Interim Management Statement

RNS Number : 4754B
Prudential PLC
28 October 2009
 



Schedule 1A - Actual Exchange Rates

TOTAL INSURANCE AND INVESTMENT NEW BUSINESS

 

UK

 

US (1a)

 

 

Asia (1a)

 

Total












 




2009 Q3

2008 Q3


2009 Q3

2008 Q3


2009 Q3

2008 Q3



2009 Q3

2008 Q3



YTD

YTD

+/-(%)

YTD

YTD

+/-(%)

YTD

YTD

+/-(%)


YTD

YTD

+/-(%)

 

£m

£m


£m

£m


£m

£m



£m

£m


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Insurance Products

3,695

5,730

(36%)

6,242

5,214

20%

1,350

1,988

(32%)


11,287

12,932

(13%)

Total Investment Products Gross Inflows (2)

18,441

12,114

52%

6

32

(81%)

52,668

34,412

53%


71,115

46,558

53%


22,136

17,844

24%

6,248

5,246

19%

54,018

36,400

48%

 

82,402

59,490

39%

 

 

 

 

 

 

 

 

 

 

 

 

 

 


INSURANCE OPERATIONS

 

 

Single

 

 

Regular

 

 

Total

 

 

Annual Equivalents (3)


2009 Q3

2008 Q3


2009 Q3

2008 Q3


2009 Q3

2008 Q3



2009 Q3

2008 Q3



YTD

YTD

+/-(%)

YTD

YTD

+/-(%)

YTD

YTD

+/-(%)


YTD

YTD

+/-(%)

 

£m

£m

 

£m

£m

 

£m

£m

 

 

£m

£m

 

UK Insurance Operations











 



Product Summary











 



Internal Vesting annuities

1,023

1,129

(9%)

-  

-  

-  

1,023

1,129

(9%)


102

113

(10%)

Direct and Partnership Annuities

424

550

(23%)

-  

-  

-  

424

550

(23%)


42

55

(24%)

Intermediated Annuities

196

401

(51%)

-  

-  

-  

196

401

(51%)


20

40

(50%)

Total Individual Annuities

1,643

2,080

(21%)

-  

-  

-  

1,643

2,080

(21%)

 

164

208

(21%)












 



Income Drawdown

70

54

30%

-  

-  

-  

70

54

30%


7

5

40%

Equity Release

84

188

(55%)

-  

-  

-  

84

188

(55%)


8

19

(58%)

Individual Pensions

145

52

179%

5

2

150%

150

54

178%


20

7

186%

Corporate Pensions

55

154

(64%)

61

64

(5%)

116

218

(47%)


67

79

(15%)

Unit Linked Bonds

83

88

(6%)

-  

-  

-  

83

88

(6%)


8

9

(11%)

With-Profit Bonds

969

651

49%

-  

-  

-  

969

651

49%


97

65

49%

Protection

-  

-  

-  

12

4

200%

12

4

200%


12

4

200%

Offshore Products

207

447

(54%)

3

3

0%

210

450

(53%)


24

48

(50%)

Pru Health (11)

-  

-  

-  

9

14

(36%)

9

14

(36%)


9

14

(36%)

Total Retail Retirement

3,256

3,714

(12%)

90

87

3%

3,346

3,801

(12%)

 

416

458

(9%)












 



Corporate Pensions

88

227

(61%)

80

88

(9%)

168

315

(47%)


89

111

(20%)

Other Products

59

113

(48%)

13

17

(24%)

72

130

(45%)


19

28

(32%)

DWP Rebates

80

103

(22%)

-  

-  

-  

80

103

(22%)


8

10

(20%)

Total Mature Life and Pensions

227

443

(49%)

93

105

(11%)

320

548

(42%)

 

116

149

(22%)












 



Total Retail

3,483

4,157

(16%)

183

192

(5%)

3,666

4,349

(16%)

 

531

608

(13%)












 



Wholesale Annuities

12

1,370

(99%)

-  

-  

-  

12

1,370

(99%)


1

137

(99%)












 



Credit Life

17

11

55%

-  

-  

-  

17

11

55%


2

1

100%












 



Total UK Insurance Operations

3,512

5,538

(37%)

183

192

(5%)

3,695

5,730

(36%)

 

534

746

(28%)












 



Channel Summary











 



Direct and Partnership

1,347

1,729

(22%)

149

161

(7%)

1,496

1,890

(21%)


284

334

(15%)

Intermediated

2,056

2,326

(12%)

34

31

10%

2,090

2,357

(11%)


240

264

(9%)

Wholesale

29

1,380

(98%)

-  

-  

-  

29

1,380

(98%)


3

138

(98%)

Sub-Total

3,432

5,435

(37%)

183

192

(5%)

3,615

5,627

(36%)

 

526

736

(29%)












 



DWP Rebates

80

103

(22%)

-  

-  

-  

80

103

(22%)


8

10

(20%)












 



Total UK Insurance Operations

3,512

5,538

(37%)

183

192

(5%)

3,695

5,730

(36%)

 

534

746

(28%)












 



US Insurance Operations (1a)











 



Fixed Annuities

841

1,141

(26%)

-  

-  

-  

841

1,141

(26%)


84

114

(26%)

Fixed Index Annuities

1,055

317

233%

-  

-  

-  

1,055

317

233%


106

32

231%

Variable Annuities

4,321

2,596

66%

-  

-  

-  

4,321

2,596

66%


432

260

66%

Life

7

6

17%

18

18

0%

25

24

4%


19

19

0%

Sub-Total Retail

6,224

4,060

53%

18

18

0%

6,242

4,078

53%

 

640

424

51%

Guaranteed Investment Contracts

-  

815

-  

-  

-  

-  

-  

815

-  


-  

82

-  

GIC - Medium Term Note

-  

321

-  

-  

-  

-  

-  

321

-  


-  

32

-  

Total US Insurance Operations

6,224

5,196

20%

18

18

0%

6,242

5,214

20%

 

640

538

19%


 

 

 

 

 

 

 

 

 

 

 

 

 

Asian Insurance Operations (1a)











 



China (9)

58

47

23%

28

23

22%

86

70

23%


34

28

21%

Hong Kong

64

460

(86%)

144

113

27%

208

573

(64%)


150

159

(6%)

India (6)

37

53

(30%)

112

168

(33%)

149

221

(33%)


116

173

(33%)

Indonesia

24

85

(72%)

124

121

2%

148

206

(28%)


126

130

(3%)

Japan

50

94

(47%)

35

24

46%

85

118

(28%)


40

33

21%

Korea

28

63

(56%)

93

176

(47%)

121

239

(49%)


96

182

(47%)

Malaysia

50

22

127%

79

64

23%

129

86

50%


84

66

27%

Singapore

162

306

(47%)

64

56

14%

226

362

(38%)


80

87

(8%)

Taiwan

70

33

112%

70

26

169%

140

59

137%


77

29

166%

Other (4)

17

14

21%

41

40

3%

58

54

7%


43

41

5%

Total Asian Insurance Operations

560

1,177

(52%)

790

811

(3%)

1,350

1,988

(32%)

 

846

929

(9%)


 

 

 

 

 

 

 

 

 

 

 

 

 












 



Group Total

10,296

11,911

(14%)

991

1,021

(3%)

11,287

12,932

(13%)

 

2,020

2,212

(9%)


  Schedule 1B - Constant Exchange Rates

PRUDENTIAL PLC - NEW BUSINESS - NINE MONTHS 2009

TOTAL INSURANCE AND INVESTMENT NEW BUSINESS

 

UK

 

US (1b)

 

 

Asia (1b)

 

Total












 




2009 Q3

2008 Q3


2009 Q3

2008 Q3


2009 Q3

2008 Q3



2009 Q3

2008 Q3



YTD

YTD

+/-(%)

YTD

YTD

+/-(%)

YTD

YTD

+/-(%)


YTD

YTD

+/-(%)

 

£m

£m


£m

£m


£m

£m



£m

£m


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Insurance Products

3,695

5,730

(36%)

6,242

6,579

(5%)

1,350

2,343

(42%)


11,287

14,652

(23%)

Total Investment Products Gross Inflows (2)

18,441

12,114

52%

6

40

(85%)

52,668

37,744

40%


71,115

49,898

43%


22,136

17,844

24%

6,248

6,619

(6%)

54,018

40,087

35%

 

82,402

64,550

28%

 

 

 

 

 

 

 

 

 

 

 

 

 

 


INSURANCE OPERATIONS














 

 

Single

 

 

Regular

 

 

Total

 

 

Annual Equivalents (3)


2009 Q3

2008 Q3


2009 Q3

2008 Q3


2009 Q3

2008 Q3



2009 Q3

2008 Q3



YTD

YTD

+/-(%)

YTD

YTD

+/-(%)

YTD

YTD

+/-(%)


YTD

YTD

+/-(%)

 

£m

£m

 

£m

£m

 

£m

£m

 

 

£m

£m

 

UK Insurance Operations











 



Product Summary











 



Internal Vesting annuities

1,023

1,129

(9%)

-  

-  

-  

1,023

1,129

(9%)


102

113

(10%)

Direct and Partnership Annuities

424

550

(23%)

-  

-  

-  

424

550

(23%)


42

55

(24%)

Intermediated Annuities

196

401

(51%)

-  

-  

-  

196

401

(51%)


20

40

 

Total Individual Annuities

1,643

2,080

(21%)

-  

-  

-  

1,643

2,080

(21%)

 

164

208

(21%)












 



Income Drawdown

70

54

30%

-  

-  

-  

70

54

30%


7

5

40%

Equity Release

84

188

(55%)

-  

-  

-  

84

188

(55%)


8

19

(58%)

Individual Pensions

145

52

179%

5

2

150%

150

54

178%


20

7

186%

Corporate Pensions

55

154

(64%)

61

64

(5%)

116

218

(47%)


67

79

(15%)

Unit Linked Bonds

83

88

(6%)

-  

-  

-  

83

88

(6%)


8

9

(11%)

With-Profit Bonds

969

651

49%

-  

-  

-  

969

651

49%


97

65

49%

Protection

-  

-  

-  

12

4

200%

12

4

200%


12

4

200%

Offshore Products

207

447

(54%)

3

3

0%

210

450

(53%)


24

48

(50%)

Pru Health (11)

-  

-  

-  

9

14

(36%)

9

14

(36%)


9

14

(36%)

Total Retail Retirement

3,256

3,714

(12%)

90

87

3%

3,346

3,801

(12%)

 

416

458

(9%)












 



Corporate Pensions

88

227

(61%)

80

88

(9%)

168

315

(47%)


89

111

(20%)

Other Products

59

113

(48%)

13

17

(24%)

72

130

(45%)


19

28

(32%)

DWP Rebates

80

103

(22%)

-  

-  

-  

80

103

(22%)


8

10

(20%)

Total Mature Life and Pensions

227

443

(49%)

93

105

(11%)

320

548

(42%)

 

116

149

(22%)












 



Total Retail

3,483

4,157

(16%)

183

192

(5%)

3,666

4,349

(16%)

 

531

608

(13%)












 



Wholesale Annuities

12

1,370

(99%)

-  

-  

-  

12

1,370

(99%)


1

137

(99%)












 



