Obbligazione Prudentia 3.125% ( US74435KAA34 ) in USD

Emittente Prudentia
Prezzo di mercato refresh price now   100 USD  ▲ 
Paese  Regno Unito
Codice isin  US74435KAA34 ( in USD )
Tasso d'interesse 3.125% per anno ( pagato 2 volte l'anno)
Scadenza 13/04/2030



Prospetto opuscolo dell'obbligazione Prudential US74435KAA34 en USD 3.125%, scadenza 13/04/2030


Importo minimo /
Importo totale /
Cusip 74435KAA3
Coupon successivo 14/04/2026 ( In 63 giorni )
Descrizione dettagliata Prudential č una societą finanziaria globale che offre una vasta gamma di servizi finanziari, tra cui assicurazioni sulla vita, gestione patrimoniale e investimenti.

The Obbligazione issued by Prudentia ( United Kingdom ) , in USD, with the ISIN code US74435KAA34, pays a coupon of 3.125% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 13/04/2030







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TABLE OF CONTENTS
Table of Contents
Filed pursuant to Rule 424(b)(5)
Registration No. 333-219863
Calculation of Registration Fee





Title of Each Class of Securities
Amount To Be
Proposed Maximum
Proposed Maximum
Amount of
To Be Registered

Registered
Offering Price Per Unit Aggregate Offering Price
Registration Fee(1)

3.125% Senior Notes due 2030

1,000,000,000
99.058%

$990,580,000

$128,577.28

(1)
Calculated in accordance with Rule 457(r) of the Securities Act.
PROSPECTUS SUPPLEMENT
(to Prospectus dated August 10, 2017)
$1,000,000,000
Prudential plc
3.125% Notes due 2030
We are offering $1,000,000,000 aggregate principal amount of our 3.125% notes due 2030 (the "notes").
Unless we redeem the notes earlier, the notes will mature on April 14, 2030. There is no sinking fund for the notes.
The notes will bear interest at the fixed rate of 3.125% per annum. Interest on the notes will be payable semi-annually in arrears on April 14 and
October 14 of each year, commencing on October 14, 2020, to the holders of record on the immediately preceding March 30 and September 29,
respectively.
The notes may be redeemed at our option and sole discretion, in whole, but not in part, at any time at 100% of their principal amount plus accrued
interest if certain tax events described in this prospectus supplement and the accompanying prospectus occur.
The notes will be issued in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
Investing in the notes involves risks. See "Risk Factors" in our 2019 Annual Report on Form 20-F, which is
incorporated by reference into this prospectus supplement, and "Risk Factors" beginning on page S-11 of this
prospectus supplement, for a discussion of the factors you should carefully consider before purchasing these
securities.
Neither the U.S. Securities and Exchange Commission ("SEC") nor any state securities commission has approved or disapproved of these
securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the
contrary is a criminal offense.


Per Note

Total

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Public offering price(1)
99.058%
$ 990,580,000
Underwriting discount

0.650%
$
6,500,000
Proceeds to us (before expenses)
98.408%
$ 984,080,000
(1)
The public offering price set forth above does not include accrued interest, if any. Interest on the notes will accrue from April 14, 2020 and must be paid by
purchasers if the notes are delivered after April 14, 2020.
We intend to apply to list the notes on the New York Stock Exchange. We expect trading in the notes on the New York Stock Exchange to begin
within 30 days of the original issue date.
Delivery of the notes in book-entry form only will be made on or about April 14, 2020.
Joint Book-Running Managers





Barclays
BofA Securities

Citigroup
Credit Agricole CIB
MUFG
The date of this prospectus supplement is April 8, 2020.
Table of Contents
TABLE OF CONTENTS
Prospectus Supplement

