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9 March 2022




Performance highlights for the continuing business1 on a constant (and actual) exchange rate basis2

  • APE sales3 up 8 per cent (10 per cent) to $4,194 million

  • New business profit4 up by 13 per cent (15 per cent) to $2,526 million

  • Strategic positioning to Asia and Africa completed

  • Adjusted operating profit5 from continuing operations up 16 per cent (17 per cent) to $3,233 million

  • Second interim ordinary dividend of 11.86 cents per share, 17.23 cents per share for the full year


Strong growth in Thailand led by expanded offerings and bancassurance channel

  • Market position shifted from 8th to 6th

  • APE sales rose twenty-two per cent in 2021, outperforming the industry, reflecting the successful development of our bank partnerships.

  • New business profitability grew strongly by 129%, underpinned by sales growth, increased sales in health and protection and unit linked business and increases in interest rates

  • Market share in the bancassurance channel grew to 14% from 10% allowing Prudential Thailand to be the #3 player in Bancassurance.

  • Employee Benefit business, gained traction, delivering 76% per cent growth in sales


Mike Wells, Group Chief Executive of Prudential plc, said: “Prudential has delivered high-quality, resilient growth as we completed the strategic re-positioning of our business to focus solely on Asia and Africa. We have continued to deliver for our customers against the backdrop of the Covid-19 pandemic, and I would like to record my deep gratitude to our staff and agents for their outstanding efforts. We have announced that I will retire from my role at the end of March 2022. I am grateful to have had the opportunity to work with the staff and Board of Prudential, and look forward to watching the Group’s further success.


“Our digitally enabled, multi-channel and geographically diversified business enabled us to increase APE sales3 by 8 per cent6 and deliver growth6 in 10 of our 14 insurance markets7, despite the obvious challenges of Covid-19. New business levels in Hong Kong remained impacted by the continuing Mainland China border closure. Excluding Hong Kong, 2021 APE sales grew by 16 per cent6 driven by our businesses in Mainland China, India, Malaysia, the Philippines, Singapore and Thailand. We delivered 13 per cent6 growth in Group new business profit4 through an improvement in business mix, and therefore margin, and the growth in new sales.


“The Group’s high-quality business, based on regular-premium income, focus on health and protection, and high levels of customer retention, supports resilient, compounding growth. This enabled the Group’s life businesses to deliver adjusted operating profit5 growth of 8 per cent6 despite higher Covid-19-related claims, with seven of our 14 life markets generating double-digit6 adjusted operating profit5 growth. Eastspring’s adjusted operating profit was up 10 per cent6, with its funds under management reaching $258.5 billion, with continued inflows from the Group’s life businesses. Collectively our life and asset management businesses delivered 8 per cent6 growth in adjusted operating profit5 and 7 per cent6 growth in operating free surplus generation8. After delivery of the planned central cost savings, total Group adjusted operating profit for the continuing business was up 16 per cent6.


“We continue to invest for the long term in new products, additional distribution capabilities and enhanced digital capabilities, to build our presence as a leading agency and bancassurance player and to access new pools of customers. Our product and other initiatives helped attract over 2.5 million customers in 2021 who were not existing policyholders of Prudential, contributing to an increase in our total life customer base to 18.6 million (2020: 17.4 million excluding Jackson). New business policies sold to both new and existing customers rose 16 per cent to 3.9 million and included 109,000 policies which were sold direct to the consumer through digital systems, including Pulse. These new policies included 2.2 million health and protection cases, reflecting our customers’ increased focus on this area in light of the pandemic.


“We have completed the strategic re-positioning of our business into one focused entirely on Asia and Africa. In the fourth quarter, we carried out a successful $2.4 billion9 equity raise in Hong Kong. In December 2021 and January 2022 cash from this issuance was deployed in deleveraging our balance sheet in a $2.25 billion debt reduction programme. These actions, together with the associated reduction in interest costs, have enhanced our financial flexibility in light of the breadth of opportunities to invest for growth in Asia and Africa.


