital Net inflows 1, m 4,231 5,014 CAGR 12% 5,201 5,871 First half net inflows equivalent to 4% of opening reserves (HY 2012: 4%) Total net inflows of 30.8bn over the last three years HY 2010 HY 2011 HY 2012 HY HY 2010 Shareholder-backed business policyholder liabilities, bn HY 2011 CAGR 17% HY 2012 HY 2013 Policyholder liabilities increased by 68.0bn over the last three years, comprised of: - net inflows 30.8bn - positive investment markets 23.7bn - foreign exchange and other 0.2bn - acquisitions 13.4bn 1 Defined as movements in shareholder-backed policyholder liabilities arising from premiums, surrenders, maturities and deaths HALF YEAR RESULTS
37 Profitability IFRS Diversified Life earnings Overview Growth & Profitability Cash & Capital Life operating profit 1 by region, m +18% 1,397 US operating profit, m 1, % REALIC UK % 818 Gross profits US % Decelerated DAC (204) (219) Core DAC Asia % 474 (82) (93) HY 2012 HY 2013 NBS HY 2012 HY IFRS results have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY 2012 comparatives have been adjusted on a comparable basis. 2 Net of Asia development expenses (HY 2012: (3)m, HY 2013: (2)m) HALF YEAR RESULTS
38 Profitability IFRS Diversified and resilient Life earnings Overview Growth & Profitability Cash & Capital IFRS operating income 1,2, m Growth % HY 2013 vs. HY ,752 7% 9% +18% 2,067 5% 7% 26% -25% -5% +1% 31% 32% +31% 29% 24% 30% +46% HY 2012 HY 2013 Insurance margin With-profits Fee income Expected return on shareholder assets Spread income 1 IFRS results have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY 2012 comparatives have been adjusted on a comparable basis. 2 Excludes margin on revenues, acquisition and administration expenses, DAC amortisation and the gain on China Life HALF YEAR RESULTS
39 IFRS operating profit source of earnings Life insurance - Asia Overview Growth & Profitability Cash & Capital Total operating profit 1 HY 2013 HY /- m except reserves bn Total Life income 1,267 1,036 22% % = Total Life expenses - - (802) (671) (20)% DAC adjustments 9 38 (76)% Spread income Fee income Technical and other margin With-profits % % 1, % % Spread (bps) Average reserves (12) 24% AMF (bps) Average reserves % Margin on revenues Insurance margin % 18% Expected returns % Increase in spread income reflects the growth in Asian non-linked policyholder liabilities Higher fee income driven by growth in unit-linked reserves Increase in technical margin due to growth in H&P book. Insurance margin also benefits from claims controls and pricing actions 1 IFRS results have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY 2012 comparatives have been adjusted on a comparable basis HALF YEAR RESULTS
40 IFRS operating profit source of earnings Life insurance - US Overview Growth & Profitability Cash & Capital Total operating profit 1 HY 2013 HY /- m except reserves bn Total Life income 1, % Spread (bps) Average reserves Spread income % % - Total Life expenses (788) (722) (9)% Fee income % AMF (bps) (2) Average reserves % % = Expected returns 4 35 (89)% Technical and other margin % Expense deferrals (7)% - DAC amortisation (199) (179) (11)% Increase driven by growth in general account and improvement in spread margin Increase reflects impact of net flows (incl EA) and positive markets on separate account balances Increase in technical and other margin reflects the impact of the acquisition of REALIC 1 IFRS results have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY 2012 comparatives have been adjusted on a comparable basis HALF YEAR RESULTS
41 IFRS operating profit source of earnings Life insurance - UK Overview Growth & Profitability Cash & Capital Total operating profit 1 HY 2013 HY /- m except reserves bn % = Total Life income (1)% - Total Life expenses (113) (127) 11% - DAC adjustments (7) (4) (75)% Spread income Fee income Technical and other margin Expected returns (23)% (6)% % (13)% Spread (bps) Average reserves (29) 7% AMF (bps) (4) Average reserves % Margin on revenues Insurance margin % 336% With-profits (9)% Decrease reflects the nonrepeat of a large bulk annuity transaction in HY 2012 Insurance margin increase reflects positive impact of longevity swap Decrease due to reduction in policyholder bonuses 1 IFRS results have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY 2012 comparatives have been adjusted on a comparable basis HALF YEAR RESULTS
42 Profitability IFRS IFRS profits up 22% Overview Growth & Profitability Cash & Capital IFRS operating profit 1, m 1, % 1,397 HY 2012 HY 2013 Asia Life US UK Group HY 2012 HY 2013 HY 2012 HY , % 1,415 Asset Management and Other businesses % 312 HY 2012 HY 2013 M&G PruCap Eastspring US AM UK GI HY 2012 HY 2013 Other income and expenses / restructuring HY 2012 HY 2013 (289) -2% (294) 1 IFRS results have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY 2012 comparatives have been adjusted on a comparable basis HALF YEAR RESULTS
43 IFRS operating profit source of earnings Asset management Overview Growth & Profitability Cash & Capital Asset management operating profit 1,2 HY 2013 HY /- m except assets bn % M&G operating profit Eastspring Investments % % Underlying income Other income 3 Total expenses Total income 3 Total expenses % % (226) (186) (22%) % (72) (65) (11%) Average fees (bps) Cost / income ratio 4 Average fees (bps) (1) Cost / income ratio 4 Average assets ( bn) % 54% 53% 1ppt Average assets ( bn) % 62% 66% (4)ppt 1 IFRS results have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY 2012 comparatives have been adjusted on a comparable basis. 2 Excludes PruCap and US asset management business. 3 Includes performance-related fees and for M&G, carried interest and its share of operating profit from PPMSA. 4 Cost/income ratio excludes performance-related fees, carried interest and profit from associate HALF YEAR RESULTS
44 Profitability EEV Return on Embedded Value of 16% Overview Growth & Profitability Cash & Capital In-force 1, m HY 2012 HY 2013 Life operating profit, m 1, % 1, Experience variance Assumption changes +15% 2,497 Variances /Other 264 Dev costs (3) (2) UK 2, % 404 Unwind US % 1,016 HY 2012 HY 2013 Asia % 1,077 New business profit, m 1,268 1, % HY 2012 HY 2013 HY 2012 HY Net of Asia development expenses (HY 2012: (3)m, HY 2013: (2)m) HALF YEAR RESULTS
45 Equity shareholders funds Summary of movement Overview Growth & Profitability Cash & Capital IFRS Equity 1 EEV Equity bn % vs. HY 2012 EPS (p) bn % vs. HY 2012 EPS (p) After-tax operating profit % % 71 Investment variance 2 (0.7) (28) Profit for the period % % 76 Unrealised loss on AFS (0.8) (33) - - Foreign exchange and other Dividend (0.5) (21) (0.5) (21) Retained earnings 3 (0.8) (29) Opening shareholders equity Closing shareholders equity Movement in HY % +9% 1 IFRS results have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY 2012 comparatives have been adjusted on a comparable basis. 2 For IFRS relates to JNL fixed income portfolio accounted as available for sale. For EEV, represents mark to market movements on JNL assets backing surplus and required capital. 3 Subject to rounding HALF YEAR RESULTS
46 Balance sheet Defensive positioning maintained Overview Growth & Profitability Cash & Capital Maintained capital strength IGD surplus 3.9bn equivalent to a cover of 2.3 times With-profits estate 7.8bn (31 December 2012: 7.0bn) Strong liquidity position Issued perpetual bond for $700m in Jan bn of central cash resources 2.1bn of untapped liquidity facilities Credit position improved UK: 2.0bn default provision maintained Unrealised gains on US debt securities of 1.3bn (31 December 2012: 2.8bn) US impairments in 2013 of 1m (31 December 2012: 47m) Continued balance sheet conservatism Variable annuity hedging remains robust No change to conservative asset mix with 95% of credit portfolio rated BBB or higher HALF YEAR RESULTS