Page
ABOUT THIS PROSPECTUS SUPPLEMENT

S-1
FORWARD-LOOKING STATEMENTS

S-2
PROSPECTUS SUPPLEMENT SUMMARY

S-3
THE OFFERING

S-6
SUMMARY HISTORICAL FINANCIAL INFORMATION

S-8
RISK FACTORS
S-11
USE OF PROCEEDS
S-27
CAPITALIZATION
S-28
DESCRIPTION OF THE NOTES
S-29
BOOK-ENTRY; DELIVERY AND FORM
S-33
MATERIAL U.K. AND U.S. FEDERAL INCOME TAX CONSEQUENCES
S-35
UNDERWRITING
S-40
LEGAL MATTERS
S-46
EXPERTS
S-47
INCORPORATION OF DOCUMENTS BY REFERENCE
S-48
Prospectus

Page
ABOUT THIS PROSPECTUS

1
FINANCIAL INFORMATION

1
LIMITATIONS ON ENFORCEMENT OF U.S. LAWS AGAINST US, OUR MANAGEMENT AND OTHERS
1
EXCLUSIVE JURISDICTION

2
WHERE YOU CAN FIND MORE INFORMATION

3
FORWARD-LOOKING STATEMENTS

4
PRUDENTIAL PLC

5
USE OF PROCEEDS

6
RATIOS OF EARNINGS TO FIXED CHARGES

7
DESCRIPTION OF THE SENIOR DEBT SECURITIES

9
DESCRIPTION OF THE SUBORDINATED DEBT SECURITIES

18
DESCRIPTION OF THE PREFERENCE SHARES

28
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DESCRIPTION OF THE AMERICAN DEPOSITARY SHARES

33
GLOBAL SECURITIES

42
CLEARANCE AND SETTLEMENT

46
TAXATION

51
PLAN OF DISTRIBUTION

51
LEGAL OPINIONS

52
EXPERTS

52
i
Table of Contents
ABOUT THIS PROSPECTUS SUPPLEMENT
This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of the offering of the notes and also
adds to and updates information contained in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement
and the accompanying prospectus. The second part is the accompanying prospectus, which gives more general information. If the description of the
offering varies between this prospectus supplement and the accompanying prospectus, you should rely on the information in this prospectus supplement.
We are responsible for the information contained and incorporated by reference in this prospectus supplement, the accompanying prospectus and in
any related free writing prospectus we prepare or authorize. We have not, and the underwriters have not, authorized anyone to give you any other
information, and we and the underwriters take no responsibility for any other information that others may give you. If you are in a jurisdiction where
offers to sell, or solicitations of offers to purchase, the notes offered by this document are unlawful, or if you are a person to whom it is unlawful to
direct these types of activities, then the offer presented in this document does not extend to you. The information contained in this prospectus
supplement and the accompanying prospectus and any document incorporated by reference herein speaks only as of the date of the document that
contains it, unless another date is specifically indicated to apply.
It is important for you to read and consider all information contained in or incorporated by reference into this prospectus supplement and the
accompanying prospectus in making your investment decision. You should also read and consider the information in the documents to which we have
referred you in "Incorporation of Documents by Reference" in this prospectus supplement.
In this prospectus supplement and the accompanying prospectus, unless the context requires otherwise, the terms "Prudential", "Group", "we", "us"
and "our" each refer to Prudential plc; and the terms "notes" or "Notes" refer to our 3.125% notes due 2030 offered hereby.
S-1
Table of Contents
FORWARD-LOOKING STATEMENTS
This document may contain "forward-looking statements" with respect to certain of our plans and goals and expectations relating to our future
financial condition, performance, results, strategy and objectives. Statements that are not historical facts, including statements about our beliefs and
expectations and including, without limitation, statements containing the words "may", "will", "should", "continue", "aims", "estimates", "projects",
"believes", "intends", "expects", "plans", "seeks" and "anticipates", and words of similar meaning, are forward-looking statements. These statements are
based on plans, estimates and projections as at the time they are made, and therefore undue reliance should not be placed on them. We do not undertake
any obligation to update or revise these statements except as required under applicable law. By their nature, all forward-looking statements involve risk
and uncertainty.
A number of important factors could cause our actual future financial condition or performance or other indicated results to differ materially from
those indicated in any forward-looking statement. Such factors include, but are not limited to: future market conditions, including the impact of the
current COVID-19 pandemic, fluctuations in interest rates and exchange rates, the continuance of a sustained low-interest rate environment, the impact
of economic uncertainty, asset valuation impacts from the transition to a lower carbon economy, inflation and deflation and the performance of financial
markets generally; global political uncertainties; the policies and actions of regulatory authorities, including, in particular, the policies and actions of the
Hong Kong Insurance Authority (the "HKIA"), as our new supervisor, as well as new government initiatives generally; the impact of continuing our
application of Global Systemically Important Insurer ("G-SII") policy measures; the impact on us of systemic risk policy measures adopted by the
International Association of Insurance Supervisors; the impact of competition and fast-paced technological change; the effect on our business and
results from, in particular, mortality and morbidity trends, lapse rates and policy renewal rates; the physical impacts of climate change and global health
crises on our business and operations; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; the
impact of internal transformation projects and other strategic actions failing to meet their objectives; the ability to complete a potential minority initial
public offering of Jackson or one of its related companies or other strategic options in relation to Jackson; the risk that our operational resilience (or that
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of our suppliers and partners) may prove to be inadequate, including in relation to operational disruption due to external events; disruption to the
availability, confidentiality or integrity of our IT, digital systems and data (or those of our suppliers and partners); any ongoing impact on us of the
demerger of M&G plc; the impact of changes in capital, solvency standards, accounting standards or relevant regulatory frameworks, and tax and other
legislation and regulations in the jurisdictions in which we and our affiliates operate; the impact of legal and regulatory actions, investigations and
disputes; and the impact of not adequately responding to environmental, social and governance issues. These and other important factors may, for
example, result in changes to assumptions used for determining results of operations or re-estimations of reserves for future policy benefits. Further
discussion of these and other important factors that could cause our actual future financial condition or performance or other indicated results to differ,
possibly materially, from those anticipated in our forward-looking statements can be found under the "Risk Factors" heading in this prospectus
supplement and in our Annual Report on Form 20-F for the year ended December 31, 2019.
This offer may be withdrawn at any time prior to the closing of the offering, and the offering is subject to the terms of this prospectus supplement.
We and the underwriters also reserve the right to reject any offer to purchase notes in whole or in part for any reason and to allot to any prospective
investor less than the full amount of notes sought by such investor.
S-2
Table of Contents

