Slides
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Prudential plc 2026 Half Year Results 27 August 2026 2378.HK PRU.L
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2 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 matters, and statements containing words such as ‘prospects’, ‘goals’, 'may', 'will', 'should', 'could', 'continue', 'aims', 'estimates', 'projects', 'believes', 'intends', 'expects', 'plans', ‘targets’, ‘commits’, 'seeks' and 'anticipates', and words of a 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, 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 escalation of protectionist policies, 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 tensions, including increased friction in cross-border trade or the closure, restriction or disruption of key international trade routes, shipping lanes, maritime chokepoints or other critical transport corridors, 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 sustainability related considerations; 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; Disruption to critical infrastructure, including energy, telecommunications, transportation or other systems, whether arising from natural disasters, geopolitical events, operational failures or malicious activity, which may adversely affect Prudential's operations, customers or counterparties; 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 approaches, misrepresentation or compliance risks) on the one hand, and those which may seek to limit the influence of sustainability considerations on corporate activity 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), and the challenges presented by conflicting approaches in this regard; The impact of competition and 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 to 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, service providers and partners), including the risk of cyber-attacks, other data, information or security breaches and challenges in integrating AI tools and the 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 2026 Half 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 the document. Prudential expressly disclaims any obligation to revise or 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 Offers and Admissions to Trading Regulations (2024), the UK Prospectus 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 2026 Half 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. Forward-looking statements
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3 Chief Executive Officer Anil Wadhwani
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4 Note: Throughout the presentation, growth rates are compared to prior year period and on a constant exchange rate basis, unless otherwise stated. NBP numbers are on TEV basis. 1. Adjusted operating profit after tax (OPAT) per share, gross operating free surplus generation (OFSG), and dividend per share (DPS). 2. Operating profit after tax. On a like-for-like ownership (adjusting for the IPAMC sell-down) and constant exchange rate bases, compared to 1H25. 3. On actual exchange rate basis, compared to 31 Dec 2025. 4. Subject to regulatory approval. 5. Subject to the completion and net amounts received, post tax and transaction costs, from the sale of part of our stake in ICICI Prudential Asset Management Company as we progress towards meeting the initial free float requirement. Capital generationQuality growth Shareholder value Long-term growth Translating quality new business into predictable capital generation and sustainable shareholder returns Double-digit growth across earnings, capital and cash1 Delivered positive BAU operating variances Eastspring reported strong underlying profit growth +20%2; funds under management +5%3 Driving long-term shareholder value Malaysia: Increased conventional business ownership to 70% India: Repositioning with 75% controlling stake in Bharti Life4 India: Standalone Health (SAHI) licence approved Enhancing shareholder return Increase of c.$0.3bn5 to previously announced $1.2bn 2026 share buyback programme New business profit supported by multi-market and multi-channel growth engines Margin expansion driven by improvement in new business quality Firmly focused on delivering full year 2026 guidance and 2027 financial objectives Strengthening our competitive advantage in structurally growing markets in Asia and Africa Significant and durable long-term growth runway Disciplined execution driving quality growth, capital generation and shareholder returns
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5 Resilient 1H26 delivery, focused on delivering full year 2026 guidance Note: Growth rates are compared to prior year period and on a constant exchange rate basis, unless otherwise stated. Our full year 2026 guidance is double-digit growth across new business profit (NBP), adjusted operating profit after tax (OPAT) per share, gross operating free surplus generation (OFSG), and dividend per share. 1. Operating profit before tax +9%. After tax and NCI, OPAT attributable to shareholders +13%. Average number of shares outstanding reduced 4% through share buyback. 2. Includes $0.4bn dividends (net of scrip dividends) and $0.6bn share buyback. 3. Dividend per share growth on actual exchange rate basis. Group dividend policy: “Our dividend policy remains to grow broadly in line with net operating free surplus generation, which is calculated after investment in new business, central costs and capability investment. Given the strength of our capital generation, we expect to grow the ordinary dividend by more than 10 per cent in both 2026 and 2027. In addition to the ordinary dividend, the Board considers making additional recurring returns of capital out of the annual flow of capital generation.” Adjusted Operating Profit After Tax (OPAT) Gross Operating Free Surplus Generation (OFSG) New Business Profit (NBP) Ordinary Dividends and Buybacks2 +17% per share1 +15% +8% +15% DPS3 $1.4bn $1.5bn $1.8bn $1.0bn +19% per share +10% ex-Chinese Mainland
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6 Note: Growth rates are compared to prior year period and on a constant exchange rate basis. Executing on our strategic priorities at pace Agency Progressing on the agency transformation journey 749 1H25 1H26 +5% Agency NBP ($’m) Bancassurance NBP ($’m) 586 1H25 1H26 +13% 139 1H25 1H26 +15% Health NBP ($’m) Bancassurance Deepening strategic partnership and broadening distribution capabilities Health Building momentum on Health Customer Improving customer experience enabled by technology, operations and AI 2023-1H26 capability investment allocation Distribution Customer Health Underpinned by Investment in capabilities c.$0.7bn 94% Customer retention 2023 2024 2025 1H26 Cumulative investment 2023-1H26 10 Business units deployed PRUServices >$330m APE generated from Customer Engagement Platform+ 18% ex-Chinese Mainland
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7 Disciplined quality growth, generated by a diversified portfolio Note: Growth rates are compared to prior year period and on a constant exchange rate basis. 1. New business sales as measured by APE. 2. Operating profit after tax. On a like-for-like ownership basis, adjusting for the IPAMC sell-down. 3. NBP mix before central costs. 4. Based on an aggregate portfolio of products basis, from shareholder perspective. BalancedBroad-based NBP mix3 by channel (%) +20% Operating profit2 Asset management (Eastspring) +5% New business profit Greater China +13% New business profit ASEAN +11% New business sales1 +19% New business sales1 India Africa Quality 1.4 1H25 1H26 +8% NBP margin (% of APE) 36% 38% 40% 1H24 1H25 1H26 +10% ex-Chinese Mainland 42% Bancassurance 1H26 NBP 53% Agency Multi-market growth engines >25%4 IRRs <4 years4 Pay-back periods NBP ($’bn)
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8 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 +18% Bancassurance APE Chinese Mainland APE ($’m) 461 1H25 1H26 159 1H25 1H26 Management actions to align expense policy Engaging banks to align new guidance and reset momentum New product launches to optimise mix Further tightening of bancassurance expense (Apr’26) Regulatory change +12% APE sales via China CITIC Bank >80 Preferred bank branches vs. 50 in 2025 New business product mix (% APE) 1Q26 2Q26 Quarterly APE growth YoY +24% APE per active agent2 +40% MDRT3 qualifiers OPAT Chinese Mainland1 12% +33% Agency APE35% 76% 1H25 1H26 Par H&P Non Par NBP margin (%) 34%43% Near-term new business margin impacted by product mix shift Prudent strategy positioning for long-term growth Strong underlying drivers in bancassurance Focus on improving agency performance +21% (4)% Chinese Mainland: Responding to regulatory changes and product mix transition Note: Growth rates are compared to prior year period and on a constant exchange rate basis. Operating profit after tax mix chart is based on segment total IFRS operating profit after tax before non-controlling interests. 1. CITIC Prudential Life (CPL). CPL is included at Prudential’s 50 per cent interest in the joint venture. 2. Calculated as the average monthly agency APE divided by the number of active agents per month in $’000. Includes 100% of APE and number of active agents in Joint Ventures and Associates. 3. Million Dollar Round Table (MDRT). Performance highlights Chinese Mainland NBP ($’m) Quarterly Chinese Mainland Bancassurance APE