Credit Life

17

11

55%

-  

-  

-  

17

11

55%


2

1

100%












 



Total UK Insurance Operations

3,512

5,538

(37%)

183

192

(5%)

3,695

5,730

(36%)

 

534

746

(28%)












 



Channel Summary











 



Direct and Partnership

1,347

1,729

(22%)

149

161

(7%)

1,496

1,890

(21%)


284

334

(15%)

Intermediated

2,056

2,326

(12%)

34

31

10%

2,090

2,357

(11%)


240

264

(9%)

Wholesale

29

1,380

(98%)

-  

-  

-  

29

1,380

(98%)


3

138

(98%)

Sub-Total

3,432

5,435

(37%)

183

192

(5%)

3,615

5,627

(36%)

 

526

736

(29%)












 



DWP Rebates

80

103

(22%)

-  

-  

-  

80

103

(22%)


8

10

(20%)












 



Total UK Insurance Operations

3,512

5,538

(37%)

183

192

(5%)

3,695

5,730

(36%)

 

534

746

(28%)












 



US Insurance Operations (1b)











 



Fixed Annuities

841

1,440

(42%)

-  

-  

-  

841

1,440

(42%)


84

144

(42%)

Fixed Index Annuities

1,055

400

164%

-  

-  

-  

1,055

400

164%


106

40

165%

Variable Annuities

4,321

3,276

32%

-  

-  

-  

4,321

3,276

32%


432

328

32%

Life

7

7

0%

18

22

(18%)

25

29

(14%)


19

23

(17%)

Sub-Total Retail

6,224

5,123

21%

18

22

(18%)

6,242

5,145

21%

 

640

534

20%

Guaranteed Investment Contracts

-  

1,029

-  

-  

-  

-  

-  

1,029

-  


-  

103

-  

GIC - Medium Term Note

-  

405

-  

-  

-  

-  

-  

405

-  


-  

41

-  

Total US Insurance Operations

6,224

6,557

(5%)

18

22

(18%)

6,242

6,579

(5%)

 

640

678

(6%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Asian Insurance Operations (1b)











 



China (9)

58

61

(5%)

28

29

(3%)

86

90

(4%)


34

35

(3%)

Hong Kong

64

584

(89%)

144

143

1%

208

727

(71%)


150

201

(25%)

India (6)

37

57

(35%)

112

180

(38%)

149

237

(37%)


116

186

(38%)

Indonesia

24

93

(74%)

124

133

(7%)

148

226

(35%)


126

142

(11%)

Japan

50

133

(62%)

35

33

6%

85

166

(49%)


40

46

(13%)

Korea

28

62

(55%)

93

172

(46%)

121

234

(48%)


96

178

(46%)

Malaysia

50

26

92%

79

74

7%

129

100

29%


84

77

9%

Singapore

162

365

(56%)

64

67

(4%)

226

432

(48%)


80

104

(23%)

Taiwan

70

38

84%

70

30

133%

140

68

106%


77

34

126%

Other (4)

17

16

6%

41

47

(13%)

58

63

(8%)


43

49

(12%)

Total Asian Insurance Operations

560

1,435

(61%)

790

908

(13%)

1,350

2,343

(42%)

 

846

1,052

(20%)


 

 

 

 

 

 

 

 

 

 

 

 

 












 



Group Total

10,296

13,530

(24%)

991

1,122

(12%)

11,287

14,652

(23%)

 

2,020

2,475

(18%)


  Schedule 2A - Actual Exchange Rates

PRUDENTIAL PLC - NEW BUSINESS - NINE MONTHS 2009

INVESTMENT OPERATIONS


 

 

 

 

 

 

 

 

Market &

Net

 

 



Opening

 




Other

Currency

Movement


Closing



FUM

 

Gross Inflows

Redemptions

Net Inflows

Movements

Movements

In FUM


FUM

2009

£m

 

£m

£m

£m

£m

£m

£m


£m


M&G

 

 








 


Retail

19,142

 

9,766

(4,040)

5,726

(626)

4,262

9,362


28,504 


Institutional (5)

27,855

 

8,675

(3,264)

5,411

(105)

4,570

9,876


37,731 


Total M&G

46,997

 

18,441

(7,304)

11,137

(731)

8,832

19,238

 

66,235 



 

 








 


Asia

 

 








 


India

1,567

 

466

(707)

(241)

91

272

122


1,689 


Taiwan

1,156

 

753

(627)

126

-  

297

423


1,579 


Korea

1,878

 

439

(590)

(151)

(389)

440

(100)


1,778 


Japan

3,211

 

677

(593)

84

-  

782

866


4,077 


Other Mutual Fund Operations (10)

2,758

 

1,384

(1,076)

308

(1)

304

611


3,369 


Total Asian Equity/Bond/Other

10,570

 

3,719

(3,593)

126

(299)

2,095

1,922

 

12,492 



 

 








 


MMF

 

 








 


India

1,562

 

44,310

(42,665)

1,645

(113)

(61)

1,471


3,033 


Taiwan

1,421

 

1,729

(1,798)

(69)

-  

(110)

(179)


1,242 


Korea

474

 

2,181

(2,069)

112

(41)

2

73


547 


Other Mutual Fund Operations

416

 

690

(614)

76

-  

(33)

43


459 


Total Asian MMF

3,873

 

48,910

(47,146)

1,764

(154)

(202)

1,408

 

5,281 



 

 

 

 

 

 

 

 

 

 



 

 








 


Total Asia Retail Mutual Funds

14,443

 

52,629

(50,739)

1,890

(453)

1,893

3,330

 

17,773 



 

 

 

 

 

 

 

 

 

 



 

 








 


Third Party Institutional Mandates

789

 

39

(38)

1

-  

218

219


1,008 



 

 








 



 

 

 

 

 

 

 

 

 

 


Total Asian Investment Operations

15,232

 

52,668

(50,777)

1,891

(453)

2,111

3,549

 

18,781 



 

 

 

 

 

 

 

 

 

 


US

 

 








 


Retail

50

 

6

(67)

(61)

2

9

(50)


-  


Total US

50

 

6

(67)

(61)

2

9

(50)

 

-  



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 


Total Investment Products

62,279

 

71,115

(58,148)

12,967

(1,182)

10,952

22,737

 

85,016 

 

 

 

 

 

 

 

 

 

 

 

 



 

 





Market &

Net


 



Opening

 




Other

Currency

Movement


Closing



FUM

 

Gross Inflows

Redemptions

Net Inflows

Movements

Movements

In FUM


FUM

2008

£m

 

£m

£m

£m

£m

£m

£m


£m


M&G

 

 








 


Retail

22,320

 

6,448

(5,040)

1,408

-  

(3,993)

(2,585)


19,735 


Institutional (5)

28,901

 

5,666

(2,932)

2,734

(19)

(1,357)

1,358


30,259 


Total M&G

51,221

 

12,114

(7,972)

4,142

(19)

(5,350)

(1,227)

 

49,994 



 

 








 


Asia

 

 








 


India

2,225

 

942

(827)

115

(66)

(569)

(520)


1,705 


Taiwan

1,476

 

805

(701)

104

-  

(353)

(249)


1,227 


Korea

2,946

 

1,057

(893)

164

(180)

(915)

(931)


2,015 


Japan

4,313

 

916

(654)

262

-  

(1,289)

(1,027)


3,286 


Other Mutual Fund Operations (10)

2,537

 

1,260

(771)

489

(12)

(437)

40


2,577 


Total Asia Equity/Bond/Other

13,497

 

4,980

(3,846)

1,134

(258)

(3,563)

(2,687)

 

10,810 



 

 








 


MMF

 

 








 


India

1,416

 

24,483

(24,755)

(272)

(13)

23

(262)


1,154 


Taiwan

632

 

2,713

(2,603)

110

-  

98

208


840 


Korea

480

 

1,450

(1,453)

(3)

(22)

(44)

(69)


411 


Other Mutual Fund Operations

252

 

546

(455)

91

-  

36

127


379 


Total Asian MMF

2,780

 

29,192

(29,266)

(74)

(35)

113

4

 

2,784 



 

 








 



 

 








 


Total Asia Retail Mutual Funds

16,277

 

34,172

(33,112)

1,060

(293)

(3,450)

(2,683)

 

13,594 



 

 








 



 

 








 


Third Party Institutional Mandates

1,116

 

240

(348)

(108)

-  

(253)

(361)


755 



 

 








 



 

 








 


Total Asian Investment Operations

17,393

 

34,412

(33,460)

952

(293)

(3,703)

(3,044)

 

14,349 



 

 








 


US

 

 








 


Retail

55

 

32

(24)

8

2

(7)

3


58 


Total US

55

 

32

(24)

8

2

(7)

3

 

58 



 

 








 



 

 








 


Total Investment Products

68,669

 

46,558

(41,456)

5,102

(310)

(9,060)

(4,268)

 

64,401 

 

 

 

 

 

 

 

 

 

 

 

 



 

 





Market &

Net


 



Opening

 




Other

Currency

Movement


Closing



FUM

 

Gross Inflows

Redemptions

Net Inflows

Movements

Movements

In FUM


FUM

2009 Movement Relative to 2008

%

 

%

%

%

%

%

%


%


M&G

 

 








 


Retail

(14%)

 

51%

20%

307%

-  

207%

462%


44%


Institutional (5)

(4%)

 

53%

(11%)

98%

(453%)

437%

627%


25%


Total M&G

(8%)

 

52%

8%

169%

(3,747%)

265%

1,668%

 

32%



 

 








 


Asia

 

 








 


India

(30%)

 

(51%)

15%

(310%)

238%

148%

123%


(1%)


Taiwan

(22%)

 

(6%)

11%

21%

-  

184%

270%


29%


Korea

(36%)

 

(58%)

34%

(192%)

(116%)

148%

89%


(12%)


Japan

(26%)

 

(26%)

9%

(68%)

-  

161%

184%


24%


Other Mutual Fund Operations (10)

9%

 

10%

(40%)

(37%)

92%

170%

1,428%


31%


Total Asia Equity/Bond/Other

(22%)

 

(25%)

7%

(89%)

(16%)

159%

172%

 

16%



 

 








 


MMF

 

 








 


India

10%

 

81%

(72%)

705%

(769%)

(365%)

661%


163%


Taiwan

125%

 

(36%)

31%

(163%)

-  

(212%)

(186%)


48%


Korea

(1%)

 

50%

(42%)

3,833%

(86%)

105%

206%


33%


Other Mutual Fund Operations

65%

 

26%

(35%)

(16%)

-  

(192%)

(66%)


21%


Total Asian MMF

39%

 

68%

(61%)

2,484%

(340%)

(279%)

35,100%

 

90%



 

 








 



 

 








 


Total Asian Retail Mutual Funds

(11%)

 

54%

(53%)

78%

(55%)

155%

224%

 

31%



 

 

 

 

 

 

 

 

 

 



 

 








 


Third Party Institutional Mandates

(29%)

 

(84%)

89%

101%

-  

186%

161%


34%



 

 








 



 

 

 

 

 

 

 

 

 

 


Total Asian Investment Operations

(12%)

 

53%

(52%)

99%

(55%)

157%

217%

 

31%



 

 

 

 

 

 

 

 

 

 


US

 

 

 

 

 

 

 

 

 

 


Retail

(9%)

