Embargo: 07:00am Wednesday 28 October 2009
PRUDENTIAL PLC THIRD QUARTER 2009 INTERIM MANAGEMENT STATEMENT
ROBUST NINE MONTHS GROUP-WIDE SALES OF GBP2,020 MILLION
IN THE THIRD QUARTER:
. GROUP-WIDE RETAIL SALES OF GBP699 MILLION UP TEN PER CENT
. POWERFUL MOMENTUM IN US, RETAIL SALES UP 66 PER CENT
. ASIAN SALES UP FOUR PER CENT
. OUTSTANDING ASSET MANAGEMENT NET INFLOWS OF GBP2.9 BILLION UP 187
PER CENT
STRONG CAPITAL POSITION - IGD SURPLUS ESTIMATED AT GBP2.8 BILLION
9m 09 APE % change Q3 09 APE % change on
Q3 08
Retail Insurance
Asia+ GBP846m (9)% GBP293m 4%
US GBP640m 51% GBP249m 66%
UK GBP531m (13)% GBP157m (22)%
Total - Retail GBP2,017m 3% GBP699m 10%
Total - Wholesale GBP3m (99)% GBP1m (99)%
Total Group
Insurance GBP2,020m (9)% GBP700m (9)%
Net inflows Net inflows
M&G GBP11,137m 169% GBP2,512m 47%
Asia Asset
Management GBP1,891m 99% GBP435m ++
US GBP(61)m ++ GBP(49)m ++
Total GBP12,967m 154% GBP2,898m 187%
+ Asia 2009 and 2008 comparative APE sales exclude the Taiwan agency
business disposed of during Q2 2009.
++ Asia asset management net outflows in Q3 2008 were GBP690m. US asset
management net inflows in 9m 2008 were GBP8m (net outflows GBP4m in Q3
2008).
Tidjane Thiam, Group Chief Executive said: "I am pleased to report strong
Group-wide new business in the third
quarter with total retail sales of GBP699 million up 10 per cent over
the same period last year. This performance demonstrates the
effectiveness of our strategy in what remains a challenging and fragile
economic environment.
In total, for the first nine months of the year, Group-wide retail
sales were GBP2,017 million, three per cent higher than the same period
last year. Wholesale sales were held to minimum levels as we continued
to focus on products with higher IRRs and shorter payback periods.
In Asia, we achieved sales of GBP293 million in the third quarter,
up four per cent on the third quarter last year on actual exchange
rates. The third quarter of 2009 was the first quarter with positive
year-on-year growth since the second quarter of2008. Our new business
sales of GBP846 million for the first nine months of the year were down
nine per cent on the same period in 2008, compared to a 15 per cent
fall at the half year, an improving performance in difficult market
conditions. As a Group we remain well-positioned in the region, which
we believe offers the best long-term profitable growth prospects.
In the US, we continue to be one of the major beneficiaries of the
significant changes in the competitive landscape. Jackson has delivered
the highest level of retail sales for the first nine months of the year
in the company's history, with sales of GBP640 million, a 51 per cent
increase from the same period in 2008 on actual exchange rates. The
momentum seen in the first half of the year has continued, with GBP249
million of new business written in the third quarter, a 66 per cent
increase over the same quarter last year, demonstrating the strength
and quality of our business model.
In the UK, our disciplined approach to capital consumption led to
retail sales of GBP531 million in the first nine months of the year,
down 13 per cent on the same period last year. Our total new business
sales were down 28 per cent at GBP534 million, reflecting the large bulk
annuity transaction executed in the third quarter of 2008. We remain
focused on our two key areas of strength; the with-profits and annuity
markets.
M&G continues to deliver strong investment performance and as a result
has continued to outperform, with total net fund inflows of GBP11.1
billion to the end of September, including GBP2.5 billion in the third
quarter alone. External funds under management have increased to
GBP66.2 billion, up 41 per cent on the start of the year.
Our Asian asset management business has been able to generate net
inflows of GBP1.9 billion to the end of September, double the 2008
performance, and has seen external funds under management increase
by 23 per cent during the year to GBP18.8 billion.
Our capital position continues to be strong with an estimated IGD
surplus of GBP2.8 billion, covering our minimum capital requirement 2.4
times.
We believe that the economic environment will remain uncertain for a
while. The Group has clearly demonstrated its strong defensive
capabilities and is now well positioned to benefit from the next stage
of the economic cycle."
