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 April, 2006
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: Q1 New Business Figures
Embargo: 7.00am 20 April 2006
PRUDENTIAL PLC FIRST QUARTER 2006 NEW BUSINESS RESULTS
- Group APE sales of GBP637 million, up 27 per cent
- UK APE sales of GBP244 million, up 17 per cent
- Jackson National Life (JNL) APE sales of GBP167 million, up 22 per cent
- Prudential Corporation Asia APE sales of GBP226 million, up 47 per
cent
- M&G net fund flows of GBP1.7 billion, up 38 per cent
- Asia net fund flows of GBP0.5 billion, up 147 per cent
All comparisons above and narrative below are quoted at constant exchange rates
(CER) unless otherwise stated. See Notes to Editor for further details.
Commenting, Mark Tucker, Group Chief Executive, said:
"Our life businesses have made a good start to the year, building on the strong
momentum we established in the second half of 2005.
"In the UK, new business sales were up 17 per cent as we continued to build our
shareholder-backed business. We expect the UK market to remain competitive
through 2006, and our emphasis will continue to be on margins and return on
capital, not APE volume growth.
"In the US, retail sales in the quarter were up 31 per cent, driven by record
sales of variable annuities. With our advantaged position in the variable
annuity market we expect to continue to grow our market share through the year.
"Growth was particularly strong in Asia, up 47 per cent compared with a slow
first quarter in 2005. All our major markets performed well. We have unrivalled
sales and profit growth potential in Asia and we will continue to develop our
distribution capability to strengthen this position further.
"Our asset management businesses also had an excellent first quarter.
"M&G delivered gross fund inflows of GBP2.9 billion, an increase of 39 per cent,
and growth in net inflows was 38 per cent compared to the same period last year.
These figures reflect the strength of M&G's diversified product offering and
include record levels of retail sales on the back of outstanding investment
performance.
"In Asia, third party net inflows of GBP0.5 billion were up 147 per cent on the
first quarter of 2005, due to continued strong inflows in Korea and improved
performance in Taiwan and India.
"The Group continues to have excellent prospects for profitable growth, and
there is tremendous scope to deliver increasing value to shareholders."
Commentary on First Quarter 2006 New Business Results
UK Insurance Operations
Prudential UK APE sales of GBP244 million were up 17 per cent on the first
quarter of 2005 driven by strong sales of offshore bonds, bulk annuities and
with-profit bonds. On a PVNBP basis this equates to first quarter 2006 sales of
GBP2.1 billion.
Some segments of the UK market have been challenging in the first quarter of
2006, particularly bulk and individual annuities and unit-linked bonds. Our
emphasis during this period has been on maintaining margins and return on
capital, focusing on value not volume.
APE sales of offshore and unit-linked bonds increased 17 per cent on the first
quarter of 2005. This reflects a 250 per cent increase in offshore bond sales
due to strong investment bond sales through new and existing distributors. This
in turn was offset by a 28 per cent fall in unit-linked bond sales reflecting
continuing price competition to which Prudential chose not to respond.
Bulk annuity APE sales were up 175 per cent reflecting the previously announced
GBP66 million Royal London transaction. However, the market for bulk annuities
contracted in the quarter as potential buyers deferred decisions pending an
improvement in long-term bond yields.
The individual annuity market, particularly through the intermediaries channel,
remains competitive reflecting the decline in long-term bond yields, with sales
down 8 per cent on last year. However, APE sales of individual annuities through
the Partnerships channel were up 125 per cent reflecting increased sales through
the additional partnership agreements signed during the course of last year.
APE sales of with-profit annuities have increased 150 per cent in the first
quarter. Unlike conventional annuities, with-profit annuities link the level of
income to the performance of the Prudential's with-profits fund which has a mix
of assets that gives the prospect of income growth over the expected life of an
annuity contract.
With-profit bonds also saw good growth of 25 per cent reflecting consumers'
positive response to the bonus declaration made earlier this year.
APE sales of individual and corporate pensions were in line with 2005,
reflecting the uncertainty in the market ahead of the simplification in pensions
legislation that took effect earlier this month.
In 2005, Prudential wrote to 440,000 of its customers contracted out of the
second state pension and provided updated information and views to enable them
to make an informed decision about whether to contract back in for the 2005/6
tax year onwards. As a result of this mailing, approximately 132,000 customers
elected to contract back into the State scheme resulting in a decline in DWP
rebate business of 29 per cent in the first quarter of 2006.
Although recently launched, Prudential UK's new lifetime mortgage product, the
Prudential Property Release Plan, has had a good response. PruHealth had a
record quarter with total individuals insured at the end of March 2006 standing
at over 40,000 lives.
Prudential UK will continue to pursue profitable opportunities in its chosen
product areas and distribution channels in 2006 maintaining its focus on return
on capital.
Jackson National Life
Jackson National Life's (JNL) APE sales of GBP167 million in the first quarter
represented a 22 per cent increase on the same period in 2005, driven by a
strong increase in sales of variable annuities. On a PVNBP basis this equates to
first quarter 2006 sales of GBP1.6 billion. Retail APE sales for the quarter of
GBP122 million were up 31 per cent on 2005.
JNL delivered record variable annuity APE sales of GBP89 million during the
first quarter, up 51 per cent on the same period in the prior year, reflecting
its continuing focus on relationship-driven distribution and product
innovation. Quarterly variable annuity premiums exceeded $1.5 billion for the
first time, and represented the sixth consecutive quarter of variable annuity
sales growth. This result was achieved in a market that had grown 17 per cent
year-on-year during the first two months of the year.
In the first quarter, approximately 27 per cent of the variable annuity premiums
received related to two new products launched during 2005, 'Perspective Advisors
II' and 'Perspective L Series', a result that clearly demonstrates JNL's ability
to deliver products and product features that the market wants. For the full
year 2005, JNL increased its variable annuity market share to 3.6 per cent, up
from 2.8 per cent in the prior year, and improved its ranking in variable
annuity sales from 14th at year end 2004 to 12th at year end 2005. In terms of
net flows, JNL improved its position to 3rd at year end 2005 from 8th a year
earlier.