47 Cash and capital generation Increasing free surplus stock Overview Growth & Profitability Cash & Capital Evolution of free surplus 1, m x% Free surplus cover +35% 1,548 M&G 175 UK % 197% 309 4,988 (396) US 612 (162) 4,144 3,689 Asia 457 (844) M&G 511 M&G 392 UK 797 US 1,319 Reinvestment rate = 26% Underlying free surplus 1,152m UK 1,039 US 1,018 Asia 1,181 Asia 1,576 Free surplus Jan Underlying in-force surplus generated Investment in new business Market related movements, timing differences and other items Impact of Corporate Activity Free surplus before Group actions Net cash remitted to Group Free surplus 30 Jun Underlying free surplus has been prepared under new joint venture accounting standards and also exclude Japan life following reclassification as held for sale. 2 Asia and US include asset management and UK includes GI commission HALF YEAR RESULTS
48 Cash and capital generation Historic free surplus emergence Overview Growth & Profitability Cash & Capital Use of free surplus generated 1, 2010 HY 2013, bn Return on net worth Asset mgt Experience / assumptions Cash remitted to Group Expected return on existing business Market / other movements Investment in new business 4.1 M&G 0.9 US 0.9 (0.9) Asia 1.0 (0.9) Free surplus 1 Jan Free surplus 30 Jun 2013 UK (2.3) Total stock of free surplus available for use 2010 HY 2013 Use of free surplus 2010 HY 2013 Central cash 1 Jan 2010 Cash remitted to Group Net central outflows Corporate activities / other Dividends paid Central cash 30 June Underlying free surplus has been prepared under new joint venture accounting standards and also exclude Japan life following reclassification as held for sale HALF YEAR RESULTS
49 Cash and capital generation Historic free surplus emergence Overview Growth & Profitability Cash & Capital Use of free surplus generated 1, 2010 HY 2013, bn Net surplus generated % average remittance ratio Cumulative Objectives Return on net worth Asset mgt Expected net free surplus generated: Net cash remittance objective: 6.5bn 3.8bn Experience / assumptions 0.9 Cash remitted to Group Expected return on existing business 6.5 (2.2) Market / other movements Investment in new business 4.1 M&G 0.9 US 0.9 Asia 1.0 Free surplus 1 Jan 2010 Free surplus 30 Jun 2013 UK 1.3 Total stock of free surplus available for use 2010 HY 2013 Use of free surplus 2010 HY 2013 Central cash 1 Jan 2010 Cash remitted to Group Net central outflows Corporate activities / other Dividends paid Central cash 30 June Underlying free surplus has been prepared under new joint venture accounting standards and also exclude Japan life following reclassification as held for sale HALF YEAR RESULTS
50 Delivering Growth and Cash HY 2013 builds on recent strong performance m HY 2013 HY 2012 HY 2013 vs. HY 2012 New business profit 1,268 1, % Growth IFRS operating profit 1 1,415 1, % IFRS operating EPS 1 (pence) % EEV per share (pence) % Free surplus generation 1 1,152 1, % Cash Net remittance % Dividend per share (pence) % 1 IFRS results and free surplus generation have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY 2012 comparatives have been adjusted on a comparable basis HALF YEAR RESULTS
51 Prudential plc 2013 half year results Agenda Business Review Tidjane Thiam Financial Review Nic Nicandrou Outlook Tidjane Thiam HALF YEAR RESULTS
52 Nascent Markets Mature Markets JV s Sweet Spot markets Asia Prudential customers as a % of total population 2 GDP ($bn) GDP growth (%) 2 Indonesia (1995) 1 0.8% Philippines (1996) 0.1% Thailand (1995) Vietnam (1999) 0.5% % Hong Kong (1964) 11.2% Malaysia (1924) 6.3% Singapore (1931) 14.1% India (2000) 0.3% 1, % 8, China (2000) 0.9% Taiwan (1999) 0.6% 1, Korea (2002) Cambodia (2013) Myanmar (2013) 1 Number in bracket denotes start of operation. 2 Source IMF. GDP in $bn for HALF YEAR RESULTS
53 Summary Double digit growth for NBP, IFRS and Cash Profitable growth in Asia and cash generation from all businesses More of the same There remains significant untapped growth potential for Prudential HALF YEAR RESULTS
54 Q&A
55 2013 Investor Day 3 rd December 2013 London RSVP: Investor.Relations@prudential.co.uk HALF YEAR RESULTS
56 Appendix
57 Strategy We have a clear strategy underpinned by clear operating principles Strategy Operating Principles Balanced Metrics & Disclosures Focus on Customers and Distribution Proactive risk management Disciplined capital allocation HALF YEAR RESULTS
58 Asia Long term opportunity GDP per capita in 2010, against the US GDP per capita,1990 US$ 1 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Vietnam Philippines India Indonesia Thailand China Malaysia Taiwan Korea Hong Kong Singapore US GDP per capita Pan Asian leader: #1 by NBP 2 Top 3 in 5 /11 Asian Countries 3 Market leading platform Over 400K agents Access to 15,700 bank branches Geary-Khamis dollar, based on purchasing power parities with 1990 as benchmark year - one 1990 dollar has the same purchasing power as the US dollar in Prudential estimates. 2 NBP = New Business Profit; Prudential estimates based on information disclosed in company reports. Amongst pan Asian international (private) insurers. 3 Source: based on formal (Competitors results release, local regulators and insurance associations) and informal (industry exchange) market share data. Excludes Cambodia and Myanmar HALF YEAR RESULTS
59 Focusing on higher earnings quality Sources of earnings Sources of IFRS operating income 1, m CAGR 2, % 1,752 5% 7% Expected return With-profits 1,092 15% 14% 1,385 9% 12% 33% 1,594 8% 11% 33% 7% 9% 31% 26% 32% +10% Spread income Fee income Insurance margin 33% 19% 19% 38% 23% 23% 46% 26% 22% 48% 29% 24% 53% 30% 62% +32% HY 2009 HY 2010 HY 2011 HY 2012 HY IFRS results have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY10 to HY12 comparatives have been adjusted on a comparable basis; HY09 are as published HALF YEAR RESULTS
60 Disciplined capital allocation New business profit growth New business strain 1,2, m New business profit 2, m +125% 1, % UK US 135 Asia HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY , , UK US Asia HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY Free surplus invested in new business. 2 Excludes Japan and Taiwan agency HALF YEAR RESULTS
61 Delivering cash Free surplus generation Free surplus and dividend, m 2.6x Reinvestment rate 27% Reinvestment rate 21% Reinvestment rate 26% Reinvestment rate 26% Reinvestment rate 35% Reinvestment rate 40% Reinvestment rate 34% , ,388 1,395 1, , ,548 1, HY 2007 HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 Surplus generation 1 Investment in new business 1 Net free surplus Dividend net of scrip Central outgoings 2 1 Comparatives adjusted for new and amended accounting standard and excludes Japan Life. 2 Central outgoings includes RHO costs HALF YEAR RESULTS
62 Delivering cash Free surplus and cash remittances Underlying free surplus generated 1, m Business unit net remittances, m 921 1,091 1, % 1, % M&G incl PruCap 226 UK US 190 Asia HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY Comparatives adjusted for new and amended accounting standard and excludes Japan Life HALF YEAR RESULTS
63 Cash and capital Central cash resources Development of central cash resources, m FY 2011 FY 2012 HY ,105 1, (296) (289) (132) 1,232 (642) (199) 1,200 1,200 (655) (76) 1,380 1,380 (532) (70) 1,490 Operating holding co cashflow + 167m Operating holding co cashflow + 256m Operating holding co cashflow + 180m Opening balance of central cash resources Net remittances to Group Corporate cash costs, interest and tax received Dividend Other items Closing balance of central cash resources HALF YEAR RESULTS
