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&@Z%Other Products@S@Y@7&@*@ON.V@@\@x!63@7@,d1Z& DWP RebatesY@ `@ {ž'4- - - Y@ `@ {ž'4$@*@;;7Z'Total Mature Life and Pensionsv@0u@N@@R@@R@z@y@@*9/ @[@Z@*J#?ZD(Z) Total Retail@@a1@@]@]@@@ 0@x@`v@xX&@ZD*Z+Wholesale Annuities0s@C@k(@- - - 0s@C@k(@?@@@ZD,Z- Credit Life@.@J- @.@J?@IZD.Z/Total UK Insurance Operationsj@@!t<@@]@]@T@@:@z@v@u2@ZD0ZS1Channel SummaryZ2Direct and Partnership@@X=ֿ@Z@Z@sHM0@@$uٿk@k@ܿZ3 Intermediatedh@P@(|D@(@*@ON@@pG4D@e@_@{A@Z4 Wholesales@J@`}~@- s@J@`}~@?@@@@Z5 Sub-Total@@=[y>@@]@]@@@~=@0z@u@n۶m۶3@ZD6Z7 DWP RebatesY@ `@ {ž'4- - - Y@ `@ {ž'4$@*@;;7ZD8Z9Total UK Insurance Operationsj@@!t<@@]@]@T@@:@z@v@u2@ZD:Z`;US Insurance Operations (1a)Z<Fixed Annuities؃@ r@˽]@- - - ؃@ r@˽]@P@=@5rO#,^@Z=Fixed Index Annuitiesh@k@E]t%- - - h@k@E]t%4@6@/袋."Z>Variable Annuities@|@r3- - - @|@r3f@l@I$I3Z?Life@@@@&@"@886@.@(@9@&@"@886@Z@Sub-Total Retail@~@;M&@"@886@@@ozӛ q@q@íD+ ZAGuaranteed Investment Contracts@`@0{q@- - - @`@0{q@I@*@NNDr@ZBGIC - Medium Term Notes@@gߥwiD- - - s@@gߥwiD@@J@RCZCTotal US Insurance Operations@@+Db?&@"@886@@ƪ@,&KF?@v@u@lu?ZDDZcEAsian Insurance Operations (1a)ZF China (10)A@5@P@.@6@E]t?I@E@wqG0@3@8@VUUUU4ZG Hong Kongu@h@[{`wR@S@K@88F@z@o@9P@@\@R@u)YJ@ZH India (6)D@1@jiiii`@^@@U@E@@d@Y@jiiiiiM@_@U@FXiF@ZI IndonesiaQ@A@Y@@T@E@n۶m6W@b@S@6P^X@V@F@98W@ZJJapanQ@N@*@5@(@R@@V@R@qq7@<@2@rqK@ZKKoreaI@Q@yxxxxx:]@Z@B($@e@e@^@\@Cy 5@ZLMalaysia,@$@D@C@A@'@J@F@/袋.2@C@A@m۶m&@ZM Singapore@q@u@2B@@@>>(@s@ w@L.@P@P@HTnZNTaiwan@`@P@ W@U@ b@>Ej@j@sHM0?@X@c@y 5BZO Other (4)$@.@@=@6@E]t?@C@B@Y7"@>@8@9@ZP Total Asian Insurance Operations4@@z=9@x@`@'!(@@@ls33@@@D)h+@ZDQZDRZS Group Total@@@^^+@x@`@se4#@W@˼@h*@@$@kz'@ZDTYYYY|?!!""##$$$$%%$$&&$$&&$$&&''$$&&,,     ;"T ;(T $;S %;  &;  &;  ';  ';c (;  (;c (;c ; U dd;:T dd;T dsad;%  dsad;+  dsad;;  dsad;   ;!a  ;'  =2&  ;3#  ;/   ;1X   ;=N   ;=M   ;  ;  ;"  ;   ;+  ; >  ;   ; .   ; ,   ;   ;   ;&   ;'   ;-  ;-  ;-  ;@  ;@  ;>  ;>,  ;   ;   ;I   ;H   ;   ;   ;$  ;   "; 0   ;6G  -;(  ;0W   ;4P   ;7(  ;7'  ;.K   ;5X   ;5X  sch;#  sch;)  sch;8  sch;  sch1;$c sch1;*c sch1;9c sch1;c sf;&c sf;,c sf;<c sf;c" -?cConsistent with the derecognition of the Company s interest in the underlying IAS 19 surplus of PSPS, the effect of the accounting policy change on operating results based on longer-term investment returns is to replace the usual IAS 19 pension charges and credits with the cash cost of contributions for ongoing service of active members. The usual IAS 19 pension charges and credits for PSPS include the service costs, finance income and curtailment credit as shown in the table above. As a result of the accounting policy change, the movements between the two reporting dates impacted reflect the payment of cash contributions for ongoing service for active members and deficit funding made during this period. In addition, the charge to the operating results also includes a charge for the unwind of discount on the opening provision for deficit funding for PSPS.wAdjustment for post-tax effect of shareholders' share of actuarial gains and losses on defined benefit pension schemes:External funds shown above for half year 2008 of 59.9 billion comprise 67.4 billion in respect of investment operations as published in the new business results (see schedule 31), less 7.5 billion that are classified within internal funds.The format of the schedules is consistent with the distinction between insurance and investment products as applied for previous financial reporting periods. With the exception of some US institutional business, products categorised as "insurance" refer to those classified as contracts of long-term insurance business for regulatory reporting purposes, i.e. falling within one of the classes of insurance specified in part II of Schedule 1 to the Regulated Activities Order under FSA regulations.(9) 389m of FUM and 19m of net flows reported for half year 2008 under Prudential Asian funds operations relate to M&G's products distributed through those Asian operations and this amount is also included in M&G's FUM. Less than 3 months3 months to 6 monthsMore than 6 months(a) The reason for the change`(c) Effect on the Group's supplementary analysis of profits and movement in shareholders' equity2Underlying IAS 19 credit for other pension schemesCash cost for PSPSDUnwind of discount on opening provision for deficit funding for PSPS{The actuarial assumptions applied in determining the surplus before the accounting change to the UK schemes are as follows:The underlying balance sheet of the pension schemes on an economic basis before the change in the accounting policy on pension schemes is as follows:The IAS 19 service costs and employer contributions for ongoing service of current employees have been apportioned in the ratio relevant to current activity. Reflecting these two elements, at 30 June 2008, the total share of the deficits on PSPS and the smaller Scottish Amicable scheme attributable to the PAC with-profits fund amounted to a deficit of 129 million and a deficit after related tax relief of 116 million. (Sch 20.8)"Shareholders' equity (schedule 22) (Sch 20.5) (Sch 20.6) (Sch 20.1) (Sch 20.7)DEquity securities and portfolio holdings in unit trusts (note 20.7a)Debt securities (note 20.7b)20.7(b)20.7(a)Total (schedule 22)This accounting policy change has had an effect on the Group s interest in the financial position of the Group s main UK defined benefit pension scheme, the Prudential Staff Pension Scheme (PSPS). The change relates solely to the accounting measurement of the Group s interest in the financial position of PSPS. Adoption of this accounting policy change does not affect the Group s interest in the Group s other defined benefit pension schemes. Under the terms of the Trust Deed, the Group has no unconditional right of refund to any surplus in PSPS. Also, the Group has no ability under the guidance in IFRIC 14 to anticipate a reduction in the level of future contributions for ongoing services from those currently being paid. In addition, the Group currently has a five-year deficit funding arrangement in place as agreed with the Trustees of the PSPS following the last triennial valuation of PSPS as at 5 April 2005._The Group has adopted an accounting policy change for pension schemes in half year 2008. The change effectively applies the interpretation included in IFRIC 14, which gives guidance on assessing the limit in IAS 19 on the amount of surplus in a defined benefit pension scheme that can be recognised as an asset thereby providing reliable and more relevant information. The recognition of an asset is restricted to those that are demonstrably recoverable, either by refund or reduction in future contributions. It also addresses when a minimum funding requirement might give rise to a liability. The assessment of recoverability and any additional liability is made by reference to the terms of the Trust Deed of pension schemes and, unless substantively enacted or contractually agreed, with no account taken of potential changes to current funding arrangements. Prudential Services Asia;Shareholders equity at the end of the period (schedule 22))Jackson's debt securities are classified as  available-for-sale under IAS 39 and carried in the balance sheet at fair value. Unless impaired, fair value movements are recorded as a movement in shareholder reserves direct to equity. Impairments are recorded in the income statement as shown below.5Jackson s portfolio of debt securities is managed proactively with credit analysts closely and regularly monitoring and reporting on the credit quality of its holdings. Jackson continues to review its investments on a case-by-case basis to determine whether any decline in fair value represents an impairment.APEs are calculated as the aggregate of regular new business amounts and one tenth of single new business amounts. PVNBPs are calculated as equalling single premiums plus the present value of expected premiums of new regular premium business, allowing for lapses and other assumptions made in determining the new business contribution. New business premiums reflect those premiums attaching to covered business, including premiums for contracts classified as investment products for I< FRS basis reporting. New business premiums for regular premium products are shown on an annualised basis. Department of Work and Pensions rebate business is classified as single recurrent business. Internal vesting business is classified as new business where the contracts include an open market option. The details shown for insurance products include contributions for contracts that are classified under IFRS 4 "Insurance Contracts" as not containing significant insurance risk. These products are described as investment contracts or other financial instruments under IFRS. Contracts included in this category are primarily certain unit-linked and similar contracts written in UK insurance operations, and Guaranteed Investment Contracts and similar funding agreements written in US operations.Investment products referred to in the schedules for funds under management are unit trust, mutual funds and similar types of retail asset management arrangements. These are unrelated to insurance products that are classified as "investment contracts" under IFRS 4, as described in the preceding paragraph, although similar IFRS recognition and measurement principles apply to the acquisition costs and fees attaching to this type of business.8Intangible assets attributable to PAC with-profits fund:For participating business, which in the table above reflects the with-profit funds of the Prudential Assurance Company, and Singapore and Malaysia operations, the Group s principal sensitivity to investment value movements arises through the impact on the shareholders share of with-profit bonus declarations, which are  smoothed to adjust for changes in returns from period to period, and fees earned by the Group s asset management operations.The sensitivity of the Group s results to investment value movements principally arises in respect of the portfolios of non-linked insurance and non-insurance business.These differences in carrying value of debt securities, other invested assets, derivatives and insurance liabilities give rise to potentially significant volatility in the IFRS income statement and shareholders equity. QFor the non-participating business of the Asian insurance operations, the sensitivity of the IFRS basis results to market risk is primarily reflected through the volatility of asset returns coupled with the fact that the accounting carrying value of liabilities to policyholders are only partially sensitive to changed market conditions.Other non-insurance operations comprises mainly M&G. In addition, other non-insurance also covers asset management in Asia and US and unallocated corporate activities.M&G's balance sheet includes loans comprising bridging loan finance assets and structured finance arrangements managed by Prudential Capital.The majority of the impairment losses arising in the first half of 2008 arose on residential mortgage backed securities (RMBS). The impairment for RMBS was determined using cash flow modelling approach designed to estimate future principal losses on underlying collateral mortgage loans supporting the investments in the structures. Principal loss estimates were based on the current delinquency/foreclosure statistics for the underlying pools. In aggregate, the more severe the current delinquency/foreclosure statistics for an underlying pool, the higher the principal losses projected. Projected underlying losses for each collateral pool are pushed through the securitisation structure s payment scheme to determine the extent of estimated future principal losses on securitisation tranches held by Jackson. In the first half of 2008, and more particularly in the latter part of this period, the collateral performance of these RMBS has deteriorated coupled with the deterioration of the market price of these securities.The following table summarises by rating the debt securities held by US insurance operations using Standard & Poor's (S&P), Moody's and Fitch ratings:WThe charge of 157 million for short-term fluctuations of other operations arises from:As shown in the table above for US insurance operations, included within the statement of changes in equity is a net reduction in the value of debt securities classified as available-for-sale of 677 million. This reduction reflects the effect of continued adverse market movements in the first half of 2008. These temporary market value movements do not reflect defaults or impairments.QAs shown in the table above, 270 million of the 989 million of gross unrealised losses at 30 June 2008 related to securities whose fair value were below 80 per cent of the book value. The age analysis for this 270 million, indicating the length of time for which their fair value was below 80 per cent of the book value is as follows:,Of the sub-prime and Alt-A securities whose fair value is below 80 per cent of the book value at 30 June 2008, 18 million of the 75 million unrealised losses relates to securities that have been in that position for 3 months or under, 49 million for 3 to 6 months and 8 million for 6 to 9 months. The half year 2008 shareholder actuarial losses for other schemes of 144 million reflect the shortfall of market returns over long term assumptions and the effect of increases in inflation rates which more than offsets the effect of an increase in risk discount rate.The net charge to operating profit (gross of the share attributable to the PAC with-profits fund) of 15 million is made up of a charge of 18 million relating to PSPS and a credit of 3 million for other schemes. ?The table reflects the financial position of the defined benefit schemes on an 'economic basis'. This is the IAS 19 basis adjusted to include scheme assets invested in Prudential Group insurance policies. At 30 June 2008, M&G Pension Scheme had invested 165 million in Prudential Group insurance policies. The PSPS scheme has also invested 130 million of scheme assets in Prudential Group insurance policies, however the Company's interest in the financial position of PSPS is affected by the change in the accounting policy on pension schemes as explained in schedule 24.In respect of the position at 30 June 2008, the Group has not recognised the underlying PSPS pension surplus of 315m (265m net of deferred tax), reflecting the difference between t< he market value of the scheme assets and the discounted value of the liabilities, which would have otherwise been recognised as an asset on its balance sheet under the previous policy. In addition, the Group has recognised a liability for deficit funding to 5 April 2010 of 80m (67m net of deferred tax) in respect of PSPS. Of these, the amounts attributable to shareholders are 97m (69m net of deferred tax) for the surplus not recognised as an asset and 25m (18m net of deferred tax) for the additional liability for deficit funding. In total the impact on shareholders equity at 30 June 2008 is a reduction of 87m as shown in note (c) below. The half year and full year 2007 comparative figures have been adjusted accordingly for this change in accounting policy. $(b) The summary effect of the changeFOperating profit based on longer-term investment returns (schedule 14) The asset and liabilities of PSPS are unaffected by the impact of the change in accounting policy. PSPS is managed on an economic basis for the longer-term benefit of its current and deferred pensioners and active members. The surplus in PSPS is available to absorb future adverse asset value movements and, if required, strengthening in mortality assumptions. The fluctuating nature of the surplus is demonstrated by the reduction in the underlying gross surplus from 528m at 31 December 2007 to 315m at 30 June 2008 as shown in schedule 23.(Basic earnings per share (schedule 13.2)M(d) Effect on the Group's earnings per share on the 2007 comparative figures 2After accounting policy change for pension schemes As previously published> Effect of accounting policy change for pension schemes(Basic earnings per share (schedule 13.3)Based on profit for the year Based on profit for the period (Loss) profit before tax :Effect of the accounting policy change for pension schemesfThe Company has made a change in its accounting policy on pension schemes as explained in schedule 24.kThe short-term fluctuations in investment returns for US insurance operations comprise the following items:(Credit related losses on debt securities, Actual credit related losses in the period7Total short-term fluctuation related to debt securities9Actual less longer-term return on equity type investmentsShort-term fluctuations for UK insurance operations arise mostly in Prudential Retirement Income Limited, which writes the most significant element of the shareholder-backed annuity business in the UK. 9Unrealised value movements on a centrally held investmentWUnrealised value movements, net of hedge effects on Prudential Capital's bond portfolioTOperating profit (loss) based on longer-term investment returns for Asian operationsGrowth in operating profit>Analysis of operating profit between new and in-force business{The IFRS new business loss corresponds to approximately 10 per cent of new business APE premiums for the periods presented.17bNUnrealised valuation movements on securities classified as available-for-sale:Market value movements on equity-based derivatives and embedded derivatives are also recorded within operating profits based on longer-term investment returns so as to be consistent with the market related effects on fees and reserve movements for equity based products. Market value movements on other derivatives are excluded from operating profit, and are included in short-term fluctuations in investment returns as shown on schedule 15.Other non-insurance liabilitiesGross asset (liability) Gross of taxThe components of the (charge) credit to operating profit (gross of allocation of the share attributable to the PAC with-profits fund) are as follows:This net charge represents:3Jackson (net of surplus note borrowings) (note 21a))Holding company net borrowings (note 21a)21a5(Loss) profit before tax attributable to shareholders2(Loss) profit from continuing operations after tax(Loss) profit for the period<(Loss) profit attributable to equity holders' of the CompanyThe shareholders' share of the aggregate deficit for PSPS and the Scottish Amicable Scheme at 30 June 2008 was 71 million (net of related tax) and is recorded within the Other operations shareholders' funds shown on schedule 21.