#1PRUDENTIAL Prudential plc Investor presentation December 2022#22 Forward-looking statements This presentation may contain 'forward-looking statements' with respect to certain of Prudential's (and its wholly and jointly owned businesses') 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 (and its wholly and jointly owned businesses') 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 of the entity referred to in any forward-looking statement to differ materially from those indicated in such forward-looking statement. Such factors include, but are not limited to, current and future market conditions including fluctuations in interest rates and exchange rates, inflation (including interest rate rises as a response), sustained high or low interest rate environments, the performance of financial and credit markets generally and the impact of economic uncertainty, slowdown or contraction, (including as a result of the Russia- Ukraine conflict and related or other geopolitical tensions and conflicts) which may also impact policyholder behaviour and reduce product affordability, asset valuation impacts from the transition to a lower carbon economy, derivative instruments not effectively mitigating any exposures; global political uncertainties, including the potential for increased friction in cross-border trade and the exercise of laws, regulations and executive powers to restrict trade, financial transactions, capital movements and/or investment; the impact of Covid-19 outbreaks, including adverse financial market and liquidity impacts, responses and actions taken by governments, regulators and supervisors, the impact on sales, claims and assumptions and increased product lapses, disruption to Prudential's operations (and those of its suppliers and partners), risks associated with new sales processes and technological and information security risks; 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; given its designation as an Internationally Active Insurance Group, the impact on Prudential of systemic risk and other group supervision policy standards adopted by the International Association of Insurance Supervisors; the physical, social and financial impacts of climate change and global health crises on Prudential's business and operations; the impact of not adequately responding to environmental, social and governance issues (including not properly considering the interests of Prudential's stakeholders or failing to maintain high standards of corporate governance); the impact of competition and fast-paced technological change; 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 transformation projects and other strategic actions failing to meet their objectives or adversely impacting the Group's 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 in relation to operational disruption due to external events; disruption to the availability, confidentiality or integrity of Prudential's information technology, digital systems and data (or those of its suppliers and partners) including the Pulse platform; any ongoing impact on Prudential of the demerger of Jackson Financial Inc.; the increased operational and financial risks and uncertainties associated with operating joint ventures with independent partners, particularly where joint ventures are not controlled by Prudential; 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 actual future financial condition or performance to differ, possibly materially, from those anticipated in Prudential's forward-looking statements can be found under the 'Risk Factors' heading in Prudential's 2021 Annual Report, the 'Risk Factors' heading in Prudential's 2021 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC"), the 'Risk Factors' heading in Prudential's 2022 Half Year Financial Report and the 'Risk Factors' heading in Prudential's 2022 Half Year Financial Report filed with the SEC on Form 6-K. Prudential's 2021 Annual Report, and related Form 20-F, and 2022 Half Year Financial Report, and related Form 6-K, are available on its website at www.prudentialplc.com. These factors are not exhaustive as 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. Any forward-looking statements contained in this presentation 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 presentation 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 Guidance and Transparency Rules, the Hong Kong Listing Rules, the SGX-ST Listing Rules or other applicable laws and regulations. Cautionary statements This presentation 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.#3BARREP James Turner - Group CFO Lilian Ng - Managing Director, Strategic Business Group PRUDENTIAL#44 Key messages: Delivering sustainable growth & value 1 Diversified pure-play Asia & Africa with leading positions in key high growth markets 2 Enhancing capabilities building on our substantial competitive advantages 3 High quality resilient growth in HY22 despite challenging 4 Successful execution of our strategy enables us to take advantage of the growth opportunities ahead#55 99 Years in Asia 19.3m Life customers Diversified market leading platform focused on Asia & Africa Top 3 in 11 Asia life markets1 3.9bn Access to population Africa $76m HY22 APE HY22 APE ($m) Greater China 1,015 Southeast Asia India 1,002 120 1. As reported at full year 2021. Sources include formal (e.g. competitors results release, local regulators and insurance association) and informal (industry exchange) market share data. Ranking based on new business (APE sales, weighted full year premium or full year premium depending on availability of data). or total weighted revenue premiums.