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9 1 26% 5% Hong Kong industry Prudential Hong Kong: Maintaining consistent, profitable and quality growth Note: Growth rates and margin changes are compared to prior year period and on a constant exchange rate basis. Operating profit after tax mix chart is based on segment total IFRS operating profit after tax before non-controlling interests. 1. Source: HKIA statistics as of first quarter 2026. 2. As of 1H26. 3. Chinese Mainland Visitor (CMV) Hong Kong NBP ($’m) 1H25 1H26 Bancassurance NBP+48% +8% Moderated growth following strong comparator Agency NBP+4% Focus on recurring long-term savings and H&P needs from customers Higher margins supported by a higher-quality mix and disciplined execution OPAT Hong Kong 34% Focused on disciplined execution across proprietary channels, quality products that deliver strong profitability APE mix (%) Recurring long-term product mix supports more sustainable growth & earnings 31% 90% 69% 10% Hong Kong industry Prudential 1 Distribution mix (% of APE) 2 2 NBP margin (% of APE) 50% 57% 1H25 1H26 Agency Bancassurance Broker Other Performance highlights High-quality franchise delivering profitable growth (2)% Domestic +22% CMV3 +7ppts NBP margins in both agency and bancassurance +13% H&P NBP 581 <5 years premium term >=5 years premium term
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10 Hong Kong: Recent commentary reinforcing existing rules Financial products likely to acquire in HK3 Intention of CMV to visit HK2 Focus on quality 65 70 71 69 76 65 74 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26 Intention of CMV visiting HK in next 12 months (%) 85 84 80 82 85 87 88 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26 Any insurance products4 in next 12 months (%) No change in HKIA insurance sales requirements CMV sales conducted in Hong Kong requiring customer physical presence with robust KYC / AML controls >95% of premiums collected through Hong Kong banking systems Monitoring customer buying behaviour in light of recent regulatory reinforcement Underlying structural drivers of demand remain intact Asset diversification Brand and customer service Legacy planning Medical care OPAT Hong Kong 34% Note: Based on our 2Q 2026 Chinese Mainland Sentiment Tracker conducted through an online survey. Survey results are based on sample size of 450. Operating profit after tax mix chart is based on segment total IFRS operating profit after tax before non-controlling interests. 1. Chinese Mainland Visitors (CMV) 2. Based on all respondents of the CMV Sentiment Tracker undertaken in June 2026. 3. Based on respondents who have the intention to manage personal wealth in HK in the next 12 months. 4. Any insurance products refers to insurance with coverage in the event of death, Critical illness, Medical & hospitalisation insurance and savings insurance. Attractiveness of HK Policies c.99% customer retention (domestic and CMV1)
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11 ASEAN: Proof points of our underlying transformation Note: Growth rates are compared to prior year period and on a constant exchange rate basis. Operating profit after tax mix chart is based on segment total IFRS operating profit after tax before non-controlling interests. 1. From regulatory and insurance associations’ information 2. NBP per active agent is calculated as Agency NBP divided by monthly average active agents. 493 1H25 1H26 Improvement in NBP margin+2ppts 1Q26 2Q26 +9% +17% Growth YoY (%) OPAT Singapore Malaysia Indonesia43% ASEAN Growth markets & other Performance highlights ASEAN NBP ($’m) +13% Malaysia: Solid agency transformation progress Indonesia: Strong bancassurance performance Thailand: Product innovation drove momentum +23% Average agency case size Top 3 market share1 +29% NBP per active agent 2 +36% Agency NBP +6% NBP per active agent 2 +55% Bancassurance NBP Top 3 market share1 #1 in Sharia Top 3 market share1 #1 in Takaful Top 3 market share in bancassurance1 +41% APE Launched innovative US multi-asset index-linked products +9% NBP per active agent 2 Singapore: Improving agency sales momentum
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12 India: Repositioning Life and Health operations Note: Growth rate and margin change are compared to prior year period and on a constant exchange rate basis. Source: IRDAI report, United Nations, Swiss Re sigma. 1. Subject to regulatory approval. 2. Health & protection gap is in premium equivalent terms. Life business Health businessIndia opportunity $60bn+ Health & protection gap2 Largest structural Life growth opportunity in Asia ex-Chinese Mainland c. 22% of Asia’s expected premium growth over five years Private-sector premium inflows up ~2.3x over 2019-25 Structural tailwinds from rising wealth, protection needs and increasing insurance penetration Deploy Prudential’s product, distribution, technology and capital-management capabilities Bharti Airtel: Omnichannel reach into a scaled customer base (450m+ customers) 360 ONE: Access to 8,500+ HNW / affluent / institutional relationships (>$70bn AUM) Acquiring 75% controlling stake in Bharti Life1, a high-growth platform with strong long-term potential India Health business launched, issued first policy Scale digital/direct distribution Transform agency into a professional, advice-led model Create Life-Health synergies across propositions, distribution and technology <3% Life insurance penetration 1.4bn+ Population Tailor propositions for focused customer segments Deliver a differentiated customer experience powered by AI Leverage partnerships in adjacencies to deliver compelling value proposition Long-term ambition: Build a differentiated India franchise aligned to “Viksit Bharat / Insurance for All by 2047” Focus on Health and Protection
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13 278 291 1.4 4.3 7.4 FUM 31 Dec 25 External net flow Internal net flow Market movements, MMF net flows & other FUM 30 Jun 26 Market movements, MMF net flows and other 22% 9% 46% 17% 6% External retail Internal funds under advice Money Market Funds External institutional Internal FUM Eastspring: Important value creator and key differentiator Operating profit after tax1 ($’m) of FUM outperforming 3-year benchmarks74% 141 1H25 1H26 Cost-income ratio55% Building greater synergies between Eastspring and Life Co-developed solutions across markets, enabled by expanded capabilities and closer collaboration Presence in 10 local markets in Asia, with deep local insights and knowledge Strongly positioned to capture the tailwinds of accelerating capital flows from rising wealth and retirement needsHigh ROE with high cash generation Total internal: $186bn Total external: $105bn Funds under management$291bn Positive net flows ($’bn) Net flows: +$5.7bn +5%2 Performance highlights Diversified funds under management (FUM) FUM by source, 30 Jun. 2026 Note: Growth rates are compared to prior year period and on a constant exchange rate basis. 1. On a like-for-like ownership (adjusting for the IPAMC sell-down) and constant exchange rate bases, compared to 1H25. 2. On actual exchange rate basis, compared to 31 Dec 2025. +20%
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14 Agency: Continued productivity growth opportunity 1H26 NBP1 Note: Growth rates are compared to prior year period and on a constant exchange rate basis. 1. NBP mix before central costs. 2. Calculated as the average monthly agency new business profit divided by the number of active agents per month in $’000. Includes 100% of new business profit and number of active agents in Joint Ventures and Associates. 3. Average monthly active agents. 749 1H25 1H26 Improvement in NBP margin+2ppts 2.5 1H25 1H26 +9% 55 1H25 1H26 MDRT globally#2 Developed markets Emerging ASEAN 1H25 1H26 +5% 1H25 1H26 +19% Developed markets Emerging ASEAN 1H25 1H26 flat 1H25 1H26 (11)% (4)% 53% Agency Agency NBP ($’m) Performance highlights NBP per active agent2 ($’000) Consistent growth in productivity Quality recruitment in Emerging ASEAN - a key priority to counterbalance active agent contraction Active agents3 (‘000) +5%
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15 Agency: Accelerating productivity and quality recruitment Note: Growth rates are compared to prior year period and on a constant exchange rate basis. African francophone business excluded for like-for-like comparison. 1. NBP mix before central costs. 2. Calculated as the average monthly agency new business profit divided by the number of active agents per month in $’000. Includes 100% of new business profit and number of active agents in Joint Ventures and Associates. 3. More productive than non-PRUVenture new recruits. Sustaining productivity growth Leveraging AI and technology to enhance productivity across the agency lifecycle; further roll out of PRUAction in Emerging ASEAN Strengthening the affluent product proposition and value-added services Increasing margin through a greater focus on H&P Enabling upward migration through stronger systems and ways of working Focused upskilling programmes with LIMRA and MDRT Academy for our MDRTs and MDRT aspirants Our continued initiatives Transforming quality recruitment for sustained active agent growth Enhancing ticket size at the entry level, driven by a higher intake through a greater proportion of recruits from PRUVenture Accelerating leader development in emerging ASEAN to improve leader capability and drive quality recruitment Strategic partnership with LIMRA for leader training and industrialisation of Career Choices® recruitment tool Our continued initiatives Quality orientation with slowing contraction in active agents Active agents (‘000) 55 1H24 1H25 1H26 (4)%(6)% 1H26 NBP1 53% Agency NBP per active agent2 ($’000) 2.1 2.3 2.5 1H24 1H25 1H26 Continued deployment of AI with PRUAction 6x more productive3 +36% increase in APE from PRUVenture agents in Hong Kong and Malaysia Successfully launched in the Philippines and Indonesia PRUAction accessible by >5K agents in Singapore +13% higher productivity for active PRUAction users