%Change in unrealised gains and losses23a23b23c23d23e23f23g23h"on defined benefit pension schemes0Expected tax charge based on expected tax rates:Actual tax charge: : total!Actual tax rate: operating profitScheduleEarnings per shareShareholders' fundsIFRS basis results-Short-term fluctuations in investment returnsProfit for the periodTotal 8On profit for the year after tax and minority interests Related taxBASIS OF PREPARATIONSchedule 16 continued SingaporeNotes-EEV basis resultsSchedule cross referencem(pence)Continuing operations^Adjustment from post-tax longer-term investment returns to post-tax actual investment returns "Service cost (current charge only)Finance (expense) income:&Interest on pension scheme liabilitiesExpected return on assetsThe components of the credit for actuarial gains and losses (gross of allocation of the share attributable to the PAC with-profits fund) are as follows:%Actual less expected return on assetsShareholders' share:Pre-tax (deficit) surplusNet of shareholders' taxThe credit for actuarial gains and losses is recorded within the income statement but, within the supplementary analysis of profit, is excluded from operating profit based on longer-term investment returns.DOperating profits based on longer-term investment returns (note 18a)3Unrealised holding losses arising during the periodThe profit and loss accounts of foreign subsidiaries are translated at average exchange rates for the period. Assets and liabilities of foreign subsidiaries are translated at closing exchange rates. Foreign currency borrowings that have been used to provide a hedge against Group equity investments in overseas subsidiaries are also translated at closing exchange rates. The impact of these currency translations is recorded as a component of the movement in shareholders' equity.1Shareholders' share of actuarial gains and lossesAs previously publishedLShort-term fluctuations in investment returns on shareholder-backed businessLess Minority interestsOther movements in reserves Schedule 13.1 Schedule 13.2 Schedule 13.3Note15alAdjustment for post-tax shareholders' share of actuarial gains and losses on defined benefit pension schemesHalf Year 200715c15d"Results at constant exchange rates Memorandum'New business at constant exchange ratesTotal half yearTotal full year)Tax attributable to shareholders' profits%Discontinued operations (net of tax) Less: minority interests2Items recognised directly in shareholders' equity:Exchange translation movements GrossiUnrealised valuation movements on securities classified as available-for-sale for US insurance operationsGRelated change in amortisation of deferred income and acquisition costsFull Year 2007Half Year 2008>(2) Represents cash received from sale of investment products. Total Insurance Products Group TotalINSURANCE OPERATIONSIndividual PensionsLong-term business< M&GeOn operating profit based on longer-term investment returns, after related tax and minority interests Sub-Total DWP RebatesCorporate PensionsTotal UK Insurance OperationsFixed AnnuitiesFixed Index AnnuitiesVariable AnnuitiesSub-Total RetailTOn profit for the period after tax and minority interests - basic earnings per shareProfit before taxTotal funds under management;Internal funds under management - analysis by business area Investment properties Equity securities Debt securities Loans and receivables5 Other investments Totalbn@0Foreign currency translation: Rates of exchange2The following translation rates have been applied:ClosingAverageLocal currency : USA Hong KongTaiwanIndia IndonesiaJapanKoreaMalaysiaCOperating profit based on longer-term investment returns (note 19a)TOTALShareholders' funds summaryAs included in the investments section of the consolidated balance sheet at 30 June 2008 except for 0.9 billion investment properties which are held for sale, under development or occupied by the Group and accordingly under IFRS are included in other balance sheet captions."Broker-dealer and asset management"Investment return and other income.Interest payable on core structural borrowingsCorporate expenditure6Charge for share-based payments for Prudential schemesJackson 2008 Unaudited Interim ResultsHalf year 2008Full year 2007Insurance operations:Asia (note 15a) UK (note 15c) InsuranceAsianLifeHalf year 2007200719a Other/Profit before tax attributable to shareholders:9attributable restructuring costs and development expensesThe consideration of evidence of impairment requires management judgement. Among the factors considered is whether the decline in fair value results from the change in quality of the security itself, or from a downward movement in the market as a whole and the likelihood of recovering the carrying value based on the current and short-term prospects of the issuer. Unrealised losses that are considered to be primarily the result of market conditions, such as interest rate movements, unusual market volatility, or industry-related events, and where Jackson also believes there is a reasonable expectation for recovery, and furthermore, it has the intent and ability to hold the investment until maturity or the market recovers, are usually determined to be temporary.Jackson s review of fair value involves several criteria, including economic conditions, credit loss experience, other issuer-specific developments and future cash flows. An impairment is recorded with the debt security written down to its fair value, if based on detailed cash flow analysis, Jackson assess that there will be a principal shortfall over the life of the security. The impairment loss reflects the difference between the market and book values.zMovements in the values of available-for-sale securities for the first half of 2008 are included in the table shown below:The "as published" shareholders' funds for half year 2008 and memorandum shareholders' funds for half year 2007 and full year 2007 have been calculated by applying closing half year 2008 exchange rates. referenceSchedule crossTax (Schedule 16)WSupplementary analysis of profit from continuing operations before tax attributable to shareholderscrossGroup Head OfficeAsia Regional Head OfficeRestructuring costs* The supplementary analysis of profit for half year 2007 at constant exchange rates (CER) has been calculated by applying the average exchange rates for the six months ended 30 June 2008 in order to eliminate the impact of exchange translation when comparing periods. Supplementary analysis of profit disclosure at reported exchange rates (RER) has been calculated by applying the average exchange rates for the relevant period.US insurance operationsFor half year 2008, the principal variance between the expected tax rates and actual rates arise from a number of factors, including:(a) For Asian insurance operations, tax losses in several jurisdictions which are not expected to be available for relief against future profits and losses on investments in jurisdictions which do not provide corresponding tax relief; andFor half year 2007 the principal variance between the expected tax rates and actual rates was due to regulatory losses arising in certain Asian jurisdictions on which no future tax credit was available.dFor full year 2007 the principal variances between the expected tax rates and actual rates arising for Asian and US insurance operations were due to factors consistent with those for half year 2008. The variance for UK insurance operations was principally due to disallowed expenses and prior year adjustments arising from routine revisions of tax returns.India ;Actuarial (losses) gains on defined benefit pension schemes_The difference between the fees and other income shown above in respect of the asset management operation and the revenue figure for M&G shown in the main table primarily relates to income and investment gains (losses) earned by Prudential Capital and by investment funds controlled by the asset management operation which are consolidated under IFRS. Unit-linked and variable annuitySubordinated debt Subordinated debtBPrevious basis (before accounting policy change on pension scheme)hThe half year 2008 charge of (64) million for derivative value movements includes (42) million for a changed basis of valuation of guarantees for the Guaranteed Minimum Withdrawal Benefit (GMWB) and reinsurance of the Guaranteed Minimum Income Benefit (GMIB) on variable annuity contracts. The change relates to the use of currently observed implied rather than longer-term average historical volatilities. The (22) million of other derivative value change for half year 2008 and 36 million and (19) million for half year and full year 2007 comparative results is for derivatives not related to equity products.-Short-term fluctuations in investment returns for Asian operations of (264) million for half year 2008 principally arose in Vietnam of (149) million and Taiwan of (69) million. For Vietnam, the negative short-term fluctuation reflects the substantial fall in Vietnamese equity and bond markets. The short-term fluctuation in Taiwan principally reflects a 12 per cent equity market fall and a 29 million value reduction for an investment in a CDO fund. For full year 2007, the (71) million of short-term fluctuations mainly arises in Taiwan and Vietnam..Total insurance operations (notes 17a and 17b)Operating profits for insurance operations for the first half of 2008 were 102 million. The increase from the half year 2007 result incorporates a complex mix of drivers including higher new business strain in Hong Kong on the new back-end loaded product and higher profits from Indonesia where new business is profitable in its first year. India continues to invest in its branch expansion programme giving rise to expense over-runs.4Less losses (gains) included in the income statement;Amortisation of interest related realised gains and losses*ARisk margin reserve charge for longer-term credit related losses*PRUDENTIAL PLCSUPPLEMENTARY INFORMATION*+European Embedded Value (EEV) basis results.Basis of preparation and economic assumptions Summary Institutional (5) hAsia (9)i!Other Mutual Fund Operations (11)hUS (7)i/(8) Sales are converted using the year to date average exchange rate applicable at the time. The sterling results for individual quarters represent the difference between the year to date reported sterling results at successive quarters and will include foreign exchange movements from earlier periods. (11) Mandatory Provident Fund (MPF) product sales in Hong Kong are inclu< ded at Prudential's 36 per cent interest in Hong Kong MPF operation. Tax (Schedule 16) operations30 June 31 DecemberExpected tax rate (note 16a):-Variance from expected tax charge (note 16b):16a 16b Gross valuation movements Quarter 1&Assets fair valued at below book value Book valueUnrealised loss)Fair value (as included in balance sheet))Assets fair valued at or above book valueUnrealised gain.Present value of new business premiums (PVNBP)@Operating profit based on longer-term investment returns, net of Schedule 15(1a) Insurance and investment new business for overseas operations has been calculated using constant exchange rates. The applicable rate for Jackson is 1.97.  2008#(Charge) credit to income statementContributions paid3Less: amount attributable to PAC with-profits fund Schedule 21 Schedule 22;Short-term fluctuations in investment returns (schedule 15)Development expenses%Core structural borrowings - Jackson 8Operating profit based on longer-term investment returnsSOn profit for the period after tax and minority interests for continuing operationsTotal Mature Life and Pensions Total RetailWholesale Annuities Credit LifeChannel SummaryDirect and Partnership Intermediated WholesaleTotal USTotal Asia Equity/Bond/OtherTotal Asian Retail Mutual Funds2007 Q2Q2 2007US Retail Mutual Funds/The new business schedules are provided as an indicative volume measure of transactions undertaken in the reporting period that have the potential to generate profits for shareholders. The amounts shown are not, and not intended to be, reflective of premium income recorded in the IFRS income statement.4Broker-dealer, fund management and Curian operationsFund management Schedule 18Asian operations US operations1 January 2008 Discount rateRate of increase in salariesPrice inflation6Rate of increase of pensions in payment for inflation: DiscretionaryUK%UK Insurance Operations New business(5) Balance includes segregated and pooled pension funds, private finance assets and other institutional clients. Other movements reflect the net flows arising from the cash component of a tactical asset allocation fund managed by PPM South Africa. UK insurance operations Schedule 1415bOther InsurancePRIL Total other Par Funds Var AnnuityCarrying value S&P - AAAS&P - AA+ to AA-S&P - A+ to A-S&P - BBB+ to BBB- S&P - Other Moody's - AaaMoody's - Aa1 to Aa3Moody's - A1 to A3Moody's - Baa1 to Baa3Moody's - OtherFitchTotal debt securitiesOther net liabilitiesKNet core structural borrowings of shareholder-financed operations comprise:/Holding company cash and short-term investments*Core structural borrowings - central fundsJackson Schedule 25 Schedule 26 Schedule 27.1 Schedule 27.2 Schedule 27.3%Schedule 28 - Constant Exchange Rates#Schedule 29 - Actual Exchange Rates%Schedule 30 - Constant Exchange Rates>Annual premium equivalent insurance product sales (note 27.3b) (note 27.3a)#Schedule 31 - Actual Exchange Rates#Schedule 32 - Actual Exchange Rates27.3a27.3b#Schedule 33 - Actual Exchange Rates%Schedule 34 - Constant Exchange Rates"Schedule35 - Actual Exchange Rates#Schedule 36 - Actual Exchange Rates#Schedule 37 - Actual Exchange Rates13.1aEarnings per share (note 13.1a)Earnings per share (note 13.2a)bOn profit for the period after tax and minority interests for discontinued operations (note 13.2b)13.2a13.2b%Basic earnings per share (note 13.3a)`On profit for the year after tax and minority interests for discontinued operations (note 13.3b)13.3a13.3b1SUMMARY CONSOLIDATED BALANCE SHEET - 30 JUNE 20085UK INSURANCE OPERATIONS BALANCE SHEET AT 30 JUNE 20085US INSURANCE OPERATIONS BALANCE SHEET AT 30 JUNE 20087ASIA INSURANCE OPERATIONS BALANCE SHEET AT 30 JUNE 2008+Prudential Retirement Income Limited (PRIL)dThe assets covering PRIL s liabilities are principally debt securities and other investments that are held to match the expected duration and payment characteristics of the policyholder liabilities. These liabilities are valued for IFRS reporting purposes by applying discount rates that reflect the market rates of return attaching to the covering assets.Except to the extent of any minor asset/liability duration mismatch and exposure to credit risk, the sensitivity of the Group s results to market risk for movements in the carrying value of PRIL s liabilities and covering assets is broadly neutral on a net basis.The main market risk sensitivity for PRIL arises from interest rate risk on the debt securities which substantially represent IFRS equity. This equity comprises the net assets held within the long-term fund of the company that cover regulatory basis liabilities that are not recognised for IFRS reporting purposes, for example contingency reserves, and shareholder capital held outside the long-term fund.qThe principal items affecting the IFRS results for PRIL are mortality experience and assumptions and credit risk.PAC non-profit sub-fundThe PAC non-profit sub-fund, excluding its unit-linked business, principally comprises annuity business previously written by Scottish Amicable Life, credit life and other non-participating business.8NON-INSURANCE OPERATIONS - BALANCE SHEET AT 30 JUNE 2008/Group Total, as shown on schedule 25 (note 26a)*Business Area (as analysed on schedule 26)External funds (note 25a)*Internal funds under management (note 26a) Asset management operationsAt 30 June 2008, Jackson held 217 million in sub-prime exposure and 553 million in Alt-A exposure. The sub-prime exposure, which is primarily fixed rate with first lien collateral, is all investment grade and 96 per cent AAA rated. The Alt-A exposure is 84 per cent AAA rated. With an average FICO score of 610-620 Jackson s sub-prime collateral could be categorised as  near prime with a score close to a prime score of 660.Of the 103 million bond write downs, 75 million relates to Alt-A holdings. There were no sub-prime holdings which have been impaired.NOn loss for the period after tax and minority interests - basic loss per shareTShareholders' share of actuarial gains and losses on defined benefit pension schemes&Derivative value movements (see below)YUnrealised value movements on swaps held centrally to manage Group assets and liabilities6(Loss) profit before tax attributable to shareholders:dReconciliation of tax charge on (loss) profit attributable to shareholders for continuing operationspReconciliation of tax charge on (loss) profit attributable to shareholders for continuing operations (continued)The following table shows the fair value of the securities in a gross unrealised loss position for various percentages of book value:The following table shows the age analysis of all the unrealised losses in the portfolio by reference to the length of time that the securities have been in an unrealised loss position:< wThe following table shows the fair value of the securities in a gross unrealised loss position by maturity of security:Half year 2008Half year 2007Full year 2007"Shareholders' equity (schedule 21)Shareholder-backedThe equity securities and portfolio holdings in unit trusts for shareholder backed Other business are held predominantly by the operations in Taiwan and Vietnam.&NON-LINKED SHAREHOLDER-BACKED BUSINESSNThe non-linked shareholder-backed business of the Group principally comprises:In the first half of 2008, Jackson recorded 108 million (half year 2007: 19 million, full year 2007: 78 million) of actual credit related losses which comprise the following:2Losses on sale of impaired and deteriorating bondsRecoveries/ reversalsTotal bond write downsThe debt securities for shareholder-backed Other business are held predominantly by the operations in Taiwan, Singapore, Japan and Vietnam.Bond write downs in respect of:0 Residential mortgage-backed securities (RMBS) Public fixed income * Consolidate Piedmont investment vehicleOf the amounts within Other which have not been rated by S&P, Moody's or Fitch, 1,087 million is classified NAIC 1, 1,251 million NAIC 2, and 96 million NAIC 3.Sale of investment in India mutual fund in May 2008 giving rise to a transfer to operating profit of 47 million for the crystallised gain, and value reduction in the period, prior to sale, of 24 million"The annual premium equivalent sales for insurance products shown above include contributions for contracts that are classified as 'investment contracts' under IFRS 4 as they do not contain significant insurance risk. Additional details on the basis of preparation are shown in schedule 38.Notes to schedules 28 - 37- US (1a)B Asia (1a)BThe Company has changed its accounting policy for pension schemes. As a result of this change the comparative results for 2007 have been adjusted. Further details are provided in schedules 12 and 24. Schedule 1.1Loss before taxTax (Schedule 7)Loss after tax&Loss after tax and minority interests$Basic earnings per share (note 1.1a)VAdjustment for effect of mark to market value movements on core borrowings (note 1.1b)vAdjustment for post-tax effect of shareholders' share of actuarial gains and losses on defined benefit pension schemesrAdjustment for post-tax effect of changes in economic assumptions and time value of cost of options and guarantees8On loss for the period after tax and minority interests 1.1a1.1b\Core borrowings of the Group are marked to market value under EEV. As the liabilities are generally held to maturity or for the long-term, no deferred tax asset or liability has been established on the difference (compared to IFRS) in carrying value. Accordingly, no deferred tax charge is recorded in the results against the half year 2008 credit.(Other non-investment and non-cash assets" 1 per cent increase and decrease in interest rates, including all consequential changes (assumed investment returns for all asset classes, market values of fixed interest assets, risk discount rates)0" 1 per cent rise in equity and property yieldsu" 10 per cent fall in market value of equity and property assets (not applicable for new business contribution); andN" Holding company statutory minimum capital (by contrast to economic capital)In each sensitivity calculation, all other assumptions remain unchanged except where they are directly affected by the revised economic conditions. Asian operations US operations$Total long-term business operations&New business profit for half year 2008As reported (schedule 4)Discount rates - 1% increase Interest rates - 1% increase Interest rates - 1% decrease Equity/property yields - 1% rise6Embedded value of long-term operations at 30 June 2008As reported (schedule 9)(Interest rates - 1% increase (note 11a) 'Interest rates - 1% decrease (note 11a)(Equity/property market values - 10% fallStatutory minimum capital&New business profit for full year 2007:Embedded value of long-term operations at 31 December 200711a31 December 2007Embedded Embedded value ofinterest rates 1% increase 1% decreaseEstablished marketsTaiwan (note 11b)11byTaiwan sensitivity to starting bond rates (i.e. the starting bond rate for the progression to the assumed long-term rate)"Embedded value at 30 Jun 2008 m*1% increase in the starting bond rates m*1% decrease in the starting bond rates m*Embedded value at 31 Dec 2007 m;1% increase in the starting bond rates m71% decrease in the starting bond rates m Schedule 12The amounts shown below for the effect of the accounting policy change for pension schemes represent the effects of the IFRS change, as described in schedule 24 and the shareholders' share on the EEV basis of the IFRS effect on the PAC with-profits fund.C(a) Effect on the EEV profits and movements in shareholders' equity Previous basisEffect of change Revised basis (schedule 1.1)After change (schedule 1.2)After change (schedule 1.3) -Short term fluctuations in investment returns(Loss) profit before tax(Loss) profit after taxDiscontinued operationsOther movements in reserves :Shareholders equity at the end of the period (schedule 8)H(b) Effect on the EEV earnings per share on the 2007 comparative figuresTax 'Basic earnings per share (schedule 1.2)gOn operating profit, based on longer-term investment returns, after related tax and minority interests:as previously published6effect of accounting policy change for pension schemes2after accounting policy change for pension schemesJAdjustment for effect of mark to market value movements on core borrowings3.7p9On profit for the period after tax and minority interests'Basic earnings per share (schedule 1.3) (i) The weighted risk discount rates for Asian operations shown above have been determined by weighting each country s risk discount rates by reference to the EEV basis operating result for new business and the closing value of in-force business.J(iii) The assumptions shown are for US dollar denominated business which comprises the largest proportion of the in-force Hong Kong business. Jn(iv) The mean equity return assumptions for the most significant equity holdings in the Asian operations were:J(i) The risk discount rates for new business and business in force for UK insurance operations reflect weighted rates based on the type of business. J(iv) Credit spread treatmentJ(v) The assumed long-term rates for corporate bonds for full year 2007 for with-profits business was determined after taking account of the purchase of credit default swaps.J\Core borrowings of the Group are marked to market value under EEV. As the liabilities are generally held to maturity or for the long-term, no deferred tax asset or liability has been established on the difference (compared to IFRS) in carrying value. Accordingly, no deferred tax charge is recorded in the results against the half year 2007 credit.