LONDON, UK--(Marketwire - January 29, 2008) - Embargo: 07.00am Tuesday 29 January 2008
PRUDENTIAL PLC FULL YEAR 2007 NEW BUSINESS RESULTS
All figures in the table below are for the 12 months to 31 December 2007, with
comparisons to 2006 at constant exchange rates.
APE Growth
Total Group Insurance GBP2,874 million 21%
Total Group Retail
Insurance GBP2,598 million 25%
Asia GBP1,306 million 44%
US GBP671 million 19%
UK Retail GBP715 million 4%
UK Total GBP897 million 0%
Asia Fund Management Net inflows of GBP3 billion up 23%
M&G Net inflows of GBP5 billion down 19%
Mark Tucker, Group Chief Executive said:
"2007 has been another very strong year for the Group. These extremely positive
new business results demonstrate continued growth across Prudential. The
combination of our geographic diversification, world class product innovation,
strength in distribution and the power of our brands continues to deliver
excellent broad based growth.
"These results demonstrate the fundamental attractiveness of Asia as the fastest
growing region of the world's life assurance markets and Prudential's proven
ability to capture a material and growing share of the market.
"As we look ahead into 2008 the general economic outlook is uncertain and it
remains to be seen how far this will impact upon the appetite to save. In the US
and the UK our primary focus is on the retirement market, where demand is less
sensitive to a general economic downturn than in other sectors. We therefore
expect to see further profitable growth in both these markets, and to maintain
our long term sector out-performance in the US. In Asia, the fundamentals
underpinning economic growth remain powerful and our businesses are very well
placed to benefit, although we do not currently expect growth in 2008 to reach
the very high levels achieved in 2007. The outlook for the Group therefore
remains positive."
Highlights
* Prudential Corporation Asia sales were up 44 per cent, with
particularly impressive performance in India and Indonesia, two of the
region's largest markets.
* Jackson, the Group's US insurance business, recorded new business
growth of 19 per cent.
* Prudential UK continued its solid performance based on delivering value
in the retirement market where it can generate attractive returns. In
the fourth quarter, it completed the transfer of Equitable Life's
portfolio of in-force with-profits annuities the largest transfer of
its kind in the UK.
* In asset management, Asian net fund inflows of GBP3 billion were up 23
per cent. M&G experienced net inflows of GBP5 billion which, while 19
per cent lower than 2006, still represent the second highest year on
record in very challenging markets.
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