SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the
month of March, 2026
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation
of registrant's name into English)
13/F, One International Finance Centre,
1 Harbour View Street, Central,
Hong Kong, China
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F X
Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b): 82-
NEWS RELEASE
18 March 2026
PRUDENTIAL PLC FULL YEAR 2025 RESULTS: DELIVERING DOUBLE-DIGIT
GROWTH AND INCREASED SHAREHOLDER RETURNS
Prudential plc ("Prudential"; HKEX: 2378; LSE: PRU) today announced
its financial results for the year ended 31 December
2025.
Performance highlights on a constant exchange rate basis (unless
otherwise stated) are as follows:
-
Prudential achieved high-quality growth consistently through all
four quarters of 2025. Growth was broad based across markets and
channels.
-
Delivered double-digit growth across key financial metrics in line
with the Group's 2025 guidance:
-
New business profit on a traditional embedded value (TEV) basis
grew 12 per cent to $2,782 million and new business margin
increased 2 ppts to 42 percent.
-
Operating free surplus generated from in-force insurance and asset
management business was up 15 per cent to $3,059
million.
-
Earnings per share based on adjusted operating profit grew by 12
per cent to 101.4 cents per share with adjusted operating profit
before tax up 5 per cent to $3,306 million.
-
2025 total dividend of 26.60 cents per share, up 15 per cent, with
2025 second interim dividend of 18.89 cents per share.
-
Increased shareholder returns from implementing enhanced capital
management framework. Expected return to shareholders of more than
$7 billion over the 2024 to 2027 period, including:
-
Completed $2 billion share buyback and IPO of ICICI Prudential
Asset Management Company Limited (IPAMC) in 2025.
-
Commenced additional $1.2 billion buyback in 2026 and expect a $1.3
billion capital return in 2027, comprising recurring capital
returns and IPAMC IPO net proceeds.
-
Early in 2026, increased our stake in the Malaysia conventional
business to 70 per cent.
-
Group TEV equity of $37.8 billion, equivalent to 1,483 cents per
share, up 15 per cent (on an actual exchange rate
basis).
-
Free surplus ratio of 221 per cent (2024: 234 per cent) and GWS
shareholder surplus over GPCR of $17.1 billion, equivalent to a
cover ratio of 262 per cent.
-
S&P Global Ratings upgraded the Financial Strength rating of
Prudential's core entities to AA (from AA-) reflecting the Group's
robust capital position.
Commenting on the results, CEO Anil Wadhwani,
said: "2025 was a strong year of
consistent delivery for Prudential, with double-digit growth
reflecting sustained momentum throughout the year. Structural
demand for our products in Asia and Africa continued to rise,
driven by the increasing protection, retirement and wealth needs of
our customers. We continued to digitise our customer acquisition
and servicing capabilities - to drive not only agency productivity
and improve activation, but also to support product innovation and
enhance customers' experiences. All enabled by targeted investments
in modernising our technology platforms, data quality and
operational efficiency.
"We are further strengthening our multi-channel distribution model,
continuing to professionalise our agency force and building on our
successful bancassurance partnerships, while extending our health
and protection business. Looking ahead, our focus remains firmly on
high-quality, sustainable growth, disciplined capital allocation
and delivering long-term shareholder value. We carry the momentum
of 2025 into 2026 and are confident in our double-digit growth
trajectory across our key metrics, putting us firmly on track to
achieve our 2027 financial objectives."