PROSPECTUS SUPPLEMENT SUMMARY
This summary highlights information contained elsewhere, or incorporated by reference, in this prospectus supplement and the accompanying
prospectus. This summary does not contain all of the information that you should consider before investing in the notes. You should read carefully this
entire prospectus supplement, the accompanying prospectus and the information incorporated by reference herein and therein.
Overview
We are an international financial services group serving over 20 million customers worldwide (as at December 31, 2019). We are incorporated in
England and Wales and our ordinary shares are listed on the stock exchanges in London, Hong Kong and Singapore, and our American Depositary
Receipts are listed on the New York Stock Exchange. We have historically operated in three material business units separated by geography: Asia,
North America and the United Kingdom and Europe.
On October 21, 2019, we completed the demerger of M&G plc, which operated our former savings and investment business dedicated to the
United Kingdom and Europe. Following the demerger, we are focused on structural growth markets in Asia, Africa and the United States.
We are not affiliated in any manner with Prudential Financial, Inc. or its subsidiary, The Prudential Insurance Company of America, whose
principal place of business is in the United States, nor with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in
the United Kingdom.
Our purpose
Our purpose is to help people de-risk their lives and deal with their biggest financial concerns. We provide our customers with the freedom to face
the future with confidence.
Our strategy
Our strategy is to capture the long-term structural opportunities for our markets and geographies, while operating with discipline and seeking to
enhance our capabilities through innovation to deliver high-quality, resilient outcomes for our customers.
We aim to do this by:
·
serving the protection and investment needs of the growing middle class in Asia;
·
providing asset accumulation and retirement income products to United States retirees; and
·
offering products to new customers in Africa, one of the fastest-growing regions in the world.
Structural growth over the last 20 years has allowed our business to reach the scale where we can support our long-term goals through execution of
our strategy and disciplined capital allocation. We have a portfolio of businesses with access to the world's largest and fastest-growing markets, as set
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forth below:

Asia growth
· Health, protection, savings and asset management in 15 markets
· Top three position in nine life markets
· Low insurance and mutual funds penetration
S-3
Table of Contents
Africa opportunity
· Building a presence in one of the world's most under-penetrated markets
· Operating in eight markets with a total population of almost 400 million

US retirement
· Leading position in the retirement income industry
· 10,000 Americans reach retirement age each day for the next 20 years
· Largest wholesaling force in the annuity industry
Overview by Geography
Asia
Our core business in Asia is health and protection, either attached to a life policy or on a standalone basis, other life products (including
participating business) and mutual funds. We also provide selected personal lines property and casualty insurance, group insurance and institutional
fund management. The product range offered is tailored to suit each individual country's markets. Our insurance products are distributed mainly through
an agency sales force together with selected banks, while the majority of our mutual funds are sold through banks and brokers. In some markets, we
operate with local partners, as reflected in our life insurance operations in China (through our joint venture with CITIC) and in India (an associate with
the majority shareholder being the ICICI Bank), as well as our Takaful business in Malaysia (through our joint venture with Bank Simpanan Nasional).
In the fund management business, we have joint venture operations in India (through our joint venture with ICICI Bank), China (through our joint
venture with CITIC) and Hong Kong (through our joint venture with Bank of China International). Eastspring Investments ("Eastspring"), our asset
management business in Asia, manages investments for our Asia life companies and also a broad base of third-party retail and institutional clients.
Eastspring has a number of advantages and is well placed for the anticipated continuing growth in Asia's retail mutual market. It has one of the largest
footprints in Asia, with operations in 11 major markets and distribution offices in the United States and Europe. More recently in 2018 and 2019, it
made two major acquisitions of majority stakes in TMB Asset Management Co., Ltd and Thanachart Fund Management Co., Ltd, propelling its position
to a market leader in Thailand. It has a well-diversified customer base, comprised of our internal life funds and a number of institutional clients,
including sovereign wealth funds and retail customers. Assets managed are diversified between fixed income and equities and also include infrastructure
funds.
Africa
In Africa, we have had established operations since 2014. We have also continued to expand our presence in Africa, one of the world's most under
penetrated markets where the population is forecast to grow by a billion by 2045. In July 2019, we completed our acquisition of a 51 percent stake in a
leading life insurer, Group Beneficial, operating in West and Central Africa. We now operate in eight markets with a population of almost 400 million.
United States
In the United States, we offer a range of products through Jackson National Life Insurance Company ("Jackson") and its subsidiaries, including
fixed annuities (fixed interest rate annuities, fixed index annuities and immediate annuities), variable annuities and institutional products (including
guaranteed investment contracts and funding agreements). Jackson distributes these products through independent insurance agents, independent broker-
dealers, regional broker-dealers, wirehouses, banks, credit unions and other financial institutions. Although Jackson historically offered traditional life
insurance products, it discontinued new sales of life insurance products in 2012.
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S-4
Table of Contents
Our United States operations also include PPM Holdings, Inc. ("PPM"), our United States internal and institutional investment management
operation. As at December 31, 2019, our United States operations had more than four million policies and contracts in force and PPM managed
approximately $129.7 billion of assets. We have announced an intention to introduce third-party capital into Jackson and, alongside preparations for a
minority initial public offering of Jackson or one of its related companies, subject to market conditions, we continue to actively evaluate other options
in relation to Jackson, driven by the focus and objectives that underline our strategic priorities.
S-5
Table of Contents