 

(81%)

(179%)

(863%)

0%

229%

(1,767%)

 

-  


Total US

(9%)

 

(81%)

(179%)

(863%)

0%

229%

(1,767%)

 

-  



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 


Total Investment Products

(9%)

 

53%

(40%)

154%

(281%)

221%

633%

 

32%

 

 

 

 

 

 

 

 

 

 

 

 













 

 

 

 

 

 

 

2009 Q3

2008 Q3

 

 

US

 

 





YTD

YTD


+/- (%)


 

 





£m

£m


 

Curian Capital

 

 








 

External Funds Under Administration

 

 





2,041

1,790


14%

 

 

 

 

 

 

 

 

 

 

 


  Schedule 2B - Constant Exchange Rates

PRUDENTIAL PLC - NEW BUSINESS - NINE MONTHS 2009

INVESTMENT OPERATIONS

 

 

 

 

 

 

 

 

 

 

 



 




 

Opening

Closing

Variance

 



Gross Inflows

Redemptions

Net Inflows


 

FUM

FUM

%

 

2009

£m

£m

£m


 

£m

£m

 

 


M&G

 




 

 

 

 

 


Retail

9,766

(4,040)

5,726


 

19,142

28,504

49%

 


Institutional (5)

8,675

(3,264)

5,411


 

27,855

37,731

35%

 


Total M&G

18,441

(7,304)

11,137

 

 

46,997

66,235

41%

 



 




 

 

 

 

 


Asia

 




 

 

 

 

 


India

466

(707)

(241)


 

1,427

1,689

18%

 


Taiwan

753

(627)

126


 

1,063

1,579

49%

 


Korea

439

(590)

(151)


 

1,804

1,778

(1%)

 


Japan

677

(593)

84


 

2,922

4,077

40%

 


Other Mutual Fund Operations (10)

1,384

(1,076)

308


 

2,492

3,369

35%

 


Total Asian Equity/Bond/Other

3,719

(3,593)

126

 

 

9,708

12,492

29%

 



 




 

 

 

 

 


MMF

 




 

 

 

 

 


India

44,310

(42,665)

1,645


 

1,422

3,033

113%

 


Taiwan

1,729

(1,798)

(69)


 

1,306

1,242

(5%)

 


Korea

2,181

(2,069)

112


 

455

547

20%

 


Other Mutual Fund Operations

690

(614)

76


 

377

459

22%

 


Total Asian MMF

48,910

(47,146)

1,764

 

 

3,560

5,281

48%

 



 

 

 

 

 

 

 

 

 



 




 

 

 

 

 


Total Asia Retail Mutual Funds

52,629

(50,739)

1,890

 

 

13,268

17,773

34%

 



 

 

 

 

 

 

 

 

 


Third Party Institutional Mandates

39

(38)

1


 

720

1,008

40%

 



 




 

 

 

 

 



 

 

 

 

 

 

 

 

 


Total Asian Investment Operations

52,668

(50,777)

1,891

 

 

13,988

18,781

34%

 



 

 

 

 

 

 

 

 

 


US

 




 

 

 

 

 


Retail

6

(67)

(61)


 

45

-  

(100%)

 


Total US

6

(67)

(61)

 

 

45

-  

(100%)

 



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 


Total Investment Products

71,115

(58,148)

12,967

 

 

61,030

85,016

39%

 

 

 

 

 

 

 

 

 

 

 

 



 



 








 



 








Gross Inflows

Redemptions

Net Inflows

 






2008

£m

£m

£m

 







M&G

 



 







Retail

6,448

(5,040)

1,408

 







Institutional (5)

5,666

(2,932)

2,734

 







Total M&G

12,114

(7,972)

4,142

 








 



 







Asia

 



 







India

1,013

(890)

123

 







Taiwan

949

(826)

123

 







Korea

1,032

(873)

159

 







Japan

1,289

(920)

369

 







Other Mutual Fund Operations (10)

1,590

(954)

636

 







Total Asia Equity/Bond/Other

5,873

(4,463)

1,410

 








 



 







MMF

 



 







India

26,334

(26,627)

(293)

 







Taiwan

3,196

(3,066)

130

 







Korea

1,416

(1,420)

(4)

 







Other Mutual Fund Operations

638

(532)

106

 







Total Asian MMF

31,584

(31,645)

(61)

 








 



 








 



 







Total Asia Retail Mutual Funds

37,457

(36,108)

1,349

 








 



 







Third Party Institutional Mandates

287

(427)

(140)

 








 



 








 



 







Total Asian Investment Operations

37,744

(36,535)

1,209

 








 



 







US

 



 







Retail

40

(30)

10

 







Total US

40

(30)

10

 








 



 








 



 







Total Investment Products

49,898

(44,537)

5,361

 






 

 

 

 

 

 








 



 








 



 








Gross Inflows

Redemptions

Net Inflows

 






2009 Movement Relative to 2008

%

%

%

 







M&G

 



 







Retail

51%

20%

307%

 







Institutional (5)

53%

(11%)

98%

 







Total M&G

52%

8%

169%

 








 



 







Asia

 



 







India

(54%)

21%

(296%)

 







Taiwan

(21%)

24%

2%

 







Korea

(57%)

32%

(195%)

 







Japan

(47%)

36%

(77%)

 







Other Mutual Fund Operations (10)

(13%)

(13%)

(52%)

 







Total Asia Equity/Bond/Other

(37%)

19%

(91%)

 








 



 







MMF

 



 







India

68%

(60%)

661%

 







Taiwan

(46%)

41%

(153%)

 







Korea

54%

(46%)

2,900%

 







Other Mutual Fund Operations

8%

(15%)

(28%)

 







Total Asian MMF

55%

(49%)

2,992%

 








 



 








 



 







Total Asian Retail Mutual Funds

41%

(41%)

40%

 








 

 

 

 








 



 







Third Party Institutional Mandates

(86%)

91%

101%

 








 



 








 

 

 

 







Total Asian Investment Operations

40%

(39%)

56%

 








 

 

 

 







US

 

 

 

 







Retail

(85%)

(123%)

(710%)

 







Total US

(85%)

(123%)

(710%)

 








 

 

 

 








 

 

 

 







Total Investment Products

43%

(31%)

142%

 






 

 

 

 

 

 



















 

 

 

 

 

 

2009 Q3

2008 Q3

 

 

US (7)

 



 


YTD

YTD

+/- (%)

 


 



 


£m

£m

 

 

Curian Capital

 



 




 

 

External Funds Under Administration

 



 


2,041

1,995

2%

 

 

 

 

 

 

 

 

 

 

 


  Schedule 3 - Actual Exchange Rates

PRUDENTIAL PLC - NEW BUSINESS - QUARTER 3 2009 VERSUS QUARTER 3 2008

INSURANCE OPERATIONS

 

 
 
Single
 
 
Regular
 
 
Total
 
 
Annual Equivalents (3)
 
Q3 2009
Q3 2008
+/-(%)
Q3 2009
Q3 2008
+/-(%)
Q3 2009
Q3 2008
+/-(%)
 
Q3 2009
Q3 2008
+/-(%)
 
£m
£m
 
£m
£m
 
£m
£m
 
 
£m
£m
 
UK Insurance Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
Product Summary
 
 
 
 
 
 
 
 
 
 
 
 
 
Internal Vesting annuities
297
408
(27%)
- 
- 
-  
297
408
(27%)
 
30
41
(27%)
Direct and Partnership Annuities
151
177
(15%)
- 
- 
-  
151
177
(15%)
 
15
18
(17%)
Intermediated Annuities
56
116
(52%)
- 
- 
-  
56
116
(52%)
 
6
12
(50%)
Total Individual Annuities
504
701
(28%)
- 
- 
-  
504
701
(28%)
 
50
70
(29%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Drawdown
24
24
0%
- 
- 
-  
24
24
0%
 
2
2
0%
Equity Release
30
71
(58%)
- 
- 
-  
30
71
(58%)
 
3
7
(57%)
Individual Pensions
47
20
135%
2
1
100%
49
21
133%
 
7
3
133%
Corporate Pensions
8
60
(87%)
17
26
(35%)
25
86
(71%)
 
18
32
(44%)
Unit Linked Bonds
34
21
62%
- 
- 
-  
34
21
62%
 
3
2
50%
With-Profit Bonds
285
233
22%
- 
- 
-  
285
233
22%
 
29
23
26%
Protection
- 
- 
-  
5
1
400%
5
1
400%
 
5
1
400%
Offshore Products
80
126
(37%)
1
1
0%
81
127
(36%)
 
9
14
(36%)
Pru Health (11)
- 
- 
-  
3
6
(50%)
3
6
(50%)
 
3
6
(50%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Retail Retirement
1,012
1,256
(19%)
28
35
(20%)
1,040
1,291
(19%)
 
129
161
(20%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate Pensions
20
54
(63%)
21
26
(19%)
41
80
(49%)
 
23
31
(26%)
Other Products
20
36
(44%)
3
6
(50%)
23
42
(45%)
 
5
10
(50%)
DWP Rebates
- 
- 
-  
- 
- 
-  
- 
-   
-  
 
- 
- 
-  
Total Mature Life and Pensions
40
90
(56%)
24
32
(25%)
64
122
(48%)
 
28
41
(32%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Retail
1,052
1,346
(22%)
52
67
(22%)
1,104
1,413
(22%)
 
157
202
(22%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wholesale Annuities
4
1,063
(100%)
- 
-  
-  
4
1,063
(100%)
 
-  
106
-  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Life
5
4
25%
- 
-  
-  
5
4
25%
 
1
- 
-  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total UK Insurance Operations
1,061
2,413
(56%)
52
67
(22%)
1,113
2,480
(55%)
 
158
308
(49%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Channel Summary
 
 
 
 
 
 
 
 
 
 
 
 
 
Direct and Partnership
398
582
(32%)
41
55
(25%)
439
637
(31%)
 
81
113
(28%)
Intermediated
654
764
(14%)
11
12
(8%)
665
776
(14%)
 
76
88
(14%)
Wholesale
9
1,067
(99%)
-
-  
-  
9
1,067
(99%)
 
1
107
(99%)
Sub-Total
1,061
2,413
(56%)
52
67
(22%)
1,113
2,480
(55%)
 
158
308
(49%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DWP Rebates
- 
- 
-  
- 
-  
-  
- 
-  
-  
 
-  
- 
-  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total UK Insurance Operations
1,061
2,413
(56%)
52
67
(22%)
1,113
2,480
(55%)
 
158
308
(49%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
US Insurance Operations (1b)(8)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Annuities
140
506
(72%)
- 
- 
-  
140
506
(72%)
 
14
51
(73%)
Fixed Index Annuities
480
121
297%
- 
- 
-  
480
121
297%
 
48
12
300%
Variable Annuities
1,804
799
126%
- 
- 
-  
1,804
799
126%
 
180
80
125%
Life
2
2
0%
6
7
(14%)
8
9
(11%)
 
6
7
(14%)
Sub-Total Retail
2,426
1,428
70%
6
7
(14%)
2,432
1,435
69%
 
249
150
66%
Guaranteed Investment Contracts
- 
310
-  
- 
- 
-  
- 
310
-  
 
- 
31
-  
GIC - Medium Term Note
- 
5
-  
- 
- 
-  
- 
5
-  
 
- 
1
-  
Total US Insurance Operations
2,426
1,743
39%
6
7
(14%)
2,432
1,750
39%
 
249
181
38%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asian Insurance Operations (1b)(8)
 
