1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
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.
With the spin-off of Jackson National Life, Prudential will become an Asia-focused life insurer selling its policies in Hong Kong, Singapore, Indonesia, Malaysia, Vietnam, China, Thailand, Philippines, Taiwan and Africa. These geographic business units are supported by Eastspring Investments, Prudential's Asia-focused asset manager. As at year-end 2020 Eastspring had $248 billion in assets under management split between $138 billion for in-house Asia life and $110 billion managed for external clients.Prudential's most important markets are Hong Kong, Singapore, Indonesia and Malaysia and combined with Eastspring these five divisions account for over two thirds of adjusted operating profit. Adjusted reconciles IFRS operating profit with longer-term investment returns.
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