Prudential plc

Strategic update
30 August 2023

2378.HK
PRU.L
 Forward-looking statements
This presentation contains 'forward-looking statements' with respect to certain of Prudential's (and its wholly and jointly owned These factors are not exhaustive. Prudential operates in a continually changing business environment with new risks emerging
businesses’) plans and its goals and expectations relating to future financial condition, performance, results, strategy and 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
objectives. Statements that are not historical facts, including statements about Prudential's (and its wholly and jointly owned business. In addition, these and other important factors may, for example, result in changes to assumptions used for
businesses’) beliefs and expectations and including, without limitation, commitments, ambitions and targets, including those determining results of operations or re-estimations of reserves for future policy benefits. Further discussion of these and other
related to ESG matters, and statements containing the words 'may', 'will', 'should', 'continue', 'aims', 'estimates', 'projects', important factors that could cause actual future financial condition or performance to differ, possibly materially, from those
'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates', and words of similar meaning, are forward-looking statements. anticipated in Prudential's forward-looking statements can be found under the 'Risk Factors' heading of Prudential’s News
These statements are based on plans, estimates and projections as at the time they are made, and therefore undue reliance Release containing its Half Year 2023 Results, as well as under the ‘Risk Factors’ heading of Prudential’s 2022 Annual Report.
should not be placed on them. By their nature, all forward-looking statements involve risk and uncertainty. Prudential’s 2022 Annual Report is available on its website at www.prudentialplc.com.

A number of important factors could cause actual future financial condition or performance or other indicated results to differ Any forward-looking statements contained in this presentation speak only as of the date on which they are made. Prudential
materially from those indicated in any forward-looking statement. Such factors include, but are not limited to: expressly disclaims any obligation to update any of the forward-looking statements contained in this presentation or any other
forward-looking statements it may make, whether as a result of future events, new information or otherwise except as required
• Current and future market conditions, including fluctuations in interest rates and exchange rates, inflation (including pursuant to the UK Prospectus Rules, the UK Listing Rules, the UK Disclosure Guidance and Transparency Rules, the Hong Kong
resulting interest rate rises), sustained high or low interest rate environments, the performance of financial and credit Listing Rules, the SGX-ST Listing Rules or other applicable laws and regulations.
markets generally and the impact of economic uncertainty, slowdown or contraction (including as a result of the Russia-
Ukraine conflict and related or other geopolitical tensions and conflicts), which may also impact policyholder behaviour and Prudential may also make or disclose written and/or oral forward-looking statements in reports filed with or furnished to the US
reduce product affordability; Securities and Exchange Commission, the UK Financial Conduct Authority, the Hong Kong Stock Exchange and other regulatory
• Asset valuation impacts from the transition to a lower carbon economy; authorities, as well as in its annual report and accounts to shareholders, periodic financial reports to shareholders, proxy
statements, offering circulars, registration statements, prospectuses, prospectus supplements, press releases and other written
• Derivative instruments not effectively mitigating any exposures; materials and in oral statements made by directors, officers or employees of Prudential to third parties, including financial
• Global political uncertainties, including the potential for increased friction in cross-border trade and the exercise of laws, analysts. All such forward-looking statements are qualified in their entirety by reference to the factors discussed under the ‘Risk
regulations and executive powers to restrict trade, financial transactions, capital movements and/or investment; Factors’ heading of Prudential’s News Release containing its Half Year 2023 Results, as well as under the ‘Risk Factors’ heading
• The longer-term impacts of Covid-19, including macro-economic impacts on financial market volatility and global economic of Prudential’s 2022 Annual Report.
activity and impacts on sales, claims (including related to treatments deferred during the pandemic), assumptions and
increased product lapses; Cautionary Statements

