Prudential plc — Regulatory Filings 2021

Mar 3, 2021

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and the Singapore Exchange Securities Trading Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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(Incorporated and registered in England and Wales under the number 01397169)

(Stock code: 2378)

PRUDENTIAL VIETNAM AND MSB EXTEND AND EXPAND SUCCESSFUL BANCASSURANCE PARTNERSHIP

Prudential Vietnam Assurance Private Limited (“Prudential Vietnam”), a subsidiary of Prudential plc, and Vietnam Maritime Commercial Joint Stock Bank (“MSB”) have renewed their strategic bancassurance partnership for a 15-year term. The new agreement significantly expands the geographical scope to include North Vietnam, where MSB is headquartered. With this expansion, Prudential Vietnam will become MSB’s single partner nationwide.

Prudential Vietnam is a leading life insurance company with over 1.6 million customers and a footprint of over 350 sales offices across 63 provinces. MSB is a fast-growing bank with 62 branches and 201 transaction offices in 51 cities/ provinces in Vietnam; as at end-December 2020, MSB had more than 2.36 million retail customers and 57,000 corporate clients. Prudential and MSB have been collaborating since 2013 and have built a highly successful bancassurance partnership which delivered a 34 percent compound annual growth rate in APE between 2014 and 2020.

The expanded partnership reinforces Prudential Vietnam’s strong presence in bancassurance, the fastest growing channel in Vietnam, which accounted for 30 percent of the overall market in 2020 compared to 13 percent in 2017[1] . Prudential Vietnam is the leader in bancassurance in Vietnam with more than a 20 percent share of new business from this channel[1] , reflecting its strong product proposition, relationships and customer service capabilities. The expanded alliance is also strongly aligned with MSB’s own aspiration of being a partner in its customers’ lives, by providing a suite of world-class insurance solutions and advanced digital services.

Vietnam’s life insurance sector has significant growth potential with insurance penetration of only 1.6 percent[2] as well as a sizeable health protection gap of US$36 billion[3] . Despite the disruptions caused by the Covid-19 global pandemic, Vietnam’s economy grew 2.9 percent last year and is forecast to grow 7 percent per annum over the next five years[4] . This positive macroeconomic outlook will underpin strong demand for life, health and savings solutions.

Under the renewed partnership, Prudential Vietnam and MSB will expand into new segments, including digital, to deliver holistic protection solutions to customers. With a digital-focused approach that is aligned with MSB’s, Prudential Vietnam plans to leverage existing digital tools, such as its artificial intelligence-powered application Pulse by Prudential, to seize further growth opportunities for the partnership.

1 Vietnam Actuarial Working Group 2 Swiss Re, 2019 3 Swiss Re

4 Centre for Economics and Business Research

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Mr Nic Nicandrou, Chief Executive of Prudential Corporation Asia, said, “Vietnam is an important market and source of growth for Prudential. The renewal and expansion of our long-term partnership with MSB represents a tremendous opportunity for Prudential to build on its strong presence in the market. It is a clear demonstration of our commitment to serving MSB’s customers, helping them get the most out of life with our leading suite of health and wealth solutions.”

Mr Phuong Tien Minh, Chief Executive Officer of Prudential Vietnam, said, “Prudential Vietnam has built a highly-effective bancassurance partnership with MSB since 2013. We are delighted to be taking the partnership to the next level as we deliver our innovative offerings to MSB’s customers through existing as well as new channels, including digital. We look forward to continuing our strong relationship with MSB for another 15 years.”

Mr Nguyen Hoang Linh, Chief Executive Officer of MSB, said, “We have enjoyed a very successful partnership with Prudential Vietnam and this reinforced our decision to extend the partnership and expand its scope to cover all of Vietnam. Together with Prudential Vietnam, we will remain focused on providing bestin-class financial and investment solutions to consumers across the country, helping them fulfil their evolving needs and providing them with a secure future.”

Contact:

Media		Investors/Analysts
Jonathan Oliver	+44 (0)20 3977 9500	Patrick Bowes	+44 (0)20 3977 9702
Tom Willetts	+44 (0)20 3977 9760	William Elderkin	+44 (0)20 3977 9215
Ee Ching Tan	+852 2918 6396	Darwin Lam	+852 2918 6348

About Vietnam Maritime Commercial Joint Stock Bank (MSB)

MSB was established in 1991, with headquarter in Hanoi, Vietnam. In our 30-year journey, MSB has consistently pursued an ultimate vision – “Becoming a bank which everyone wants to join and nobody wants to leave”, and been driven by a mission – “For a more convenient and comfortable life” of our clients, employees, shareholders and community. MSB has 62 branches and 201 transaction offices in 51 cities/ provinces in Vietnam; as at end-December 2020, the bank had more than 2.36 million retail customers and 57,000 corporate clients. MSB has relentlessly invested in the upgrade of technology platform, improved product, and service quality based on understanding customer's demands; developed of human resources, created a professional and high-performance working environment and especially focused on the formulation of an international standard-based bank and risk governance model to ensure sound and sustainable growth. Continuously in 2017, 2019 and 2020, MSB was honored “Best Bank in Vietnam” by Global Finance. MSB has recently awarded “Best Trade Finance Bank Vietnam 2020” by International Finance.

About Prudential Vietnam

Prudential Vietnam is a subsidiary of Prudential plc, an Asia-led portfolio of businesses focused on structural growth markets. It has operated in Vietnam for over 20 years and is focused on expanding the life insurance market and changing people’s perception of insurance. As of 31 December 2020, Prudential Vietnam had over 223,000 financial consultants, over 350 sales offices, as well as a nationwide network of partnerships with eight reputable banks to serve over 1.6 million customers. Prudential Vietnam is also a pioneer in applying modern technology to simplify their processes and enhance the customer experience, as well as support the community on their health journey in Vietnam. With a new brand commitment “Listening. Understanding. Delivering.”, Prudential Vietnam reaffirms its commitment to always putting customers first, delivering innovative and comprehensive solutions to support their evolving needs for a healthier and wealthier life, while making engagement easier for today’s digital-savvy customers.

About Prudential plc

Prudential plc is an Asia-led portfolio of businesses focused on structural growth markets. The business helps people get the most out of life through life and health insurance, and retirement and asset management solutions. Prudential plc has 20 million customers and is listed on stock exchanges in London, Hong Kong, Singapore and New York. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a

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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.

By order of the Board Prudential plc Tom Clarkson Company Secretary

3 March 2021, London

As at the date of this announcement, the Board of Directors of Prudential plc comprises:

Chair

Shriti Vinodkant Vadera

Executive Directors

Michael Andrew Wells (Group Chief Executive) , Mark Thomas FitzPatrick CA and Stuart James Turner FCA FCSI FRM

Independent Non-executive Directors

Jeremy David Bruce Anderson CBE, David John Alexander Law ACA, Kaikhushru Shiavax Nargolwala FCA, Anthony John Liddell Nightingale CMG SBS JP, The Hon. Philip John Remnant CBE FCA, Alice Davey Schroeder, Thomas Ros Watjen, Jane Fields Wicker-Miurin OBE and Yok Tak Amy Yip

• For identification purposes

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