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Prudential ::

Company Summary for Prudential Plc
HQ Address Laurence Pountney Hill London EC4R 0HH NP44 1PB	Telephone Number Fax Number Website Email Number Of Employees Number Of UK Locations		020 72207588 NA www.prudential.co.uk NA 34789 7
Prudential PLC is a leading international financial services company established as the Prudential Mutual Assurance and Loan Association in 1848. Today the company is an international financial services company with a product range, which extends from personal banking insurance, pensions and retail investments, to institutional fund management and property investments. The portfolio of well-known and respected brands, including Prudential, M&G Investments, Jackson National Life, Prudential Corporation Asia and Egg, has more than 19 million customers (and policy holders and unit holders) worldwide. Across the Group there are £214 billion of funds under management (as at 2005). There are significant operations in the UK, the US and Asia, contributing to a diversity of earnings. In the UK, via the Prudential brand, the offerings are annuities, corporate pensions, with-profits and unit-linked bonds, savings and investments products, protection policies, equity release products and health insurance plans. M&G Investments, the UK and European fund manager, has a leading position in retail fund management, institutional fixed income, pooled life and pension funds, property and private finance. Egg is an innovative financial services company providing a range of banking and financial services through its internet site, www.egg.com. Jackson National Life (JNL), the US business, is a leading life insurance company with more than 3 million policies and contracts in force. JNL offers fixed, fixed-index and variable annuities, term and permanent life insurance and institutional products. In Asia, Prudential Corporation Asia has 23 operations in 12 countries. These include strategic partnerships with some of the region’s leading companies, including CITIC Group (for life business in China), ICICI Bank (for life and mutual fund business in India) and Bank of China International (for Mandatory Provident Fund business in Hong Kong). Prudential Corporation Asia offers a wide range of savings, protection and investment products tailored to the needs of customers in each of the 12 operating markets. In addition to its life insurance operations Prudential has asset management businesses in India, Hong Kong, Japan, Taiwan, Malaysia, Singapore, Korea, Vietnam and China managing over £26 billion (as at 2005). Worldwide more than 20,000 people are employed by Prudential and shareholders number 77,000. The company is listed on the London and New York stock exchanges.

Activities in Sector(s)

Banks & Financial service : Financial services and accountants, Retail banks and building societies Turnover in the Banking & Financial service sector has grown a solid 19% to £473.9bn in the past year and profits have increased by 20% to £83.1bn.  Employee numbers over the same period have increased by 14% to a total of around 1m people. Insurance & Assurance : Life Assurance, Insurance - Non Life Turnover in the Insurance and Assurance sector grown by 50% in the past year, rising to £206.7bn, with profits remaining stable at around £10.4m.  Employee numbers have also remained relatively stable, dropping by only 1% to reach approximately 570,000 people over the same time period, indicating high productivity as decreased staff numbers have made a significant positive impact on turnover in the sector.

Presences in Region(s)

Northern Ireland(1), South East(2), Wales(2), West Midlands(1), Yorkshire and the Humber(1)

Key Financial Data	Latest	Year -1	Year -2	Year -3	Year -4
Turnover UK Turnover Overseas Turnover Cost of Sales Operating Profit Profit Margin Remuneration Land & Building Fixtures & Fittings Plant & Vehicles Stock & W.I.P Short Term Loans & Overdrafts Hire Purch. & Leas. (short t.) Hire Purchase & Leas. (long t.)	£35,945m £35,945m NA NA £2,281.0m 5.00 £723.0m NA NA NA NA £7,385.0m NA NA	£15,028m £15,028m NA NA £-23,952.0m 14.00 £991.0m NA NA NA NA £8,330.0m NA NA	£16,099m £16,099m NA NA £-13,779.0m 8.00 £873.0m NA NA NA NA £3,053.0m NA NA	£13,491m £13,491m NA NA £-14,753.0m 7.00 £812.0m NA NA NA NA £1,150.0m NA NA	NA NA NA NA £484.0m NA £746.0m NA NA NA NA £1,784.0m NA NA
Key Employee Data	Latest	Year -1	Year -2	Year -3	Year -4
Number of Employees Wages & Salaries Pension Costs Directors' Remuneration Highest Paid Director Average Remuneration per Employee Turnover per Employee Profit per Employee	34789.00 NA NA £11.1m NA 20 1,033 65	31661.00 NA NA £9.2m NA 31 474 -756	21715.00 £762.0m NA £9.5m NA 40 741 -634	21012.00 £710.0m NA £3.8m NA 38 642 -702	21930.00 £656.0m NA £6.2m NA 34 NA 22

