A Resilient Performance In 2022, Well Positioned For Opportunities In 2023 And Beyond

HONG KONG SAR – Media OutReach – 15 March 2023 –

Performance highlights for the continuing business on a constant (and actual) exchange rate basis¹

• APE sales² up 9 per cent (5 per cent) to $4,393 million with both agency and bancassurance channels delivering APE sales growth in the second half of 2022
• New business profit³ down (11) per cent ((14) per cent) to $2,184 million with the impact of higher volumes being offset by higher interest rates and business mix effects
• Adjusted operating profit⁴ up 8 per cent (4 per cent) to $3,375 million
• EEV operating profit⁵ up 15 per cent (12 per cent) to $3,952 million. EEV shareholders equity is $42.2 billion, equivalent to 1,534 cents per share
• GWS shareholder capital surplus over GPCR of $15.6 billion⁶, equivalent to a cover ratio of 307 per cent⁶ (2021: 320 per cent⁷)
• Operating free surplus generated⁸ from life and asset management business up 9 per cent (6 per cent) to $2,193 million
• Second interim dividend of 13.04 cents per share, 18.78 cents per share for the full year, up 9 per cent

“2022 was the first full year for the Group as an Asia and Africa focused business. We have delivered a resilient performance against a backdrop of Covid-19-related disruption and broader macroeconomic volatility. The results reflect the advantage of our diversified business model across the Asia region, highlighted by a balanced contribution to APE sales and new business profit from Hong Kong, the Chinese Mainland and Taiwan and from South-east Asia, including Singapore, Indonesia and Malaysia.

“The removal of the bulk of Covid-19-related restrictions across the region and the progressive opening up of the Chinese Mainland economy has meant that 2023 has started well with encouraging progress in year-on-year sales, with Group-wide APE sales for the two months ended February 2023 up 15 per cent⁹ over the prior year. In Hong Kong we have seen a gradual increase in cross-border traffic from the Chinese Mainland as travel restrictions are eased. Demand for savings products across the Hong Kong business is driving the increase in APE sales in the first two months of 2023.

“I’m honoured to have joined Prudential at such an exciting time with a tremendous opportunity for long term growth ahead of us. As we celebrate our 175th anniversary and 100 years of operations in Asia, the brand is as strong as ever, with leading market positions in many of our key markets. Our progress over recent years is a testament to our people, reflecting their talent and their commitment to serving our customers.”

Anil Wadhwani

Chief Executive Officer

IFRS 17 Update

Effective 1 January 2023, the new insurance accounting standard, IFRS 17, will replace IFRS 4. This change will impact the timing of profit recognition and initial shareholders’ equity, but will not affect the Group’s regulatory capital generation or management, operating free surplus generation, business strategy, EEV basis results or dividend policy.

In summary, we expect an increase in the opening shareholder equity on 1 January 2022 of between $1.8 billion and $2.7 billion, reflecting the positive cumulative impact of net timing differences. The adjusted IFRS shareholders’ equity¹¹ is also expected to be more closely aligned with the Group’s audited EEV shareholders’ equity.

Looking ahead, the Group estimates a decrease in the adjusted IFRS 17 operating profit for 2022 of between $650 million and $850 million compared with IFRS 4. This is largely due to timing differences that led to the increase in shareholders’ equity and the removal of one off gains recognised in IFRS 4 that will be smoothed into profit in IFRS 17. More details on the impact of IFRS 17 adoption will be provided in June 2023.

