Tokyo Investor Day
JAPAN REMAINS A HIGHLY ATTRACTIVE MARKET
FOR PRUDENTIAL
➤ High returns driven by mortality and expense margins
➤ History of growth across economic landscapes through distribution
expansion, selective acquisitions and operating efficiencies.
➤ Strong cash flow from Japanese operations; historically redeployed excess
capital of more than 60% of after-tax AOI since 2009(1)
➤ Positioned to navigate increasingly challenging environment
Significant product and distribution actions, including product discontinuations,
pricing adjustments and commission reductions
Impact of sustained low interest rates on returns emerges over a multi-year
time frame
Opportunities to mitigate interest rate impacts through extending asset
durations and leveraging PGIM's sourcing capabilities.
1) Through 2015.
Prudential
Tokyo Investor Day 9.15.2016
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