Analyst Presentation

Prudential PLC
30 October 2002

Embargo 11.00 hrs - Wednesday 30 October 2002

Presentation to investors and analysts on Prudential plc's US operations

Prudential plc will hold a number of presentations today (30 October) and
tomorrow (31 October) for investors and analysts covering the Group's business
operations in the United States. These presentations will be hosted by Clark
Manning, Chief Executive Officer of Jackson National Life ('JNL'), with support
from senior members of the JNL management team.

The main objectives of the presentations are to:


  • Review JNL's track-record of delivering strong growth (including
    highlighting the factors that led to JNL's strong sales performance in the
    first nine months of 2002, summary details of which are included in the
    Notes to Editors);

  • Summarise the market opportunities for JNL in the United States;

  • Outline the strategic priorities for the business;

  • Update on current market conditions in the United States; and

  • Answer questions about JNL's performance and strategy.



In addition to Strategic and Financial Overviews, there will be presentations
covering Asset/Liability Management, Investment Management, Retail and
Institutional Products, Distribution, Information Systems and Customer Service.
These presentations will reinforce a number of key messages, in particular that
Jackson National Life has:


  • A good track record of delivering strong growth and performance;

  • A clear ambition to continue growing the business;

  • A robust business proposition that incorporates:

  • a value-based approach;

  • a low-cost, flexible infrastructure;

  • an excellent product manufacturing and administrative capability;

  • a relationship-driven distribution model; and

  • strong risk management capabilities and financial discipline.

  • A team with a clear view of the future opportunities and challenges facing
    the business;

  • A strategy that is designed to deliver sustained profitable growth; and

  • Is well placed to benefit from the anticipated growth in the US financial
    services market.

There will be an update on current market conditions in the United States and
their implications for JNL's financial and strategic positioning. This will
include a reference to realised losses in relation to defaults and impairments
on bonds which, on the basis of known defaults to date, are expected to be less
in 2002 than the figure of US$532 million incurred in 2001 (US$228 million in
the first half of 2002).

A live webcast of the presentation and the presentation slides will be available
on the Group's website, www.prudential.co.uk from 2.00pm on Wednesday 30 October
and 8.30am on Thursday 31 October 2002.

A pre-recorded interview with Clark Manning (in video/audio/text) will be
available on www.prudential.co.uk and www.cantos.com from 11.00am on Wednesday
30 October 2002.

                                     -ENDS-

Media Enquiries:                         Investor/Analyst Enquiries:
Geraldine Davies - 020 7548 3911         Rebecca Burrows - 020 7548 3537
Steve Colton - 020 7548 3721             Laura Presland - 020 7548 3511
Clare Staley - 020 7548 3719



Notes to Editors:


 1. Jackson National Life ('JNL')

    JNL was acquired by Prudential in 1986. Today, it is the 21st largest US
    life insurance company ranked by total assets, and has more than 1.5 million
    policies and contracts in force.

    JNL is a leading provider of fixed, indexed and variable annuities, term and
    permanent life insurance, and stable value products.

    Headquartered in Lansing, Michigan, and employing 2,400 people (including
    affiliates and subsidiaries), JNL markets its products in 49 states and in
    the District of Columbia through independent agents, broker-dealers and
    financial institutions. JNL's subsidiary, Jackson National Life Insurance
    Company of New York, markets its products through similar channels in the
    State of New York.

    JNL's investment portfolio is managed by PPM America Inc., which manages
    some US$62 billion of US assets.

 2. 2002 Financial Performance

    Interim Results

    New business achieved profits increased 26 per cent to £117 million in the
    first half of 2002, driven by a strong increase in insurance sales and an
    improvement in the new business margin from 35 to 39 per cent.

    We continued to see a high level of bond defaults in the first half of 2002
    and JNL, like its competitors, did not escape the impact of these volatile
    market conditions. Defaults and impairments on bonds resulted in realised
    losses of US$228 million. Losses are accounted for on a five-year average
    basis and the effect of these losses was to increase the
    half-year-on-half-year charge by £63 million to £71 million. These losses
    equated to 0.6 per cent of JNL's total invested assets.

    Nine-month sales to 30 September

    JNL recorded an 18 per cent increase in total sales to £4.5 billion in the
    first nine months of 2002 compared to the corresponding period in 2001,
    reflecting strong sales of variable and fixed annuities. APE sales during
    the period increased by 17 per cent to £464 million.

    Total single premium sales during the period increased by 18 per cent. Total
    sales of annuity products to retail customers of £3 billion were up 39 per
    cent on the first nine months of 2001. Variable annuity sales of £852
    million were up 39 per cent and sales of fixed annuities during the period
    of £2 billion increased by 44 per cent. During 2002, JNL has made a number
    of revisions to its product lines which have had a positive impact on sales;
    in September 2002, 65 per cent of new annuities business was from products
    launched this year.

 3. Presentation Timetable


        Wednesday 30 October

         14:00          Welcome - Jonathan Bloomer, Group Chief Executive, Prudential plc
         14:15          'Jackson National Life: Built on Value, Flexibility, Execution'

                        Clark Manning, President and Chief Executive Officer, Jackson National Life
         14:50          'The U.S. Retirement Market'

                        Greg Salsbury, Executive Vice President, Jackson National Life Distributors
         15:30          'Broader Distribution, Greater Market Share'

                        Mike Wells, Vice Chairman, Jackson National Life
         16:25          'Positioned to Win with Independent Broker/Dealers'

                        Clifford Jack, President, Jackson National Life Distributors, Inc.
         17:05          Jim Sipe, President of Planning Corporation of America, Raymond James Inc.

         17:45          'Positioned to Win with Banks/Credit Unions & Regional Broker Dealers'

                        Brad Powell, President, Institutional Marketing Group
         18:05          Wrap-Up

                        Mike Wells, Vice Chairman, Jackson National Life


        Thursday 31 October

         08:30          Open - Clark Manning, President and Chief Executive Officer, Jackson National Life

         08:35          'Financial Overview: Asset Growth & Capital Formation'

                        Andy Hopping, Executive Vice President, Chief Financial Officer & Treasurer, Jackson National
                        Life
         09:15          'Asset Liability Management: Identifying Risks and Understanding Them'

                        Chad Myers, Vice President, Asset Liability Management
         09:45          'Portfolio and Investment Strategy: Targeting the Opportunities a Tough Market Presents'

                        Leandra Knes, President & Chief Executive Officer, PPM America

                        Brion Johnson, Executive Vice President, PPMA Head of Public Fixed Income

                        Jim Young, Executive Vice President, PPMA Chief Credit Officer

                        David Zachar, Executive Vice President, PPMA Commercial Real Estate
         11:00          'Institutional Products: Diversity, Flexibility and Leverage'

                        Vic Gallo, Senior Vice President, Group Pension
         11:40          'Technology: Delivering Efficiency & Productivity'

                        George Napoles, Senior Vice President, Information Technology
         12:00          'Service: High Customer Satisfaction at Low Costs'

                        Scott Stolz, Senior Vice President, Administration
         12:30          'JNL: Positioned to Win'

                        Clark Manning
         13:00          Closing Remarks

                        Jonathan Bloomer, Group Chief Executive, Prudential plc



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 and results. 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,
the policies and actions of regulatory authorities, the impact of competition,
inflation, deflation, the timing, impact and other uncertainties of future
acquisitions or combinations within relevant industries, as well as the impact
of tax and other legislation and other regulations in the jurisdictions in which
Prudential and its affiliates operate.  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.


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