 
 
 
 
 
 
 
 
 
 
 
 
China (9)
 
 
15
12
25%
11
8
38%
26
20
30%
 
13
9
44%
Hong Kong
 
 
33
114
(71%)
52
35
49%
85
149
(43%)
 
55
46
20%
India (6)
 
 
5
13
(62%)
39
46
(15%)
44
59
(25%)
 
40
47
(15%)
Indonesia
 
 
11
17
(35%)
42
40
5%
53
57
(7%)
 
43
42
2%
Japan
 
 
12
26
(54%)
10
3
233%
22
29
(24%)
 
11
6
83%
Korea
 
 
8
13
(38%)
29
58
(50%)
37
71
(48%)
 
30
59
(49%)
Malaysia
 
 
17
8
113%
30
26
15%
47
34
38%
 
32
27
19%
Singapore
 
 
47
30
57%
24
19
26%
71
49
45%
 
29
22
32%
Taiwan
 
 
38
9
322%
22
10
120%
60
19
216%
 
26
11
136%
Other (4)
 
 
9
4
125%
14
11
27%
23
15
53%
 
15
11
36%
Total Asian Insurance Operations
195
246
(21%)
273
256
7%
468
502
(7%)
 
293
281
4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Group Total
3,682
4,402
(16%)
331
330
0%
4,013
4,732
(15%)
 
700
770
(9%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 



INVESTMENT OPERATIONS

 

 

 

 

 

 

 

Market &

Net

 

 

 


Opening

 




Other

Currency

Movement


Closing

 


FUM

 

Gross Inflows

Redemptions

Net Inflows

Movements

Movements

In FUM


FUM

 

 

£m

 

£m

£m

£m

£m

£m

£m

 

£m

 


 

 








 

 

M&G (5)

Q3 2009

55,921

 

5,810

(3,298)

2,512

(113)

7,915

10,314


66,235 

 


Q3 2008

51,699

 

4,623

(2,918)

1,705

-  

(3,410)

(1,705)


49,994 

 


+/-(%)

8%

 

26%

(13%)

47%

-  

332%

705%


32%

 

Asia Retail Mutual Funds

Q3 2009

15,518

 

20,579

(20,142)

437

(1)

1,819

2,255


17,773 

 


Q3 2008

14,845

 

11,552

(12,213)

(661)

(23)

(567)

(1,251)


13,594 

 


+/-(%)

5%

 

78%

(65%)

166%

96%

421%

280%


31%

 

Asia Third Party

Q3 2009

859

 

5

(7)

(2)

-  

151

149


1,008 

 


Q3 2008

841

 

17

(46)

(29)

-  

(57)

(86)


755 

 


+/-(%)

2%

 

(71%)

85%

93%

-  

365%

273%


34%

 

US Retail Mutual Funds

Q3 2009

38

 

-  

(49)

(49)

1

10

(38)


-  

 


Q3 2008

62

 

5

(9)

(4)

1

(1)

(4)


58 

 


+/-(%)

(39%)

 

-  

(444%)

(1,125%)

0%

1,100%

(850%)


(100%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 








 

 

Total Investment Products

Q3 2009

72,336

 

26,394

(23,496)

2,898

(113)

9,895

12,680


85,016 

 


Q3 2008

67,447

 

16,197

(15,186)

1,011

(22)

(4,035)

(3,046)


64,401 

 


+/-(%)

7%

 

63%

(55%)

187%

(414%)

345%

516%


32%

 

 

 

 

 

 

 

 

 

 

 

 

 

 


  Schedule 4 - Actual Exchange Rates

PRUDENTIAL PLC - NEW BUSINESS - QUARTER 3 2009 VERSUS QUARTER 2 2009

INSURANCE OPERATIONS

 

 

Single

 

 

Regular

 

 

Total

 

 

Annual Equivalents (3)


Q3 2009

Q 2 2009

+/-(%)

Q3 2009

Q2 2009

+/-(%)

Q3 2009

Q2 2009

+/-(%)


Q3 2009

Q 2 2009

+/-(%)

 

£m

£m

 

£m

£m

 

£m

£m

 

 

£m

£m

 

UK Insurance Operations











 



Product Summary











 



Internal Vesting annuities

297

335

(11%)

-  

-  

-  

297

335

(11%)


30

34

(12%)

Direct and Partnership Annuities

151

144

5%

-  

-  

-  

151

144

5%


15

14

7%

Intermediated Annuities

56

81

(31%)

-  

-  

-  

56

81

(31%)


6

8

(25%)

Total Individual Annuities

504

560

(10%)

-  

-  

-  

504

560

(10%)

 

50

56

(11%)












 



Income Drawdown

24

28

(14%)

-  

-  

-  

24

28

(14%)


2

3

(33%)

Equity Release

30

29

3%

-  

-  

-  

30

29

3%


3

3

0%

Individual Pensions

47

56

(16%)

2

2

0%

49

58

(16%)


7

8

(13%)

Corporate Pensions

8

10

(20%)

17

24

(29%)

25

34

(26%)


18

25

(28%)

Unit Linked Bonds

34

25

36%

-  

-  

-  

34

25

36%


3

3

0%

With-Profit Bonds

285

384

(26%)

-  

-  

-  

285

384

(26%)


29

38

(24%)

Protection

-  

-  

-  

5

4

25%

5

4

25%


5

4

25%

Offshore Products

80

68

18%

1

1

0%

81

69

17%


9

8

13%

Pru Health (11)

-  

-  

-  

3

4

(25%)

3

4

(25%)


3

4

(25%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Total Retail Retirement

1,012

1,160

(13%)

28

35

(20%)

1,040

1,195

(13%)

 

129

151

(15%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Pensions

20

42

(52%)

21

33

(36%)

41

75

(45%)


23

37

(38%)

Other Products

20

20

0%

3

5

(40%)

23

25

(8%)


5

7

(29%)

DWP Rebates

-  

-  

-  

-  

-  

-  

-  

-  

-  


-  

-  

-  

Total Mature Life and Pensions

40

62

(35%)

24

38

(37%)

64

100

(36%)

 

28

44

(36%)












 




 

 

 

 

 

 

 

 

 

 

 

 

 

Total Retail

1,052

1,222

(14%)

52

73

(29%)

1,104

1,295

(15%)

 

157

195

(19%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale Annuities

4

7

(43%)

-  

-  

-  

4

7

(43%)


-  

1

-  












 



Credit Life

5

7

(29%)

-  

-  

-  

5

7

(29%)


1

1

0%












 




 

 

 

 

 

 

 

 

 

 

 

 

 

Total UK Insurance Operations

1,061

1,236

(14%)

52

73

(29%)

1,113

1,309

(15%)

 

158

197

(20%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Channel Summary











 



Direct and Partnership

398

451

(12%)

41

59

(31%)

439

510

(14%)


81

104

(22%)

Intermediated

654

771

(15%)

11

14

(21%)

665

785

(15%)


76

91

(16%)

Wholesale

9

14

(36%)

-  

-  

-  

9

14

(36%)


1

1

0%

Sub-Total

1,061

1,236

(14%)

52

73

(29%)

1,113

1,309

(15%)

 

158

197

(20%)












 



DWP Rebates

-  

-  

-  

-  

-  

-  

-  

-  

-  


-  

-  

-  


 

 

 

 

 

 

 

 

 

 

 

 

 

Total UK Insurance Operations

1,061

1,236

(14%)

52

73

(29%)

1,113

1,309

(15%)

 

158

197

(20%)


 

 

 

 

 

 

 

 

 

 

 

 

 

US Insurance Operations (1b)(8)











 



Fixed Annuities

140

218

(36%)

-  

-  

-  

140

218

(36%)


14

22

(36%)

Fixed Index Annuities

480

328

46%

-  

-  

-  

480

328

46%


48

33

45%

Variable Annuities

1,804

1,466

23%

-  

-  

-  

1,804

1,466

23%


180

147

22%

Life

2

3

(33%)

6

6

0%

8

9

(11%)


6

6

0%

Sub-Total Retail

2,426

2,015

20%

6

6

0%

2,432

2,021

20%

 

249

208

20%

Guaranteed Investment Contracts

-  

-  

-  

-  

-  

-  

-  

-  

-  


-  

-  

-  

GIC - Medium Term Note

-  

-  

-  

-  

-  

-  

-  

-  

-  


-  

-  

-  

Total US Insurance Operations

2,426

2,015

20%

6

6

0%

2,432

2,021

20%

 

249

208

20%


 

 

 

 

 

 

 

 

 

 

 

 

 

Asian Insurance Operations (1b)(8)











 



China (9)

15

16

(6%)

11

9

22%

26

25

4%


13

11

18%

Hong Kong

33

22

50%

52

47

11%

85

69

23%


55

49

12%

India (6)

5

9

(44%)

39

19

105%

44

28

57%


40

20

100%

Indonesia

11

7

57%

42

45

(7%)

53

52

2%


43

46

(7%)

Japan

12

22

(45%)

10

10

0%

22

32

(31%)


11

12

(8%)

Korea

8

11

(27%)

29

28

4%

37

39

(5%)


30

29

3%

Malaysia

17

28

(39%)

30

26

15%

47

54

(13%)


32

29

10%

Singapore

47

86

(45%)

24

21

14%

71

107

(34%)


29

30

(3%)

Taiwan

38

13

192%

22

19

16%

60

32

88%


26

20

30%

Other (4)

9

5

80%

14

14

0%

23

19

21%


15

15

0%

Total Asian Insurance Operations

195

219

(11%)

273

238

15%

468

457

2%

 

293

260

13%


 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

Group Total

3,682

3,470

6%

331

317

4%

4,013

3,787

6%

 

700

664

5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 















INVESTMENT OPERATIONS

 

 

 

 

 

 

 

Market &

Net

 

 


Opening

 




Other

Currency

Movement


Closing


FUM

 

Gross Inflows

Redemptions

Net Inflows

Movements

Movements

In FUM


FUM

 

£m

 

£m

£m

£m

£m

£m

£m

 

£m


 

 








 

M&G (5)

Q3 2009

55,921

 

5,810

(3,298)

2,512

(113)

7,915

10,314


66,235 


Q2 2009

46,536

 

8,223

(2,141)

6,082

35

3,268

9,385


55,921 


+/-(%)

20%

 

(29%)

(54%)

(59%)

(423%)

142%

10%


18%

Asia Retail Mutual Funds

Q3 2009

15,518

 

20,579

(20,142)

437

(1)

1,819

2,255


17,773 


Q2 2009

14,324

 

17,331

(16,062)

1,269

(442)

367

1,194


15,518 


+/-(%)

8%

 

19%

(25%)

(66%)

100%

396%

89%


15%

Asia Third Party

Q3 2009

859

 

5

(7)

(2)

-  

151

149


1,008 


Q2 2009

799

 

10

(8)

2

-  

58

60


859 


+/-(%)

8%

 

(50%)

13%

(200%)

-  

160%

148%


17%

US Retail Mutual Funds

Q3 2009

38

 

-  

(49)