\Core borrowings of the Group are marked to market value under EEV. As the liabilities are generally held to maturity or for the long-term, no deferred tax asse< t or liability has been established on the difference (compared to IFRS) in carrying value. Accordingly, no deferred tax charge is recorded in the results against the full year 2007 credit.The EEV basis results have been prepared in accordance with the EEV Principles issued by the CFO Forum of European Insurance Companies in May 2004. Where appropriate the EEV basis results include the effects of adoption of International Financial Reporting Standards (IFRS).The EEV results for the Group are prepared for 'covered business', as defined by the EEV Principles. Covered business represents the Group's long-term insurance business for which the value of new and in-force contracts is attributable to shareholders. The EEV basis results for the Group's covered business are then combined with the IFRS basis results of the Group s other operations. The definition of long-term business operations is consistent with previous practice and comprises those contracts falling under the definition of long-term insurance business for regulatory purposes together with, for US operations, contracts that are in substance the same as guaranteed investment contracts (GICs) but do not fall within the technical definition. Under the EEV Principles, the results for covered business incorporate the projected margins of attaching internal asset management. With two principal exceptions, covered business comprises the Group s long-term business operations. The principal exceptions are for the closed Scottish Amicable Insurance Fund (SAIF) and for the presentational treatment of the financial position of two of the Group s defined benefit pension schemes. A very small amount of UK group pensions business is also not modelled for EEV reporting purposes. #SAIF is a ring-fenced sub-fund of the Prudential Assurance Company (PAC) long-term fund, established by a Court approved Scheme of Arrangement in October 1997. SAIF is closed to new business and the assets and liabilities of the fund are wholly attributable to the policyholders of the fund.bAs regards the Group s defined benefit pension schemes, the liabilities attaching to the Prudential Staff Pension Scheme (PSPS) and Scottish Amicable Pension scheme are excluded from the EEV value of UK operations and included in the total for Other operations. The amounts are partially attributable to the PAC with-profits fund and shareholder-backed long-term business and partially to other parts of the Group. In addition to the amounts recognised as attributable to shareholders under IFRS, 10 per cent of the amounts attributable to the PAC with-profits funds are recognised for EEV reporting purposes. )The embedded value is the present value of the shareholders' interest in the earnings distributable from assets allocated to covered business after sufficient allowance has been made for the aggregate risks in that business. The shareholders' interest in the Group's long-term business comprises:hThe value of future new business is excluded from the embedded value. In determining the embedded value or the profit before tax no smoothing of market account balance values, unrealised gains or investment returns is applied. Separately, the analysis of profit is delineated between operating profit based on longer-term returns and other constituent items.With the exception of debt securities held by Jackson, investment gains and losses during the period (to the extent that changes in capital values do not directly match changes in liabilities) are included directly in the profit for the period and shareholders funds as they arise.YThe results for any covered business conceptually reflects the aggregate of the IFRS results and the movements on the additional shareholders interest recognised on the EEV basis. Thus the start point for the calculation of the EEV results for Jackson, as for other businesses, reflects the market value movements recognised on the IFRS basis. However, in determining the movements on the additional shareholders interest the basis for calculating the Jackson EEV result acknowledges that for debt securities backing liabilities the aggregate EEV results reflect the fact that the value of in-force business instead incorporates the discounted value of future spread earnings. This value is not affected generally by short-term market movements on securities that are broadly speaking held with the intent and ability to be retained for the longer term. 0For unit-linked and variable annuity business the principal sensitivity to investment value movements is for the effect on investment management fees and derivative elements of guaranteed features of US products, after taking account of the economic hedging programme in place. The table above shows the unit assets and liabilities relating to the unit-linked and variable annuity business. Assets and liabilities such as deferred acquisition cost and insurance liabilities (other than unit liabilities) are included in the column for other long-term business.The average number of shares for full year 2007 was 2,445 million. The average number of shares reflects the average number in issue adjusted for shares held by employee trusts and consolidated unit trusts and OEICs which are treated as cancelled.cross *Shareholders' equity at end of the period The financial assets covering the liabilities for those types of business are subject to market risk. However, for the annuity business the same considerations as described above for PRIL apply. Other liabilities of the PAC non-profit sub-fund are broadly insensitive to market risk.RJackson (other than variable annuity business se< gregated in the separate accounts)The IFRS basis results of Jackson are highly sensitive to market risk on the assets covering liabilities for fixed annuity, term, institutional and other variable annuity business not segregated in the separate accounts.pInvested assets covering liabilities for these types of business and related capital comprise principally debt securities classified as available-for-sale. Value movements for these securities are reflected as movements in shareholders equity. Other invested assets and derivatives are carried at fair value with the value movements reflected in the income statement.}By contrast, the IFRS insurance liabilities for these types of business of Jackson, by the application of grandfathered GAAP under IFRS 4, are measured on US GAAP bases which, with the exception of certain items covered by the equity hedging programme, are generally insensitive to temporary changes in market conditions or the short-term returns on the attaching asset portfolios.In addition to these features the overriding factor that affects IFRS basis results for Asian non-participating business is the return on the assets covering the Taiwan whole of life policies. This factor directly affects the actual return in any given reporting period. In addition though, the measurement of the liabilities to policyholders and the carrying value of deferred acquisition costs for this business is dependant upon an assessment of longer-term interest rates. Shareholders' share of deficit on the Prudential Staff and Scottish Amicable defined benefit pension schemes (net of tax) (schedule 23 - note 23b)At beginning of period:9Effect of change in accounting policy for pension schemesProfit before taxProfit after tax Minority interests)Profit after tax and minority interestsfOn operating profit, based on longer-term investment returns, after related tax and minority interests16.3p]Adjustment from post-tax longer-term investment returns to post-tax actual investment returnsTOn profit for the period after tax and minority interests for continuing operations UOn profit for the period after tax and minority interests for discontinued operationsTax ROn profit for the year after tax and minority interests for continuing operations SOn profit for the year after tax and minority interests for discontinued operationsbRetirement benefits - summary of financial position of defined benefit schemes (notes 23a and 23b)0Surplus (deficit) in scheme at 1 January 2008 ;Operating results (based on longer-term investment returns)Actuarial gains and losses/Surplus (deficit) in scheme at 30 June 2008 (note 23d) (note 23e)&PRUDENTIAL STAFF PENSION SCHEME (PSPS) PSPS surplusNEffect of accounting policy change on pension schemes (notes 23c, 23d and 23e)PSPS surplus (deficit).1After accounting policy change on pension schemes%OTHER DEFINED BENEFIT PENSION SCHEMES Other schemes#ALL DEFINED BENEFIT PENSION SCHEMESAll pension schemesNThe principal defined benefit pension scheme is PSPS. In the UK there are two smaller schemes, the Scottish Amicable Pension Scheme and the M&G Pension Scheme, with a combined deficit at 30 June 2008 of 203 million gross of tax. There is also a small scheme in Taiwan, which at 30 June 2008 had a deficit gross of tax of 11 million.The effect of the change in accounting policy on pension schemes on the Group's interest in the financial position of PSPS at 1 January 2008 is as follows:Derecognition of surplus8Set up obligation for deficit funding until 5 April 2010"Effect of accounting policy changePSPSCurtailment creditHTotal credit (charge) without the effect of the accounting policy change4Effect of accounting policy change on pension scheme9Total credit (charge) after the accounting policy change 5Losses on changes of assumptions for plan liabilities?Total charge without the effect of the accounting policy change5Effect of accounting policy change on pension schemes=Actuarial gains and losses after the accounting policy changeConsistent with the derecognition of the Company s interest in the underlying IAS 19 surplus of PSPS, it is also not appropriate to report the actuarial gains and losses. % Guaranteed (maximum 5 per cent)' Guaranteed (maximum 2.5 per cent)1The current mortality assumptions are as follows: Male: 100 per cent PMA92 with CMIR17 improvements to the valuation date and medium cohort improvements subject to a floor of 1.75 per cent up to the age of 90, decreasing linearly to zero by the age of 120. Female: 100 per cent PFA92 with CMIR17 improvements to the valuation date and 75 per cent medium cohort improvements subject to a floor of 1.0 per cent up to the age of 90, decreasing linearly to zero by the age of 120.31 December 2007EquitiesBonds PropertiesCash-like investmentsTotal value of assets$Present value of benefit obligationsPre-tax surplus/(deficit)]The PSPS has entered into a derivatives based strategy to match the duration and inflation profile of its liabilities. This involved a reallocation from other investments to cash-like investments with an interest and inflation swap overlay. In broad terms, the scheme is committed to making a series of payments related to LIBOR on a nominal amount and in return the scheme receives a series of fixed and inflation-linked payments which match a proportion of its liabilities. As at 30 June 2008, the nominal value of the interest and inflation swaps amounted to 1.5 billion and 0.4 billion respectively.8Sensitivity of PSPS financial position to key variables The table below shows the sensitivity of the PSPS liabilities at 30 June 2008 of 4,382 million (31 December 2007: 4,361 million) to changes in discount rates, inflation rates and mortality assumptions.(a) Half year 2008 AssumptionChange in assumption,Impact on scheme liabilities on IAS 19 basis"Decrease by 0.2% from 6.2% to 6.0%#Increase scheme liabilities by 3.5%"Increase by 0.2% from 6.2% to 6.4%#Decrease scheme liabilities by 3.4%Rate of inflationPDecrease by 0.2% from 4.1% to 3.9% with consequent reduction in salary increases#Decrease scheme liabilities by 1.2%(b) Full year 2007"Decrease by 0.2% from 5.9% to 5.7%"Increase by 0.2% from 5.9% to 6.1%PDecrease by 0.2% from 3.3% to 3.1% with consequent reduction in salary increases#Decrease scheme liabilities by 1.3%Mortality rates&Reduce rates from 100% of table to 95%Increase liabilities by 1.2%bn  bn :Discontinued operations relate to Egg banking operations. USHY 2007Product SummaryExpected tax rate (note 16(a)):Internal Vesting annuities Direct and Partnership AnnuitiesIntermediated AnnuitiesTotal Individual AnnuitiesEquity ReleaseUnit Linked BondsWith-Profit Bonds ProtectionOffshore ProductsTotal Retail RetirementOther ProductsGuaranteed Investment ContractsGIC - Medium Term NoteTotal US Insurance Operations Total Asian Insurance OperationsINVESTMENT OPERATIONSMarket &NetOpeningCurrencyMovementFUMInsurance operations US (note 15b)Asian insurance operationsDebt securities Bond write downs; Losses on sales of impaired and deteriorating bonds Recoveries/reversals investment returns  Short-term fluctuation<Related change to amortisation of deferred acquisition costs Other itemsO Less: Risk margin charge included in operating profit based on longer-termAsset management UK operations < 7Other items recognised directly in shareholders' equityBTotal of items of income and expense recognised directly in equityBTotal income and expense for the year attributable to shareholders DividendsNew share capital subscribed Other movements )Shareholders' equity at beginning of yearUS insurance operations resultsProfit before shareholder tax$Items recognised directly in equity:Exchange movements?Total items of income and expense recognised directly in equityTransfers to central companies!Net increase (decrease) in equity Profit for the period (as above)9Basis of preparation and economic assumptions (continued)Notes:In determining the approach to the treatment of recent credit spread widening for UK debt securities, the Company has considered the different types of UK business.(a) 16 b.p.s in respect of long term expected defaults; this is derived by applying Moody's data from 1970 onwards uplifted by between 100 per cent (B) and 200 per cent (AAA) according to credit rating, to PRIL's asset portfolio.(b) 8 b.p.s in respect of long term credit risk premium; this is derived by applying the 95th worst percentile from Moody's data from 1970 onwards, to PRIL's asset portfolio.The overall allowance for credit risk is prudent by comparison with historic rates of default. The resulting liquidity premium is 101 b.p.s over gilts for fixed annuities and 60 b.p.s over gilts for inflation linked annuities.(b)Stochastic assumptionsRDetails are given below of the key characteristics and calibrations of each model.The stochastic cost of guarantees is primarily only of significance for the Hong Kong, Malaysia, Singapore, and Taiwan operations.]" Interest rates are projected using a log-normal generator calibrated to actual market data;" Corporate bond returns are based on Treasury securities plus a spread that has been calibrated to current market conditions and varies by credit quality; andY" Interest rates are projected using a two-factor model calibrated to actual market data;S" The risk premium on equity assets is assumed to follow a log-normal distribution;" The corporate bond return is calculated as the return on a zero-coupon bond plus a spread. The spread process is a mean reverting stochastic process; and" Property returns are modelled in a similar fashion to corporate bonds, namely as the return on a riskless bond, plus a risk premium, plus a process representative of the change in residual values and the change in value of the call option on rents.pMean returns have been derived as the annualised arithmetic average return across all simulations and durations. Equities:OverseasLevel of encumbered capital" UK insurance operations: the economic capital requirements for annuity business are fully met by Pillar I requirements being 4 per cent of mathematical reserves, which are also sufficient to meet Pillar II requirements. Schedule 3Summary results Half Year Full YearhOperating profit from continuing operations based on longer-term investment returns before tax (note 3a)CERRER (note 3b)Profits from:  New business Business in force Asia development expensesOther operating results:"Asian asset management operations %US broker-dealer and asset managementCurian 1 Investment return and other income (note 3c)4 Interest payable on core structural borrowings  Corporate expenditure: Group Head Office " Asia Regional Head Office : Charge for share-based payments for Prudential schemes"Total other income and expenditureTotal other operating resultsRestructuring costs (note 3d)lTotal operating profit arising from continuing operations based on longer-term investment returns before tax3a+Reconciliation with total profit before tax3bComparative results The results for continuing operations shown above exclude those in respect of discontinued banking operations. On 1 May 2007, the Company sold Egg.3c#Investment return and other income $IFRS basis (as shown on schedule 14)NLess: Allocation of investment return on centrally held capital in respect of ;Taiwan business to the operating result of Asian operationsGLess: Projected asset management result in respect of covered business 7incorporated in opening EEV value of in-force business* EEV basis3d2Restructuring costs have been incurred as follows:58Unallocated corporate15 Schedule 4New business and margins7Operating profits from new long-term insurance businessHalf year 2007 (RER)Full year 2007 (RER)Pre-tax (note 4c)Post-tax (schedule 10)Post-taxPre-tax (note 4c)US operations (note 4b) Margins on new business premiums0New Business Premiums (note 4d)Annual premium equivalent&Present value of New Business PremiumsPre-Tax New Business-New Business Margin (note 4e)(APE)(PVNBP) Contribution"Asian operations (notes 4a and 4f)UK insurance operations MNew Business Premiums (note 4d)DNew Business Margin (note 4e)Half year 2007 (CER)#Asian operations (notes 4a and 4f)CNew Business Margin (note 4e)!UK insurance operations (note 4g)4a=Asian operations - New business margin as a percentage of APE Hong Kong Korea Taiwan India China Indonesia Other)Weighted average for all Asian operations4bFUS operations net of tax profits from new long-term insurance businessBefore capital charge*Capital charge (see note 8a on schedule 8)After capital chargeSchedule 4 (continued)4c1Profits from asset management of covered businessIncluded within pre-tax new business profits shown in the table above are profits arising from asset management business falling within the scope of covered business of:4d4eWThe table of new business premiums and margins above excludes SAIF DWP rebate premiums.In determining the EEV basis value of new business written in the period the policies incept, premiums are included in projected cash flows on the same basis of distinguishing annual and single premium business as set out for statutory basis reporting.New business contributions represent profits determined by applying the economic and non-economic assumptions as at the end of the reporting period. 