1. Business Unit Review
1.1 Asia insurance operations
We are becoming progressively more optimistic about the economic
situation in Asia, following the turbulence of the previous 12 months.
There are some encouraging signs of recovery.
The experience of our life businesses is in line with this more
positive assessment of the region. Third quarter new business APE of
GBP293 million is up four per cent on the third quarter of 2008 after
corresponding decreases of 11 per cent and 14 per cent in the first and
second quarters. Year to date APE of GBP846 million is nine per cent
lower than the same period last year, compared to a 15 per cent fall at
the half year, confirming the inflexion observed in the third quarter.
In nine markets out of 12, sales were higher in Q3 than for the same
period last year.
Year to date, the proportion of higher-margin and strategically
important health and protection business remains at 29 per cent. We
have continued to focus on the profitability of the business we write,
with a high proportion of regular premium business. Furthermore, we
have not seen any material adverse changes in persistency experience in
the in-force book during the third quarter.
Looking at developments of our sales in each major market:
CITIC-Prudential Life in China had a very encouraging third quarter
with our share of new business at GBP13 million up 44 per cent on the
same period in 2008, making this the highest ever quarter in this
market both in local currency and at actual exchange rates.
Bancassurance remains a key driver of growth with year to date APE up
73 per cent over 2008, contributing 44 per cent of total new business
compared to 32 per cent last year. There has also been an up-tick in
agency activity during the third quarter following new initiatives to
boost recruitment and productivity together with renewed interest in
unit-linked products. Year to date new business is GBP34 million, up 21
per cent over the same period last year.
Hong Kong continued the upwards trend seen in the second quarter with
third quarter APE of GBP55 million 20 per cent above the third quarter
of 2008. Sales growth is being led by the agency channel, and there are
some signs of recovery in the bank channel, with September seeing the
highest volume of new business so far this year. Year to date APE of
GBP150 million is six per cent below the same period last year compared
to the 16 per cent decrease reported at half year. Regular premium
business is up 27 per cent year to date and 49 per cent in the third
quarter compared to prior year.
After some challenges related to the economic climate earlier this
year, the life market in India rebounded strongly in the third quarter.
Prudential's share of ICICI-Prudential Life's new business in the third
quarter was GBP40 million, principally driven by the resurgence in
interest in insurance products and an increase in average case sizes.
Compared to 2008 new business is down 15 per cent in the third quarter,
a very significant and positive change in trend, compared to the second
quarter year on year decline of 46 per cent. Year to date APE of GBP116
million is 33 per cent lower than the same period in 2008 reflecting
the severity of the impacts of the economic crisis especially during
the beginning of the year.
Our business in Indonesia has expanded rapidly during the last two
years, principally through the very successful growth of the agency
force. We now have over 70,000 agents there and are firmly established
as the market leader. New business for the third quarter was GBP43
million, two per cent higher than the third quarter of 2008. Year to
date APE of GBP126 million is three per cent lower than the same period
in 2008, an improvement on the six per cent fall at the half year.
The market conditions in Korea remain challenging, especially for
foreign players and our management remain firmly committed to our value
over volume strategy. We have therefore refused to match products in
the market which we consider to offer unattractive returns to
shareholders. This clearly impacted sales with year to date APE of GBP96
million being 47 per cent lower than the same period last year.
Encouragingly, persistency rates in this business have now stabilized.
Prudential's life businesses in Malaysia continue to perform very well
with third quarter new business of GBP32 million up 19 per cent compared
to the third quarter of 2008. The key driver of this growth remains the
agency force of 12,000 that generates over 90 per cent of the new
business. However, there are now positive signs from the bank channel,
as although still relatively small, volumes of new business year to
date are over three times the same period last year. Year to date APE
of GBP84 million is a very positive 27 per cent higher than the previous
year.
The latest available data from Singapore shows that we have
outperformed the market in terms of regular premium new business, with
sales of GBP64 million year to date, 14 per cent higher than the same
period last year. Third quarter APE was up 32 per cent compared to the
same period in 2008. Year to date APE of GBP80 million is eight per
cent lower than the same period last year, compared to the 20 per cent
reduction reported at the half year. The proportion of linked business
in Singapore saw a boost during the third quarter averaging 29 per cent
of APE, compared to an average 20 per cent for the first half this year.