(49)

1

10

(38)


-  


Q2 2009

44

 

3

(12)

(9)

-  

3

(6)


38 


+/-(%)

(14%)

 

-  

(308%)

(444%)

-  

233%

(533%)


-  

 

 

 

 

 

 

 

 

 

 

 

 



 

 








 

Total Investment Products

Q3 2009

72,336

 

26,394

(23,496)

2,898

(113)

9,895

12,680


85,016 


Q2 2009

61,703

 

25,567

(18,223)

7,344

(407)

3,696

10,633


72,336 


+/-(%)

17%

 

3%

(29%)

(61%)

72%

168%

19%


18%

 

 

 

 

 

 

 

 

 

 

 

 


  Schedule 5 - Actual Exchange Rates

PRUDENTIAL PLC - NEW BUSINESS - NINE MONTHS 2009

TOTAL INSURANCE AND INVESTMENT NEW BUSINESS

 

UK

 

US (1a)

 

 

Asia (1a)

 

Total












 




2009 Q3

2008 Q3


2009 Q3

2008 Q3


2009 Q3

2008 Q3



2009 Q3

2008 Q3



YTD

YTD

+/-(%)

YTD

YTD

+/-(%)

YTD

YTD

+/-(%)


YTD

YTD

+/-(%)

 

£m

£m


£m

£m


£m

£m



£m

£m


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Insurance Products

3,695

5,730

(36%)

6,242

5,214

20%

1,350

1,988

(32%)


11,287

12,932

(13%)

Total Investment Products Gross Inflows (2)

18,441

12,114

52%

6

32

(81%)

52,668

34,412

53%


71,115

46,558

53%


22,136

17,844

24%

6,248

5,246

19%

54,018

36,400

48%

 

82,402

59,490

39%

 

 

 

 

 

 

 

 

 

 

 

 

 

 


INSURANCE OPERATIONS

 

 

Single

 

 

Regular

 

 

Total

 

 

PVNBP


2009 Q3

2008 Q3


2009 Q3

2008 Q3


2009 Q3

2008 Q3



2009 Q3

2008 Q3



YTD

YTD

+/-(%)

YTD

YTD

+/-(%)

YTD

YTD

+/-(%)


YTD

YTD

+/-(%)

 

£m

£m

 

£m

£m

 

£m

£m

 

 

£m

£m

 

UK Insurance Operations











 



Product Summary











 



Internal Vesting annuities

1,023

1,129

(9%)

-  

-  

-  

1,023

1,129

(9%)


1,023

1,129

(9%)

Direct and Partnership Annuities

424

550

(23%)

-  

-  

-  

424

550

(23%)


424

550

(23%)

Intermediated Annuities

196

401

(51%)

-  

-  

-  

196

401

(51%)


196

401

(51%)

Total Individual Annuities

1,643

2,080

(21%)

-  

-  

-  

1,643

2,080

(21%)

 

1,643

2,080

(21%)












 



Income Drawdown

70

54

30%

-  

-  

-  

70

54

30%


70

54

30%

Equity Release

84

188

(55%)

-  

-  

-  

84

188

(55%)


84

188

(55%)

Individual Pensions

145

52

179%

5

2

150%

150

54

178%


159

57

179%

Corporate Pensions

55

154

(64%)

61

64

(5%)

116

218

(47%)


386

455

(15%)

Unit Linked Bonds

83

88

(6%)

-  

-  

-  

83

88

(6%)


83

88

(6%)

With-Profit Bonds

969

651

49%

-  

-  

-  

969

651

49%


969

651

49%

Protection

-  

-  

-  

12

4

200%

12

4

200%


76

26

192%

Offshore Products

207

447

(54%)

3

3

0%

210

450

(53%)


222

463

(52%)

Pru Health (11)

-  

-  

-  

9

14

(36%)

9

14

(36%)


82

129

(36%)

Total Retail Retirement

3,256

3,714

(12%)

90

87

3%

3,346

3,801

(12%)

 

3,774

4,191

(10%)












 



Corporate Pensions

88

227

(61%)

80

88

(9%)

168

315

(47%)


385

521

(26%)

Other Products

59

113

(48%)

13

17

(24%)

72

130

(45%)


104

166

(37%)

DWP Rebates

80

103

(22%)

-  

-  

-  

80

103

(22%)


80

103

(22%)

Total Mature Life and Pensions

227

443

(49%)

93

105

(11%)

320

548

(42%)

 

569

790

(28%)












 



Total Retail

3,483

4,157

(16%)

183

192

(5%)

3,666

4,349

(16%)

 

4,343

4,981

(13%)












 



Wholesale Annuities

12

1,370

(99%)

-  

-  

-  

12

1,370

(99%)


12

1,370

(99%)












 



Credit Life

17

11

55%

-  

-  

-  

17

11

55%


17

11

55%












 



Total UK Insurance Operations

3,512

5,538

(37%)

183

192

(5%)

3,695

5,730

(36%)

 

4,372

6,362

(31%)












 



Channel Summary











 



Direct and Partnership

1,347

1,729

(22%)

149

161

(7%)

1,496

1,890

(21%)


2,008

2,381

(16%)

Intermediated

2,056

2,326

(12%)

34

31

10%

2,090

2,357

(11%)


2,255

2,497

(10%)

Wholesale

29

1,380

(98%)

-  

-  

-  

29

1,380

(98%)


29

1,380

(98%)

Sub-Total

3,432

5,435

(37%)

183

192

(5%)

3,615

5,627

(36%)

 

4,292

6,258

(31%)












 



DWP Rebates

80

103

(22%)

-  

-  

-  

80

103

(22%)


80

103

(22%)












 



Total UK Insurance Operations

3,512

5,538

(37%)

183

192

(5%)

3,695

5,730

(36%)

 

4,372

6,362

(31%)












 



US Insurance Operations (1a)











 



Fixed Annuities

841

1,141

(26%)

-  

-  

-  

841

1,141

(26%)


841

1,141

(26%)

Fixed Index Annuities

1,055

317

233%

-  

-  

-  

1,055

317

233%


1,055

317

233%

Variable Annuities

4,321

2,596

66%

-  

-  

-  

4,321

2,596

66%


4,321

2,596

66%

Life

7

6

17%

18

18

0%

25

24

4%


143

145

(1%)

Sub-Total Retail

6,224

4,060

53%

18

18

0%

6,242

4,078

53%

 

6,360

4,199

51%

Guaranteed Investment Contracts

-  

815

-  

-  

-  

-  

-  

815

-  


-  

815

-  

GIC - Medium Term Note

-  

321

-  

-  

-  

-  

-  

321

-  


-  

321

-  

Total US Insurance Operations

6,224

5,196

20%

18

18

0%

6,242

5,214

20%

 

6,360

5,335

19%


 

 

 

 

 

 

 

 

 

 

 

 

 

Asian Insurance Operations (1a)











 



China (9)

58

47

23%

28

23

22%

86

70

23%


193

164

18%

Hong Kong

64

460

(86%)

144

113

27%

208

573

(64%)


931

1,162

(20%)

India (6)

37

53

(30%)

112

168

(33%)

149

221

(33%)


409

606

(33%)

Indonesia

24

85

(72%)

124

121

2%

148

206

(28%)


431

495

(13%)

Japan

50

94

(47%)

35

24

46%

85

118

(28%)


212

205

3%

Korea

28

63

(56%)

93

176

(47%)

121

239

(49%)


454

877

(48%)

Malaysia

50

22

127%

79

64

23%

129

86

50%


474

377

26%

Singapore

162

306

(47%)

64

56

14%

226

362

(38%)


653

753

(13%)

Taiwan

70

33

112%

70

26

169%

140

59

137%


291

121

140%

Other (4)

17

14

21%

41

40

3%

58

54

7%


151

140

8%

Total Asian Insurance Operations

560

1,177

(52%)

790

811

(3%)

1,350

1,988

(32%)

 

4,199

4,900

(14%)


 

 

 

 

 

 

 

 

 

 

 

 

 












 



Group Total

10,296

11,911

(14%)

991

1,021

(3%)

11,287

12,932

(13%)

 

14,931

16,597

(10%)


  Schedule 6 - Constant Exchange Rates

PRUDENTIAL PLC - NEW BUSINESS - NINE MONTHS 2009

TOTAL INSURANCE AND INVESTMENT NEW BUSINESS

 

UK

 

US (1a)

 

 

Asia (1a)

 

Total












 




2009 Q3

2008 Q3


2009 Q3

2008 Q3


2009 Q3

2008 Q3



2009 Q3

2008 Q3



YTD

YTD

+/-(%)

YTD

YTD

+/-(%)

YTD

YTD

+/-(%)


YTD

YTD

+/-(%)

 

£m

£m


£m

£m


£m

£m



£m

£m


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Insurance Products

3,695

5,730

(36%)

6,242

6,579

(5%)

1,350

2,343

(42%)


11,287

14,652

(23%)

Total Investment Products Gross Inflows (2)

18,441

12,114

52%

6

40

(85%)

52,668

37,744

40%


71,115

49,898

43%


22,136

17,844

24%

6,248

6,619

(6%)

54,018

40,087

35%

 

82,402

64,550

28%

 

 

 

 

 

 

 

 

 

 

 

 

 

 


INSURANCE OPERATIONS














 

 

Single

 

 

Regular

 

 

Total

 

 

PVNBP


2009 Q3

2008 Q3


2009 Q3

2008 Q3


2009 Q3

2008 Q3



2009 Q3

2008 Q3



YTD

YTD

+/-(%)

YTD

YTD

+/-(%)

YTD

YTD

+/-(%)


YTD

YTD

+/-(%)

 

£m

£m

 

£m

£m

 

£m

£m

 

 

£m

£m

 

UK Insurance Operations











 



Product Summary











 



Internal Vesting annuities

1,023

1,129

(9%)

-  

-  

-  

1,023

1,129

(9%)


1,023

1,129

(9%)

Direct and Partnership Annuities

424

550

(23%)

-  

-  

-  

424

550

(23%)


424

550

(23%)

Intermediated Annuities

196

401

(51%)

-  

-  

-  

196

401

(51%)


196

401

(51%)

Total Individual Annuities

1,643

2,080

(21%)

-  

-  

-  

1,643

2,080

(21%)

 

1,643

2,080

(21%)












 



Income Drawdown

70

54

30%

-  

-  

-  

70

54

30%


70

54

30%

Equity Release

84

188

(55%)

-  

-  

-  

84

188

(55%)


84

188

(55%)

Individual Pensions

145

52

179%

5

2

150%

150

54

178%


159

57

179%

Corporate Pensions

55

154

(64%)

61

64

(5%)

116

218

(47%)


386

455

(15%)

Unit Linked Bonds

83

88

(6%)

-  

-  

-  

83

88

(6%)


83

88

(6%)

With-Profit Bonds

969

651

49%

-  

-  

-  

969

651

49%


969

651

49%

Protection

-  

-  

-  

12

4

200%

12

4

200%


76

26

192%

Offshore Products

207

447

(54%)

3

3

0%

210

450

(53%)


222

463

(52%)

Pru Health (11)

-  

-  

-  

9

14

(36%)

9

14

(36%)


82

129

(36%)

Total Retail Retirement

3,256

3,714

(12%)