• The policies and actions of regulatory authorities, including, in particular, the policies and actions of the Hong Kong This presentation does not constitute or form part of any offer or invitation to purchase, acquire, subscribe for, sell, dispose of
Insurance Authority, as Prudential's Group-wide supervisor, as well as the degree and pace of regulatory changes and new or issue, or any solicitation of any offer to purchase, acquire, subscribe for, sell or dispose of, any securities in any jurisdiction
government initiatives generally; 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.
• 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, 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 of regulations and standards and interpretations such as those relating to ESG reporting, disclosures and
product labelling and their interpretations (which may conflict and create misrepresentation risks);
• 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 fast-paced technological change;
• The effect on Prudential's business and results from, in particular, mortality and morbidity trends, lapse rates and policy
renewal rates;
• The timing, impact and other uncertainties of future acquisitions or combinations within relevant industries;
• The impact of internal transformation projects and other strategic actions failing to meet their objectives or adversely
impacting the Group’s 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
in relation to operational disruption due to external events;
• Disruption to the availability, confidentiality or integrity of Prudential's information technology, digital systems and data (or
those of its suppliers and partners) including the Pulse platform;
• The increased non-financial and financial risks and uncertainties associated with operating joint ventures with independent
partners, particularly where joint ventures are not controlled by Prudential;
• 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.

2
Anil Wadhwani
Chief Executive Officer
 Accelerating value creation through
operational and financial discipline

Building a sustainable growth platform: through investment in structural growth markets

Enhancing customer experiences: driving customer acquisition and loyalty

Technology-powered distribution: focused on Agency and Bank productivity and activation

Unlocking the Health opportunity: disciplined implementation of best practices at scale

More consistent execution: driven by changes in Organisational Model and Technology

Prioritising value creation: focused on generating free surplus and allocating capital for growth

4
 Prudential is a great franchise…

Broad footprint Trusted Leading positions Multi-channel Expertise

across household in high growth distribution in Asian
Asia & Africa brand life markets at scale investments

4 billion 18 million Top 3 >120k Top 10

combined population customers positions in 12 Asian active agents3 positions in 6 markets
life markets2

c.$1 trillion 175 years Top 3 #1 $228 billion

growth opportunity in our of history positions in 4 African independent insurer in assets under
markets next 10 years1 life markets2 Asia bancassurance4 management

1. Source: Swiss Re forecast (July 2023).

2. Please refer to the footnotes on slide 14.
3. As of FY2022 and represents the number of agents who have at least sold one new policy during the year.
5 4. Among the Asian markets where Prudential has presence.
 …and benefits from a large existing in-force book of business

Over the last 10 years, new business Over the next 5 years, our in-force will monetise into
contributed c.$27bn to our embedded value1 c.$11bn of free surplus to support future growth and returns2

40.3
Free
Surplus 7.4
& Goodwill Cohorts of new business written in 2023 and
c.3x beyond will further add to free surplus generation

Expected transfer from VIF to gross OFSG from in-force book at year end 2022
Expected transfer from new business written in 2023-2026
VIF & Return on underlying assets backing the free surplus 2023-2027
14.0 Required 32.9
Capital

$11.4bn

FY2012 Opening FY2022 Closing 2023F 2024F 2025F 2026F 2027F

1 2 3 4 5

1. Embedded value for life and asset management, excluding central assets ($bn).
6 2. Expected transfer of VIF and required capital on an undiscounted basis, based on the economic and other assumptions that underpinned our FY2022 EEV reporting.
 Prudential has not yet realised its full potential…