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16 Bancassurance: Tapping into the wealth flows in Asia Note: Growth rate and margin change are compared to prior year period and on a constant exchange rate basis. 1. NBP mix before central costs. 2. Average APE mix from 1H23-1H26. 42% Bancassurance 1H26 NBP1 586 1H25 1H26 +18% ex-Chinese Mainland 1H23 1H26 Exclusive bancassurance partners APE +13% CAGR Growing non-exclusive partnerships 1H23 1H26 Non-exclusive bancassurance partners APE CAGR Key exclusive partners: c.150 non-exclusive partners APE mix 1H23-262 Exclusive Non- exclusive +16% Improvement in NBP margin+1ppt Performance highlights Bancassurance NBP ($’m) Exclusive partnerships driving sustainable and quality growth On track to meet the bancassurance NBP objective one year ahead of plan +13%
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17 Driving business scalability & growth with One-Tech Digital Backbone One-Tech Digital Backbone Powered by a business-led AI strategy, embedded end-to-end across the customer value chain Note: Based on June 2026 data. Growth rate and margin change are compared to prior year period and on a constant exchange rate basis. 1. Based on selected digital deliveries leveraging AI-assisted development, co-development and SAFe practices. 2. Organic leads generated from websites across 12 business units, excluding paid. 3. Digital Interactions volumes in 1H26 compared to FY 2025, include service transactions and information requested self-serviced by customer, excluding payments. Figures reflect only markets where PRUServices is live in production, excludes PCLA and Macau. 4. Four markets with > 80% STP are Hong Kong, Singapore, Indonesia and Malaysia Takaful, and contributed to 61% of total transactions. 5. Contributed by new action-oriented performance management application (PRUAction) launched in Singapore and stabilisation of other agency digital applications across all markets. Productivity is measured by new cases per active agent. 6. MedScreen+ deployed in PHKL (Hong Kong). From fragmented digital stacks to a unified platform, accelerating growth, improving productivity, and simplifying operations Business Growth +66% Leads uplift via new website2 >$330m APE via AI-enabled Customer Engagement Platform Customer Value 2X digital interactions3 powered by PRUServices & Prudential mobile app Productivity & Efficiency >80% STP in 4 key markets 4 13% Agent productivity uplift 5 Improved business outcomes Innovation & Deployment 70% Digital architecture alignment by 2026 >50% Faster release time 1 AI Adoption Resiliency & Stability >99.9% System availability >90% Cloud adoption in 7 markets Strengthened digital capabilities >95% Enterprise adoption of AI productivity tools 4 5 6 1 2 3 50% Time-to-decision for medical underwriting6 3 high-value domains Agency, operation, health as AI strategic priorities
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18 Committed to delivering attractive shareholder returns 1. Subject to HKIA approval. 2. Subject to the completion and net amounts received, post tax and transaction costs, from the sale of part of our stake in ICICI Prudential Asset Management Company as we progress towards meeting the initial free float requirement. >$7bn Capital returns to shareholders 2024-27 Growing ordinary dividend Recurring capital returns Additional return of capital Total capital returns Increased buyback in 2026 Completed $0.6bn share buyback1H26 2027 Planned $1.3bn capital returns1 2025 Completed c.$1.2bn share buyback 0.6 0.7 0.8 1.2 0.5 0.61 0.7 0.71 0.32 2024 2025 2026 2027 Additional c.$0.3bn share buyback24Q26 Planned $0.6bn share buyback to be completed 2H26 Illustrative trajectory 2024-2027 ($’bn)
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19 2022 2023 2024 2025 2026 2027 objective Firmly focused on delivering 2027 objectives Note: Group dividend policy: “Our dividend policy remains to grow broadly in line with net operating free surplus generation, which is calculated after investment in new business, central costs and capability investment. Given the strength of our capital generation, we expect to grow the ordinary dividend by more than 10 per cent in both 2026 and 2027. In addition to the ordinary dividend, the Board considers making additional recurring returns of capital out of the annual flow of capital generation.” 1. After allocation of central costs. 2. Growing NBP at 15-20% CAGR between 2022 and 2027 and achieving Gross OFSG of at least $4.4bn in 2027. These objectives assume exchange rates at December 2022 and are based on regulatory and solvency regimes applicable across the Group at the time the objectives were set. The objectives assume that the same TEV and Free Surplus methodology will be applicable over the period and no material change to the economic assumptions. 3. Gross OFSG is the operating free surplus generated from in-force insurance business which represents amounts emerging from the in-force business during the year before deducting amounts reinvested in writing new business and excludes non-operating items. For asset management businesses, it equates to post-tax operating profit for the year. 20% 15% Objective: 15-20%2 CAGR 2022-27 2022 2023 2024 2025 2026 2027 objective >$4.4bn Objective: >$4.4bn2 in 2027 1H 1H 1H 1H +8% YoY +15% YoY +18% CAGR 2022-25 +15% New business profit Gross OFSG $2.8bn $3.4bn $3.1bn Illustrative trajectory 2022-20271 Illustrative trajectory 2022-20273
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20 Confidence in the long-term potential of our markets Source: United Nations, IMF, Swiss Re Sigma, BCG. 1. Calculated as premiums in % of GDP. 2. Mortality protection gap is defined as dependent support shortfall after primary income earner death. Health protection gap is defined as uncovered out-of-pocket health care costs that cause financial strain to households. c.$300bn health & protection gap is in premium equivalent terms. 3. Prudential Asia markets. 4. Asia excluding Australia, Japan, and Korea. 1 in 4 people in Asia over 60 by 2050, accounting 65%+ of the world’s population >60 4 billion+ population in our markets (~50% of world’s population) c.$300 billion Health and protection gap2 c.$43 trillion Mortality gap2 9% 3% UK Asia and Africa Penetration1 (%) 4% 5% 9% North America Western Europe Asia- Pacific Financial wealth growth, 2024-29 (%) Favourable demographics Large health & protection gap Robust economic growth Private financial wealth 2015 2025 2035 Asia World Gross written premium rebased 2015 to 100 (x) Prudential’s life markets in Asia are growing 2x faster than other regions 4 2.1x 1.4x 3.8x 2.2x $5.8 trillion Intergenerational wealth transfer in APAC 2023-30 4.7% 4.4% 4.3% 3.1% 3.2% 3.2% 2026 2027 2028 Asia World Real GDP YoY growth, 2026-28 (%) 3
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21 Renewed focus on Customer, Distribution and Health Investing in enablers to support strategy New leadership team Introduced new and consistent Management Information and reporting Accelerating growth at scale with momentum across Agency, Bancassurance and Health and Protection (H&P) Customer experience and operational excellence Consistent delivery of financial objectives Engaged people and high- performance culture Continuous progression on digitising Tech and Ops platforms, leveraging AI and data analytics Delivering on our 5-year strategy 1. Divestment completed in July 2025 of Cameroon, Cote d’Ivoire and Togo. 2. Subject to regulatory approval. 3. Our full year 2026 guidance is double-digit growth across new business profit (NBP), adjusted operating profit after tax (OPAT) per share, gross operating free surplus generation (OFSG), and dividend per share. 2023 2024 2026 2027… Reset Build Accelerate 2025 1H26 Operational delivery Strategic capital allocation 2025 - Divested francophone markets in Africa1 and Eastspring Korea 2025 - India AMC IPO 1H26 - Increased ownership to 70% in Malaysia conventional business 1H26 – Repositioning in India with 75% controlling stake in Bharti Life insurance2 Jul’26 – Approval received for Standalone Health licence in India Disciplined execution of capital allocation framework to support durable quality growth and sustainable capital returns Firmly focused on delivering full year 2026 guidance across all key financial metrics 3 and achieving 2027 financial objectives Executing against our strategic priorities at pace: Sustaining bancassurance momentum while accelerating agency productivity and quality Continuous enhancement of new business quality Efficiency through digitisation, analytics and AI Financial delivery
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22 Supplementary CEO slides
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23 Leading positions across high-growth markets in Asia and Africa Trusted household brand with nearly 180-year heritage Balanced and scaled distribution channels An integration of life insurance and asset management capabilities S&P ‘AA’ financial strength Growth >10% in earnings per share, capital and DPS1 Capital on track for >$7bn capital return to shareholders 2024-27 Consistency >10% guidance across key financial metrics2 in 2026 Confidence in the long-term potential of our markets Prudential consistently delivers high-quality growth and strong shareholder returns Note: Group dividend policy: “Our dividend policy remains to grow broadly in line with net operating free surplus generation, which is calculated after investment in new business, central costs and capability investment. Given the strength of our capital generation, we expect to grow the ordinary dividend by more than 10 per cent in both 2026 and 2027. In addition to the ordinary dividend, the Board considers making additional recurring returns of capital out of the annual flow of capital generation.” 1. Adjusted operating profit after tax per share, gross operating free surplus generation (OFSG) and dividend per share. 2. Key metrics are new business profit, adjusted operating profit after tax per share, gross operating free surplus generation (OFSG) and dividend per share.
