Analyst Note
| Henry Heathfield, CFA |Prudential plc has reported results for full-year 2020. The bottom line is that the business has delivered a net profit of USD 2,118 million to shareholders. That is quite a bit above our full-year estimate. We will have to wait until the annual report is released at a later March date in order to roll our model. However, presently we do not anticipate revising our fair value estimate of GBP 15.75 and we maintain our no-moat rating.