64 2013 Growth and Cash objectives Growth On track to Double Asia CAGR +19% Doubling Asia Life and Asset Management IFRS operating profit 1,2,3, m H2 H % Objective CAGR +19% Doubling Asia value of new business 1, m H2 H ,266 1, % 659 1, Objective 1 The objectives assume current exchange rates and a normalised economic environment consistent with the economic assumptions made by Prudential in calculating the EEV basis supplementary information for the half-year ended 30 June They have been prepared using current solvency rules and do not pre-judge the outcome of Solvency II, which remains uncertain. 2 Total Asia operating profit from long-term business and Eastspring Investments after development costs. The comparatives represents results as reported in respective periods. 3 The comparatives represent results as reported in respective periods apart from first half of 2012, which has been restated for IFRS HALF YEAR RESULTS
65 Net cash remittances UK and other Business unit net remittances, m CAGR (UK Life + Other) +20% HY 2007 HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 UK Life Other HALF YEAR RESULTS
66 Dividend Interim dividend increased by 15.8% Dividend, pence per share Total dividend Final dividend Interim dividend increased by 15.8 per cent to 9.73 pence per share Ex-dividend date: 21 August 2013 Record date: 23 August 2013 Payment of dividend: 26 September 2013 Interim dividend % HALF YEAR RESULTS
67 New business growth Group life APE Life APE 1, m +7% H1 10: 1,655m H2 10: 1,830m H1 11: 1,824m H2 11: 1,857m H1 12: 2,030m H2 12: 2,165m H1 13: 2,162m , ,066 1,048 1,117 1,038 1,124 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q Excluding Japan HALF YEAR RESULTS
68 New business growth Group life new business profit Life new business profit 1, m +11% H1 10: 892m H2 10: 1,136m H1 11: 1,069m H2 11: 1,082m H1 12: 1,141m H2 12: 1,311m H1 13: 1,268m Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q Excluding Japan HALF YEAR RESULTS
69 New business growth Group life returns on new business investment Post-tax new business profit per of new business strain HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY Free surplus invested in new business; excludes Japan HALF YEAR RESULTS
70 Asia Life APE by quarter Asia APE 1 by quarter, m HY ,174 1, , , , , Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 India PCA excluding India 1 Excludes Japan and Taiwan agency; prepared on an AER basis HALF YEAR RESULTS
71 Asia Life APE by market Asia APE by market, m +17% % % % % % % % % +32% +28% Indonesia Hong Kong Singapore Malaysia 1 Korea India 26% 2 China 50% 3 Taiwan Philippines 4 Thailand Vietnam 1 st 4 th 1 st 1 st 17 th 1 st 17 th 1 st 11 th 1 st 2 nd Ranking HY 2012 HY Includes Takaful 2 Ranking amongst private players. 3 Ranking amongst foreign JVs. 4 #1 ranking based on most recent industry sharing data. Source: Based on formal (Competitors results release, local regulators and insurance associations) and informal (industry exchange) market share data. Ranking based on new business (APE or weighted FYP depending on the availability of data) HALF YEAR RESULTS
72 Asia Life APE sales by product - percent Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Linked Health Par Other HALF YEAR RESULTS
73 US retail sales and deposits HY 2013 Retail sales and deposits, $m HY 2012 = $12,278m HY 2013 = $13,152m $1,333 $493 $1,456 $457 $17 $2 $794 $957 $218 $1,960 $8,320 $9,423 Fixed Annuities Variable Annuities Elite Access Index Annuities Life insurance Curian HALF YEAR RESULTS
74 US Life VA volumes VA volumes by quarter, sales US$m 42% 43% 81% 72% 69% 65% 68% 5,656 5,715 Features War 4,176 4,553 4,974 4,212 4,383 5, ,427 4,565 1,124 3,335 3,134 3,686 3,658 3, ,909 2,052 2,368 2,370 2,324 2,250 1,780 1,769 1,505 1,412 1,508 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q th 11 th 12 th 12 th 12 th 12 th 12 th 12 th 8 th 5 th 4 th 4 th 4 th 4 th 3 rd 3 rd 3 rd 3 rd 3 rd 3 rd 3 rd 3 rd 2 nd 2 nd 1 1 st 1 st Ranking FY New business margin Elite Access 1 Estimated HALF YEAR RESULTS
75 US Life Variable annuity distribution Variable annuity sales by distribution channel, US$bn HY 2013 includes $2.0bn of Elite Access sales % HY 2012 HY 2013 IBD RBD/Wirehouse Bank IBD: Independent Broker/Dealer, RBD: Regional Broker Dealer HALF YEAR RESULTS
76 US Life New business margin New business margin % APE 73% 66% 68% 31% 37% 19% Variable Annuities US Other HY 2011 HY 2012 HY HALF YEAR RESULTS
77 US IFRS profit DAC impact on results Impact on results of DAC amortisation, m 2012 HY 2012 HY 2013 Gross profits 1 1, New business strain 2 (174) (82) (93) DAC Amortisation - Core (412) (204) (219) - (acceleration) / deceleration Operating result Core as % of Gross profits 29% 29% 27% 1 Gross profits equals IFRS operating profit pre acquisition costs and pre DAC, excluding REALIC. 2 Represents acquisition costs no longer deferrable following the adoption of altered US GAAP principles for deferred acquisition costs HALF YEAR RESULTS
78 US Life Policyholder behaviour Optional benefits elected, % of initial benefits elected (New business) 79% 82% 86% 80% 66% 55% 42% 28% 14% 15% 11% 5% 6% 5% 5% 5% HY 2013 No benefit GMWB (for life) HALF YEAR RESULTS
79 US Life Asset growth Growth in statutory admitted assets, US$bn HY 2013 General account Separate account HALF YEAR RESULTS
80 Hedging result IFRS impact below-the-line Half Year VA hedge results, net of related DAC, m (100) (200) (300) 175 (400) (500) (475) 88 (600) (546) (334) (700) Equity hedge instruments VA reserve changes Interest rate hedges Non-operating fee income, net of claims IFRS net hedge result HALF YEAR RESULTS
81 Hedging result Moving IFRS hedge result to economic result half year VA economic hedge results, net of related DAC, m (100) (104) (200) 121 (300) 185 (400) (500) (546) (600) (700) IFRS net hedge results Adjustment to full fees Fair value adjustment to reserves Adjustments to other assets carried at cost Other Economic hedge result HALF YEAR RESULTS
82 Life IFRS operating profit Source of earnings Spread income Fee income Technical and other margin With-profits The net investment return we make primarily on annuity and other spread based business The fees net of investment expenses charged on our linked and separate account business for managing the assets Profits derived from the insurance risks of mortality, morbidity and persistency Our share of bonus declared by the withprofits fund in the period Expected return on shareholder assets Acquisition costs Administration expense DAC and other adjustment The operating return we make on shareholder net assets Acquisition costs incurred on shareholder-backed new business including commission Expenses and renewal commissions incurred by the shareholder in managing the in-force book Costs deferred at inception net of costs amortised during life of contract and one off items HALF YEAR RESULTS
83 LIFE EXPENSES LIFE INCOME Life IFRS operating profit Source of earnings Spread income Fee income Technical and other margin With-profits Expected return on shareholder assets - +/- Acquisition costs Administration expenses DAC adjustments Other adjustments = LIFE OPERATING PROFIT HALF YEAR RESULTS
84 LIFE EXPENSES LIFE INCOME Life IFRS operating profit Source of earnings Group (1/3) Total Life income 2,925 2,448 19% Source HY 2013 HY /- m - +/- Total Life expenses (1,703) (1,520) (12)% DAC adjustments (31)% = Total Life operating profit 1,397 1,181 18% Note: Comparatives adjusted for new and amended accounting standards and excludes Japan Life HALF YEAR RESULTS
85 Life IFRS operating profit Source of earnings Group (2/3) Total Life income 2,925 2,448 19% Total Operating profit 1,397 1,181 18% = Total Life expenses - +/- (1,703) (1,520) (12)% Source HY 2013 HY /- m except reserves bn DAC adjustments (31)% Spread income Fee income Technical and other margin With-profits % % 1,471 1,116 32% (5)% Spread (bps) (11) AMF (bps) Margin on revenues % Bonus (bps) (3) Average reserves ( bn) % Average reserves ( bn) % Insurance margin % Average reserves ( bn) % Expected returns (25)% HALF YEAR RESULTS