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24 Presence in 10 local markets in Asia, with deep local insights and knowledge High ROE with high cash generation Continued focus on quality growth Note: Growth rates are compared to prior year period and on a constant exchange rate basis. 1. Four markets with > 80% STP are Hong Kong, Singapore, Indonesia and Malaysia Takaful, and contributed to 61% of total transactions. 2. On actual exchange rate basis, compared to 31 Dec 2025. 3. On a like-for-like ownership (adjusting for the IPAMC sell-down) and constant exchange rate bases, compared to 1H25. 4. Savings through platforms powered by data analytics and AI. 5. In Hong Kong (life business), Malaysia, Singapore, Philippines, Taiwan, Thailand, Indonesia, and Vietnam. Driving customer growth and loyalty Building greater synergies with Eastspring Important value creator and key differentiator Growing Health and Protection 94% Customer retention Key to drive margin expansionDelighting our customers ~5.5m Leads generated from PRULeads Engagement Customer Engagement Platform (CEP) contributed >$330m APE Purchase PRUServices deployed in 10 business unitsService >80% Straight-Through Processing in four markets1Claims Strongly positioned to capture the tailwinds from rising wealth, retirement needs and accelerating capital flows Co-developed solutions across markets, from structured endowment products to scalable model portfolios and new fund launches+5% Increase in funds under management2 +20% Operating profit after tax 3 +15% Health NBP Smarter underwriting to increase STP and leverage analytics to develop more sophisticated risk assessment Improved sales enablement to increase number of agents selling H&P and grow H&P mix within bancassurance >$75m Fraud, Waste and Abuse savings4 in 1H26 Enhanced customer experience through digital self service Improved operational performance leading to increased claims savings +5% Repurchase APE5
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25 Transforming our Health and Protection business model Note: Growth rates are compared to prior year period and on a constant exchange rate basis. 1. NBP mix before central cost. 2. Straight-through processing. Performance highlights 139 1H25 1H26 Health NBP ($’m) Health earned premium+8% Health and Protection mix133% Smarter underwriting to increase STP2 and leverage analytics Improved operational performance Improve H&P focused sales enablement Enhanced customer experience +3% Health NBP per active agent Increasing agency capabilities Activating bancassurance Sales Enablement Increase number of agents selling Health and Protection, and grow H&P mix within bancassurance 9% H&P mix in banca APE 69% Overall Auto Underwriting AI Underwriting Launched with MedScreen+ in Hong Kong Underwriting Launch AI-enabled UW across multiple markets to increase STP2 and sales performance +7ppts Improvement in claims STP2 Guided Care Scale care concierge services to guide patients to the right care, at the right time, place and cost >$75m Fraud, Waste and Abuse savings in 1H26 Fraud, Waste and Abuse Leverage AI to significantly enhance our FWA detection and prevention capabilities >3 million Customers with access to Guided Care services 5 Major Health markets with digital claims submission Focus for next 6-12 months +15%
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26 Performance highlights Africa APE sales Africa: Significant growth opportunities ahead Note: Growth rates are compared to prior year period and on a constant exchange rate basis. Source: United Nations, Deloitte. 1. Million Dollar Round Table (MDRT). 1H25 1H26 Top 5 rankings in 3 out of 5 markets, including #1 in Zambia Double-digit growth in both agency and bancassurance channels +23% Agency APE >25 Bank partnerships c.1k Bank branch access + 13% Bancassurance APE Quality agency force Expanding partnerships Established operations <1.5% Life insurance penetration 400m Accessible population Ghana Kenya Uganda Zambia Nigeria 10+ years of operation in Africa 5 markets 100% ownership in Nigeria Key strategic bank partners Live in Kenya +6% Active agents +43% MDRT1 qualifiers +10% Cases per active agent +19%
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27 Responsible Investment Enable a just and inclusive transition to net zero for every future Decarbonising our portfolio Financing a just and inclusive transition Mainstreaming responsible investments in emerging markets Sustainability at the core of everything we do Note: Figures as of 31 December 2025. For more details: https://www.prudentialplc.com/en/sustainability-social-impact/sustainability 1. Only cash contribution is reported for community investment. In-kind charitable activities and donations are excluded. 2. Cha-Ching, our award-winning financial literacy programme owned by The Prudence Foundation (since 2016). 3. The carbon footprint of the investment portfolio is in line with industry practice and standards. Further information is provided in the Basis of Reporting here: https://www.prudentialplc.com/content/dam/prudential-plc/sustainability-social-impact/sustainability/sustainability-reporting/basis-of-reporting-2025.pdf 4. Financing the transition target is a critical underpin for the WACI reduction target and is linked to our executive remuneration. 5. Group Leadership Team (GLT) is defined as the direct reports of all GEC members, all CEOs of our Life businesses and their direct reports, all CEOs of our Eastspring businesses, and select roles that are essential in delivering our strategy. 6. This includes people managers in group head offices and life businesses, Eastspring Investments adopted sustainability goals for specific people managers linked to the nature of their role and business priorities. Sustainable Business $16m Community investment spend1 Simple and accessible health and financial protection Increase access to health and financial protection for every life Embed sustainability into our business and value chain to amplify the pace and scale of our impact Developing sustainable and inclusive offerings Driving partnerships and digital innovation for health outcomes Building resilient communities Empowering our people Establishing sustainable operations and value chain Harnessing thought leadership to shape the agenda >3.9m Students reached via Cha-Ching2 53% WACI reduction vs 2019 3 $1.5bn Financing the transition investments 4 38% Female leadership 5 7,100+ of employees6 set at least one sustainability- linked goal Target: 55% WACI reduction by 2030 Target: Reach $6bn FTT portfolio investments by 2030 to support a lower-carbon future. Target: 42% female leadership by 2027 AA (2024: AA) 14.3 (2024: 17.2) A- Climate (2024: C) 1st Decile (2024: 1st Decile)
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28 Chief Financial Officer Ben Bulmer
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29 1H26 highlights Note: Growth rates are YoY, on a constant exchange rate basis, unless otherwise stated. 1. Growth rates on actual exchange rate basis. Our dividend policy remains to grow broadly in line with net operating free surplus generation, which is calculated after investment in new business, central costs and capability investment. The Board applies a formulaic approach to first interim dividends, calculated as one-third of the previous year’s full-year ordinary dividend per share. 2. Subject to regulatory approval. 3. Subject to the completion and net amounts received, post tax and transaction costs, from the sale of part of our stake in ICICI Prudential Asset Management Company as we progress towards meeting the initial free float requirement. Value Earnings Capital +8% +17% +15% +15% FY 2026 guidance: >10% FY 2026 guidance: >10% per share FY 2026 guidance: >10% FY 2026 guidance: >10% per share On-going financial delivery Building long-term shareholder value OPAT per share Gross OFSG Dividend per share1 New business profit Increase of c.$0.3bn3 to previously announced $1.2bn 2026 share buyback programme On track to deliver >$7bn capital returns to shareholders (2024-27) Disciplined capital management Strengthening our portfolio India: Agreed to purchase 75% controlling stake in Bharti Life2 India: Licence approved for Standalone Health (SAHI) Malaysia: Increased ownership to 70% in conventional business
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30 1H26 NBP1 1H26 NBP1 High quality and diversified NBP growth New business profit Broad-based growth Hong Kong +8% Chinese Mainland (4)% Indonesia 0% Singapore +5% Malaysia +46% Growth markets and other +10% NBP growth by geography (%) NBP growth by channel (%) Agency +5% Bancassurance +13% Other1 +1% Note: Growth rates are compared to prior year period and on a constant exchange rate basis. 1. NBP mix and growth before central costs. Value Earnings Capital 1.4 1H25 1H26 NBP ($’bn) +8% +10% ex-Chinese Mainland