The persisting low interest rate environment and flat yield curve in the US has
resulted in a continuation of the weak customer demand for fixed annuities. As a
result fixed annuity APE sales for the quarter of GBP15 million were down 17 per
cent on 2005. JNL was ranked the eleventh largest provider of fixed annuities
for the full year 2005.
Fixed index annuity APE sales of GBP13 million were down 7 per cent on the same
period of 2005. The fixed index annuity market declined in the second half of
2005 by 4 per cent. This decline is due primarily to continued uncertainty in
the US regulatory environment, leading to lower demand for FIA products. JNL was
ranked the seventh largest provider of fixed index annuities for the full year
2005, improving from ninth for the full year 2004.
Life APE sales of GBP4 million were up 33 per cent on 2005.
Curian Capital, which provides innovative fee-based separately managed accounts,
had a strong start to the year increasing assets under management to GBP1.1
billion, up 55 per cent from the end of the first quarter last year.
Institutional APE sales in the first quarter of GBP44 million were consistent
with the prior year. JNL will continue to participate in this market on an
opportunistic basis, although it is expected that the majority of institutional
sales will occur in the first half of 2006.
JNL has made a strong start to the year, focusing on value-driven growth in its
key product lines. With continued product innovation, a strong
relationship-based distribution model, continuing competitive cost structure,
and proven ability in execution, JNL is well positioned to take advantage of
opportunities in the US market.
Prudential Corporation Asia
Prudential's Asian life operations had an exceptionally strong first quarter in
2006 with APE sales of GBP226m up 47 per cent, representing a continuation of
the momentum seen in the second half of 2005 compared with the relatively slow
first quarter last year. On a PVNBP basis this equates to first quarter 2006
sales of GBP1.2 billion.
Strong first quarter performances were delivered by both our Korean and Indian
operations, up 77 per cent and 65 per cent respectively. Korea's record APE
sales for the quarter of GBP55 million were driven in part by the run up to the
financial year end at 31 March, continued growth and high productivity in the
financial advisor distribution channel and the addition of new general agencies.
Prudential's 26 per cent share of its Indian joint venture with ICICI generated
APE sales for the first quarter of 2006 of GBP33 million. Our Indian business
also benefited from the tax year end in March, but underlying growth continues
to be driven by higher agent numbers and successful partnership distribution,
particularly with ICICI Bank. Collectively, Korea and India (at 26 per cent)
contributed 39 per cent to Prudential Corporation Asia's APE, compared to
33 per cent in the first quarter of last year.
Sales growth in Taiwan was 73 per cent up on prior year in the first quarter of
2006 driven by continued success with linked products (70 per cent of its
sales), increases in agent numbers and an increased contribution from the
partnership channel. Lower sales recorded in Taiwan in the first quarter of 2005
reflected Prudential's focus on higher margin linked business whilst competitors
launched products that we considered to be unattractive.
In Indonesia, APE sales for the first quarter were the highest ever recorded at
GBP14 million and represent a 40 per cent increase on the same period of 2005.
This was driven by continued strong agent recruitment and increases in
productivity.
The Singapore life operation delivered APE sales growth of 35 per cent compared
to a slow first quarter last year, when the market was affected by weaker
sentiment towards linked products. However, the market recovered in the second
half of 2005 and we launched six new investment linked funds that continue to be
popular, particularly as single premium investments. Singapore also has
increasing sales from its newer distribution partners, Maybank and Singpost.
In China, APE sales were up 50 per cent. Our joint venture with CITIC now has
ten cities operational and was granted a licence for an eleventh (Jinan in the
Shandong province) in January this year. Hong Kong and Malaysia also performed
strongly in the first quarter, with increases of 13 per cent and 8 percent,
respectively, on the same period in 2005.
APE sales in Japan and Vietnam were 50 per cent and 33 per cent below the same
quarter last year, respectively. In Japan, we closed the Financial Advisor
channel in the fourth quarter last year and in Vietnam the market continues to
stabilise following the initial post-liberalisation boost. APE sales in
Prudential's remaining markets of the Philippines and Thailand, whilst small,
doubled over the prior year.
Prudential's life insurance operations in Asia are well-placed to deliver
sustained, profitable and capital efficient growth.
Asset Management
M&G
M&G made an excellent start to the year, delivering gross fund inflows of GBP2.9
billion in the first quarter, an increase of 39 per cent on the same period last
year, reflecting the strengths of M&G's diversified product offering in the
areas of retail fund management, institutional fixed income, pooled life and
pension funds, property and private finance. Net fund inflows grew by 38 per
cent to GBP1.7 billion. External funds under management, which represent a
quarter of M&G's total funds, increased by a third to GBP40 billion compared to
the first quarter 2005.
M&G generated record-breaking retail sales during the first quarter, with gross
fund inflows of GBP1.6 billion double those of the previous year and already 42
per cent of the total gross retail sales achieved in the whole of 2005. Net
retail fund inflows totalled GBP821 million, more than triple those in the first
quarter 2005. In the UK, M&G's continued strong fund performance in equities,
bonds and property led to a 77 per cent increase in gross fund inflows compared
to the first quarter 2005. M&G International, which sells funds in Germany,
Austria, Italy, Luxembourg and Switzerland, more than doubled gross fund inflows
and successfully launched into the Spanish marketplace during the quarter. M&G's
South African business nearly doubled its gross fund inflows compared to the
same period last year. Overall retail funds under management have grown by
almost 40 per cent since first quarter 2005 due to net sales, outstanding
investment performance and rising market levels.
M&G's institutional businesses also had a good start to the year, especially in
the areas of segregated fixed income, property and private finance. Gross
institutional fund inflows totalled GBP1.3 billion and were similar to the
equivalent period last year, while net fund inflows were slightly lower at
GBP923 million. However, the 2005 comparative for institutional inflows in first
quarter was boosted by a large single transaction of GBP967 million from
Prudential Property Investment Managers (PruPIM).
