Asia High quality, resilient earnings Driven by in-force Focus on insurance income Diverse country mix Life in-force IFRS operating profit 1 Growth in IFRS operating profit FY15 , CER Life insurance income £m, CER £m, CER £m vs FY14 Indonesia 356 +21% +14% +17% Singapore 204 (4)% 1,155 783 Hong Kong 150 +27% 1,015 New 669 Malaysia 120 +12% business Vietnam 86 +15% Thailand 70 +30% India 42 (14)% 710 In-force 628 Korea 38 +19% Philippines 32 +10% China 32 +129% Taiwan 25 +67% FY14 FY15 FY14 FY15 Eastspring 115 +26% High level of recurring in-force 65% of Asia life IFRS profit regular premium Double digit growth in 9 countries Insensitive to markets Supported by strong persistency Increasing contribution from smaller Highly capital efficient fast-growth countries 1 Life in-force operating profit comprises the following: Asia life business in-force as disclosed in note 1(b) of the ‘additional financial information’, before deducting development expenses 11 2015 FULL YEAR RESULTS
US Disciplined growth Financial performance , £m (CER) FY15 vs FY14 + 3 % APE sales 1,729 Jackson • APE consistent with disciplined approach + 8 % New business profit 809 to value and risk • Elite Access mix moving to non-qualified + 9 % IFRS operating profit 1,702 • Fee income +11% in line with average separate account assets + 7 % Net free surplus generation 1,166 • Spread margin 15bp lower at 241bp + 13 % Remittances (AER) 470 • Strong capital formation supports higher remittance + 5 % Separate accounts assets (£bn) 91.0 12 2015 FULL YEAR RESULTS
US Asset-based fee income Fee income Separate account assets Life fee income Movement in separate account assets US$m FY15, US$bn +11% (7.7) 134.2 19.7 (5.3) 2,555 127.5 12.0 2,309 % opening +15% (6)% +9% (4)% FY14 New Outflows Net Markets FY15 premiums 1 inflows and other Capital light Profit impact of equity markets falls muted by: FY14 FY15 • Asset allocation 2 Positive jaws between • Asset-based commission Average fee margin 192bp gross and net flows • DAC effect 1 Excluding gross variable annuity sales into the general account 2 Account balances of contracts with guarantees were invested in variable separate accounts at 31 December 2015 as follows: equity 68%, balanced 17%, bond 14%, money market 1% 13 2015 FULL YEAR RESULTS
UK Positive response to changes in environment Financial performance , £m FY15 New business FY15 vs FY14 • Retail APE +32% and NBP +31% driven by extension of PruFund to additional product + 23 % APE sales 1 1,025 wrappers + 23 % New business profit 1 318 Life IFRS operating profit , £m 1H15 2H15 FY15 + 59 % IFRS operating profit 1,2 New business 66 57 123 1,195 Bulks annuities 49 40 89 Individual annuities 17 17 34 + 41 % Net free surplus generation 3 835 Core in-force 309 335 644 + 2 % Management actions 61 339 400 Remittances 331 Longevity reinsurance 4 61 170 231 Other optimisation actions 5 - 169 169 PruFund assets (£bn) + 42 % 16.5 Total Life IFRS 436 731 1,167 1 FY14 results have been restated to exclude contributions from Prudential’s 25% equity stake in PruHealth / PruProtect, which was sold in November 2014 2 FY15 includes £28 million of general insurance commission (FY14: £24 million). The Group’s UK insurance operations transferred its general insurance business to Churchill in 2002. General insurance commission represents the commission receivable net of expenses for Prudential-branded general insurance products as part of this arrangement, which terminates at the end of 2016 3 Includes a contribution of £223 million for th specific actions taken in the second half of 2015 to position the balance sheet more efficiently under the new Solvency II regime 4 Transactions executed in the second half of 2015 extended the longevity reinsurance programme to cover £8.7 billion of annuity liabilities 5 Relates to specific management actions taken in the second half of 2015 to position the balance sheet more efficiently under the new Solvency II regime, including the positive effect of repositioning the fixed income asset portfolio 14 2015 FULL YEAR RESULTS
M&G Cash-rich earnings Financial performance , £m FY15 vs FY14 Net flows 7,087 1 Net flows (7,008) • Retail: £10.9bn net outflows Principally from Optimal Income fund ( 7 ) % Total FUM (£bn) 246.1 Building scale in Multi-asset and Property • Institutional: £3.9bn net inflows, healthy pipeline ( 2 ) % Revenues 2 939 ( 1 ) % IFRS op. profit Cost / income ratio 57% • Average FUM broadly flat ( 1 ) % IFRS operating profit 442 • Cost income ratio lower following actions to manage costs • Retail FUM 18% lower at year-end + 6 % Remittances 302 1 Net inflows in FY14 2 Operating income before performance-related fees and share of associate’s results 15 2015 FULL YEAR RESULTS
Group Increasing scale of free surplus generation Free surplus generation , £m, (CER 2 ) Life in-force result, £m (CER 3 ) Change FY15 FY14 Change FY15 FY14 2,328 12% Expected return from in-force 2,611 851 16% Asia 985 1,284 11% US 1,426 336 66% Experience result 559 UK 1 637 38% 878 108 10% Investment return on free surplus 119 Life in-force result 1 2,772 19% 3,289 New business strain, £m (CER 4 ) 491 3% Asset management and Other 506 FY15 FY14 Change 3,263 16% Gross free surplus generation 3,795 352 17% Asia 413 618 21% Less: new business strain 1 745 201 33% US 267 UK 1 65 - 2,645 15% 65 Net free surplus generation 3,050 1 FY14 has been restated to exclude Prudential’s 25% equity stake in PruHealth / PruProtect, which was sold in November 2014 2 FY14 restated on constant exchange rate basis, increasing net free surplus generation by £66 million and Asset management by £2 million 3 FY14 restated on constant exchange rate basis, decreasing Asia life in-force result by £9 million and increasing US life in-force result by £93 million 4 FY14 restated on constant exchange rate basis, increasing Asia new business strain by £6 million and US new business strain by £14 million 16 2015 FULL YEAR RESULTS
Group Positive evolution in free surplus and central cash Movement in free surplus , £m Movement in central cash , £m FY14 FY15 Asia 1 400 467 282 8,391 415 US 470 (1,625) 325 6,766 UK 331 3,050 M&G 2 342 357 5,059 (974) 2,173 (354) 1,625 396 1,480 Market / Cash Corporate Net free Cash Dividends Central 1 Jan 31 Dec 1 Jan 31 Dec surplus other remitted to Actions/ 2015 remitted from paid costs 2015 2015 2015 movements Group generated Other BUs 1 Includes £42 million of proceeds from the sale of Japan 2 Includes Prudential Capital 17 2015 FULL YEAR RESULTS
Group Strong future generation profile Expected undiscounted free surplus from life in-force 1 , £bn 3.5 11.0 12.2 9.4 11.0 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 From 2014 life in-force From 2014 life in-force including market effects Actual From 2015 new business Expected undiscounted cash flows from 2015 life new business 1 , £bn 0.7 0.8 0.4 0.0 (0.4) (0.8) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 For life business, represents the undiscounted expected transfer of value of in-force business and required capital to free surplus as at FY15 18 2015 FULL YEAR RESULTS
Group UK profile not altered by Solvency II Expected life in-force free surplus generation 1 , £m Based on Solvency I Based on Solvency II £2.5bn £2.4bn £2.7bn £2.6bn 600 600 0 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Impact of Solvency II on in-force free surplus generation (relative to Solvency 1) Release of SCR Broadly Release of risk margin offset for Unwind of transitional Prudential Removal of valuation margins Free surplus generation underpinned by sizeable with-profits and annuities in-force portfolio Transitional runs off broadly in line with risk margin release 1 For life business, represents the undiscounted expected transfer of value of in-force business and required capital to free surplus as at FY15 19 2015 FULL YEAR RESULTS
Group Group free surplus generation unchanged by Solvency II Expected undiscounted free surplus from life in-force 1 , £bn 11.0 12.2 12.4 9.4 11.0 11.2 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 From 2014 life in-force From 2014 life in-force including market effects Actual From 2015 new business From 2015 life in-force on Solvency II basis 1 For life business, represents the undiscounted expected transfer of value of in-force business and required capital to free surplus as at FY15 20 2015 FULL YEAR RESULTS
