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 May, 2007
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: AGM Statement
FOR IMMEDIATE RELEASE: 11am Thursday 17 May 2007
PRUDENTIAL PLC - ANNUAL GENERAL MEETING
At this morning's AGM, Prudential plc Chairman Sir David Clementi highlighted
"a year of substantial progress" by Prudential.
Speaking to shareholders at the Queen Elizabeth II Conference Centre in London,
Sir David said: "2006 was another excellent year for Prudential with EEV
operating profits ahead strongly and confirming the effectiveness of the
strategy that we have been following."
Sir David added: "The Group also further strengthened its cash flow and capital
position in the year and, as a result, we were able to propose an increase of
five per cent in the full year dividend. We have also put in place a new
dividend policy.
"In March we announced a refocusing of our UK business after an extensive review
of all available options. The Board believes that the current composition and
structure of the Group provide material financial and operational benefits to
shareholders. At this stage, the management team's focus continues to be on
profitable growth in all areas of the business and, in particular, the UK team
is absolutely focused on the execution and delivery of the strategy we have
outlined. As you would expect, the Board considers strategy on a regular basis
and it will continue to take account of all alternatives to maximise value for
shareholders."
Group Chief Executive Mark Tucker highlighted "great opportunities ahead for
continued profitable growth".
Mr Tucker said: "2006 saw a year of further success in building our business
with a clear and committed focus on value generation, and the momentum I
referred to last year maintained and even intensified.
"UK retail new business volumes were ahead 14 per cent and overall margins and
returns on new business remained towards the top end of what you will see in the
UK market. That performance was driven principally by improving margins and
returns in the retail business, and individual annuities in particular, and we
see this sector as the mainstay of UK profitability in the years ahead."
Mr Tucker noted that Jackson is "very well placed to continue the success we
have seen over recent years". He added: "In the US, the Jackson team has had
another strong year. They have outperformed the market considerably, with retail
sales growing at twice the market growth rate, margins moving ahead at the
aggregate level and returns on new business also improving."
Turning to Asia, Mr Tucker said: "Again, sales and new business profits moved
ahead strongly and we have continued to build the distribution footprint with
over 285,000 agents across the region and a spread of non-agency distribution
that is unparalleled. Margin and returns remain high, though obviously
influenced by the country mix, and we are also improving expense efficiency as
we see the scale of the business increase."
Highlighting sustained superior investment performance across the Group's asset
management businesses, Mr Tucker said: "M&G and our Asian business go from
strength to strength."
He added: "Over a five-year period, external funds under management have more
than doubled from GBP24 billion to GBP57 billion at the end of 2006 and both
businesses attracted record net inflows in the year."
ENDS
Enquiries:
Media Investors / analysts
Jon Bunn 020 7548 3559 James Matthews 020 7548 3561
07808 632167
Carole Butcher 020 7548 3719 Marina Novis 020 7548 3511
Notes to Editor:
1. A full transcript of Sir David Clementi and Mark Tucker's speeches and
presentation to shareholders can be found on the Prudential plc website at
www.prudential.co.uk/prudential-plc/investors/agminfo/2007/
2. About Prudential
Prudential plc is a company incorporated in England with its head office in
London, which, with its affiliated companies constitutes 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 had GBP250.7 billion in assets
under management as at 31 December 2006. 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.
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: 17 May 2007
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ Jon Bunn
Jon Bunn
Director of Public Relations