SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of January, 2005
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
LAURENCE POUNTNEY HILL,
LONDON, EC4R 0HH, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-
Enclosures: Prudential licence in China
CITIC Prudential awarded group life insurance licence in China
Embargo 07.00 Monday 31st January 2005
CITIC Prudential, the 50:50 life insurance joint venture between CITIC and
Prudential plc today announced that it has been awarded a licence by the China
Insurance Regulatory Commission (CIRC) to sell group life insurance business in
the rapidly growing Chinese market.
Wang Chuan, Vice Chairman CITIC Group said, "This new licence for group life
insurance complements the company's rapid geographic expansion in China. We are
confident CITIC Prudential will continue its impressive track record of growth
and look forward to more positive developments in 2005."
Mark Norbom, Chief Executive of Prudential Corporation Asia said "We are very
pleased that we have been awarded a group life insurance licence for China. We
are committed to meeting more of the savings, protection and investment needs of
the Chinese people and this licence will allow us to offer large numbers of new
customers our high quality products and services."
Captain Chia, Chief Executive Officer, CITIC Prudential commented, "CITIC
Prudential continues to grow its presence in China reaching out to more and more
customers. In September 2004 we launched our Suzhou operation, in November 2004
we were awarded a life insurance licence for Shanghai. This latest licence, for
group life insurance, is further evidence of CITIC Prudential's strong momentum
in the rapidly growing Chinese life insurance market."
CITIC Prudential has seen great success since launching in Guangzhou on 13
October 2000. It is the first Sino-British life insurance joint venture, and is
already among the top five providers in the Guangzhou market in terms of new
business. In August 2003, CITIC Prudential successfully launched their second
operation in Beijing, and in September 2004 their third in Suzhou. In November
2004 CITIC Prudential was awarded a life insurance licence for Shanghai. CITIC
Prudential Shanghai branch is expected to be open for business in the first
quarter of 2005.
CITIC Prudential will begin offering group life insurance products in Q2 2005.
- ENDS -
Enquiries:
Media Relations: Investors / analysts:
Clare Staley 020 7548 3719 Marina Lee-Steere 020 7548 3511
Joanne Davidson 020 7548 3708
About Prudential
Prudential plc is a leading international financial services group, providing
retail financial services and fund management in its chosen markets: the United
Kingdom, the United States, Asia and continental Europe.
Prudential has been writing life insurance in the United Kingdom for over 150
years and has had the largest long-term fund in the United Kingdom for over a
century. Today, Prudential has over 16 million customers worldwide and over
US$300 billion (as of 30 June 2004) of funds under management.
In the United Kingdom Prudential is a leading life and pensions provider
offering a range of retail financial products. M&G is Prudential's UK & European
Fund Manager, with around US$200 billion of funds under management. Jackson
National Life, acquired by Prudential in 1986, is a leading provider of
long-term savings and retirement products to retail and institutional customers
throughout the United States. Egg plc, in which Prudential has a 78 per cent
shareholding, provides banking, insurance and investment products through its
internet site www.egg.com.
Prudential is the leading European-based life insurer in Asia with 24 operations
in 12 countries. Across the region Prudential Corporation Asia has 11 operations
with a top-five market share.
* Prudential plc, a company incorporated and with its principal place of
business in the United Kingdom, and its affiliated companies constitute one of
the world's leading financial services groups. It provides insurance and
financial services directly and through its subsidiaries and affiliates
throughout the world. It has been in existence for over 150 years and has over
US$300 billion (170 billion) in assets under management, as at 30 June
2004. Prudential plc is not affiliated in any manner with Prudential Financial,
Inc, a company whose principal place of business is in the United States of
America.
About CITIC Group (China International Trust and Investment Corporation)
CITIC was established on October 4 1979 by Rong Yiren. The creation of CITIC was
initiated and approved by Deng Xiaoping, chief architect of China's reform.
CITIC is a window on the way China has opened to the outside world. Since its
inception, CITIC has always adhered to the principle of innovation. In line with
government laws, regulations and policies, CITIC has attracted and utilized
foreign capital, introduced advanced technologies, and adopted advanced and
scientific international practices in operations and management. CITIC has
established successful, strong performing businesses in many fields. As a
result, CITIC has made significant contributions to the country's reform and
opening up drive and has improved China's reputation both domestically and
abroad.
CITIC has grown into a large multinational conglomerate. It now owns 44
subsidiaries in countries including Hong Kong, the United States, Canada,
Australia and New Zealand. The company has also set up representative offices in
Tokyo, New York and Frankfurt. CITIC's core business ranges from financial
services to service industries. By the end of 2003, CITIC had total assets of
over RMB 700 billion (US$84.6 billion).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: 31 January 2005
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ Clare Staley
Clare Staley
Head of Group Media Relations