Notes
1 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.
2 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.
3 New business profit, on a post-tax basis, on business sold in the period, calculated in accordance with EEV Principles. See the basis of preparation to the EEV basis results for further explanation.
4 ‘Adjusted operating profit’ refers to adjusted IFRS operating profit based on longer-term investment returns from continuing operations and is stated after excluding the effect of short-term fluctuations in investment returns against long-term assumptions and other corporate transactions. This alternative performance measure is reconciled to IFRS profit for the period of $1,007 million (2021: $2,214 million) in note B1.1 of the IFRS financial results.
5 EEV operating profit is based on longer-term investment returns and is stated after excluding the effect of short-term fluctuations in investment returns against long-term assumptions and other corporate transactions, and excludes the effect of changes in economic assumptions and the mark-to-market value movement on core borrowings.
6 Estimated GWS capital position reflects eligible group capital resources in excess of the group prescribed capital requirements (GPCR) attributable to the shareholder business, before allowing for the 2022 second cash interim dividend and the redemption of $0.4 billion of senior debt in January 2023. Further detail on the estimated GWS capital position, including the basis of preparation, is included in note I(i) of the additional unaudited financial information.
7 31 December 2021 comparative amounts include the effect of the adoption of HK RBC, C-ROSS Phase II and the redemption of $1,725 million of subordinated debt completed in January 2022.
8 Operating free surplus generated from insurance and asset management operations before restructuring costs. Definition and further information is set out in ‘Movement in Group free surplus’ of the EEV basis results.
9 On a constant exchange rate basis.
10 From continuing operations. Comparative figures exclude the results of the Group’s discontinued US operations (Jackson).
11 Defined as IFRS 17 shareholders’ equity plus tax adjusted contractual service margin and risk adjustment.

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We expect to announce our Full Year 2022 Results to the Hong Kong Stock Exchange and to the UK financial Media at 12.00pm HKT – 4.00am UKT – 12.00am ET on Wednesday 15 March 2023.

The announcement will be released on the London Stock Exchange at 3.00pm HKT – 7.00am UKT – 3.00am EST on Wednesday 15 March 2023.

A pre-recorded presentation for analysts and investors will be available on-demand from 12pm HKT – 4.00am UKT – 12.00am ET on Wednesday, 15 March 2023 using the following link:https://www.investis-live.com/prudential/63edfe6533aa1a12009e4fda/vdfwae. A copy of the script used in the recorded video will also be available from 12pm HKT – 4.00am UKT – 12.00am ET on Wednesday, 15 March 2023 on Prudential plc’s website.

A Q&A event for analysts and investors will be held at 5.00pm HKT – 9.00am UKT – 5.00am ET on Wednesday, 15 March 2023. We offer the option to join us in person or virtually.

Registration to join the Q&A event in person, in the Four Seasons Hong Kong, 8 Finance Street, Central, Hong Kong

To register to attend the event in person, please respond to this message.

Registration to view the Q&A event online
To register to watch the event and submit questions online, please do so via the following link: https://www.investis-live.com/prudential/63ee55c8aaec340f00b5312a/udesc. The webcast will be available to watch afterwards using the same link.

Dial-in details
A dial-in facility will be available to listen to the event and ask questions: please allow 15 minutes ahead of the start time to join the call (lines open half an hour before the call is due to start, i.e. from 4.30pm HKT – 8.30am UKT – 4.30am ET).

Dial-in: +44 (0) 20 3936 2999 (UK and international) / 0800 640 6441 (Freephone UK), Participant access code: 817924. Once participants have entered this code their name and company details will be taken.

Transcript
Following the call a transcript will be published on the results centre page of Prudential’s website on Mon, 20 March 2023.

Playback facility
Please use the following for a playback facility: +44 (0) 20 3936 3001 (UK and international), replay code 325964. This will be available from approximately 10.00pm HKT – 2.00pm UKT – 10.00am ET on Wednesday, 15 March until 7.59am HKT – 11.59pm UKT – 7.59am ET on Saturday, 25 March 2023.

Hashtag: #Prudentialplc

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 23 markets across Asia and Africa (at 31 December 2022). 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 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 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/

The takeover of air and sea freight forwarder ACA International adds six locations Down Under to the company’s own Air & Sea Logistics (ASL) network

HONG KONG SAR – Media OutReach – 15 March 2023 – Dachser has acquired ACA International headquartered in Melbourne, Australia. This acquisition means Dachser’s own air and sea freight network now also covers Australia and New Zealand, countries that are not only economically strong but also closely interlinked with Asia, Europe, and North America.