THE OFFERING
The following summary contains basic information about the notes and is not intended to be complete. For a more complete understanding of the
notes, please refer to the section of this prospectus supplement entitled "Description of the Notes."
Issuer
Prudential plc (the "Issuer")
Notes Offered
$1,000,000,000 aggregate principal amount of 3.125% notes due 2030 (the "notes")
Maturity
April 14, 2030
Interest
The notes will bear interest at the fixed rate of 3.125% per annum. Interest on the notes will be payable
semi-annually in arrears on April 14 and October 14 of each year, commencing on October 14, 2020.
Ranking
The notes will be the Issuer's unsecured and unsubordinated obligations ranking pari passu and without
preference among themselves, and will rank (subject to any applicable statutory provisions) at least equally
with our other outstanding unsecured and unsubordinated obligations, present and future.
Certain Covenants
We will issue the notes under an indenture with Citibank, N.A., as trustee (the "Trustee"). The indenture
that will govern the notes will, among other things, limit our ability to:

· create certain liens; and

· consolidate, merge or sell all or substantially all of our assets.
Additional Amounts
All payments of principal and interest by or on our behalf in respect of the notes will be made without
withholding or deduction for, or on account of, any present or future taxes, duties, assessments or
governmental charges of whatever nature imposed or levied by or on behalf of the United Kingdom, or any
political sub-division of, or any authority of, or in, the United Kingdom having power to tax, unless the
withholding or deduction of such taxes, duties, assessments or governmental charges is required by law.
Subject to certain exceptions, if we are required to make any such withholding or deduction under
applicable law, we will in respect of payments of principal and interest pay such additional amounts on the
notes as shall be necessary in order that the net amounts received by the holders of the notes after such
withholding or deduction shall equal the respective amounts which would have been receivable in respect of
the notes in the absence of any requirements to make such withholding or deduction.
Additional Issuances
We may issue from time to time, without giving notice to or seeking the consent of the holders of the notes,
additional notes having the same ranking and the same interest rate, maturity and other terms as the notes
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offered hereby, except for the initial public offering price and the issue date.
S-6
Table of Contents
Tax Redemption
The notes may be redeemed at our option and sole discretion, in whole, but not in part, at any time upon the
occurrence of a Tax Event (a "Tax Event Redemption"). In a Tax Event Redemption, the notes will be
redeemed at a redemption price equal to 100% of the principal amount thereof, together with accrued and
unpaid interest on the notes to, but excluding, the date fixed for redemption, and any Additional Amounts
thereon.
Substitution of the Issuer
Subject to certain conditions, the Trustee, upon receipt of an officers' certificate from the Issuer stating that
the proposed substitution of the Issuer will not be materially prejudicial to the interests of the holders of the
notes, and an opinion of legal counsel confirming that the holders of the outstanding notes will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such substitution and will be subject
to U.S. federal income tax as would have been the case if such substitution had not occurred, may but shall
not be obligated to agree with the Issuer, without the consent of the holders of the notes, to the substitution
in place of the Issuer as principal debtor under the indenture governing the notes and the notes of: (i) any
subsidiary of the Issuer; (ii) any successor in business of the Issuer; (iii) any holding company of the Issuer;
or (iv) any other subsidiary of such holding company. See "Description of the Notes--Substitution of the
Issuer."
Use of Proceeds
We estimate that aggregate net proceeds to us from the sale of the notes in this offering, after deducting the
underwriting discount and estimated offering expenses, will be approximately $981.8 million. We intend to
use the net proceeds of this offering for general corporate purposes.
Form and Minimum Denomination
The notes will be issued only in fully registered form without coupons, in minimum denominations of
$2,000 and any integral multiple of $1,000 in excess thereof.
Governing Law
The indenture that will govern the notes and the notes will be governed by and construed in accordance
with the laws of the State of New York.
Listing and Trading
We intend to apply to list the notes on the New York Stock Exchange. We expect trading in the notes on the
New York Stock Exchange to begin within 30 days of the issue date.
Risk Factors
Investing in the notes involves risks. See "Risk Factors" in our 2019 Annual Report on Form 20-F, which is
incorporated by reference into this prospectus supplement, and "Risk Factors" in this prospectus
supplement, for a discussion of the factors you should carefully consider before purchasing these securities.
S-7
Table of Contents
SUMMARY HISTORICAL FINANCIAL INFORMATION
The following table sets forth our selected consolidated financial data for the periods indicated. Certain data is derived from our audited
consolidated financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International
Accounting Standards Board ("IASB") and as endorsed by the European Union ("EU"). This table is only a summary and should be read in conjunction
with our consolidated financial statements and the related notes included in our Annual Report on Form 20-F for the year ended December 31, 2019,
which are incorporated by reference in this prospectus supplement and the accompanying prospectus.
(1)
(1)
(1)
(1)
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Income statement data

