REG - Prudential PLC Prudential Fdg(Asia) - Prudential Plc – FY25 Results

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RNS Number : 0349X  Prudential PLC  18 March 2026

 

NEWS RELEASE

18 March 2026

 

PRUDENTIAL PLC FULL YEAR 2025 RESULTS: DELIVERING DOUBLE-DIGIT GROWTH AND
INCREASED SHAREHOLDER RETURNS

Prudential plc ("Prudential"; HKEX: 2378; LSE: PRU) today announced its
financial results for the year ended 31 December 2025.

Performance highlights on a constant exchange rate basis (unless otherwise
stated) are as follows:

-   Prudential achieved high-quality growth consistently through all four
quarters of 2025. Growth was broad based across markets and channels.

-   Delivered double-digit growth across key financial metrics in line with
the Group's 2025 guidance:

-   New business profit on a traditional embedded value (TEV) basis grew 12
per cent to $2,782 million and new business margin increased 2 ppts to 42
percent.

-   Operating free surplus generated from in-force insurance and asset
management business was up 15 per cent to $3,059 million.

-   Earnings per share based on adjusted operating profit grew by 12 per
cent to 101.4 cents per share with adjusted operating profit before tax up 5
per cent to $3,306 million.

-   2025 total dividend of 26.60 cents per share, up 15 per cent, with 2025
second interim dividend of 18.89 cents per share.

-   Increased shareholder returns from implementing enhanced capital
management framework. Expected return to shareholders of more than $7 billion
over the 2024 to 2027 period, including:

-   Completed $2 billion share buyback and IPO of ICICI Prudential Asset
Management Company Limited (IPAMC) in 2025.

-   Commenced additional $1.2 billion buyback in 2026 and expect a $1.3
billion capital return in 2027, comprising recurring capital returns and IPAMC
IPO net proceeds.

-   Early in 2026, increased our stake in the Malaysia conventional business
to 70 per cent.

-   Group TEV equity of $37.8 billion, equivalent to 1,483 cents per share,
up 15 per cent (on an actual exchange rate basis).

-   Free surplus ratio of 221 per cent (2024: 234 per cent) and GWS
shareholder surplus over GPCR of $17.1 billion, equivalent to a cover ratio of
262 per cent.

-   S&P Global Ratings upgraded the Financial Strength rating of
Prudential's core entities to AA (from AA-) reflecting the Group's robust
capital position.

Commenting on the results, CEO Anil Wadhwani, said: "2025 was a strong year of
consistent delivery for Prudential, with double-digit growth reflecting
sustained momentum throughout the year. Structural demand for our products in
Asia and Africa continued to rise, driven by the increasing protection,
retirement and wealth needs of our customers. We continued to digitise our
customer acquisition and servicing capabilities - to drive not only agency
productivity and improve activation, but also to support product innovation
and enhance customers' experiences. All enabled by targeted investments in
modernising our technology platforms, data quality and operational efficiency.

"We are further strengthening our multi-channel distribution model, continuing
to professionalise our agency force and building on our successful
bancassurance partnerships, while extending our health and protection
business. Looking ahead, our focus remains firmly on high‑quality,
sustainable growth, disciplined capital allocation and delivering long‑term
shareholder value. We carry the momentum of 2025 into 2026 and are confident
in our double-digit growth trajectory across our key metrics, putting us
firmly on track to achieve our 2027 financial objectives."

 Summary performance financials (before non-controlling interests)              2025 $m  2024 $m      Change on   Change on CER basis

                                                                                                      AER basis
 New business profit                                                            2,782    2,464        13%         12%
 Operating free surplus generated from in-force insurance and asset management  3,059    2,666        15%         15%
 business
 Adjusted operating profit before tax                                           3,306    3,129        6%          5%
 Adjusted operating profit after tax                                            2,772    2,582        7%          7%
 IFRS profit after tax                                                          4,119    2,415        71%         69%

 

                                                             2025                    2024
 Balance sheet financials (after non-controlling interests)  Total    Per share      Total    Per share
 Group TEV equity                                            $37.8bn  1,483¢         $34.3bn  1,289¢
 IFRS shareholders' equity                                   $20.1bn  790¢           $17.5bn  658¢

 

 

Key Summary Financials

Earnings

                                                                      2025 $m  2024 $m  Change on AER basis  Change on CER basis
 Adjusted operating profit                                            3,306    3,129    6%                   5%
 Adjusted operating profit after tax                                  2,772    2,582    7%                   7%
 Basic earnings per share based on adjusted operating profit (cents)  101.4    89.7     13%                  12%
 IFRS profit after tax                                                4,119    2,415    71%                  69%
 Basic earnings per share based on IFRS profit after tax (cents)      154.2    84.1     83%                  82%