4f4gThe table for full year 2007 above includes the transfer of 62,000 with-profits annuity policies from Equitable Life on 31 December 2007 with assets of approximately 1.7 billion. The transfer represented an APE of 174 million. Schedule 5(Operating profit from business in force Asian operations (note 5b)7Unwind of discount and other expected returns (note 5a),Change in operating assumptions (note 5b(i))2Experience variances and other items (note 5b(ii))8Unwind of discount and other expected returns (note 5a):2On value of in-force business and required capita< lOn surplus assets'Spread experience variance (note 5c(i));Amortisation of interest-related realised gains and losses .Changes in operating assumptions (note 5c(ii))!UK insurance operations (note 5d)6Effect of change in UK corporate tax rate (note 5d(i))Annuity business (note 5d(ii)):Mortality strengthening Release of margins&Other items (notes 5d(iii) and 5d(iv))5a-Unwind of discount and other expected returns5b$(i) Changes in operating assumptions)(ii) Experience variances and other items5c(i) Spread experience varianceThe spread assumption for Jackson is determined on a longer-term basis net of a provision for defaults, with impairment losses in excess of the provision for defaults taken through short-term fluctuations in investment returns. &(ii) Changes in operating assumptionsSchedule 5 (continued)5d.(i) Effect of change in UK corporate tax rateThe comparative results for half year and full year 2007 of 67 million reflect the effects of the change to reduce the UK corporate tax rate from 30 per cent to 28 per cent in projecting the tax cash flows attaching to in-force business.(ii) Annuity business]The overall impact of the assumption changes and release of margins is summarised as follows:Full Year 2007&Strengthening of mortality assumptionsRelease of margins: Projected benefit related  Investment related  Expense related Other 4(iii) UK insurance operations other items represent:The credit of 25 million for half year 2008 includes a credit of 24 million for the release of prior year provisions relating to the Credit Life business and a net credit of 1 million for other items.(iv) Expense assumptions_For the half year 2008 and full year 2007 results, the unit costs are in line with assumptions. Schedule 6HTotal EEV (loss) profit from continuing operations before tax comprises:oOperating profit from continuing operations based on longer-term investment returns (as analysed on schedule 3)%Items excluded from operating profit:7Short-term fluctuations in investment returns (note 6a);Mark to market value movements on core borrowings (note 6b)^Shareholders' share of actuarial gains and losses on defined benefit pension schemes (note 6c)dEffect of changes in economic assumptions and time value of cost of options and guarantees (note 6d)3(Loss) profit from continuing operations before tax6aAsia (note 6a(i))US (note 6a(ii))UK (note 6a(iii))Other operations (note 6a(iv))(i)(ii)Realised impairment losses:Actual5Less: Risk margin charge included in operating profitLoss due to changed expectation of profits from fees on in-force variable annuity business in future periods based on current period equity returns, net of related hedging activity*8Actual less longer-term return on equity-type securitiesNew business profit and marginsBusiness in force $Items excluded from operating profitQTax charge attributable to shareholders' (loss) profit from continuing operationsSummary by business unit-Reconciliation of movement for half year 2008[Reconciliation of half year 2008 movement in Group net worth and value of in-force business1Sensitivity of results to alternative assumptions Supplementary analysis of profit'Tax charge attributable to shareholders<Asian operations - analysis of operating profit by territory2US operations - results and analysis of securities!Balance sheet analysis by segmentGroup segmental balance sheet Participating segmental analysisOShareholder-backed unit-linked and variable annuity business segmental analysis9Non-linked shareholder-backed business segmental analysis UK insurance operations analysis US insurance operations analysis"Asia insurance operations analysis!Non-insurance operations analysisRetirement benefitsOther informationFunds under managementSummaryAnalysis by business areaForeign currency translation Rates of exchange New BusinessFGroup Summary and Insurance Operations - Constant exchange rates (APE)DGroup Summary and Insurance Operations - Actual exchange rates (APE)?Group Summary - Investment Operations - Constant exchange rates=Group Summary - Investment Operations - Actual exchange rates'Group Summary - Q2 2008 v Q2 2007 (APE)'Group Summary - Q2 2008 v Q1 2008 (APE)HGroup Summary and Insurance Operations - Constant exchange rates (PVNBP)FGroup Summary and Insurance Operations - Actual exchange rates (PVNBP))Group Summary - Q2 2008 v Q2 2007 (PVNBP))Group Summary - Q2 2008 v Q1 2008 (PVNBP)Notes to new business schedulesF*Comparative results - change of accounting policy for pension schemes7The risk margin (RMR) charge for longer-term impairment losses for half year 2008 is based on an average annual RMR charge of 22 basis points (half year 2007: 22 basis points; full year 2007: 21 basis points) on a book value of US$43.2 billion (half year 2007: US$43.1 billion; full year 2007: US$42.7 billion).For Asian operations and UK insurance operations, the unwind of discount and other expected returns is determined by reference to the value of in-force business, required capital and surplus assets at the start of the period as adjusted for the effect of changes in economic and operating assumptions reflected in the current period. For the unwind of discount for UK insurance operations included in operating results based on longer-term returns a further adjustment is made. For UK insurance operations the amount represents the unwind of discount on the value of in-force business at the beginning of the period (adjusted for the effect of current period assumption changes), the expected return on smoothed surplus assets retained within the PAC with-profits fund and the expected return on shareholders assets held in other UK long-term business operations. Surplus assets retained within the PAC with-profits fund are smoothed for this purpose to remove the effects of short-term investment volatility from operating results. In the balance sheet and for total profit reporting, asset values and investment returns are not smoothed. For US operations the return on surplus assets is shown separately.The effect of changes in operating assumptions for half year 2007 of 34 million and for full year 2007 of 54 million include credits totalling 25 million and 32 million respectively for incorporating the benefits arising from reductions in the corporate tax rates in China and Singapore from half year 2007 and for Malaysia from full year 2007. Also included for full year 2007 is a credit of 51 million for the effect of changes in expense assumptions, mainly relating to Singapore (37 million) and Korea (21 million) both due to increases in investment margins, a further credit of 17 million for the effect of changes in mortality and morbidity assumptions, offset by a charge of 51 million for the e< ffect of changes in persistency assumptions mainly arising in Singapore (29 million) as a result of changes in a number of product-related features and updated maturity assumptions and in Taiwan (15 million) from an increase in lapse rates, reflecting recent experience./Experience variances and other items of a net charge of 19 million for half year 2008 comprise 23 million for favourable mortality and morbidity variances reflecting better than expected experience across all territories, a credit of 13 million in respect of the investment return on capital held centrally in respect of Taiwan, offset by negative expense variances of 30 million, a charge for negative persistency experience of 11 million mainly arising in Korea due to greater than expected premium holidays and a charge of 14 million for other items.The negative expense experience variance of 30 million for half year 2008 includes expense overruns for operations which are at a relatively early stage of development, for which the expenses for new business are in excess of the target levels factored into the valuation of new business. On the basis of current plans the target level for these operations are planned to be attained in 2011.Experience variances and other items of a credit of 14 million for half year 2007 and a charge of 1 million for full year 2007 comprise 17 million (full year 2007: 47 million) for favourable mortality variance and 5 million (full year 2007: 4 million) in respect of the investment return on capital held centrally in respect of Taiwan offset by negative expense variances of 14 million (full year 2007: 27 million) in respect of China of 4 million (full year 2007: 12 million) and India of 10 million (full year 2007: 15 million) and a credit of 6 million (full year 2007: a charge of 14 million) for other items. Also for full year 2007 there is a charge of 11 million in respect of Vietnam for higher than expected investment fees payable on asset managers' performance.The effect of operating assumption changes of 44 million represents a credit of 29 million for changes to mortality assumptions, a credit of 27 million relating to a change of projected product fees for variable annuity business and a net charge of 12 million for other items.~For UK insurance operations there is a net nil charge or credit for all reporting periods. However, the full year 2007 results for annuity business have been determined after a strengthening of explicit mortality assumptions and the release of excess margins in the aggregate liabilities that had previously been set aside as an indirect extra allowance for longevity related risks.The charge of 31 million for half year 2007 (full year 2007: 77 million) includes 5 million (full year 2007: 13 million) in respect of annual licence fee payments, 8 million (full year 2007: 14 million) for expense over-runs in respect of a tariff agreement with SAIF and a charge for other net items of 18 million primarily relating to the cost of development of new products and distribution capabilities. The charge for full year 2007 of 77 million also includes 36 million of costs associated with product and distribution development and a charge of 14 million for other items which includes a credit of 1 million for a positive persistency experience.eThe annual licence fee payments are made by shareholder-backed subsidiaries of UK insurance operations, via a service company, to the PAC with-profits sub-fund for the right to use trademarks and for the goodwill associated with the purchase of the business of the Scottish Amicable Life Assurance Society in 1997. The licence fee arrangements run to 2017.For half year and full year 2007, the expense over-runs arising from the tariff arrangement in respect of SAIF of 8 million and 14 million respectively were borne by a service company. The arrangement was in place until the end of 2007 and was onerous to shareholders.NFor half year 2007, the EEV basis results were prepared on a basis that anticipated savings on restructuring intitiatives that, at that time, were only partially executed. Without that anticipation there would have been an additional charge of 28 million for the effect of revised assumptions in line with half year 2007 unit costs.DShort-term fluctuations in investment returns for Asian operations of a charge of (536) million for half year 2008 principally arose in Vietnam of (151) million, Singapore of (103) million, Taiwan of (84) million and Hong Kong of (59) million. For Vietnam, the negative short-term fluctuation reflects the substantial falls in equity and bond markets. The short-term fluctuation in Taiwan principally reflects the equity market fall and a 29 million value reduction for an investment in a CDO fund. For Singapore and Hong Kong, the short-term fluctuation reflects the effect of equity market falls on unit-linked and with-profit business. For unit-linked business, the short-term fluctuation in investment returns reflects the reduction in the value of the asset base and the consequent effect on the projection of future management fees. For with-profits business, the short-term fluctuation reflects the difference between the shareholders' 10 per cent interest in the value movements on the assets and the unwind of discount on the opening shareholders' interest in the surplus.Short-term fluctuations of 54 million for Asian operations in half year 2007 reflect favourable equity market performance across the region particularly in Vietnam, Hong Kong and Singapore, partially offset by Taiwan, as a result of lower investment returns.The short-term fluctuations for Asian operations of 226 million in full year 2007 arose mainly from favourable equity investment performance in most territories, principally in Hong Kong of 102 million, Vietnam of 66 million and Singapore of 38 million offset by a negative fluctuation in Taiwan of 26 million principally due to a 30 million value reduction for an investment in a CDO fund.The "as published" operating profit for half year 2008 and memorandum operating profit for half year 2007 and full year 2007 have been calculated by applying average half year 2008 exchange rates.The "as published" results for half year 2008 and memorandum results for half year 2007 and full year 2007 have been calculated by applying average half year 2008 exchange rates. Schedule 23 Schedule 24Participating fundsIntra-group eliminationsGROUPNon-linked business Non insuranceAssets/Intangible assets attributable to shareholders:GoodwillVDeferred acquisition costs and acquired in-force value of long-term business contractsRIn respect of acquired subsidiaries for venture fund and other investment purposesDeferred acquisition costs Intangible assets7Investments of long-term business and other operations:Investment properties1Investments accounted for using the equity methodFinancial investments:Loans and receivables7Equity securities and portfolio holdings in unit trustsOther investments Deposits Held for sale assets Cash and cash equivalents Total assetsEquity and liabilitiesEquityShareholders' equity Total equity LiabilitiesGPolicyholder liabilities and unallocated surplus of with-profits funds:Contract liabilities)Unallocated surplus of with-profits fundsTotal insurance liabilities>Core structural borrowings of shareholder-financed operations:FOperational borrowings attributable to shareholder-financed operations-Borrowings attributable to with-profits fundsTotal liabilitiesTotal equity and liabilitiesPARTICIPATING FUNDSAsia@Investments of long-term business, banking and other operations:<SHAREHOLDER BACKED UNIT LINKED AND VARIABLE ANNUITY BUSINESSTax Schedule 16 Schedule 17Net assets of operationAcquired goodwill+TOTAL INSURANCE AND INVESTMENT NEW BUSINESS+/-(%)MTotal short-term fluctuations in investment returns for continuing operations(Profit after tax and minority interestsProfit after taxSingleRegularTotal Half year Full year As published<  mBusiness in forceLong-term operationsTOperating profit from continuing operations based on longer-term investment returns As published Gross investment product inflows,Total insurance and investment product flows Investment Quarter 2(2.7)p(4.7)pSOperating profit from continuing operations based on longer-term investment returnsIProfit from continuing operations before tax attributable to shareholdersAsset management operationsdThe profit included in the income statement in respect of asset management operations is as follows:m RevenueCharges Comprising:<M&G operating profit based on longer-term investment returnsAsset management fee income Other income Staff costs9Discontinued operations relate to Egg banking operations.RExpected tax rates shown in the table above reflect the corporate tax rates generally applied to taxable profits of the relevant country jurisdictions. For Asian operations the expected tax rates reflect the corporate tax rate weighted by reference to the source of profits of the operations contributing to the aggregate business result.17arThe result for insurance operations comprises amounts in respect of new business and business in force as follows:New business strain Unit linkedThe loss represents the aggregate of the pre-tax regulatory basis strain to net worth and IFRS adjustments for deferral of acquisition costs and deferred income where appropriate. Other costs1Underlying profit before performance-related feesPerformance-related fees0Operating profit from asset management operation(Operating profit from Prudential CapitalBTotal M&G operating profit based on longer-term investment returns-Fair value (as included in the balance sheet) Book value Net unrealised (loss) gain*Fair value (as included in balance sheet)*.Debt securities in an unrealised loss position Fair value:(i) Fair value of securities as a percentage of book valueBetween 90% and 100%Between 80% and 90% Below 80% jIncluded within the table above are amounts relating to sub-prime and Alt-A securities at 30 June 2008 of: Not ratedNon-investment gradeInvestment gradeLess than 6 months6 months to 1 year1 year to 2 years2 years to 3 yearsMore than 3 yearsF(ii) Aged analysis of unrealised losses for the time periods indicated(iii) By maturity of securityLess than 1 year1 year to 5 years5 years to 10 yearsMore than 10 years)Mortgage-backed and other debt securitiesSchedule 18 (continued)3Summary movement on Group IFRS shareholders' equity Experience losses on liabilities'Total income and expense for the period%Shareholders' equity at end of period9Operating profits based on longer-term investment returnsjIFRS basis operating profits include the following amounts so as to derive longer-term investment returns.Debt securities:Equity type investments:Longer-term returnsMUnrealised valuation movements on securities classified as available-for-saleRER *CER * 30 June 2008The average number of shares for half year 2007 was 2,437 million. The average number of shares reflects the average number in issue adjusted for shares held by employee trusts and consolidated unit trusts and OEICs which are treated as cancelled.Other operationsHolding company net borrowingsNet assets of operationsQOn profit for the year after tax and minority interests for continuing operationsUS operations  US operationsTotal Asian operations insurance UK operations Asian operationsTotal Asian operations Total US operationsTotal UK operations:Expected tax rates for profit attributable to shareholders@Variances from expected tax results attributable to shareholders)Broker-dealer, fund management and Curian$Net increase in shareholders' equityOther operations (note 15d) 31 Dec 200718a18b18c Schedule 19 Funds under management - summaryCurianMinority interests Gross Inflows Redemptions Net Inflows MovementsIn FUMRetail Total M&GTotal Asian Equity/Bond/OtherMMFTotal Asian MMFTotal Asia Retail Mutual Funds"Third Party Institutional Mandates!Total Asian Investment OperationsTotal Investment ProductsYTD+/- (%)Curian Capital#External Funds Under AdministrationAsia Retail Mutual FundsAsia Third PartyOther income and expenditure.PRUDENTIAL PLC - NEW BUSINESS - HALF YEAR 2008HY 2008- - US (1a). Asia (1a).+Total Investment Products Gross Inflows (2)'/US Insurance Operations (1a)/Asian Insurance Operations (1a)/ China (10)0 India (6)0 Other (4)0US (1b). Asia (1b).Asian Insurance Operations (1b)/VarianceOther Mutual Fund Operations 2008 Movement Relative to 20072008 Q2DPRUDENTIAL PLC - NEW BUSINESS - QUARTER 2 2008 VERSUS QUARTER 2 2007Annual EquivalentsQ2 2008US Insurance Operations (1b)(8)/"Asian Insurance Operations (1b)(8)/M&G (5)/PVNBPDPRUDENTIAL PLC - NEW BUSINESS - QUARTER 2 2008 VERSUS QUARTER 1 2008Q 1 2008Q1 2008'PRUDENTIAL PLC - NEW BUSINESS SCHEDULES(1b) Insurance and investment new business for overseas operations has been calculated using actual exchange rates. The applicable rate for Jackson is 1.97 (2007:1.97). (3) Annual Equivalents, calculated as regular new business contributions plus 10 per cent single new business contributions, are subject to roundings. PVNBPs are calculated as equalling single premiums plus the present value of expected premiums of new regular premium business. In determining the present value, allowance is made for lapses and other assumptions applied in determining the EEV new business profit. X(4) In Asia, 'Other' insurance operations include Thailand, the Philippines and Vietnam. i(6) New business in India is included at Prudential's 26 per cent interest in the India life operation.  (7) Balance sheet figures have been calculated at the closing exchange rate. The 2007 balance is shown on a constant exchange rate. (Sch 20.2) (Sch 20.3) (Sch 20.4) Schedule 20.2 Schedule 20.1 Schedule 20.3 Schedule 20.4 Schedule 20.5 Schedule 20.6 Schedule 20.7The unrealised losses in the Jackson balance sheet on unimpaired securities are 989 million (full year 2007: 439 million) relating to assets with fair market value and book value of 12,489 million and 13,478 million respectively.E* Net of related change in amortisation of deferred acquisition costs Schedule 20.8Schedule 23 continued25a26a UnallocatedChinaThailandVietnam PhilippinesDate: 31 July 20080on defined benefit pension schemes (schedule 23)The average number of shares for half year 2008 was 2,465 million. The average number of shares reflects the average number in issue adjusted for shares held by employee trusts and consolidated unit trusts and OEICs which are treated as cancelled. (note 27.2a)27.2a Schedule 38Schedule 38 continuedThe proportion of surplus allocated to shareholders from the UK with-profits business has been based on the present level of 10 per cent. Future bonus rates have been set at levels which would fully utilise the assets of the with-profits fund over the lifetime of the business in force.ZUK long-term business smoothed shareholders' funds reflect an adjustment to the assets of the PAC with-profits fund, for the purposes of determining the unwind of discount included in operating profits, to remove the short-term volatility in market values of assets. Shareholders' funds in the balance sheet are determined on an unsmoothed basis.In determining the cost of capital of Jackson, it has been assumed that an amount at least equal to 235 per cent of the risk-based capital required by the National Association of Insurance Commissioners (NAIC) at<  the Company Action Level must be retained. The impact of the related capital charge is to reduce Jackson s shareholders funds by 79 million (half year 2007: 134 million; full year 2007: 84 million).MUnder IFRS, goodwill is not amortised, but is subject to impairment testing. Goodwill attaching to venture fund investment subsidiaries of the PAC with-profits fund that are consolidated under IFRS is not included in the table above as the goodwill attaching to these companies is not relevant to the analysis of shareholders' funds.RWith the exception of the share of the pension scheme deficit attributable to the PAC with-profits fund, which is included in 'Other operations' net liabilities and the borrowings as described in note 8f, the amounts shown for the items in the table above that are referenced to this note have been determined on the statutory IFRS basis.(iii)(iv)Further details on the charge of 157 million for short-term fluctuations for other operations is shown in note 15d on schedule 15.Schedule 6 (continued)6b1Mark to market value movements on core borrowings6cM&G pension scheme Scottish Amicable pension scheme/Shareholders' share of actuarial (losses) gains6dZEffect of changes in economic assumptions and time value of cost of options and guaranteesChange in economic assumptions6Change in time value of cost of options and guaranteesAsian operations (note 6d(i))US operations (note 6d(ii))&UK insurance operations (note 6d(iii))The effect of changes in economic assumptions for UK insurance operations in half year 2007 reflects primarily movements in gilt rates of return which affect assumed rates of return and discount rates. Schedule 7 (schedule 9)ZTax (credit) charge attributable to shareholders' (loss) profit from continuing operationsbTax charge on operating profit from continuing operations based on longer-term investment returns Long-term business (note 7a): Asian operations (note 7c)!UK insurance operations (note 7c)Other operations qTotal tax charge on operating profit from continuing operations based on longer-term investment returns (note 7b)=Tax (credit) charge on items not included in operating profitDTax (credit) charge on short-term fluctuations in investment returnskTax (credit) charge on shareholders' share of actuarial gains and losses on defined benefit pension schemes{Tax (credit) charge on effect of changes in economic assumptions and time value of cost of options and guarantees (note 7d)^Total tax (credit) charge on items not included in operating profit from continuing operationsTax (credit) charge on (loss) profit on ordinary activities from continuing operations (including tax on actual investment returns) (note 7e)Notes 7a7b7ckIncluding tax relief on Asia development expenses and restructuring costs borne by UK insurance operations.7d7eThe half year and full year 2007 comparatives for the tax charges for continuing operations shown above exclude discontinued banking operations. On 1 May 2007, the Company sold Egg. Schedule 8Shareholders' funds summary Long-term business (note 8a)8Net assets of operations - EEV basis shareholders' fundsAcquired goodwill (note 8e)Asset management (note 8g)Jackson (net of surplus note borrowings of 139 million (half year 2007: 149 million; full year 2007: 147 million) (note 8f):)Shareholders' funds before capital chargeCapital charge (note 8d)EEV basis shareholders' funds7Broker-dealer and asset management operations (note 8g))UK insurance operations (notes 8a and 8b)Long-term business operations&Smoothed shareholders' funds (note 8c)<Actual shareholders' funds less smoothed shareholders' fundsM&G (note 8g) 8Holding company net borrowings at market value (note 8f)Other net liabilities (note 8g)Total 8a8b8c8d8e8f,IFRS half year 20082Mark to market value adjustment half year 2008 EEV half year 2008,IFRS half year 20070Mark to market value adjustment half year 2007 EEV half year 2007,IFRS full year 2007/Mark to market value adjustment full year 2007 EEV full year 20070Holding company* cash and short-term investments<Core structural borrowings - Central funds (at market value)6Core structural borrowings - Jackson (at market value)'*Including central finance subsidiariesRIn accordance with the EEV Principles core borrowings are carried at market value.8gThe overall pension scheme deficit, net of tax, attributable to shareholders relating to the Prudential Staff Pension and Scottish Amicable Pension schemes are determined as shown below:>IFRS basis deficit (relating to shareholder-backed operations)rAdditional EEV deficit (relating to shareholders' 10 per cent share of the IFRS basis deficit attributable to the PAC with-profits fund) Schedule 9UK long-termbusinessGrouptotal1Reconciliation of movement in shareholders' fundsLong-term business !Asian asset management operationsY(Loss) profit from continuing operations before tax (including actual investment returns)?Tax (charge) credit attributable to shareholders' (loss) profit Tax on operating profit : Tax on short-term fluctuations in investment returnsa Tax on shareholders' share of actuarial gains and losses on defined benefit pension schemesg Tax on effect of changes in economic assumptions and time value of cost of options and guaranteesTotal tax (charge) creditMovement on cash flow hedgesExchange movements (note 9a)4Intra group dividends (including statutory transfer)External dividends4Reserve movements in respect of share-based payments"Investment in operations (note 9b)Other transfers (note 9d)>Movement in own shares in respect of share-based payment plansRMovement on ԰Ƶ shares purchased by unit trusts consolidated under IFRSNew share capital subscribedTMark to market value movement on Jackson assets backing surplus and required capital/Net (decrease) increase in shareholders' equity@Shareholders' equity at 1 January 2008 - as previously publishedw - effect of accounting policy change for pension schemesb - after change of accounting policy$Shareholders' equity at 30 June 2008 Analysed as:)Statutory IFRS basis shareholders' equity'Additional retained profit on EEV basis8EEV basis shareholders' equity at 30 June 2008 (note 9c) Free surplusRequired capitalPValue of in-force business before deduction of cost of capital and of guaranteesCost of capital Cost of time value of guarantees9a9bInvestment in operations reflects increases in share capital. This includes certain non-cash items as a result of timing differences.9cFor the purposes of the table above, goodwill relating to Asia long-term operations (as shown on schedule 8) is included in Other operations.9dVOther transfers (from) to long-term business operations to other operations represent:4Total long-term business operationsPAdjustment for net of tax asset management projected profits of covered businessdAdjustment for investment return, net of related tax, on economic capital for Taiwan operations held centrallyOther adjustments Schedule 10Value ofin-forceXReconciliation of Net Worth and Value of in-force business for Half Year 2008 (note 10a)FreeRequired net worthsurpluscapital (note 10e) (note 10h) Group total&Shareholders' equity at 1 January 2008,New business contribution (note 10b and 10c)4Existing business - transfer to net worth (note 10f)$Expected return on existing business9Changes in operating assumptions and ex< perience variancesTChanges in non-operating assumptions and experience variances and minority interests\(Loss) profit on ordinary activities after tax and minority interests for long-term businessQIntra group dividends (including statutory transfer) and investment in operationsUMark to market value movements on Jackson assets backing surplus and required capital)Other transfers from net worth (note 10j)/Shareholders' equity at 30 June 2008 (note 10i) Representing:$New business contribution (note 10c)UProfit on ordinary activities after tax and minority interests for long-term businessOther transfers from net worth :Changes in operating assumptions and experience variances*Other transfers from net worth%Shareholders' equity at 30 June 2008 *Comprising:iEffect of establishment and increase in credit contingency reserve under statutory (Pillar I) reporting**Schedule 10 (continued)10a!All figures shown are net of tax.10bHThe movements arising from the new business contribution are as follows:2008 (note 10c) Half Year 2007Full Year 2007Total net worthValue of in-force business%Total long-term business (schedule 4)10c0The new business contribution arises as follows:10dNew business capital usageAnnual premium equivalent (APE)(New business capital usage per 100m APE (note 10c) (schedule 4)10emNet worth is based on statutory solvency capital (or economic capital where higher) and unencumbered capital.10f'Existing business transfer to net worth10goMovements in free surplus arising from profit for the period from long-term business operations are as follows:Cost of acquiring new business$Total in-force transfer to net worthOther movements:Increase in free surplus arising from profit in the period (note 10f)10hValue of in-force business includes the value of future margins from current in-force business less the cost of holding encumbered capital.10i10j(as per note 9d on schedule 9)nAdjustment for investment return, net of related tax, on economic capital for Taiwan operations held centrally Schedule 11.Sensitivity to changes in economic assumptionsThe tables below show the sensitivity of the embedded value as at 30 June 2008 (31 December 2007) and the new business contribution after the effect of encumbered capital for half year 2008 and full year 2007 to:," 1 per cent increase in the discount rates/The short-term fluctuations in investment returns for US operations primarily reflect the impact of impairment losses on debt securities and the effects on the value of variable annuity business of adverse movements in US equity markets. The fluctuations for US operations comprise the following items:* The adjustment arises due to the market returns being lower or higher than the assumed longer-term rate of return. This gives rise to lower or higher than expected period values of variable annuity assets under management with a resulting effect on the projected value of future account values and hence future profitability from altered fees. For half year 2008, market returns were (9.1) per cent compared to the assumed longer-term rate of return of 3.8 per cent.The short-term fluctuations in investment returns for UK insurance operations comprise (855) million relating to the PAC with-profits fund and (104) million relating to shareholder-backed business. For with-profits business, the short-term fluctuations reflects the difference between the shareholders' 10 per cent interest in the value movements on the assets representing the unallocated surplus and the unwind of discount on the opening shareholders' interest in the surplus. For with-profits business for half year 2008 the actual investment return was (6.8) per cent compared to a gross longer-term assumed return for the first six months of 4.1 per cent.\The 98 million for half year 2007 primarily reflects the PAC life fund investment return of 5.8 per cent offset by the depreciation in bond values of the shareholders' funds of annuity business arising from higher interest rates. The charge of 42 million in full year 2007 primarily reflects value movements on the bond holdings of PRIL's shareholders' funds due to the net effect of widened credit spreads and reduced interest rates together with the difference between the actual investment returns for the with-profits life fund of 7.2 per cent and the gross long-term assumed rate of 7.85 per cent.The loss of 98 million (half year 2007: gain of 39 million; full year 2007: loss of 5 million) included within profit before tax reflects the shareholders share of actuarial gains and losses on the Group s defined benefit pension schemes and can be analysed as follows:. On the EEV basis this (charge) gain includes a 10 per cent share of the actuarial gains and losses on the share attributable to the PAC with-profits fund for the Scottish Amicable Pension Scheme. Consistent with the derecognition of the Company's interest in the underlying surplus for PSPS, under the change of accounting policy described in schedule 12, it is not appropriate to report actuarial gains and losses for PSPS. The half year 2008 shareholder actuarial losses for the Scottish Amicable and M&G pension schemes reflect the shortfall of market returns over long-term assumptions and the effect of increases in inflation rates which more than offsets the effect of an increase in risk discount rate.+The (losses) profits on changes in economic assumptions and time value of cost of options and guarantees resulting from changes in economic factors for in-force business included within the (loss) profit from continuing operations before tax (including actual investment returns) arises as follows:(i) The effect of changes in economic assumptions for Asian operations of a charge of (120) million for half year 2008 arises principally in Taiwan of (87) million, reflecting the increased cost of a higher economic capital requirement which results from an increased weighting of the projected asset mix toward bonds with a longer duration and a resulting impact on volatility of returns. The credit of 18 million for Asian operations for the half year 2007 effect of changes in economic assumptions reflects a credit for Hong Kong (35 million) mainly due to increases in fund earned rates, offset by negative effects in Malaysia (13 million) and Singapore (10 million) mainly due to increases in risk discount rates. iThe principal components of the effect of changes in economic assumptions in full year 2007 of 201 million for Asian operations are credits of 110 million in Taiwan and 80 million in Hong Kong. The increase for Taiwan reflects the combined effect of changes to the projected fund earned rate (as explained in schedule 2), and to economic capital (versus projected), offset by the effect of an increase in the risk discount rate. The increase for Hong Kong reflects a reduction in the risk discount rates for all product lines and an increase in the projected fund earned rate for participating and linked business.(ii) The effect of changes in economic assumptions for US operations of a credit of 23 million for half year 2008 principally reflects a change in assumption to allow for the widening of credit spreads during the first half of 2008. The higher credit spreads allow for higher reinvestment and credited rates over time, maintaining spread, but reducing cost of guarantees as the credited rates move further away from minimum guaranteed levels.The effect of changes in economic assumptions for US operations for half year and full year 2007 mainly arises from the change in risk discount rate, partially offset by the assumed future rate of return for separate account variable annuity business. Both changes reflect th< e change in the 10-year treasury bond rate, which for half year 2007 was an increase of 0.3 per cent and for full year 2007 a decrease of 0.7 per cent.(iii) The effect of changes in economic assumptions for UK insurance operations for half year 2008 reflects the maintenance of credit spreads as described in note 3(a)(iv) on schedule 2 for the PAC with-profits fund. The charge of (78) million reflects movements in assumed fund earned rates and risk discount rates, principally arising from the 0.65 per cent increase in gilt rates and other minor adjustments.  The effect of changes in economic assumptions for full year 2007 of 466 million for UK insurance operations reflects a 0.35 per cent increase in the fund earned rate arising from the increase in assumed returns on non-UK equities and corporate bond rates which more than offsets the slight reduction in gilt rates, a partial offset from the cost of credit defaults swaps of 41 million, and the effect of the risk discount rate for business in force reducing slightly by 0.15 per cent, in a similar way to the fall in gilt rates.The profit for the year for covered business is, in most cases, calculated initially at the post-tax level. The post-tax profit for covered business is then grossed up for presentation purposes at the effective rates of tax applicable to the countries and periods concerned. In the UK, this is the UK corporation tax rate of 28 per cent which took effect from 1 April 2008. For Jackson, the US federal rate of 35 per cent is applied to gross up movements on the value of in-force business. Effects on statutory tax for the period affect the overall tax rate. For Asia, similar principles apply subject to the availability of taxable profits. In the UK, the effective rate is the UK corporation tax rate of 28 per cent for all reporting periods shown above.The tax charge for half year and full year 2007 incorporates the notional tax gross up of 24 million and 26 million respectively attaching to the change of tax rates in the UK, Singapore and China from half year 2007 and for Malaysia from full year 2007.+The tax credit on the effect of changes in economic assumptions and time value of cost of options and guarantees for half year 2008 reflects the fact that there is no tax impact on the increase in cost of capital resulting from the increase in Taiwan's economic capital (as described in note 6d(i)).