|
Summary performance financials (before non-controlling
interests)
|
2025 $m
|
2024 $m
|
|
Change on
AER basis
|
Change on CER basis
|
|
New
business profit
|
2,782
|
2,464
|
|
13%
|
12%
|
|
Operating
free surplus generated from in-force insurance and asset management
business
|
3,059
|
2,666
|
|
15%
|
15%
|
|
Adjusted
operating profit before tax
|
3,306
|
3,129
|
|
6%
|
5%
|
|
Adjusted
operating profit after tax
|
2,772
|
2,582
|
|
7%
|
7%
|
|
IFRS
profit after tax
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4,119
|
2,415
|
|
71%
|
69%
|
|
|
2025
|
|
2024
|
||
|
Balance sheet financials (after non-controlling
interests)
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Total
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Per share
|
|
Total
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Per share
|
|
Group
TEV equity
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$37.8bn
|
1,483¢
|
|
$34.3bn
|
1,289¢
|
|
IFRS
shareholders' equity
|
$20.1bn
|
790¢
|
|
$17.5bn
|
658¢
|
Key Summary Financials
Earnings
|
|
2025 $m
|
2024 $m
|
Change on AER basis
|
Change on CER basis
|
|
Adjusted
operating profit
|
3,306
|
3,129
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6%
|
5%
|
|
Adjusted
operating profit after tax
|
2,772
|
2,582
|
7%
|
7%
|
|
Basic
earnings per share based on adjusted operating profit
(cents)
|
101.4
|
89.7
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13%
|
12%
|
|
IFRS
profit after tax
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4,119
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2,415
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71%
|
69%
|
|
Basic
earnings per share based on IFRS profit after tax
(cents)
|
154.2
|
84.1
|
83%
|
82%
|
Value
|
|
2025 $m
|
2024 $m
|
Change on AER basis
|
Change on CER basis
|
|
APE
sales
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6,661
|
6,202
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7%
|
6%
|
|
Present
value new business premiums (PVNBP)
|
31,925
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29,034
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10%
|
9%
|
|
New
business profit (TEV)
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2,782
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2,464
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13%
|
12%
|
|
New
business margin (% APE)
|
42
|
40
|
2ppts
|
2ppts
|
|
Life
weighted premium income
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28,106
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25,542
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10%
|
9%
|
|
TEV
operating profit
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4,752
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4,095
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16%
|
15%
|
|
Operating
return on embedded value (%)
|
15
|
14
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1ppts
|
n/a
|
|
|
2025
|
2024
|
Change on AER basis
|
Change on CER basis
|
|
Group
TEV equity ($m)
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37,803
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34,267
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10%
|
8%
|
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Group
TEV equity per share (US$)
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14.83
|
12.89
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15%
|
13%
|
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Group
TEV per share ($)
|
14.53
|
12.62
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15%
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13%
|
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Eastspring funds under management / advice ($bn)
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277.7
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258.0
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8%
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n/a
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Capital
|
|
2025
|
2024
|
Change on AER basis
|
Change on CER basis
|
|
Operating free surplus generated from in-force insurance and asset
management business ($m)
|
3,059
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2,666
|
15%
|
15%
|
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Operating return on IFRS shareholders' equity (%)
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14
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14
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-ppts
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n/a
|
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Dividend per share (cents)
|
26.60
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23.13
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15%
|
n/a
|
|
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2025 $m
|
2024 $m
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Change on AER basis
|
|
IFRS shareholders' equity
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20,117
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17,492
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15%
|
|
IFRS shareholders' equity per share (US$)
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7.90
|
6.58
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20%
|
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Adjusted total comprehensive equity*
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42,068
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36,660
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15%
|
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Free surplus excluding distribution rights and other
intangibles
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9,408
|
8,604
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9%
|
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Free surplus ratio (%)
|
221
|
234
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(13)ppts
|
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Group leverage ratio (Moody's basis) (%)
|
13
|
13
|
-
|
|
Shareholders GWS coverage ratio over GPCR (%)
|
262
|
280
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(18)ppts
|
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Total GWS coverage ratio over GPCR (%)
|
197
|
203
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(6)ppts
|
*
Includes IFRS shareholders' equity and contractual service margin
net of tax and other adjustments. See "Definitions of Performance
Metrics" in our Annual Results Document for further
information.
Notes
The summary financials presented above are the key financial
metrics Prudential's management use to assess and manage the
performance and position of the business. In addition to the
metrics prepared in accordance with IFRS standards - IFRS profit
after tax and IFRS shareholders' equity - additional metrics are
prepared on alternative bases. The presentation of these key
metrics is not intended to be considered as a substitute for, or
superior to, financial information prepared and presented in
accordance with IFRS Standards. The definitions of the key metrics
we use to discuss our performance in this press release are set out
in the "Definition of performance metrics" section in our Annual
Results Document, including, where relevant, references to where
these metrics are reconciled to the most directly comparable IFRS
measure. All metrics used by management to assess performance
(along with IFRS profit after tax) are presented before deduction
of the amount attributable to non-controlling interests. Balance
sheet metrics are presented net of non-controlling interests. This
presentation is applied consistently throughout this
announcement.