Value

                                              2025 $m  2024 $m  Change on AER basis  Change on CER basis
 APE sales                                    6,661    6,202    7%                   6%
 Present value new business premiums (PVNBP)  31,925   29,034   10%                  9%
 New business profit (TEV)                    2,782    2,464    13%                  12%
 New business margin (% APE)                  42       40       2ppts                2ppts
 Life weighted premium income                 28,106   25,542   10%                  9%
 TEV operating profit                         4,752    4,095    16%                  15%
 Operating return on embedded value (%)       15       14       1ppts                n/a

 

                                                   2025    2024    Change on AER basis  Change on CER basis
 Group TEV equity ($m)                             37,803  34,267  10%                  8%
 Group TEV equity per share (US$)                  14.83   12.89   15%                  13%
 Group TEV per share ($)                           14.53   12.62   15%                  13%
 Eastspring funds under management / advice ($bn)  277.7   258.0   8%                   n/a

Capital

                                                                                2025   2024   Change on AER basis  Change on CER basis
 Operating free surplus generated from in-force insurance and asset management  3,059  2,666  15%                  15%
 business ($m)
 Operating return on IFRS shareholders' equity (%)                              14     14     -ppts                n/a
 Dividend per share (cents)                                                     26.60  23.13  15%                  n/a

 

                                                                   2025 $m  2024 $m  Change on AER basis
 IFRS shareholders' equity                                         20,117   17,492   15%
 IFRS shareholders' equity per share (US$)                         7.90     6.58     20%
 Adjusted total comprehensive equity*                              42,068   36,660   15%
 Free surplus excluding distribution rights and other intangibles  9,408    8,604    9%
 Free surplus ratio (%)                                            221      234      (13)ppts
 Group leverage ratio (Moody's basis) (%)                          13       13       -
 Shareholders GWS coverage ratio over GPCR (%)                     262      280      (18)ppts
 Total GWS coverage ratio over GPCR (%)                            197      203      (6)ppts

*      Includes IFRS shareholders' equity and contractual service margin
net of tax and other adjustments. See "Definitions of Performance Metrics" in
our Annual Results Document for further information.

Notes

The summary financials presented above are the key financial metrics
Prudential's management use to assess and manage the performance and position
of the business. In addition to the metrics prepared in accordance with IFRS
standards - IFRS profit after tax and IFRS shareholders' equity - additional
metrics are prepared on alternative bases. The presentation of these key
metrics is not intended to be considered as a substitute for, or superior to,
financial information prepared and presented in accordance with IFRS
Standards. The definitions of the key metrics we use to discuss our
performance in this press release are set out in the "Definition of
performance metrics" section in our Annual Results Document, including, where
relevant, references to where these metrics are reconciled to the most
directly comparable IFRS measure. All metrics used by management to assess
performance (along with IFRS profit after tax) are presented before deduction
of the amount attributable to non-controlling interests. Balance sheet metrics
are presented net of non-controlling interests. This presentation is applied
consistently throughout this announcement.

Further information on actual and constant exchange rate bases is set out in
note A1 of the IFRS financial statement. All results are presented in US
dollars.

Annual Results Document

Prudential plc's results for the year ended 31 December 2025:

-   is available to view on the Prudential corporate website at
https://www.prudentialplc.com/en/investors/overview/

-   is also available at
http://www.rns-pdf.londonstockexchange.com/rns/0349X_1-2026-3-17.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0349X_1-2026-3-17.pdf)

-   has been submitted in full unedited text to the Financial Conduct
Authority's National Storage Mechanism and will shortly be available for
inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

Announcement publication

                                                    Hong Kong                 London                    New York
 Hong Kong Stock Exchange & UK Financial Media      Wednesday, 18 March 2026  Tuesday, 17 March 2026    Tuesday, 17 March 2026

                                                    6.00 am HKT               10.00 pm UKT              6.00 pm ET

 London Stock Exchange                              Wednesday, 18 March 2026  Wednesday, 18 March 2026  Wednesday, 18 March 2026

                                                    3.00 pm HKT               7.00 am UKT               3.00 am ET

 

Please note the impact of time zones on the announcement date for your
particular location.

Pre-Recorded Results Presentation

-   A pre-recorded presentation for analysts and investors will be available
on-demand from 6.00am HKT on Wednesday 18 March | 10.00pm UKT - 6.00pm ET on
Tuesday 17 March via this link:
https://meetings.100.lumiconnect.com/r/participant/live-meeting/100614516559

-   A copy of the presentation script will also be available on Prudential
plc's website at the same time.