Group 2017 financial objectives Asia underlying free surplus 1 , £m Asia IFRS operating profit 2 , £m At least 15% CAGR from 2012-17 Free surplus of £0.9bn to £1.1bn > £1,858 £1.1bn +18% 1,468 765 £0.9bn 1,260 662 1,075 573 901 471 484 592 673 924 1,140 1,324 2012 CER 3 2013 2014 CER 2015 CER 2016 2017 2012 CER 3 2013 2014 CER 2015 CER 2016 2017 Objective Objective xx xx xx Comparative stated at reported currency basis Expressed at Dec 2013 FX rates xx Comparative stated at reported currency basis Expressed at Dec 2013 FX rates Group cumulative underlying free surplus 1 , £bn At least £10bn > £10bn 5.6 2014 - 2017 Objective Note: The objectives assume exchange rates at December 2013 and economic assumptions made by Prudential in calculating the EEV basis supplementary information for the half year ended 30 June 2013, and are based on regulatory and solvency regimes applicable across the Group at the time the objectives were set. The objectives assume that the existing EEV, IFRS and Free Surplus methodology at December 2013 will be applicable over the period 1 Underlying free surplus generated comprises underlying free surplus generated from long-term business (net of investment in new business) and that generated from asset management operations. The 2012 comparative is based on the retrospective application of new and amended accounting standards and excludes the one-off gain on sale of our stake in China Life of Taiwan of £51 million 2 Asia 2012 IFRS operating profit of £924 million, as reported at HY 2013, is based on the retrospective application of new and amended accounting standards, and excludes the one-off gain on sale of our stake in China Life of Taiwan of £51 million. Excludes Japan 3 Impact of translating results using exchange rates as at December 2013 21 2015 FULL YEAR RESULTS
Group Dividend growth Dividend per share (pence) 2015 dividend • Full year ordinary dividend +5% to 38.78p per share • Special dividend of 10p per share 48.78 Reflects benefit of management actions in 2015 Special 10.00 dividend • Payment of 2015 second interim ordinary and special dividends on 20 May 2016 Dividend policy Ordinary +5% 38.78 36.93 dividend • Decision framework is unchanged Focus on delivering a growing dividend Balance between high return organic reinvestment, funding a growing book, maintaining buffers for uncertainty and distributing 2014 2015 to shareholders Stress tested for resilience 22 2015 FULL YEAR RESULTS
Balance sheet Well capitalised and defensively positioned IFRS shareholders’ funds , £bn EEV shareholders’ funds , £bn ~14.0 ~34.2 32.4 13.0 29.2 +11% 11.8 +10% FY14 FY15 29 Feb 2016 FY14 FY15 29 Feb 2016 (estimate) (estimate) Per share 460p 504p ~550p Per share 1,136p 1,258p ~1,325p • Strong operating capital formation on all measures • Nil default losses and minimal impairments across all fixed income portfolios • VA hedging remains robust • Scale, currency mix and market risk diversification underpins resilience of shareholder capital 23 2015 FULL YEAR RESULTS
Solvency II Strong Solvency II capital position Group Shareholder Solvency II capital position 1 , £bn FY15 movement in Solvency II capital 1 , £bn Solvency II FY14 disclosure 9.7 190% 193% cover (Prudential ECap) Operating experience 2.0 2H management actions 0.4 Surplus Market effects (0.6) Surplus £9.7bn £9.2bn Currency movements 0.2 20.1 19.4 Dividends paid Capital (1.0) effects 10.4 10.2 Sub-debt issuance 0.6 Changes between published (1.6) economic capital and Solvency II Own Funds SCR Own Funds SCR FY15 Solvency II surplus 9.7 HY15 2 (internal model) FY15 3 1 The Group Shareholder position excludes the contribution to the Group SCR and Own Funds of ring fenced With-Profit Funds and staff pension schemes in surplus 2 Before allowing for first interim dividend 3 Before allowing for second interim ordinary and special dividends 24 2015 FULL YEAR RESULTS
Solvency II Strong Solvency II capital position Group Shareholder Solvency II capital position 1 , £bn Year-end position • Tier 1: 82% of Own Funds, equivalent to 159% of SCR Solvency II 190% 193% • Risks remain well-diversified cover • Market sensitivities are materially unchanged 2016 update (based on sensitivities) Surplus • Solvency II surplus estimated to be £8.6bn (c180%) on 1 Mar 16 3,4 Surplus £9.7bn £9.2bn Sources of economic capital excluded 20.1 19.4 • US diversification benefit 10.4 10.2 • Asia de-recognition • Shareholder share of estate • With-profit capital Own Funds SCR Own Funds SCR • Permitted practice in the US HY15 2 FY15 3 • Volatility adjustment in the UK 1 The Group Shareholder position excludes the contribution to the Group SCR and Own Funds of ring fenced With-Profit Funds and staff pension schemes in surplus 2 Before allowing for first interim ordinary dividend 3 Before allowing for second interim ordinary and special dividends 4 Assumes dynamic transitional recalculation which is subject to PRA approval 25 2015 FULL YEAR RESULTS
Solvency II Strong local solvency capital Local solvency capital positions , £bn Asia 1,2 US 3 Business unit 481% 456% 5.2 4.8 • Asia SII surplus of £5.2bn exceeds free surplus of £1.5bn • Jackson RBC ratio of 481% 1.5 1.4 • UK shareholder SII surplus of £3.3bn (HY15 £3.4bn) 4 • UK with-profits SII surplus of £3.2bn (HY15 £3.7bn) HY15 FY15 HY15 FY15 Underpinned by inherited estate of £7.6bn 6 Free surplus SII surplus RBC Ratio Increase in equity backing ratio UK shareholder 4 UK with-profits 5 3.7 3.4 3.3 3.2 Actions available • Quota-share and longevity reinsurance • Hedging market risk in with-profits transfers • Matching Adjustment optimisation HY15 FY15 HY15 FY15 Solvency II surplus Solvency II surplus 1 Comprises life entities in Cambodia, China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Vietnam. Excludes Eastspring Investments 2 Based on Group free surplus disclosure at HY15, with aggregate reported net worth of £2.6 billion and aggregate required capital of £1.2 billion 3 Relates to Jackson National Life 4 Relates to PAC Ltd 5 Excess of inherited estate over Solvency II capital requirements 6 Representing Solvency II Own Funds of the UK with-profits funds 26 2015 FULL YEAR RESULTS
Group Strong capital formation Life and Asset Management IFRS , £bn free surplus , £bn Solvency II , £bn Operating capital generation Operating capital generation Operating capital generation IFRS operating Free surplus Operating capital 3.2 3.0 2.4 earnings generation generation (1.0) (1.6) (1.0) Dividend 1 Remittances Dividend 1 Change in shareholders’ funds Change in free surplus Change in Solvency II surplus FY14 11.8 FY14 5.1 FY14 9.7 Net retained Net retained after Net retained 2.2 1.4 1.4 earnings dividends earnings Markets (1.0) Markets (0.4) Markets (0.4) IMAP Other Other (0.0) Other 0.7 IMAP/Other (1.6) 0.6 FY15 13.0 FY15 6.8 FY15 9.7 1 Dividend paid in 2015, comprising the 2014 final dividend and 2015 first interim dividend 27 2015 FULL YEAR RESULTS
Invested assets Asset portfolio is high quality and well diversified Breakdown of invested assets 1 , FY15, £bn Shareholder debt portfolio , FY15, £bn Shareholders Holding by security 2 HY % No. Av. Max debt Portfolio Total PAR Unit Asia US UK £m £m issuers portfolio £bn Group funds linked Life Life Life Other Total Sovereign debt Debt 147.7 60.9 9.3 9.1 34.1 32.1 2.2 77.5 12.8 60 213 6,171 1.1% Corporate debt 157.4 Equity 39.2 117.1 0.8 0.2 0.0 0.1 1.1 Investment grade 62.5 1,453 12 211 n/a Property 13.4 11.1 0.7 0.0 0.0 1.6 0.0 1.6 2.2 354 2 104 2.8% High yield Mortgage 6.7 0.7 0.0 0.1 4.4 1.5 0.0 6.0 64.7 1,807 10 211 n/a Deposits 12.1 9.0 1.0 0.4 0.0 1.6 0.1 2.1 3.1 130 6 82 0.3% Oil and gas 6.3 Other loans 1.9 0.0 0.4 3.1 0.0 0.9 4.4 0.8 31 8 53 0.0% Mining 7.3 Other 5.0 0.0 0.0 1.7 0.5 0.1 2.3 4.7 168 12 76 0.2% Banks Total 350.9 127.8 128.1 10.8 43.5 37.3 3.4 95.0 • Total group assets of £350.9bn; shareholder exposure of £95.0bn • Conservative asset mix: 96% credit portfolio is rated investment grade • Minimal default losses, and minimal impairments across all credit portfolios • Additional cash and equivalents of £7.8bn, of which shareholder exposure of £4.3bn 1 Excludes £1.0 billion of investments in joint ventures and associates accounted for using the equity method 2 For corporate debt relates to average and maximum exposure by individual security; for sovereign debt relates to average and maximum exposure by issuer 28 2015 FULL YEAR RESULTS
