Prudential Plc (PRU.L): Limited Impact from Decree 837; HK/CN/MY/TH to Bolster FY26E Growth

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Prudential Plc (PRU.L): Limited Impact from Decree 837; HK/CN/MY/TH to Bolster FY26E Growth

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24 Jun 2026 10:56:46 ET │ 11 pages

Prudential Plc (PRU.L)

Takeaways: Limited Impact from Decree 837; HK/CN/MY/TH to Bolster

FY26E Growth

CITI’S TAKE Buy

We hosted Prudential at our 2026 Financials and Property Conference, Price (23 Jun 26 16:30) £10.13

and we provide our key takeaways as below. Target price £14.25

Expected share price return 40.7%Limited impact from Decree 837 – Mgmt noted that Decree 837, effective 1 July,

makes no explicit mention of insurance, and that Prudential has not received any Expected dividend yield 2.1%

consultation or guidance from HKIA indicating that any changes to its business are Expected total return 42.7%

required. It noted that though HKMA has engaged with banks to strengthen KYC Market Cap £25,457M

procedures when opening investment accounts, the opening of savings and current US$33,688Maccounts continues to operate as usual. It also noted that c.60% of Prudential’s Hong

Kong products are protection-oriented by the number of policies sold, which are

clearly distinct from investment instrument; for savings products, policyholders

cannot select the underlying investment assets and surrender charges are significant,

Michelle Ma, CFAACwhich reinforces the product nature as long-term savings rather than investments.

+852-2501-2723So far, there have been no meaningful change in customer behaviors since the decree

michelle.ma@citi.comwas announced.

Amy Jy Chen

amy.jy.chen@citi.com

HK/CN/MY/TH to support full-year growth – Looking ahead to FY26E, mgmt

expected to see double-digit NBP growth mainly bolstered by HK/CN/MY/TH. Mgmt

noted that Hong Kong’s double-digit growth outlook is maintained ytd, and it noted