Virtual Q&A Event for Analysts & Investors

Date: Wednesday, 18 March 2026

Time: 4.30pm HKT | 8.30am UKT | 4.30am ET

Accessing the Event (Recommended method):

We strongly encourage participants to join via the Lumi webcast platform:
https://reg.lumiengage.com/prudential-fy25/qawebcast/Site/Register

The webcast enables:

-   Live audio streaming;

-   Verbal questions using the integrated "Request to Speak" function;

-   Written question submission; and

-   Slide and document viewing.

Using the webcast platform provides the most stable audio connection and
ensures a seamless transition into the Q&A queue.

Alternative: Telephone Dial-in

If you are unable to access the webcast platform, you may dial in using the
numbers below:

Dial-in Numbers:

-   UK Local: +44 121 281 8004

-   UK Toll Free: 0800 015 6371

-   Hong Kong: +852 5808 0984

-   China: +86 400 122 4742

-   USA Local: +1 718 705 8796

-   USA Toll Free: 1 855 265 6957

-   Global dial-in numbers:
https://lumiagmukstreams.s3.eu-west-2.amazonaws.com/7.+Archive+2026/Prudential/Lumi+dial-ins+-+Prudential+IR.pdf

-   Request connection to Prudential 2025 Full Year Results Q&A Webcast

 

-   Press:

-   *1 to join the question queue

-   *2 to exit queue

 

Post-Event Access

Replay and transcript details will be published on our website following the
event.

For any questions, please contact us at the Investor Relations team using the
details below.

 

 Media                               Investors/analysts
 Simon Kutner   +44 (0)7581 023260   Patrick Bowes        +852 2918 5468
 Sonia Tsang    +852 5580 7525       William Elderkin     +44 (0)20 3977 9215
 Janice Wong    +852 6188 6381       Ming Hau             +44(0)20 3977 9293
                                     Bosco Cheung         +852 2918 5499
                                     Tianjiao Yu          +852 2918 5487

About Prudential plc

Prudential provides life and health insurance and asset management in Greater
China, ASEAN, India and Africa. Prudential's mission is to be the most trusted
partner and protector for this generation and generations to come, by
providing simple and accessible financial and health solutions. The business
has dual primary listings on the Stock Exchange of Hong Kong (HKEX: 2378) and
the London Stock Exchange (LSE: PRU). It also has a secondary listing on the
Singapore Stock Exchange (SGX: K6S) and a listing on the New York Stock
Exchange (NYSE: PUK) in the form of American Depositary Receipts. It is a
constituent of the Hang Seng Composite Index and is also included for trading
in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong
Stock Connect programme.

Prudential is not affiliated in any manner with Prudential Financial, Inc. a
company whose principal place of business is in the United States of America,
nor with The Prudential Assurance Company Limited, a subsidiary of M&G
plc, a company incorporated in the United Kingdom.

https://www.prudentialplc.com/

Forward-looking statements

This document contains 'forward-looking statements' with respect to certain of
Prudential's (and its wholly and jointly owned businesses') current plans,
goals and expectations relating to future financial condition, performance,
results, strategy and objectives. Statements that are not historical facts,
including statements about Prudential's (and its wholly and jointly owned
businesses') beliefs and expectations and including, without limitation,
commitments, ambitions and targets, including those related to sustainability
(including ESG and climate-related) matters, and statements containing words
such as 'may', 'will', 'prospects', 'goal', 'should', 'could', 'continue',
'aims', 'estimates', 'projects', 'believes', 'intends', 'expects', 'plans',
'targets', 'commits', 'seeks' and 'anticipates', and words of similar meaning
and the negatives of such words, are forward-looking statements. These
statements are based on plans, assumptions, estimates and projections as at
the time they are made, and therefore undue reliance should not be placed on
them. By their nature, all forward-looking statements involve risk and
uncertainty.

A number of important factors could cause actual future financial conditions
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:

-   current and future market conditions, including fluctuations in interest
rates and exchange rates, sustained inflationary pressure (including resulting
interest rate increases), volatile or sustained high or low interest rate
environments, the performance of financial and credit markets generally and
the impact of economic uncertainty, slowdown or contraction;

-   the impact of global political uncertainties, geopolitical instability,
armed conflicts and heightened geopolitical tension among major global powers,
including increased friction in cross-border trade and the exercise of laws,
regulations and executive powers to restrict or control trade, financial
transactions, capital movements and/or investment, as well as related
sanctions, trade restrictions, and other governmental or regulatory measures,
which may also impact policyholder behaviour and reduce product affordability;

-   asset valuation impacts arising from the transition to a lower carbon
economy;

-   derivative instruments not effectively mitigating any exposures;