Asian Fund Management Business
The Asian Fund Management Business made a record start to the year, delivering
the highest first quarter third party net inflows since the business was
launched. Net inflows of GBP0.5 billion were up 147 per cent on the same
quarter last year and are 38 per cent of the total for the whole of 2005.
The Asian Fund Management business's geographic diversification and fund
performance has seen continued strong net inflows in Korea, and improved
performance in India, Taiwan, Singapore and Malaysia as compared to 2005.
Total third party funds under management were GBP10.9 billion, up 16 per cent on
the first quarter 2005. In August last year, ICICI increased its stake in
Prudential's Indian asset management joint venture from 45 per cent to 51 per
cent. As a result, Prudential no longer consolidates this business at 100 per
cent and the 2006 numbers are reported at 49 per cent, resulting in a GBP1.6
billion reduction in funds under management over the same period last year. On a
comparable basis, first quarter 2006 funds under management grew 33 per cent on
2005.
Prudential remains confident that its fund management businesses are well
positioned to grow strongly and profitably.
- ENDS -
Enquiries:
Media Investors / analysts
Jon Bunn 020 7548 3559 James Matthews 020 7548 3561
William Baldwin-Charles 020 7548 3719 Marina Novis 020 7548 3511
Joanne Doyle 020 7548 3708
Notes to Editor follow...
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 roundings.
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. Sales for overseas operations have been reported using average exchange
rates as shown in the attached schedules. Commentary is given on the results on
a constant exchange rate basis. The two bases are compared in the table below.
Annual Premium Equivalent Sales
Actual Exchange Rates Constant Exchange Rates
2006 Q1 2005 Q1 +/- (%) 2006 Q1 2005 Q1 +/- (%)
YTD YTD YTD YTD
GBPm GBPm GBPm GBPm
UK & Europe 244 208 17% 244 208 17%
US 167 127 31% 167 137 22%
Asia 226 142 59% 226 154 47%
______ ______ ______ ______ ______ ______
Total 637 478 33% 637 500 27%
Gross Inflows
Actual Exchange Rates Constant Exchange Rates
2006 Q1 2005 Q1 +/- (%) 2006 Q1 2005 Q1 +/- (%)
YTD YTD YTD YTD
GBPm GBPm GBPm GBPm
M&G 2,915 2,092 39% 2,915 2,092 39%
Asia 4,405 4,635 (5%) 4,405 4,941 (11%)
______ ______ ______ ______ ______ ______
Total 7,320 6,727 9% 7,320 7,033 4%
Total Insurance and Investment New Business
Actual Exchange Rates Constant Exchange Rates
2006 Q1 2005 Q1 +/- (%) 2006 Q1 2005 Q1 +/- (%)
YTD YTD YTD YTD
GBPm GBPm GBPm GBPm
Insurance 4,187 3,247 29% 4,187 3,368 24%
Investment 7,320 6,727 9% 7,320 7,033 4%
______ ______ ______ ______ ______ ______
Total 11,507 9,974 15% 11,507 10,401 11%
4. Prudential is initially providing reassurance to Royal London, which
will continue to pay the annuitants with Prudential reimbursing the annuity
payments to Royal London. During 2006, the intention is for these annuity
policies to transfer to Prudential, subject to legal and regulatory approvals,
at which point Prudential will take over direct responsibility for the payment
of all annuitants.
5. For JNL market share data is provided for the full year 2005 being the
latest available. Variable annuity data is sourced from VARDS, fixed annuity
data is sourced from LIMRA and fixed index annuities data is sourced from LIMRA
and The Advantage Group.
6. There will be a conference call today for wire services at 7.15am (BST)
hosted by Mark Tucker, Group Chief Executive and Philip Broadley, Group Finance
Director. Dial in telephone number: +44 (0)20 8609 0793. Passcode: 155439#
7. There will be a conference call for investors and analysts at 10:00am
(BST) hosted by Mark Tucker, Group Chief Executive and Philip Broadley, Group
Finance Director. From the UK please call +44 (0)20 8609 0793 and from the US +1
866 793 4279. Pin number 487687#. 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 141718.
8. High resolution photographs are available to the media free of charge at
www.newscast.co.uk (+44 (0) 207 608 1000).
9. Total number of Prudential plc shares in issue as at 31st March 2006 was
2,422,372,683
10. Financial Calendar 2005-2006:
Annual General Meeting 18th May 2006
Asset Management Presentation 19th May 2006
Payment of 2005 Final Dividend 26th May 2006
2006 Interim Results / Second Quarter New Business Figures 28th July 2006
Ex-dividend date 16th August 2006
Record Date 18th August 2006
Third Quarter New Business Figures 19th October 2006
Payment of 2006 Interim Dividend 27th October 2006
2006 Full Year New Business Figures 30th January 2007
*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 GBP234 billion in
assets under management, (as at 31st December 2005) 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.
Forward-Looking Statements
This statement may contain certain "forward-looking statements" with respect to
certain of Prudential's plans and its current goals and expectations relating to
its future financial condition, performance, results, strategy and objectives.
Statements containing the words "believes", "intends", "expects", "plans",
"seeks" and "anticipates", and words of similar meaning, are forward-looking. By
their nature, all forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances which are beyond
Prudential's control including among other things, UK domestic and global
economic and business conditions, market related risks such as fluctuations in
interest rates and exchange rates, and the performance of financial markets
generally; the policies and actions of regulatory authorities, the impact of
competition, inflation, and deflation; experience in particular with regard to
mortality and morbidity trends, lapse rates and policy renewal rates; the
timing, impact and other uncertainties of future acquisitions or combinations
within relevant industries; and the impact of changes in capital, solvency or
accounting standards, and tax and other legislation and regulations in the
jurisdictions in which Prudential and its affiliates operate. This may for
example result in changes to assumptions used for determining results of
operations or re-estimations of reserves for future policy benefits. As a
result, Prudential's actual future financial condition, performance and results
may differ materially from the plans, goals, and expectations set forth in
Prudential's forward-looking statements. Prudential undertakes no obligation to
update the forward-looking statements contained in this statement or any other
forward-looking statements it may make.