|A charge is deducted from the result for the period and embedded value for the cost of capital supporting the Group s long-term business operations. This capital is referred to as encumbered capital. The cost is the difference between the nominal value of the capital and the discounted value of the projected releases of this capital allowing for investment earnings (net of tax) on the capital. Where encumbered capital is held within a with-profits sub-fund, the value placed on surplus assets in the fund is already discounted to reflect its release over time and no further adjustment is necessary in respect of encumbered capital.Fixed income securities backing the free surplus and required capital are accounted for at fair value. However, consistent with the treatment applied under IFRS for securities classified as available-for-sale, movements in unrealised appreciation on these securities are accounted for in equity rather than in the income statement, as shown in the Reconciliation of movement in shareholders' funds (schedule 9).In most countries, the long-term expected rates of return on investments and risk discount rates are set by reference to period end rates of return on cash or fixed interest securities. Except in respect of the projected returns on holdings of Asian debt and equity securities for those countries where long-term fixed interest markets are less established, this  active basis of assumption setting has been applied in preparing the results of all the Group s US and UK long-term business operations. For the Group s Asian operations, the active basis is appropriate for business written in Japan, Korea and US dollar denominated business written in Hong Kong. For countries where long-term fixed interest markets are less established, investment return assumptions and risk discount rates are based on an assessment of longer-term economic conditions. Except for the countries listed above, this basis is appropriate for the Group s Asian operations. Similarly, the projected returns on holdings of Asian securities in these territories by other Group businesses are set on the same basis.Expected returns on equity and property asset classes in respect of each territory are derived by adding a risk premium, also based on the long-term view of Prudential s economists, to the risk-free rate. In Asia, equity risk premiums range from 3.0 per cent to 6.0 per cent (half year 2007: 3.0 per cent to 5.8 per cent; full year 2007: 3.0 per cent to 6.0 per cent). In the US and the UK, the equity risk premium is 4.0 per cent above risk-free rates for all periods for which results are prepared in this report.1(ii) For traditional business in Taiwan, the economic scenarios used to calculate the half year 2008, half year 2007 and full year 2007 EEV basis results reflect the assumption of a phased progression of the bond yields from the current rates applying to the assets held to the long-term expected rates. J;The projections for the Fund Earned Rate reflect the same approach as applied for half year and full year 2007 results with allowance made for the mix of assets in the fund, future investment strategy and further market depreciation of bonds held as a result of assumed future yield increases. The projections for the Fund Earned Rate alter for changes to these factors and the effects of movements in interest rates from period to period. After taking into account current bond yields, the assumption of the phased progression in bond yields and the factors descr< ibed above, the average assumed Fund Earned Rate falls from 3.3 per cent for 2008 to 0.5 per cent in 2009 and remains below 3.3 per cent until 2012 (due to the depreciation of bond values as yields rise) and fluctuates around a target of 6.5 per cent after 2013.b(v) For half year 2008 and full year 2007, cash rates were used in setting the risk discount rates for Malaysia, Singapore, Taiwan and for Hong Kong dollar denominated business. For half year 2007, cash rates were used in setting the risk discount rates for these operations and for all Hong Kong business (i.e. including US dollar denominated business).J+Total Investment Products Gross Inflows (2)'BAnnual Equivalents (3)BUS Insurance Operations (1a)BAsian Insurance Operations (1a)B China (10)C India (6)C Other (4)CUS (1b)A Asia (1b)A+Total Investment Products Gross Inflows (2)'AAnnual Equivalents (3)AUS Insurance Operations (1b)AAsian Insurance Operations (1b)A China (10)@ India (6)@ Other (4)@Institutional (5) DAsia (9)4!Other Mutual Fund Operations (11)DUS Insurance Operations (1b)(8)4"Asian Insurance Operations (1b)(8)4 China (10)D India (6)D Other (4)DM&G (5)4US Insurance Operations (1b)(8)H"Asian Insurance Operations (1b)(8)H China (10)I India (6)I Other (4)IM&G (5)H,* Debt securities for US operations as included in the balance sheet of 18,504 million comprise 18,243 million in respect of securities classified as available-for-sale as shown above and 261 million for securities of consolidated investment funds classified as fair value through profit and loss.Previous basisEffect of change Revised basis After changeUShareholders' share of actuarial gains and losses on defined benefit pension schemes Loss (profit) after tax#Profit from discontinued operationsLoss (profit) for the period3Shareholders equity at the beginning of the periodProfit (loss) before taxProfit (loss) after tax/Profit (loss) after tax and minority interests(b) For US insurance operations, the benefit of deduction from taxable income of a proportion of dividends received attributable to the variable annuity business.US Insurance Operations B19/PVNBP (10) The premiums for China are recorded at 50 per cent for Q2 2008 and 2008 YTD compared with 100 per cent for Q2 2007 and 2007 YTD, as a result of management changes made at the end of Q3 2007 in line with the original agreement with CITIC. Schedule 1.2$Basic earnings per share (note 1.2a)VAdjustment for effect of mark to market value movements on core borrowings (note 1.2b)aOn profit for the period after tax and minority interests for discontinued operations (note 1.2c):On profit for the period after tax and minority interests 1.2a1.2b1.2c&Discontinued operations relate to Egg. Schedule 1.3 Minority interests $Basic earnings per share (note 1.3a)VAdjustment for effect of mark to market value movements on core borrowings (note 1.3b)_On profit for the year after tax and minority interests for discontinued operations (note 1.3c)7On profit for the year after tax and minority interests1.3a1.3b1.3c Schedule 21 Basis of preparation of results 2 MethodologyEmbedded valueOverview- present value of future shareholder cash flows from in-force covered business (value of in-force business), less a deduction for the cost of locked-in (encumbered) capital;%- locked-in (encumbered) capital; and9- shareholders' net worth in excess of encumbered capitalJackson debt securitiesEconomic assumptions(a)Deterministic assumptionsAssumed investment returns reflect the expected future returns on the assets held and allocated to the covered business at the valuation date.?The tables below summarise the principal financial assumptions:(notes iii,iv,v) (notes iv,v) (notes ii, v) 30 Jun 2008Risk discount rate:In forceExpected long-term rate of inflationGovernment bond yield 30 Jun 2007Schedule 2 (continued) Asia total30 Jun31 Dec&Weighted risk discount rate (note (i))'Asian operations - economic assumptionsThe projections assume that in the average scenario, the current bond yields of around 2.7 per cent trend towards 5.5 per cent at 31 December 2013 (for half year and full year 2007: around 2.5 per cent trend towards 5.5 per cent at 31 December 2013). gConsistent with EEV methodology, a constant discount rate has been applied to the projected cash flows.9.112.89.3To obtain the mean, an average over all simulations of the accumulated return at the end of the projection period is calculated. The annual average return is then calculated by taking the root of the average accumulated return minus 1.US operations (Jackson)Risk discount rate* New business In force CExpected long-term spread between earned rate and rate credited to :policyholders for single premium deferred annuity business.US 10-year treasury bond rate at end of periodAPre-tax expected long-term nominal rate of return for US equities%Expected long-term rate of inflation *The risk discount rates at 30 June 2008 for new business and business in force for US operations reflect weighted rates based on underlying rates of 8.1 per cent for variable annuity business and 4.8 per cent for other business. (Risk discount rate (notes (i) and (iv)):>Pre-tax expected long-term nominal rates of investment return: UK equitiesOverseas equities 8.0 to 10.2 9.1 to 10.6 8.1 to 10.2PropertyGiltsCorporate bonds/ with-profits funds (notes (ii), (iv) and (v))&" other business (excluding annuities)$Expected long-term rate of inflationQPost-tax expected long-term nominal rate of return for the PAC with-profits fund:'Pension business (where no tax applies) Life businessTPre-tax expected long-term nominal rate of return for annuity business (note (iii)):" fixed annuities 6.0 to 6.2 5.6 to 5.7 5.4 to 5.6" linked annuities 5.6 to 5.9 5.2 to 5.4 5.0 to 5.2Profits are translated at average exchange rates, consistent with the method applied for statutory IFRS basis results. The amounts recorded above for exchange rate movements reflect the difference between year end 2007 and 30 June 2008 exchange rates as applied to shareholders' funds at 1 January 2008 and the difference between 30 June 2008 and average half year 2008 rates for profits.** This adjustment reflects the credit contingency reserve that was established for Pillar I reporting subsequent to the EEV full year 2007 basis results announced in March 2008 and the movement in half year 2008 (see schedule 2 note 3(a) for UK insurance operations (iv)).RIncluded in the EEV basis shareholders funds of long-term business operations of 13,285 million (30 June 2007: 12,690 million; 31 December 2007: 13,828 million) is 361 million (30 June 2007: 296 million; 31 December 2007: 349 million) in respect of asset management business falling within the scope of covered business as follows:\If it had been assumed in preparing the half year 2008 results for Taiwan that interest rates remained at the current level of around 2.7 per cent until 31 December 2009 and the progression period in bond yields was delayed by a year so as to end on 31 December 2014, there would have been a reduction in the Taiwan embedded value of (61) million."(ii) To take account of the current exceptional fixed interest market conditions, t< he assumed long-term rate of return for corporate bonds for half year 2008 for with-profits business has been determined by reference to observed credit spreads at 31 December 2007 rather than 30 June 2008. Jt(iii) The pre-tax rates of return for annuity business are based on the gross redemption yield on the backing assets net of a best estimate allowance for future defaults. The range of rates reflects the underlying assets of the portfolios for Prudential Retirement Income Limited (PRIL) and Prudential Annuities Limited, which is a subsidiary of the PAC with-profits fund.JFor with-profits business, the embedded value reflects the discounted value of future shareholder transfers. These transfers are directly affected by the level of projected rates of return on investments, including debt securities. Given the current exceptional fixed interest market conditions, and the company's expectation that the widening of credit spreads observed in the first half of 2008 will not be maintained, the company considers that it is most appropriate to assume an unchanged level of credit spreads, an unchanged level of longer term default allowance and an unchanged risk discount rate methodology relative to those used at 31 December 2007.For UK Annuity business, different dynamics apply both in terms of the nature of the business and the EEV methodology applied. For this type of business the assets are generally held to maturity to match long duration liabilities. It is therefore appropriate under EEV methodology to include a liquidity premium in the risk discount rate used. The appropriate EEV risk discount rate is set in order to equate the EEV with a "market consistent embedded value" including liquidity premium. The liquidity premium is derived from the yield on the assets held after deducting an appropriate allowance for credit risk. The allowance for credit risk at 30 June 2008 is made up of:s(c) 19 b.p.s in respect of credit contingency reserve; this is taken to be 25 per cent of the increase in credit spreads over swaps that has occurred since 31 December 2006. The 25 per cent proportion was calculated at 31 December 2007 as being financially equivalent to a one notch downgrading of all of PRIL's assets, the notches being AAA, AA, A, BBB+, BBB, BBB-, BB.Pillar I reserves are calculated using a similar allowance for credit risk. The credit contingency reserve is intended to allow for the short-term increase in credit spreads, and it is assumed for EEV reporting that it will be released in the short term, so having no cost of capital.iThe economic assumptions used for the stochastic calculations are consistent with those used for the deterministic calculations described above. Assumptions specific to the stochastic calculations, such as the volatilities of asset returns, reflect local market conditions and are based on a combination of actual market data, historic market data and an assessment of longer-term economic conditions. Common principles have been adopted across the Group for the stochastic asset models, for example, separate modelling of individual asset classes but with allowance for correlation between the various asset classes.YThe same asset return models as used in the UK, appropriately calibrated, have been used for the Asian operations as described for UK insurance operations below. The principal asset classes are government and corporate bonds. Equity holdings are much lower than in the UK whilst property holdings do not represent a significant investment asset.The mean stochastic returns are consistent with the mean deterministic returns for each country. The expected volatility of equity returns ranges from 18 per cent to 25 per cent across all reporting periods and the volatility of government bond yields ranges from 1.2 per cent to 2.5 per cent (half year 2007: 1.4 per cent to 2.5 per cent; full year 2007: 1.3 per cent to 2.5 per cent).0" Variable annuity equity and bond returns have been stochastically generated using a regime-switching log-normal model with parameters determined by reference to historical data. The volatility of equity fund returns ranges from 18.6 per cent to 28.1 per cent (half year 2007: 19.2 per cent to 28.6 per cent; full year 2007: 18.6 per cent to 28.1 per cent) depending on risk class, and the standard deviation of bond returns ranges from 1.4 per cent to 1.6 per cent (half year 2007: 1.4 per cent to 2.0 per cent; full year 2007: 1.4 per cent to 1.7 per cent).For each projection year, standard deviations have been calculated by taking the square root of the annualised variance of the returns over all the simulations. These have been averaged over all durations in the projection. For equity and property, the standard deviations relate to the total return on these assets. The standard deviations applied to all periods presented are as follows:>In adopting the EEV Principles, ԰Ƶ has based encumbered capital on its internal targets for economic capital, subject to it being at least the local statutory minimum requirements. Economic capital is assessed using internal models, but when applying the EEV Principles, Prudential does not take credit for the significant diversification benefits that exist within the Group. For with-profits business written in a segregated life fund, as is the case in Asia and the UK, the capital available in the fund is sufficient to meet the encumbered capital requirements.+" Asian operations: the economic capital requirement is substantially higher than local statutory requirements in total. Economic capital requirements vary by territory, but in aggregate the encumbered capital is broadly equivalent to the amount required under the Insurance Groups Directive (IGD).%" US operations: the level of encumbered capital has been set to an amount at least equal to 235 per cent of the risk-based capital required by the National Association of Insurance Commissioners at the Company Action Level (CAL), which is sufficient to meet the economic capital requirement.1The Group analyses its EEV basis results so as to distinguish operating profit based on longer-term investment returns from other constituent elements of total profit. The other constituent elements i.e. the items excluded from operating profit based on longer-term investment are explained on schedule 6.The previously reported half year and full year 2007 comparative results have been adjusted for the change of accounting policy for pension schemes as explained in schedule 12. The adjusted results, prepared using previously Reported Exchange Rates (RER), are as shown above. Also, additional half year 2007 comparative results on a Constant Exchange Rates (CER) basis, calculated by applying average exchange rates for the six months to 30 June 2008, are provided above.*Total EEV basis results for asset management operations reflect the aggregate of the experience variance between the actual and expected contribution from managing internal long-term business fu<nds falling within the scope of covered business, and the contribution from managing external and other internal funds. The asset management results for business unit operations shown above reflect the IFRS result. The adjustment to other income is that required to derive the correct overall EEV contribution.iThe charge of 15 million (half year 2007: nil; full year 2007: 20 million) comprises 14 million (half year 2007: nil; full year 2007: 19 million) recognised on the IFRS basis and additional 1 million (half year 2007: nil; full year 2007: 1 million) recognised on the EEV basis for the shareholders' share of costs incurred by the PAC with-profits fund.New business premiums reflect those premiums attaching to covered business including premiums for contracts classified as investment products for IFRS basis reporting. New business premiums for regular premium products are shown on an annualised basis. Department of Work and Pensions (DWP) rebate business is classified as single recurrent business. Internal vesting business is classified as new business where the contracts include an open market option.New business margins are shown on two bases, namely the margins by reference to Annual Premium and Contribution Equivalents (APE) and the Present Value of New Business Premiums (PVNBP). APEs are calculated as the aggregate of regular new business amounts and one-tenth of single new business premiums. PVNBPs are calculated as equalling single premiums plus the present value of expected premiums of new regular premium business, allowing for lapses and other assumptions made in determining the EEV new business contribution.Subsequent to 29 September 2007, and following the change in management stipulated in the original agreement, CITIC - Prudential Life Insurance Company Ltd (CITIC-Prudential), the Group's life operation in China, has been accounted for as a joint venture. Prior to this date, CITIC-Prudential was consolidated as a subsidiary undertaking. 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N N  N~}w@ NN O OxO*>O@OvZOE]t?@O O Y7"@ O O J OKԮDJ2@ OO P PP6 Pz=9@P P'!(@P P ls33@ P P b<5 Pkb~+@ PP Q Q Q Q Q Q Q Q Q Q  Q  Q  Q  Q  Q QQ R R R R R R R R R R  R  R  R  R  R RR S SSv~hS@^^+@S  Sse4#@S.s S h*@ S S  S ;(@ SS T T T T T T T T T T  T  T  T  T  T TT(U0L>B   *7  U` b `! 5  dMbP?_*+%&\.?'\.?(\.?)M\\LNGOVPAPP06\PA200293 dXXLetter.HP LaserJet 4350 PCL5e2xekSQwgcTPZE Ƙ ɢH70e]ԕcjUtN]mΈ56%4#(s.:,B9'I^+7:=1=ע!<:j(l Vun-A@XEsbC3vOm$e>|o9?O9Zh1Zy-}_=w-sN:p\s8ljt`PN zU>tcӰFiNT*ZIL|CCм]0"n{" DXX\.?U} }  } @}  } @} } } @} } U@@R@]@@@@!@ !@ !@ !@ !@ !@h@G@@@@@@@@@@@@@@@@@ s&  &   m&   &     U    y    z                                                  n   n   n        n       ~ ~  ~ ~  ~  ~      ~  ~                     $ 2(:@"65 u)?   sH9@  ^r  mq~G,@    s u~u G0J<׿ nN P^Cy E@ d  `F>@  fƆ  m6yf5@     ~ Hw@ 65 O9ם? ~%   J\>@  ]"  n@OB3@                      $                                           n   n   n        n       ~ ~  ~ ~  ~  ~      ~  ~    W                                          F  {=@ o o pF   {=@   F  {=@   ]* o o p  ]*    ]*   jF}g'@ o o pj  F}g'@   j F}g'@   $I$I? o o p  $I$I?    $I$I?                        1R@ o o p  1R@    1R@   JqqS@ pJ  VUUUUT@   R.   zC(L(0 0 #V  ɟWY&   b Y7"   *kځI p*  kځI   * kځI   p@ p  p@    p@    p*     B: $I$I,@ DJl8888D @!@"@#@$@%@&@'@(@)@*@+@,@-@.@/@0@1@2@3@4@5@6@7@8@9@:@;@<@=@>@?@   6 JԮDJL@$   >  ieL@  .^  / J@   ! !!j& !?3@!!,d!' ! z]m3@ ! ! )b# !W'2@ !! 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BB C C C C C C C C C C  C  C  C  C  C CC D D{ D D D D D D D D  D  D  D  D  D DD E EvENEP^Cy U@$E>R E H4H4<@ E E  E$I$I EE F FFjF[{`wR@F:F88F@F F 9P@ F F   Fn\JQ@ FF G Gw$GBZFG)OI@G G W?P@ G G  R G------@@ GG H HHH$I$IW@HFH}A_V@HV: H AV@ H H B Hs0V@ HH I IIION>@IV.I袋.V@If I ((D@ I I  I_\Q@ II J JJ"J88>JJ/4@J J g`" J J J  Jk JJ K KK:&KrqK@$KO K ծDJ:@ K K  K{4@ KK L LyLRL#LzLUUUUUU7@LB L aa L L  LOzv*@ LL M MM MfYeYZ@MR"MCMZ M F̗&@ M M  MO%< MM N NxN*6N;;7NvVN0 0 C@N N jiiiii-@ N N 6 Nf'Y9@ NN O OO6B O"@@O vOaEqP.@O O sH9@ O O b<Z3 Okj?{1@ OO P P P P P P P P P P  P  P  P  P  P PP Q Q Q Q Q Q Q Q Q Q  Q  Q  Q  Q  Q QQ R RRvgR]qA-@R v Rr{(@R^r R mq~G,@ R R F RG/*@ RR S S S S S S S S S S  S  S  S  S  S SS(T.b>B   *7   eS; _ )  dMbP?_*+%&\.?'\.?(\.?)M\\LNGOVPAPP06\PA200293 dXXLetter.HP LaserJet 4350 PCL5e2xekSQwgcTPZE Ƙ ɢH70e]ԕcjUtN]mΈ56%4#(s.:,B9'I^+7:=1=ע!<:j(l Vun-A@XEsbC3vOm$e>|o9?O9Zh1Zy-}_=w-sN:p\s8ljt`PN zU>tcӰFiNT*ZIL|CCм]0"n{" DXX\.?U} } @} @} } @} } } }  @} } } @} } `} } @} }  } } } } @} } e@@@      s6  6   6   6                                 W  G   W  W  G  W  W  G W    G   W       ~  ~     ~  ~    ~  ~   ~  ~       W                                                               >    =0&q$@    p >    =0&q$@  >    =0&q$@            ZX)    p     ZX)      ZX)         Z   2@    p  Z   2@   Z   2@            18@    p     18@      18@                                           p    ~      ~      J &      p N & rq[@ R .  uE]tT@      Z  .