ACA International employs 56 people and generated revenue of around EUR 75 million in 2021. The air and sea freight forwarding company was founded in 1982 and is privately owned. ACA International provides its customers in Australia and New Zealand with integrated international transportation services. The company puts a strong focus on quality, expertise, innovation, and collaboration, for which it uses the latest information technologies.

Headquartered in Melbourne, Australia, the company has two additional offices in Sydney and Brisbane. In New Zealand, ACA International has offices in Auckland, Wellington, and Hamilton. The company has an additional branch office in Kansas City, USA. ACA International is also present in the Greater China region. However, these Chinese locations are not part of the acquisition; Dachser has been serving its customers in China from its own locations since 2003.

Continuing on a growth trajectory

For the past 14 years, ACA International has been led by experienced air and sea freight logistics specialist Adam Cruttenden, Glenn Hall, Mark Weeks and Hervey Graham. Leading Dachser Oceania into the future, Adam Cruttenden will be taking on the role of Managing Director ASL Oceania. “This acquisition lets Dachser Air & Sea Logistics continue on its growth trajectory and, by adding Australia and New Zealand, fills a gap in the global network of our own locations,” says Edoardo Podestà, COO ASL and Managing Director ASL APAC. “That means we can offer our customers seamless access to dynamic economic markets that boast attractive local conditions and significant levels of investment.”

Hashtag: #Dachser

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

About Dachser

Dachser, a family-owned company headquartered in Kempten, Germany, provides transport logistics, warehousing, and customized services in two business fields: Dachser Air & Sea Logistics and Dachser Road Logistics. The latter consists of two business lines: Dachser European Logistics and Dachser Food Logistics. Comprehensive contract logistics services and industry-specific solutions round out the company’s range. A seamless shipping network—both in Europe and overseas—and fully integrated IT systems ensure intelligent logistics solutions worldwide.

Thanks to some 31,800 employees at 376 locations all over the globe, Dachser generated consolidated net revenue of approximately EUR 7.1 billion in 2021. The same year, the logistics provider handled a total of 83.6 million shipments weighing 42.8 million metric tons. Dachser is represented by its own country organizations in 42 countries.

In Asia Pacific, Dachser has operations in 43 locations across 12 Business Areas with its Regional Head Office located in Hong Kong. For more information, please visit dachser.hk

As a Premier member of NVIDIA Inception, VinBrain has the advantage of being an early adopter of NVIDIA’s latest hardware innovations. Moreover, VinBrain receives ongoing technical support by regularly meeting with R&D experts, empowering the company to design and train advanced AI models and seamlessly integrate AI systems into clinical workflows. With this capability, VinBrain is better equipped to serve hundreds of hospitals across Vietnam, the United States, and Southeast Asian nations with optimal efficiency.

VinBrain’s AI product suite, including DrAid™, AIScaler™, and SenMe™ (aka AIviCare™) is now featured on the NVIDIA Accelerated Apps Catalog.

“We are thrilled to become a Premier member of NVIDIA Inception,” said Steven Truong, CEO of VinBrain. “VinBrain has collaborated with Microsoft Corporation on data sharing, cross-validation, product research and development, and with Stanford University on in-depth research and data use, including hundreds of thousands of shared medical images. Continuing collaboration with NVIDIA in the hardware field will create a strong foundation for VinBrain to enhance quality, efficiency, and accessibility of healthcare services, bringing the best value of AI to provide effective support for patients and doctors.”

VinBrain has committed to NVIDIA’s cutting-edge tech solutions from the outset, relying on the NVIDIA Clara healthcare platform, MONAI open-source framework, and NVIDIA NeMo framework for training, customizing and deploying generative AI models. Likewise, VinBrain has used NVIDIA DGX SuperPOD-powered AI supercomputing to develop computer vision solutions for medical imaging, intelligent video analytics, automatic speech recognition, natural language processing, and text-to-speech, resulting in 100x faster model training than with CPU only.