Notes to Schedules :
The format of the tables shown is consistent with the distinction between
insurance and investment products as applied for previous financial reporting
periods. With the exception of US institutional business, products categorised
as "insurance" refer to those classified as contracts of long-term insurance
business for regulatory reporting purposes, namely 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.
UK and Asian investment products referred to in the tables above are unit
trusts, mutual funds and similar types of fund management arrangements. US
investment products relate to assets under administration in Curian. These are
unrelated to insurance products that are classified as "investment contracts"
under IFRS 4, as described above, although similar IFRS recognition principles
apply to the acquisition costs and fees attaching to this type of business.
(1a) Insurance and investment new business for overseas operations has been
calculated using constant exchange rates. The applicable rate for Jackson
National Life is 1.75. A comparison between the results at actual exchange rates
and at constant exchange rates is given in the press release.
(1b) Insurance and investment new business for overseas operations has been
calculated using average exchange rates. The applicable rate for Jackson
National Life is 1.75 (2005: 1.82).
(2) Represents cash received from sale of investment products.
(3) Annual Equivalents, calculated as regular new business contributions plus
10% single new business contributions, are subject to roundings.
(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% interest in the India
life operation. Mandatory Provident Fund (MPF) product sales in Hong Kong are
included at Prudential's 36% interest in the Hong Kong MPF operation.
(7) Balance sheet figures have been calculated at the closing exchange rate. The
2005 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) On 26 August 2005, Prudential's joint venture partner in the Prudential
ICICI Asset Management Company purchased an additional 6% share ownership. As a
result, Prudential no longer consolidates the company as a subsidiary. 2005 Q1
results are reported at 100%.
(10) GBP95m of FUM reported under Prudential Asian funds operations relates to
M& G's products distributed through those Asian operations and this amount is
also included in M&G's FUM.
(11) In 2006 sales generated from certain bank relationships are being
reported within the 'Partnership' category instead of 'Intermediaries',
therefore bringing the management of all retail banks under one channel. The
2005 comparative of GBP5 million has not been restated and remains within
'Intermediaries'.
(12) In Korea other movements relate to equity fund dividend payments
Schedule 1A - Constant Exchange Rates
PRUDENTIAL PLC - NEW BUSINESS - QUARTER 1 2006
TOTAL INSURANCE AND INVESTMENT NEW BUSINESS
UK & Europe US (1a) Asia Total
(1a)
2006 2005 2006 2005 Q1 2006 2005 2006 2005
Q1 Q1 Q1 Q1 Q1 Q1 Q1
YTD YTD +/-(%) YTD YTD +/-(%) YTD YTD +/-(%) YTD YTD +/-(%)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Total Insurance 2,106 1,712 23% 1,629 1,355 20% 452 301 50% 4,187 3,368 24%
Products
Total Investment 2,915 2,092 39% - - - 4,405 4,941 (11%) 7,320 7,033 4%
Products - Gross
Inflows (2)
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Group Total 5,021 3,804 32% 1,629 1,355 20% 4,857 5,242 (7%) 11,507 10,401 11%
INSURANCE OPERATIONS
Single Regular Total Annual Equivalents
(3)
2006 2005 2006 2005 Q1 2006 2005 2006 2005
Q1 Q1 Q1 Q1 Q1 Q1 Q1
YTD YTD +/-(%) YTD YTD +/-(%) YTD YTD +/-(%) YTD YTD +/-(%)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
UK Insurance
Operations
Direct to
Customer
Individual 5 4 25% 2 2 0% 7 6 17% 3 2 50%
Pensions
Life - With 4 2 100% - - - 4 2 100% - - -
Profit Bond
Life - Other 4 - - - - - 4 - - - - -
Individual 165 167 (1%) - - - 165 167 (1%) 17 17 0%
Annuities
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Sub-Total 178 173 3% 2 2 0% 180 175 3% 20 19 5%
DWP Rebates 161 234 (31%) - - - 161 234 (31%) 16 23 (30%)
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total 339 407 (17%) 2 2 0% 341 409 (17%) 36 43 (16%)
Business to
Business
Corporate 119 56 113% 26 31 (16%) 145 87 67% 38 37 3%
Pensions
Individual 43 49 (12%) - - - 43 49 (12%) 4 5 (20%)
Annuities
Bulk Annuities 2 215 (99%) - - - 2 215 (99%) - 22 -
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total 164 320 (49%) 26 31 (16%) 190 351 (46%) 42 63 (33%)
Intermediated
Distribution
(11)
Individual 28 21 33% 4 5 (20%) 32 26 23% 7 7 0%
Pensions
Corporate 10 10 0% 2 2 0% 12 12 0% 3 3 0%
Pensions
