22nd Apr 2008 07:00
Prudential PLC22 April 2008 For immediate release: 07:00am Tuesday 22 April 2008 Prudential plc hosts investor and analyst visit in Asia Prudential plc is hosting a two day visit to Hong Kong and Indonesia forinvestors and analysts on 22 and 23 April 2008 covering the Group's Asianoperations. Prudential's Asian life and retail fund management businesses have achievedsignificant, sustained and profitable growth for over a decade. In 2007,embedded value operating profit before tax from the region exceeded £1 billionfor the first time. With continuing strong growth and the increasing scale of the in-force businessthe region accounted for 54 per cent of the Group's new business profit and 41per cent of the Group's life embedded value operating profit in 2007. Asian life new business APE increased by 44 per cent in 2007 and was up 30 percent in the first quarter of 2008 compared to the same period in 2007. The fund management business increased operating profit by 53 per cent in 2007to £72 million and is now a material contributor to the Group. As a sign of the Group's ongoing confidence in our growth prospects across theregion we announced at our 2007 preliminary results in March that we expect todeliver, one year earlier than previously stated, on our target of at leastdoubling 2005 new business profit by 2009. Achieving this target would representa compound annual growth rate in Asian new business profit of over 25 per centbetween 2005 and 2008. Importantly, as each of our businesses in the region continues to develop thecontribution of Asia to the Group's IFRS operating profit will increase. We are confident that the combination of the enormous and growing marketopportunity in Asia and our advantaged platform will deliver material gains inperformance in terms of profitable growth, statutory profit and cash. Barry Stowe, Chief Executive, Prudential Corporation Asia said: "Asia is evolving in unprecedented ways with significant and positiveimplications for our business. Prudential's platform in Asia is unique in termsof its scope, scale and capabilities. We have a proven track record ofdelivering on our commitments, both financial and strategic, and we willcontinue to deliver strong growth that outperforms the competition." Please visit our website: (http://www.prudential.co.uk/prudential-plc/investors/resultspresentations/businesspresentations/) to view: • Interviews with Barry Stowe, Chief Executive, Prudential Corporation Asia and Sandeep Malik, Chief Financial Officer, Prudential Corporation Asia which will be available from 07.00 UK time on 22 April. • Presentations from sessions on 22 April 2008 in Hong Kong which will be available from 07.00 UK time on 22 April. • Presentations from sessions on 23 April 2008 in Indonesia which will be available from 07.00 UK time on 23 April. ENDS Enquiries: Media Investors/AnalystsJon Bunn 020 7548 3559 James Matthews 020 7548 3561William Baldwin-Charles 020 7548 3719 Jessica Stalley 020 7548 3511 Note to Editor: About Prudential plc *Prudential plc, a company incorporated and with its principal place of businessin the United Kingdom, and its affiliated companies constitute one of theworld's leading financial services groups. It provides insurance and financialservices directly and through its subsidiaries and affiliates throughout theworld. It has been in existence for over 160 years and has £267 billion inassets under management (as at 31 December 2007). Prudential plc is notaffiliated in any manner with Prudential Financial, Inc, a company whoseprincipal place of business is in the United States of America. Forward-Looking Statements This statement may contain certain 'forward-looking statements' with respect tocertain of Prudential's plans and its current goals and expectations relating toits future financial condition, performance, results, strategy and objectives.Statements containing the words 'believes', 'intends', 'expects', 'plans','seeks' and 'anticipates', and words of similar meaning, are forward-looking.By their nature, all forward-looking statements involve risk and uncertaintybecause they relate to future events and circumstances which are beyondPrudential's control including among other things, UK domestic and globaleconomic and business conditions, market related risks such as fluctuations ininterest rates and exchange rates, and the performance of financial marketsgenerally; the policies and actions of regulatory authorities, the impact ofcompetition, inflation, and deflation; experience in particular with regard tomortality and morbidity trends, lapse rates and policy renewal rates; thetiming, impact and other uncertainties of future acquisitions or combinationswithin relevant industries; and the impact of changes in capital, solvency oraccounting standards, and tax and other legislation and regulations in thejurisdictions in which Prudential and its affiliates operate. This may forexample result in changes to assumptions used for determining results ofoperations or re-estimations of reserves for future policy benefits. As aresult, Prudential's actual future financial condition, performance and resultsmay differ materially from the plans, goals, and expectations set forth inPrudential's forward-looking statements. Prudential undertakes no obligation toupdate the forward-looking statements contained in this statement or any otherforward-looking statements it may make. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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