Summary FY15 continued strong performance IFRS operating profit 1 , £m New business profit 1,2 , £m Free surplus generation 1 , £m +20% +22% +15% 4,007 2,617 3,050 3,290 2,175 2,645 2014 2015 2014 2015 2014 2015 Group Solvency II surplus 3 , £bn EEV per share (pence) Dividend per share (pence) +11% +£0.5bn 48.78 10.00 Special 1,258 9.7 1,136 9.2 +5% 38.78 Ordinary 36.93 2014 2015 HY15 FY15 2014 2015 1 Comparatives have been stated on a constant exchange rate basis 2 FY14 results have been restated to exclude contributions from Prudential’s 25% equity stake in PruHealth / PruProtect, which was sold in November 2014 3 Before allowing for second interim ordinary and special dividends 29 2015 FULL YEAR RESULTS
Mike Wells Group Chief Executive 30 2015 FULL YEAR RESULTS
31 2015 FULL YEAR RESULTS Strategy Group
Group Premium franchises US UK Asia Premier retirement income Well recognised brands with strong track Leading pan regional franchise record player In Asia since 1923 167 years of providing financial Founded in 1961 security 14m life customers 4m life customers 6m life customers Top 3 position in 9 out of 12 life markets 1 Over £16bn PruFund funds Leading Asian asset manager 18% market share under management 4 with +20 years operating history Variable Annuities 3 Over £89bn funds under £246bn funds under $199bn of statutory admitted management 4 management 4 assets 4 1. Source: Based on formal (competitors results release, local regulators and insurance associations) and informal (industry exchange) market share data. Ranking based on new business (APE or weighted FYP depending on availability of data). 2. Based on assets sourced from the region. Excluding Japan, Australia and New Zealand as at Jun 2014. Source Asia Asset Management September 2014 (Ranked according to participating regional players only) 3. Source: Morningstar Annuity Research centre. 3Q 2015 4. FY 2015 32 2015 FULL YEAR RESULTS
Asia Regional footprint Hong Kong Singapore Malaysia Indonesia # 2 Rank # 1 Rank 3 # 2 Rank # 1 Rank 4 32 % Agency market 25 % Market share 18 % Market share share 2 22 % Market share # 1 Largest agency in 23 % Regular premium # 1 Agency player the industry market share Philippines, Thailand, India & China Eastspring SCB Vietnam & Cambodia # 1 & # 3 # 1 Rank Vietnam 14 Countries Private / Foreign JV rank 5 11 Countries # 2 Rank Philippines + 11 % Third-party net 12 % India market + 16 % APE inflows # 1 Rank Cambodia share 6 + 16 % FUM 64 Cities in China + 17 % Thanachart APE 1. Source: Based on formal (competitors results release, local regulators and insurance associations) and informal (industry exchange) market share data. Ranking based on 5. India rank among private players new business (APE or weighted FYP depending on availability of data). 6. Market share on a total basis 2. Market share excludes Elderly and dependent shield 3. Rank includes Takaful and excludes Group 4. Rank excludes Sinarmas 33 2015 FULL YEAR RESULTS
Asia Product portfolio aligns with customer needs Health & protection Savings Clear benefit Affordable price Strong returns 100% = average annual income +19% Actual Linked 46 19 premium Saving Premiums paid = 9% 73 \ of average annual Illustrative 100 income H&P 54 81 premium Spend 27 % of premium used to purchase benefit Without Basic Prudential 1995 2000 2005 2010 2015 insurance Government Protection insurance Product Out of pocket medical expenses 1 Product premium 2 Cumulative performance 3 1. Expenses for a male aged 50 for heart diseases and heart surgery treatment 2. Average Prudential customer spend on insurance products. Indonesia linked product with protection rider. 3. Non-guaranteed Surrender Value based on a US$ Better Life incepted in 1995 from a male non-smoker aged 35 with US$50k sum assured with annual premium payable for 10 years. Illustration based on simple interest rate assumption, reality may vary 34 2015 FULL YEAR RESULTS
Asia Consumers remain resilient Personal disposable income 1 China Malaysia Indonesia 25 12 25 10 18,090 20,084 22,434 24,898 27,290 30,352 8 12,549 14,655 16,755 18,439 20,396 22,297 13,883 15,116 16,587 17,866 19,244 20,348 30 10 7 20 20 8 8 6 15 15 6 20 6 5 10 10 4 4 4 10 5 5 2 2 3 0 0 0 0 0 2 2010 2011 2012 2013 2014 2015F 2010 2011 2012 2013 2014 2015F 2010 2011 2012 2013 2014 2015F CNY Real GDP (% change pa) MYR Real GDP (% change pa) IDR’000s Real GDP (% change pa) Airline passengers 1 (millions) China 2 Indonesia 4 Malaysia 3 279 62 39 39 39 58 54 244 50 33 31 43 223 29 207 33 195 182 2010 2011 2012 2013 2014 2015F 2010 2011 2012 2013 2014 2015F 2010 2011 2012 2013 2014 2015F 1 Source: EIU. International Civil Aviation Organisation (ICAO), Bloomberg, Company Results, Forecast from Centre for Aviation (CAPA), Prudential estimates 2 Chinese Airlines includes: China Southern Airlines, China Eastern, Air China, Hainan Airlines and Xiamen Airlines 3 Malaysian Airlines includes: Air Asia and Malaysian Air 4 Indonesian Airlines includes: Lion Air and Garuda Indonesia 35 2015 FULL YEAR RESULTS
Asia 2015 operations > 500 k > 90 % Agents Market Leading Agency Management Retention ratio 2 Seamless and Efficient Customer Experience 350 > 5 m New products launched 1 Customer Unparalleled Delivery in service Bancassurance interactions > 25 % Supporting distribution ~ 3.3x through technology APE and NBP From new Growth in electronic products 1 “All seasons” Product submissions 3 Solution with Economic Discipline 1. Products launched over the past 24 months 2. YTD Q315 3. Growth from 2010 36 2015 FULL YEAR RESULTS
Asia Outperforming peers. Disciplined delivery APE sales 1,2 , FY15 £m Leveraging economies of scale and scope Q4 25 consecutive quarters of 17% average growth 3 Q3 High regular premium content, protection bias Q2 Stable margins Q1 Discipline drives long-term shareholder value Co I 7 Co C 2 Co G 5 Co H 6 PCA Co A 1 Co B Co D 3 Co E Co F 4 Pru AIA AXA Allianz ManuLife GE Aviva SunLife Generali Zurich Estimated Q4 based on 9m YTD growth rate applied to 4Q14 APE 1 Source: Competitors’ results release; local insurance regulator and association. All data at net equity interest. Competitors’ results converted to GBP using YTD Avg. FX 2 Companies A to I constitute AIA, Allianz, Aviva, AXA, Generali, Great Eastern, ManuLife, SunLife,and Zurich. 1. Co A reported figures exclude India as being minority shareholder. Figures above include India’s sales based on IRDA’s WFYP data. Excludes pension business;. Results from Dec14-Nov15. 2. Co C Asia Pacific region APE 3. Co D started to disclose insurance only APE since Q1 2015 (or insurance only NBP and margin which made APE calculation possible) 4 Co F results based on the 9M YTD growth rate 2015 vs 2014 applied to 4Q14 APE as 4Q15 data not yet published. 5. Co G Asia calculated as ‘Sales – proportionate JV ownership’ for 2015. 6. Co H results include Latin America and Asia as separate disclosure is not available. Results based on the 9M YTD growth rate 2015 vs 2014 applied to 4Q14 APE as 4Q15 data not yet published 7. Co I figures include Japan as separate disclosure is not available. 3 17 per cent year on year quarterly growth over 25 consecutive quarters from 4Q 2009. Based on a constant exchange rate basis. 37 2015 FULL YEAR RESULTS
Asia High quality, defensive growth Regular and Single Premium APE 1 , £m c 90% Regular premium MSCI Asia ex Japan 2 2,641 2,010 1,911 1,740 1,514 1,391 1,131 1,052 889 723 206 120 106 151 494 103 360 91 79 281 340 155 122 110 146 157 214 227 212 23 11 77 27 63 46 45 56 68 91 79 6 9 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Single Premium APE Regular Premium 1. Comparatives have been stated on a reported exchange rate 2. Source: Datastream. 38 2015 FULL YEAR RESULTS
Asia High quality, defensive growth FY15 +15% +17% Inforce recurring income underpins delivery 1,266 1,086 New business earns over time In-force IFRS operating In-force Free surplus 2015 2015 Profit 1,5 , Generation 2,5 , £m £m Earnings predominantly uncorrelated to 10.0 markets +14% 7.2 In-force Resilient financial performance 65% New +29% 2.8 business Life IFRS Protection 3 , 2015 Life weighted % premium income 4,5 , £bn 1. In-force IFRS operating profit comprises the following: Asia life as disclosed in note 1(b) of the ‘additional financial information’, after deducting development expenses plus IFRS profit from Eastspring. 2. Life underlying free surplus generated from in-force before new business strain and Eastspring investments. 3. Calculated as insurance margin divided by long-term business operating profit 4. Weighted premium income comprises gross earned premiums at 100% of renewal premiums, 100% of first year premiums and 10% of single premiums. 5. Comparatives have been stated on a constant exchange rate 39 2015 FULL YEAR RESULTS