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31 40% 1H25 1H26 33% 28% 21% 7% 11% High quality, higher margin, capital generative new business Note: Growth rates are on a constant exchange rate basis, unless otherwise stated. 1. Product NBP mix before central costs. 2. Present value of new business premiums (PVNBP) margin before notional recharge. 3. Based on an aggregate portfolio of products basis, from shareholder perspective. +2ppts % PVNBP margin2 13% 8% H&P Savings Health and Protection (H&P) Linked Non-Participating Participating NBP $1.4bn Participating (Shareholder-backed) Value Earnings Capital NBP1 by product (%)Group NBP margin (%) Agency NBP margin +2ppts Bancassurance NBP margin+1ppt High quality and capital velocityHigher margin >25%3 IRRs <4 years3 Pay-back periods
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32 Strong growth in embedded value (EV) Note: Totals do not cast as a result of rounding. Growth rates are on a constant exchange rate basis, unless otherwise stated. 1. Asset management (AM) 2. Operating return on embedded value is calculated as TEV operating profit for the period after non-controlling interests as a percentage of opening Group TEV equity, on an annualised basis, excluding goodwill, distribution rights and other intangibles. Operating profit and Group TEV equity are net of non-controlling interests. Presented on a rounded basis. 3. Other includes increase in ownership interest in the Malaysia conventional life business. 4. Actual exchange rate basis. Value Earnings Capital EV Operating profit +11% Driving higher embedded value per share +11% EV operating profit ($’bn) 2.3 2.5 0.1 0.1 1H25 Operating profit NBP In-force, AM, and Centre 1H26 Operating profit 97.6¢ per share 83.9¢ per share 1 +16% 37.8 40.1 39.1 2.5 (0.2) (1.0) 31 Dec. 2025 EV equity Operating profit Non-operating result, FX impact and other 30 Jun. 2026 EV equity before capital returns Dividends / Share buybacks 30 Jun. 2026 EV equity EV shareholders’ equity ($’bn) $15.27 per share ex. goodwill $14.53 per share ex. goodwill +6%4 +5%4 Return on EV2: 15% 3
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33 25.9 25.9 27.3 28.2 28.2 28.5 27.1 26.8 26.8 1.4 0.9 0.3 (1.4) (0.2) 31 Dec. 2025 New business Normalised unwind CSM before variances, FX, release Economic and other variances Balance before release Release to income statement FX 30 Jun. 2026 CSM movement, net of reinsurance 1H26 (Shareholder view) ($’bn) Consistent underlying CSM growth Note: Contractual Service Margin (CSM). Totals may not cast as a result of rounding. The movement of CSM over the period in the chart above is provided after excluding the movement relating to the reinsurance contracts that are wholly attributable to policyholders. 1. Underlying CSM growth presented on an actual exchange rate basis and calculated excluding the effect of economic and other variances and exchange rates. 2. The unwind of CSM presented reflects the accretion of interest on general measurement model contracts, together with the unwind of variable fee approach contracts on a long-term normalised basis. 3. Calculated as adjusted CSM release (based on operating release) / (CSM closing balance – adjusted CSM release - FX movements). +$2.3bn Net ‘underlying’ CSM increase: $0.9bn +7%1 2 Adjusted CSM release rate3: (10.0)% Value Earnings Capital New business CSM growth rate: +9%
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34 1.90.5 (0.0) Adjusted CSM release Net investment result Other Operating profit Insurance profit Hong Kong Chinese Mainland1 Singapore Malaysia Indonesia Growth Markets and other 1.9 1.4 +10% +2% +5%Growth Earnings per share +17% IFRS insurance adjusted operating profit 1H26 ($’bn) Diversified insurance profit 1H26 1H25 (CER) % YoY Insurance 1,925 1,832 +5 Asset management3 155 154 +1 Total segment profit 2,080 1,986 +5 Corporate expenditure (118) (119) +1 Interest payable on core structural borrowings (96) (87) (10) Net investment return and other2 (4) (24) +83 Restructuring costs (50) (88) +43 OPBT 1,812 1,668 +9 Tax (289) (283) (2) Non-controlling interests (54) (86) n/a OPAT (Shareholder) 1,469 1,299 +13 Average no. of shares outstanding 2,515 2,609 (4) Operating earnings per share (¢) 58.4 49.8 +17 Value Earnings Capital IFRS adjusted operating profit ($’m) 17% EPS growth driven by high quality, efficient growth, and active capital management Note: Totals do not cast as a result of rounding. Growth rates presented on a constant exchange rate (CER) basis. The drivers of insurance business operating profit before tax over the period in the chart above are provided after excluding the movement relating to the reinsurance contracts that are wholly attributable to policyholders. 1. Chinese Mainland is included at Prudential’s 50 per cent interest in the joint venture. 2. Other includes interest earnings on central cash balances, and removal of intercompany profit on Eastspring’s provision of asset management services to the life entities. 3. Operating profit before tax +19% on a like-for-like ownership basis, adjusting for the IPAMC sell-down.
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35 2.8 2.7 2.7 3.1 20224 20234 2027 objective 2024 2025 2026 Gross OFSG momentum continuing 1. Gross OFSG is the operating free surplus generated from in-force insurance business which represents amounts emerging from the in-force business during the year before deducting amounts reinvested in writing new business and excludes non-operating items. For asset management businesses, it equates to post-tax operating profit for the year. Assumes average exchange rates of 2022 and economic assumptions made by Prudential in calculating the TEV basis supplementary information for the year ended 31 December 2022. Based on regulatory and solvency regimes applicable across the Group at the time the objectives were set. Assumes that the existing TEV and Free Surplus methodology at December 2022 will be applicable over the period. 2. Operating assumptions and experience variances. 3. Operating assumptions and experience variances excluding investment in capabilities. 4. On EEV basis. >4.4 Lower sales over COVID, adverse variances2 Return to growth, supported by repricing actions, improving product mix and variances 1H26 1H25 (CER) % YoY Expected transfer 1,596 1,381 +16 Return on free surplus 167 169 (1) Investment in capabilities (145) (96) (51) Underlying variances3 32 (34) n/a OFSG from in-force life business 1,650 1,420 +16 Asset management 141 142 (1) Gross OFSG 1,791 1,562 +15 Investment in new business (383) (431) +11 Other expenditure and restructuring costs (254) (314) +19 Net OFSG 1,154 817 +41 Group OFSG, 1H25-1H26 ($’m) 1H26 Gross OFSG +15%On track to deliver 2027 objective >10% Value Earnings Capital 2026 Guidance 2022-2027 Gross OFSG: illustrative trajectory ($’bn)1
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36 1H25 1H26 2020 2021 2022 2023 2024 2025 2027 OFSG expected end 2025 2026 new business Return on free surplus Asset management result Variances 2027 Gross OFSG Objective Clear path to our 2027 gross OFSG objective 2027 OFSG from in- force life business A B (2025: $0.5bn) Illustrative 2027 Gross OFSG generation1,2 ($’bn) Achieving 2027 Gross OFSG objective1,2 >$4.4 3.0 Variances3 Capability investment Operating assumptions and experience variances New business addition to expected OFSG ($’bn) B A 1H26 new business cohort contribution to 2027 OFSG Policy year and volume effects 1. Gross OFSG is the operating free surplus generated from in-force insurance business which represents amounts emerging from the in-force business during the year before deducting amounts reinvested in writing new business and excludes non-operating items. For asset management businesses, it equates to post-tax operating profit for the year. 2. Assumes average exchange rates of 2022 and economic assumptions made by Prudential in calculating the TEV basis supplementary information for the year ended 31 December 2022. Based on regulatory and solvency regimes applicable across the Group at the time the objectives were set. Assumes that the existing TEV and Free Surplus methodology at December 2022 will be applicable over the period. 3. Operating assumptions and experience variances. 3 (2025: $0.3bn) (2025: $0.3bn) Positive variances achieved in 1H26 Value Earnings Capital 1H25 1H26 +42%