86 Life IFRS operating profit Source of earnings Group (3/3) Source HY 2013 HY /- m except reserves bn Total Life expenses (1,703) (1,520) (12)% Acquisition costs 1 Administration expenses (1,021) (972) (5)% (682) (548) (24)% APE 2 2,162 2,030 7% Admin expense ratio (bps) (82) (81) (1) Acquisition cost ratio 47% 48% (1) ppt Average reserves 1 ( bn) % 1 Relate to shareholder-backed business only HALF YEAR RESULTS
87 Life IFRS operating income Asia Sources of income Asia IFRS operating income 1, m 408 5% 4% 12% 16% 489 6% 4% 12% 16% Growth % HY 2013 vs. HY % +23% +17% +22% 63% 62% +18% HY 2012 HY 2013 Insurance margin Fee income Spread income With-profits Expected return on shareholder assets 1 Excludes margin on revenues, acquisition and administration expenses and DAC adjustments HALF YEAR RESULTS
88 Life IFRS operating income US Sources of income US IFRS operating income 1, m 945 4% 1,197 0% 32% Growth % HY 2013 vs. HY 2012 (89)% +8% 37% 43% 46% +36% 16% 22% +71% HY 2012 HY 2013 Insurance margin Fee income Expected return on shareholder assets Spread income 1 Excludes margin on revenues, acquisition and administration expenses and DAC amortisation HALF YEAR RESULTS
89 Life IFRS operating income UK Sources of income UK IFRS operating income 1, m Growth % HY 2013 vs. HY % % (13)% 37% 35% (9)% 33% 9% 3% 27% 9% 12% (23)% (6)% +336% HY 2012 HY 2013 Insurance margin Fee income Spread income With-profits Expected return on shareholder assets 1 Excludes margin on revenues, acquisition and administration expenses and DAC amortisation HALF YEAR RESULTS
90 Life IFRS operating income Higher quality earnings Cash profit 1 : Income 2 - Expenses (before impact of DAC adjustment), m 1.5x (1,703) (1,520) 1,991 (1,255) ,222 (1,388) , ,925 1, US Life + UK Life Asia Life Life Income 1 Expenses HY 2010 Cash profit Life Income 1 Expenses HY 2011 Cash profit Life Income 1 1.7x Expenses HY 2012 Cash profit Life Income 1 Expenses HY 2013 Cash profit 1 IFRS results have been prepared under new joint venture accounting standards and also exclude Japan life operating profit following reclassification as held for sale. HY12 comparatives have been adjusted on a comparable basis. 2 Life income is sum of spread income, fee income, technical and other margin, with-profits and expected returns HALF YEAR RESULTS
91 Policyholder liabilities Shareholder backed business Group Policyholder liabilities 1 roll-forward, bn (0.3) Net inflows 2 5.9bn 3.5% of CER opening reserves of which: unit linked & separate account 4.4bn; other reserves 1.5bn Liabilities 1 Jan 2013 Foreign exchange CER opening liabilities Asia net inflows US net inflows UK net inflows Investment related and other 3 Liabilities 30 Jan Shareholder-backed business. 2 Defined as movements in shareholder-backed policyholder liabilities arising from premiums, surrenders, maturities and deaths. 3 Includes impact of Thanachart acquisition of 0.5bn and sale of Japanese Life Business of (1)bn HALF YEAR RESULTS
92 Policyholder liabilities Shareholder backed business Asia Policyholder liabilities roll-forward, m 2, ,798 21,213 (1,340) 66 22,903 Net inflows 1 1,039m 4.8% of CER opening policyholder liabilities Liabilities 1 Jan 2013 Foreign Exchange CER opening liabilities Premiums Maturities, deaths and surrenders Investment related and other 2 Liabilities 30 Jun Defined as movements in shareholder-backed policyholder liabilities arising from premiums, surrenders, maturities and deaths. 2 Includes impact of Thanachart acquisition of 0.5bn and sale of Japanese Life Business of (1)bn HALF YEAR RESULTS
93 Policyholder liabilities Shareholder backed business US Policyholder liabilities roll-forward, m 92,261 6,748 99,009 8,208 (3,040) 2, ,215 Net inflows 1 5,168m 5.2% of CER opening reserves Liabilities 1 Jan 2013 Foreign Exchange CER Opening liabilities Premiums Maturities, deaths and surrenders Investment related and other Liabilities 30 Jun Defined as movements in shareholder-backed policyholder liabilities arising from premiums, surrenders, maturities and deaths HALF YEAR RESULTS
94 Policyholder liabilities Shareholder backed business UK Policyholder liabilities roll-forward 1, m 49,505 2, ,070 (2,426) Net inflows 1 (336)m -0.7% of opening reserves Liabilities 1 Jan 2013 Shareholders Premiums Shareholders maturities, deaths and surrenders Investment related and other Liabilities 30 June Defined as movements in shareholder-backed policyholder liabilities arising from premiums, surrenders, maturities and deaths HALF YEAR RESULTS
95 Asset management Group 3 rd party net-inflows Asset Management movement in 3 rd party FUM 1, m 3,840 2, ,344 2, , ,498 Opening 3rd party FUM M&G net flows Asia 2 Sub-Total Investment markets/other Closing 3rd party FUM 1 Excludes Asia MMF HALF YEAR RESULTS
96 Asset Management M&G net retail sales Average monthly gross and net retail sales, m 3,000 2,500 2,000 1,500 1, HY 2013 Gross sales Net sales HALF YEAR RESULTS
97 IFRS shareholders funds HY 2013 movement Analysis of movement in IFRS shareholders funds, m -2% 1,415 10,359 (755) (30) (124) (141) ,157 (837) (21) (532) 9,625 Shareholders funds 1 Jan Operating profit Short term fluctuations in investment returns Amortisation of acquisition accounting adjustment Sale of Japan business Tax and minority interests Net movement US unrealised value change FX impact (net of tax) Actuarial loss / gain on DB pension schemes Other 1 Sub-total Dividend Shareholders funds 30 Jun 1 Movements in own shares OEICs, new share capital subscribed, movements in share schemes treasury stocks and reserve movements in respect of share based payments HALF YEAR RESULTS
98 EEV operating profit Life operating variances Group Group Life operating variances, m Experience variances and assumption changes % opening EEV 1 0.6% 0.1% 1.1% 0.5% (0.5)% 0.6% 1.4% 1.4% 1.2% HY 2005 HY 2006 HY 2007 HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 (77) Unwind Experience variances and assumption changes 1 Opening EEV of Life operations, excluding goodwill. Note: Unwind & Experience variances / assumption changes excludes Japan HALF YEAR RESULTS
99 EEV operating profit Life operating variances Asia Asia Life operating variances, m Experience variances and assumption changes % of opening EEV 1 1.0% (0.4)% 1.0% (0.6)% (2.6)% (0.9)% (0.3)% 0.1% 0.2% (8) (24) (53) (20) HY 2005 HY 2006 HY 2007 HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 HY 2013 (137) 1 Opening EEV of Life operations, excluding goodwill. Note: Unwind & Experience variances / assumption changes excludes Japan. Unwind Experience variances and assumption changes HALF YEAR RESULTS
100 EEV shareholders funds HY 2013 movement Analysis of movement in EEV shareholders funds, m +12% 2, (808) 203 (26) (47) (587) ,054 (532) 24,522 22,443 Shareholders funds 1 Jan Operating Profit Short term fluctuations in investment returns Economic assumption changes Mark to market own debt Actuarial gain on own DB pension scheme Sale of Japan business Tax and minority interest FX impact (net of tax) Other Sub-total Dividend Shareholders funds 30 Jun HALF YEAR RESULTS
101 IGD capital Base and sensitivities IGD sensitivity analysis 20% fall in equity markets (250)m 40% fall in equity markets 1 10x expected defaults IGD Surplus ( bn) with Permitted Practice (850)m (700)m 100bps fall in interest rate 3.5 IGD Surplus ( bn) without Permitted Practice Sensitivities shown are as at 30 June 2013, based on Jackson s contribution to IGD capital at that time With Jackson s permitted practice 2 in place, impact of 100bps fall in interest rate would be to reduce IGD surplus to 3.5bn Without Jackson s permitted practice 2 in place, 100bps fall in interest rate does not impact IGD HY 2013 Interest rate drop 100bps HY 2013 Interest rate drop 100bps 1. The 40% fall in equity markets assumes a 20% immediate fall followed by a 20% fall over the next 20-trading days. 2. The current regulatory permitted practice used by Jackson in relation to SSAP86 values all interest rate swaps at book value rather than fair value HALF YEAR RESULTS