Company News
01 Feb 2008	Total sales up 20% to £2.8bn - Asia sales up 44% to £1.3bn - UK retail sales up 4% to £715m - 2,000 job cuts
	Prudential expects the insurer's growing business in Asia to account for more than half of group sales in 2008. Sales have grown 44% to £1.3 billion in Asia, while growth has slowed in the UK, where Prudential remains the second-biggest British insurer. Retail sales in the UK rose by only 4 per cent to £715 million, flattered by the acquisition last year of £1.7billion of Equitable Life's with-profits funds. With total sales for the 12 months to December increasing by a fifth to £2.87 billion, Asia accounts for 45 per cent of business growth at the Pru. The Pru has concentrated on high-margin business and has cut staff by 2,000 as part of a cost-savings drive. The Pru employs over 34,000 staff in the UK.
09 Dec 2007	£1.7b Transfer of Equitable Life - To complete by the end of 2007 - Key step towards eventual sale of remaining business
	Equitable Life’s £1.7 billion transfer to insurer Prudential is said to complete by the end of 2007. It has just received approval from the Royal courts of Guernsey and Jersey. The move is a key step towards the possible eventual sale of the remaining business, as it is thought that potential buyers had been put off by the complex with-profits annuity book. It could also lead to higher incomes for pensioners with the products (many of whom have had steep income falls in recent years). Its transfer leaves the society with around 180,000 with-profits policyholders and a £7bn with-profits fund.
03 Dec 2007	Outsourcing support work – 1750 jobs transferring – Part of effort to save £195m
	Prudential Plc, the insurance company, has chosen Capita to deal with the outsourcing of 1,750 jobs in customer services, IT and administration from Prudential’s centres in Reading and Stirling. The Reading operation will initially continue to be delivered from Prudential’s current site while it investigates the feasibility of combining it with its operations in Cheltenham, Swindon or with an alternative site in Reading. The transfer of staff to Capita is expected to be completed by April 2008. Capita employs 500 people in Bishop's Cleeve and could take on the extra jobs there. They will provide customer service, policy administration, new business and claims processing and IT support to Prudential. The outsourcing move by Prudential is part of an effort to save £195m. Prudential analysed a number of potential options and believes that Capita will best enable it to deliver continued high levels of customer service while providing certainty over costs. Nick Prettejohn is chief executive of Prudential Plc.
01 Oct 2007	Board Changes - New Finance Director - Over 20,000 Staff Worldwide
	Prudential Plc, has appointed a new Finance Director, Tidjane Thiam, who will join the board in April 2008 as an Executive Director. Mr Thiam, will take on the role of Group Finance Director, when Philip Broadley leaves in May 2008. Prudential Plc is a leading international financial services company with a product range, which extends from personal banking insurance, pensions and retail investments, to institutional fund management and property investments. The portfolio of well-known and respected brands, including Prudential, M&G Investments, Jackson National Life, Prudential Corporation Asia and Egg, has more than 19 million customers (and policy holders and unit holders) worldwide. Across the Group there are £214b of funds under management (as at 2005). There are significant operations in the UK, the US and Asia, contributing to a diversity of earnings. Worldwide more than 20,000 people are employed by Prudential and shareholders number 77,000. The company is listed on the London and New York stock exchanges. Mark Tucker is the Chief Executive of Prudential Plc.
15 Jun 2007	£200m acquisition – 3 appointments to board – Committed to continued provision of service
	Infracapital Partners LP – the infrastructure fund of the Prudential Group - has acquired Red Funnel Group Limited, the Isle of Wight ferry operator, for more than £200m. Tom Docherty Managing Director, Colin Hetherington Commercial Director and Richard Scott, Finance Director have joined the Board of the new holding company. Senior management remains unchanged and will continue to hold a significant equity stake in the business going forward. . Red Funnel represents a valuable strategic addition to Infracapital’s infrastructure portfolio particularly its established high quality business, growth potential and strong management. The continuing provision by Red Funnel of a reliable high quality service to commuters and other ferry passengers between Southampton and the Isle of Wight is central to Infracapital’s long term vision.
24 May 2007	Strong growth in all areas - Good cash flow
	Prudential plc report that 2006 was another excellent year with EEV operating profits strongly ahead. The Group also further strengthened its cash flow and capital position in the year and a new dividend policy was put in place. The management team's focus continues to be on profitable growth in all areas of the business. UK retail new business volumes were ahead 14 per cent in 2006 and overall margins and returns on new business remained towards the top end of the UK market. In the US, the Jackson team has had another strong year and outperformed the market considerably. In Asia, sales and new business profits moved ahead strongly.