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37 1. 2020-2023 results are reported on EEV basis. 2024-1H26 results are reported on TEV basis. On an actual exchange rate basis. 2. Operating assumptions and experience variances. 215 (173) (227) (250) (113) (45) (28) 32 (133) (175) (230) (96) (145) 2020 2021 2022 2023 2024 2025 1H25 1H26 Operating assumptions and experience variances ($’m)1 Claims management, repricing actions, focus on underwriting profitability in Health and Protection Growth in revenue drives operating leverage On-going focus on cost containment Variances Capability investment Variances2 Capability investment Capability investment Enhanced capabilities to increase operating leverage Building structural capacity for business units to invest and drive growth To largely complete investment by end 2026; investment for full year 2026 expected to be $300-350 million Value Earnings Capital Capability investment remains elevated but is nearing completion, while underlying variances are improving
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38 1.8 1.4 1.4 (0.4) Gross OFSG Investment in new business Segment OFSG Remittances Strong cash conversion Note: Totals do not cast as a result of rounding. 1. Includes $0.4bn for the acquisition of an additional 19% stake in Malaysia conventional business. Strong business unit remittances to Group Free cash flow of $0.9bn Gross OFSG to remittances 1H26 ($’bn) c.70% segment OFSG remitted to Group holding company on average Holding company cash movement 1H26 ($’bn) 1 4.3 3.7 1.4 (0.3) (0.2) 0.9 (0.4) (0.6) (0.5) 31 Dec. 2025 Remit- tances Corporate expenditure (including interest) Recurring banca fees Free cash flow Dividend paid Buyback Other corporate activities 30 Jun. 2026 Value Earnings Capital
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39 Robust capital position 1. Proforma 30 June 2026 free surplus ratio after full return of $1.4bn proceeds from the December 2025 IPO of IPAMC to shareholders. 2. Moody’s total leverage basis, including 50% net CSM. Free surplus ratio above operating range S&P financial strength‘AA’ 14% Leverage ratio2 GWS cover ratio (Shareholder) 268% GWS cover ratio (Total) 195% Free surplus ratio (%) 234% 221% 209% 31 Dec. 2024 31 Dec. 2025 30 Jun. 2026 Operating range 175%-200% GWS shareholder cover ratio 280% 268% 1H26 proforma free surplus ratio1 262% 200% Value Earnings Capital
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40 Disciplined capital allocation framework 1. Subject to regulatory approval. 2. Based on 30 June 2026 exchange rate. 3. Based on the exchange rate on the completion date of 30 January 2026. Value Earnings Capital Capital allocation framework Strong capital position Profitable new business Investment in enhancing capabilities Ordinary dividend + Recurring shareholder returns Strategic inorganic investments Additional return of excess capital >$7bn capital returns to shareholders (2024-27) Initial cash consideration of c.$370m2 payable on completion, funded from existing resources Potential additional consideration of c.$74m 2, dependent on the fulfilment of certain conditions Part of the proceeds from any divestment of ICICI Pru Life will be used to support future growth in Bharti Life. The residual capital would contribute to the Group’s free surplus Increased Malaysia conventional business ownership to 70% Acquired a further 19% stake in Prudential Assurance Malaysia Berhad for c.$380m 3 Non-controlling interest in Malaysia conventional life business reduced from 49% to 30% Repositioning India with 75% controlling stake in Bharti Life1
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41 High quality, resilient platform for sustainable growth and predictable return Note: Our dividend policy remains to grow broadly in line with net operating free surplus generation, which is calculated after investment in new business, central costs and capability investment. In addition to the ordinary dividend, the Board will now consider making additional recurring returns of capital out of the annual flow of capital generation. Capital returns will be set taking into account the Group’s financial condition and prospects, applicable capital and solvency requirements, investment opportunities, market conditions and the general economic environment. We seek to operate with a free surplus ratio of between 175 per cent and 200 per cent. If the free surplus ratio is above the operating range over the medium term, and taking into account opportunities to reinvest at appropriate returns and allowing for market conditions, capital will be returned to shareholders. 1. Based on an aggregate portfolio of products basis from shareholder perspective. 2. As at 31 December 2025, $49bn projected as emerging into free surplus over the next 20 years. The modelled cash flows use the same methodology underpinning the Group’s embedded value reporting and so are subject to the same assumptions and sensitivities used to prepare our 2025 results. 3. Calculated as 1H26 new business contribution to VIF divided by VIF balance at beginning of year annualised. High-quality business Compounding growth Predictable cash conversion H&P Par (SH-backed) Par Linked Non-par In-force business mix New business with attractive returns >95% Value of in-force with limited guarantees Gross OFSG Investment in new business Segment OFSG Remittances c.70% c.70% segment OFSG remitted to Group holding company>25% IRR1 <4 years Pay-back periods1 $49bn Expected to monetise over next 20 years before allowing for new business 2 12% Growth in value of in-force p.a. from 1H26 new business contributions 3 1 2 3 4 5 6 7 8 9 10 Profitable new business drives compounding growth in capital generation
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42 Prudential is delivering quality growth, improving capital generation and increasing returns to shareholders 1. Divestment completed in July 2025 of Cameroon, Cote d’Ivoire and Togo. 2. Subject to regulatory approval. 3. Key metrics are new business profit, adjusted operating profit after tax per share, gross operating free surplus generation (OFSG) and dividend per share. 4. Growing NBP at 15-20% CAGR between 2022 and 2027, and achieving Gross OFSG of at least $4.4bn in 2027. These objectives assume exchange rates at December 2022 and are based on regulatory and solvency regimes applicable across the Group at the time the objectives were set. The objectives assume that the same TEV and Free Surplus methodology will be applicable over the period and no material change to the economic assumptions. Financial deliveryStrategic capital allocationOperational delivery 2025: Divested francophone markets in Africa1 and Eastspring Korea 2025: India AMC IPO 1H26: Increased ownership to 70% in Malaysia conventional business 1H26: Repositioning in India with 75% controlling stake in Bharti Life insurance 2 Jul’26: Approval received for Standalone Health licence in India Disciplined execution of capital allocation framework to support durable quality growth and sustainable capital returns Firmly focused on delivering full year 2026 guidance across all key financial metrics3 and achieving 2027 financial objectives 4 Executing against our strategic priorities at pace: Sustaining bancassurance momentum while accelerating agency productivity and quality Continuous enhancement of new business quality Efficiency through digitisation, analytics and AI
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43 Supplementary CFO slides
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44 1. Our ordinary dividend policy, which remains unchanged, is to grow broadly in line with the Group's net operating free surplus generation after investment in new business, central costs and investment in capabilities. In addition to the ordinary dividend, following refinements to our capital allocation hierarchy, the Board will now consider making additional recurring returns of capital out of the annual flow of capital generation. Capital returns will be set taking into account the Group’s financial condition and prospects, applicable capital and solvency requirements, investment opportunities, market conditions and the general economic environment. Return capital to shareholders above 200% over medium term (taking into account opportunities to reinvest at appropriate returns). 2. Gross OFSG is the operating free surplus generated from in-force insurance business which represents amounts emerging from the in-force business during the year before deducting amounts reinvested in writing new business and excludes non-operating items. For asset management businesses, it equates to post-tax operating profit for the year. 3. Assumes average exchange rates of 2022 and economic assumptions made by Prudential in calculating the TEV basis supplementary information for the year ended 31 December 2022, and are based on regulatory and solvency regimes applicable across the Group at the time the objectives were set. Assume that the existing TEV and Free Surplus methodology at December 2022 will be applicable over the period. Embedded value A C B Managing in-force with greater discipline Allocating capital for growth >$4.4bn gross OFSG in 20272,3 Writing quality new business New business profit Central costs & interest Free surplus generation 15-20% NBP CAGR 2022-273 Compounding growth • Strong capital position • Profitable new business • Investment in enhancing capabilities • Expense variance • Claims variance • Persistency variance • Managing capital strain • Attractive returns • Short pay-back periods Shareholder returns1 Remittances Dividend Recurring capital returns Excess capital returns Driving sustained growth in value and cash
