PRUDENTIAL PLC 2013 HALF YEAR RESULTS
STRONG PERFORMANCE WITH FOUR OUT OF SIX 2013 'Growth and Cash' objectives NOW ACHIEVED
Performance Highlights:
IFRS operating profit of £1,415 million, up 22 per cent
EEV new business profit of £1,268 million, up 11 per cent
Net remittances from business units up 16 per cent to £844 million
Jackson IFRS operating profit of £582 million, up 32 per cent
M&G delivers record IFRS operating profit of £204 million, up 17 per cent
'Growth and Cash' Objectives:
Asia IFRS operating profit of £512 million, up 18 per cent
Asia EEV new business profit of £659 million, up 20 per cent
Asia net cash remittance of £190 million, up 51 per cent
Jackson cash remittance of £294 million exceeds 2013 full-year cash objective of £260 million
Cumulative net remittances to Group of £4.1 billion exceed 2013 objective of £3.8 billion
Capital & Dividend:
Underlying free surplus generation1 of £1.5 billion (before investment in new business), up 11 per cent
EEV shareholders' funds of £24.5 billion, up 9 per cent, equivalent to 958 pence per share
IFRS shareholders' funds of £9.6 billion, down 7 per cent3
Insurance Groups Directive (IGD) capital surplus estimated at £3.9 billion; solvency requirements covered 2.3 times
2013 interim dividend increased by 15.8 per cent to 9.73 pence per share
Commenting on the results, Tidjane Thiam, Group Chief Executive, said:
"Prudential has produced a strong performance across our key financial metrics of IFRS operating profit, new business profit and cash during the first six months of 2013. Our focus on meeting the needs of our customers with well-designed products, on executing our strategy with discipline and on managing risk effectively has continued to allow us to deliver profitable growth and to generate increasing levels of cash.
