SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November, 2003
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
LAURENCE POUNTNEY HILL,
LONDON, EC4R 0HH, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-
Enclosure: Analysts Presentation dated 27 November, 2003
Embargo 08.15 hrs - Thursday 27 November 2003
Presentation to investors and analysts on M&G
Prudential plc ("Prudential") will hold a number of presentations today (27
November 2003) for investors and analysts covering the Group's UK and European
fund management business, M&G. These presentations will be hosted by Michael
McLintock, M&G's Chief Executive and a director of Prudential, with support from
senior members of the M&G management team.
The main objectives of the presentations are to:
- Provide an overview of M&G's operations;
- Summarise its business and financial performance;
- Provide an insight into the performance and strategic positioning of M&G's
major business lines; and
- Answer questions about M&G's performance and strategy.
In order to put the discussion in context, the presentation on financial
performance will include a projected profit for M&G for 2003 of GBP76 million
(up 7 per cent from GBP71 million in 2002) and an underlying profit before
performance-related fees of GBP68 million (up 33 per cent from GBP51 million in
2002). These profit projections assume that the FTSE All-Share index remains
broadly in line with current levels.
In addition to strategic and financial overviews, there will be presentations
covering M&G's retail, equities, international, property and fixed income
businesses. These presentations will reinforce a number of key messages, in
particular M&G's:
- Good track record of delivering strong profitable growth and investment
performance;
- Clear ambition to continue growing the business;
- Strong management team which has a clear view of the future opportunities
and challenges facing the business; and
- Strategy that is designed to deliver sustained profitable growth.
An audiocast of the presentation and the presentation slides will be available
on the Group's website, www.prudential.co.uk, from 09.00am on Thursday 27
November 2003.
A pre-recorded interview with Michael McLintock (in video/audio/text) will be
available on www.prudential.co.uk and www.cantos.com from 08.15am on Thursday 27
November 2003.
-ENDS-
Media Enquiries: Investor/Analyst Enquiries:
Prudential
Steve Colton - 020 7548 3721 Rebecca Burrows - 020 7548 3537
Clare Staley - 020 7548 3719 Laura Presland - 020 7548 3511
M&G
Simon Anderson - 020 7548 3653
Notes to Editors:
1. M&G
M&G was acquired by Prudential in 1999 and is the Group's UK and European
fund manager, responsible for managing over GBP105 billion of funds as at 30
September 2003 (compared with GBP103 billion at the half-year). These funds
are invested in a wide range of assets including UK and international
equities, fixed interest, property and private equity.
M&G provides investment management services to both institutional and retail
clients across a wide variety of products including equities, fixed income,
unit trusts, Open Ended Investment Companies, investment trusts and
Individual Savings Accounts, as well as providing UK-based internal fund
management services to the Prudential Group.
Also part of the M&G group are Prudential Property Investment Managers,
which is one of the largest institutional property investors in the UK, and
PPM Ventures, which is a leading source of private equity finance.
2. 2002 Financial Performance
M&G reported a profit of GBP71 million for the full-year 2002. This included
GBP20 million of performance-related fees earned on the management of
Prudential's With-Profits Life Fund. The performance-related fee is based on
the performance of the Life Fund over a rolling three-year period.
3. 2003 Financial Performance
Interim Results
In the first half of 2003, M&G increased its operating profit by 12 per cent
to GBP38 million and UK investment funds under management increased by 10
per cent from the 2002 year-end. This reflected M&G's effective cost
control and the strengths of its diversified product range in retail fund
management, institutional fixed income, pooled life and pension funds,
property and private finance.
Nine-month sales to 30 September
M&G's gross fund inflows for the first nine months of 2003 were GBP3
billion, up 1 per cent on 2002. Gross fund inflows into M&G-branded retail
products were GBP275 million in the third quarter, up 10 per cent on the
same period last year. Net inflows rose in the quarter, up 8 per cent on the
same period in 2002 to GBP64 million.
In its institutional business, M&G continued to benefit from its position as
a leading innovator in fixed income and private finance. Gross institutional
fund inflows during the third quarter were GBP702 million, bringing inflows
in the first nine months to GBP2.1 billion, 5 per cent higher than the same
period last year.
During the third quarter, M&G's segregated and pooled funds saw gross fund
inflows of GBP317 million and the private finance division contributed a
further GBP333 million as a result of its continuing success in winning
project finance and securitised vehicle mandates.
M&G's net institutional fund inflows for the third quarter of 2003 were
GBP284 million compared to GBP59 million in the same period in 2002.
4. Presentation Timetable
The presentations will start at 9.00am and are scheduled to finish at
approximately 12.00pm. The running order of the presentations is as follows:
Introduction Jonathan Bloomer, Group Chief Executive, Prudential plc
Overview Michael McLintock, Chief Executive, M&G
Financial Overview Philip Johnson, Finance Director, M&G
UK Retail Gary Shaughnessy, Chief Executive, UK Retail, M&G
Equities and International Michael McLintock, Chief Executive, M&G
Property Martin Moore, Managing Director,
Prudential Property Investment Managers
Fixed Income Simon Pilcher, Chief Executive, Fixed Income, M&G
Summary Michael McLintock, Chief Executive, M&G
Forward-Looking Statements
This statement may contain certain "forward-looking statements" with respect to
certain of Prudential's plans and its current goals and expectations relating to
its future financial condition, performance, results, strategy and objectives.
Statements containing the words "believes", "intends", "expects", "plans",
"seeks" and "anticipates", and words of similar meaning, are forward-looking. By
their nature, all forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances which are beyond
Prudential's control including among other things, UK domestic and global
economic and business conditions, market related risks such as fluctuations in
interest rates and exchange rates, and the performance of financial markets
generally; the policies and actions of regulatory authorities, the impact of
competition, inflation, and deflation; experience in particular with regard to
mortality and morbidity trends, lapse rates and policy renewal rates; the
timing, impact and other uncertainties of future acquisitions or combinations
within relevant industries; and the impact of changes in capital, solvency or
accounting standards, and tax and other legislation and regulations in the
jurisdictions in which Prudential and its affiliates operate. This may for
example result in changes to assumptions used for determining results of
operations or re-estimations of reserves for future policy benefits. As a
result, Prudential's actual future financial condition, performance and results
may differ materially from the plans, goals, and expectations set forth in
Prudential's forward-looking statements. Prudential undertakes no obligation to
update the forward-looking statements contained in this statement or any other
forward-looking statements it may make.
END
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date 28 November 2003
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ Steve Colton
Steve Colton,
Group Head of Media Relations