HONG KONG SAR - Media OutReach Newswire - 20 March 2024 - Prudential plc ("Prudential"; HKEX: 2378; LSE: PRU) today announced its financial results for the year ended 31 December 2023.

Performance highlights on a constant (and actual) exchange rate basis

• New business profit up 45 per cent (43 per cent) to $3,125 million. Excluding the effect of interest rate and other economic movements, new business profit up 47 per cent (45 per cent)
• Operating free surplus generated from in-force insurance and asset management business of $2,740 million (2022: $2,725 million ($2,760 million))
• Adjusted operating profit up 8 per cent (6 per cent) to $2,893 million
• EEV shareholders' equity is up 7 per cent to $45.3 billion, equivalent to 1,643 cents per share, on an AER basis.
• GWS shareholder capital surplus over GPCR of $16.1 billion, equivalent to a cover ratio of 295 per cent (31 December 2022: 307 per cent)
• Second interim dividend of 14.21 cents per share, 20.47 cents per share for the full year, up 9 per cent

Commenting on the Results, CEO Anil Wadhwani, said: "These are a very strong set of results while operating in a challenging macro environment, with new business profit up 45 per cent driven by a relentless focus on execution in our markets in Asia and Africa. It is also an illustration of the strength of both our agency and bancassurance distribution channels as well as an affirmation of our leadership position in many key markets.

"It has been six months since the launch of our new strategy and it's highly encouraging to see the early progress on our strategic objectives of improving our customer experience, driving technology powered distribution and transforming our business model in Health. We have on-boarded senior leadership talent in Health, Technology and added to our talent in our key markets as we continue to strengthen our capabilities in line with our strategic priorities.

"We delivered an excellent financial and operational performance in 2023 and deployed increased levels of capital in new business, enhancing core capabilities and expanding distribution. Sales growth has continued in the first two months of 2024. Given the relentless execution focus in implementing our strategy, we are increasingly confident in achieving our 2027 financial and strategic objectives and in accelerating value creation for our shareholders."

Summary financials	2023 $m	2022 $m	Change on AER basis	Change on CER basis
New business profit	3,125	2,184	43%	45%
Operating free surplus generated	2,007	2,193	(8)%	(8)%
Operating free surplus generated from in-force insurance and asset management business	2,740	2,760	(1)%	1%
Adjusted operating profit	2,893	2,722	6%	8%
IFRS profit (loss) after tax	1,712	(997)	n/a	n/a
	31 Dec 2023		31 Dec 2022
	Total	Per share	Total	Per share
EEV shareholders' equity	$45.3bn	1,643¢	$42.2bn	1,534¢
IFRS shareholders' equity	$17.8bn	647¢	$16.7bn	608¢
Adjusted IFRS shareholders equity	$37.3bn	1,356¢	$35.2bn	1,280¢

Notes
The summary financials presented above are the key financial metrics Prudential's management use to assess and manage the performance and position of the business. In addition to the metrics prepared in accordance with IFRS standards - IFRS profit after tax and IFRS shareholders' equity - additional metrics are prepared on alternative bases. The presentation of these key metrics is not intended to be considered as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS Standards. The definitions of the key metrics we use to discuss our performance in this press release are set out in the "Definition of performance metrics" section later in this document, including, where relevant, references to where these metrics are reconciled to the most directly comparable IFRS measure.

Further information on actual and constant exchange rate bases is set out in note A1 of the IFRS financial statement. All results are presented in US dollars.

IFRS Comparatives for 2022 have been restated to reflect the retrospective application of IFRS 17. See note A2.1 to the financial statements for further information and reconciliation.

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The issuer is solely responsible for the content of this announcement.

About Prudential plc

Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential's mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme.

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.

https://www.prudentialplc.com/

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