Asia Significant growth headroom Multiple growth engines Intact opportunity Country Insurance IFRS operating profit 1 , £m Population 3 penetration 4 mix Growth 1,324 2.9x Philippines Thailand Nascent 4.4x Vietnam 2,668 m 2.1% JVs China Eastspring India Other 2 SG 278 m 1.7% Nascent MY 454 74 m 9.8% Other 2.3x ID 299 m 1.7% HK 2015 2009 . 2015 1. Comparatives have been stated on a constant exchange rate 2. Other includes Korea, Taiwan, ‘Other’, development expenses and non recurrent items 3. Population Source: IMF. Nascent includes Philippines, Thailand and Vietnam. JV’s include China and India 4. Penetration calculated on a weighted population basis 40 2015 FULL YEAR RESULTS
US Outperforming peers. Delivering results Operating ROE 1, $ 13.0 bn FY15 VA Net inflows 2 30% # 1 Leading cost efficient player 3 (33bps) + 16 ppt Larger wholesale distribution than nearest 50 % competitor 4 32 % 14% Greater wholesaler productivity 5 £ 1.7 bn Profitable inforce book 6 481 % RBC ratio comfortably above AA threshold 2015 Peer average Jackson $ 3.3 bn Cash remitted since 2008 1. Source: Bloomberg and SNL financial. ROE based on after-tax IFRS operating income and average equity excluding AOCIPeer ROEs are U.S. GAAP and are calculated 4 Based on number of VA external wholesalers as at 3Q15 using adjusted operating EPS and equity excluding AOCI. Peer group includes Ameriprise, MetLife, Lincoln National, Prudential Financial, and Principal 5 Gross sales per wholesaler as at 3Q15 2 Includes VA net flows into both separate and the general accounts 6 IFRS operating profit 3 Source: SNL Financial LC. Expense / Statutory assets as at 3Q15. 41 2015 FULL YEAR RESULTS
US Proven execution skills Strategic imperatives Jackson position 1 1 9x more funds than peers delivering +10% return 1 High quality product 2 2 Transparency of guarantee Modular product / no cross subsidy 3 3 Leading cost efficient player 2 Operational flexibility 4 4 EA sales 5x top competitor combined total 3 Commercialisation speed & quality 1. Funds with a living benefit with 3 year annualised performance over 10% (ending 31 Dec 2015) and net of contract and fund fees. Weighted average assumes best performing fund of available fund allocations 2. Source: SNL financial. Expenses / Statutory assets as at 3Q15 3. IOVA sales since the Elite Access launch March 2012 through 3Q2015. Top competitors include Lincoln, MetLife, Prudential, AXA, Nationwide, American General (SunAmerica) 42 2015 FULL YEAR RESULTS
UK Navigating change. Investment focus Retail APE sales 1 , £m Life Growth in APE from new products 70 % Apr 2014 (2015) Pension Jan 2013 reforms 874 19 % RDR Income drawdown market share 2 795 (Up 12pts from 7% 2013) Other (inc PruFund ISA) 697 82 % 663 Growth in PruFund APE (2015) Bonds 2.2 x PruFund out performance 3 Income drawdown 76% Individual pensions (vs index from 2006) Asset management Annuities £ 246 bn 54% M&G AUM (51% external) 2 x Corporate pensions External AUM (from 2008) 2012 2013 2014 2015 £ 302 m Cash remittance (2015) 1. 2014 excludes £23m APE for PruHealth and PruProtect 2. Market share from 3Q13 to 3Q15 based on Income Drawdown (incl. SIPPS) 3. Out performance from 1/1/2006. Index based on fund comparator (ABI Mixed Investment 20%-60% Shares TR) 43 2015 FULL YEAR RESULTS
Group Effective response to challenges IFRS operating profit 1,2 , £m 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2005 •Natural disasters •Continued rise in •Sub-prime •Liquidity crisis • Start of global • Greece and • Concern over • US debt ceiling • Concern over • Asia FX • Solvency II finalisation triggered increased oil and commodity mortgage credit recession Ireland China hard- China & EM depreciation •Sub-prime market • Europe re-enters • Asia / China slowdown oil & commodity prices crises begins bailouts landing growth concerns • European recession • Expectation of a fears prices and insurance •Military coup in •China and Europe sovereign debt • Regulatory • Focus on • QE tapering rise in US •Lehman Brothers • FAIR review in • US$ strengthening & costs Thailand growth concerns crisis begins change in exposure to interest rates collapse Singapore • RDR goes live in commodity price decline •China frees the yuan India deepening •Powerful •Savers begin • All time low the UK • UK annuity •Asset risk • Regulatory change • UK elections / pensions from a dollar peg Eurozone debt earthquake kills withdrawing interest rates changes concerns in the UK • Designation of freedoms crisis •Global thousands in Java, savings from • Focus on accelerates GSIIs announced • Indonesia • Greece negotiations manufacturing Indonesia Northern Rock Solvency II elections • Europe QE slowdown •BNP Paribas first implications • Military coup in • US rate rise major bank to • US industry VA Thailand acknowledge the 4,500 losses emerge risk of exposure 4,007 to sub-prime 550 mortgage markets 3,500 3,186 2,954 509 450 2,520 2,500 2,017 1,823 350 1,444 1,500 1,244 1,168 1,062 957 250 500 224 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 -500 150 Total AUM 3, £bn 1 Adjusted for new and amended accounting standards and excludes Japan Life 2 Comparatives have been stated on an actual exchange rate basis 3 Total AUM based on Total Funds Under Management at FY 2008- FY2015 44 2015 FULL YEAR RESULTS
Group Well positioned to deliver across cycles IFRS earnings split by currency 1,2,3 , IFRS income by revenue source, In-force IFRS operating profit 4 , £bn FY15 % % 2010-2015 CAGR 14% 3.6 Other 17% Asset 8% management 0.6 Other USD linked 16% Insurance Spread margin income 16% 76% Life USD 42% 3.0 Asset Mgt Life Fee Fee income income GBP 25% 2015 2015 1. USD linked includes Hong Kong and Vietnam where currencies are pegged to the USD, and Malaysia and Singapore where currencies are managed against a basket of currencies including the USD 2. Includes long-term, asset management business and other businesses 3. For operating profit UK sterling includes amounts in respect of central operations as well as UK insurance operations and M&G. 4. Operating profit comprises the following: Asia life as disclosed in note 1(b) of the ‘additional financial information’, after deducting development expenses. Jackson IFRS operating profit after adding back acquisition costs expensed (and not deferred) in the period of £205m. UK operating profit excluding both the new business profit of £123m arising on bulk and individual annuities sales in 2015 and £400m from management actions in 2015. Asset management operating profit for M&G, PruCap, Eastspring and US broker-dealer and asset management 45 2015 FULL YEAR RESULTS
Group Disciplined execution IFRS operating profit 1,2 , £m New business profit 1,2 , £m Free surplus generation 1,2,3 , £m 3.8x 3.9x 4.8x 2,617 3,050 4,007 CAGR CAGR CAGR 2,579 +16% 2,115 +19% 2,462 +16% 3,186 2,082 2,954 2,080 1,791 1,982 2,520 1,687 1,536 1,433 2,017 1,453 1,823 1,143 1,444 1,0621,1681,244 901 779 860 767 629 679 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2006200720082009201020112012201320142015 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1 Comparatives have been stated on an actual exchange rate basis 2 Comparatives are adjusted for new and amended accounting standards and excludes Japan and Taiwan agency 3 2012 includes £51m gain from sale in China Life of Taiwan 46 2015 FULL YEAR RESULTS
Group Delivering cash Dividend, pence per share 48.78 Special 10.00 dividend +10.0% 38.78 36.93 +5.0% 33.57 +15.0% 29.19 +15.9% +5.6% 25.19 23.85 +20.2% 26.47 25.74 +5.0% +5.0% 19.85 +5.0% 23.84 +5.0% 18.90 18.00 Total dividend 17.14 20.79 16.32 17.24 17.24 13.56 12.91 12.30 Final / second 11.72 11.02 interim dividend 12.31 11.19 9.73 8.40 7.95 Interim dividend 6.61 6.29 5.70 5.99 5.30 5.42 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 47 2015 FULL YEAR RESULTS