90

87

3%

3,346

3,801

(12%)

 

3,774

4,191

(10%)












 



Corporate Pensions

88

227

(61%)

80

88

(9%)

168

315

(47%)


385

521

(26%)

Other Products

59

113

(48%)

13

17

(24%)

72

130

(45%)


104

166

(37%)

DWP Rebates

80

103

(22%)

-  

-  

-  

80

103

(22%)


80

103

(22%)

Total Mature Life and Pensions

227

443

(49%)

93

105

(11%)

320

548

(42%)

 

569

790

(28%)












 



Total Retail

3,483

4,157

(16%)

183

192

(5%)

3,666

4,349

(16%)

 

4,343

4,981

(13%)












 



Wholesale Annuities

12

1,370

(99%)

-  

-  

-  

12

1,370

(99%)


12

1,370

(99%)












 



Credit Life

17

11

55%

-  

-  

-  

17

11

55%


17

11

55%












 



Total UK Insurance Operations

3,512

5,538

(37%)

183

192

(5%)

3,695

5,730

(36%)

 

4,372

6,362

(31%)












 



Channel Summary











 



Direct and Partnership

1,347

1,729

(22%)

149

161

(7%)

1,496

1,890

(21%)


2,008

2,381

(16%)

Intermediated

2,056

2,326

(12%)

34

31

10%

2,090

2,357

(11%)


2,255

2,497

(10%)

Wholesale

29

1,380

(98%)

-  

-  

-  

29

1,380

(98%)


29

1,380

(98%)

Sub-Total

3,432

5,435

(37%)

183

192

(5%)

3,615

5,627

(36%)

 

4,292

6,258

(31%)












 



DWP Rebates

80

103

(22%)

-  

-  

-  

80

103

(22%)


80

103

(22%)












 



Total UK Insurance Operations

3,512

5,538

(37%)

183

192

(5%)

3,695

5,730

(36%)

 

4,372

6,362

(31%)












 



US Insurance Operations (1a)











 



Fixed Annuities

841

1,440

(42%)

-  

-  

-  

841

1,440

(42%)


841

1,440

(42%)

Fixed Index Annuities

1,055

400

164%

-  

-  

-  

1,055

400

164%


1,055

400

164%

Variable Annuities

4,321

3,276

32%

-  

-  

-  

4,321

3,276

32%


4,321

3,276

32%

Life

7

7

0%

18

22

(18%)

25

29

(14%)


143

183

(22%)

Sub-Total Retail

6,224

5,123

21%

18

22

(18%)

6,242

5,145

21%

 

6,360

5,299

20%

Guaranteed Investment Contracts

-  

1,029

-  

-  

-  

-  

-  

1,029

-  


-  

1,029

-  

GIC - Medium Term Note

-  

405

-  

-  

-  

-  

-  

405

-  


-  

405

-  

Total US Insurance Operations

6,224

6,557

(5%)

18

22

(18%)

6,242

6,579

(5%)

 

6,360

6,733

(6%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Asian Insurance Operations (1a)











 



China (9)

58

61

(5%)

28

29

(3%)

86

90

(4%)


193

211

(9%)

Hong Kong

64

584

(89%)

144

143

1%

208

727

(71%)


931

1,475

(37%)

India (6)

37

57

(35%)

112

180

(38%)

149

237

(37%)


409

651

(37%)

Indonesia

24

93

(74%)

124

133

(7%)

148

226

(35%)


431

543

(21%)

Japan

50

133

(62%)

35

33

6%

85

166

(49%)


212

289

(27%)

Korea

28

62

(55%)

93

172

(46%)

121

234

(48%)


454

857

(47%)

Malaysia

50

26

92%

79

74

7%

129

100

29%


474

435

9%

Singapore

162

365

(56%)

64

67

(4%)

226

432

(48%)


653

897

(27%)

Taiwan

70

38

84%

70

30

133%

140

68

106%


291

142

105%

Other (4)

17

16

6%

41

47

(13%)

58

63

(8%)


151

163

(7%)

Total Asian Insurance Operations

560

1,435

(61%)

790

908

(13%)

1,350

2,343

(42%)

 

4,199

5,663

(26%)


 

 

 

 

 

 

 

 

 

 

 

 

 












 



Group Total

10,296

13,530

(24%)

991

1,122

(12%)

11,287

14,652

(23%)

 

14,931

18,758

(20%)


  

Schedule 7 - Actual Exchange Rates

PRUDENTIAL PLC - NEW BUSINESS - QUARTER 3 2009 VERSUS QUARTER 3 2008

INSURANCE OPERATIONS

 

 

Single

 

 

Regular

 

 

Total

 

 

PVNBP


Q3 2009

Q3 2008

+/-(%)

Q3 2009

Q3 2008

+/-(%)

Q3 2009

Q3 2008

+/-(%)


Q3 2009

Q3 2008

+/-(%)

 

£m

£m

 

£m

£m

 

£m

£m

 

 

£m

£m

 

UK Insurance Operations











 



Product Summary











 



Internal Vesting annuities

297

408

(27%)

-  

-  

-  

297

408

(27%)


297

408

(27%)

Direct and Partnership Annuities

151

177

(15%)

-  

-  

-  

151

177

(15%)


151

177

(15%)

Intermediated Annuities

56

116

(52%)

-  

-  

-  

56

116

(52%)


56

116

(52%)

Total Individual Annuities

504

701

(28%)

-  

-  

-  

504

701

(28%)

 

504

701

(28%)












 



Income Drawdown

24

24

0%

-  

-  

-  

24

24

0%


24

24

0%

Equity Release

30

71

(58%)

-  

-  

-  

30

71

(58%)


30

71

(58%)

Individual Pensions

47

20

135%

2

1

100%

49

21

133%


52

22

136%

Corporate Pensions

8

60

(87%)

17

26

(35%)

25

86

(71%)


100

175

(43%)

Unit Linked Bonds

34

21

62%

-  

-  

-  

34

21

62%


34

21

62%

With-Profit Bonds

285

233

22%

-  

-  

-  

285

233

22%


285

233

22%

Protection

-  

-  

-  

5

1

400%

5

1

400%


31

10

210%

Offshore Products

80

126

(37%)

1

1

0%

81

127

(36%)


85

132

(36%)

Pru Health (11)

-  

-  

-  

3

6

(50%)

3

6

(50%)


26

50

(48%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Total Retail Retirement

1,012

1,256

(19%)

28

35

(20%)

1,040

1,291

(19%)

 

1,171

1,439

(19%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Pensions

20

54

(63%)

21

26

(19%)

41

80

(49%)


100

145

(31%)

Other Products

20

36

(44%)

3

6

(50%)

23

42

(45%)


30

47

(36%)

DWP Rebates

-  

-  

-  

-  

-  

-  

-  

-  

-  


-  

-  

-  

Total Mature Life and Pensions

40

90

(56%)

24

32

(25%)

64

122

(48%)

 

130

192

(32%)












 




 

 

 

 

 

 

 

 

 

 

 

 

 

Total Retail

1,052

1,346

(22%)

52

67

(22%)

1,104

1,413

(22%)

 

1,301

1,631

(20%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale Annuities

4

1,063

(100%)

-  

-  

-  

4

1,063

(100%)


4

1,063

(100%)












 



Credit Life

5

4

25%

-  

-  

-  

5

4

25%


5

4

25%












 




 

 

 

 

 

 

 

 

 

 

 

 

 

Total UK Insurance Operations

1,061

2,413

(56%)

52

67

(22%)

1,113

2,480

(55%)

 

1,310

2,698

(51%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Channel Summary











 



Direct and Partnership

398

582

(32%)

41

55

(25%)

439

637

(31%)


586

802

(27%)

Intermediated

654

764

(14%)

11

12

(8%)

665

776

(14%)


715

828

(14%)

Wholesale

9

1,067

(99%)

-  

-  

-  

9

1,067

(99%)


9

1,067

(99%)

Sub-Total

1,061

2,413

(56%)

52

67

(22%)

1,113

2,480

(55%)

 

1,310

2,697

(51%)












 



DWP Rebates

-  

-  

-  

-  

-  

-  

-  

-  

-  


-  

-  

-  


 

 

 

 

 

 

 

 

 

 

 

 

 

Total UK Insurance Operations

1,061

2,413

(56%)

52

67

(22%)

1,113

2,480

(55%)

 

1,310

2,698

(51%)


 

 

 

 

 

 

 

 

 

 

 

 

 

US Insurance Operations (1b)(8)











 



Fixed Annuities

140

506

(72%)

-  

-  

-  

140

506

(72%)


140

506

(72%)

Fixed Index Annuities

480

121

297%

-  

-  

-  

480

121

297%


480

121

297%

Variable Annuities

1,804

799

126%

-  

-  

-  

1,804

799

126%


1,804

799

126%

Life

2

2

0%

6

7

(14%)

8

9

(11%)


47

57

(18%)

Sub-Total Retail

2,426

1,428

70%

6

7

(14%)

2,432

1,435

69%

 

2,471

1,483

67%

Guaranteed Investment Contracts

-  

310

-  

-  

-  

-  

-  

310

-  


-  

310

-  

GIC - Medium Term Note

-  

5

-  

-  

-  

-  

-  

5

-  


-  

5

-  

Total US Insurance Operations

2,426

1,743

39%

6

7

(14%)

2,432

1,750

39%

 

2,471

1,798

37%


 

 

 

 

 

 

 

 

 

 

 

 

 

Asian Insurance Operations (1b)(8)











 



China (9)

15

12

25%

11

8

38%

26

20

30%


68

53

28%

Hong Kong

33

114

(71%)

52

35

49%

85

149

(43%)


349

328

6%

India (6)

5

13

(62%)

39

46

(15%)

44

59

(25%)


137

156

(12%)

Indonesia

11

17

(35%)

42

40

5%

53

57

(7%)


149

159

(6%)

Japan

12

26

(54%)

10

3

233%

22

29

(24%)


57

42

36%

Korea

8

13

(38%)

29

58

(50%)

37

71

(48%)


140

283

(51%)

Malaysia

17

8

113%

30

26

15%

47

34

38%


179

152

18%

Singapore

47

30

57%

24

19

26%

71

49

45%


244

206

18%

Taiwan

38

9

322%

22

10

120%

60

19

216%


113

43

163%

Other (4)

9

4

125%

14

11

27%

23

15

53%


57

43

33%

Total Asian Insurance Operations

195

246

(21%)

273

256

7%

468

502

(7%)

 

1,493

1,465

2%


 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

Group Total

3,682

4,402

(16%)

331

330

0%

4,013

4,732

(15%)

 

5,274

5,961

(12%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 















INVESTMENT OPERATIONS

 

 

 

 

 

 

 

Market &

Net

 

 


Opening

 




Other

Currency

Movement


Closing


FUM

 

Gross Inflows

Redemptions

Net Inflows

Movements

Movements

In FUM


FUM

 

£m

 

£m

£m

£m

£m

£m

£m

 

£m


 

 








 

M&G (5)

Q3 2009

55,921

 

5,810

(3,298)

2,512

(113)

7,915

10,314


66,235 


Q3 2008

51,699

 

4,623

(2,918)

1,705

-  

(3,410)

(1,705)


49,994 


+/-(%)

8%

 

