Interim Results - Part 5
Prudential PLC
26 July 2001
PART 5
Schedule 16
PRUDENTIAL PLC - NEW BUSINESS PREMIUMS - HALF
YEAR 2001
Single Premiums
2001 HY 2000 HY +/- (%)
£m £m
UK Insurance Operations:
Prudential Financial Services:
Individual Pensions 20 19 5%
Corporate Pensions 248 334 (26%)
Life 171 273 (37%)
Annuities 327 312 5%
Investment Products 15 26 (42%)
Sub-Total 781 964 (19%)
DSS Rebates 175 175 0%
Total Direct (Schedule 2) 956 1,139 (16%)
Prudential Intermediary Business:
Individual Pensions 130 97 34%
Corporate Pensions 33 55 (40%)
Life 834 861 (3%)
Annuities 601 272 121%
Investment Products 46 21 119%
Sub-Total 1,644 1,306 26%
DSS Rebates 55 51 8%
Total Intermediated (Schedule 2) 1,699 1,357 25%
Total UK Insurance Operations:
Individual Pensions 150 116 29%
Corporate Pensions 281 389 (28%)
Life 1,005 1,134 (11%)
Annuities 928 584 59%
Investment Products 61 47 30%
Sub-Total 2,425 2,270 7%
DSS Rebates 230 226 2%
Total UK Insurance Operations 2,655 2,492 6%
M&G:
Individual Pensions - 19 -
Investment Products 492 627 (22%)
Total M&G 492 646 (24%)
Total UK Operations 3,147 3,142 0%
European Operations:
Insurance Products 27 8 238%
Total European Operation 27 8 238%
US Operations:
Fixed Annuities 814 528 54%
Equity Linked Index Annuities 139 245 (43%)
Variable Annuities 447 1,040 (57%)
Sub-total Annuities 1,400 1,813 (23%)
Guaranteed Investment Contracts 150 168 (11%)
GIC - European Medium Term Note 1,055 755 40%
Life - - 0%
Total US Operations 2,605 2,736 (5%)
Asian Operations:
Insurance Products 479 123 289%
Investment Products 3,423 700 389%
Total Asian Operations (Schedule 2) 3,902 823 374%
Group Total:
Insurance Products 5,705 5,335 7%
Investment Products 3,976 1,374 189%
Group Total 9,681 6,709 44%
2001 HY 2000 HY 2000 YE
£m £m £m
UK Banking Products:
Deposit Liabilities:
Egg 6,014 7,258 (17%) 6,715
Prudential Banking 342 463 (26%) 413
Total Deposit Liabilities 6,356 7,721 (18%) 7,128
Retail Assets:
Mortgage Book 2,468 2,053 20% 2,405
Personal Loans Book 542 314 73% 445
Credit Card Receivables 1,564 617 153% 929
Total Retail Assets 4,574 2,984 53% 3,779
US Banking Products:
Total Deposit Liabilities 535 170 215% 483
Retail Assets 732 177 314% 630
UK General Insurance:
UK Gross Premiums Written 197 165 19%
Schedule 16
PRUDENTIAL PLC - NEW BUSINESS PREMIUMS - HALF
YEAR 2001
Regular Premiums
2001 HY 2000 HY +/- (%)
£m £m
UK Insurance Operations:
Prudential Financial Services:
Individual Pensions 20 20 0%
Corporate Pensions 72 45 60%
Life 8 16 (50%)
Annuities - - 0%
Investment Products 3 6 (50%)
Sub-Total 103 87 18%
DSS Rebates - - 0%
Total Direct (Schedule 2) 103 87 18%
Prudential Intermediary Business:
Individual Pensions 33 21 57%
Corporate Pensions 8 8 0%
Life 16 19 (16%)
Annuities - - -
Investment Products 1 2 (50%)
Sub-Total 58 50 16%
DSS Rebates - - -
Total Intermediated (Schedule 2) 58 50 16%
Total UK Insurance Operations:
Individual Pensions 53 41 29%
Corporate Pensions 80 53 51%
Life 24 35 (31%)
Annuities - - 0%
Investment Products 4 8 (50%)
Sub-Total 161 137 18%
DSS Rebates - - -
Total UK Insurance Operations 161 137 18%
M&G:
Individual Pensions - 1 -
Investment Products 7 9 (22%)
Total M&G 7 10 (30%)
Total UK Operations 168 147 14%
European Operations:
Insurance Products 9 11 (18%)
Total European Operation 9 11 (18%)
US Operations:
Fixed Annuities - - 0%
Equity Linked Index Annuities - - 0%
Variable Annuities - - 0%
Sub-total Annuities - - 0%
Guaranteed Investment Contracts - - 0%
GIC - European Medium Term Note - - 0%
Life 11 13 (15%)
Total US Operations 11 13 (15%)
Asian Operations:
Insurance Products 163 82 99%
Investment Products - - 0%
Total Asian Operations (Schedule 2) 163 82 99%
Group Total:
Insurance Products 340 236 44%
Investment Products 11 17 (35%)
Group Total 351 253 39%
Schedule 16
PRUDENTIAL PLC - NEW BUSINESS PREMIUMS - HALF
YEAR 2001
Total Premiums
2001 HY 2000 HY +/- (%)
£m £m
UK Insurance Operations:
Prudential Financial Services:
Individual Pensions 40 39 3%
Corporate Pensions 320 379 (16%)
Life 179 289 (38%)
Annuities 327 312 5%
Investment Products 18 32 (44%)
Sub-Total 884 1,051 (16%)
DSS Rebates 175 175 0%
Total Direct (Schedule 2) 1,059 1,226 (14%)
Prudential Intermediary Business:
Individual Pensions 163 118 38%
Corporate Pensions 41 63 (35%)
Life 850 880 (3%)
Annuities 601 272 121%
Investment Products 47 23 104%
Sub-Total 1,702 1,356 26%
DSS Rebates 55 51 8%
Total Intermediated (Schedule 2) 1,757 1,407 25%
Total UK Insurance Operations:
Individual Pensions 203 157 29%
Corporate Pensions 361 442 (18%)
Life 1,029 1,169 (12%)
Annuities 928 584 59%
Investment Products 65 55 18%
Sub-Total 2,586 2,407 7%
DSS Rebates 230 226 2%
Total UK Insurance Operations 2,816 2,633 7%
M&G:
Individual Pensions - 20 -
Investment Products 499 636 (22%)
Total M&G 499 656 (24%)
Total UK Operations 3,315 3,289 1%
European Operations:
Insurance Products 36 19 89%
Total European Operation 36 19 89%
US Operations:
Fixed Annuities 814 528 54%
Equity Linked Index Annuities 139 245 (43%)
Variable Annuities 447 1,040 (57%)
Sub-total Annuities 1,400 1,813 (23%)
Guaranteed Investment Contracts 150 168 (11%)
GIC - European Medium Term Note 1,055 755 40%
Life 11 13 (15%)
Total US Operations 2,616 2,749 (5%)
Asian Operations:
Insurance Products 642 205 213%
Investment Products 3,423 700 389%
Total Asian Operations (Schedule 2) 4,065 905 349%
Group Total:
Insurance Products 6,045 5,571 9%
Investment Products 3,987 1,391 187%
Group Total 10,032 6,962 44%
Schedule 16
PRUDENTIAL PLC - NEW BUSINESS PREMIUMS - HALF
YEAR 2001
APE
2001 HY 2000 HY +/- (%)
£m £m
UK Insurance Operations:
Prudential Financial Services:
Individual Pensions 22 22 0%
Corporate Pensions 97 78 24%
Life 25 43 (42%)
Annuities 33 31 6%
Investment Products 5 9 (44%)
Sub-Total 182 183 (1%)
DSS Rebates 17 17 0%
Total Direct (Schedule 2) 199 200 (1%)
Prudential Intermediary Business:
Individual Pensions 46 31 48%
Corporate Pensions 11 14 (21%)
Life 99 105 (6%)
Annuities 60 27 122%
Investment Products 6 4 50%
Sub-Total 222 181 23%
DSS Rebates 6 5 20%
Total Intermediated (Schedule 2) 228 186 23%
Total UK Insurance Operations:
Individual Pensions 68 53 28%
Corporate Pensions 108 92 17%
Life 125 148 (16%)
Annuities 93 58 60%
Investment Products 10 13 (23%)
Sub-Total 404 364 11%
DSS Rebates 23 23 0%
Total UK Insurance Operations 427 387 10%
M&G:
Individual Pensions - 3 -
Investment Products 56 72 (22%)
Total M&G 56 75 (25%)
Total UK Operations 483 461 5%
European Operations:
Insurance Products 12 12 0%
Total European Operation 12 12 0%
US Operations:
Fixed Annuities 81 53 53%
Equity Linked Index Annuities 14 25 (44%)
Variable Annuities 45 104 (57%)
Sub-total Annuities 140 181 (23%)
Guaranteed Investment Contracts 15 17 (12%)
GIC - European Medium Term Note 105 75 40%
Life 11 13 (15%)
Total US Operations 271 287 (6%)
Asian Operations:
Insurance Products 211 94 124%
Investment Products 342 70 389%
Total Asian Operations (Schedule 2) 553 164 237%
Group Total:
Insurance Products 910 770 18%
Investment Products 409 154 166%
Group Total 1,319 924 43%
Schedule 17
Single Premiums
2001 HY 2000 HY +/- (%)
£m £m
UK Insurance Operations:
Prudential Financial Services:
DSF/Remote:
Individual Pensions 20 19 5%
Corporate Pensions - 1 -
Life 171 273 (37%)
Annuities 255 238 7%
Investment Products 15 26 (42%)
Sub-Total 461 557 (17%)
DSS Rebates 175 175 0%
Total Retail 636 732 (13%)
Group Pensions:
Corporate Pensions 248 333 (26%)