Group Delivering profitable growth Revenue Value Returns APE 1,2 , £m EEV shareholders’ equity 3 , £bn IFRS ROE 3,4 , £m + + 1.5x CAGR 1,2 Growth rate 1,2 + 10 bn 2014-2015 11% Q4 +30% Q3 +17% 27% 5,456 26% 32.4 29.2 +19% Q2 23% 23% 4,025 24.9 22.4 Q1 +7% 2012 2013 2014 2015 2012 2013 2014 2015 2015 2012 2015 1 Comparatives based on constant exchange rate 2 APE excludes UK Bulk annuities 3 Comparatives based on reported exchange rate 4 IFRS ROE calculated as return on IFRS shareholders’ funds. Operating profit after tax and non-controlling interests as a percentage of opening shareholders’ funds 48 2015 FULL YEAR RESULTS
Group Summary 2015 performance highlights distinct competitive advantages and execution quality Premium franchises, ‘best in class capabilities’ Asia structural growth underpinned by compelling demographics and franchise quality High quality, recurring income & defensive balance sheet underpins resilience to shocks Superior long-term positioning underpins shareholder value delivery 49 2015 FULL YEAR RESULTS
Appendix 2015 Full Year Results 50 2015 FULL YEAR RESULTS
Group Disciplined capital allocation New business profit 2,3 , £m New business strain 1,3 , £m 2,617 318 +206% 2,115 2,082 259 237 1,791 809 -6% 1,536 241 1,433 694 706 195 794 266 745 1,143 568 660 643 637 618 65 530 598 166 UK 293 553 855 29 103 65 495 45 65 267 54 UK 197 432 1,490 298 187 281 300 326 202 US 1,162 US 190 1,139 289 982 811 672 413 545 346 Asia 310 468 297 292 278 Asia 231 212 2008 2009 2010 2011 2012 2013 2014 2015 2008 2009 2010 2011 2012 2013 2014 2015 1 Free surplus invested in new business. 2 On a post tax basis. 3 Excludes Japan Life and Taiwan agency. FY2014 comparatives have been restated to exclude the contribution from the sold PruHealth and PruProtect businesses. FY2008 to FY2013 comparatives include the results of PruHealth and PruProtect. 51 2015 FULL YEAR RESULTS
Group High quality and growing earnings Sources of IFRS operating income 1,2,3,4 , £m 7,033 6,315 5,921 1,157 5,043 1,131 1,073 4,444 1,759 4,002 1,061 1,418 1,356 1,049 3,126 2,831 1,027 998 1,682 76% 742 1,635 750 1,587 592 537 1,362 446 321 1,252 1,140 1,896 914 932 1,618 58% 1,391 1,077 870 688 458 403 2008 2009 2010 2011 2012 2013 2014 2015 Insurance margin Life Fee income Asset Mgt Fee income Spread income Other 1 Comparatives adjusted for new and amended accounting standards. 2 Comparatives have been stated on an actual exchange rate basis. 3 Excludes Japan Life and Taiwan agency. FY2014 comparatives have been restated to exclude the contribution from the sold PruHealth and PruProtect businesses. FY2008 to FY2013 comparatives include the results of PruHealth and PruProtect. 4 2015 excludes UK specific management actions taken in the second half of the year to position the balance sheet more efficiently under the new Solvency II regime contributing £339 million to IFRS operating income . 52 2015 FULL YEAR RESULTS
Group Free surplus generation Free surplus and dividend, £m 2.7x Reinvestment rate 20% Reinvestment Reinvestment 745 rate 19% rate 21% Reinvestment Reinvestment rate 23% 598 637 rate 22% Reinvestment rate 28% Reinvestment 618 rate 31% 553 643 3,795 Reinvestment 660 Reinvestment rate 50% 3,177 3,099 3,050 rate 35% 2,698 2,579 2,535 2,462 445 794 2,330 483 463 2,113 2,080 1,982 413 1,687 376 374 1,573 1,453 1,384 281 381 974 901 895 237 305 779 781 642 655 449 344 286 243 2008 2009 2010 2011 2014 2015 2007 2012 2013 Surplus generation 1 Investment in new business 1 Net free surplus Dividend net of scrip Central outgoings 2 1 Excludes Japan Life and Taiwan agency. FY2014 comparatives have been restated to exclude the contribution from the sold PruHealth and PruProtect businesses. FY2007 to FY2013 comparatives include the results of PruHealth and PruProtect. 2 Central outgoings includes RHO costs. 53 2015 FULL YEAR RESULTS
Group Cash remittances to Group Business unit net remittances, £m +10% 1,625 M&G 1,482 incl 357 1,341 PruCap 342 1,200 292 1,105 UK 331 297 935 325 280 355 202 688 313 US 470 297 415 175 515 294 420 249 167 322 434 80 Asia 199 467 1 400 400 341 233 144 39 206 40 5 2010 2011 2013 2015 2008 2009 2012 2014 1 Includes £42 million of proceeds from the sale of Japan. 54 2015 FULL YEAR RESULTS
Group Dividend Dividend, pence per share 48.78 • 2015 ordinary dividend increased by 5 per cent to 38.78 pence per Special 10.00 Dividend share. 38.78 Total dividend 36.93 +5% • 2015 special dividend of 10 pence per share • Ex-dividend date - 24 March 2016 (UK, Ireland, Hong Kong and Singapore) 26.47 - 25 March 2016 (ADR holders) Final interim 25.74 • Record date - 29 March 2016 • Payment of dividend 12.31 11.19 20 May 2016 (UK, Ireland and Hong Kong) First Interim - On or about 27 May 2016 (Singapore) - On or about 26 May 2016 (ADR holders) - 2014 2015 55 2015 FULL YEAR RESULTS
Asia Long term opportunity GDP per capita in 2010, against the US GDP per capita,1990 US$ 1 35,000 Hong Kong • Pan Asian leader: #1 by NBP 2 Singapore 30,000 • Top 3 in 9 /12 Asian countries 3 25,000 Taiwan Korea • Market leading platform 20,000 − Over 500,000 agents 15,000 − Access to over 10,000 bank branches Malaysia − 14 million customers 10,000 Thailand China Indonesia Vietnam India 5,000 Philippines 0 1820 1830 1840 1850 1860 1870 1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 US GDP per capita 1 Geary-Khamis dollar, based on purchasing power parities with 1990 as benchmark year - one 1990 dollar has the same purchasing power as the US dollar in 1990. Prudential estimates. 2 NBP = New Business Profit; Prudential estimates based on information disclosed in company reports. Amongst pan Asian international (private) insurers. 3 Source: Based on formal (competitors results release, local regulators and insurance associations) and informal (industry exchange) market share data. Ranking based on new business (APE or weighted FYP depending on availability of data). 56 2015 FULL YEAR RESULTS
Asia Favourable dynamics Population 2 Prudential customers as a Market 2015 GDP GDP penetration 3 (%) growth (%) 2 ($bn) 2 (m) % of total population Indonesia (1995) 1 255 1.0% 1.1% 930 4.7 101 0.2% 1.6% 302 6.0 ASEAN and Hong Kong Philippines (1996) 69 2.2% 3.6% 415 2.5 Thailand (1995) 92 Vietnam (1999) 1.5% 0.7% 198 6.5 Hong Kong (1964) 7 10.9% 12.7% 298 2.5 31 6.8% 3.1% 354 4.7 Malaysia (1924) 6 Singapore (1931) 15.5% 5.0% 315 2.2 India (2000) 1,293 0.3% 2.6% 2,200 7.3 JV’s 1,375 0.1% 1.7% 11,062 6.8 China (2000) 23 1.0% 15.6% 541 2.2 Taiwan (1999) Markets Mature Korea (2002) 51 0.6% 7.2% 1,448 2.7 16 0.2% - 18 7.0 Cambodia (2013) Nascent Markets Myanmar 4 (2013) 52 - - 69 8.5 Laos 4 (2015) 7 - - 13 7.5 1 Year in bracket denotes start of operation. 57 2 Source: IMF data, October 2015. 2015 FULL YEAR RESULTS 3 Source: Swiss Re. Market penetration based on insurance premiums as a percentage of GDP in 2014 (estimated). 4 Myanmar and Laos rep office only.
Asia Products meet customer needs and create shareholder value Health and Protection – Out of pocket medical expenses 1 Annual premium for a customer aged 50 (indexed) 143 123 19 117 114 100 73 Saving 100 81 27 Spend Without Basic Government Prudential Prudential Co. A Co. B Co. C Co. D insurance insurance Protection Product 1 Expenses for a male aged 50 for heart diseases and heart surgery treatment. 58 2015 FULL YEAR RESULTS
Asia Affordable products underpin consumer demand Prudential product premium 1 Developed markets health insurance spend 2 Healthcare spend as % of average annual income 2 100% = average annual income 12% 11% 11% Linked 10% 46 premium Premiums paid = 9% of average annual 5.0% income H&P 54 premium Premiums as a proportion of average annual % of premium used Prudential US France Germany UK Example income to purchase benefit 1 Average Prudential customer spend on insurance products. 2 Source: OECD, UN population stats, Prudential estimates. Premium spend includes healthcare expenditure by private and public sources except for the US. Healthcare spend data adjusted for working age population and unemployment rates. 59 2015 FULL YEAR RESULTS
Asia Growing demand for healthcare Household consumption by category 1 , % 100% = $1.3tn 6 Personal items 14 Recreation 3 Education 12 Transportation Communications 3 5 Clothing 7 Healthcare 5 Household products 100% = $0.5tn 15 Housing 5 14 Discretionary 2 10 2 9 6 Semi-Necessities 6 13 31 Food Necessities 34 1990 2010 1 Euromonitor, McKinsey, Prudential estimates. 60 2015 FULL YEAR RESULTS
Asia Wealth and financial assets ownership Breakdown of personal financial assets Life 12% 24% Non-Life 9% 39% Asset Mgt 9% 18% 24% 20% Bank Deposits 70% 21% 38% 16% Per capita income level Up to $2,000 to $15,000+ $2,000 $15,000 Source: Oliver Wyman analysis; Prudential analysis. 61 2015 FULL YEAR RESULTS