102 IGD capital Movement during the period IGD capital movement in first half of 2013 ( bn) IGD surplus 31 December 2012 Impact of amended contribution from Jackson (as agreed with PRA) Net capital generation Impact of Thanachart transaction Reduction in SHIFT asset allowance 1 Market movement incl fx impact 2012 year-end dividend payment External financing and other central costs (net of tax) Sub Debt issuance IGD surplus 30 June (1.2) 1.0 (0.3) (0.2) (0.1) (0.5) (0.3) The Group recognises a proportion of the shareholders interest in future transfers from the UK s with-profit business. This is being removed in two equal steps in January 2013 and January HALF YEAR RESULTS
103 Invested assets Group overview Breakdown of invested assets HY 2013, bn Total Group PAR Funds Unit- Linked Shareholders Asia Life US Life UK Life Other Total Debt securities Equity Property Investments Commercial mortgage loans Other loans Deposits Other Investments Total HALF YEAR RESULTS
104 Invested assets Group shareholder exposures Sovereign debt Breakdown of the shareholder debt securities portfolio, % SH sovereign exposures by regions & ratings 1, m US UK Europe Asia Other Total AAA - 3, ,085 AA-BBB 3, , ,278 Below BBB Total 68.3bn 15% Sovereign Total 3,434 3, , ,359 Europe by key countries, m Germany PIIGS Other Total Europe Portugal Italy Ireland Greece Spain Total PIIGS Includes Credit Default Swaps HALF YEAR RESULTS
105 Invested assets Group shareholder exposures hybrid bank debt Breakdown of the shareholder debt securities portfolio, % Total 68.3bn 3% Banks Exposure to Tier 1 and Tier 2 hybrid bank debt, m US UK France Germany PIIGS Other Eurozone Other Total Tier ,659 Tier HALF YEAR RESULTS
106 Resilient balance sheet Total PIIGS sovereign and bank debt of only 290m Breakdown of the shareholder debt securities portfolio, % Shareholder invested assets PIIGS countries as at 30 June 2013, m PIIGS sovereign & bank debt Sovereign Institution Bank debt Covered Senior Tier II Tier I Total Total 68.3bn 1% Portugal - BCP Finance Bank Banco Espirito Santo Ireland - Bank of Ireland Italy 51 Intesa SanPaolo Unicredit Spa Greece Spain 1 Santander Total Total PIIGS sovereign & bank debt = 290m HALF YEAR RESULTS
107 Invested assets UK asset quality credit reserve UK shareholder debt securities portfolio by rating 1 Strength of the 2.0bn credit reserve BB or below BBB 24% 3% Total 26.6bn 14% 25% AAA No defaults of shareholder-backed debt securities Allowance for credit risk as at 30 June 2013 materially in line with prior year 2 Pillar 1 (IGD) 64 bps (FY 2012: 65 bps) IFRS 42 bps (FY 2012: 42 bps) Pillar 1 and EEV assumptions equivalent to 41% of current spread over swaps (FY 2012: 40%) 2 A 34% AA 73% A or above 1 Ratings from different agencies aggregated for presentational purpose. Also includes internal ratings. 2 For Prudential Retirement Income Limited (PRIL) HALF YEAR RESULTS
108 Invested assets US asset quality corporate debt portfolio (1/3) US Shareholder Debt Securities Portfolio Market value, bn Other CMBS RMBS HY 33.4bn < Corporate Bond Portfolio, % by rating BB and below Govt 5% 4% AAA and AA Corporate Bonds IG 23 BBB 51% Total 24.0bn 40% A 44% A or above 95% Investment Grade, 5% High Yield HALF YEAR RESULTS
109 Invested assets US asset quality corporate debt portfolio (2/3) US Shareholder Debt Securities Portfolio Market value, bn Other CMBS RMBS Govt Corporate Bonds HY IG 33.4bn < Services Real Estate Telecom Technology & Electronics Media Insurance Investment Grade Corporate Bond Portfolio, % by sector 4% 3% 5% 4% Utility 6% 13% 6% 3% Automotive 1% 14% Banking 6% Total 22.7bn 8% 9% Basic Industry 5% 4% 9% Capital Goods Healthcare Consumer Cyclical Consumer Non-Cyclical Portfolio spread over 713 issuers, with an average holding of 32m Financial Services Energy HALF YEAR RESULTS
110 Invested assets US asset quality corporate debt portfolio (3/3) US Shareholder Debt Securities Portfolio Market value, bn Other CMBS RMBS Govt Corporate Bonds HY IG 33.4bn < Telecom Technology & Electronics 2% Utility Automotive 14% 4% 10% High Yield Corporate Bond Portfolio, % by sector 10% Total 1.3bn 12% Basic Industry 6% 5% 15% Capital Goods Consumer Cyclical Energy Consumer Non-Cyclical 2% Portfolio spread across 145 issuers, with an average holding of 9m Services 6% 10% Healthcare Other 2% Media Financial Services 2% HALF YEAR RESULTS
111 Invested assets US asset quality RMBS portfolio US Shareholder Debt Securities Portfolio Market value, bn Other CMBS RMBS Govt HY 33.4bn < Breakdown of the RMBS portfolio bn Market Value m FV Price 2006/ Pre Corporate Bonds IG 23 Average Fair Value (FV) Price Total Portfolio Agency Guaranteed Sub -prime Senior Pre-2005 Senior 2005 Non-Agency RMBS Senior 2006/07 Non -Senior HALF YEAR RESULTS
112 Invested assets US asset quality CMBS portfolio US Shareholder Debt Securities Portfolio Market value, bn Other CMBS RMBS Govt HY 33.4bn < A 26% BBB 9% Total 2.6bn BB and lower = 2% CMBS portfolio, % by rating 39% AAA Average credit enhancement of the non-agency portfolio is 31% 91% of the portfolio was originally senior AAA or super-senior AAA tranches Corporate Bonds IG 23 24% AA HALF YEAR RESULTS
113 Invested assets US asset quality commercial mortgage loan portfolio Retail Breakdown by property type, % Office Hotels 17% 18% 9% Total 3.9bn 28% 28% Industrial Multi-Family High level of diversification Average loan size of 7m Spread across property type Geographic diversification Strong underwriting discipline Portfolio performing well in current environment Current average LTV of 62% Problem loan balances at 30 June 2013 Loans with restructured terms 49m 1 loan currently in process of foreclosure ( 0.4m) No write-downs during H m decrease in specific reserves, offset by a 0.3m increase in general reserve HALF YEAR RESULTS
114 Cash and capital Net remittances (1/2) Group objectives , bn 2009 m 2010 m 2011 m 2012 m HY 2013 m Target 2013 Remittance ratio >55% UK with-profit UK shareholderbacked bn US bn Asia M&G bn 107% 3.8bn 107% Net remittances to group ,105 1, Cumulative underlying free surplus Cumulative net remittances Objective 1 In 2009, the net remittances from the UK included the 150 million arising from the pro-active financing techniques used to bring forward cash emergence of the in-force book during the financial crisis. The 2010 net remittances included an amount of 120 million representing the releases of surplus and net financing payments. 2 Remittances from Asia in 2012 include net remittance of 27 million, representing cash from sale of Group's holding in China Life Insurance Company in Taiwan offset by repayment of funding contingent on future profits of the Hong Kong life insurance operations remittances included a one-off remittance of 130 million, representing the accumulation of historic distributable reserves. 3 Including Prudential Capital. 4 Net remittances from Jackson in 2011 include releases of excess surplus to Group HALF YEAR RESULTS
115 Cash and capital Net remittances (2/2) Group objectives , bn m HY HY 2013 Total Remittance ratio >55% Actual free surplus 1,690 1,862 1,923 1,065 Operating variances bn Expected return on free assets bn Asset management profits Investment in new business (645) (553) (618) (396) 6.5bn 107% 3.8bn 107% Underlying free surplus generated 1,714 1,983 2,082 1,152 6,931 Remittance 935 1,105 1, ,084 Cumulative underlying free surplus Cumulative net remittances Remittance ratio 55% 56% 58% 73% 59% Objective Comparatives as reported HALF YEAR RESULTS
Prudential plc 2014 Full Year Results
Prudential plc 2014 Full Year Results Delivering Growth and Cash 10 March 2015 1 This document may contain forward-looking statements with respect to certain of Prudential's plans and its goals and expectations
More informationPrudential plc 2012 Half Year Results
Prudential plc 2012 Half Year Results Delivering Growth and Cash 10 August 2012 This document may contain forward-looking statements with respect to certain of Prudential's plans and its goals and expectations