20 Apr 2007	First Quarter Sales Down 23% to £183m - New Business Totalled £640m - US Sales Up 21% to £180m - New Business Alliance
	Prudential Plc, has recorded a 23% fall in first quarter sales to £183m. The group, which confirmed in March 2007 the threat of possible job cuts in an overview of its UK operation, reported group new business sales for the quarter totalled £640m. Sales at its US operation were up 21% to £180m, while the figure was 34% to £277m in Asia. Approximately 70% of Prudential sales are outside the UK market. The UK's business has continued to be difficult amid a quiet bulk annuity market, with a £66m bulk annuity contract in 2006 leading to unfavourable comparisons in 2007. UK sales were also affected by the loss of a £15m contract to supply credit life sales to Lloyds TSB, which was taken back in-house by the banking group. Retail and individual product sales were strong, up 16% to £181m, and its UK division was already beginning to record cost savings under its turnaround strategy. However, it is expecting to be at least three to six months before final decisions will be made over the UK jobs restructure. The group confirmed that sales were improving at its private medical insurance division, PruHealth - not included in the total UK sales figures - and confirmed a joint venture with high street chain Boots the Chemist, which will enable the group to offer health insurance in 1,500 stores. PruHealth doubled new business in the first quarter to £16m, increasing the number of customers covered to 108,000. The Boots contract will help it reach its target of 200,000 customers by the end of 2007. Boots Health Insurance will be available in late April 2007, offering a product that rewards healthy living, an initiative pioneered in the UK by PruHealth. Mark Tucker is the Group Chief Executive of Prudential Plc.
26 Mar 2007	Cost cutting – Plans for annual savings of £195m by 2010 – Turnover £41.125m – Growth of 21.3%
	Prudential Plc is considering plans to outsource or offshore the jobs of up to 2,000 of its UK-based staff, as part of a strategy to make annual cost savings of £195m by 2010. Prudential’s turnover is £41,125m in the current year, an increase from £33,904m last year and represents a growth of 66.9% over the past five years.
20 Feb 2007	210 jobs to transfer to India - £150m cost–cutting plan
	Prudential Plc has confirmed it is to transfer 130 jobs from its main Scottish site to Mumbai in India over the next 12-18 months. The firm currently employs 2500 people at Craigforth, near Stirling. A further 80 jobs will be moved from its Reading site. The moves are part of the company’s decision to cut £150m from the costs of its UK business. The company will look for alternative work for those employees who could lose their jobs.
30 Jan 2007	Egg sold to Citigroup for £575m – benefit to shareholders
	Prudential Plc is selling Egg, its online bank, to the US company Citigroup, the largest credit card issuer in the world, for £575m ($1.13bn) cash. Proceeds from the sale will be used to reduce debt. As part of the arrangement, the Pru will provide life assurance and pensions products to Egg’s more than 3 million customers and will be a distributor of life assurance products to Citigroup’s consumer banking customers in Thailand, Indonesia and the Philippines. For the financial year ending 31 December 2006, Egg’s operating losses on continuing ordinary activities before tax are estimated to be £145m. Its gross assets and shareholders’ funds are estimated to be £9.5bn and £276m, respectively. The Pru’s new business figures showed total group insurance growing 16% year on year to £2.47bn, driven by Asia (up 30%to £956m) and the US, where the Jackson Life business rose 21 per cent to £613m. However, UK retail business grew just 1% to £900m. The sale of Egg to Citigroup realises greater value for the Pru’s shareholders than retaining the business within the group. Mark Tucker is chief executive of Prudential Plc.
15 Dec 2006	Rejected Takeover Offer - Internet Bank Egg - Half-Year Loss Expected
	Prudential Plc, has rejected an approach for its Internet bank Egg and has pledged its commitment to the business. The bank has become a target from American financial group, Citigroup who is considering developing its retail banking operations across the UK. Egg is expecting to record a half-year loss.
13 Oct 2006	Possible job cuts
	Prudential plc may cut 500 jobs in October 2006 – Plans to move IT jobs to India – Major restructuring - £40 million cost savings
06 Oct 2006	Takeover Concerns - Examining strategic Options - £15om Cost savings target
	UK insurer Prudential PLC is considering a radical slimming down of its British operations to deter takeover bids. Concerns over weaker domestic sales at the company have existed for the last few years. In July 2006, the company announced that its UK division aimed to cut annual costs by £150m by 2009, up from a previously announced £40m in an attempt to improve performance. An internal re-view team has been asked to examine three options for the business. They include a sale to a rival, increasing its size through acquisition or continuing in a 'streamlined form'. The CEO, Mark Tucker believes the last option is the most likely outcome, and could see Pru selling or closing underperforming lines and job losses.