Annuities 72 74 (3%)
Total Group Pensions 320 407 (21%)
Total Direct 956 1,139 (16%)
Prudential Intermediary Business:
Retail IFA:
Individual Pensions 130 97 34%
Corporate Pensions 33 55 (40%)
Life 834 861 (3%)
Annuities 66 59 12%
Investment Products 46 21 119%
Sub-Total 1,109 1,093 1%
DSS Rebates 55 51 8%
Total Retail IFA 1,164 1,144 2%
Annuities:
Annuities 535 213 151%
Total Annuities 535 213 151%
Total Intermediated 1,699 1,357 25%
Asian Operations:
Insurance Products:
Singapore 406 107 279%
Hong Kong 53 5 960%
Malaysia 6 8 (25%)
Taiwan 1 - -
Japan 8 - -
Other 5 3 67%
Total Insurance Products 479 123 289%
Investment Products:
India 882 700 26%
Taiwan 2,484 - -
Other 7 - -
Sub-total Gross Mutual Fund Sales 3,373 700 382%
Hong Kong MPF Products 50 - -
Total Investment Products 3,423 700 389%
Total Asian Operations 3,092 823 374%
Asia Mutual Funds:
Net Mutual Fund Sales:
India 170 264 (36%)
Taiwan 272 - -
Other 1 - -
Total Net Mutual Fund Sales 442 264 67%
Funds Under Management: India Taiwan Other Total
Opening Balance of FUM (31/12/00) 695 934 20 1,649
Net Flows 170 272 1 443
Market Movement 43 54 (2) 95
Closing Balance of FUM (30/06/01) 908 1,260 19 2,187
Schedule 17
Regular Premiums
2001 HY 2000 HY +/- (%)
£m £m
UK Insurance Operations:
Prudential Financial Services:
DSF/Remote:
Individual Pensions 20 20 0%
Corporate Pensions - 11 -
Life 8 16 (50%)
Annuities - - 0%
Investment Products 3 6 (50%)
Sub-Total 31 53 (42%)
DSS Rebates - - 0%
Total Retail 31 53 (42%)
Group Pensions:
Corporate Pensions 72 34 112%
Annuities - - 0%
Total Group Pensions 72 34 112%
Total Direct 103 87 18%
Prudential Intermediary Business:
Retail IFA:
Individual Pensions 33 21 57%
Corporate Pensions 8 8 0%
Life 16 19 (16%)
Annuities - - 0%
Investment Products 1 2 (50%)
Sub-Total 58 50 16%
DSS Rebates - - 0%
Total Retail IFA 58 50 16%
Annuities:
Annuities - - 0%
Total Annuities - - 0%
Total Intermediated 58 50 16%
Asian Operations:
Insurance Products:
Singapore 15 14 7%
Hong Kong 30 17 76%
Malaysia 17 14 21%
Taiwan 65 27 141%
Japan 11 - -
Other 24 8 200%
Total Insurance Products 163 82 99%
Investment Products:
India - - 0%
Taiwan - - 0%
Other - - 0%
Sub-total Gross Mutual Fund Sales - - 0%
Hong Kong MPF Products - - 0%
Total Investment Products - - 0%
Total Asian Operations 163 82 99%
Asia Mutual Funds:
Net Mutual Fund Sales:
India
Taiwan
Other
Total Net Mutual Fund Sales
Schedule 17
Total Premiums
2001 HY 2000 HY +/- (%)
£m £m
UK Insurance Operations:
Prudential Financial Services:
DSF/Remote:
Individual Pensions 40 39 3%
Corporate Pensions - 12 -
Life 179 289 (38%)
Annuities 255 238 7%
Investment Products 18 32 (44%)
Sub-Total 492 610 (19%)
DSS Rebates 175 175 0%
Total Retail 667 785 (15%)
Group Pensions:
Corporate Pensions 320 367 (13%)
Annuities 72 74 (3%)
Total Group Pensions 392 441 (11%)
Total Direct 1,059 1,226 (14%)
Prudential Intermediary Business:
Retail IFA:
Individual Pensions 163 118 38%
Corporate Pensions 41 63 (35%)
Life 850 880 (3%)
Annuities 66 59 12%
Investment Products 47 23 104%
Sub-Total 1,167 1,143 2%
DSS Rebates 55 51 8%
Total Retail IFA 1,222 1,194 2%
Annuities:
Annuities 535 213 151%
Total Annuities 535 213 151%
Total Intermediated 1,757 1,407 25%
Asian Operations:
Insurance Products:
Singapore 421 121 248%
Hong Kong 83 22 277%
Malaysia 23 22 5%
Taiwan 66 27 144%
Japan 19 - -
Other 29 11 164%
Total Insurance Products 642 205 213%
Investment Products:
India 882 700 26%
Taiwan 2,484 - -
Other 7 - -
Sub-total Gross Mutual Fund Sales 3,373 700 382%
Hong Kong MPF Products 50 - -
Total Investment Products 3,423 700 389%
Total Asian Operations 4,065 905 349%
Asia Mutual Funds:
Net Mutual Fund Sales:
India
Taiwan
Other