More informationPrudential plc Half Year Results. 11 August HALF YEAR RESULTS
Prudential plc 2015 Half Year Results 11 August 2015 1 2015 HALF YEAR RESULTS This document may contain forward-looking statements with respect to certain of Prudential's plans and its goals and expectations
More informationPrudential plc 2007 Full Year Results. 14 March 2008
Prudential plc 2007 Full Year Results 14 March 2008 This statement may contain certain forward-looking statements with respect to certain of Prudential's plans and its current goals and expectations relating
More informationDelivering Shareholder Value
Delivering Shareholder Value Adrian O Connor Chief Financial Officer Prudential Corporation Asia 10 December 2013 Delivering shareholder value Value - Profits - Cash Life Cycle New business contribution
More informationPRUDENTIAL PLC GROUP COMMUNICATIONS 12 ARTHUR STREET LONDON EC4R 9AQ TEL FAX
NEWS RELEASE PRUDENTIAL PLC GROUP COMMUNICATIONS 12 ARTHUR STREET LONDON EC4R 9AQ TEL 020 7220 7588 FAX 020 7548 3725 www.prudential.co.uk 8.15 am (GMT) 14 November 2013 PRUDENTIAL PLC THIRD QUARTER 2013
More informationPrudential plc Half Year Results. 10 August HALF YEAR RESULTS 1
Prudential plc 2017 Half Year Results 10 August 2017 1 This document may contain forward-looking statements with respect to certain of Prudential's plans and its goals and expectations relating to its
More informationDelivering long-term value
Prudential plc Half Year Financial Report Delivering long-term value HK Stock Code: 2378 A good performance across key metrics Prudential has delivered a good performance in the first half of across the
More informationGroup Conference objectives
Mike Wells Group Conference objectives 1 Confirm opportunity set & positioning 2 Demonstrate business resilience 3 Highlight BU operational progress 4 Re-affirm company prospects Conference agenda Group
More informationPrudential plc. Morgan Stanley European Financials Conference. 16 March 2016
Prudential plc Morgan Stanley European Financials Conference 16 March 2016 1 This document may contain forward-looking statements with respect to certain of Prudential's plans and its goals and expectations
More information2008 Half-Yearly Financial Report
2008 Half-Yearly Financial Report There s more to Prudential. We continued to perform strongly in the first half of 2008 with double-digit growth in new business sales and profits, maintaining the momentum
More informationEuropean Embedded Value (EEV) basis results
Prudential plc Annual Report 2014 275 Section 6 European Embedded Value (EEV) basis results 276 Index to EEV basis results Description of EEV basis reporting In broad terms, IFRS profits for long-term
More informationCash, capital and earnings. Nic Nicandrou Chief Financial Officer
Cash, capital and earnings Nic Nicandrou Chief Financial Officer surplus generation A key area of management focus 2008 FY results presentation 1 surplus generation A strong track record of delivery Net
More informationEuropean Embedded Value (EEV) basis results
European Embedded Value (EEV) basis results Page Post-tax operating profit based on longer-term investment returns 1 Post-tax summarised consolidated income statement 1 Movement in shareholders equity
More informationEuropean Embedded Value. (EEV) basis results 298 Index to EEV basis results. 01 Group overview 02 Strategic report 03 Governance 04 Directors
European Embedded Value (EEV) basis results 298 Index to EEV basis results 6 Apprenticeship programme Our communities Over the past two years Prudential UK has recruited 130 young people to join the highly
More informationEuropean. 324 Index to EEV basis results. 06 European Embedded Value (EEV) basis results
06 European Embedded Value (EEV) basis results 324 Index to EEV basis results 06 European Embedded Value (EEV) basis results Index to European Embedded Value (EEV) basis results 325 Post-tax operating
More informationDelivering Shareholder Value
Delivering Shareholder Value Adrian O Connor Chief Financial Officer Prudential Corporation Asia 16 November 2011 1 Asia is Delivering across All Key Metrics New Business Profit 1 ( m) IFRS Operating Profit
More informationNic Nicandrou. Group
Nic Nicandrou Group Drivers of high quality earnings, resilient capital and robust balance sheet Growing and resilient earnings drivers Capital is strong and highly accretive Defensive and robust balance
More informationPRUDENTIAL PLC ANNUAL REPORT Long-term thinking. HK Stock Code: 2378
PRUDENTIAL PLC ANNUAL REPORT 2010 Long-term thinking HK Stock Code: 2378 Prudential delivered a very strong performance in 2010, with results significantly ahead of 2009. Our disciplined approach to capital
More informationNEWS RELEASE. PRUDENTIAL PLC GROUP COMMUNICATIONS 12 ARTHUR STREET LONDON EC4R 9AQ TEL FAX
NEWS RELEASE PRUDENTIAL PLC GROUP COMMUNICATIONS 12 ARTHUR STREET LONDON EC4R 9AQ TEL 020 7220 7588 FAX 020 7548 3725 www.prudential.co.uk 9.15 am (UK Time) 6 May 2015 PRUDENTIAL PLC FIRST QUARTER 2015
More information2013 Results. Mark Wilson Group Chief Executive Officer
2013 Results 1 Disclaimer Cautionary statements: This should be read in conjunction with the documents filed by Aviva plc (the Company or Aviva ) with the United States Securities and Exchange Commission
More informationAviva Preliminary Results Athletics pictures
Aviva Preliminary Results 2011 Athletics pictures Disclaimer Cautionary statements: This should be read in conjunction with the documents filed by Aviva plc (the Company or Aviva ) with the United States
More informationPrudential plc Full Year Results. 14 March 2018
Prudential plc 2017 Full Year Results 14 March 2018 1 This document may contain forward-looking statements with respect to certain of Prudential's plans and its goals and expectations relating to its future
More informationPrudential plc 2006 Full Year Results. 15 March 2007
Prudential plc 2006 Full Year Results 15 March 2007 This statement may contain certain forward-looking statements with respect to certain of Prudential's plans and its current goals and expectations relating
More informationEuropean Embedded Value (EEV) basis results
06 European Embedded Value (EEV) basis results Page Index to EEV basis results 326 01 Group overview 02 Strategic report 03 Governance 04 Directors remuneration report 05 Financial statements 06 European
More informationAdditional Unaudited Financial Information (New Business and Value of in-force) 35
European Embedded Value (EEV) basis results Page Operating profit based on longer-term investment returns 1 Summarised consolidated income statement 2 Movement in shareholders equity 3 Summary statement
More informationMark FitzPatrick. Group
Mark FitzPatrick Group 3Q17 YTD financial highlights Sustained momentum and resilience Life new business profit 1 Asset management external net flows 2 Group external assets under management 2,3 Solvency
More informationEuropean Embedded Value (EEV) basis results
European Embedded Value (EEV) basis results Page Post-tax operating profit based on longer-term investment returns 1 Post-tax summarised consolidated income statement 2 Movement in shareholders equity
More informationAnnual Report 2009 THERE S MORE TO PRUDENTIAL
Annual Report 2009 THERE S MORE TO PRUDENTIAL Contents The directors report of Prudential plc for the year ended 31 December 2009 is set out on pages 1 to 94 and on pages 344 to 347 and includes the sections
More informationSustainable Growth. The Composite Model: Flexibility Strength Resilience Balance Preliminary Results
Sustainable Growth The Composite Model: Flexibility Strength Resilience Balance 2005 Preliminary Results 2 March Aviva 2006 plc 1 Agenda Introduction Financial review Review of the business Richard Harvey
More informationMORE. Half-Year Results rd August 2011 FORWARD LOOKING STATEMENTS.