“We enter 2022 with a strong balance sheet and capital position. The timing of the opening of the Hong Kong border remains uncertain and Covid-19 will continue to have an impact. The current conflict in Ukraine could have wider implications for global economic and market conditions as well as geopolitical relations. However, we believe our multi-channel approach and focus on quality business and operating efficiency is the right strategy for dealing with volatile operating conditions. We are confident that our investment in new business, distribution and product enhancements will continue to meet the needs of our customers and build value for our shareholders over the long term.”


Summary financials

2021 $m

2020 $m

Change on AER basis3

Change on CER basis3

New business profit from continuing operations1,4





Operating free surplus generated from continuing operations1,8





Adjusted operating profit from continuing operations1,5





IFRS profit after tax from continuing operations1





IFRS (loss) profit for the period after write-down of Jackson to fair value











31 Dec 2021

31 Dec 2020*



Per share


Per share

EEV shareholders’ equity





IFRS shareholders’ equity






*    Includes Jackson. Excluding Jackson EEV of the continuing Group was $41.9bn (1,607¢ per share) and IFRS shareholders’ equity was $12.4bn at 31 December 2020.


Robin Spencer, Chief Executive Officer of Prudential Thailand, said: “Given it’s huge potential, Prudential Plc has identified Thailand as a key growth market and has invested significantly into the Thai economy. Our focus on providing our customers with good value savings and health products has enabled us to achieve strong growth, which I am very proud of.

This focus on creating competitive and affordable health insurance whilst also enabling more access to affordable healthcare solutions has had significant impact in 2021 - we are committed to accelerating this even more in 2022.

Our investment for the future in our new digital health platform “Pulse by Prudential” is testament to this commitment as it is free for all and has been downloaded more than 3.1million times. This year we will broaden the appeal of Pulse by launching new features particularly focussed on Female Health in line with our brand positioning of empowering women in Thai society.”



1. Continuing operations represents the Asia, Africa and head office functions of the Group following the demerger of Jackson.

2. Further information on actual and constant exchange rate bases is set out in note A1 of the IFRS financial statements.

3. APE sales is a measure of new business activity that comprises the aggregate of annualised regular premiums and one-tenth of single premiums on new business written during the year for all insurance products, including premiums for contracts designated as investment contracts under IFRS 4. It is not representative of premium income recorded in the IFRS financial statements. See note II of the Additional unaudited financial information for further explanation.

4. New business profit, on a post-tax basis, on business sold in the period, calculated in accordance with EEV Principles.

5. In this press release ‘adjusted operating profit’ refers to adjusted IFRS operating profit based on longer-term investment returns from continuing operations. This alternative performance measure is reconciled to IFRS profit for the period in note B1.1 of the IFRS financial statements.

6. On a constant exchange rate basis.

7. 13 Asia markets plus Africa.

8. Operating free surplus generated from insurance and asset management operations before restructuring costs. For insurance operations, operating free surplus generated represents amounts emerging from the in-force business during the year net of 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. Restructuring costs are presented separately from the business unit amount. Further information is set out in ‘movement in Group free surplus’ of the EEV basis results.

9. After deduction of underwriting fees and other estimated expenses connected with the equity raise.

About Prudential plc

Prudential plc provides life and health insurance and asset management in Asia and Africa. The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. The business has more than 18 million life customers and is listed on stock exchanges in London (PRU), Hong Kong (2378), Singapore (K6S) and New York (PUK). Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.


About Prudential in Thailand

Prudential has operated in Thailand for more than 26 years through Prudential Life Assurance (Thailand) Public Company Limited. Prudential serves more than 1.8 million customers in Thailand and manages more than Thai Baht 116 billion of assets on their behalf. In 2021, the Thailand business grew IFRS  operating profits and APE by 15 percent to USD 236 million and USD 218 million, accordingly. (31 December 2021 figures).