Post the successful disposal of the agency distribution channel earlier
this year in Taiwan, our business has seen the rapid transformation of
the partnership channel into a material generator of new business. Year
to date APE of GBP77 million is 166 per cent higher than the same period
last year on a like for like basis and the third quarter was 30 per
cent higher than the second quarter. We are also beginning to see a
very positive shift in product mix with increased sales of longer-term
par products in bancassurance, supported by continued momentum in
direct and tele-marketing sales focusing on higher margin medical
products.
Looking at the other smaller operations on actual exchange rates
Vietnam had a record quarter and is 28 per cent up on prior year to
date, both Thailand and the Philippines performed satisfactorily given
the market conditions and Japan continues to generate small, but
consistent volumes of protection business through the broker channel.
1.2 US operations
Jackson has continued to benefit significantly from the flight to
quality in the US annuity market, as customers are increasingly seeking
product providers that offer consistency, stability and financial
strength. Our strategy has been to target increasing volumes in
variable annuities whilst managing down fixed annuity sales in line
with the goal of capital preservation. There were no institutional
sales during the first three quarters of 2009, as Jackson focused on
optimising the balance between new business profits and capital
consumption.
Jackson delivered APE retail sales in the first three quarters of 2009
of GBP640 million, representing a 51 per cent increase over the same
period in 2008 at actual exchange rates, a 20 per cent increase at
constant exchange rates and the highest level of retail sales during
the first three quarters in the company's history. The strong momentum
seen in the first half of the year has continued - third quarter retail
APE sales of GBP249 million was the highest quarter in the company's
history, 20 per cent higher than the second quarter of 2009 and 66 per
cent higher than the third quarter of 2008. We have maintained our
pricing discipline and continued to write business at very attractive
IRRs and payback periods.
Variable annuity APE sales of GBP432 million during the first three
quarters of 2009 were 66 per cent higher than the same period in 2008,
reflecting the equity market rally that began in the second quarter of
2009, the relative consistency of Jackson's product offering and
continued disruptions among some of our major competitors. Sales in the
third quarter of GBP180 million were the highest in the company's
history, 22 per cent higher than the second quarter of 2009 and 125 per
cent higher than the third quarter of 2008. Jackson ranked fourth
nationally in new variable annuity sales in the second quarter of 2009,
with a market share of 7.2 per cent, up from 12th with a market share
of 4.3 per cent in the second quarter of 2008. In the first half of
2009, the latest period for which statistics are available, Jackson
ranked second in variable annuity net flows and experienced the lowest
level of outflows, as a percentage of variable annuity inflows, in the
industry.
Fixed index annuity (FIA) APE sales of GBP106 million in the first three
quarters of 2009 were up 231 per cent over the same period of 2008.
Sales in the third quarter of GBP48 million were 45 per cent higher
than the second quarter of 2009 and 300 per cent higher than the third
quarter of 2008. Industry FIA sales have benefited from an increase in
customer demand for products which offer guaranteed rates of return
with additional upside potential linked to stock market index
performance. Additionally, Jackson's FIA sales have benefited from the
company's financial strength ratings and further disruptions among some
of the top FIA sellers. Jackson ranked sixth in sales of FIA during the
second quarter of 2009, with a market share of 6.0 per cent, up from
11th with a market share of 2.8 per cent in the second quarter of 2008.
Jackson's strategy of containing fixed annuity volumes resulted in APE
sales of GBP84 million, 26 per cent lower than the same period in 2008.
Sales in the third quarter of GBP14 million were 36 per cent lower than
the second quarter of 2009 and 73 per cent lower than the third quarter
of 2008.
Total retail annuity net flows of GBP3.3 billion for the first nine
months represent a 96 per cent increase on the same period in 2008 at
AER, reflecting the impacts of record sales and continued low levels of
surrender activity.
Curian Capital, a specialised asset management company that provides
innovative fee-based separately managed accounts, had total assets
under management of GBP2.0 billion at the end of September 2009 compared
with GBP1.8 billion at the end of 2008. Curian generated deposits of GBP
507 million in the first three quarters of 2009, up five per cent on the
same period of 2008.
1.3 UK insurance operations
Prudential UK has continued to focus on optimising the balance between
writing profitable new business and capital conservation. We have
maintained our strict pricing discipline and as a result have been able
to minimise new business strain. Consequently, total APE sales of GBP534
million for the first nine months were 28 per cent down on the same
period last year, as the 2008 figure included a large bulk annuity
transaction in the third quarter for GBP106 million. Retail sales for
the first nine months of 2009 of APE GBP531 million were down 13 per cent.