Total Net Mutual Fund Sales
Schedule 17
APE
2001 HY 2000 HY +/- (%)
£m £m
UK Insurance Operations:
Prudential Financial Services:
DSF/Remote:
Individual Pensions 22 22 0%
Corporate Pensions - 11 -
Life 25 43 (42%)
Annuities 26 24 8%
Investment Products 5 9 (44%)
Sub-Total 77 109 (29%)
DSS Rebates 17 17 0%
Total Retail 94 126 (25%)
Group Pensions:
Corporate Pensions 97 67 45%
Annuities 7 7 0%
Total Group Pensions 104 74 41%
Total Direct 199 200 (1%)
Prudential Intermediary Business:
Retail IFA:
Individual Pensions 46 31 48%
Corporate Pensions 11 14 (21%)
Life 99 105 (6%)
Annuities 7 6 17%
Investment Products 6 4 50%
Sub-Total 169 159 6%
DSS Rebates 6 5 20%
Total Retail IFA 175 164 7%
Annuities:
Annuities 53 21 152%
Total Annuities 53 21 152%
Total Intermediated 228 186 23%
Asian Operations:
Insurance Products:
Singapore 55 25 120%
Hong Kong 36 18 100%
Malaysia 18 15 20%
Taiwan 65 28 132%
Japan 12 - -
Other 24 9 167%
Total Insurance Products 211 94 124%
Investment Products:
India 88 70 26%
Taiwan 248 - -
Other 1 - -
Sub-total Gross Mutual Fund Sales 337 70 381%
Hong Kong MPF Products 5 - -
Total Investment Products 342 70 389%
Total Asian Operations 553 164 237%
Asia Mutual Funds:
Net Mutual Fund Sales:
India
Taiwan
Other
Total Net Mutual Fund Sales
Notes to Schedules:
1. Sales for overseas operations have been calculated using average
exchange rates. The applicable rate for Jackson National
Life is 1.44 (June 2000 - 1.57). Balance sheet figures have been
calculated at closing exchange rates.
2. In Asia, 'Other' Insurance Products include Thailand, Indonesia,
The Philippines, Vietnam, India (26% interest) and China.
3. Insurance sales for Japan are included from 13 February 2001,
the date of acquisition of Orico Life Insurance Company Limited.
4. Mandatory Provident Fund product sales in Hong Kong are included
at Prudential's 36% interest of the Hong Kong MPF operation.
5. Annual Premium Equivalents (APE), calculated as regular premiums
+ 10% single premiums, are subject to roundings.
Independent Review Report by KPMG Audit Plc to Prudential plc extracted from
the Interim Report 2001
'Introduction
We have been instructed by the Company to review the financial information
set out on page 8 and pages 13 to 16 prepared on a modified statutory basis
and the financial information set out on pages 9 to 12 prepared on an
achieved profits basis, and we have read the other information contained in
the Interim Report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
Directors' responsibilities
The Interim Report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The Listing
Rules of the Financial Services Authority require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where
they are to be changed in the next annual accounts, in which case any
changes, and the reasons for them, are to be disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4: Review of interim financial information issued by the Auditing
Practices Board. A review consists principally of making enquiries of group
management and applying analytical procedures to the financial information
and underlying financial data and, based thereon, assessing whether the
accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review is substantially less in scope than an audit
performed in accordance with Auditing Standards and therefore provides a
lower level of assurance than an audit. Accordingly we do not express an
audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications
that should be made to the financial information as presented for the six
months ended 30 June 2001.
KPMG Audit Plc
Chartered Accountants
London
25 July 2001'
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