Further information on actual and constant exchange rate bases is
set out in note A1 of the IFRS financial statement. All results are
presented in US dollars.
Annual Results Document
Prudential plc's results for the year ended 31 December
2025:
-
is available to view on the Prudential corporate website at
https://www.prudentialplc.com/en/investors/overview/
- is also available
at http://www.rns-pdf.londonstockexchange.com/rns/0349X_1-2026-3-17.pdf
-
has been submitted in full unedited text to the Financial Conduct
Authority's National Storage Mechanism and will shortly be
available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Announcement publication
|
|
Hong Kong
|
London
|
New York
|
|
Hong Kong Stock Exchange & UK Financial Media
|
Wednesday, 18 March 2026
6.00 am HKT
|
Tuesday, 17 March 2026
10.00 pm UKT
|
Tuesday, 17 March 2026
6.00 pm ET
|
|
London Stock Exchange
|
Wednesday, 18 March 2026
3.00 pm HKT
|
Wednesday, 18 March 2026
7.00 am UKT
|
Wednesday, 18 March 2026
3.00 am ET
|
Please note the impact of time zones on the announcement date for
your particular location.
Pre-Recorded Results Presentation
-
A pre-recorded presentation for analysts and investors will be
available on-demand from 6.00am HKT on Wednesday 18 March | 10.00pm
UKT - 6.00pm ET on Tuesday 17 March via this link:
https://meetings.100.lumiconnect.com/r/participant/live-meeting/100614516559
-
A copy of the presentation script will also be available on
Prudential plc's website at the same time.
Virtual Q&A Event for Analysts & Investors
Date: Wednesday, 18 March 2026
Time: 4.30pm HKT | 8.30am UKT | 4.30am ET
Accessing the Event (Recommended method):
We strongly encourage participants to join via the Lumi webcast
platform:
https://reg.lumiengage.com/prudential-fy25/qawebcast/Site/Register
The webcast enables:
-
Live audio streaming;
-
Verbal questions using the integrated "Request to Speak"
function;
-
Written question submission; and
-
Slide and document viewing.
Using the webcast platform provides the most stable audio
connection and ensures a seamless transition into the Q&A
queue.
Alternative: Telephone Dial-in
If you are unable to access the webcast platform, you may dial in
using the numbers below:
Dial-in Numbers:
- UK Local: +44 121 281
8004
- UK Toll Free: 0800 015
6371
-
Hong Kong: +852 5808 0984
- China: +86 400 122
4742
- USA Local: +1 718 705
8796
- USA Toll Free: 1 855 265
6957
-
Global dial-in numbers:
https://lumiagmukstreams.s3.eu-west-2.amazonaws.com/7.+Archive+2026/Prudential/Lumi+dial-ins+-+Prudential+IR.pdf
-
Request connection to Prudential 2025 Full Year Results Q&A
Webcast
- Press:
- *1 to join the question
queue
- *2 to exit
queue
Post-Event Access
Replay and transcript details will be published on our website
following the event.
For any questions, please contact us at the Investor Relations team
using the details below.
|
Media
|
|
Investors/analysts
|
|
|
Simon
Kutner
|
+44
(0)7581 023260
|
Patrick
Bowes
|
+852
2918 5468
|
|
Sonia
Tsang
|
+852
5580 7525
|
William
Elderkin
|
+44
(0)20 3977 9215
|
|
Janice
Wong
|
+852
6188 6381
|
Ming
Hau
|
+44(0)20
3977 9293
|
|
|
|
Bosco
Cheung
|
+852
2918 5499
|
|
|
|
Tianjiao
Yu
|
+852
2918 5487
|
About Prudential plc
Prudential provides life and health insurance and asset management
in Greater China, ASEAN, India and Africa. Prudential's mission is
to be the most trusted partner and protector for this generation
and generations to come, by providing simple and accessible
financial and health solutions. The business has dual primary
listings on the Stock Exchange of Hong Kong (HKEX: 2378) and the
London Stock Exchange (LSE: PRU). It also has a secondary listing
on the Singapore Stock Exchange (SGX: K6S) and a listing on the New
York Stock Exchange (NYSE: PUK) in the form of American Depositary
Receipts. It is a constituent of the Hang Seng Composite Index and
is also included for trading in the Shenzhen-Hong Kong Stock
Connect programme and the Shanghai-Hong Kong Stock Connect
programme.