Speed of response to changing dynamics led to market share loss in key markets

Demerger processes distracted from building core capabilities

Customer experiences not sufficiently differentiated leading to mid-tier NPS

Investment in technology not strongly correlated to commercial outcomes

Federated organisation model not replicating successes at scale and pace

7
 …and a new organisational model will be critical to delivery

Design principles to replicate successes at pace and scale Core capability build

Designed to have customer at the heart

Technology & Data

Local market responsiveness and empowerment

Customer
Centers of excellence and shared services to support markets

Distribution
Standardisation to drive consistency and economies of scale

Health
Collaboration with clearly defined accountabilities

8
 We have a clear and simple strategy…

Organisational model replicating successes at pace and scale

Multi-market growth engines Greater China ASEAN India Africa

Strategic pillars Enhancing Customer Technology-powered Transforming Health

Experiences Distribution business model

Open-Architecture Engaged People & Wealth & Investment

Group-wide enablers
Technology Platform High-Performance Culture Capabilities

Value creation
Customers Employees Shareholders Communities
for all stakeholders

9
 …to accelerate value creation

Central costs, interest,

ordinary dividend and
Allocating capital for growth
return of surplus capital
A
1. Resilient capital position
2. Profitable new business
3. Investment in capabilities
4. Ordinary dividend
Gross 5. Strategic M&A
Free Surplus 6. Return of surplus capital
Generation
New Business
Compounding Profit

Managing in-force with greater discipline Writing quality new business

C B
• Expense variance • Managing capital strain
• Claims variance • Attractive returns
• Persistency Embedded • Short payback periods
Value

Double-digit gross OFSG CAGR 2022-271,2 15-20% NBP CAGR 2022-272

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 EEV basis supplementary information for the year ended 31 December 2022, and are based on regulatory and solvency regimes applicable across
10 the Group at the time the objectives were set. Assume that the existing EEV and Free Surplus methodology at December 2022 will be applicable over the period.
 Purpose

11
 We are inspired by our purpose

“ Our 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.

12
 Multi-market
growth engines

13
 We will leverage our leadership positions and scale…

Access to >80% of China GDP

Greater China1 2nd 2nd 1st
Chinese Hong Kong2 Taiwan4
#1 position in Hong Kong MCV & Agency2
Mainland4
Sustaining quality growth
Presence in all 11 cities in GBA3

3rd Singapore 1st Malaysia5 2nd Vietnam

ASEAN1 Access to 600m+ population

2nd Philippines 6th Thailand 1st Indonesia5
Leveraging leading platform Largest multi-channel distribution franchise
1st Cambodia 2nd Laos6 2nd Myanmar7

India1 1bn+ population without insurance cover 3rd Life Insurance8

Growing our franchises Major health and asset mgmt. opportunity 2nd Asset management9

Africa1 400m+ population10 with similar needs

Top 3 in 4 markets11
Matching footprint to
High growth markets
value opportunity

1. As reported at full year 2022 unless specified. Sources include formal (e.g. competitors results release, local regulators and insurance 4. Ranking among foreign players. For Chinese Mainland, via CITIC-Prudential Life 8. Ranking among private players, for ICICI Prudential Life Insurance Co.
association) and informal (industry exchange) market share. Ranking based on new business (APE sales, weighted full year premium or full Insurance Co. 9. ICICI Prudential Asset Management Co.
year premium depending on availability of data) or total weighted revenue premiums, except for Hong Kong based on in-force premiums. 5. Includes Takaful. 10.Among the 8 African markets where Prudential has presence.
2. #2 by in-force premiums as of FY22. #1 in Mainland Chinese Visitor (MCV) segment & Agency by APE as of 1QFY23. 6. Gross written premiums for 2021 (sourced from Axco Insurance Report). 11.Ranking for FY2020 for Cameroon.
14 3. Greater Bay Area. 7. Ranking among private players.
 …in markets where the opportunity is large and fast-growing

Prudential has a c.$1 trillion growth opportunity, with

our markets growing twice as fast as rest of the world
UK 8.1%
Low Levels of
Insurance Cover India 3.0% +1.9 4.7
ASEAN 2.6%
+0.9
Greater China 2.5% 1.6 c.130%
Penetration1, % of GDP
2.8

