New licence in Shanghai

Prudential PLC
19 November 2004

Friday 19 November 2004



CITIC Prudential continues to expand in China with launch in Shanghai


Prudential plc's life insurance joint venture, CITIC Prudential, has received
official approval by the China Insurance Regulatory Commission (CIRC) to open a
new branch in Shanghai. As the only European life insurer with four licences in
China, Prudential is well positioned to continue its expansion in the rapidly
growing Chinese market.


Mark Norbom, Chief Executive of Prudential Corporation Asia, said 'China is a
very important market for Prudential and we are delighted that CITIC Prudential
has received a fourth licence. It is further evidence that we are making
excellent progress toward achieving our goal of building a sustainable and
material business that meets the savings, protection and investment needs of the
Chinese people.'


'Our life insurance partnership with Prudential continues to expand and grow
strongly' added Mr. Wang Jun, Chairman of CITIC Group. 'With operations in
Guangzhou, Beijing, Suzhou and a licence for the city of Shanghai, CITIC
Prudential is well positioned to continue its growth in the Chinese market. We
look forward to the continued development of our partnership with Prudential in
China.'


CITIC Prudential has seen great success since launching in Guangzhou on 13
October 2000. It is the first Sino-British life insurance joint venture, and is
already among the top five providers in the Guangzhou market in terms of new
business. CITIC Prudential successfully followed this up with the launch of its
second operation in Beijing in August 2003 and its third in Suzhou in September
2004.


CITIC Prudential Shanghai branch is expected to be open for business in the
first quarter of 2005.

                                     -ends-


Enquiries to:

Media Prudential plc                      Investors/Analysts

Geraldine Davies        020 7548 3911     Rebecca Burrows         0207 548 3537
Clare Staley            020 7548 3719     Marina Lee-Steere       020 7548 3511
Joanne Davidson         020 7548 3708



Notes to Editors:

Prudential plc

Prudential plc is a leading international financial services group, providing
retail financial services and fund management in its chosen markets: the United
Kingdom, the United States, Asia and continental Europe.


Prudential has been writing life insurance in the United Kingdom for over 150
years and has had the largest long-term fund in the United Kingdom for over a
century. Prudential has over 16 million customers worldwide and over £170
billion of funds under management (as of 30 June 2004).


In the United Kingdom Prudential is a leading life and pensions provider
offering a range of retail financial products. M&G is Prudential's UK & European
Fund Manager, with around £112 billion of funds under management. Jackson
National Life, acquired by Prudential in 1986, is a leading provider of
long-term savings and retirement products to retail and institutional customers
throughout the United States. Egg plc, in which Prudential has a 78 per cent
shareholding, provides banking, insurance and investment products through its
internet site www.egg.com.


Prudential is the leading European-based life insurer in Asia with 24 operations
in 12 countries. Across the region Prudential Corporation Asia has 11 operations
with a top-five market share.


About CITIC Group (China International Trust and Investment Corporation)

CITIC was established on October 4 1979 by Rong Yiren. The creation of CITIC was
initiated and approved by Deng Xiaoping, chief architect of China's reform.

CITIC is a window on the way China has opened to the outside world. Since its
inception, CITIC has always adhered to the principle of innovation. In line with
government laws, regulations and policies, CITIC has attracted and utilised
foreign capital, introduced advanced technologies, and adopted advanced and
scientific international practices in operations and management. CITIC has
established successful, strong performing businesses in many fields. As a
result, CITIC has made significant contributions to the country's reform and
opening up drive and has improved China's reputation both domestically and
abroad.


CITIC has grown into a large multinational conglomerate. It now owns 44
subsidiaries in countries including Hong Kong, the United States, Canada,
Australia and New Zealand. The company has also set up representative offices in
Tokyo, New York and Frankfurt. CITIC's core business ranges from financial
services to service industries. By the end of 2003, CITIC had total assets of
over RMB 596 billion (US$72 billion).

* 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 over
US$300 billion (£170 billion) in assets under management, as at 30 June
2004. 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.



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