Prudential plc (2378.HK) included as a constituent of the Hang Seng Composite Index
- Written by Telegraph Magazine
HONG KONG SAR - Media OutReach - 19 August 2022 - Prudential plc (2378.HK) will be included as a constituent stock of the Hang Seng Composite Index (HSCI) with effect from 5 September 2022, according to the Index Review Results announced by Hang Seng Indexes Company Limited today.
As a constituent of the HSCI, Prudential can now be considered for inclusion in the Shenzhen–Hong Kong Stock Connect programme. Under this programme, eligible stocks can be traded by qualified investors[1] in the Chinese mainland.
James Turner, Group Chief Financial Officer, Prudential said this is a milestone for the company’s primary listing in Hong Kong.
Prudential plc has been listed on the Stock Exchange of Hong Kong since 2010, and completed an equity raise of US$2.4 billion in September 2021 to enhance its financial flexibility to invest for growth in Asia and Africa. By the end of 2021, the Group completed the strategic re-positioning of its business to focus solely on growth opportunities in Asia and Africa.
“We believe this index inclusion will further expand our investor base and increase the trading liquidity of our shares. As we pivot our business to Asia, we are keen to provide investors in the region, many of whom are our customers, an opportunity to benefit from the growth of our business.
“Our financial performance in the first half of 2022 shows that Prudential has a resilient business model that is backed by a multi-channel distribution platform. Through over 530,000 agents and more than 170 bancassurance partners, as well as our digital platform, we have a tremendous reach across 23 markets, and are well positioned to tap the long-term structural growth opportunities across Asia and Africa,” said Mr. Turner.
Despite their fast-rising prosperity, people in Asia have low levels of insurance cover, with 39 per cent of health and protection spend still paid out of pocket. This creates a large and growing health protection gap that has been estimated at US$1.8 trillion.
“In 2023, Prudential will celebrate 175 years of supporting customers and building our business as one of the world’s leading insurance groups. With rising longevity and increased demand for health and protection across Asia and Africa, our focus remains on ensuring that Prudential can capture the breadth of opportunities that are available to us across the two continents,” said Mr. Turner.
The Group’s 2022 Half Year results, reported on 10 August 2022, show the business continues to deliver resilient operational performance amid market volatility (link: https://www.prudentialplc.com/en/news-and-insights/all-news/news-releases/2022/10-08-2022).
As a FTSE 100 company, Prudential (PRU) shares are traded on the London Stock Exchange. The stock is also listed in Singapore (K6S) and New York (PUK).
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The issuer is solely responsible for the content of this announcement.
About Prudential plc
Prudential plc provides life and health insurance and asset management in Asia and Africa. The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. The business has more than 19 million life customers and is listed on stock exchanges in London (PRU), Hong Kong (2378), Singapore (K6S) and New York (PUK).
Prudential is not affiliated in any manner with Prudential Financial, Inc. a 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.