0.7
Asia 43%
Significant Need
for Protection US 11%
c.50%
Out of pocket health expenditure2

>$ 150tn 3 out of 4 2022 2033

Rising Wealth household wealth in global working age Global Life Insurance GWP5, $tn
Asia in 20213 population will be in
Asia & Africa Markets where Prudential is present
by 20304 Rest of world (RoW) where Prudential is not present

1. Swiss Re No 3/2023: World insurance: stirred, and not shaken.

2. World Health Organisation: Global Health Observatory data repository (2018). Out of pocket as % of Total Health Expenditure. Asia calculated as the average of the out-of-pocket percentages.
3. Credit Suisse Global Wealth Report 2022, including Asia Pacific (ex-Japan), China, India and Africa.
4. United Nations.
15 5. Source: Swiss Re forecast (July 2023).
 Strategic pillars

16
 Enhancing Customer Experiences
Focused on driving acquisition and loyalty

Priorities 2027 Success Metrics

Segmentation by Differentiated
life stages propositions

Customer NPS
(2022: Mostly Top-quartile
Advocacy for mid-quartile)
lifetime value

Acquisition by Simple, connected

personalised tech-enabled Customer
targeting journeys Retention 90 - 95%
(2022: 89%)

Select example of success to be replicated:

In Hong Kong, personalised solutions in Golden Age segment,
have driven c.75% growth in new-to-Prudential customers in 1H2023
17
 Technology-powered Distribution
Focused on Agency and Bank productivity and activation

Priorities

Agency: focusing on productivity and activation Bancassurance: deepening penetration

Professionalising Strategic talent Career focused Broaden customer Omni-channel Integrated data-led
leaders to be sourcing advisors proposition customer journeys marketing
‘team builders’

Tech-led business Learning & Reward value & Operating Learning &
generation development customer outcomes cadence development

Select examples of success to be replicated:

Agents using PruLeads tool have In Malaysia a 2%-pts increase in penetration

c.30% uplift in productivity led to 1.6x increase in NBP over 4 years

18
 Technology-powered Distribution
Doubling value creation

2022 2027

Agency NBP
# of Active
Agents per Month ~65k ~80 - 90k 2.5-3x

Agency
Monthly NBP per
~$1.5k ~$3k - $3.5k
Active Agent
2022 2027

Bancassurance NBP
Penetration in Bank
Customer Base1 ~8% ~9 - 11% 1.5-2x
Banca
Contribution of H&P2 6% 10%
2022 2027

1. Among strategic partners (excluding JV partners).

19 2. By APE.
 Transforming our Health Business Model
Disciplined implementation of best practices at scale

Priorities 2027 Success Metrics

• Advanced products & value-added services

Upgrade • Technical excellence
Health • Health-ready distribution Health Insurance
Insurance • Clinical preferred partner management
Customer NPS1 Top-quartile
(2022: n.a.)
Proposition • Guided care pathways
• Powered by tech, data, and analytics

Health Insurance
Enable • Digital integration to adjacent care journeys NBP >2x NBP
Connected Care (2022: ~$300m)
– Before: predict and prevent
through
– During: diagnose and treat
Asset-light
Approach – Post/chronic: recover and manage

Select example of success to be replicated:

Singapore’s market-leading Integrated Shield plan has maintained
underwriting profits since 2018 despite c.10% p.a. medical inflation
20 1. Data to be collected from 2024.
 Group-wide
enablers

21
 Open-Architecture Technology Platform
Critical to delivery of customer, distribution and health strategies

Priorities 2027 Success Metrics

(aligned to 3 strategic pillars)
Personalised Customer service AI & data
customer and via Pulse analytics Customer NPS
agent journeys (2022: Mostly Top-quartile
mid-quartile)
AI

Number of
Active Agents
per Month ~80 - 90k
Open-architecture Centers of Operating model (2022:~65K)
platforms excellence

Health Insurance
Customer NPS Top-quartile
(2022: n.a.)