This disciplined approach led to lower sales of individual annuities.
The stock market falls seen in 2008 and early 2009 have also impacted
sales of some other product lines, such as offshore bonds. These
reductions in sales were partially offset by the continued strength of
with-profits sales, in particular PruFund, as consumers remain
attracted by a more cautious investment approach and keen to protect
themselves from market downturns. As we said at the half year results,
in the first six months of the year margins on individual annuities
were exceptionally high due to the abnormal spreads available on high
quality credit assets, which have now reduced materially.
Sales of individual annuities were down 21 per cent on the same period
last year to APE GBP164 million, impacted by a reduction of 13 per
cent in average case sizes. The reduction was a direct consequence of
depressed asset values and the decision by some customers to defer
retirement. In addition, we actively managed the flow of external
annuity business consistent with our value over volume strategy. The
pipeline from maturing individual and corporate pension policies
remains strong.
Sales of with-profits bonds of APE GBP101 million were up 36 per cent on
the same period in 2008. The strong year-to date sales growth reflects
the attractiveness of Prudential's with-profits offering, including in
particular PruFund, in which over GBP1 billion has been invested across
our retail savings product range in the last 12 months. In the third
quarter, we extended the PruFund range of investments with the launch
of the PruFund Cautious series to sit alongside the PruFund Growth
series within our Flexible Investment Plan, an on-shore bond wrapper.
Individual pensions sales of APE GBP34 million were 36 per cent higher
than in the first nine months of 2008. Sales of the Flexible Retirement
Plan, our factory-gate priced individual pension product, have
continued to grow with sales in 2009 of APE GBP15 million up 117 per
cent, helped by the addition of PruFund as an investment option in
November 2008.
Corporate pension sales of GBP156 million were 18 per cent lower than
for the first nine months of 2008. Growth into existing schemes has
remained healthy. Underlying sales, excluding one-off items in 2008 of
GBP37 million, were two per cent higher. Prudential has secured more
than 20 new corporate schemes in 2009 and is provider to over 20 per
cent of FTSE 350 companies.
The PruHealth joint venture with Discovery now has 219,000 lives
insured, an increase of 16 per cent over the same period in 2008, and
gross written premiums were GBP76 million, up 12 per cent. PruProtect
has experienced encouraging sales growth for the first nine months
following the re-launch of its product range in November 2008.
Equity Release volumes have fallen 58 per cent as we maintained our
strict pricing discipline.
1.4 M&G
M&G is an investment-led business with a core strategy of delivering
superior performance. This relentless focus on investment performance,
combined with a well-diversified business mix and well-established
distribution capabilities, has helped M&G to have an extremely strong
nine months, despite the challenge posed to the asset management
industry by the market turmoil at the start of the year.
Over the past three quarters, M&G has attracted gross fund inflows of
GBP18.4 billion, an increase of 52 per cent over the same period in
2008. Net inflows reached a record GBP11.1 billion, a year-on-year
increase of 169 per cent. In the third quarter, net inflows were GBP2.5
billion, 47 per cent higher than the same period last year. This
reflects a particularly strong contribution from the Retail Business
where sales remained robust.
M&G's external funds under management at the end of the third quarter
were GBP66.2 billion, up 41 per cent on the 2008 year-end and up 32 per
cent on the third quarter of 2008. The increase is the combined result
of strong inflows and the recent recovery in equity markets.
It continues to be an outstandingly successful year for M&G's Retail
Business, which for the 2009 year to the end of August had a 27 per
cent market share of net UK retail flows as defined by the Investment
Management Association. Gross sales year-to-date were GBP9.8 billion and
GBP3.3 billion for the quarter. Net inflows rose to a record level of
GBP5.7 billion against GBP1.4 billion for the same period in 2008,
including GBP1.7 billion of net sales for the three months to the end of
September.
Our market-leading bond funds continued to attract the lion's share of
inflows, accounting for 77 per cent of net sales year to date. Many of
our equity funds have also seen strong net inflows year-to-date,
including M&G Recovery and M&G Global Basics. The M&G Recovery Fund is
now the largest and best-selling fund in the UK All Companies sector.
Performance of M&G's funds has remained excellent. Over the three years
to the end of September, 28 per cent of our retail funds have delivered
top quartile performance, while 72 per cent have beaten their sector
averages.