Life - With 44 33 33% - - - 44 33 33% 4 3 33%
Profit Bond
Life - Other 222 226 (2%) - - - 222 226 (2%) 22 23 (4%)
Bond
Life - Other 3 - - 2 1 100% 5 1 400% 2 1 100%
Individual 190 269 (29%) - - - 190 269 (29%) 19 27 (30%)
Annuities
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Sub-Total 497 559 (11%) 8 8 0% 505 567 (11%) 58 64 (9%)
DWP Rebates 59 80 (26%) - - - 59 80 (26%) 6 8 (25%)
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total 556 639 (13%) 8 8 0% 564 647 (13%) 64 72 (11%)
Partnerships
(11)
Individual 1 - - - - - 1 - - - - -
Pensions
Life - With 3 - - - - - 3 - - - - -
Profit Bond
Life - Other 43 - - - - - 43 - - 4 - -
Bond
Life - Other 157 198 (21%) 1 - - 158 198 (20%) 17 20 (15%)
Individual 91 44 107% - - - 91 44 107% 9 4 125%
Annuities
Bulk Annuities 662 25 2,548% - - - 662 25 2,548% 66 3 2,100%
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total 957 267 258% 1 - - 958 267 259% 97 27 259%
Total:
Individual 34 25 36% 6 7 (14%) 40 32 25% 9 10 (10%)
Pensions
Corporate 129 66 95% 28 33 (15%) 157 99 59% 41 40 3%
Pensions
Life - With 51 35 46% - - - 51 35 46% 5 4 25%
Profit Bond
Life - Other 265 226 17% - - - 265 226 17% 27 23 17%
Bond
Life - Other 164 198 (17%) 3 1 200% 167 199 (16%) 19 21 (10%)
Individual 489 529 (8%) - - - 489 529 (8%) 49 53 (8%)
Annuities
Bulk Annuities 664 240 177% - - - 664 240 177% 66 24 175%
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Sub-Total 1,796 1,319 36% 37 41 (10%) 1,833 1,360 35% 217 173 25%
DWP Rebates 220 314 (30%) - - - 220 314 (30%) 22 31 (29%)
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total UK 2,016 1,633 23% 37 41 (10%) 2,053 1,674 23% 239 204 17%
Insurance
Operations
European Insurance
Operations (1a)
Insurance 53 38 39% - - - 53 38 39% 5 4 25%
Products
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total European 53 38 39% - - - 53 38 39% 5 4 25%
Insurance
Operations
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total UK & Europe 2,069 1,671 24% 37 41 (10%) 2,106 1,712 23% 244 208 17%
Insurance
Operations
US Insurance
Operations (1a)
Fixed Annuities 149 178 (16%) - - - 149 178 (16%) 15 18 (17%)
Fixed Index 133 137 (3%) - - - 133 137 (3%) 13 14 (7%)
Annuities
Variable 894 591 51% - - - 894 591 51% 89 59 51%
Annuities
Life 2 5 (60%) 4 2 100% 6 7 (14%) 4 3 33%
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Sub-Total Retail 1,178 911 29% 4 2 100% 1,182 913 29% 122 93 31%
Guaranteed 273 54 406% - - - 273 54 406% 27 5 440%
Investment
Contracts
GIC - Medium Term 174 388 (55%) - - - 174 388 (55%) 17 39 (56%)
Note
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total US 1,625 1,353 20% 4 2 100% 1,629 1,355 20% 167 137 22%
Insurance
Operations
Asian Insurance
Operations (1a)
China 11 2 450% 5 4 25% 16 6 167% 6 4 50%
Hong Kong 66 57 16% 20 18 11% 86 75 15% 27 24 13%
India (@26%) (6) 8 1 700% 32 20 60% 40 21 90% 33 20 65%
Indonesia 4 17 (76%) 14 8 75% 18 25 (28%) 14 10 40%
Japan 10 5 100% - 1 - 10 6 67% 1 2 (50%)
Korea 30 4 650% 52 31 68% 82 35 134% 55 31 77%
Malaysia 1 2 (50%) 14 13 8% 15 15 0% 14 13 8%
Singapore 88 48 83% 14 12 17% 102 60 70% 23 17 35%
Taiwan 31 25 24% 42 23 83% 73 48 52% 45 26 73%
Other (4) 2 2 0% 8 8 0% 10 10 0% 8 8 0%
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total Asian 251 163 54% 201 138 46% 452 301 50% 226 154 47%
Insurance
Operations
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Group Total 3,945 3,187 24% 242 181 34% 4,187 3,368 24% 637 500 27%
Schedule 1B - Actual Exchange Rates
PRUDENTIAL PLC - NEW BUSINESS - QUARTER 1 2006
TOTAL INSURANCE AND INVESTMENT NEW BUSINESS
UK & Europe US (1b) Asia (1b) Total
2006 2005 2006 2005 Q1 2006 2005 2006 2005
Q1 Q1 Q1 Q1 Q1 Q1 Q1
YTD YTD +/-(%) YTD YTD +/-(%) YTD YTD +/-(%) YTD YTD +/-(%)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Total Insurance 2,106 1,713 23% 1,629 1,256 30% 452 278 63% 4,187 3,247 29%
Products
Total Investment 2,915 2,092 39% - - - 4,405 4,635 (5%) 7,320 6,727 9%
Products - Gross
Inflows (2)
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Group Total 5,021 3,805 32% 1,629 1,256 30% 4,857 4,913 (1%) 11,507 9,974 15%
INSURANCE OPERATIONS
Single Regular Total Annual Equivalents
(3)
2006 2005 2006 2005 Q1 2006 2005 2006 2005
Q1 Q1 Q1 Q1 Q1 Q1 Q1
YTD YTD +/-(%) YTD YTD +/-(%) YTD YTD +/-(%) YTD YTD +/-(%)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
UK Insurance
Operations
Direct to
Customer
Individual 5 4 25% 2 2 0% 7 6 17% 3 2 50%
Pensions
Life - With 4 2 100% - - - 4 2 100% - - -
Profit Bond
Life - Other 4 - - - - - 4 - - - - -
Individual 165 167 (1%) - - - 165 167 (1%) 17 17 0%
Annuities
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Sub-Total 178 173 3% 2 2 0% 180 175 3% 20 19 5%