“VinBrain provides impactful solutions for many hospitals globally and supports healthcare professionals to augment their workflows and deliver precision radiology,” said Renee Yao, Global Healthcare AI Startups Lead at NVIDIA. “As a Premier member of NVIDIA Inception, VinBrain will work with NVIDIA to improve healthcare and precision medicine.”

Healthcare has notably been one of the emerging industries in NVIDIA’s Inception, which now boasts over 1,300 healthcare startups. Steven Truong will speak at an exclusive Healthcare AI Council as part of NVIDIA GTC, a global AI conference running March 20-23, 2023 in San Francisco, US. He will share his thoughts on the future of innovation in the healthcare and life sciences industry and discuss how to collaborate globally and bring bigger impacts to improve patient outcomes and efficiency for doctors’ workflows.

Hashtag: #VinBrain #Vingroup

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

About VinBrain

As a 4-year-old startup, Invested by Vingroup, the biggest conglomerate in Vietnam, VinBrain has a mission to infuse AI and IoT to improve people’s lives and productivity. The company has developed over 300 AI models that process medical images and medical reports including X-ray, CT, MRI and medical reports data from a dataset of over 2.5 million images and big data of text. The comprehensive AI platform, DrAid™, has been deployed in over 100 hospitals in Vietnam, Myanmar, New Zealand, and the US.

To learn more, visit the VinBrain website: https://vinbrain.net/

JAKARTA, INDONESIA – Media OutReach – 14 March 2023 – Indonesia has made a significant move towards becoming a major player in the global metaverse industry with the launch of its Indonesia Metaverse Collaboration Initiative on 1 March 2023, in conjunction with the Mobile World Congress 2023 in Barcelona. The event was attended by a delegation of prominent organization leaders, including the Embassy of the Republic of Indonesia in Spain, Indonesia Ministry of ICT (Kominfo) as the representative of Indonesian Government, Telkom University, and group of industry leaders from GSMA, Telkom Indonesia, Telkomsel, Indosat Ooredoo Hutchison, XL Axiata, Smartfren, Alita, Techbros, Meta, and Telecom Infra Project.

This initiative is a national level collaboration that is significant for both national interests and stakeholders involved. For National benefit Metaverse has the potential to boost economic growth, advance education, foster innovation, and promote Indonesian national identity in the digital world. CSPs can collaborate with the community as co-creators. Researchers and academics can take on roles in innovation. For policymakers, this can help guide policy strategies. For the private sector, metaverse can enhance customer outreach and business development. And for users, it can help shape the direction of technology adoption and promote inclusive metaverse development.

The Metaverse Indonesia Collaborative Initiative will be carried out in the form of a program called the Metaverse Research and Experience Center (MREC), a public-private partnership that aims to promote collaboration, research, innovation and development in the field of metaverse technology. It will be a multi-year program with 4 workstreams; Network Baselining, Network Optimization and Innovation, Use cases, and Ecosystem Support.

The Metaverse Research and Experience Centre (MREC) is expected to drive innovation and support the growth of the metaverse industry in Indonesia. This aligns with the national vision of President Jokowi to promote the digital economy as a crucial pillar to help Indonesia reach the top 10 global economies by 2030. Through this collaboration among industry leaders and the public sector, investment plans in Indonesia in the field of metaverse are expected to be facilitated, positioning the country as a leading hub for innovation in the digital economy.

Please find below a selection of quotes from the distinguished delegates who attended the event:

The launch of the Indonesia Metaverse Collaboration Initiative marks an important step in lifting Indonesia from being just a consumer to a producer in the metaverse industry, and represents a significant milestone in the country’s technological evolution.

Hashtag: #TELKOMUNIVERSITY #INDONESIAMETAVERSE

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