21 Aug 2006	Prudential is outsourcing 450 Belfast, northern Ireland-based customer service staff to Capita, as it proceeds with its strategy to cut UK costs by £150m a year. The £40m three-year contract will save jobs, since Prudential had originally planned to close the call centre, as it moves more jobs to Mumbai in India and other UK offices. The Capita contract guarantees that the workers will have jobs for at least three years and safeguards pension rights.
18 May 2006	Prudential plc new initiatives for long term growth in May 2006 – Strong performance in 2005 – Well placed for future opportunities – Confident of further growth in 2006 – Strong presence in high growth Asian markets – US focus on retirement markets – Seeking acquisitions –UK growth in new business of 10% in 2005 – Good margins
16 May 2006	Prudential starting new Asian property fund management venture Prudential Property Investment Management Singapore (PruPIM) – Aims to raise at least £530m by end 2007 – Working with institutional investors looking to region for high returns – Package buildings in Australia, Hong Kong, Singapore and South Korea owned by Prudential units into core Asia-Pacific fund – Due to market itself in 2006 Q4 – Target South Korea and Japan for new building acquisitions.
26 Apr 2006	Prudential to close Belfast, Bristol and London offices – Transfer work to other sites including India – £40m cost-saving exercise – Amicus union fighting decision – 700 jobs threatened.
22 Apr 2006	Prudential Plc recorded a sales rise by 27% in the first quarter 2006, reaching GBP637 million, considerably above market predictions. Growth was particularly strong in Asia, up 47% on a poorer first quarter in 2005. The company believes it will continue to develop its Asian distribution capability to strengthen the position further. Prudential's asset management businesses also fared well, delivering fund inflows of GBP2.9 billion, an increase of 39%. In the short term the result seems to have justified its decision to rebuff Aviva's $17 billion bid earlier in 2006, with the group noting that while mergers would happen in the industry, they would only happen were product bases and distribution channels were compatible.
19 Mar 2006	Prudential Plc – £17bn takeover offer by Aviva Plc rejected by Prudential – Aviva is UK’s largest insurer –– a combined group would be leading world player in the savings, investments and insurance market especially Europe, Asia and the US – there would be 50 million customers, 80,000 staff and £350bn of funds under management - £320m cost savings potential due to overlaps
16 Mar 2006	Prudential annual operating profits up by third to more than £1.7 billion – Strong performance from its US Jackson National Life business – New insurance policy premiums risen by 15% to more than £2.1 billion – New business profits rising by same to £867 million – Market value of more than £14.5 billion – New business insurance sales up by 10% to £900 million –Predicting rapid growth lifetime mortgage market to about £7 billion by 2008 – Underlying Egg profits fell to £60 million from £72 million 2005 – Target annualised cost savings of £40 million at Egg by 2007.
23 Jan 2006	Egg, the Prudential subsidiary, is likely to become the subject of a new bidding war, with US MBNA reportedly preparing a bid in the region of GBP900 million for the credit card issuer. This would be an important deal for the UK credit card market, as Egg is one of the last few independent players of scale in the sector. Many of the other previous bidders for the card issuer, rumoured to include JP Morgan, RBS Group and Capital One, are expected to renew their attempts to acquire the card issuer in the near future. The chances of a deal being completed are far higher now than at that the previous attempt. It is understood that Mr Bloomer was unwilling to accept less than around GBP1.3 billion at the time, and this was at the heart of the collapse of the previous sale negotiations. New Prudentail chief executive Mark Tucker is more interested in securing the sale of what is a non-core part of Prudential's business. What exactly is at stake? In an increasingly concentrated credit card market - the top five players currently controlled more than 70% of the market by cards in issue at the end of 2004 - Egg, with a market share of 4.4%, is one of the last few remaining big card books available, and this is what makes it an attractive proposition. Declining margins have made operational scale crucial in the UK market and acquiring a player of the size of Egg would provide a significant boost to the winning bidder. The UK card market has remained relatively quiet in 2004 and 2005 in terms of consolidation, as issuers have faced up to the costs of regulatory compliance and the migration to EMV.
05 Dec 2007	Short Term Loans & Overdrafts is £7,385.0m in the current year, a fall from £8,330.0m last year and representing a growth of 314.0% over the past five years.
05 Dec 2007	Average Remuneration per Employee is 20.0 in the current year, a fall from 31.0 last year and representing a decline of 41.2% over the past five years.
05 Dec 2007	Directors' Remuneration is £11.1m in the current year, an increase from £9.2m last year and representing a growth of 80.1% over the past five years.
05 Dec 2007	Number of Employees is 34,789 in the current year, an increase from 31,661 last year and representing a growth of 58.6% over the past five years.
05 Dec 2007	Remuneration is £723.0m in the current year, a fall from £991.0m last year and representing a decline of 3.1% over the past five years.