PRUDENTIAL PLC 2011 FULL YEAR RESULTS
ASIA DRIVES PROFITABLE GROWTH AND CASH
IFRS:
· Operating profit of £2,070 million, up 7 per cent
· Asia life insurance business operating profit of £709 million, up 32 per cent, for the first time the largest contributor to Group operating profit
· Total profit before tax of £1,943 million, up 33 per cent
· Shareholders' funds of £9.1 billion, up 14 per cent
New Business:
· EEV new business profit of £2,151 million, up 6 per cent
· Asia EEV new business profit of £1,056 million, up 22 per cent (excluding India)
Embedded Value:
· Operating profit of £3,978 million, up 8 per cent
· Asia life insurance business operating profit1 of £1,764 million, up 22 per cent
· Shareholders' funds of £19.6 billion, up 8 per cent, equivalent to 771 pence per share
Capital & Dividend:
· Underlying free surplus generation up 16 per cent to £1,983 million
· Net remittances from business operations up 18 per cent to £1,105 million; Asia net cash remittance of £206 million
· Insurance Groups Directive (IGD) capital surplus estimated at £4.0 billion; solvency requirements covered 2.75 times
· Investment in new business of £553 million, a decrease of 14 per cent
· 2011 full year dividend increased by 5.6 per cent to 25.19 pence per share, from the new higher base established at full year 2010
· Minimal direct exposure to PIIGS sovereign and bank debt
Commenting on the results, Tidjane Thiam, Group Chief Executive, said:
"Prudential has delivered another strong performance in 2011 led by Asia, where our life insurance business for the first time became the single largest contributor to our Group IFRS operating profit. Since 2008, Asia's contribution to this benchmark profit measure has almost trebled from £257 million to £709 million.