26%

(13%)

47%

-  

332%

705%


32%

Asia Retail Mutual Funds

Q3 2009

15,518

 

20,579

(20,142)

437

(1)

1,819

2,255


17,773 


Q3 2008

14,845

 

11,552

(12,213)

(661)

(23)

(567)

(1,251)


13,594 


+/-(%)

5%

 

78%

(65%)

166%

96%

421%

280%


31%

Asia Third Party

Q3 2009

859

 

5

(7)

(2)

-  

151

149


1,008 


Q3 2008

841

 

17

(46)

(29)

-  

(57)

(86)


755 


+/-(%)

2%

 

(71%)

85%

93%

-  

365%

273%


34%

US Retail Mutual Funds

Q3 2009

38

 

-  

(49)

(49)

1

10

(38)


-  


Q3 2008

62

 

5

(9)

(4)

1

(1)

(4)


58 


+/-(%)

(39%)

 

-  

(444%)

(1,125%)

0%

1,100%

(850%)


(100%)

 

 

 

 

 

 

 

 

 

 

 

 



 

 








 

Total Investment Products

Q3 2009

72,336

 

26,394

(23,496)

2,898

(113)

9,895

12,680


85,016 


Q3 2008

67,447

 

16,197

(15,186)

1,011

(22)

(4,035)

(3,046)


64,401 


+/-(%)

7%

 

63%

(55%)

187%

(414%)

345%

516%


32%

 

 

 

 

 

 

 

 

 

 

 

 


  Schedule 8 - Actual Exchange Rates

PRUDENTIAL PLC - NEW BUSINESS - QUARTER 3 2009 VERSUS QUARTER 2 2009

INSURANCE OPERATIONS

 

 

Single

 

 

Regular

 

 

Total

 

 

PVNBP


Q3 2009

Q 2 2009

+/-(%)

Q3 2009

Q 2 2009

+/-(%)

Q3 2009

Q 2 2009

+/-(%)


Q3 2009

Q 2 2009

+/-(%)

 

£m

£m

 

£m

£m

 

£m

£m

 

 

£m

£m

 

UK Insurance Operations











 



Product Summary











 



Internal Vesting annuities

297

335

(11%)

-  

-  

-  

297

335

(11%)


297

335

(11%)

Direct and Partnership Annuities

151

144

5%

-  

-  

-  

151

144

5%


151

144

5%

Intermediated Annuities

56

81

(31%)

-  

-  

-  

56

81

(31%)


56

81

(31%)

Total Individual Annuities

504

560

(10%)

-  

-  

-  

504

560

(10%)

 

504

560

(10%)












 



Income Drawdown

24

28

(14%)

-  

-  

-  

24

28

(14%)


24

28

(14%)

Equity Release

30

29

3%

-  

-  

-  

30

29

3%


30

29

3%

Individual Pensions

47

56

(16%)

2

2

0%

49

58

(16%)


52

61

(15%)

Corporate Pensions

8

10

(20%)

17

24

(29%)

25

34

(26%)


100

133

(25%)

Unit Linked Bonds

34

25

36%

-  

-  

-  

34

25

36%


34

25

36%

With-Profit Bonds

285

384

(26%)

-  

-  

-  

285

384

(26%)


285

384

(26%)

Protection

-  

-  

-  

5

4

25%

5

4

25%


31

27

15%

Offshore Products

80

68

18%

1

1

0%

81

69

17%


85

73

16%

Pru Health (11)

-  

-  

-  

3

4

(25%)

3

4

(25%)


26

38

(32%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Total Retail Retirement

1,012

1,160

(13%)

28

35

(20%)

1,040

1,195

(13%)

 

1,171

1,358

(14%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Pensions

20

42

(52%)

21

33

(36%)

41

75

(45%)


100

161

(38%)

Other Products

20

20

0%

3

5

(40%)

23

25

(8%)


30

39

(23%)

DWP Rebates

-  

-  

-  

-  

-  

-  

-  

-  

-  


-  

-  

-  

Total Mature Life and Pensions

40

62

(35%)

24

38

(37%)

64

100

(36%)

 

130

200

(35%)












 




 

 

 

 

 

 

 

 

 

 

 

 

 

Total Retail

1,052

1,222

(14%)

52

73

(29%)

1,104

1,295

(15%)

 

1,301

1,558

(16%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale Annuities

4

7

(43%)

-  

-  

-  

4

7

(43%)


4

7

(43%)












 



Credit Life

5

7

(29%)

-  

-  

-  

5

7

(29%)


5

7

(29%)












 




 

 

 

 

 

 

 

 

 

 

 

 

 

Total UK Insurance Operations

1,061

1,236

(14%)

52

73

(29%)

1,113

1,309

(15%)

 

1,310

1,572

(17%)


 

 

 

 

 

 

 

 

 

 

 

 

 

Channel Summary











 



Direct and Partnership

398

451

(12%)

41

59

(31%)

439

510

(14%)


586

701

(16%)

Intermediated

654

771

(15%)

11

14

(21%)

665

785

(15%)


715

857

(17%)

Wholesale

9

14

(36%)

-  

-  

-  

9

14

(36%)


9

14

(36%)

Sub-Total

1,061

1,236

(14%)

52

73

(29%)

1,113

1,309

(15%)

 

1,310

1,572

(17%)












 



DWP Rebates

-  

-  

-  

-  

-  

-  

-  

-  

-  


-  

-  

-  


 

 

 

 

 

 

 

 

 

 

 

 

 

Total UK Insurance Operations

1,061

1,236

(14%)

52

73

(29%)

1,113

1,309

(15%)

 

1,310

1,572

(17%)


 

 

 

 

 

 

 

 

 

 

 

 

 

US Insurance Operations (1b)(8)











 



Fixed Annuities

140

218

(36%)

-  

-  

-  

140

218

(36%)


140

218

(36%)

Fixed Index Annuities

480

328

46%

-  

-  

-  

480

328

46%


480

328

46%

Variable Annuities

1,804

1,466

23%

-  

-  

-  

1,804

1,466

23%


1,804

1,466

23%

Life

2

3

(33%)

6

6

0%

8

9

(11%)


47

37

27%

Sub-Total Retail

2,426

2,015

20%

6

6

0%

2,432

2,021

20%

 

2,471

2,049

21%

Guaranteed Investment Contracts

-  

-  

-  

-  

-  

-  

-  

-  

-  


-  

-  

-  

GIC - Medium Term Note

-  

-  

-  

-  

-  

-  

-  

-  

-  


-  

-  

-  

Total US Insurance Operations

2,426

2,015

20%

6

6

0%

2,432

2,021

20%

 

2,471

2,049

21%


 

 

 

 

 

 

 

 

 

 

 

 

 

Asian Insurance Operations (1b)(8)











 



China (9)

15

16

(6%)

11

9

22%

26

25

4%


68

57

19%

Hong Kong

33

22

50%

52

47

11%

85

69

23%


349

289

21%

India (6)

5

9

(44%)

39

19

105%

44

28

57%


137

74

85%

Indonesia

11

7

57%

42

45

(7%)

53

52

2%


149

155

(4%)

Japan

12

22

(45%)

10

10

0%

22

32

(31%)


57

73

(22%)

Korea

8

11

(27%)

29

28

4%

37

39

(5%)


140

131

7%

Malaysia

17

28

(39%)

30

26

15%

47

54

(13%)


179

166

8%

Singapore

47

86

(45%)

24

21

14%

71

107

(34%)


244

257

(5%)

Taiwan

38

13

192%

22

19

16%

60

32

88%


113

75

51%

Other (4)

9

5

80%

14

14

0%

23

19

21%


57

50

14%

Total Asian Insurance Operations

195

219

(11%)

273

238

15%

468

457

2%

 

1,493

1,327

13%


 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

Group Total

3,682

3,470

6%

331

317

4%

4,013

3,787

6%

 

5,274

4,948

7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 















INVESTMENT OPERATIONS

 

 

 

 

 

 

 

Market &

Net

 

 


Opening

 




Other

Currency

Movement


Closing


FUM

 

Gross Inflows

Redemptions

Net Inflows

Movements

Movements

In FUM


FUM

 

£m

 

£m

£m

£m

£m

£m

£m

 

£m


 

 








 

M&G (5)

Q3 2009

55,921

 

5,810

(3,298)

2,512

(113)

7,915

10,314


66,235 


Q2 2009

46,536

 

8,223

(2,141)

6,082

35

3,268

9,385


55,921 


+/-(%)

20%

 

(29%)

(54%)

(59%)

(423%)

142%

10%


18%

Asia Retail Mutual Funds

Q3 2009

15,518

 

20,579

(20,142)

437

(1)

1,819

2,255


17,773 


Q2 2009

14,324

 

17,331

(16,062)

1,269

(442)

367

1,194


15,518 


+/-(%)

8%

 

19%

(25%)

(66%)

100%

396%

89%


15%

Asia Third Party

Q3 2009

859

 

5

(7)

(2)

-  

151

149


1,008 


Q2 2009

799

 

10

(8)

2

-  

58

60


859 


+/-(%)

8%

 

(50%)

13%

(200%)

-  

160%

148%


17%

US Retail Mutual Funds

Q3 2009

38

 

-  

(49)

(49)

1

10

(38)


-  


Q2 2009

44

 

3

(12)

(9)

-  

3

(6)


38 


+/-(%)

(14%)

 

-  

(308%)

(444%)

-  

233%

(533%)


-  

 

 

 

 

 

 

 

 

 

 

 

 



 

 








 

Total Investment Products

Q3 2009

72,336

 

26,394

(23,496)

2,898

(113)

9,895

12,680


85,016 


Q2 2009

61,703

 

25,567

(18,223)

7,344

(407)

3,696

10,633


72,336 


+/-(%)

17%

 

3%

(29%)

(61%)

72%

168%

19%


18%

 

 

 

 

 

 

 

 

 

 

 

 


  Schedule 9 - Group Debt Securities at 30 September 2009


1.

IFRS balance sheet fair value

The Group's investments in debt securities at 30 September 2009 excluding holdings attributable to external unit holders are as follows:









With-profit

Unit-linked and variable annuity

Other shareholder backed business


Total



(note 1a)

(note 1a)

(note 1e)



 

 

£bn

£bn

£bn

 

£bn

UK insurance operations

  40 

  4 

  19 

 (Notes 1b and 1c) 

  63 

Jackson National Life

  - 

  - 

  23 

 (Notes 1d and 3) 

  23 

Asia long-term business

  1 

  2 

  2 


  5 

Other operations


  - 

  - 

  1 


  1 

Total

 

  41 

  6 

  45 

 

  92 









Notes

1a

Shareholders are not directly exposed to value movements on assets backing with-profit, unit linked, and variable annuity business.

1b

Of the £19bn of debt securities for UK annuity and other non-linked shareholder backed business 32% was rated AAA, 11% AA, 35% A, 18% BBB and 4% other.

1c

For UK annuity business provision is made for possible future credit related losses. At 30 September 2009, a provision of £1.5bn was held.

