Blueprint
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 January, 2019
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
LAURENCE POUNTNEY HILL,
LONDON, EC4R 0HH, ENGLAND
(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
10 January 2019
Prudential plc and UOB renew and expand their regional strategic
bancassurance alliance
Prudential plc ("Prudential") and United Overseas Bank Limited
("UOB") are pleased to announce the renewal of their successful
regional strategic bancassurance alliance.
The new agreement extends the original alliance which commenced in
2010 to 2034 and increases the geographical scope to include a
fifth market, Vietnam, alongside our existing footprint across
Singapore, Malaysia, Thailand and Indonesia.
Under the terms of the renewal, Prudential's life insurance
products will be distributed through UOB's extensive network of
more than 400 branches in five markets, providing access to over
four million UOB customers. In addition, Prudential will use its
digital capabilities to deliver protection focused propositions to
aid UOB's digital bank expansion and customer acquisition
aspirations. An initial fee of £662
million will be paid under the agreement which will be funded
through internal resources.
Mike Wells, Group Chief Executive of Prudential, said: "We have
built a highly effective bancassurance partnership with our
colleagues at UOB that has driven double-digit annual sales and new
business profit growth since 2010. The extended partnership
provides UOB's growing customer base with continued access to
Prudential's market-leading and innovative product suite, and
demonstrates our commitment to fulfilling the evolving savings and
protection needs of consumers. We believe there is a significant
opportunity for future growth in Southeast Asia and the renewal
reflects our commitment to using our capabilities to benefit our
customers and shareholders".
Mr Wee Ee Cheong, Deputy Chairman and Group Chief Executive Officer
of UOB, said the renewed agreement reflects the long-term approach
and success of this partnership since 2010, "UOB is focussed on
creating financial solutions in the best interests of customers and
which are essential to their lifestyles and life stages. We believe
that our continued partnership with Prudential will create greater
value for our customers and our stakeholders across the region and
reinforces our position as the premier ASEAN bank. We look forward
to working together with Prudential to continue developing unique
and innovative insurance solutions for Asia's burgeoning affluent
population and its increasing number of mobile-first and
mobile-only consumers."
Enquiries:
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Media
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Investors/Analysts
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Jonathan
Oliver
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+44
(0)20 7548 3537
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Chantal
Waight
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+44
(0)20 7548 3039
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Tom
Willetts
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+44
(0)20 7548 2776
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Richard
Gradidge
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+44
(0)20 7548 3860
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Susanna
Hui
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+852
2918 5485
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William
Elderkin
Darwin
Lam
Mark
Fairbairn
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+44
(0)20 3480 5590
+852
2918 6348
+852
2918 6358
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Footnotes:
As part of this transaction, Prudential has agreed to pay UOB an
initial fee of £662
million for distribution rights which is not dependent on future
sales volumes. This amount will be paid in three instalments
of £230
million in February 2019, £331
million in January 2020 and £101
million in January 2021.
A SGD:£ foreign
exchange rate of 1.7360 has been used to determine the figures
disclosed above.
Notes to Editors:
About Prudential plc
Prudential plc and its affiliated companies constitute one of the
world's leading financial services groups, serving over 26 million
customers, with £664 billion of assets under management (as at
30 June 2018). Prudential plc is incorporated in England and Wales
and is listed on the stock exchanges in London, Hong Kong,
Singapore and New York. Prudential plc is not affiliated in any
manner with Prudential Financial, Inc., a company whose principal
place of business is in the United States of America.
About UOB
United Overseas Bank Limited is a leading bank in Asia with a
global network of more than 500 offices in 19 countries and
territories in Asia Pacific, Europe and North America. Since its
incorporation in 1935, UOB has grown organically and through a
series of strategic acquisitions. UOB is rated among the world's
top banks: Aa1 by Moody's and AA- by Standard & Poor's and
Fitch Ratings respectively. In Asia, UOB operates through its head
office in Singapore and banking subsidiaries in China, Indonesia,
Malaysia, Thailand and Vietnam, as well as branches and
representative offices across the region.
Forward-Looking Statements
This document may contain 'forward-looking statements' with respect
to certain of Prudential's plans and its goals and expectations
relating to its future financial condition, performance, results,
strategy and objectives. Statements that are not historical facts,
including statements about Prudential's beliefs and expectations
and including, without limitation, statements containing the words
'may', 'will', 'should', 'continue', 'aims', 'estimates',
'projects', 'believes', 'intends', 'expects', 'plans', 'seeks' and
'anticipates', and words of similar meaning, are forward-looking
statements. These statements are based on plans, 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 Prudential's actual future
financial condition 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, the
timing, costs and successful implementation of the demerger of the
M&G Prudential business; the future trading value of the shares
of Prudential plc and the trading value and liquidity of the shares
of the to-be-listed M&G Prudential business following such
demerger; future market conditions, including fluctuations in
interest rates and exchange rates the potential for a sustained
low-interest rate environment, and the performance of financial
markets generally; the policies and actions of regulatory
authorities, including, for example, new government initiatives;
the political, legal and economic effects of the UK's decision to
leave the European Union; the impact of continuing designation as a
Global Systemically Important Insurer or 'G-SII'; the impact of
competition, economic uncertainty, inflation and deflation; 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 projects and other strategic actions failing to meet
their objectives; disruption to the availability, confidentiality
or integrity of Prudential's IT systems (or those of its
suppliers); 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 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
Prudential's actual future financial condition or performance or
other indicated results to differ, possibly materially, from those
anticipated in Prudential's forward-looking statements can be found
under the 'Risk Factors' heading in its most recent Annual Report
and the 'Risk Factors' heading of Prudential's most recent annual
report on Form 20-F filed with the U.S. Securities and Exchange
Commission, as well as under the 'Risk Factors' heading of any
subsequent Prudential Half Year Financial Report. Prudential's most
recent Annual Report, Form 20-F and any subsequent Half Year
Financial Report are available on its website at
www.prudential.co.uk.
Any forward-looking statements contained in this document speak
only as of the date on which they are made. 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
Prospectus Rules, the UK Listing Rules, the UK Disclosure and
Transparency Rules, the Hong Kong Listing Rules, the SGX-ST listing
rules or other applicable laws and regulations.
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: 10
January 2019
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PRUDENTIAL
PUBLIC LIMITED COMPANY
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By: /s/ Mark FitzPatrick
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Mark
FitzPatrick
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Chief
Financial Officer
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