HONG KONG SAR - Media OutReach - 30 August 2023 - Prudential plc ("Prudential"; HKEX: 2378; LSE: PRU) today announced its financial results for the six months ended 30 June 2023 along with a strategic update. Performance highlights on a constant (and actual) exchange rate basis¹

• New business profit² up 39 per cent (36 per cent) to $1,489 million, with 17 of our life markets delivering growth³, 16 of which by double digits. Excluding the effect of interest rate and other economic movements, new business profit was up 52 per cent (48 per cent)
• APE sales⁴ up 42 per cent (37 per cent) to $3,027 million
• Adjusted operating profit⁵ up 6 per cent (4 per cent) to $1,462 million
• Operating free surplus generated from in-force insurance and asset management business⁶ down (2) per cent ((4) per cent) to $1,438 million
• EEV operating profit⁷ up 22 per cent (19 per cent) to $2,155 million. EEV shareholders equity is $43.7 billion, equivalent to 1,588 cents per share
• GWS shareholder capital surplus over GPCR of $15.5 billion⁸, equivalent to a cover ratio of 295 per cent⁸ (31 December 2022: 307 per cent)
• Adjusted IFRS equity⁹ of $36.4 billion, up 4 per cent¹⁰ from 31 December 2022, equivalent to 1,324 cents per share. Annualised Contractual Service Margin¹¹ growth of 8 per cent.
• First interim dividend of 6.26 cents per share, up 9 per cent¹⁰ with guidance for 2023 and 2024 of expected annual growth between 7-9 per cent

Strategic update Alongside interim results, CEO Anil Wadhwani announced a new purpose and strategy following the completion of his strategic and operational review. Prudential's new purpose statement – For Every Life, For Every Future – reflects its mission to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. Prudential's new strategy will build a sustainable growth platform, through targeted investment in structural growth markets across Asia and Africa by:

• Enhancing customer experiences to drive higher acquisition and loyalty for lifetime value creation;
• Technology-powered distribution with a focus on agency and bancassurance productivity and activation;
• Unlocking the health opportunity by disciplined implementation of best practices across all our markets;
• More consistent execution across each of our markets, driven through changes in our organisational model and technology platform; and
• Prioritising value creation, focusing on the generation of free surplus that can be used to invest in new business at attractive returns, core capabilities and strategic opportunities, as well as return capital to shareholders via dividends.

We believe our new strategy will accelerate value creation for all our stakeholders through operational and financial discipline, with two key financial objectives:

• Growing New Business Profit at 15-20 per cent compound annual growth between 2022 and 2027¹²;
• Achieving double-digit compound annual growth in operating free surplus generated from in-force insurance and asset management business between 2022 and 2027¹².

Summary financials	Half year2023 $m	Half year2022 $m	Change on AER basis1	Change on CER basis1
New business profit2	1,489	1,098	36%	39%
Operating free surplus generated13	1,024	1,224	(16)%	(15)%
Operating free surplus generated from in-force insurance and asset management business6	1,438	1,503	(4)%	(2)%
Adjusted operating profit5	1,462	1,411	4%	6%
IFRS profit (loss) after tax	947	(1,505)	n/a	n/a
30 Jun 2023		31 Dec 2022
Total	Per share	Total	Per share
EEV shareholders' equity	$43.7bn	1,588¢	$42.2bn	1,534¢
IFRS shareholders' equity	$17.2bn	623¢	$16.7bn	608¢
Adjusted IFRS shareholders' equity9	$36.4bn	1,324¢	$35.2bn	1,280¢

Commenting on his first Interim results and strategic update, CEO Anil Wadhwani, said: "The interim results demonstrate the power of our multi-engine, multi-channel business model across Asia and Africa. The business performed strongly in the first half of 2023, with new business profit up 39 per cent¹⁴. (up 52 per cent¹⁴ on an ex-economics basis - i.e. excluding the effect of interest rates). APE sales were up 42 per cent¹⁴ to $3,027 million and this sales momentum continues into the current third quarter. "Our agency channel has rebounded strongly in all segments as Covid restrictions ended, reporting 89 per cent¹⁴ growth in new business profit on an ex-economics basis. The bancassurance channel...