Prudential is not affiliated in any manner with Prudential
Financial, Inc. a company whose principal place of business is in
the United States of America, nor with The Prudential Assurance
Company Limited, a subsidiary of M&G plc, a company
incorporated in the United Kingdom.
https://www.prudentialplc.com/
Forward-looking statements
This document contains 'forward-looking statements' with respect to
certain of Prudential's (and its wholly and jointly owned
businesses') current plans, goals and expectations relating to
future financial condition, performance, results, strategy and
objectives. Statements that are not historical facts, including
statements about Prudential's (and its wholly and jointly owned
businesses') beliefs and expectations and including, without
limitation, commitments, ambitions and targets, including those
related to sustainability (including ESG and climate-related)
matters, and statements containing words such as 'may', 'will',
'prospects', 'goal', 'should', 'could', 'continue', 'aims',
'estimates', 'projects', 'believes', 'intends', 'expects', 'plans',
'targets', 'commits', 'seeks' and 'anticipates', and words of
similar meaning and the negatives of such words, are
forward-looking statements. These statements are based on plans,
assumptions, estimates and projections as at the time they are
made, and therefore undue reliance should not be placed on them. By
their nature, all forward-looking statements involve risk and
uncertainty.
A number of important factors could cause actual future financial
conditions or performance or other indicated results to differ
materially from those indicated in any forward-looking statement.
Such factors include, but are not limited to:
-
current and future market conditions, including fluctuations in
interest rates and exchange rates, sustained inflationary pressure
(including resulting interest rate increases), volatile or
sustained high or low interest rate environments, the performance
of financial and credit markets generally and the impact of
economic uncertainty, slowdown or contraction;
-
the impact of global political uncertainties, geopolitical
instability, armed conflicts and heightened geopolitical tension
among major global powers, including increased friction in
cross-border trade and the exercise of laws, regulations and
executive powers to restrict or control trade, financial
transactions, capital movements and/or investment, as well as
related sanctions, trade restrictions, and other governmental or
regulatory measures, which may also impact policyholder behaviour
and reduce product affordability;
-
asset valuation impacts arising from the transition to a lower
carbon economy;
-
derivative instruments not effectively mitigating any
exposures;
-
the policies and actions of regulatory authorities, including, in
particular, the policies and actions of the Hong Kong Insurance
Authority, as Prudential's Group-wide supervisor, as well as the
degree and pace of regulatory changes and new government
initiatives generally;
-
the impact on Prudential of systemic risk and other group
supervision policy standards adopted by the International
Association of Insurance Supervisors, given Prudential's
designation as an Internationally Active Insurance
Group;
-
the physical, social, morbidity/health and financial impacts of
climate change and global health crises (including pandemics), as
well as other catastrophic events, both natural and human-made,
which may impact Prudential's business, investments, operations and
its duties owed to customers;
-
legal, policy and regulatory developments in response to climate
change and broader sustainability-related issues, including the
development and interpretation of regulations, laws and standards
relating to sustainability reporting, disclosures and product
labelling (which may be inconsistent across jurisdictions and give
rise to conflicts of interpretation between national approaches,
misrepresentation or compliance risks) on the one hand, and those
which may seek to limit the influence of sustainability
considerations on the other;
-
the collective ability of governments, policymakers, the Group,
industry and other stakeholders to implement and adhere to
commitments on mitigation of climate change and broader
sustainability-related issues effectively (including not
appropriately considering the interests of all Prudential's
stakeholders or failing to maintain high standards of corporate
governance and responsible business practices);
-
the impact of competition and rapid technological change, including
the pace of innovation, adoption, and changing customer
demands;
-
the effect on Prudential's business and results from mortality and
morbidity trends, lapse rates and policy renewal
rates;
-
the timing, impact and realisation of intended benefits, if any,
and other uncertainties of future acquisitions or combinations
within relevant industries;
-