Select example of success to be replicated:

Malaysia call center trial shows product enquiry times reduced
from 4 minutes to <30 seconds using generative AI
22
 Engaged People & High-Performance Culture
Investing in talent to power growth

Priorities

People & Culture Organisational Model

Strategic Values-based Economies of skill Economies of scale

capability build leadership via centers of via shared
excellence services

Robust talent Aligned reward Collaboration and

pipeline & mobility structures dual-reporting

2027 Success Metric

Top-quartile employee engagement1

23 1. As measured by annual group-wide employee survey relative to same question answered by other companies.
 Enhanced Wealth & Investments Capabilities
Retention of economics and ability to customise solutions

2027 Success Metrics

Asset owner: Group Chief Investment Office

Asset manager: Eastspring Asset Management

Investment performance
vs. relevant benchmarks
Priorities

Distribution Product High performance

support innovation investment teams
Net Zero by 2050 &
55% reduction in WACI1 by 2030

24 1. Weighted average carbon intensity.

 Value creation
for all
stakeholders

25
 Accelerating value creation through operational & financial discipline

Value creation for all stakeholders

Building a sustainable growth platform
Customers:
Top-quartile net promoter score
Enhancing customer experiences

Employees:
Technology-powered distribution Top-quartile engagement1

Shareholders:
Unlocking the Health opportunity
15-20% NBP CAGR 2022-272
Double-digit gross OFSG CAGR 2022-272,3

More consistent execution

Communities:
Net Zero by 2050
Prioritising value creation 55% reduction in Weighted Average Carbon Intensity4

1. As measured by annual group-wide employee survey relative to same question answered by other companies.
2. Assumes average exchange rates of 2022 and economic assumptions made by Prudential in calculating the EEV 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 EEV and Free Surplus methodology at December 2022 will be applicable over the period.
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.
26 4. By 2030.
Lilian Ng
SBG Managing Director including Customer and Distribution
 Enhancing Customer Experiences
Our “Right To Win”

Understanding Customer delivery Customer advocacy

customer needs

Reach
> 50% > 30% 79% 31% 89% 46%
18m Policies issued New customers Policies are auto- Claims are auto- Customer of APE from repeat
No. of customers are health & are Affluent and underwritten adjudicated retention customers
protection plans Advanced Affluent

Focused customer Frictionless & automated Leading customer

segmentation customer journeys experience

$2.8bn
Customers’
Inclusive & accessible Deepening customer
assets managed offerings relationship
Claims paid2
$ 228bn Innovative product
solutions Keeping our claims
Improved NPS
of AUM1
promises

Note: All numbers relate to the year ended 31 December 2022 unless stated otherwise.
1. As at 3o June 2023.
28 2. Claims (Mortality & Morbidity) paid gross of reinsurance ex India.
 Enhancing Customer Experiences
Becoming customer advocacy leader with an execution focus

Ambition Priorities Success metrics

Segmentation by Differentiated
life stages propositions
Top Quartile NPS
To become our 2022: Mostly mid-quartile
customers’ Advocacy for
trusted partner lifetime value
by enriching
their life, health
and wealth Acquisition by Simple, connected 90 - 95% Retention
journey personalised tech-enabled 2022: 89%
targeting journeys

Replicating evidence-based success:

In Indonesia, personalised engagement on social media
resulted in 3% uplift in customer retention
29
 Enhancing Customer Experiences
Outward-looking customer centric delivery
Addressing customers’ lifetime needs Connected digital engagement journey

Customer 3600 Leads generation

to prompt next via personalised
Advanced Comprehensive wealth best offer Continuous targeting
Affluent + advisory & management Engagement
Awareness

Customer
Golden Peace of mind via stable and at the
Age predictable benefits Bridging Servicing heart Consider-
& Claims ation
digital
experiences
and human
Financial security, health & Seamless digitally Connected financial
Family touch enabled interaction
Purchase
planning & advice
protection for entire family