DWP Rebates 161 234 (31%) - - - 161 234 (31%) 16 23 (30%)
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total 339 407 (17%) 2 2 0% 341 409 (17%) 36 43 (16%)
Business to
Business
Corporate 119 56 113% 26 31 (16%) 145 87 67% 38 37 3%
Pensions
Individual 43 49 (12%) - - - 43 49 (12%) 4 5 (20%)
Annuities
Bulk Annuities 2 215 (99%) - - - 2 215 (99%) - 22 -
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total 164 320 (49%) 26 31 (16%) 190 351 (46%) 42 63 (33%)
Intermediated
Distribution
(11)
Individual 28 21 33% 4 5 (20%) 32 26 23% 7 7 0%
Pensions
Corporate 10 10 0% 2 2 0% 12 12 0% 3 3 0%
Pensions
Life - With 44 33 33% - - - 44 33 33% 4 3 33%
Profit Bond
Life - Other 222 226 (2%) - - - 222 226 (2%) 22 23 (4%)
Bond
Life - Other 3 - - 2 1 100% 5 1 400% 2 1 100%
Individual 190 269 (29%) - - - 190 269 (29%) 19 27 (30%)
Annuities
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Sub-Total 497 559 (11%) 8 8 0% 505 567 (11%) 58 64 (9%)
DWP Rebates 59 80 (26%) - - - 59 80 (26%) 6 8 (25%)
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total 556 639 (13%) 8 8 0% 564 647 (13%) 64 72 (11%)
Partnerships
(11)
Individual 1 - - - - - 1 - - - - -
Pensions
Life - With 3 - - - - - 3 - - - - -
Profit Bond
Life - Other 43 - - - - - 43 - - 4 - -
Bond
Life - Other 157 198 (21%) 1 - - 158 198 (20%) 17 20 (15%)
Individual 91 44 107% - - - 91 44 107% 9 4 125%
Annuities
Bulk Annuities 662 25 2,548% - - - 662 25 2,548% 66 3 2,100%
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total 957 267 258% 1 - - 958 267 259% 97 27 259%
Total:
Individual 34 25 36% 6 7 (14%) 40 32 25% 9 10 (10%)
Pensions
Corporate 129 66 95% 28 33 (15%) 157 99 59% 41 40 3%
Pensions
Life - With 51 35 46% - - - 51 35 46% 5 4 25%
Profit Bond
Life - Other 265 226 17% - - - 265 226 17% 27 23 17%
Bond
Life - Other 164 198 (17%) 3 1 200% 167 199 (16%) 19 21 (10%)
Individual 489 529 (8%) - - - 489 529 (8%) 49 53 (8%)
Annuities
Bulk Annuities 664 240 177% - - - 664 240 177% 66 24 175%
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Sub-Total 1,796 1,319 36% 37 41 (10%) 1,833 1,360 35% 217 173 25%
DWP Rebates 220 314 (30%) - - - 220 314 (30%) 22 31 (29%)
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total UK 2,016 1,633 23% 37 41 (10%) 2,053 1,674 23% 239 204 17%
Insurance
Operations
European Insurance
Operations (1b)
Insurance 53 39 36% - - - 53 39 36% 5 4 25%
Products
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total European 53 39 36% - - - 53 39 36% 5 4 25%
Insurance
Operations
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total UK & Europe 2,069 1,672 24% 37 41 (10%) 2,106 1,713 23% 244 208 17%
Insurance
Operations
US Insurance
Operations (1b)
Fixed Annuities 149 165 (10%) - - - 149 165 (10%) 15 17 (12%)
Fixed Index 133 127 5% - - - 133 127 5% 13 13 0%
Annuities
Variable 894 548 63% - - - 894 548 63% 89 55 62%
Annuities
Life 2 4 (50%) 4 2 100% 6 6 0% 4 2 100%
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Sub-Total Retail 1,178 844 40% 4 2 100% 1,182 846 40% 122 86 42%
Guaranteed 273 50 446% - - - 273 50 446% 27 5 440%
Investment
Contracts
GIC - Medium Term 174 360 (52%) - - - 174 360 (52%) 17 36 (53%)
Note
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total US 1,625 1,254 30% 4 2 100% 1,629 1,256 30% 167 127 31%
Insurance
Operations
Asian Insurance
Operations (1b)
China 11 1 1,000% 5 4 25% 16 5 220% 6 4 50%
Hong Kong 66 52 27% 20 17 18% 86 69 25% 27 22 23%
India (@26%) (6) 8 1 700% 32 18 78% 40 19 111% 33 18 83%
Indonesia 4 15 (73%) 14 7 100% 18 22 (18%) 14 9 56%
Japan 10 5 100% - 1 - 10 6 67% 1 2 (50%)
Korea 30 4 650% 52 27 93% 82 31 165% 55 27 104%
Malaysia 1 2 (50%) 14 12 17% 15 14 7% 14 12 17%
Singapore 88 45 96% 14 11 27% 102 56 82% 23 16 44%
Taiwan 31 24 29% 42 22 91% 73 46 59% 45 24 88%
Other (4) 2 2 0% 8 8 0% 10 10 0% 8 8 0%
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total Asian 251 151 66% 201 127 58% 452 278 63% 226 142 59%
Insurance
Operations
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Group Total 3,945 3,077 28% 242 170 42% 4,187 3,247 29% 637 478 33%
Schedule 2
PRUDENTIAL PLC - NEW BUSINESS - QUARTER 1 2006
INVESTMENT OPERATIONS
Market & Net
Opening Other Currency Movement Closing
FUM Gross Redemptions Net Movements Movements In FUM FUM
Inflows Inflows
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
2006
M&G
Retail 14,627 1,620 (799) 821 - 1,000 1,821 16,448
Institutional (5) 21,568 1,295 (372) 923 50 680 1,653 23,221
______ ______ ______ ______ ______ ______ ______ ______
Total M&G 36,195 2,915 (1,171) 1,744 50 1,680 3,474 39,669
Asia (10)
India (9) 1,465 1,792 (1,784) 8 (9) 108 107 1,572
Taiwan 1,299 657 (641) 16 - 32 48 1,347