袋]@ B b   @   YBC@  *  \;0"      v   &[L     p v  &[L v   &[L      >   =v@     p >  =v@ >   =v@          p       ~  &   $I$I<@      : :  4H4HT@     > > td@T@ J R  =@     ى؉    92<@  ~   }7}7@                               D"lHHHH(((((  ( (  ((  !"#$%&'()*+,-./0123456789:;<=>?   =       %I$I2@    p     %I$I2@      %I$I2@   ! !  !  ! !  !  ! !  ! ! !  !  ! ! ! ! ! !  !  ! !! 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C CAPC R > C C @@C n jC C w M CCv  C C7 CC D D D D n D D^Br@D   D D J">ID  D D;;7@ DDJ 6 D D<\ ~ \ \ ~ \ :\ ~ \ \ ~ \ \ ~ \ 6\ \~ \ J\ \\ ] ] ]~ ]  ]  ]] @] ~ ] 2] ] m۶mQ] ] p] ~ ]  ] ] ;;S] ]] 88n@] ]] ^ ^ ^ ^  ^  ^ ^ ^ ^ ^ ^ ^ ^ ^ ^  ^  ^ ^ ^ ^ ^ ^^ _ _ _ _  _  _ _ _ _ _ _ _ _ _ _  _  _ _ _ _ _ __DV&l    (( ((H"""""&&>&&F&&6&&6&`abcd ` `Xe `~ ` b  `  `~ ` ` ~ ` ;` ~ ` .` ~ ` B` ~ ` ` ~ ` ~` `~ ` ` `` a a aG~ a b a  a~ a a ~ a vLa ~ a 0a ~ a a ~ a  a ~ a zBa a~ a a aa b b bb jO(@ b  bb xP[,@b b ׃6c#b b r b ~ b vb b ˆ@m b b 7/Qb bb */@b bb c c c c  c  c c c c c c c c c c  c  c c c c c cc8dTP&&B&>J)cc cccccccccccc cc bb bbbbbbbbbbbb bb aa aaaaaaaaaaaa aa `` ```````````` `` __ ____________ __ ^^ ^^^^^^^^^^^^ ^^ ]] ]]]]]]]]]]]] ]] \\ \\\\\\\\\\\\ \\ [[ [[[[[[[[[[[[ [[ ZZ ZZZZZZZZZZZZ ZZ YY YYYYYYYYYYYY YY XX XXXXXXXXXXXX XX WW WWWWWWWWWWWW WW VV VVVVVVVVVVVV VV UU UUUUUUUUUUUU UU TT TTTTTTTTTTTT TT SS SSSSSSSSSSSS SS QQRRRRRR RR RR RRRRRRQQ QQ QQQQQQQQQQQQ OOPPPPPPPP PP PP PPPPPPOO OO OOOOOOOOOOOO MMNNNNNNNN NN NN NNNNNNKKLLMMMMMMMM MM MM MMMMKKKKKK KKIIJJJJJJ JJJJIIIIII IIGGHHHHHH HHHHGGGGGG GGEEFFFFFF FFFFEEEEEE EECCDDDDDD DDDDCCCCCC CCAABBBBBB BBBBAAAAAA AA??@@@@@@ @@@@?????? ??==>>>>>> >>>>====== ==;;<<<<<< <<<<;;;;;; ;;99:::::: ::::999999 9977888888 8888777777 7755666666 6666555555 5533444444 4444333333 3311222222 2222111111 11//000000 0000////// //--...... ....------ --++,,,,,, ,,,,++++++ ++))****** ****)))))) ))''(((((( (((('''''' ''%%&&&&&& &&&&%%%%%% %%##$$$$$$ $$$$###### ##!!"""""" 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""""!!!!!! !!                                               *7  )TXZ  dMbP?_*+%MnMicrosoft Office Document Imag/ dXXLetterwidm" dXX??U} @} )C@@@@@@ @ @ @ @ X@@@^@@H@@@ V  w tIt t"t t t t# t t$  V  /     Y  BX              !@"#@$%n@&'3@(  !" #$ %& '(    >F*7 \p dilip.patel [Bb)Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3 Sch 28sch 29sch 30sch 31sch 32sch 33sch 3810TEMPnotesEAE3D5[~0614935.xls]Schedule 1A CERYUZ+%Schedule 1A - Constant Exchange RatesZ4.PRUDENTIAL PLC - NEW BUSINESS - HALF YEAR 2008Z1+TOTAL INSURANCE AND INVESTMENT NEW BUSINESSZ UKZ US (1a) Asia (1a)Z TotalZ$Z$ZtHY 2008HY 2007+/-(%)HY 2008HY 2007+/-(%)HY 2008HY 2007+/-(%)HY 2008HY 2007+/-(%)Z4mmmmmmmmZ$ Z Total Insurance ProductsT@@:@@ƪ@,&KF?@@ls33@W@˼@h*@Z +Total Investment Products Gross Inflows (2)C@_@G0J<׿;@3@P^Cy E@N@@}z9@@@@@642@Zx @@Hw@F@@w;j?@@t9@@$@_K'1@Z$ ZINSURANCE OPERATIONSZF SingleRegularTotalAnnual Equivalents (3)Z$ZtHY 2008HY 2007+/-(%)HY 2008HY 2007+/-(%)HY 2008HY 2007+/-(%)HY 2008HY 2007+/-(%)Z4mmmmmmmmZ;UK Insurance OperationsZ3Product SummaryZInternal Vesting annuities@x@{=@- - - @x@{=@R@@Q@,d@Z Direct and Partnership AnnuitiesPw@z@]*- - - Pw@z@]*B@E@/+ZIntermediated Annuitiess@q@F}g'@- - - s@q@F}g'@@@<@$I$I,@ZTotal Individual Annuities@@$I$I?- - - @@$I$I?a@a@m۶m?Z$ZEquity Release@]@P@1R@- - - @]@P@1R@(@@m۶mQ@ZIndividual Pensions@@2@qqS@?- @@2@VUUUUT@@@Y@ZCorporate PensionsW@Z@C(L(C@E@0 0 #`@b@ɟWY&G@J@V9&ZUnit Linked BondsP@@a@kځI- P@@a@kځI@,@IZWith-Profit Bonds z@\@p@-  z@\@p@E@&@]tEq@Z  Protection- @@I@@@I@@@I@Z!Offshore Productst@i@JԮDJL@@@0t@i@ieL@A@7@7G@Z"Total Retail Retirement4@@?3@F@G@,d@^@z]m3@ r@`o@Ov`/@Z$#Z$Corporate Pensionse@[@.L@O@N@ @`m@@e@C@S@Q@! 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`?& Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } @+} ;}  } }   @h@h@@ @ @ @ @ @@@@@@@@@@@@@@@@@@@Date: 31 July 2008 PRUDENTIAL PLC& 2008 Unaudited Interim Results  "SUPPLEMENTARY INFORMATION*"3+European Embedded Value (EEV) basis results   Schedule   Earnings per share    Half year 2008~ [@ !Half year 2007~ ^@ !Full year 2007~ @`@6".Basis of preparation and economic assumptions ~ @@"8Operating profit based on longer-term investment returns"Summary ~ @'"New business profit and margins~ @"Business in force ~ @,"$Items excluded from operating profit~ @" Y"QTax charge attributable to shareholders' (loss) profit from continuing operations~ @Shareholders' funds "Summary by business unit~  @5"-Reconciliation of movement for half year 2008~ "@c"[Reconciliation of half year 2008 movement in Group net worth and value of in-force business~ $@"Dl.:0 I.2(((H N"9, >u )2G u @!@"@#@$@%@&@'@(@)@*@+@,@-@.@/@0@1@2@3@4@5@6@7@8@9@:@;@<@=@>@?@9 1Sensitivity of results to alternative assumptions  ~ &@A! 9Effect of change in accounting policy for pension schemes ! ~ !(@ " "#IFRS basis results# $###$%#Earnings per share%%&#&Half year 2008~ &x@'#'!Half year 2007~ '@(#(!Full year 2007~ (Ȕ@ )#)(*" Supplementary analysis of profit~ *,@+"+5,-Short-term fluctuations in investment returns~ ,.@--/."'Tax charge attributable to shareholders~ .0@//D0"<Asian operations - analysis of operating profit by territory~ 01@11:2"2US operations - results and analysis of securities~ 22@33#4"Asset management operations4"~ 43@55)6"!Balance sheet analysis by segment67#%7Group segmental balance sheet~ 7h@8#(8 Participating segmental analysis~ 8@9#W9OShareholder-backed unit-linked and variable annuity business segmental analysis~ 9@:#A:9Non-linked shareholder-backed business segmental analysis~ :@;#(; UK insurance operations analysis~ ;4@<#(< US insurance operations analysis~ <@=#*="Asia insurance operations analysis~ =,@>#)>!Non-insurance operations analysis~ >@@ ?#?DH lYa(2222:GAVL?7ADs]DDFE@@A@B@C@D@E@F@G@H@I@J@K@L@M@N@O@P@Q@R@S@T@U@V@W@X@Y@Z@[@\@]@^@_@@#Shareholders' funds @##@A# A"Summary by business unitA#~ A5@B#5B#-Reconciliation of movement for half year 2008B#~ B6@ C###CD#Retirement benefits D##~ D7@EEAF 9Effect of change in accounting policy for pension schemes F ~ F8@ G###GHOther informationHIJ"Funds under managementK"Summary~ K9@!L"Analysis by business area~ L:@M%N"Foreign currency translation O"O"Rates of exchange~ O,@*P""Results at constant exchange rates~ P@@/Q"'New business at constant exchange rates~ QT@RS" New BusinessSNT"FGroup Summary and Insurance Operations - Constant exchange rates (APE)~ T<@LU"DGroup Summary and Insurance Operations - Actual exchange rates (APE)~ U=@GV"?Group Summary - Investment Operations - Constant exchange rates~ V>@EW"=Group Summary - Investment Operations - Actual exchange rates~ W?@/X"'Group Summary - Q2 2008 v Q2 2007 (APE)~ X@@/Y"'Group Summary - Q2 2008 v Q1 2008 (APE)~ Y@@PZ"HGroup Summary and Insurance Operations - Constant exchange rates (PVNBP)~ ZA@N["FGroup Summary and Insurance Operations - Actual exchange rates (PVNBP)[ ~ [A@1\")Group Summary - Q2 2008 v Q2 2007 (PVNBP)\~ \B@1]")Group Summary - Q2 2008 v Q1 2008 (PVNBP)]~ ]B@'^"Notes to new business schedules~ ^C@_D l7F[;a' "!3 )5<A "`^YWAAbjMM9`@ao@bcdefghijklmnopqrstuvwxyz{|}~N`"F*Comparative results - change of accounting policy for pension schemes`a The Company has changed its accounting policy for pension schemes. As a result of this change the comparative results for 2007 have been adjusted. Further details are provided in schedules 12 and 24. a bcdefghijklmnopqrstuvwxyz{|}~Dl\ Dl Dl Dl Dl           Dl  !"#$%&'()*+,-./0123456789:;<=>? !"#$%&'()*+,-./0123456789:;<=>?Dl @ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_Dl `abcdefghijklmnopqrstuvwxyz{|}~`abcdefghijklmnopqrstuvwxyz{|}~Dl Dl Dl Dl Dl           6 =&8$>   "  n_  dMbP?_*+%M.Microsoft Office Document Image/ dXXLetterAs a result of this changwidm" OXX??&Index Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } @}  } @-} -} -} @ -}  -}   ;8@; @ B@ @ @ @@@@@@-m@C@1(@@x@@x@#Date: 31 July 2008 Schedule 1.1 $&2008 Unaudited Interim Results#### %#### EEV basis results Half year 2008  &Schedule cross reference'Loss before tax#'Tax (Schedule 7)'Loss after tax' Minority interests.'&Loss after tax and minority interests'Earnings per share, $Basic earnings per share (note 1.1a) (( )m )m )m )m )m )(pence)n fOn operating profit, based on longer-term investment returns, after related tax and minority interests   @*X@y! *@  % l~ ! *@  % ~ @@ ~e ]Adjustment from post-tax longer-term investment returns to post-tax actual investment returns   @*t@! *p  % l~ ! *p % ~ ƶ ****^ VAdjustment for effect of mark to market value movements on core borrowings (note 1.1b) @`e@ -!*`e@ %l -!*`e@ %~ @~****~ vAdjustment for post-tax effect of shareholders' share of actuarial gains and losses on defined benefit pension schemes @*X<@!*Q %l -!*Q %~ q ****z rAdjustment for post-tax effect of changes in economic assumptions and time value of cost of options and guarantees @+g6@!*d %l~ ?!*d %~ @+++<       @8On loss for the period after tax and minority interests ~ 3@*؃8 -*@d@*}**}L3  KKKKKK<KKKKKK----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------$KKKKKK Notes KKKKK 1.1a The average number of shares for half year 2008 was 2,465 million. The average number of shares reflects the average number in issue adjusted for shares held by employee trusts and consolidated unit trusts and OEICs which are treated as cancelled.  " 1.1b Core borrowings of the Group are marked to market value under EEV. As the liabilities are generally held to maturity or for the long-term, no deferred tax asset or liability has been established on the difference (compared to IFRS) in carrying value. Acco  ">M0@ $  E(' +3=&8$>   "  #ܫ &  dMbP?_*+%(?)?M.Microsoft Office Document Image/ dXXLetterAs the liabilities are gewidm" OXX??&Index Sch 1.1 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } @}  } @-} -} -} @ -}  -}   #;8@; @ @ B@ @ @@@@@@@@@C@@m@@1(@@x@#Date: 31 July 2008 Schedule 1.2 $&2008 Unaudited Interim Results#### %#### EEV basis results Half year 2007  &Schedule cross reference'Profit before tax#'Tax (Schedule 7)'Profit after tax' Minority interests1')Profit after tax and minority interests'Earnings per share, $Basic earnings per share (note 1.2a) (( )m )m )m )m )m )(pence) Continuing operations #/////#n fOn operating profit, based on longer-term investment returns, after related tax and minority interests   @*@v! *Ѝ@  % ~  *Ѝ@ D ~ @ ~e ]Adjustment from post-tax longer-term investment returns to post-tax actual investment returns   @* n@@Q! *e@  % ~ * *`e@ D D ~ @ ****^ VAdjustment for effect of mark to market value movements on core borrowings (note 1.2b) @@\@ -!@\@ % -@\@D~ |@~****~ vAdjustment for post-tax effect of shareholders' share of actuarial gains and losses on defined benefit pension schemes @*C@(!*;@ % -*;@D~ [@ ****z rAdjustment for post-tax effect of changes in economic assumptions and time value of cost of options and guarantees @+0q@S!*h@ % -*h@D~ @@+++01232425[SOn profit for the period after tax and minority interests for continuing operations @+@ -+H+@++@6N@i@aOn profit for the period after tax and minority interests for discontinued operations (note 1.2c)@@+k@+3@!+ n@ % -+ n@6@<       B:On profit for the period after tax and minority interests 3*@@(# -*`*@**@yQ@  KKKKKK<KKKKKK----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------$KKKKKK Notes KKKKK 1.2a The average number of shares for half year 2007 was 2,437 million. The average number of shares reflects the average number in issue adjusted for shares held by employee trusts and consolidated unit trusts and OEICs which are treated as cancelled.  "BX@ $9@=(' + @! x@" @ 1.2b  Core borrowings of the Group are marked to market value under EEV. As the liabilities are generally held to maturity or for the long-term, no deferred tax asset or liability has been established on the difference (compared to IFRS) in carrying value. Acco   !" "1.2c." &Discontinued operations relate to Egg."  (3=&8$>   "  $  dMbP?_*+%&~?'~?(~?)~?M.Microsoft Office Document Imagn/ dXXLetterAs the liabilities are gewidm" OXX~?~?&Index Sch 1.1 Sch 1.2Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } >}  } } } } @ }   $   ;  8@  ;  @ @ @ o@ S@ @ @M@@@@@]@]@@@@d@@,@@#Date: 31 July 2008 Schedule 1.3 $&2008 Unaudited Interim Results####%####EEV basis results Full year 2007  &Schedule cross reference'Profit before tax#'Tax (Schedule 7)'Profit after tax' Minority interests 1')Profit after tax and minority interests'Earnings per share, $Basic earnings per share (note 1.3a) (( )m )m )m )m )m )(pence) 77777n fOn operating profit, based on longer-term investment returns, after related tax and minority interests   @8ģ@9! 8@  % ~ :1! 8t@  % ~ R@f ^Adjustment from post-tax longer-term investment returns to post-tax actual investment returns    @8e@96 8c@    -~ 9 8b@   -~ @ 898:8^ VAdjustment for effect of mark to market value movements on core borrowings (note 1.3b) @;k@<8k@ ~ =8k@ ~ 6p@~89898~ vAdjustment for post-tax effect of shareholders' share of actuarial gains and losses on defined benefit pension schemes @8>8 ~ 98 ~ 4 89898z rAdjustment for post-tax effect of changes in economic assumptions and time value of cost of options and guarantees @?`@@j8@ ~ @8@ ~ @A4BCDCEC Y@QOn profit for the year after tax and minority interests for continuing operations@~ @?@ -D??n@F5%?D@23333[@ 111111g4_On profit for the year after tax and minority interests for discontinued operations (note 1.3c) <BCk@D3@!8 n@ %~ E8 n@ ~  @ 111111?B7On profit for the year after tax and minority interests `G!Hh@ %!H` %!HP@ %~ H5!H&@ %!IL^@  % 111111$@:L|||||M111111 Notes 11111N 11111N 1.3a The average number of shares for full year 2007 was 2,445 million. The average number of shares reflects the average number in issue adjusted for shares held by employee trusts and consolidated unit trusts and OEICs which are treated as cancelled.  11111N$OPPPPPPP11111N 1.3b Core borrowings of the Group are marked to market value under EEV. As the liabilities are generally held to maturity or for the long-term, no deferred tax asset or liability has been established on the difference (compared to IFRS) in carrying value. Acco  11111N$PPPPPPPP11111N Q1.3c.O&Discontinued operations relate to Egg.PPPPPPPRPPPPPPPBX@B $^.(' 7(?(Z @! @" @# x@   !""  <=&8$>   "  (-*i?RZo{  dMbP?_*+% C&M&d2?' `?() `?M.Microsoft Office Document Imagn/ dXXLetterAs the liabilities are gewidm" 0XX `?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } } } } ` } }  } } @} } } } } } }  } }  } @}  }  } @ } }  } }  }   @@@@]@,@@@Y Y Y Y Y YYxY/YY@_8`#dxddddKd^ffY#YY#Date: 31 July 2008 Schedule 2  T SSS& 2008 Unaudited Interim Results  SSS U5 SSSEEV basis results6V.Basis of preparation and economic assumptions  W1(V Basis of preparation of results X   The EEV basis results have been prepared in accordance with the EEV Principles issued by the CFO Forum of European Insurance Companies in May 2004. Where appropriate the EEV basis results include the effects of adoption of International Financial Reportin6   The EEV results for the Group are prepared for 'covered business', as defined by the EEV Principles. Covered business represents the Group's long-term insurance business for which the value of new and in-force contracts is attributable to shareholders. Th6    The definition of long-term business operations is consistent with previous practice and comprises those contracts falling under the definition of long-term insurance business for regulatory purposes together with, for US operations, contracts that are in6  8 ZZZZZZ[[[[[[[[[[[[[[[[[[[  With two principal exceptions, covered business comprises the Groups long-term business operations. The principal exceptions are for the closed Scottish Amicable Insurance Fund (SAIF) and for the presentational treatment of the financial position of two 6   SAIF is a ring-fenced sub-fund of the Prudential Assurance Company (PAC) long-term fund, established by a Court approved Scheme of Arrangement in October 1997. SAIF is closed to new business and the assets and liabilities of the fund are wholly attributab6 8Z[[[[[[[[[[[[[[[[[[[[[[[[ As regards the Groups defined benefit pension schemes, the liabilities attaching to the Prudential Staff Pension Scheme (PSPS) and Scottish Amicable Pension scheme are excluded from the EEV value of UK operations and included in the total for Other opera6 8  W2V Methodology\\\\\\\\ ] Embedded value$ ^aOverview$bbbbbbbbccccccc The embedded value is the present value of the shareholders' interest in the earnings distributable from assets allocated to covered business after sufficient allowance has been made for the aggregate risks in that business. The shareholders' interest in6 &eeeeeeeeeeeeeeee - present value of future shareholder cash flows from in-force covered business (value of in-force business), less a deduction for the cost of locked-in (encumbered) capital;6 - %- locked-in (encumbered) capital; and6 A 9- shareholders' net worth in excess of encumbered capital6 &eeeeeeeeeeeeeeee The value of future new business is excluded from the embedded value. In determining the embedded value or the profit before tax no smoothing of market account balance values, unrealised gains or investment returns is applied. Separately, the analysis o6  Jackson debt securities6 [[[[[[[[[[[[[[[[[[[ With the exception of debt securities held by Jackson, investment gains and losses during the period (to the extent that changes in capital values do not directly match changes in liabilities) are included directly in the profit for the period and shareho6  The results for any covered business conceptually reflects the aggregate of the IFRS results and the movements on the additional shareholders interest recognised on the EEV basis. Thus the start point for the calculation of the EEV results for Jackson, a6  However, in determining the movements on the additional shareholders interest the basis for calculating the Jackson EEV result acknowledges that for debt securities backing liabilities the aggregate EEV results reflect the fact that the value of in-force6 DlBP:QEEE<EE<E<>L<E*k*E]EE Y!@"@#Jd$`%$d&xd'd(Kd)f*f+tf,f-hf.f/,y0,{1]2]3,485C68789J{:8{;]<t=!>,?,  Fixed income securities backing the free surplus and required capital are accounted for at fair value. However, consistent with the treatment applied under IFRS for securities classified as available-for-sale, movements in unrealised appreciation on these6  ~ !g@!VEconomic assumptions!\\\\\\\\ "h\\\\\\\\  #i(a)!# Deterministic assumptions$# j&$bbbbbbbbbccccccc% In most countries, the long-term expected rates of return on investments and risk discount rates are set by reference to period end rates of return on cash or fixed interest securities. Except in respect of the projected returns on holdings of Asian debt 6% &&eeeeeeeeeeeeeeee' For countries where long-term fixed interest markets are less established, investment return assumptions and risk discount rates are based on an assessment of longer-term economic conditions. Except for the countries listed above, this basis is appropriat6' &(eeeeeeeeeeeeeeee) Expected returns on equity and property asset classes in respect of each territory are derived by adding a risk premium, also based on the long-term view of Prudentials economists, to the risk-free rate. In Asia, equity risk premiums range from 3.0 per c6) &*klllllllllllllll+ Assumed investment returns reflect the expected future returns on the assets held and allocated to the covered business at the valuation date.6+ 6,mkkkkkklllllnlooooppllnnG- ?The tables below summarise the principal financial assumptions:4- oooppllnn.q.rAsian operations&. ssstsuooooppllnn/vwxxxx/x Hong Kong/x/ x / xx /xMalaysia/x/x Singapore/xTaiwan /xxz 0wxx 0xChina0x0x(notes iii,iv,v) 0xIndia0 x Indonesia 0 xJapan0 x 0 xKorea0] (notes iv,v)0x Philippines0] (notes iv,v)0| (notes ii, v)0xThailand0xVietnam1} 30 Jun 2008 1~~ 1~%1~ 1~%1 1~%1  1 ~% 1 ~%1 ~ 1 ~%1 1~%1 1~%1 1~%1 1~%1 1~%1 1~%2Risk discount rate:623 New business 3~ 3'@3~ 3@3~ 3/@3 3 0@@ 3 ~ 3 @3~ 3@3~ 3/@3~ 3@3~ 3@3~ 3*@3~ 30@4In force 4~ 4'@4~ 4@4~ 4/@4 4 0@@ 4 ~ 4 @4~ 4@4~ 4/@4~ 4@4~ 4@4~ 4*@4~ 40@5Expected long-term 656rate of inflation 6~ 6@6~ 6@6~ 6@6 6 @Q@ 6 ~ 6 @6~ 6@6~ 6@6~ 6?6~ 6@6~ 6@6~ 6@7Government bond yield 7~ 7 @7~ 7`x@7~ 7"@7 7 $@j@ 7 ~ 7 @7~ 7@7~ 7"@7~ 7@7~ 7@7~ 7@7~ 7$@889w9 Hong Kong99  9Malaysia99 Singapore9Taiwan99 :w :China::(notes iii,iv,v) :India:  Indonesia : Japan:  : Korea: (notes iv,v): Philippines: (notes iv,v): (notes ii, v):Thailand:Vietnam; 30 Jun 2007 ; ;%; ;%; ;%;  ; % ; %;  ; %; ;%; ;%; ;%; ;%; ;%; ;%<Risk discount rate:<<<  <<<<<<= New business =~ =(@=~ =@=~ =0@= = 1@@ = ~ = @=~ =P@=~ =0@=~ =0@=~ =@=~ =+@=~ =0@>In force >~ >(@>~ >@>~ >0@> > 1@@ > ~ > @>~ >@>~ >0@>~ >@>~ >@>~ >+@>~ >0@?Expected long-term 6?DlEH\*E*E*E*:P %Y,(Y15< %,(@,A,BCD!fE8fFhfGtHI,JRK,L!MNhOtP]QhRYSCTUVWXHYZ[\]^_@rate of inflation @~ @@@~ @@@~ @@@ @ @ @ ~ @ @@~ @@@~ @@@~ @?