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45 $’m 1H26 % YoY 1H26 % YoY Hong Kong 581 +8 619 +14 Chinese Mainland2 159 (4) 209 (7) Singapore 201 +5 322 +5 Malaysia 70 +46 182 +5 Indonesia 49 0 92 +2 Growth markets & other 352 +10 247 (3) Asset management4 n/a n/a 141 (1) Segment total 1,412 +8 1,812 +4 Group total5 1,384 +8 1,523 +10 Operating earnings per share 58.4¢ +17 1H26 Financial highlights Financial performance by segment Note: Growth rates are on a constant exchange rate basis. 1. NBP mix before central costs. 2. CITIC Prudential Life (CPL). CPL is included at Prudential’s 50 per cent interest in the joint venture. 3. IFRS operating profit after tax (OPAT) before non-controlling interests. 4. Operating profit after tax +20% on a like-for-like ownership basis, adjusting for the IPAMC sell-down. 5. Group NBP includes $(28)m central costs allocated to new business. Group OPAT includes $(289)m central items and restructuring costs. Hong Kong Chinese Mainland2 Singapore Malaysia Growth Markets & other Chinese Mainland2 Indonesia Singapore Malaysia Indonesia Asset Management Growth Markets & other NBP1 $1.4bn OPAT3 $1.8bn Hong Kong NBP OPAT NBP1 Agency Banca Other
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46 13.2 1H25 1H26 Efficient growth: Growing operating leverage Note: Growth rate and margin change are compared to prior year period and on a constant exchange rate basis. 1. Calculated as 10% single premium,100% regular premium, and 100% renewal premiums, excludes JVs and Hong Kong GB. 2. Calculated as operating expense divided by total weighted premium income, excludes JVs and Hong Kong GB. Strong top-line growth Disciplined cost control Improving operating ratio Total weighted premium income1 ($’bn) 1.1 1H25 1H26 Operating expense ($’bn) (40)bps 8.3% 1H25 1H26 Operating expense ratio2 (%) +5%+10%
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47 Recurring capital returns2 Additional return of capital in excess of 200% free surplus ratio3 $1.4bn net proceeds from IPAMC IPO5 Additional c.$0.3bn share buyback6 2026: $500m 20274: $600m >$7bn Capital returns to shareholders 2024-27 +13% DPS YoY growth7 (% p.a.) Total capital returns to shareholders ($’bn) +15% >10% Enhanced and sustainable capital returns >10% 1. Our dividend policy remains to grow broadly in line with net operating free surplus generation, which is calculated after investment in new business, central costs and capability investment. 2. In addition to the ordinary dividend, the Board will now consider making additional recurring returns of capital out of the annual flow of capital generation. Capital returns will be set taking into account the Group’s financial condition and prospects, applicable capital and solvency requirements, investment opportunities, market conditions and the general economic environment. 3. We seek to operate with a free surplus ratio of between 175 per cent and 200 per cent. If the free surplus ratio is above the operating range over the medium term, and taking into account opportunities to reinvest at appropriate returns and allowing for market conditions, capital will be returned to shareholders. 4. Subject to HKIA approval. 5. Includes pre-IPO private placement. 6. Subject to the completion and net amounts received, post tax and transaction costs, from the sale of part of our stake in ICICI Prudential Asset Management Company as we progress towards meeting the initial free float requirement. 7. On actual exchange rate basis. Growing ordinary dividends1 +15% DPS YoY7 >10% DPS growth7 p.a. 2025-27 Growing ordinary dividend Recurring capital returns Additional return of capital 0.6 0.7 0.8 1.2 0.5 0.64 0.7 0.74 0.36 2024 2025 2026 2027
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48 Free surplus ratio above operating range of 175-200% Group capital resources and life required capital development 1H26 ($’bn) Note: Totals may not cast as a result of rounding 1. Group free surplus ex intangibles plus life required capital. 2. Capital resources divided by life required capital. 3. Non-operating and other includes foreign exchange movement and impact from increase in ownership interest in the Malaysia conventional life business. 4. Proforma free surplus ratio after returning India AMC IPO proceeds to shareholders is 200%, as of 30 June 2026. Capital resources1 Life required capital Free surplus ratio (FSR)2 221% 209%4 17.2 17.8 17.0 1.8 0.1 (0.3) 1.6 (0.4) (0.6) (0.8) Capital resources 31 Dec. 2025 Gross OFSG life & AM business Investment in new business Central items Group OFSG Dividends paid Buyback Non-operating and other Capital resources 30 Jun. 2026 7.8 8.2 8.1 0.0 0.5 0.5 (0.1) Required capital 31 Dec. 2025 Gross OFSG Investment in new business Group OFSG Non-operating and other Required capital 30 Jun. 2026 22 (12) (3) 7 (5) (8) Percentage point movements in free surplus ratio Operating range: 175%-200% 3 3 (6)
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49 Strong regulatory capital position – shareholder basis Comfortably above risk appetite Resilient to macro shocks 1. Prudential applies the Insurance (Group Capital) Rules set out in the GWS Framework to determine group regulatory capital requirements (both minimum and prescribed levels). 2. Before allowing for the second 2025 interim dividend. 3. Before allowing for the first 2026 interim dividend. 4. The Group has an AA Financial Strength Rating from Standard & Poor’s. 5. Moody’s total leverage basis, including 50% net CSM. Macro sensitivities to GWS shareholder cover ratio 30 Jun. 2026, GWS shareholder cover ratio, GPCR basis1 GWS shareholder capital position (GPCR basis) ($’bn)1 10.5 11.0 17.1 18.6 Fy25 GPCR 1H26 GPCR30 Jun. 2026331 Dec. 20252 268% GWS required capital GWS surplus 262% AA 14% FSR4 Leverage ratio5 263% 231% 276% 270% 266% 268% Credit spreads +100bps Rates +100bps Rates -50bps Equity -20% Equity +10% Base position (2)ppts +2ppts +8ppts (37)ppts (5)ppts 18.6 Surplus ($’bn) 0.4 (1.1) 1.2 (4.5) (0.7) 29.6 27.6
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50 Strong regulatory capital position – total basis Comfortably above risk appetite 1. Prudential applies the Insurance (Group Capital) Rules set out in the GWS Framework to determine group regulatory capital requirements (both minimum and prescribed levels). 2. Before allowing for the second 2025 interim dividend. 3. Before allowing for the first 2026 interim dividend. 4. The Group has an AA Financial Strength Rating from Standard & Poor’s. 5. Moody’s total leverage basis, including 50% net CSM. GWS total capital position (GPCR basis) ($’bn)1 23.8 25.9 23.1 24.7 Fy25 GPCR 1H26 GPCR30 Jun. 2026331 Dec. 20252 195% GWS required capital GWS surplus 197% AA 14% FSR4 Leverage ratio5 Resilient to macro shocks Macro sensitivities to total GWS cover ratio 30 Jun. 2026, GWS cover ratio, GPCR basis1 189% 179% 198% 194% 195% 195% Credit spreads +100bps Rates +100bps Rates -50bps Equity -20% Equity +10% Base position - (1)ppt 3ppts (16)ppts (6)ppts 24.7 Surplus ($’bn) 1.3 (3.1) 1.0 (1.6) (4.3) 50.6 46.9
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51 Balanced call date/maturity profile supports financial flexibility 1. All senior and subordinated bonds included as GWS capital other than $350m senior bond that matures on 24 March 2032. 2. Subject to regulatory approval, grandfathering condition. The company has the right to call the security on a quarterly basis. 3. Subject to regulatory consent, the company has the right to call this security for a repayment at par between 3 August 2028 and 3 November 2028. 4. Moody’s total leverage basis, including 50% net CSM. Maturity Next call Currency Coupon Issue size (m) IFRS value ($’m) Type GWS treatment Perpetual 20/10/20262 USD 4.875% 750 750 Subordinated Tier 2 03/11/2033 03/11/20283 USD 2.95% 1,000 998 Subordinated Tier 2 11/05/2029 n/a GBP 5.875% 250 323 Senior Tier 2 14/04/2030 n/a USD 3.125% 1,000 993 Senior Tier 2 19/12/2031 n/a GBP 6.125% 435 575 Subordinated Tier 2 24/03/2032 n/a USD 3.625% 350 348 Senior No Credit 22/05/2035 n/a SGD 3.8% 600 461 Subordinated Tier 2 Total Senior Bonds 1,664 Total Subordinated Bonds 2,784 Total 4,448 20.6 5.4 14.0 Moody’s Leverage Ratio4 14% Prudential is a constituent of the J.P. Morgan Asia Credit Index Core (JACI Core). 0 500 1,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 5.875% 3.125% 3.625% 4.875% 2.95% $’m 6.125% Next call/maturity profile (30 Jun. 2026) 3.8% Group Credit Ratings Financial Strength AA / - / AA- MTN Programme: S&P / Moody’s / Fitch LT Senior A+ / A2 / A Subordinated A or A-/ A3 /A- Deeply subordinated A- / A3 / BBB+ Commercial Paper A-1+ / P-1 / F1 Total equity 50% CSM & WP equity credit Total Moody’s Debt Senior Subordinated Prudential plc: Core structural borrowings1