the impact of internal transformation projects and other strategic
actions failing to meet their objectives in a timely manner, or at
all, or adversely impacting the Group's operations or
employees;
-
the availability and effectiveness of reinsurance for Prudential's
businesses;
-
the risk that Prudential's operational resilience (or that of its
suppliers and partners) may prove to be inadequate, including to
prevent, respond or recover from operational disruption arising
from external events;
-
disruption to the availability, confidentiality or integrity of
Prudential's information technology, digital systems and data,
including hardware and software (or those of its affiliates,
suppliers and service providers, and partners) including the risk
of cyberattacks, other data, information or security breaches and
challenges in integrating AI tools and their related security and
privacy considerations, which may result in financial loss,
business disruption and/or loss of customer services and data and
harm to Prudential's reputation;
-
the increased non-financial and financial risks and uncertainties
associated with operating joint ventures with independent
partners;
-
the impact of changes in capital, solvency standards, accounting
standards or relevant regulatory frameworks, and tax and other
legislation and regulations in the jurisdictions in which
Prudential and its affiliates operate; and
-
the impact of legal and regulatory actions, investigations and
disputes.
These factors are not exhaustive. Prudential operates in a
continually changing business environment with new risks emerging
from time to time that it may be unable to predict or that it
currently does not expect to have a material adverse effect on its
business. In addition, these and other important factors may, for
example, result in changes to assumptions used for determining
results of operations or re-estimations of reserves for future
policy benefits. Further discussion of these and other important
factors that could cause actual future financial conditions or
performance to differ, possibly materially, from those anticipated
in Prudential's forward-looking statements can be found under the
'Risk Factors' heading of Prudential's 2025 Full Year Results News
Release, available on its website at
www.prudentialplc.com.
Any forward-looking statements contained in this document speak
only as of the date on which they are made or in the case of any
document incorporated by reference, the date of that document.
Prudential expressly disclaims any obligation to update any of the
forward-looking statements contained in this document or any other
forward-looking statements it may make, whether as a result of
future events, new information or otherwise, except as required
pursuant to the UK's Public Offer and Admissions to Trading
Regulations (2024), the UK Prospectus Regulation Rules: Admission
to Trading on a Regulated Market, the UK Listing Rules, the UK
Disclosure Guidance and Transparency Rules, the Hong Kong Listing
Rules, the SGX-ST Listing Rules or other applicable laws and
regulations. Unless expressly stated otherwise, no statement
contained or referred to in this document is intended to be a
profit forecast or profit estimate.
Prudential may also make or disclose written and/or oral
forward-looking statements in reports filed with or furnished to
the US Securities and Exchange Commission, the UK Financial Conduct
Authority, the Hong Kong Stock Exchange, the Securities and Futures
Commission of Hong Kong and other regulatory authorities, as well
as in its annual report and accounts, other periodic financial
reports, proxy statements, offering circulars, registration
statements, prospectuses, prospectus supplements, press releases
and other written materials and in oral statements made by
directors, officers or employees of Prudential to third parties,
including financial analysts. All such forward-looking statements
are qualified in their entirety by reference to the factors
discussed under the 'Risk Factors' heading of Prudential's 2025
Full Year Results News Release, available on its website at
www.prudentialplc.com.
Cautionary statements
This document does not constitute or form part of any offer or
invitation to purchase, acquire, subscribe for, sell, dispose of or
issue, or any solicitation of any offer to purchase, acquire,
subscribe for, sell or dispose of, any securities in any
jurisdiction nor shall it (or any part of it) or the fact of its
distribution, form the basis of, or be relied on in connection
with, any contract therefor.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Date:
18 March 2026
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PRUDENTIAL
PUBLIC LIMITED COMPANY
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By:
/s/ Ben
Bulmer
|
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Ben
Bulmer
|
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Chief
Financial Officer
|