2019

2018

2017

2016

2015




$m

$m

$m

$m

$m

Continuing operations:






Gross premiums earned
45,064 45,614 39,800 38,865 42,335
Outward reinsurance premiums

(1,583)
(1,183)
(1,304)
(1,375)
(1,045)
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Earned premiums, net of reinsurance
43,481 44,431 38,496 37,490 41,290
Investment return
49,555
(9,117) 35,574 13,839
(1,648)
Other income

700
531
1,319
1,387
1,366
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Total revenue, net of reinsurance
93,736 35,845 75,389 52,716 41,008
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Benefits and claims and movement in unallocated
surplus of with-profits funds, net of reinsurance
(83,905) (23,426) (63,808) (42,881) (29,912)
Acquisition costs and other expenditure

(7,283)
(8,527)
(8,649)
(7,846)
(8,166)
Finance costs: interest on core structural borrowings
of shareholder-financed businesses

(516)
(547)
(548)
(488)
(477)
(Loss) gain on disposal of businesses and corporate
transactions

(142)
(107)
292
(322)
(70)
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Total charges, net of reinsurance
(91,846) (32,607) (72,713) (51,537) (38,625)
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Share of profits from joint ventures and associates,
net of related tax

397
319
233
200
261
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Profit before tax (being tax attributable to
shareholders' and policyholders' returns)(2)

2,287
3,557
2,909
1,379
2,644
Tax charges attributable to policyholders' returns

(365)
(107)
(321)
(210)
(105)
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Profit before tax attributable to shareholders' returns
1,922
3,450
2,588
1,169
2,539
Tax credit (charges) attributable to shareholders'
returns

31
(569)
(840)
(119)
(439)
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Profit from continuing operations

1,953
2,881
1,748
1,050
2,100
?
?
?
??
?
??
?
??
?
??
?
??
?
?
?
Discontinued UK and Europe operations' profit after
tax

1,319
1,142
1,333
1,552
1,841
Re-measurement of discontinued operations on
demerger

188
--
--
--
--
Cumulative exchange loss recycled from other
comprehensive income

(2,668)
--
--
--
--
?
?
?
??
?
??
?
??
?
??
?
??
?
?
?
(Loss) profit from discontinued operations

(1,161)
1,142
1,333
1,552
1,841
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Profit for the year

792
4,023
3,081
2,602
3,941
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Based on profit from continuing operations for the
year attributable to the equity holders of the
Company:






Basic earnings per share (in cents)

75.1¢ 111.7¢
68.0¢
41.0¢
82.3¢
Diluted earnings per share (in cents)

75.1¢ 111.7¢
67.9¢
40.9¢
82.2¢
S-8
Table of Contents
Statement of financial position data (at year end)

2019

2018(*)

2017(*)

2016(*)

2015(*)



$m

$m

$m

$m

$m

Total assets
454,214 647,810 668,203 581,394 570,377
Total policyholder liabilities and unallocated surplus of
with-profits funds
390,428 541,466 579,261 498,374 494,661
Core structural borrowings of shareholder-financed
businesses

5,594
9,761
8,496
8,400
7,386
Total liabilities
434,545 625,819 646,432 563,270 551,281
Total equity

19,669
21,991
21,771
18,124
19,096
(*)
The 2015 to 2018 comparative statements of financial positon include discontinued UK and Europe operations.
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Other data