1 MORE. Half-Year Results 3 rd August 2 FORWARD LOOKING STATEMENTS. This document may contain certain forward-looking statements relating to Legal & General Group, its plans and its current goals and expectations
More informationInternational Financial Reporting Standards (IFRS) basis results
03 International Financial Reporting Standards (IFRS) basis results Page Index to Group IFRS financial results 38 Statement of Directors responsibilities 99 Independent review report to Prudential plc
More informationHalf Year Results Standard Life plc Analyst and Investor presentation
Half Year Results 2013 Standard Life plc Analyst and Investor presentation Half Year Results 2013 Record flows driving strong growth in revenue David Nish Chief Executive This presentation may contain
More informationMeasuring our performance
Our performance Measuring our performance To create sustainable economic value for our shareholders we focus on delivering profitable growth and cash while maintaining appropriate capital. Profit, cash
More informationBofA Merrill Lynch Conference 30 September, Mark Wilson Group CEO
BofA Merrill Lynch Conference 30 September, 2015 Mark Wilson Group CEO 1 Disclaimer Cautionary statements: This should be read in conjunction with the documents filed by Aviva plc (the Company or Aviva
More informationFull Year 2012 Earnings
Full Year 2012 Earnings February 21, 2013 Presentation Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited
More information2016 ANNUAL RESULTS PRESENTATION
2016 ANNUAL RESULTS PRESENTATION 24 February 2017 Disclaimer This document ( document ) has been prepared by AIA Group Limited (the Company ) and its advisers solely for use at the presentation (the Presentation
More informationTransforming Aviva. David McMillan. Aviva Europe CEO & Global Health Chairman
Transforming Aviva David McMillan Aviva Europe CEO & Global Health Chairman Goldman Sachs 19th Annual European Financials Conference Rome, 15 th June 2015 Disclaimer Cautionary statements: This should
More informationInterim Results 9 th August, 2012
Interim Results 9 th August, 2012 1 Disclaimer Cautionary statements: This should be read in conjunction with the documents filed by Aviva plc (the Company or Aviva ) with the United States Securities
More informationStrategic report. Section 2
Prudential plc Annual Report 2014 15 Section 2 Strategic report 16 Our world 18 Our strategy and operating principles 19 How our business works 20 Measuring our performance 22 Our businesses and their
More informationAviva plc. Interim results Andrew Moss Group Chief Executive
Aviva plc Interim results 2008 Andrew Moss Group Chief Executive Accelerating transformational change to deliver a unified and more profitable company 1 Disclaimer This presentation may include oral and
More informationDelivering growth in a riskier world
Delivering growth in a riskier world Sandy Crombie Group Chief Executive October 2007 Please turn off your mobile phone and BlackBerry Disclaimer This presentation may contain certain forward-looking statements
More informationAXA. Henri de Castries. Chairman & CEO. London - October 2, Sanford C. Bernstein Strategic Decisions Conference
AXA Henri de Castries Chairman & CEO London - October 2, 2013 Sanford C. Bernstein Strategic Decisions Conference Cautionary note concerning forward-looking statements Certain statements contained herein
More informationAXA HALF YEAR 2016 EARNINGS. Presentation. August 3, 2016
AXA HALF YEAR 2016 EARNINGS Presentation August 3, 2016 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More informationCLSA Investor forum. September 14, 2017
CLSA Investor forum September 14, 2017 Agenda Opportunity Industry and Competitive landscape Company strategy and performance 2 Agenda Opportunity Industry and Competitive landscape Company strategy and
More informationAXA FULL YEAR 2016 EARNINGS. Presentation. February 23, 2017
AXA FULL YEAR 2016 EARNINGS Presentation February 23, 2017 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More informationHalf Year Results. 27 August 2010
Half Year Results 27 August 2010 Agenda Introduction - Ron Sandler, Chairman Business review - Jonathan Moss, Group Chief Executive Financial results - Jonathan Yates, Group Finance Director Summary -
More informationHalf Year 2013 Earnings
Half Year 2013 Earnings August 2, 2013 Presentation Table of contents Introduction & highlights Page A4 by Henri de Castries, Chairman and CEO financial performance by Denis Duverne, Deputy CEO & Gérald
More informationEASTSPRING INVESTMENTS
EASTSPRING INVESTMENTS GUY STRAPP, CHIEF EXECUTIVE MICHELE BANG, DEPUTY CHIEF EXECUTIVE eastspring.com eastspring.com NET FLOWS RECORD NET FLOWS IN 2014 Eastspring s External Client Net Flows, ex-mmf bn
More informationLeadership in life insurance. November 2015
Leadership in life insurance November 215 Agenda Industry overview Outlook Company strategy and performance 2 Agenda Industry overview Outlook Company strategy and performance 3 Evolution of life insurance
More informationHalf Year Results Standard Life plc Analyst and Investor Presentation
Half Year Results 2011 Standard Life plc Analyst and Investor Presentation Disclaimer This presentation may contain certain forwardlooking statements with respect to certain of Standard Life's plans and
More informationHalf Year Earnings Press conference August 2, 2018
Half Year Earnings 2018 Press conference August 2, 2018 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained herein may be forward-looking
More informationNews Release Aviva plc
News Release Interim management statement for the three months to 31 March First Quarter Cash flow Operating capital generation stable at 0.5 billion (: 0.5 billion) Continued focus on improving remittance
More informationHalf Year 2012 Earnings
Half Year 2012 Earnings August 3, 2012 Presentation Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited to,
More informationAXA FULL YEAR 2014 EARNINGS. Presentation. February 25, 2015
AXA FULL YEAR 2014 EARNINGS Presentation February 25, 2015 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More information2006 Interim Results. 9 August 2006
2006 Interim Results 9 August 2006 Agenda Introduction Financial review Review of the business Richard Harvey Group Chief Executive Andrew Moss Group Finance Director Richard Harvey Review of AmerUs Tom
More informationGood morning and welcome to AIA s 2018 interim results presentation. I am Lance Burbidge, Chief Investor Relations Officer.
AIA Group Limited 2018 Interim Results Analyst Briefing Presentation Transcript 24 August 2018 Lance Burbidge, Chief Investor Relations Officer: Good morning and welcome to AIA s 2018 interim results presentation.
More informationA Background and critical accounting policies
A1 Basis of preparation and exchange rates Prudential plc (the Company) together with its subsidiaries (collectively, the Group or Prudential) is an international financial services group. Principal operations
More informationRisk and capital management: the changing environment
Risk and capital management: the changing environment Andrew Moss Group Finance Director Aviva plc 14 th April 2005 Disclaimer This presentation may contain certain forward-looking statements with respect
More informationAVIVA plc Interim results 2005
AVIVA plc Interim results 2005 11 August 2005 Disclaimer This presentation may contain certain forward-looking statements with respect to certain of Aviva s plans and its current goals and expectations
More informationPrudential UK & Europe. Jackie Hunt, Aki Hussain
Prudential UK & Europe Jackie Hunt, Aki Hussain Agenda Strategy and business overview Market developments and business lines Financial performance Summary and outlook 2 Agenda Strategy and business overview
More informationAXA 2016 HALF YEAR EARNINGS. Press Conference. Paris - August 3, 2016
AXA 2016 HALF YEAR EARNINGS Press Conference Paris - August 3, 2016 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of
More informationMorgan Stanley Asia: Overview
Morgan Stanley Asia: Overview July 2007 Notice The information provided herein may include certain non-gaap financial measures. The reconciliation of such measures to the comparable GAAP figures are included
More informationFocus on fee business driving growth and performance
Focus on fee business driving growth and performance This presentation may contain certain forward-looking statements with respect to certain of Standard Life's plans and its current goals and expectations
More informationInterim Results 2017
Interim Results 2017 2 Disclaimer Cautionary statements: This should be read in conjunction with the documents distributed by Aviva plc (the Company or Aviva ) through The Regulatory News Service (RNS).