1d

Jackson debt securities comprise:    







30 Sep 2009

30 Jun 2009

 

 

 

 

 

£m

£m

Corporate securities (92% investment grade) 





16,324 

14,881 

Residential mortgage backed securities (62% government agency;  22% for pre 2006/2007 vintages; £554m for 2006/2007 vintages of which £371m is for the senior part of the capital structure)

3,566 

3,414 

Commercial mortgage backed securities





2,034 

1,725 

CDO funds





133 

207 

Other debt securities





826 

669 

Total 

 

 

 

 

22,883 

20,896 









1e

Included within the £45bn of debt securities for other shareholder-backed business is exposure to £172m of investments in Tier 1 and £999m in Tier 2 borrowings of UK Banks.


2

Defaults, losses from sales of impaired and deteriorating bonds and write-downs for non-linked shareholder backed business


2.1

Jackson National Life


    In general, the debt securities of Jackson are purchased with the intention and the ability to hold them for the longer-term.


The majority of Jackson's debt securities are classified as available-for-sale under IAS 39. Under this classification realised losses from defaults, sales of impaired and deteriorating bonds and write-downs are recorded in the income statement. Changes in unrealised appreciation and depreciation are recorded as a movement directly in shareholders' equity.

 

Jackson continues to review its investments on a case-by-case basis to determine whether any decline in fair value represents an impairment and therefore requires an accounting write-down. IFRS requires available-for-sale debt securities which are impaired to be written down to fair value through the profit and loss account.


In the first nine months of 2009, Jackson recorded £522 million (half year 2009: £366 million) of actual credit related losses which comprise the following:

                            

            



Nine months to 30 Sept 2009

Movement in  quarter 3

Six months to 30 June 2009

 

 

 

£m

£m

£m

  Corporate debt securities


(80) 

-  

(80) 

  Residential mortgage-backed securities (RMBS)





Prime



(189) 

(66) 

(123) 

Alt-A



(163) 

(65) 

(98) 

Sub-prime



(23) 

(5) 

(18) 

Other



(25) 

(20) 

(5) 

  Total bond write downs

 

 

(480) 

(156) 

(324) 

  Defaults



-  

-  

-  

  Losses on sale of impaired and deteriorating bonds net of recoveries

(42) 

-  

(42) 

Total

 

 

(522) 

(156) 

(366) 









2.2

Other shareholder backed business (excluding Jackson National Life)


For the Group's operations, other than Jackson National Life, debt securities are accounted for on a fair value through P&L basis with all value movements recorded in the income statement. The defaults for the 3 months to 30 September 2009 (measured against market value) for other shareholder backed business excluding Jackson National Life were as follows:





Defaults

 

 

£m

UK Insurance operations


-  

Asia long-term business


-  

Other operations 


-  

Total

 

-  





3.

Jackson National Life - securities in an unrealised loss position


For Jackson's securities classified as available-for-sale under IAS 39, at 30 September 2009 there was a net unrealised loss position of £173 million. This amount comprised £1,056 million of gross unrealised gains and £1,229 million of gross unrealised losses on individual securities. Under IFRS unrealised losses are only applicable for securities which have not been impaired during the period. Securities impaired during the period are written down to fair value through the profit and loss in full. Note 2.1 shows the element of write downs in 2009. Included within the gross unrealised losses is £839 million for securities which are valued at less than 80 per cent of book value, of which 43 per cent have been at this level for less than 6 months.


IFRS requires securities to be carried at fair value, being the amount for which the security would be exchanged between knowledgeable, willing parties in an arm's length transaction. The best evidence of fair value is quoted prices in an active market, but if the market is not active then a valuation technique is used to establish fair value.


(a)

Movements in the values for the 3 months to 30 September 2009:


Movements in the values of available-for-sale securities for the three months to 30 September 2009 are included in the table shown below:

                                

    


Change reflected directly in shareholders' equity



30 September 2009

Movement in Quarter 3

Foreign exchange translation*

Quarter 3 including Foreign exchange

30 June 2009

 

 

£m

£m

£m

£m

£m








Assets fair valued at below book value



 

 



Book value


7,631 

 

 

 

13,677 

Unrealised loss


(1,229)

1,035 

(40)

995 

(2,224)

Fair value (as included in balance sheet)

6,402 

 

 

 

11,453 

Assets fair valued at or above book value

 


 

 

 


Book value


15,278 

 

 

 

8,870 

Unrealised gain

 

1,056 

602 

28 

630 

426 

Fair value (as included in the balance sheet)

16,334 

 

 

 

9,296 

Total



 

 

 


Book value 


22,909 

 

 

 

22,547 

Net unrealised loss

 

(173)

1,637 

(12)

1,625 

(1,798)

Fair value (as included in balance sheet)

 

22,736 

 

 

 

20,749 










(b)

Fair value of securities in an unrealised loss position as a percentage of book value


(i)

Fair value of securities as a percentage of book value


The unrealised losses in the Jackson balance sheet on unimpaired securities are £1,229 million (HY09: £2,224 million) relating to assets with fair value and book value of £6,402 million (HY09: £11,453 million) and £7,631 million (HY09: £13,677 million) respectively.


The following table shows the fair value of the securities in a gross unrealised loss position for various percentages of book value:

                                

                    








Fair value

Unrealised loss

Fair value

Unrealised loss



30 Sep 2009

30 Sep 2009

30 Jun 2009 

30 Jun 2009 

 

£m

£m

£m

£m

Between 90% and 100%


3,817 

(160)

6,743 

(265)

Between 80% and 90%


1,370 

(230)

2,487 

(428)

Below 80% 


1,215 

(839)

2,223 

(1,531)

 

 

6,402 

(1,229)

11,453 

(2,224)









(ii)

Fair value of sub-prime and Alt-A securities as a percentage of book value


Included within the table above are amounts relating to sub-prime and Alt-A securities in a gross unrealised loss position for various percentages of book value of:

                                

    










Fair value

Unrealised loss

Fair value

Unrealised loss




30 Sep 2009

30 Sep 2009

30 Jun 2009 

30 Jun 2009 

 

 

 

£m

£m

£m

£m

Between 90% and 100%



89 

(2)

38 

(3)

Between 80% and 90%



156 

(29)

93 

(18)

Below 80% 



216 

(149)

305 

(278)

 

 

 

461 

(180)

436 

(299)










(c)

Securities whose fair value were below 80 per cent of the book value


As shown in the table above, £839 million (HY09: £1,531 million) of the £1,229 million (HY09: £2,224 million) of gross unrealised losses at 30 September 2009 related to securities whose fair value were below 80 per cent of the book value. The age analysis for this £839 million (HY09: £1,531 million), indicating the length of time for which their fair value was below 80 per cent of the book value, is as follows:










Fair value

Unrealised loss

Fair value

Unrealised loss



30 Sep 2009

30 Sep 2009

30 Jun 2009 

30 Jun 2009 

 

 

£m

£m

£m

£m

Less than 3 months


63 

(26)

767 

(561)

3 months to 6 months


462 

(332)

393 

(272)

More than 6 months


690 

(481)

1,063 

(698)

 

 

1,215 

(839)

2,223 

(1,531)















For securities valued at less than 80 per cent of book value, 65 per cent are investment grade. The analysis by category of debt securities whose fair value were below 80 per cent of the book value is as follows:





Fair value

Unrealised loss

Fair value

Unrealised loss



30 Sep 2009

30 Sep 2009

30 Jun 2009 

30 Jun 2009 

 

 

£m

£m

£m

£m

RMBS






  Prime


387 

(240)

404 

(364)

  Alt-A


111 

(61)

187 

(154)

  Sub-prime

 

105 

(88)

118 

(124)



603 

(389)

709 

(642)

Commercial mortgage backed securities


148 

(105)

478 

(263)

Other asset backed securities

 

239 

(237)

256 

(302)

Total structured securities


990 

(731)

1,443 

(1,207)

Corporates


225 

(108)

780 

(324)

 

 

1,215 

(839)

2,223 

(1,531)

 

 

 

 

 

 








*

Balance sheet items for Jackson National Life have been translated at the closing rate for the period, being $1.5994 at 30 September 2009. Jackson National Life income statement movements have been translated at the average exchange rate for the period, being $1.6404 for 3 months to 30 September 2009.

  

PRUDENTIAL PLC - NEW BUSINESS SCHEDULES               

                                    

BASIS OF PREPARATION                         

The new business schedules are provided as an indicative volume measure of transactions undertaken in the reporting period that have the potential to generate profits for shareholders. The amounts shown are not, and not intended to be, reflective of premium income recorded in the IFRS income statement.

                                    

The format of the schedules is consistent with the distinction between insurance and investment products as applied for previous financial reporting periods. Products categorised as "insurance" refer to those classified as contracts of long-term insurance business for regulatory reporting purposes, i.e. falling within one of the classes of insurance specified in part II of Schedule 1 to the Regulated Activities Order under FSA regulations.

                                    

The details shown for insurance products include contributions for contracts that are classified under IFRS 4 "Insurance Contracts" as not containing significant insurance risk. These products are described as investment contracts or other financial instruments under IFRS. Contracts included in this category are primarily certain unit-linked and similar contracts written in UK Insurance Operations, and Guaranteed Investment Contracts and similar funding agreements written in US Operations.

                                    

New business premiums for regular premium products are shown on an annualised basis. Department of Work and Pensions rebate business is classified as single recurrent business. Internal vesting business is classified as new business where the contracts include an open market option.  

                                    

Investment products referred to in the tables for funds under management are unit trusts, mutual funds and similar types of retail fund management arrangements. These are unrelated to insurance products that are classified as investment contracts under IFRS 4, as described in the preceding paragraph, although similar IFRS recognition and measurement principles apply to the acquisition costs and fees attaching to this type of business.

                                    

                                    

Notes to Schedules 1 - 8

          

(1a)

Insurance and investment new business for overseas operations has been calculated using average exchange rates. The applicable rate for Jackson is 1.54 (2008: 1.95).

(1b)

Insurance and investment new business for overseas operations has been calculated using constant exchange rates. The applicable rate for Jackson is 1.54.

(2)

Represents cash received from sale of investment products.

(3)

Annual Equivalents, calculated as regular new business contributions plus 10 per cent single new business contributions, are subject to roundings. PVNBPs are calculated as equalling single premiums plus the present value of expected premiums of new regular premium business. In determining the present value, allowance is made for lapses and other assumptions applied in determining the EEV new business profit.

(4)

In Asia, 'Other' insurance operations include Thailand, the Philippines and Vietnam.

(5)

Balance includes segregated and pooled pension funds, private finance assets and other institutional clients. Other movements reflect the net flows arising from the cash component of a tactical asset allocation fund managed by PPM South Africa.

                                    

(6)

New business in India is included at Prudential's 26 per cent interest in the India life operation.  

(7)

Balance sheet figures have been calculated at the closing exchange rate. Prior year balance is shown on a constant exchange rate.

(8)

Sales are converted using the year to date average exchange rate applicable at the time. The sterling results for individual quarters represent the difference between the year to date reported sterling results at successive quarters and will include foreign exchange movements from earlier periods.

(9)

New business in China is included at Prudential's 50 per cent interest in the China life operation.  

(10)

Mandatory Provident Fund (MPF) product sales in Hong Kong are included at Prudential's 36 per cent interest in Hong Kong MPF operation.

(11)

Pru Health sales exclude £6m (£3m 50% share) of Trust business


  


This information is provided by RNS
The company news service from the London Stock Exchange
 
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