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52 Market1 Risk Discount Rates Long-term 10-year Govt Bonds Risk Premium2 Chinese Mainland 8.9 2.9 6.0 Hong Kong (USD) 7.7 3.2 4.5 Indonesia 12.6 6.3 6.3 Malaysia 7.9 3.9 4.0 Philippines 12.1 5.8 6.3 Singapore 6.7 2.7 4.0 Taiwan (USD) 6.7 3.2 3.5 Thailand 8.9 4.6 4.3 Vietnam 11.1 5.8 5.3 Total weighted average3 8.0 3.6 4.4 1. For Hong Kong and Taiwan, the assumptions shown are for US dollar denominated business. For other businesses, the assumptions shown are for local currency denominated business. 2. In-force RDR less risk-free assumption. 3. Total weighted average assumptions have been determined by weighting each business’s assumptions by reference to the TEV basis closing net value of all in-force in scope businesses. In-force economic assumptions, 30 Jun. 2026 Embedded value economic assumptions
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53 17.5 42.8 19.8 21.6 1.8 2.1 (0.1) (26.2) 3.1 39.1 TEV shareholders' equity Economic, other valuation differences Provision for future central corp. expenditure MtM core structural borrowings IFRS 17 adjusted shareholders' equity CSM CSM related tax IFRS 17 shareholders' equity EV vs IFRS 17: Key difference economic assumptions TEV is calculated using ‘real-world’ long-term economic assumptions that are based on the expected returns on the actual assets held with an allowance for risk in the risk discount rate. Net VIF4 Net worth & others Assumptions IFRS17 TEV Economic Risk neutral1 Real world1 Non-economic Aligned 2 1,557¢ Per share3 1,173p Per share3 1,706¢ Per share3 Note: Totals do not cast as a result of rounding. 1. IFRS17 risk neutral: risk-free plus liquidity premium, TEV ‘real world’ is risk free plus risk premia (e.g. on corporate bonds, equities). 2. Shareholders’ CSM, net of reinsurance and NCI. 3. Including goodwill. Based on 30 June 2026 exchange rate. 4. Includes deduction of the provision for future central corporate expenditure. EV vs IFRS17 Adjusted Equity 30 Jun. 2026 ($’bn) 1,285p Per share3
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54 EV NBP vs New business CSM: Key difference economic assumptions 1,384 1,377 28 (148) (32) 193 (48) TEV NBP Central costs allocated to new business Economics & other New rider sales Related tax Reinsurance contracts wholly attributable to policyholder IFRS new business CSM 30 Jun. 2026 ($’m) Assumptions IFRS17 TEV Economic Risk neutral1 Real world1 Non-economic Aligned Note: Totals do not cast as a result of rounding. 1. TEV is calculated using ‘real-world’ long-term economic assumptions that are based on the expected returns on the actual assets held with an allowance for risk in the risk discount rate. Under IFRS 17, ‘risk neutral’ economic assumptions are applied with assets assumed to earn, and the cash flows are discounted at, risk free rate plus illiquidity premium (where applicable). EV NBP vs IFRS17 New business CSM
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55 Limited IFRS & EV macro sensitivity 1. Total view, net of reinsurance. 2. TEV of long-term insurance business. Base position Interest rates +100bps Equity/property markets -20% Equity/property markets +10% Interest rate sensitivity Shows the impact of rates and all consequential effects To given movement in observable risk-free interest rates in isolation and subject to a floor of zero Equity and property market sensitivity Assumes instantaneous movement, assuming all equity indices fall by the same percentage The sensitivity of the insurance segments presented as a whole At a given point in time will also be affected by a change in the relative size of the individual businesses Interest rates -50bps IFRS shareholders’ equity IFRS CSM1 TEV2 19.8 0.6 (1.3) (0.7) 0.3 +3% (7)% (4)% +2% 25.9 0.4 (1.1) (2.2) 1.1 +2% (4)% (8)% +4% 38.1 1.2 (2.3) (2.0) +3% (6)% (5)% 30 Jun. 2026 ($’bn)30 Jun. 2026 ($’bn) 30 Jun. 2026 ($’bn)
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56 Funds with policyholder participation2 Unit linked Shareholder- backed3 Total Debt 76.5 5.1 13.2 94.8 Direct equities 26.6 14.9 0.4 41.9 Collective investment schemes4 43.7 12.3 1.2 57.2 Mortgage 0.0 0.0 0.2 0.2 Other loans 0.0 0.0 0.0 0.0 Other5 2.3 0.3 2.8 5.4 Total 149.1 32.6 17.8 199.5 Investment asset portfolio Note: invested assets valued on an IFRS basis, therefore exclude the assets of joint venture operations. 1. Totals and percentages may not cast as a result of rounding. 2. Represents investments held to support insurance products where policyholders participate in the returns of a specified pool of investments (excluding unit-linked policies) that are measured using the variable fee approach. 3. Includes shareholder exposure in the Group’s asset management businesses. 4. Underlying assets of collective investment schemes comprise a mix of bonds, equities, liquidity, property and other funds. Excludes invested assets held by Joint Ventures and Associates Breakdown of invested assets1 30 Jun. 2026 ($’bn) Portfolio $’bn No. Issuers6 Avg. $’m Max $’m <BBB-7 % Sovereign debt 7.7 49 157.1 3,300.4 4.3% Other debt 5.5 1,177 4.7 166.8 2.4% 13.2 6.7% Investment grade 5.2 1,027 5.1 166.8 n/a High yield 0.3 181 1.7 48.3 2.4% 5.5 Shareholder debt portfolio1 30 Jun. 2026 Holding by issuer 5. Other financial investments comprise deposits, derivative assets and other investments. 6. Presented on issuer group basis. 7. Based on middle rating from Standard and Poor’s, Moody’s and Fitch. If unavailable, local external rating agencies ratings and then internal ratings have been used. Policyholder funds 4% invested in private credit & equity Shareholder-backed funds de minimis exposure to private credit & equity
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57 8% 18% 35% 34% 5% 36% 4%45% 9% 6% Shareholder-backed debt exposures Note: invested assets valued on an IFRS basis, therefore exclude the assets of joint venture operations. 1. Totals may not cast as a result of rounding. 2. Based on middle rating from Standard and Poor’s, Moody’s and Fitch. If unavailable, local external rating agencies ratings and then internal ratings have been used. Sovereign debt Other government bonds Corporate bonds 2% 16% 43% 2% 37% Total $7.7bn United States Thailand Vietnam Total $0.7bn Total $4.6bn Singapore By geography1 By credit rating1,2 30 Jun. 2026 30 Jun. 2026 Other AAA AAA AA AA A A BBB <BBB-<BBB- BBB Excludes invested assets held by Joint Ventures and Associates
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58 58% 2% 3% 35% 2% 40% 9%11% 9% 7% 5% 7% 6% 2% 3% 1% Shareholder-backed debt exposures Note: invested assets valued on an IFRS basis, therefore exclude the assets of joint venture operations. 1. Totals may not cast as a result of rounding. 2. Primary sources of segmentation: Bloomberg Sector, Bloomberg Group and Merrill Lynch. Total $13.2bn Total $4.6bn By asset type1 By sector1,2 30 Jun. 2026 30 Jun. 2026, Corporate debt exposures Sovereign Quasi Sovereign Bonds Other Public Sector Bonds ABS Corporate Bonds Financial Basic Materials Real EstateConsumer, Non-cyclical Utilities Energy Industrial Consumer, Cyclical Communications Technology Government related Excludes invested assets held by Joint Ventures and Associates
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59 17% 77% 3% 3% <1% CITIC Prudential Life (CPL): General Account portfolio summary 50% of CPL's IFRS net equity included in Prudential plc's balance sheet CPL's general account combines policyholder and shareholder assets Well-diversified, no single name >0.3% (>0.3%) of total Prudential plc & CPL invested assets2,3 Significant majority of the fixed income portfolio relates to government and state-backed entities 30 Jun. 2026, $’bn (31 Dec. 2025) Investments @50% Real estate exposure 2 c.0.6 (c.0.7) <1% of total of Prudential plc & CPL invested assets 3 Local government financing vehicles c.0.7 (c.0.9) • Well diversified • No material concentrations Total $17.9bn CPL general account invested assets1 Presented on a 50% basis at 30 Jun. 2026 ($’bn) Presented on a 50% basis 1. Excludes owner-occupied investment property. 2. Excluding LGFVs (Local Government Financing Vehicles) and owner-occupied investment property. 3. 30 Jun. 2026: Prudential Group total financial investments are $201.5bn; excluding unit-linked, $168.9bn. CPL general account invested assets at Prudential’s 50% share are $17.9bn. Total, $186.8bn. (31 Dec. 2025 $15.1bn) Equities Fixed income Investment Real Estate Liquid Asset Other General account invested assets in focus
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