In the institutional market, M&G recorded gross sales of GBP8.7 billion
for the three quarters, up 53 per cent on 2008. Net flows were GBP5.4
billion for the period, an increase of 98 per cent on the same period
last year, and GBP0.9 billion in the third quarter of 2009. Year-to-
date figures include the award of a single GBP4 billion fixed income
mandate and net inflows of GBP0.7 billion into our Leveraged Loans
Funds, but exclude the GBP1.3 billion raised in the first two rounds of
financing for the UK Companies Financing Fund. These assets will start
to be recorded as the Fund starts advancing money to clients.
This has been a unique year for net sales and for growth in external
funds under management - all achieved against the backdrop of continued
uncertainty in markets.
1.5 Asia Asset Management
During the first half of 2009 market conditions were particularly
challenging however during the third quarter there has been a strong
recovery in market valuations, as reflected by the 17 per cent increase
in the MSCI AC Asia index (in actual exchange rate terms). This
supported a strong recovery in year to date net flows from third
parties of GBP1.9 billion, double the same period last year. Net flows
in the third quarter of 2009 of GBP435 million (compared to a net
outflow of GBP690 million in the same period in 2008) were
predominantly due to inflows in higher-margin equity and bond funds.
Third quarter flows were aided by several successful fund launches
including China where the You Sheng Selected Equity Fund raised GBP212
million and Dubai where the United Arab Emirates and Qatar fixed
maturity plan series attracted net new funds of GBP330 million.
Investment performance has improved with 66 per cent of funds either
outperforming their benchmarks or ranking in the top-two quartiles
relative to peers in the year to August. Of particular note, in China,
CITIC-Pru's Blue-chip Equity Fund was awarded the top-class fund
recognition for 1-year performance by Lipper.
Asia's funds under management (FUM) at the end of the third quarter was
GBP42.2 billion, up 22 per cent year to date (excluding the FUM related
to the sold Taiwan agency business) and 18 per cent higher than at the
start of the third quarter. The overall FUM level was comprised of
GBP18.8 billion from external clients, GBP18.0 billion from
Prudential's Asia life funds and GBP5.4 billion from other parts of the
Group.
2. Financial Management
The Group remains focussed on the proactive management of its balance
sheet and risk profile. We continue to impose stringent stress testing
on our key capital measures, ensuring we could withstand, both in the
short and medium term, significant market shocks.
2.1 Capital Management
Our capital position remains strong. We have continued to place
emphasis on maintaining the Group's financial strength through
optimising the balance between writing profitable new business,
conserving capital and generating cash. We estimate that our Insurance
Groups Directive (IGD) capital surplus was GBP2.8 billion at 30
September 2009, covering our capital requirements 2.4 times. This
compares to GBP1.5 billion at the end of 2008, GBP1.6 billion at the end
of Q1 2009, GBP2.5 billion at 30 June 2009 and GBP3.0 billion in July
after allowing for the July hybrid debt issuance.
The movement in our IGD position since we disclosed it in our interim
results primarily reflects underlying earnings offset by payment of the
interim dividend, investment in new business, credit related impacts in
the US and various other items.
This robust capital position, together with the Group's strong existing
earnings capacity, our established hedging programmes and our
additional areas of financial flexibility, mean that we remain well
positioned to withstand significant deteriorations in market conditions
should they occur.
As at 30 September the sensitivity of our IGD capital position to
various events was as follows:
. An instantaneous 20 per cent fall in equity markets from 30
September 2009 levels would not have a significant impact on IGD
surplus
. A 40 per cent fall in equity markets (comprising an instantaneous
20 per cent fall followed by a further 20 per cent fall over a four
week period) would reduce the IGD surplus by GBP300 million
. A 150bps reduction (subject to a floor of zero) in interest rates
would reduce the IGD surplus by GBP250 million
. Credit defaults of ten times the expected level would have an
impact of GBP750 million.
As disclosed in our interim results, during the extreme equity market
conditions experienced in the first quarter of 2009 the Group entered
into additional one-off hedging contracts to protect the Group's IGD
capital position against a tail-event of an instantaneous 40 per cent
drop in equity markets with no recovery. The hedge has not been renewed
and the total costs related to that hedge are in line with the reported
estimate of GBP252 million.