2019

2018

2017

2016

2015

Dividend per share declared and paid in reporting
period(3)

63.18¢
64.34¢
59.32¢
69.72¢
59.01¢
Interim ordinary dividend/final ordinary dividend

63.18¢
64.34¢
59.32¢
55.20¢
59.01¢
Special dividend




14.52¢

Market price per share at end of period (in pence)(4)
1,449.0p 1,402.0p 1,905.5p 1,627.5p 1,531.0p
Weighted average number of shares (in millions)

2,587
2,575
2,567
2,560
2,553

Continuing operations

2019

2018(5)

2017(5)

2016(5)

2015(5)



$m

$m

$m

$m

$m

New business:






Single premium sales(6)

26,010
23,685
24,387
24,390
29,380
New regular premium sales(6)(7)

4,783
4,691
4,608
4,550
3,848
Funds under management
543,900 455,300 452,000 374,800 348,700
(1)
The 2015 to 2018 comparative results have been re-presented from those previously published for the demerger of M&G plc, in October 2019 which is reclassified
as discontinued operations in 2019 (as described in note A2 to the consolidated financial statements located in our Annual Report on Form 20-F for the year ended
December 31, 2019).
(2)
This measure is the formal profit (loss) before tax measure under IFRS. It is not the result attributable to shareholders. See "Presentation of results before tax" in
note A4.1(b) to our consolidated financial statements in our Annual Report on Form 20-F for the year ended December 31, 2019 for further explanation.
(3)
Under IFRS, dividends declared or approved after the balance sheet date in respect of the prior reporting period are treated as a non-adjusting event. The
appropriation reflected in the statement of changes in equity, therefore, includes dividend in respect of the prior year that was paid in the current year. The dividend
data stated above excludes the demerger dividend in specie of M&G plc. Please refer to note B6 to the consolidated financial statements located in our Annual
Report on Form 20-F for the year ended December 31, 2019 for further information.
(4)
Market prices presented are the closing prices of the shares on the London Stock Exchange on the last day of trading for each indicated period.
(5)
The 2015 to 2018 comparatives for new business and funds under management have been re-presented from those previously published to exclude our discontinued
UK and Europe operations. Additionally, the comparatives for funds under management also reflect adjustments to include cash and cash equivalents and to
exclude assets held that are attributable to external unit holders of collective investment schemes to align to the current year's presentation.
(6)
The new business premiums in the table shown above are provided as an indicative volume measure of transactions undertaken in the reporting period that have the
potential to generate profits for shareholders (see the "EEV Basis, New Business Results and Free Surplus Generation" section of our Annual Report on Form 20-F
for the year ended December 31, 2019). The amounts shown are not, and are not intended to be, reflective of premium income recorded in the IFRS income
statement.
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The details shown above for new business include contributions for contracts that are classified under IFRS 4 "Insurance Contracts" as not containing significant
insurance risk. These products are described as investment contracts or other financial instruments under IFRS. Contracts included in this category are primarily
Guaranteed Investment Contracts and similar funding agreements written in United States operations.
(7)
New regular premium sales are reported on an annualized basis, which represent a full year of instalments in respect of regular premiums irrespective of the actual
payments made during the year.
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RISK FACTORS
The notes offered by this prospectus supplement and the accompanying prospectus may involve a high degree of risk. You should read carefully the
following risk factors and the "Risk Factors" section in Prudential's Annual Report on Form 20-F for the year ended December 31, 2019 which is
incorporated by reference into this prospectus supplement, in addition to the other information set forth in this prospectus supplement and the
accompanying prospectus, before making an investment in the notes.
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Risks Relating to Prudential's Financial Situation
Prudential's businesses are inherently subject to market fluctuations and general economic conditions, each of which may adversely affect the
Group's business, financial condition, results of operations and prospects.
Uncertainty, fluctuations or negative trends in international economic and investment climates could have a material adverse effect on Prudential's
business and profitability. Prudential operates in a macroeconomic and global financial market environment that presents significant uncertainties and
potential challenges. For example, interest rates in the United States, or U.S., and some Asian countries in which Prudential operates remain low
relative to historical levels, and the transition to a lower carbon economy may impact on long-term asset valuations.