Korea (12) 2,803 1,413 (981) 432 (117) 131 446 3,249
Japan 2,695 286 (285) 1 - 35 36 2,731
Other Mutual Fund 841 227 (192) 35 - 35 70 911
Operations
______ ______ ______ ______ ______ ______ ______ ______
Total Asian Mutual Fund 9,103 4,375 (3,883) 492 (126) 341 707 9,810
Operations
Hong Kong MPF Products 338 25 (11) 14 - 10 24 362
(at 36%) (6)
Third Party 691 5 (5) - - 41 41 732
Institutional Mandates
______ ______ ______ ______ ______ ______ ______ ______
Total Asia Other 1,029 30 (16) 14 - 51 65 1,094
______ ______ ______ ______ ______ ______ ______ ______
Total Asian Investment 10,132 4,405 (3,899) 506 (126) 392 772 10,904
Operations
______ ______ ______ ______ ______ ______ ______ ______
Total Investment 46,327 7,320 (5,070) 2,250 (76) 2,072 4,246 50,573
Products
Market & Net
Opening Other Currency Movement Closing
FUM Gross Redemptions Net Movements Movements In FUM FUM
Inflows Inflows
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
2005
M&G
Retail 11,613 801 (581) 220 - 33 253 11,866
Institutional (5) 17,092 1,291 (251) 1,040 69 (6) 1,103 18,195
______ ______ ______ ______ ______ ______ ______ ______
Total M&G 28,705 2,092 (832) 1,260 69 27 1,356 30,061
Asia (10)
India (9) 2,144 2,699 (2,930) (231) (21) 47 (205) 1,939
Taiwan 1,797 730 (893) (163) - 49 (114) 1,683
Korea 1,427 672 (358) 314 (19) 78 373 1,800
Japan 1,638 430 (65) 365 - (71) 294 1,932
Other Mutual Fund 583 86 (174) (88) - (13) (101) 482
Operations
______ ______ ______ ______ ______ ______ ______ ______
Total Asian Mutual Fund 7,589 4,617 (4,420) 197 (40) 90 247 7,836
Operations
Hong Kong MPF Products 244 18 (6) 12 - (1) 11 255
(at 36%) (6)
Third Party 705 - - - - 12 12 717
Institutional Mandates
______ ______ ______ ______ ______ ______ ______ ______
Total Asia Other 949 18 (6) 12 - 11 23 972
______ ______ ______ ______ ______ ______ ______ ______
Total Asian Investment 8,538 4,635 (4,426) 209 (40) 101 270 8,808
Operations
______ ______ ______ ______ ______ ______ ______ ______
Total Investment 37,243 6,727 (5,258) 1,469 29 128 1,626 38,869
Products
Market & Net
Opening Other Currency Movement Closing
FUM Gross Redemptions Net Movements Movements In FUM FUM
Inflows Inflows
% % % % % % % %
2006 Movement Relative to
2005
M&G
Retail 26% 102% (38%) 273% - 2,930% 620% 39%
Institutional (5) 26% 0% (48%) (11%) (28%) 11,433% 50% 28%
______ ______ ______ ______ ______ ______ ______ ______
Total M&G 26% 39% (41%) 38% (28%) 6,122% 156% 32%
Asia (10)
India (9) (32%) (34%) 39% 103% 57% 130% 152% (19%)
Taiwan (28%) (10%) 28% 110% - (35%) 142% (20%)
Korea 96% 110% (174%) 38% (516%) 68% 20% 81%
Japan 65% (33%) (338%) (100%) - 149% (88%) 41%
Other Mutual Fund 44% 164% (10%) 140% - 369% 169% 89%
Operations
______ ______ ______ ______ ______ ______ ______ ______
Total Asian Mutual Fund 20% (5%) 12% 150% (215%) 279% 186% 25%
Operations
Hong Kong MPF Products 39% 39% (83%) 17% - 1,100% 118% 42%
(at 36%) (6)
Third Party (2%) - - - - 242% 242% 2%
Institutional Mandates
______ ______ ______ ______ ______ ______ ______ ______
Total Asian Other 8% 67% (167%) 17% - 364% 183% 13%
______ ______ ______ ______ ______ ______ ______ ______
Total Asian Investment 19% (5%) 12% 142% (215%) 288% 186% 24%
Operations
______ ______ ______ ______ ______ ______ ______ ______
Total Investment 24% 9% 4% 53% (362%) 1,519% 161% 30%
Products
2006 Q1 2005 Q1
US (7) YTD YTD +/- (%)
GBPm GBPm
Curian Capital
External Funds Under 1,088 700 55%
Administration
Schedule 3
PRUDENTIAL PLC - NEW BUSINESS - QUARTER 1 2006 VERSUS QUARTER 4 2005
INSURANCE OPERATIONS
Single Regular Total Annual Equivalents
(3)
Q1 Q4 +/-(%) Q1 Q4 2005 +/-(%) Q1 Q4 +/-(%) Q1 Q4 +/-(%)
2006 2005 2006 2006 2005 2006 2005
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
UK Insurance
Operations
Direct to Customer
Individual Pensions 5 2 150% 2 2 0% 7 4 75% 3 2 50%
Life - With Profit 4 4 0% - - - 4 4 0% - - -
Bond
Life - Other 4 2 100% - - - 4 2 100% - - -
Individual 165 178 (7%) - - - 165 178 (7%) 17 18 (6%)
Annuities
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Sub-Total 178 186 (4%) 2 2 0% 180 188 (4%) 20 21 (5%)
DWP Rebates 161 10 1,510% - - - 161 10 1,510% 16 1 1,500%
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total 339 196 73% 2 2 0% 341 198 72% 36 22 64%
Business to
Business
Corporate Pensions 119 81 47% 26 54 (52%) 145 135 7% 38 62 (39%)
Individual 43 61 (30%) - - - 43 61 (30%) 4 6 (33%)
Annuities
Bulk Annuities 2 98 (98%) - - - 2 98 (98%) - 10 -
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total 164 240 (32%) 26 54 (52%) 190 294 (35%) 42 78 (46%)
Intermediated
Distribution (11)
Individual Pensions 28 15 87% 4 4 0% 32 19 68% 7 6 17%