Customer DNA
Easy to understand health
Young
and wellness solutions Customer Care Voice of Customers Performance
Serve with care Listen to the voice Customer metrics for
and empathy of customer for rewards & performance
Offering holistic solutions and financial advice customer decisions management

Replicating evidence-based success:

In the Philippines, inclusive solutions for the Family,
have driven 44% growth in New Business Profit from this segment in H1 2023
30
 Technology-powered Distribution
Leading multi-channel distribution franchise at scale

Core Strengths Breadth of Strategic

in Agency Partnerships

Uniquely privileged position  Top 3 agency franchise in  #1 independent (non-bank

8 markets in Asia owned) insurer in Asia banca
Multi-Distribution Agency and
Bancassurance platform at Scale  >120k active agents1  Access to 200m+ customers
~7k qualified MDRTs across our more than 200
Diversification, resilience & balance bank partners, of which 10
across our dual engines is key are strategic
strength  Serving 10 million
customers  Banca NBP margin improved
First-mover in agency & banca:
to 40% in 2022 from 26%
Built longstanding market positions,
in 2017
scale, capabilities & partnerships

31 1. Agents who have sold at least one policy during FY 2022

 Technology-powered Distribution
Building a high-performance agency force

Ambition Priorities Success Metrics

Professionalising Strategic talent Career focused

leaders to be Sourcing advisors
Holistic ‘team-builders”
integrated 80 - 90k
platform to grow # of Active Agents per Month
a purpose-driven
agency force to
become a trusted Tech-led business Learning &
advisor to generation development
customer 2.5 - 3x
Agency NBP

Replicating evidence-based success:

Agents that are technology-powered via PruForce,
have c.30% uplift in productivity

32
 Technology-powered Distribution
technology powered solution for future-ready agents

Agent
Segment Critical Mass Career Agents Elite Agents

Agent
Recruitment Learning & Development Performance Management Sales Fulfilment
Journey

• AI scoring • On demand • Leads profiling • Flexible & interactive

& allocation
Platform • Virtual interviews • Live streaming • Instant illustrations
• Real time tracking
• Intelligent • Dynamic content • Online approval
assessment • On the go feedback

- an integrated agency platform

Delivery 11,000+ 1.2m 1.3x ~120K

Recruits p.m. Man hours of Productive2 for agents PRUForce MAU1
e-learning2 using PRULeads

33 1. As of H1 2023; 2. For the FY 2022

 Technology-powered Distribution
Deploying next-gen agency capabilities

Professionalising Leaders Strategic Sourcing

• Signature learning program • Accelerated talent program

• Upgrading to “team builder” • Success assurances through
financing, coaching, learning
• Intensive training for 12 weeks
• Intensive training for 12-18 months

6,000 leaders trained 9,800 PRU Venture Recruits

Leading 47% of active agents 4-9x more productive

• Differentiated career trajectories, learning & development

Career Focused
Agents • Mentor to mentee programmes
• Behavioural Compensation

34
 Technology-powered Distribution
Transforming bancassurance to deepen customer penetration

Ambition Broaden customer Priorities Omni-channel 2027 Success Metrics

proposition customer journeys

Strategic
insurance
Operating
cadence 9% - 11%
Penetration in Bank
partner of choice
Customer Base1
via an integrated Reward value & Integrated data-led
platform to customer outcomes marketing
optimize value
for both partners
and customers
Learning & 1.5x - 2x
development Banca NBP

Replicating evidence-based success:

In Hong Kong, rewarding customer outcomes for increasing protection
sales led to 16pts increase in NBP Margin over 5 years

35 1. Among strategic partners (excluding JV partners)