More informationAEGON Asia. Building scale. Marc van Weede. Executive Vice President Group Strategy Analyst and Investor Conference, London, 2-3 June 2008
Unlocking the global potential AEGON Asia Building scale Marc van Weede Executive Vice President Group Strategy Analyst and Investor Conference, London, 2-3 June 2008 Local knowledge. Global power. 1 Key
More informationInterim Results Leading the way in Asia, Africa and the Middle East
Interim Results 2008 Leading the way in Asia, Africa and the Middle East 1 Leading the way in Asia, Africa and the Middle East Mervyn Davies Chairman 2 Performance highlights Income US$6.99bn 33% Operating
More informationPrudential 2011 Half Year Results: August 5, :00 am Greenwich Mean Time
Prudential 2011 Half Year Results: August 5, 2011 11:00 am Greenwich Mean Time Good morning everyone. Welcome to our 2011 Half Year Results Presentation. I hope that Prudential is going to make its small
More informationOPERATIONAL CASH: UP 17% TO 736M (Q3 YTD 2010: 628M)
LEGAL & GENERAL GROUP PLC: QUARTER 3 2011 INTERIM MANAGEMENT STATEMENT Stock Stock Exchange Exchange Release Release. 1 November 17 March 2011 LEGAL & GENERAL SET TO BEAT ANNUAL CASH TARGETS: SALES RESILIENT;
More informationPerformance update: Q1-FY2019. July 24, 2018
Performance update: Q1-FY2019 July 24, 2018 Agenda Company strategy and performance Opportunity Industry overview 2 Agenda Company strategy and performance Opportunity Industry overview 3 Strategy: Market
More informationOn target. Delivering growth. Manulife Financial Corporation Annual Report
On target. Delivering growth. Manulife Financial Corporation 2013 Annual Report Annual and Special Meeting May 1st, 2014 Caution regarding forward-looking statements This document contains forward-looking
More informationNomura Financial Services Conference Fitter. Stronger
Nomura Financial Services Conference 2011 Fitter Stronger 1 Disclaimer Cautionary statements: This should be read in conjunction with the documents filed by Aviva plc (the Company or Aviva ) with the United
More informationHSBC Holdings plc Annual Results
HSBC Holdings plc Forward-looking statements This presentation and subsequent discussion may contain certain forward-looking statements with respect to the financial condition, results of operations and
More informationBank of America Merrill Lynch The Future of Financials Conference. November 6, Citi Investor Relations
Citi Investor Relations Bank of America Merrill Lynch The Future of Financials Conference November 6, 2018 Francisco Aristeguieta CEO, Citigroup Asia Pacific Agenda Franchise Overview Asia Institutional
More informationQ SHAREHOLDERS REPORT SUN LIFE FINANCIAL INC. For the period ended March 31, sunlife.com
Q1 2016 SHAREHOLDERS REPORT SUN LIFE FINANCIAL INC. For the period ended March 31, 2016 sunlife.com CANADIAN RESIDENTS PARTICIPATING IN THE SHARE ACCOUNT Shareholders holding shares in the Canadian Share
More informationAIA Group Limited 2015 Annual Results. Analyst Briefing Presentation Transcript. 25 February Mark Tucker, Group Chief Executive and President:
AIA Group Limited 2015 Annual Results Analyst Briefing Presentation Transcript 25 February 2016 Mark Tucker, Group Chief Executive and President: Good morning everyone, and welcome to our full year results
More informationPrudential plc Solvency and Financial Condition Report 31 December 2016
Prudential plc Solvency and Financial Condition Report 31 December 2016 Summary... 1 A. Business and Performance... 3 A.1 Business... 3 A.2 Underwriting Performance... 7 A.3 Investment Performance... 11
More informationAsia. Our businesses and their performance performance highlights
Our businesses and their performance Asia There are compelling structural trends that underpin the long term opportunities for savings and protection across the region, and Prudential is positioned for
More informationAsia s strongest brand in banking, banking the world s strongest economies
Credit Suisse Investor Conference Peter Wong, Chief Executive, HSBC Asia-Pacific Asia s strongest brand in banking, banking the world s strongest economies 21 March 2011 www.hsbc.com Forward-looking statements
More informationGuide to Financial Reporting European Embedded Value and IFRS Results year ended 31 December 2006
Guide to Financial Reporting European Embedded Value and IFRS Results year ended 31 December 2006 This guide to financial reporting is designed to help investors and other users of our financial statements
More informationAIA Group Limited 2017 Interim Results. Analyst Briefing Presentation Transcript. 28 July Ng Keng Hooi, Group Chief Executive and President:
AIA Group Limited 2017 Interim Results Analyst Briefing Presentation Transcript 28 July 2017 Ng Keng Hooi, Group Chief Executive and President: Good morning and welcome. I m very honoured to be here today
More informationPerformance update: 9M-FY2019. January 22, 2019
Performance update: 9M-FY2019 January 22, 2019 Agenda Company strategy and performance Opportunity Industry overview Image to be pasted Agenda Company strategy and performance Opportunity Industry overview
More information2016 Embedded Value Report for Manulife s Insurance and Other Wealth Businesses (Excludes the value of in-force business for Wealth and Asset
2016 Embedded Value Report for Manulife s Insurance and Other Wealth Businesses (Excludes the value of in-force business for Wealth and Asset Management, Bank and Property and Casualty Reinsurance businesses)
More informationAXA. Henri de Castries Chairman & CEO. October 5, Bank of America Merrill Lynch Annual Banking & Insurance CEO Conference 2011
AXA Henri de Castries Chairman & CEO October 5, 2011 Bank of America Merrill Lynch Annual Banking & Insurance CEO Conference 2011 Cautionary note concerning forward-looking statements Certain statements
More informationGROUP INTERIM RESULTS August 2018
GROUP INTERIM RESULTS 2018 31 August 2018 AGENDA 1 2 CONCLUDING OVERVIEW FINANCIAL REVIEW REMARKS Peter Moyo, Group CEO Casper Troskie, Group CFO Peter Moyo, Group CEO 4 3Q&A 2 OVERVIEW Starting our journey,
More informationAviva plc Interim Results 2018
Aviva plc Interim Results 2018 Disclaimer Cautionary statements: This should be read in conjunction with the documents distributed by Aviva plc (the Company or Aviva ) through The Regulatory News Service
More informationStandard Life plc Full year results February 2015
Standard Life plc Full year results 2014 20 February 2015 Increased focus on fee business driving growth and performance Assets under administration from continuing operations increased by 38% to 296.6bn,
More informationTotal Group insurance and investment sales of 7.7 billion, in line with first quarter 2002.
Embargo: 07.00 hrs Thursday 17 April 2003 PRUDENTIAL PLC FIRST QUARTER 2003 NEW BUSINESS RESULTS Total Group insurance and investment sales of 7.7 billion, in line with first quarter 2002. Group APE (annual
More informationAmbition AXA Investor Day June 1, US Life. Mark Pearson President & CEO of AXA in the US
Ambition AXA Investor Day June 1, 2011 US Life Mark Pearson President & CEO of AXA in the US Cautionary note concerning forward-looking statements Certain statements contained herein may constitute forward-looking
More informationQ SHAREHOLDERS REPORT SUN LIFE FINANCIAL INC. For the period ended March 31, sunlife.com
Q1 2018 SHAREHOLDERS REPORT SUN LIFE FINANCIAL INC. For the period ended March 31, 2018 sunlife.com CANADIAN RESIDENTS PARTICIPATING IN THE SHARE ACCOUNT Shareholders holding shares in the Canadian Share
More informationRecent Asia experiences with capital flows
Recent Asia experiences with capital flows Rob Subbaraman, Chief Economist Asia Ex-Japan December 2007 Asia ex-japan's total balance of payments % of GDP 10 8 6 4 2 0-2 -4 1996 1997 1998 1999 2000 2001
More informationHalf Year 2017 Earnings presentation. August 3, 2017
Half Year 2017 Earnings presentation August 3, 2017 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained herein may be forward-looking
More informationLEGAL & GENERAL DELIVERS 1.1BN IFRS OPERATING PROFIT, GENERATES 699M NET CASH AND INCREASES FINAL DIVIDEND BY 33%
LEGAL & GENERAL GROUP PLC PRELIMINARY RESULTS 2009 Stock Exchange Release. 23 March 2010 LEGAL & GENERAL DELIVERS 1.1BN IFRS OPERATING PROFIT, GENERATES 699M NET CASH AND INCREASES FINAL DIVIDEND BY 33%
More informationBack to basis Evolving technical matters
Back to basis Evolving technical matters Savings and retirement products with guarantees: how to get a better return with lower risks? Prepared by Clement Bonnet Consulting Actuary Clement Bonnet Consulting
More informationM&G Investments. Michael McLintock and Grant Speirs
M&G Investments Michael McLintock and Grant Speirs Agenda M&G Group strategic overview Michael McLintock M&G s results and the industry Grant Speirs Business outlook and summary Michael McLintock 2 About
More informationDeutsche Bank Global Financial Services Conference. Mark Wilson Group CEO. June 2015
Deutsche Bank Global Financial Services Conference Mark Wilson Group CEO June 2015 1 Disclaimer Cautionary statements: This should be read in conjunction with the documents filed by Aviva plc (the Company
More informationIndex to Group IFRS financial statements
05 Financial statements Page Index to Group IFRS financial statements 160 Parent company financial statements 305 Notes on the parent company financial statements 307 Statement of Directors responsibilities
More informationManulife Financial Corporation Third Quarter
Manulife reports 3Q16 net income of $1.1 billion and core earnings of $1 billion, strong growth in Asia, and positive net flows in Wealth and Asset Management TORONTO Manulife Financial Corporation ( MFC
More informationLeading the way in Asia, Africa and the Middle East. Half Year Results 2013
Leading the way in Asia, Africa and the Middle East Half Year Results 2013 Forward looking statement This presentation contains or incorporates by reference forward-looking statements regarding the belief
More informationLeadership in Life Insurance. June 2013
Leadership in Life Insurance June 2013 Agenda Industry overview and outlook Performance update Our strategy 2 Agenda Industry overview and outlook Performance update Our strategy 3 India life insurance
More information