Corporate Pensions 10 11 (9%) 2 1 100% 12 12 0% 3 2 50%
Life - With Profit 44 40 10% - - - 44 40 10% 4 4 0%
Bond
Life - Other Bond 222 265 (16%) - - - 222 265 (16%) 22 27 (19%)
Life - Other 3 2 50% 2 2 0% 5 4 25% 2 2 0%
Individual 190 209 (9%) - - - 190 209 (9%) 19 21 (10%)
Annuities
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Sub-Total 497 542 (8%) 8 7 14% 505 549 (8%) 58 61 (5%)
DWP Rebates 59 3 1,867% - - - 59 3 1,867% 6 - -
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total 556 545 2% 8 7 14% 564 552 2% 64 62 3%
Partnerships (11)
Individual 1 - - - - - 1 - - - - -
Pensions
Life - With Profit 3 - - - - - 3 - - - - -
Bond
Life - Other Bond 43 - - - - - 43 - - 4 - -
Life - Other 157 185 (15%) 1 1 0% 158 186 (15%) 17 20 (15%)
Individual 91 149 (39%) - - - 91 149 (39%) 9 15 (40%)
Annuities
Bulk Annuities 662 - - - - - 662 - - 66 - -
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total 957 334 187% 1 1 0% 958 335 186% 97 34 185%
Total:
Individual 34 17 100% 6 6 0% 40 23 74% 9 8 13%
Pensions
Corporate Pensions 129 92 40% 28 55 (49%) 157 147 7% 41 64 (36%)
Life - With Profit 51 44 16% - - - 51 44 16% 5 4 25%
Bond
Life - Other Bond 265 265 0% - - - 265 265 0% 27 27 0%
Life - Other 164 189 (13%) 3 3 0% 167 192 (13%) 19 22 (14%)
Individual 489 597 (18%) - - - 489 597 (18%) 49 60 (18%)
Annuities
Bulk Annuities 664 98 578% - - - 664 98 578% 66 10 560%
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Sub-Total 1,796 1,302 38% 37 64 (42%) 1,833 1,366 34% 217 194 12%
DWP Rebates 220 13 1,592% - - - 220 13 1,592% 22 1 2,100%
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total UK Insurance 2,016 1,315 53% 37 64 (42%) 2,053 1,379 49% 239 196 22%
Operations
European Insurance
Operations
Insurance Products 53 47 13% - - - 53 47 13% 5 5 0%
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total European 53 47 13% - - - 53 47 13% 5 5 0%
Insurance
Operations
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total UK and 2,069 1,362 52% 37 64 (42%) 2,106 1,426 48% 244 200 22%
Europe Insurance
Operations
US Insurance
Operations (8)
Fixed Annuities 149 149 0% - - - 149 149 0% 15 15 0%
Fixed Index 133 155 (14%) - - - 133 155 (14%) 13 16 (19%)
Annuities
Variable Annuities 894 735 22% - - - 894 735 22% 89 74 20%
Life 2 3 (33%) 4 4 0% 6 7 (14%) 4 4 0%
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Sub-Total Retail 1,178 1,042 13% 4 4 0% 1,182 1,046 13% 122 108 13%
Guaranteed 273 49 457% - - - 273 49 457% 27 5 440%
Investment
Contracts
GIC - Medium Term 174 9 1,833% - - - 174 9 1,833% 17 1 1,600%
Note
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total US Insurance 1,625 1,100 48% 4 4 0% 1,629 1,104 48% 167 114 46%
Operations
Asian Insurance
Operations (8)
China 11 8 38% 5 8 (38%) 16 16 0% 6 9 (33%)
Hong Kong 66 88 (25%) 20 28 (29%) 86 116 (26%) 27 37 (27%)
India (@26%) (6) 8 1 700% 32 16 100% 40 17 135% 33 16 106%
Indonesia 4 6 (33%) 14 13 8% 18 19 (5%) 14 14 0%
Japan 10 11 (9%) - - - 10 11 (9%) 1 1 0%
Korea 30 18 67% 52 41 27% 82 59 39% 55 43 28%
Malaysia 1 1 0% 14 20 (30%) 15 21 (29%) 14 20 (30%)
Singapore 88 90 (2%) 14 19 (26%) 102 109 (6%) 23 28 (18%)
Taiwan 31 29 7% 42 40 5% 73 69 6% 45 43 5%
Other (4) 2 2 0% 8 9 (11%) 10 11 (9%) 8 9 (11%)
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Total Asian 251 254 (1%) 201 194 4% 452 448 1% 226 219 3%
Insurance
Operations
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Group Total 3,945 2,716 45% 242 262 (8%) 4,187 2,978 41% 637 534 19%
INVESTMENT OPERATIONS
M&G (5) Asia Mutual Funds Asia Other Total Investment
Products
Q1 2006 Q4 2005 +/-(%) Q1 2006 Q4 2005 +/-(%) Q1 Q4 +/-(%) Q1 2006 Q4 2005 +/-(%)
2006 2005
GBPm GBPm GBPm GBPm GBPm GBPm
Opening FUM 36,195 33,760 7% 9,103 8,294 10% 1,029 980 5% 46,327 43,034 8%
Gross Inflows 2,915 2,316 26% 4,375 4,055 8% 30 22 36% 7,320 6,393 15%
Less Redemptions (1,171) (1,189) 2% (3,883) (3,685) (5%) (16) (11) (45%) (5,070) (4,885) (4%)
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Net Flows 1,744 1,127 55% 492 370 33% 14 11 27% 2,250 1,508 49%
Other Movements 50 (74) 168% (126) (6) (2,000%) - - - (76) (80) 5%
Market And 1,680 1,382 22% 341 445 (23%) 51 38 34% 2,072 1,865 11%
Currency
Movements
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Net Movements in 3,474 2,435 43% 707 809 (13%) 65 49 33% 4,246 3,293 29%
FUM
______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______ ______
Closing FUM 39,669 36,195 10% 9,810 9,103 8% 1,094 1,029 6% 50,573 46,327 9%
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 20 April 2006
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ Jon Bunn
Jon Bunn
Director of Public Relations