 Customer and Distribution
Doubling value creation

2022 2027

Customer NPS Middle Quartile Top Quartile

Customer
Customer Retention ~89% ~90% - 95%

Agency NBP
# of Active Agents per Month ~65k ~80 - 90k 2.5-3x

Agency
Monthly NBP per Active Agent ~$1.5k ~$3k - $3.5k
2022 2027

Penetration in Bank Customer Bancassurance NBP

Base1 ~8% ~9 - 11%
1.5-2x
Banca
Contribution of H&P2 6% 10%
2022 2027

1. Among strategic partners (excluding JV partners).

36 2. By APE.
Solmaz Altin
SBG Managing Director including Health & Technology
 Transforming our Health Business Model
Well-positioned to capture growing opportunity in the health care system

Prudential Footprint Today Opportunity

(Prudential’s FY22
Rapid market p.a. healthcare
Earned Premium
by market) growth ~8% spend per capita2
>US$2bn
Earned Premium HK
from Medical Reliant
Hospital beds in
MY
Reimbursement
(market size ~US$19bn1)
on private >30% private sector2
providers
~5m
Individual Medical
Reimbursement
Out-of-pocket
customers Under-insured ~40% healthcare spend2
>90%
Earned Premium from ID
our top 4 markets
Escalating p.a. private
SG
costs ~10% medical inflation2

1. As of FY21. Earned Premium figures exclude Africa business units. Includes SEA and Hong Kong.
2. Average across emerging APAC markets (includes; China, India, Indonesia, Philippines, Vietnam, Malaysia, Thailand)
38 Source: Bain analysis
 Transforming our Health Business Model
Pivoting from a ‘Payor’ to ‘Trusted Partner’

Focused Health operating model

Local execution with regional support for growth

Priorities

1 2

Upgrade Enable
Health Connected Care
Insurance through
Proposition Asset-light Approach

39
 Transforming our Health Business Model
1. Upgrade Health Insurance Proposition

Focused Health operating model

Local execution with regional support for growth

Priorities

1 2

• Advanced products & value-added services

Upgrade • Technical excellence
Health • Health-ready distribution
• Clinical preferred partner management
Insurance
• Guided care pathways
Proposition • Tech, data and analytics

40
 Transforming our Health Business Model
1. Upgrade Health Insurance Proposition

Case study: Prudential Singapore

Successful panel hospital steering and management increases profitability

Integrated Shield Plan underwriting margin

Top 3 players 2017 2018 2019 2020 2021 2022

Peer 1 (72%)1 (4%) (3%) (112%)1 1% 5%

Peer 2 (13%) (8%) (14%) 5% 10% 5% 2022 Indicators

Prudential (5%) 11% 11% 13% 12% 9%
Panel
Increasing trend
utilisation

First insurer Focused initiatives to maintain underwriting margins

to launch Panel medical Slower growth than
1. Yearly re-pricing inflation market (9-10%)
claims-based
pricing 2. Co-ordination: pursued Group insurance claims
3. First hospital panel: PRUPanel Connect
4. Soft guidance: Care pathways, web appointment booking

1. Large underwriting loss due to high value of reinsurance ceded.

41 Source: MAS A5; PruShield claims data; Prudential analysis.
 Transforming our Health Business Model
2. Enable Connected Care through asset light approach

Focused Health operating model

Local execution with regional support for growth

Priorities

1 2
Digitally integrated to adjacent health care journeys

Enable Before illness When person is ill Managing/post illness

Connected Care
Predict and prevent Diagnose and treat Recover and manage
through
Asset- light
• Health screening centres • Local hospital and clinics
Approach • Wellness centres • Tele-medicine
• Rehabilitation centres
• Polyclinics
• Predictive health-tech • Third-party
• Mobile health services
providers administrators

42
 Transforming our Health Business Model
Disciplined implementation of best practices at scale

Ambition 2027 success metrics

Focused Health operating model
Local execution with regional support for growth

Priorities Top-quartile NPS1

2022: n.a.
To become the
most trusted
health partner
1 2 Enable
across Asia & Upgrade
Connected
Africa Health
Care through >2x NBP
Insurance
Asset-light 2022: ~$300m
Proposition
Approach

43 1. Data to be collected from 2024.

44