Asia Life APE by market Asia APE by market, £m (Constant Exchange Rate) +74% 1,213 -11% 696 -13% +17% +28% +25% +21% 367 354 +2% 326 309 +12% +32% 211 +9% 181 142 141 135 131 128 113 112 111 95 85 83 63 59 54 Hong Kong Indonesia Singapore Malaysia China 50% Korea India 26% Taiwan Thailand Vietnam Philippines 2 nd 1 st 2 nd 1 st 3 rd 18 th 1 st 9 th 1 st 2 nd 16 th 1 Ranking FY 2014 FY 2015 X% FY 2015 v FY 2014 1 Source: Based on formal (Competitors’ results release, local regulators and insurance associations) and informal (industry exchange) market share data. Ranking based on new business (APE or weighted FYP depending on the availability of data). 62 2015 FULL YEAR RESULTS
Asia Life APE sales by product - percent Asia APE by product, % 2 2 3 3 3 3 3 3 3 3 3 4 4 4 4 5 5 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 9 9 9 9 14 19 18 19 17 21 20 23 27 26 28 29 26 30 30 25 33 33 33 33 34 34 33 35 31 34 35 18 35 38 38 38 45 40 17 47 42 18 20 20 51 19 22 30 24 27 24 27 25 30 27 31 29 24 32 30 32 34 33 29 30 34 31 30 26 27 29 28 25 26 25 65 62 25 60 59 59 57 55 46 44 44 44 43 42 39 38 37 36 34 31 31 30 30 29 28 28 28 27 27 27 26 24 24 23 23 22 18 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 Linked Health Par Other 63 2015 FULL YEAR RESULTS
Asia Life Flows and persistency Asia Life gross flows (ex-India) 1,2 , £bn Asia Life gross flows 1,2 , £bn 4.5 4.8 4.8 4.4 4.4 4.7 13.8% 3.8 12.6% 4.1 3.8 3.4 3.3 2.7 10.6% 8.7% 8.4% 10.0% 9.6% 9.7% 9.6% 9.8% 10.1% 9.2% FY10 FY11 FY12 FY13 FY14 FY15 FY10 FY11 FY12 FY13 FY14 FY15 Surrenders/withdrawals as % of opening liabilities 1 Defined as movements in shareholder-backed policyholder liabilities arising from premiums (after deducting insurance & other margins). 2 Excludes Japan and Taiwan agency. 64 2015 FULL YEAR RESULTS
US FY 2015 retail sales and deposits Retail sales and deposits, $m FY 2014 = $27,179m FY 2015 = $26,008m $868 $1,470 $728 $2,625 $700 $609 $15,142 $4,805 $5,122 $15,491 $2,814 $2,813 Fixed Annuities Variable Annuities – with living benefits Variable Annuities – w/o living benefits, non EA Elite Access Fixed Index Annuities Separately managed accounts 65 2015 FULL YEAR RESULTS
US VA volumes VA volumes by quarter , sales US$bn 6.6 6.4 6.4 6.0 • ‘Features War’ 5.7 5.7 5.7 1.4 1.1 5.5 1.4 5.3 5.3 5.2 5.2 0.4 1.3 5.0 0.2 1.1 1.3 4.7 1.1 4.6 1.0 4.6 4.4 1.0 1.1 4.4 4.2 4.2 0.8 0.7 1.3 3.8 3.7 3.7 3.3 3.1 2.9 2.4 2.4 2.3 2.3 2.1 1.8 1.8 1.5 1.5 1.4 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 1 12 th 11 th 12 th 12 th 12 th 12 th 12 th 12 th 8 th 5 th 4 th 4 th 4 th 4 th 3 rd 3 rd 3 rd 3 rd 3 rd 3 rd 3 rd 3 rd 2 nd 2 nd 1 st 1 st 1 st 1 st 1 st 1 st 1 st 1 st 1 st 1 st 1 st 1 st Ranking Elite Access 1 Estimated. 66 2015 FULL YEAR RESULTS
US Successful diversification Jackson VA sales mix , $bn 23.1 23.1 20.9 2.8 19.7 33% 17.5 4.8 14.7 10.0 15.5 6.5 2008 2009 2010 2011 2012 2013 2014 2015 VA With Living Benefit Elite Access VA Without Living Benefit 67 2015 FULL YEAR RESULTS
US Variable annuity distribution Variable annuity sales by distribution channel, US$bn 23.1 23.1 15.1 15.3 4.0 4.1 4.0 3.7 2014 2015 IBD RBD/Wirehouse Bank IBD: Independent Broker/Dealer, RBD: Regional Broker Dealer. 68 2015 FULL YEAR RESULTS
US Cash remittances Cash remittances, $m $3,258m 710 680 530 470 400 280 125 63 2008 2009 2010 2011 1 2012 2013 2014 2015 RBC Ratio 438% 417% 483% 429% 423% 450% 456% 481% 1 Net remittances from Jackson include $197m in 2011 representing release of excess surplus to the Group. 69 2015 FULL YEAR RESULTS
US DAC impact on IFRS profit Impact on results of DAC amortisation, £m 2014 2015 Gross profits 1 1,944 2,231 New business strain 2 (209) (205) DAC Amortisation - Core (474) (514) - (Acceleration) / deceleration (13) (2) Operating result 1,248 1,510 Core as % of Gross profits 24% 23% 1 Gross profits equals IFRS operating profit pre acquisition costs and pre DAC, excluding REALIC. 2 Represents acquisition costs no longer deferrable following the adoption of altered US GAAP principles for deferred acquisition costs. 70 2015 FULL YEAR RESULTS
US Asset growth Growth in statutory admitted assets, US$bn 199.1 189.4 170.9 142.8 134.2 127.5 107.6 108.8 97.5 80.1 81.0 76.7 70.9 69.3 58.8 62.8 48.9 55.6 33.3 30.0 50.9 20.9 22.3 46.6 14.7 43.0 10.4 40.2 7.1 4.4 5.1 5.6 64.9 62.7 62.1 61.9 50.0 48.1 47.7 48.6 48.8 47.1 46.7 45.2 43.8 42.2 37.9 34.6 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 General account Separate account 71 2015 FULL YEAR RESULTS
US IFRS impact ‘below-the-line’ 2015 VA hedge results, net of related DAC , £m 0 (100) (200) (300) (400) 299 (500) (475) (600) (589) (700) 29 (800) (214) (900) Equity hedge VA reserve Interest rate Non-operating fee IFRS net hedge instruments changes hedges income, result net of claims 72 2015 FULL YEAR RESULTS
US Moving IFRS hedge result to ‘economic result’ 2015 ‘economic’ hedge results, net of related DAC , £m 100 16 61 70 518 0 (68) (100) (200) (300) (400) (475) (500) (600) IFRS net hedge Adjustment to full Fair value Adjustments to other Other ‘Economic’ results fees adjustment to assets carried at cost hedge result reserves 73 2015 FULL YEAR RESULTS
US Moving reserves to ‘fair value’ Guarantee Benefit Liability Supplemental Disclosure 1 , net of DAC , £m 2,000 383 1,500 1,073 Liabilities 1,000 500 0 53 Assets (368) (500) (1,877) (1,000) As recorded 2 Change in rates 3 Adjustment to full Volatility Hypothetical fair fees 4 adjustment 5 value with full fees 1 A positive number indicates liability while a negative number indicates an asset. 2 GMWB and GMDB IFRS basis. 3 For GMDB and lifetime GMWB liabilities only. Application of market based (31.12.15) swap curve earned rates (2.2% representative 10 year rate) and AA corporate bond discount rates (3.8% representative 10 year rate) in place of long-term rate of 7.4% for IFRS (8.4% discount rate used for pre-2013 issues). 4 Value of fees over and above those in reserve calculations. 5 Application of market based (31.12.15) volatility curve (22.1% representative 5 year rate) instead of long-term 15% level for IFRS. 74 2015 FULL YEAR RESULTS
US Capital, hedging and policyholder behavior Total adjusted Capital US$bn • Hedging programme continues to effectively mitigate risks 4.9 31 Dec 2014 • Total adjusted capital excludes gains on interest rate swaps: $356m at December 2015 (Dec 2014: gain of $555m) 1.2 Operating profit • Earned guarantee fees of 122 bps per annum (c$1.6bn in FY (0.7) Dividend 2015). Expected guarantee fees of $1.8bn for 2016 • Equity allocations remain below our 84% pricing assumption Reserves net of hedging and (0.3) other effects 5.1 31 Dec 2015 75 2015 FULL YEAR RESULTS
IFRS operating profit – sources of earnings Life insurance - Asia Source Total operating profit FY 2014 +/- FY 2015 (CER) 1,040 16% £m except reserves £bn 1,209 = Total Life income Total Life expenses DAC adjustments - +/- 2,588 14% (1,640) (14)% 92 35% 2,947 (1,862) 124 Spread Technical and other Fee income With-profits income margin 126 21% 44 2% 153 154 5% 2,201 14% 45 162 2,515 Spread Margin on 135 4 139 AMF (bps) 103 (2) 1,532 13% 101 1,732 Expected returns (bps) revenues Average Average Insurance 9.3 18% 11.0 63 14% 15.0 7% 669 17% 16.1 783 72 reserves reserves margin Increase in margin on revenues reflects premium income growth. Increased spread income reflects the Higher fee income in line with the growth in Insurance margin has increased due to growth of the in-force book. movement in unit-linked portfolio. continued growth of the health and protection in-force book. 76 2015 FULL YEAR RESULTS
IFRS operating profit – sources of earnings Life insurance - US Source Total operating profit FY 2014 +/- FY 2015 (CER) 1,543 10% £m except reserves £bn 1,691 = Total Life income Total Life expenses Expense deferrals - + 3,040 7% (1,703) (4)% 731 0% 3,240 (1,767) 734 - Spread Fee income Expected returns income DAC amortisation 16 63% 791 (6)% 1,511 11% 26 746 1,672 (525) 2% (516) Spread Technical and other 256 (15) AMF (bps) 194 (2) 241 192 (bps) margin Average Average 722 10% 30.9 - 78.1 11% 30.9 86.9 796 reserves reserves Higher technical and other margin reflects Spread income has reduced as a result of Fee income has increased due to higher increased guarantee fees on the larger spread compression during 2015. average separate account balances. book of business. 77 2015 FULL YEAR RESULTS