Global financial markets are subject to uncertainty and volatility created by a variety of factors. These factors include monetary policy in China, the
U.S. and other jurisdictions together with their impact on the valuation of all asset classes and effect on interest rates and inflation expectations,
concerns over sovereign debt and a general slowing in world growth. Other factors include the increased level of (geo)political risk and policy-related
uncertainty (including the broader market impacts resulting from the trade negotiations between the U.S. and China) and socio-political, climate-driven
and pandemic events and other outbreaks such as the recent coronavirus which has had a significant impact on financial market volatility and global
economic activity. The extent of financial market and economic impact of these factors may be highly uncertain and unpredictable and influenced by the
actions, including the effectiveness of mitigating measures, of governments, policymakers and the public.
The adverse effects of such factors could be felt principally through the following items:
·
Lower interest rates and reduced investment returns arising on the Group's portfolios including impairment of debt securities and loans,
which could reduce Prudential's capital and impair its ability to write significant volumes of new business, increase the potential adverse
impact of product guarantees included in Jackson's variable annuities and non-unit-linked investment products in Asia, and/or have a
negative impact on its assets under management and profit.
·
A reduction in the financial strength and flexibility of corporate entities which may result in a deterioration of the credit rating profile
and valuation of the Group's invested credit portfolio, as well as higher credit defaults and wider credit and liquidity spreads resulting in
realized and unrealized credit losses.
·
Failure of counterparties who have transactions with Prudential (e.g. banks and reinsurers) to meet commitments that could give rise to a
negative impact on Prudential's financial position and on the accessibility or recoverability of amounts due or, for derivative transactions,
adequate collateral not being in place.
·
Estimates of the value of financial instruments becoming more difficult because in certain illiquid or closed markets, determining the
value at which financial instruments can be realized is highly subjective. Processes to ascertain such values require substantial elements
of judgement, assumptions and estimates (which may change over time).
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·
Increased illiquidity, which adds to uncertainty over the accessibility of financial resources and in extreme conditions can impact the
functioning of markets and may reduce capital resources as valuations decline. This could occur where external capital is unavailable at
sustainable cost, increased liquid assets are required to be held as collateral under derivative transactions or redemption restrictions are
placed on Prudential's investments in illiquid funds. In addition, significant redemption requests could also be made on Prudential's
issued funds and while this may not have a direct impact on the Group's liquidity, it could result in reputational damage to Prudential.
The potential impact of increased illiquidity is more uncertain than for other risks such as interest rate or credit risk.
In general, upheavals in the financial markets may affect general levels of economic activity, employment and customer behavior. As a result,
insurers may experience an elevated incidence of claims, lapses, or surrenders of policies, and some policyholders may choose to defer or stop paying
insurance premiums. The demand for insurance products may also be adversely affected. In addition, there may be a higher incidence of counterparty
failures. If sustained, this environment is likely to have a negative impact on the insurance sector over time and may consequently have a negative
impact on Prudential's business and its balance sheet and profitability. For example, this could occur if the recoverable value of intangible assets for
bancassurance agreements and deferred acquisition costs are reduced. New challenges related to market fluctuations and general economic conditions
may continue to emerge.
For some non-unit-linked investment products, in particular those written in some of the Group's Asia operations, it may not be possible to hold
assets which will provide cash flows to match those relating to policyholder liabilities. This is particularly true in those countries where bond markets
are not developed and in certain markets where regulated premium and claim values are set with reference to the interest rate environment prevailing at
the time of policy issue. This results in a mismatch due to the duration and uncertainty of the liability cash flows and the lack of sufficient assets of a
suitable duration. While this residual asset/liability mismatch risk can be managed, it cannot be eliminated. Where interest rates in these markets remain
lower than those used to calculate premium and claim values over a sustained period, this could have a material adverse effect on Prudential's reported
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