#66 Chinese Mainland Access to nearly whole of Chinese Mainland >80% GDP & GWP1 Distinct competitive advantages India Indonesia Top 3 life and asset manager Strong market positioning Thailand A leading bancassurance player ICICI PRUDENTIAL LIFE INSURANCE 15% market share² ICICI PRUDENTIAL! ASSET MANAGEMENT 12% market share3 #1 Overall market share4 #1 Sharia market share4 tub UOB |||| Upscaling the business significantly through our bank partnerships 1. Source: National Bureau of Statistics and CBIRC. 2. Based on new business sum assured for 31 December 2021. Source: IRDAI. Among private players only. 3. Based on FUM. As at 31 December 2021. 4. As at 31 December 2021. Based on weighted total premiums.#77 Delivering for 19.3m life customers as a trusted partner Leading customer experience High customer satisfaction 75% Smart underwriting rate¹ Top 3 NPS in 5 out of 7 markets³ 24% Smart claims rate² 1. % of policies which are auto-underwritten. 2. % of policies where claims are settled without human intervention. 3. Net Promoter Score (NPS) as measured by competitive benchmarking surveys in Hong Kong, Malaysia, Indonesia, the Philippines, Taiwan, Thailand and Vietnam. >90% Customer retention ratio#814% NBP CAGR ex HK despite disruption NBP, HY18-HY22 $bn CER¹ 1.5 Material growth in franchise with capacity for MCH 1.0 sales maintained 8 0.4 0.1 HY18 HY19 1. Constant exchange rate basis. 14% CAGR Ex HK, HY18-22 HY20 1.1 0.2 0.6 9% CAGR HY18-22 0.3 29% HY21 HY22 ■Growth Markets Others HK#9Appendix#10Diversification and growth Financial performance by segment Growth mkts CPL³ $m New Business Profit, HY22 HK Sing. Indo. Malaysia CPL3 New Business Profit Adjusted IFRS Operating Profit EEV SHF Long- term business¹ HY22 % YoY² HY22 % YoY² 30-Jun-22 217 (4) 149 3,302 Adjusted IFRS Operating Profit, HY22 Eastspring CPL³ Growth mkts &... Hong Kong 211 (31) 501 10 17,246 Indonesia 52 HK (7) 196 (12) 1,956 Malaysia 70 (36) 190 9 3,524 Indo. Sing. Malaysia Singapore 244 16 340 9 6,712 Growth markets & other4 304 22 522 13 6,225 Growth mkts 3 CPL Eastspring n/a n/a 131 (15) n/a EEV SHF LT Business, 30 June 20221 Sing. Total HK 1,098 (5) 2,029 16 38,965 10 10 Malaysia Indo. 3. CITIC Prudential Life (CPL). New business in CPL is included at Prudential's 50 per cent interest in the joint venture. 4. Adjusted operating profit for growth markets and other includes other items of $160 million (half year 2021: $167 million on an AER basis and $161 million on a CER basis; full year 2021: $217 million on an AER basis) which in the first half of 2022 comprised largely of the impact of the adoption of the Risk-Based Capital regime in Hong Kong offset by corporate taxes for life joint ventures and associates and provisions for sales and premium tax. 1. Excluding goodwill. 2. Constant exchange rate basis.#1111 Earnings Momentum: Group operating profit +8%¹ Well diversified life profit Life IFRS operating profit, HY22 % YoY CER¹ High quality IFRS insurance income, HY22 Central costs reducing Group P&L HY21-22 $m HY21 HY22 CPL+7%2 Hong Kong+10% Spread With Profit Fee (CER¹) % Growth Life 1,768 1,898 7% Eastspring 155 131 (15)% Segment Profit 1,923 2,029 6% Indonesia (12)% $1.9bn Malaysia +9% +7% Central items Group Operating Profit Short-term fluctuations4 Insurance Margin Other 81% PBT (392) (368) 1,531 1,661 (234) (96) 1,201 6% 8% (1,383) n/a 22 n/a 300 (75) Singapore +9% Tax Profit Continuing Ops 1,025 (176) (194) 106 (10) (90) Growth markets +21% 3 Other items (1) %³ 1. Constant exchange rate basis (CER). 2. CITIC Prudential Life (CPL). New business in CPL is included at Prudential's 50 per cent interest in the joint venture. 3. Other items of $160 million (HY21: $161m CER), includes a non-recurring Hong Kong RBC related benefit. 4. Includes a non-recurring HK RBC related benefit.#1212 High quality resilient performance Diverse sources of growth NBP: $1.1bn (HY21: $1.2bn) 1 1,155 NBP excl. economics NBP development HY21-HY22, $m (55) 101 (44) +0% (59) (5)% 1,157 1,098 HY21 (CER) Volumes Country mix Product/Channel mix/Other HY22 excl. Economics Economics HY22 1. Constant exchange rate basis. High quality NBP by product, HY22 H&P Par Linked Non Par 2. CITIC Prudential Life (CPL). New business in CPL is included at Prudential's 50 per cent interest in the joint venture. Diversified NBP, HY22 $m, % YoY (CER)¹ Total ex economics 1,157 0% Total 1,098 (5)% Growth Markets 304 22% Singapore 244 16% CPL² 217 (4)% Hong Kong 211 (31)% Malaysia 70 (36)% Indonesia 52 (7)%#1313 Chinese Mainland: Our "City Cluster" Model Citic-Prudential Life (CPL) GWP, $bn¹ $0.7bn $1.2bn $1.0bn 3.6x $2.0bn $1.8bn $2.2bn $2.4bn GWP CAGR GWP Mix %² CPL GWP Market Share % CPL Agency Channel³ CPL Banca Channel³ (1H16- 1H22) CPL China Market 1H16 1H22 # of Agents (,000)7 # of Partners6 # of Outlets (,000)7 Rest 37% 28% 54% 0.09%4 0.41%4 5 10 10 3 Shanghai Cluster 30% 14% 23% 0.15%4 0.47%4 1 27 1 GBA 18% 29% 12% 0.96%4 1.86%4 6 30 1 Beijing Cluster 19% 29% 12% 0.88% 1.91%4 4 22 1 1H16 1H17 1H18 1H19 1H20 1H21 1H22 ■Beijing Cluster ■GBA ■Shanghai Cluster ■Rest Total 24% 100% 100% 0.31%5 0.77%5 16 55 16 Beijing Cluster = Beijing + Tianjin + Hebei GBA = Guangdong (include Shenzhen branch), exclude Hong Kong & Macau Shanghai Cluster = Jiangsu + Zhejiang + Shanghai + Anhui Rest Rest of China (not including Beijing Cluster, GBA and Shanghai Cluster) 1. 100% CPL GWP under constant 1H22 exchange rate basis. 2. Based on 1H22 data for CPL and CBIRC China Market GWP data. 3. As at June-2022. 4. GWP market share represents market share of the cluster. 5. GWP market share is on a total industry basis. 6. Number of banca Partners does not cast as some bank partners are partners in several clusters. 7. Number shown to the nearest thousand.