In addition to our strong capital position, the total credit reserve
for the UK shareholder annuity funds also protects our capital position
in excess of the IGD surplus. This credit reserve has increased to
GBP1.5 billion following the decrease in valuation yields over the
quarter and now represents 40 per cent of the portfolio spread over
swaps, compared to 31 per cent at 30 June 2009, and 25 per cent as at
31 December 2008.
2.2 Credit
The Group's total debt portfolio on an IFRS basis is estimated at
GBP92 billion at 30 September 2009 excluding holdings attributable to
external unit holders of consolidated unit trusts. Of this total,
GBP63 billion is in the UK, including GBP40 billion within the UK with-
profits fund. Shareholders have limited risk exposure to the with-
profits fund as the solvency is protected by the inherited estate.
Outside the with-profits fund there is GBP4 billion in unit-linked
funds where the shareholder risk is limited, with the remaining GBP19
billion backing the shareholder annuity business and other non-linked
business (of which 78 per cent is rated AAA to A, 18 per cent BBB and
four per cent non-investment grade).
Asia's debt portfolio totals GBP4.9 billion of which GBP3.0 billion is
invested in unit-linked and with-profits funds with minimal shareholder
risk and GBP1.9 billion held by shareholder backed non-linked
business. No defaults were reported in the third quarter of 2009.
Therefore, the most significant area of exposure to credit risk for the
shareholder remains Jackson in the US. Jackson's fixed income portfolio
at 30 September is estimated at GBP22.9 billion. We continue to see the
benefits of the normalisation of the US credit markets. Jackson's net
unrealised loss has reduced from GBP1.8 billion at half year 2009 to GBP
0.2 billion at the end of the third quarter.
Gross unrealised losses on securities priced below 80 per cent of book
value were GBP0.8 billion at the end of the third quarter compared to
GBP1.5 billion at half year 2009. As stated in our half year results
announcement, it is our intention to hold these securities for the
longer term, an approach which in economic terms limits the impact
of short term market volatility.
Jackson did not experience any losses on defaults during the third
quarter of 2009. Write downs of impaired securities in the third
quarter of the year were GBP156 million, of which GBP136 million were
on Residential Mortgage Backed Securities (RMBS). No write downs were
reported on corporate bonds. This compares to total write downs of GBP32
4 million reported for the first six months of 2009.
The Group remains comfortable with its liquidity position at both
holding and subsidiary company level. The holding company has
significant internal sources of liquidity which are sufficient to meet
all of our requirements for the foreseeable future without having to
utilise external funding.
ENDS
Enquiries:
Media Investors/Analysts
Edward Brewster +44 (0)20 7548 Matt Lilley +44 (0)20 7548
3719 2007
Robin Tozer +44 (0)20 7548 Jessica Stalley +44 (0)20 7548
2776 3511
Sunita Patel +44 (0)20 7548
2466
Notes to Editor:
1. Annual premium equivalent (APE) sales comprise regular premium sales
plus one-tenth of single premium insurance sales and are subject to
rounding.
2. Present Value of New Business Premiums (PVNBP) are calculated as
equalling single premiums plus the present value of expected new
business premiums of regular premium business, allowing for lapses
and other assumptions made in determining the EEV new business
contribution.
3. UK Retail sales include all products except bulk annuities and
credit life sales.
4. There will be a conference call today for wire services at 7.30am
(GMT) hosted by Tidjane Thiam, Group Chief Executive. Dial in
telephone number: +44 (0)20 8609 0793. Passcode:797476#
5. There will be a conference call today for investors and analysts
at 9:30am (GMT) hosted by Tidjane Thiam, Group Chief Executive. From
the UK please call +44 (0)20 8609 0793. Passcode 851650#. A
recording of this call will be available for replay for one week by
dialling: +44 (0)20 8609 0289 from the UK or +1 866 676 5865 from
the US. The conference reference number is 273855#.
6. High resolution photographs are available to the media free of
charge at www.newscast.co.uk (+44 (0) 207 608 1000).
7. Financial Calendar 2010:
Fourth Quarter 2009 New Business Release 24 February 2010
2009 Full Year Results 25 March 2010
AGM 19 May 2010
2010 Half Year Results 10 August 2010
8. Sales for overseas operations have been reported using average
exchange rates for the period as shown in the attached schedules.
Reference to prior year figures in the commentary is on an actual
exchange rate basis unless stated. An alternative method of
presentation is on a constant exchange rate basis - the two bases
are compared in the table below.
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