IFRS operating profit - sources of earnings Life insurance - UK Total operating profit Source +/- FY2014 FY2015 729 60% 1,167 £m except reserves £bn = Total Life income Total Life expenses DAC adjustments - - 974 45% (239) (3)% (6) 67% 1,414 (245) (2) Spread Technical and other Fee income Expected returns Optimisation activities income margin 272 (5)% 137 (7)% 61 2% - n/a 258 62 249 44% 127 339 359 Spread Margin on 92 (10) 82 AMF (bps) 26 2 176 2% 28 179 With-profits (bps) revenues Average Average Insurance 29.4 7% 31.5 23.5 (5)% 73 147% 255 5% 22.4 180 269 reserves reserves margin Management actions taken Insurance margin increase due to positive in the second half of the Decrease in spread income is due to lower With profits has increased mortality experience and additional £61m annuity new business profit post pension due to an increase in year to position the balance contribution from longevity reinsurance in sheet effectively under the freedoms. terminal bonus rates. the first half of 2015. new Solvency II regime . 78 2015 FULL YEAR RESULTS
IFRS operating profit – sources of earnings Asset management Source Asset Management Operating FY 2014 profit 1 £m except reserves £bn +/- FY 2015 (CER) 537 4% £m except average assets £bn 557 Eastspring M&G Investments 446 (1)% 91 26% 442 115 Other income 2 Total expenses Total income 2 Total expenses Underlying income 954 (2)% 46 (22%) (554) 4% 242 27% (151) (27)% 939 36 (533) 307 (192) Average fees Average fees 38 (1) Cost / income ratio 3 36 - Cost / income ratio 3 37 36 (bps) (bps) Average assets (£bn) 250 1% 58% (1)ppt Average assets (£bn) 68 25% 58% (0)ppt 253 57% 85 58% 1 Excludes PruCap and US asset management business. 2 Average fees exclude performance-related fees (PRF) and M&G’s share pf operating profit from PPMSA. 3 Cost/income ratio excludes performance-related fees, carried interest and profit from associate, and for Eastspring, taxes on JV operating profit. 79 2015 FULL YEAR RESULTS
IFRS operating profit sources of income Life insurance - Asia Asia IFRS operating income 1,2 , £m Growth % FY 2015 vs. FY 2014 (CER) 1,215 6% +14% 1,056 3% +2% 6% 13% +21% 4% 12% 13% +5% 15% 65% +17% 63% 2014 CER 2015 Insurance margin Fee income Spread income With-profits Expected return on shareholder assets 1 Excludes margin on revenues, acquisition and administration expenses and DAC adjustments. 2 Comparatives adjusted for new and amended accounting standard and excludes Japan Life. 80 2015 FULL YEAR RESULTS
IFRS operating profit sources of income Life insurance - US US IFRS operating income 1 , £m Growth % FY 2015 vs. FY 2014 (CER) 3,240 3,040 1% +63% 0% 23% -6% 26% 51% +11% 50% 24% 25% +10% 2014 CER 2015 Insurance margin Fee income Spread income Expected return on shareholder assets 1 Excludes acquisition, administration expenses and DAC amortisation. 81 2015 FULL YEAR RESULTS
IFRS operating profit sources of income Life insurance - UK UK IFRS operating income 1,2,3 , £m Growth % FY 2015 vs. FY 2014 896 798 -7% 14% 17% 30% +5% 32% 29% -5% 34% +2% 7% 8% 20% +147% 9% 2014 2015 Insurance margin 3 Fee income Spread income With-profits Expected return on shareholder assets 1 Excludes margin on revenues, acquisition and administration expenses and DAC amortisation. 2 FY2014 comparative has been restated to exclude the contribution from the sold PruHealth and PruProtect businesses. 3 2015 excludes UK specific management actions taken in the second half of the year to position the balance sheet more efficiently under the new Solvency II regime contributing £339 million to IFRS operating income . 82 2015 FULL YEAR RESULTS
Asset Management M&G – retail FUM Retail funds under management , £bn 16% 16% 21% 19% 26% 35% 43% 39% 43.5 42.5 40.4 37.3 36.0 33.5 31.8 26.1 23.7 23.5 16.0 14.5 9.0 8.2 5.0 3.1 2008 2009 2010 2011 2012 2013 2014 2015 UK / Other Europe Europe FUM as % of Retail FUM X% 83 2015 FULL YEAR RESULTS
EEV operating profit (post-tax) Operating return on EEV of 17% EEV operating profit by business unit , £m (CER) New business profit 1 , £m (CER 3 ) Group 2,617 +20% • IRR: >20% for all vs FY14 3 FY15 2,175 • Payback: • Asia: 3 years +22% Asia Life 2,321 • US: 1 year • UK: 3 years +10% US Life 1,808 FY14 CER FY15 UK Life 1 +17% 863 In-force profit 1 , £m (CER 3 ) Asset Management 2 +3% 506 Group 2,375 FY15 FY14 +15% 5,498 +13% 2,110 1,709 1,462 Unwind (11)% Other (617) 484 510 Experience 182 138 Assumption +16% Total 4,881 changes 2,375 2,110 FY14 CER FY15 1 FY14 results have been restated to exclude contributions from Prudential’s 25% equity stake in PruHealth / PruProtect, which was sold in November 2014. 2 Includes post-tax operating profit from M&G, PruCap, Eastspring, Curian and US broker-dealers, and UK general insurance commission. 3 FY14 restated on constant exchange rate basis, increasing Asia new business profit by £6 million, US new business profit by £54 million, Asia in-force profit by £(3) million and US in-force profit by £65 million. 84 2015 FULL YEAR RESULTS
EEV operating profit Life operating variances - Group Group Life operating variances 1,2 , £m Experience variances and assumption changes % opening EEV 3 0.4% 1.1% 2.4% 0.7% 1.2% 1.9% 2.2% 3.0% 2.5% 2.3% 1,709 1,500 1,440 1,133 1,106 1,068 1,055 811 881 754 668 666 608 427 347 339 180 132 110 40 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Unwind Experience variances and assumption changes 1 Excludes Japan Life and Taiwan agency. FY2014 comparatives have been restated to exclude the contribution from the sold PruHealth and PruProtect businesses. FY2006 to FY2013 comparatives include the results of PruHealth and PruProtect. 2 2015 and 2014 Experience variances and assumption changes are shown pre development costs. 2006 to 2013 are shown post development costs. 3 Opening EEV of Life operations, excluding goodwill. Note: Unwind & Experience variances / assumption changes are on a post tax basis. 85 2015 FULL YEAR RESULTS
EEV operating profit In-force performance Asia in-force 1 , £831m US in-force, £999m UK in-force, £545m +14% +20% +13% 378 260 192 108 149 63 66 57 27 (26) Spread Other items Total variances / Persistency & Mortality / Morbidity other withdrawals and Other items FY14 FY15 X% In-force change from FY14 to FY15 1 Excludes Japan Life. 86 2015 FULL YEAR RESULTS
EEV operating profit Life operating variances - Asia Asia Life operating variances 1 , £m Experience variances and assumption changes % opening EEV 2 2.0% 2.4% (1.5)% (0.5)% 1.1% 1.0% 0.9% 0.9% 0.7% 0.8% 749 668 648 490 476 465 406 316 226 177 90 89 89 85 81 82 51 16 (32) (80) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Unwind Experience variances and assumption changes 1 2015 and 2014 Experience variances and assumption changes are shown pre development costs. 2006 to 2013 are shown post development costs. 2 Opening EEV of Life operations, excluding goodwill. Note: Unwind & Experience variances / assumption changes are on a post tax basis and excludes Japan. 87 2015 FULL YEAR RESULTS
Policyholder liabilities Shareholder backed business - Group Policyholder liabilities 1 roll-forward , £bn 8.5 219.6 1.9 215.4 (2.7) 7.2 (3.4) 208.2 Net inflows 2 £7.6bn 3.5% of CER opening reserves driven by strong inflows of £8.5 billion in the US and £1.9 billion in Asia Liabilities Foreign CER opening Asia US UK Investment Liabilities 1 Jan 2015 exchange liabilities net inflows net inflows net outflows related 31 Dec 2015 and other 1 Shareholder-backed business. 2 Defined as movements in shareholder-backed policyholder liabilities arising from premiums, surrenders, maturities and deaths. 88 2015 FULL YEAR RESULTS
Policyholder liabilities Shareholder backed business - Asia Policyholder liabilities roll-forward, £m 4,793 27,844 (2,926) (121) 26,410 26,098 (312) Net inflows 1 £1,867m 7.2% of CER opening policyholder liabilities Liabilities Foreign CER opening Premiums Liabilities Investment Maturities, 1 Jan 2015 exchange liabilities 31 Dec 2015 deaths and related and other surrenders 1 Defined as movements in shareholder-backed policyholder liabilities arising from premiums, surrenders, maturities and deaths. 89 2015 FULL YEAR RESULTS