-   the policies and actions of regulatory authorities, including, in
particular, the policies and actions of the Hong Kong Insurance Authority, as
Prudential's Group-wide supervisor, as well as the degree and pace of
regulatory changes and new government initiatives generally;

-   the impact on Prudential of systemic risk and other group supervision
policy standards adopted by the International Association of Insurance
Supervisors, given Prudential's designation as an Internationally Active
Insurance Group;

-   the physical, social, morbidity/health and financial impacts of climate
change and global health crises (including pandemics), as well as other
catastrophic events, both natural and human-made, which may impact
Prudential's business, investments, operations and its duties owed to
customers;

-   legal, policy and regulatory developments in response to climate change
and broader sustainability-related issues, including the development and
interpretation of regulations, laws and standards relating to sustainability
reporting, disclosures and product labelling (which may be inconsistent across
jurisdictions and give rise to conflicts of interpretation between national
approaches, misrepresentation or compliance risks) on the one hand, and those
which may seek to limit the influence of sustainability considerations on the
other;

-   the collective ability of governments, policymakers, the Group, industry
and other stakeholders to implement and adhere to commitments on mitigation of
climate change and broader sustainability-related issues effectively
(including not appropriately considering the interests of all Prudential's
stakeholders or failing to maintain high standards of corporate governance and
responsible business practices);

-   the impact of competition and rapid technological change, including the
pace of innovation, adoption, and changing customer demands;

-   the effect on Prudential's business and results from mortality and
morbidity trends, lapse rates and policy renewal rates;

-   the timing, impact and realisation of intended benefits, if any, 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 in a timely manner, or at all, or
adversely impacting the Group's operations or employees;

-   the availability and effectiveness of reinsurance for Prudential's
businesses;

-   the risk that Prudential's operational resilience (or that of its
suppliers and partners) may prove to be inadequate, including to prevent,
respond or recover from operational disruption arising from external events;

-   disruption to the availability, confidentiality or integrity of
Prudential's information technology, digital systems and data, including
hardware and software (or those of its affiliates, suppliers and service
providers, and partners) including the risk of cyberattacks, other data,
information or security breaches and challenges in integrating AI tools and
their related security and privacy considerations, which may result in
financial loss, business disruption and/or loss of customer services and data
and harm to Prudential's reputation;

-   the increased non-financial and financial risks and uncertainties
associated with operating joint ventures with independent partners;

-   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 Prudential and its affiliates
operate; and

-   the impact of legal and regulatory actions, investigations and disputes.

These factors are not exhaustive. Prudential operates in a continually
changing business environment with new risks emerging from time to time that
it may be unable to predict or that it currently does not expect to have a
material adverse effect on its business. In addition, 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 actual future financial conditions or performance to differ,
possibly materially, from those anticipated in Prudential's forward-looking
statements can be found under the 'Risk Factors' heading of Prudential's 2025
Full Year Results News Release, available on its website at
www.prudentialplc.com.

Any forward-looking statements contained in this document speak only as of the
date on which they are made or in the case of any document incorporated by
reference, the date of that document. Prudential expressly disclaims any
obligation to update any of the forward-looking statements contained in this
document or any other forward-looking statements it may make, whether as a
result of future events, new information or otherwise, except as required
pursuant to the UK's Public Offer and Admissions to Trading Regulations
(2024), the UK Prospectus Regulation Rules: Admission to Trading on a
Regulated Market, the UK Listing Rules, the UK Disclosure Guidance and
Transparency Rules, the Hong Kong Listing Rules, the SGX-ST Listing Rules or
other applicable laws and regulations. Unless expressly stated otherwise, no
statement contained or referred to in this document is intended to be a profit
forecast or profit estimate.

Prudential may also make or disclose written and/or oral forward-looking
statements in reports filed with or furnished to the US Securities and
Exchange Commission, the UK Financial Conduct Authority, the Hong Kong Stock
Exchange, the Securities and Futures Commission of Hong Kong and other
regulatory authorities, as well as in its annual report and accounts, other
periodic financial reports, proxy statements, offering circulars, registration
statements, prospectuses, prospectus supplements, press releases and other
written materials and in oral statements made by directors, officers or
employees of Prudential to third parties, including financial analysts. All
such forward-looking statements are qualified in their entirety by reference
to the factors discussed under the 'Risk Factors' heading of Prudential's 2025
Full Year Results News Release, available on its website at
www.prudentialplc.com.

Cautionary statements

This document does not constitute or form part of any offer or invitation to
purchase, acquire, subscribe for, sell, dispose of or issue, or any
solicitation of any offer to purchase, acquire, subscribe for, sell or dispose
of, any securities in any jurisdiction nor shall it (or any part of it) or the
fact of its distribution, form the basis of, or be relied on in connection
with, any contract therefor.

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