Strategic Expansion and Growth
Asia
Market highlights - China
Intact structural demand drivers
•
Faster growth in GDP than advanced economies¹
.
Rapid expansion of the middle class; significant
protection gap²
•
Expansion of our platform
Operationalised Shaanxi province
•
Presence in 20 branches, 97 cities (+3) and 234
sales outlets (+5)5
Execution7
APE
(XX% indicates 2020 sales as a proportion of 2019 levels)
120%
95%
81%
1Q20
2Q20 ! HY20
Agency
2Q20 (vs PY)
+15%
I Banca
+25%
4 out of 5 consumers intend to purchase more
insurance post-Covid³
• 2/3 of consumers feel they need more health
insurance, but only half have taken actions so far
Digitalisation of business model
Digital products launched in Feb; Virtual
Reality meeting room launched in May
67% of new agency cases sold virtually in 1H20
Agency profiling / assessment / recruitment /
training all moved online
Agency productivity6 +56%; active agents +7
CHANNEL
Banca:
45%
Agency:
52%
NBP by channel
(HY20)
PRODUCT
H&P:
Linked:
11%
43%
Par: 11%
Non-par:
35%
NBP by product
(HY20)
Quality execution and outperformance
+30%
Renewal
+12%
+17%
Customer
IFRS earnings
premium
growth
growth to
to $101m
NBP
1.6m
CPL outgrowing the industry
(2020 GWP growth)
CPL Sector
+7%
33%
19%
16%
25% 3%
40%
12%
15%
34%
28%
Mar
Apr
May
Jun
2Q20
PRUDENTIAL
Data as of HY20 unless stated otherwise
1. IMF, World Economic Outlook (June 2020), Real GDP growth
2. Swiss Re Asia's health protection gap: insights for building greater resilience. October 2018 Represents China, India, Japan, Korea,
Indonesia, Malaysia, Taiwan, Vietnam, the Philippines, Singapore, Hong Kong and Thailand
3. McKinsey report, titled: "How Covid-19 is accelerating 5 key trends shaping the Chinese economy"
5. Increase compared to year-end 2019; SSO = Sales Service Offices
6. Cases per active agent
7. On a constant exchange rate basis
4. Morgan Stanley report: "Key trends shaping the Chinese economy."
-------------
(XX% indicates 2020 NBP as a proportion of 2019 levels)
112%
104%
96%
1Q20
2Q20
I HY20
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