Policyholder liabilities Shareholder backed business - US Policyholder liabilities roll-forward, £m 16,699 138,913 (8,223) 134,261 7,515 (3,824) 126,746 Net inflows 1 £8,476m 6.3% of CER opening reserves Investment Liabilities Foreign CER opening Premiums Maturities, Liabilities 1 Jan 2015 exchange liabilities deaths and related and 31 Dec 2015 other surrenders 1 Defined as movements in shareholder-backed policyholder liabilities arising from premiums, surrenders, maturities and deaths. 90 2015 FULL YEAR RESULTS
Policyholder liabilities Shareholder backed business - UK Policyholder liabilities roll-forward, £m 3,146 55,009 509 52,824 (5,840) Net outflows 1 £(2,694)m (4.9)% of opening reserves Liabilities Shareholders’ Shareholders’ Investment Liabilities Premiums maturities, deaths related and 31 Dec 2015 1 Jan 2015 and surrenders other 1 Defined as movements in shareholder-backed policyholder liabilities arising from premiums, surrenders, maturities and deaths. 91 2015 FULL YEAR RESULTS
Equity shareholders’ funds Movement in 2015 Movement in shareholders’ funds IFRS Equity EEV Equity FY15 % vs FY15 FY15 % vs FY15 £bn FY14 per share £bn FY14 per share After-tax operating profit 3.2 30% 126 4.9 19% 191 (0.6) (25) (0.9) (36) Investment variance and other Profit for the period 2.6 16% 101 4.0 (9)% 155 (0.6) (24) (0.1) (3) Unrealised gain on AFS 1 Foreign exchange and other 2 0.2 6 0.3 8 (1.0) (39) (1.0) (38) Dividend 1.2 3.2 Retained earnings 44 122 11.8 29.2 Opening shareholders’ equity 460 1,136 13.0 504 32.4 1,258 Closing shareholders’ equity Movement in year +10% +10% +11% +11% 1 For IFRS relates to JNL fixed income portfolio accounted as available for sale. For EEV, represents mark to market movements on JNL assets backing surplus and required capital. 2 For per share amounts includes effect of change in number of shares in issue. 92 2015 FULL YEAR RESULTS
IGD capital Movement in 2015 1 IGD capital – movement in 2015, (£bn) Capital position at 31 December 2015, (£bn) Solvency 280% 280% 2.5x cover IGD surplus 31 December 2014 4.7 Net capital generation 1.8 External financing and other central costs (net of tax) (0.5) Surplus Market movement (0.1) £5.5bn 9.1 FX impacts 0.1 Hybrid issuance 0.6 Other one-off items (0.1) 3.6 Dividend (1.0) Estimated Solvency I (IGD) IGD surplus 31 December 2015 5.5 Available capital Required capital 93 2015 FULL YEAR RESULTS
Solvency II A strong Solvency II capital position Internal model approval step Approval date Estimated Group Shareholder Solvency II Matching adjustment November 2015 capital position 1,2 FY15, £bn Transitionals December 2015 Asia surplus treatment December 2015 Solvency cover 193% US Equivalence (Deduction and Aggregation) December 2015 Internal model December 2015 Effective date 1 January 2016 Surplus £9.7bn Basis of inclusion in Group Solvency II capital position 20.1 Internal model US Equivalence Sector regulation UK Life 10.4 Asia Life Own Funds SCR 1 The Group Shareholder position excludes the contribution to the Group SCR and Own Funds of ring fenced With Profit Funds and staff pension schemes in surplus. 2 Before allowing for the 2015 second interim ordinary and special dividend 94 2015 FULL YEAR RESULTS
Solvency II Solvency II framed to demonstrate ability to withstand severe stress Probability distribution of Own Funds (illustrative) Own Funds are calculated following 1/200 year stress events over 1 year Example 1/200 year stress events Asia 1 UK SCR (stand alone) -47% -58% to -72% Equity markets 99.5% loss -102bp -48bp to -377bp Fall in long term interest rates percentile Credit spreads (‘A’ rated 2 ) +259bp to +434bp +309bp UK longevity 3 (male aged 65) +2.5 years n/a Range of outcomes of Own Funds Lapse rates 3 (all future years) +70% +40% to +75% Stressed Own Funds Own Funds (after 1/200 stress) (current) 20% 20% Mass lapses Solvency II uses a market consistent approach, where the Solvency Capital Requirement (SCR) measures the potential reduction in the value of Own Funds over 1 year, in an adverse 1/200 year event, taking into account all quantifiable risks 1 Range represents variations in stresses used by country / product 2 Range represents variation by term bucket and fund composition 3 Represents the change in long-term assumptions used to calculate best estimate liabilities 95 2015 FULL YEAR RESULTS
Solvency II Well-diversified risks Reconciliation of IFRS equity to Solvency II Own Funds 1,2 , FY15 £bn SCR by risk type 3 , FY15 IFRS equity 13.0 Less: goodwill, DAC, intangibles (3.7) Operational/ Expense Equity Sub-debt 4.4 11% 11% FX translation Value of shareholder transfer 4 3.1 7% US restated to statutory basis (1.5) 8% Longevity Credit 28% Risk margin net of transitionals (2.5) 14% Liability valuation differences 8.6 Lapse 5% 13% 3% Tax on liability valuation differences (0.9) Interest rate Mortality/Morbidity Other market Other (0.4) Solvency II Own Funds 20.1 1 The Group Shareholder position excludes the contribution to the Group SCR and Own Funds of ring fenced With Profit Funds and staff pension schemes in surplus. 2 Before allowing for the 2015 second interim ordinary and special dividend 3 Solvency II undiversified solvency capital requirement 4 Excludes the shareholder interest in the UK with-profits inherited estate of £0.7bn 96 2015 FULL YEAR RESULTS
Solvency II High quality capital Solvency II Own Funds by capital tier 1,2 Share of Solvency II Own Funds by capital tier 1,2 FY15, 100% = £20.1bn 20.1 Tier 3 – deferred tax 0.0 Tier 3 Tier 2 – sub debt 3.6 Tier 1 – hybrid capital 0.8 Tier 2 0% 18% 4% Other Tier 1 Tier 1 = Tier 1 = 82% of Tier 1 – core capital 15.7 159% of Own Funds (unrestricted) SCR 78% Core Tier 1 (unrestricted) Solvency II Own Funds FY15 1 The Group Shareholder position excludes the contribution to the Group SCR and Own Funds of ring fenced With Profit Funds and staff pension schemes in surplus. 2 Before allowing for the 2015 second interim ordinary and special dividend 97 2015 FULL YEAR RESULTS
Solvency II Resilient capital position Estimated Group Shareholder Solvency II surplus 1,2 Impact on solvency ratio FY15 estimated surplus £9.7bn 193% 20% equity fall £8.7bn (7)% 186% 40% equity fall £7.9bn (14)% 179% 50bp interest rate fall 3 £8.6bn (14)% 179% 100bp interest rate rise 3 £10.8bn +17% 210% 100bp credit spread widening 4 £8.5bn (6)% 187% 1 The Group Shareholder position excludes the contribution to the Group SCR and Own Funds of ring fenced With Profit Funds and staff pension schemes in surplus. 2 Before allowing for the 2015 second interim ordinary and secondary dividend 3 Assumes dynamic transitional recalculation which is subject to PRA approval. 4 For Jackson, includes credit defaults of 10 times the expected level. For the UK, transitionals are assumed to be recalculated in response to changes in interest rates 98 2015 FULL YEAR RESULTS
Solvency II Asia excluded surplus not a constraint Asia Solvency II surplus 1 , FY15, £bn Asia • Internal model approach Group Solvency II basis Asia SII surplus excluded SCR from Group result • Inclusion of stressed VIF in Calibrations addition to local regulatory (1.4) basis surplus Own Funds • No credit taken for £1.4bn of Asia SII surplus, reflecting a prudent regulatory view 6.6 5.2 Required Net capital 2 worth 2 • Solvency II surplus >3x local Sensitivities 2.9 1.5 basis for published market stresses Free SII surplus Asia SII surplus surplus included in Group result • Local regulatory capital basis Binding constraint Local basis Solvency II basis remains binding constraint 1 Comprises life entities in Cambodia, China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Vietnam. Excludes Eastspring Investments 2 Based on Group free surplus disclosure at FY15, with aggregate reported net worth of £2.9 billion and aggregate required capital of £1.4 billion 99 2015 FULL YEAR RESULTS
Solvency II Contribution from Jackson in line with current free surplus basis US solvency surplus 1 , FY15, US$bn US • US equivalence Group Solvency II basis (Deduction and Aggregation approach) Free surplus US$2.5bn • Continue to recognise surplus in Calibrations RBC = Surplus excess of 250% RBC Company TAC / CAL US$2.5bn Action Level TAC TAC • No allowance for diversification TAC - CAL benefit with rest of Group 250% CAL 150% CAL CAL • RBC ratio remains >350% for Sensitivities published market stresses Total Adj. Company Net Required Own SCR Capital Action Level worth capital Funds • RBC remains binding constraint Binding constraint Local basis (RBC) Free surplus basis Solvency II basis (D&A) 1 Relates to Jackson National Life 100 2015 FULL YEAR RESULTS
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