@~ @@@~ @@@~ @@AGovernment bond yield A~ A"@A~ A@A~ A%@A A '@k@ A ~ A @A~ A@A~ A%@A~ A@A~ A@A~ A@A~ A%@8B.C############C Schedule 2 (continued)C DkD Hong KongDD  DMalaysiaDD SingaporeDTaiwanDD Ek EChinaEE(notes iii,iv,v) EIndiaE  Indonesia E JapanE  E KoreaE (notes iv,v)E PhilippinesE (notes iv,v)E (notes ii, v)EThailandEVietnamF 31 Dec 2007 F F%F F%F F%F  F % F %F  F %F F%F F%F F%F F%F F%F F%GRisk discount rate:GGG  GGGGGGH New business H~ H'@H~ HЁ@H~ H/@H H 0@@ H ~ H P@H~ H@H~ H/@H~ H@H~ Hp@H~ H*@H~ H0@IIn force I~ I'@I~ I@I~ I/@I I 0@@ I ~ I P@I~ Ip@I~ I/@I~ I@@I~ I@I~ I*@I~ I0@JExpected long-term 6JKrate of inflation K~ K@K~ K@K~ K@K K @ K ~ K @K~ K@K~ K@K~ K?K~ K@K~ K@K~ K@LGovernment bond yield L~ L @L~ Ly@L~ L"@L L $@@ L ~ L  @L~ L@L~ L"@L~ L@L~ L@L~ L@L~ L$@8M###############.NN Asia totalNfN Asia totalNfN Asia total.O~ O+@O[O30 JunO[O31 Dec.P P2008Pf P2007Pf P2007.Q Q~%Q Q%Q Q%.R&Weighted risk discount rate (note (i))RR R RRRS New businessSS S S####~ S@S#~ S@S#~ S#@TIn force,T~ T@T~ T0@T~ T0@8U################# VNotesV###########/W'Asian operations - economic assumptionsW###########X (i) The weighted risk discount rates for Asian operations shown above have been determined by weighting each countrys risk discount rates by reference to the EEV basis operating result for new business and the closing value of in-force business.J6X  Y (ii) For traditional business in Taiwan, the economic scenarios used to calculate the half year 2008, half year 2007 and full year 2007 EEV basis results reflect the assumption of a phased progression of the bond yields from the current rates applying to J8Y Z The projections assume that in the average scenario, the current bond yields of around 2.7 per cent trend towards 5.5 per cent at 31 December 2013 (for half year and full year 2007: around 2.5 per cent trend towards 5.5 per cent at 31 December 2013). 8Z [ The projections for the Fund Earned Rate reflect the same approach as applied for half year and full year 2007 results with allowance made for the mix of assets in the fund, future investment strategy and further market depreciation of bonds held as a res6[ o\ gConsistent with EEV methodology, a constant discount rate has been applied to the projected cash flows.6\ ] (iii) The assumptions shown are for US dollar denominated business which comprises the largest proportion of the in-force Hong Kong business. J6] y^n(iv) The mean equity return assumptions for the most significant equity holdings in the Asian operations were:J6^8_ Dl15<f %,(Y15<xvmx<1S?JGE`abcdefghijklJmntotp;qrtstttuvwxv yz;{t|t}t~tt.`~ `+@`#`30 Jun`#`31 Dec.a a2008a a2007a a20070b b%b b%b b%c Hong Kong,c ~ c@ c9.1~ cP@dMalaysia,d~ d)@ d12.8~ d)@e Singapore,e~ e@e e9.3e~ e@8fg To obtain the mean, an average over all simulations of the accumulated return at the end of the projection period is calculated. The annual average return is then calculated by taking the root of the average accumulated return minus 1.6g 8hLLLLLLLLLLLLLLLLLLLLLLLLL i (v) For half year 2008 and full year 2007, cash rates were used in setting the risk discount rates for Malaysia, Singapore, Taiwan and for Hong Kong dollar denominated business. For half year 2007, cash rates were used in setting the risk discount rates fJ6i 8j~~~~~~~~~~~~~~~~~~~~~~~~.kk 30 Jun 2008kk 30 Jun 2007kk 31 Dec 2007llUS operations (Jackson),l l%l l%l l% lmRisk discount rate*,mmn New business ,n~ n@~ n@n~ n@ no In force ,o~ op@~ oІ@o~ o@ oKp CExpected long-term spread between earned rate and rate credited to .p pBq :policyholders for single premium deferred annuity business,q ~ q?~ q?q~ q? q6r.US 10-year treasury bond rate at end of period,r~ r@~ r@r~ ry@ rIs APre-tax expected long-term nominal rate of return for US equities,s ~ s @~ sp@s~ sP@ s-t%Expected long-term rate of inflation ,t~ t@p@t~ tn@t~ tn@ t8u  v *The risk discount rates at 30 June 2008 for new business and business in force for US operations reflect weighted rates based on underlying rates of 8.1 per cent for variable annuity business and 4.8 per cent for other business. 6v 8w.x    x 30 Jun 2008xx 30 Jun 2007xx 31 Dec 2007x y UK insurance operations,y   y%y y%y y% y ,zz 0{(Risk discount rate (notes (i) and (iv)):,{{  | New business,|~ |0@~ |0@|~ |І@ | }In force,}~ }@~ }@}~ }@ }F~>Pre-tax expected long-term nominal rates of investment return:.~~ UK equities,~ @~ @~ @ D-lxvopp<1<H<a<,<Dxtt;tt;tttttt,h!!]N{#=(Overseas equities, 8.0 to 10.2 9.1 to 10.6 8.1 to 10.2 Property,~  @~ `@~ @@  Gilts,~ @@~ @~ p|@ Corporate bonds7/ with-profits funds (notes (ii), (iv) and (v))(~ @~ @~ @ .&? other business (excluding annuities)(~ @~ @~ @  *,$Expected long-term rate of inflation,~ y@~ `s@~ t@ YQPost-tax expected long-term nominal rate of return for the PAC with-profits fund:./'Pension business (where no tax applies),~ @~ @~ @  Life business,~  @~  @~ @ \TPre-tax expected long-term nominal rate of return for annuity business (note (iii)):.? fixed annuities( 6.0 to 6.2 5.6 to 5.7 5.4 to 5.6 ? linked annuities* 5.6 to 5.9 5.2 to 5.4 5.0 to 5.2 <., Schedule 2 (continued) AV9Basis of preparation and economic assumptions (continued)*8 Notes::!!!!!!"# (i) The risk discount rates for new business and business in force for UK insurance operations reflect weighted rates based on the type of business. J:   (ii) To take account of the current exceptional fixed interest market conditions, the assumed long-term rate of return for corporate bonds for half year 2008 for with-profits business has been determined by reference to observed credit spreads at 31 DecemJ:   (iii) The pre-tax rates of return for annuity business are based on the gross redemption yield on the backing assets net of a best estimate allowance for future defaults. The range of rates reflects the underlying assets of the portfolios for Prudential RJ: ' (iv) Credit spread treatmentJ:  In determining the approach to the treatment of recent credit spread widening for UK debt securities, the Company has considered the different types of UK business.:  For with-profits business, the embedded value reflects the discounted value of future shareholder transfers. These transfers are directly affected by the level of projected rates of return on investments, including debt securities. Given the current exc:  For UK Annuity business, different dynamics apply both in terms of the nature of the business and the EEV methodology applied. For this type of business the assets are generally held to maturity to match long duration liabilities. It is therefore approp:  (a) 16 b.p.s in respect of long term expected defaults; this is derived by applying Moody's data from 1970 onwards uplifted by between 100 per cent (B) and 200 per cent (AAA) according to credit rating, to PRIL's asset portfolio.:  (b) 8 b.p.s in respect of long term credit risk premium; this is derived by applying the 95th worst percentile from Moody's data from 1970 onwards, to PRIL's asset portfolio.:  (c) 19 b.p.s in respect of credit contingency reserve; this is taken to be 25 per cent of the increase in credit spreads over swaps that has occurred since 31 December 2006. The 25 per cent proportion was calculated at 31 December 2007 as being financial:  Pillar I reserves are calculated using a similar allowance for credit risk. The credit contingency reserve is intended to allow for the short-term increase in credit spreads, and it is assumed for EEV reporting that it will be released in the short term,:  The overall allowance for credit risk is prudent by comparison with historic rates of default. The resulting liquidity premium is 101 b.p.s over gilts for fixed annuities and 60 b.p.s over gilts for inflation linked annuities.:  (v) The assumed long-term rates for corporate bonds for full year 2007 for with-profits business was determined after taking account of the purchase of credit default swaps.J: DlP@Ffs<PLLiII/II-fff8TTHYBYYuhJfCfhhJfJfJfJf~ffhJf!thhh.  $(b)$Stochastic assumptions6%%&&%%''&&' The economic assumptions used for the stochastic calculations are consistent with those used for the deterministic calculations described above. Assumptions specific to the stochastic calculations, such as the volatilities of asset returns, reflect local 6 ZfRDetails are given below of the key characteristics and calibrations of each model.s.ss((sss))))(())ss((s***** **$Asian operations6*********** The same asset return models as used in the UK, appropriately calibrated, have been used for the Asian operations as described for UK insurance operations below. The principal asset classes are government and corporate bonds. Equity holdings are much lowe6 fThe stochastic cost of guarantees is primarily only of significance for the Hong Kong, Malaysia, Singapore, and Taiwan operations.6fffffffffffff[[[[[[[[[[[ The mean stochastic returns are consistent with the mean deterministic returns for each country. The expected volatility of equity returns ranges from 18 per cent to 25 per cent across all reporting periods and the volatility of government bond yields ran6 8&$US operations (Jackson)68ef] Interest rates are projected using a log-normal generator calibrated to actual market data;yyyyyyyyyyy8 Corporate bond returns are based on Treasury securities plus a spread that has been calibrated to current market conditions and varies by credit quality; and6 yy Variable annuity equity and bond returns have been stochastically generated using a regime-switching log-normal model with parameters determined by reference to historical data. The volatility of equity fund returns ranges from 18.6 per cent to 28.1 per6 8+\,,,,,,,,,,,,,,,,,$UK insurance operations6afY Interest rates are projected using a two-factor model calibrated to actual market data;))(())ss((s))(())ss((s[fS The risk premium on equity assets is assumed to follow a log-normal distribution;))(())ss((s))(())ss((s The corporate bond return is calculated as the return on a zero-coupon bond plus a spread. The spread process is a mean reverting stochastic process; and6 (s Property returns are modelled in a similar fashion to corporate bonds, namely as the return on a riskless bond, plus a risk premium, plus a process representative of the change in residual values and the change in value of the call option on rents.6 8sxfpMean returns have been derived as the annualised arithmetic average return across all simulations and durations. ll For each projection year, standard deviations have been calculated by taking the square root of the annualised variance of the returns over all the simulations. These have been averaged over all durations in the projection. For equity and property, the st6 8-* .%f Equities:6/ 0UK(~ /2@0Overseas(~ /0@DlJkO<VEE<]<<E<]  @<E<QO^h!@8@4@@nY2@Y@@@@@@@@!@@#@ @ @ @ @ @@Property(~ 1.@8~ 2@#VLevel of encumbered capital3333333 8h In adopting the EEV Principles, ԰Ƶ has based encumbered capital on its internal targets for economic capital, subject to it being at least the local statutory minimum requirements. Economic capital is assessed using internal models, but when apply6 8+\,,,,,,,,,,,,,,,,, Asian operations: the economic capital requirement is substantially higher than local statutory requirements in total. Economic capital requirements vary by territory, but in aggregate the encumbered capital is broadly equivalent to the amount required6  US operations: the level of encumbered capital has been set to an amount at least equal to 235 per cent of the risk-based capital required by the National Association of Insurance Commissioners at the Company Action Level (CAL), which is sufficient to 6  UK insurance operations: the economic capital requirements for annuity business are fully met by Pillar I requirements being 4 per cent of mathematical reserves, which are also sufficient to meet Pillar II requirements.6 8+45558+45558+45558+45558+45558+45558+4555:6 7788888888888889:::::::::::8 ::8:::::::::::8:::::::::::8:::::::::::8:::::::::::8; 8 8h d<M<E<EO$<<<<<<<><<<<<<<<=&8$>  "   G`  dMbP?_*+%&~?'i4F?(Gz?) ףp= ?M.Microsoft Office Document Imag / dXXLetternnuity business are fullywidm" ;XX `? `?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } <} } ` }  }  }  }  }   G ,,;;;;;    !@ ,,,,@,,,@,,!@,,,, Date: 31 July 2008 <<<< Schedule 3 =<<<<<<& 2008 Unaudited Interim Results <<<<<<<<<<<< EEV basis results <<<<<< Summary results   7 Half yearE Half yearE Half yearE Full yearp hOperating profit from continuing operations based on longer-term investment returns before tax (note 3a)   '`@U\@U\@U\@  7Schedule ' UCER URER URER  7cross ' U (note 3b) U (note 3b) U (note 3b) ( ) reference )m Dm Dm Dm    Profits from:     New business $@>Ђ@?@?@?@$  Business in force  $@>H@?(@?@?@ @@ABBB Long-term business !> @$ %(!?@$ %(!?L@$ %(!?ȣ@$ %( 55>??C! Asia development expenses >???. 55>??C  Other operating results: >???* "Asian asset management operations  >=@?A@?@@?R@- %US broker-dealer and asset management >@?"@?"@?*@ Curian  E???  M&G >@b@?a@?a@?o@F?FF$ Other income and expenditure >???9 1 Investment return and other income (note 3c) GC@H*@H*@IF@< 4 Interest payable on core structural borrowings  JTKVKVLe#  Corporate expenditure: JKKL@ DRB54d[j].TZ Q @Z]?;Dil ,! ," ,# ,$ ,% ,& ,' ,( ,) x@* M@ + ,,  - ,. ,/ @1,2@3d@4,56,7,8,9,:,;,<:=,>; ?@"  Group Head Office    JSKMKML `*! " Asia Regional Head Office ! !J1K1K1LCB" : Charge for share-based payments for Prudential schemes" "MBBN& #55#>???*$5"Total other income and expenditure$5!$>b& %"(!$?`c& %"(!$?`c& %"(!$?r& %"(%@@ABBB%& Total other operating results& .&>B@*DDDDD$.&?:@*DDDDD$.&?9@*DDDDD$.&?@@*DDDDD$'5OPKKF%( Restructuring costs (note 3d) ( (P.QQ?4)5RPKK?t* lTotal operating profit arising from continuing operations based on longer-term investment returns before tax * SS**TX@(DDD&D(**U@DDD&D(**U@DDD&D(**Uģ@DDD&D(+VWW ,XNotes-8 .83a3. +Reconciliation with total profit before tax. / The Group analyses its EEV basis results so as to distinguish operating profit based on longer-term investment returns from other constituent elements of total profit. The other constituent elements i.e. the items excluded from operating profit based on l/ Y 1Z3b18Comparative results 2 The previously reported half year and full year 2007 comparative results have been adjusted for the change of accounting policy for pension schemes as explained in schedule 12. The adjusted results, prepared using previously Reported Exchange Rates (RER)2 3 The results for continuing operations shown above exclude those in respect of discontinued banking operations. On 1 May 2007, the Company sold Egg.3  483c+4[#Investment return and other income 4856[6\ Half year6 Half year6 Full year7 7]2008 7^2007 7^200785 8bm 8cm 8cm95,9$IFRS basis (as shown on schedule 14) 99dR@eE@U@:5V:NLess: Allocation of investment return on centrally held capital in respect of :f;5C;g;Taiwan business to the operating result of Asian operations ;999;d*eh<5O<iGLess: Projected asset management result in respect of covered business <999jh=5?=k7incorporated in opening EEV value of in-force business* ==f58hB>5>l EEV basis >mmm!>nC@ %9=!>m*@> %9=!>oF@> %9=?5? *Total EEV basis results for asset management operations reflect the aggregate of the experience variance between the actual and expected contribution from managing internal long-term business funds falling within the scope of covered business, and the co? BQXRZr [@ [#.!GQB>fz}sy@C@A!@B@C@D,E,F@ @p3d:@~2Restructuring costs have been incurred as follows: @~~~@\ Half year@ Half year@ Full yearA5~~~~ A2008 A2007 A2007B5 Bbm Bcm BcmC5C~UK insurance operations C~~~ Cq5 Cr- Cr8DUnallocated corporate D@@@~ Ds$@ Dt-~ D@(@Euuu Ev15 Ew-~ Ew4@F The charge of 15 million (half year 2007: nil; full year 2007: 20 million) comprises 14 million (half year 2007: nil; full year 2007: 19 million) recognised on the IFRS basis and additional 1 million (half year 2007: nil; full year 2007: 1 millioF xD>dZ;=&8$> "  L6.v $,4<D LT2  dMbP?_*+%F& `?' `?( `?)M&d2?M.Microsoft Office Document Imagl/ dXXLetter0 million) comprises 14 widm" 4XX `? `?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} y} &} @ }  }  } }  }  } ` } } } @ } } }  }  }   ,,,,~@3@@I@ , @ R@ R@ R@@@@,@8@,,R@R@R@t@ @4@@!@R@~ Date: 31 July 2008{ xxxx v Schedule 4 yyyyy &d 2008 Unaudited Interim Results zzzz  zz z zzz } EEV basis results{ {{{{ || } New business and margins{ {{{{ ||?c 7Operating profits from new long-term insurance businessc c c c  ||z Half year 2008  |b Half year 2007 (RER) b b  b Full year 2007 (RER)  b b z}Pre-tax (note 4c) Tax}Post-tax (schedule 10)~Pre-tax (note 4c) TaxPost-tax! ~Pre-tax (note 4c)  Tax Post-tax  m m m  m m m  m m m z   Asian operations {  u@U o@  q@S! i@  %   h@e~@  US operations (note 4b) {   a@H@V@  b@I! W@  %   q@Y g@   UK insurance operations    `@BW@  [@>! S@ %   Pq@@Si@ [ !Ђ@* % !e % !z@ % !@ % !c % !w@ %  ! @  % ! u % ! @ % (zWWW(z Margins on new business premiums&{ | { 8e 0New Business Premiums (note 4d)e !Annual premium equivalent. &Present value of New Business Premiums Pre-Tax New Business5 -New Business Margin (note 4e) zSingleRegular (APE) b(PVNBP) b Contribution  (APE) (PVNBP)j Half year 2008h  bm bm bm  bm  bm  b%  b% qqqq *k "Asian operations (notes 4a and 4f) 04@x@@0@u@G@0@ i US operations{ 0@&@@v@@ a@C@`x@  .. g UK insurance operations h 0j@@]@z@@ `@>@v@    Total llll!n@ %l!nx@ %l!@ %l! nu@ % l! nЂ@ % l D@@  .. z | { Uf MNew Business Premiums (note 4d)f !KAnnual premium equivalent. &Present value of New Business Premiums Pre-Tax New BusinessL n DNew Business Margin (note 4e) n zSingleRegular (APE) c(PVNBP) c Contribution  (APE) (PVNBP)Half year 2007 (CER) cm cm cm  cm  cm  c%  c%+k #Asian operations (notes 4a and 4f) $@`@@@0r@ # NCF@ D Dd# !!@ D D di US operations{ $@"@u@6@b@ # 4H4HD@ D Dd# #D{@ D D dDlR&P=CJi*$o,V.voz$J R@! t@ " # 4@$ @% !@& R' R@( R@) t@ * @+ Y@, 8@- 8@. h@/ h@0 h@1 t@ 2 @3 ,4 ,5 !@6 !@7 !@8 !@9 !@: !@; !@< !@= @> 8@? , g UK insurance operations  h $ @]@v@@[@ # 5_g=@ D D d# 4 @ D D d !l Total!m llll!!m@ % !!m`@! % !!$@! % !! m@! % !! m@! % ! D@@ "  #| { U#f MNew Business Premiums (note 4d)#f !#KAnnual premium equivalent.# &Present value of New Business Premiums# Pre-Tax New BusinessK# n CNew Business Margin (note 4e)# n $z$Single$Regular $(APE)$ c(PVNBP)$ c Contribution $ (APE)$ (PVNBP)%j Half year 2007 (RER)%h  %cm %cm %cm % cm % cm % c% % c%+&k #Asian operations (notes 4a and 4f)& $&@@X@@q@ #& uiCWF@! D& D&d#& )!@& D& D& d'i US operations'{ $'ª@"@v@D@b@ #' uE]tD@& D' D'd#' A`@' D' D' d (g UK insurance operations (h $(@]@v@@[@ #( 5_g=@' D( D(d#( 4 @( D( D( d )l Total)m llll!)m@( %&(!)m@) %&(!)ؔ@) %&(!) m@) %&( !) m@) %&( ) D@@ *z ++U+f MNew Business Premiums (note 4d)+f !+KAnnual premium equivalent.+ &Present value of New Business Premiums+ Pre-Tax New BusinessK+ n CNew Business Margin (note 4e)+ n ,z,Single,Regular ,(APE), c(PVNBP), c Contribution , (APE), (PVNBP)-j Full year 2007 (RER)-h  -cm -cm -cm - cm - cm - c% - c%*.k "Asian operations (notes 4a and 4f). 0.p@@h@_@h@I@@ /i US operations/{ 0/s@3@@ @q@E@z@ )0g !UK insurance operations (note 4g)0h 00@@m@@ͽ@Pq@?@v@  1l Total1m llll!1;@) %.0!1@1 %.0!1t@1 %.0l!1 @1 %.0 l!1 @1 %.0 l1 E@Ё@  2r Notes 2s 22  Half Year2  Half Year2  Full Year33 3 2008 3 2007 3 2007 44aE4=Asian operations - New business margin as a percentage of APE4  4 % 4 % 4 %5z5 Hong Kong55 P@O@@R@ 6z6 Korea66 @@@@B@ 7z7 Taiwan77 I@E@M@ 8z8 India88 0@4@(@ 9z9 China99 I@F@I@ :z: Indonesia:: I@K@K@ ;z; Other; ; N@O@N@ <[1<)Weighted average for all Asian operations< < G@G@I@ =z >z >  Half year>  Half year>  Full year?z ? }`@~\@~\@ DklI$OvaurRXTUTTXVu$]@ !@A @B C@C C@D t@E @F ,G @H t@I ,J ,K ,L ,@M ,@N ,@O t@P @Q @R @S @T @U @V @W B@X @Y h@Z h@[ h@\ h@] h@^ h@_ h@ @z4bN@FUS operations net of tax profits from new long-term insurance business@  @ m @ m @ mA BBefore capital chargeB B X@Z@h@ 2C*Capital charge (see note 8a on schedule 8)C C *( DAfter capital chargeD !D @V@1 %BC !D W@D %BC !D  g@D %BC lE F~ { xxxxF v Schedule 4 (continued) F v v  Gz4c9Go 1Profits from asset management of covered businessGo o o o p p p p p p p Hq Included within pre-tax new business profits shown in the table above are profits arising from asset management business falling within the scope of covered business of:Hq q q q y y y y y y y I((((( I  Half yearI  Half yearI  Full yearJ((((( J }`@~\@~\@ K  K m K m K mLAsian operationsL L 5@7@F@ M US operationsM M ??? NUK insurance operationsN N @@&@ O !O :@D %LN !O <@O %LN !O L@O %LN P  Q4dQw New business premiums reflect those premiums attaching to covered business including premiums for contracts classified as investment products for IFRS basis reporting. New business premiums for regular premium products are shown on an annualised basis. DQw w w w  R4eRw New business margins are shown on two bases, namely the margins by reference to Annual Premium and Contribution Equivalents (APE) and the Present Value of New Business Premiums (PVNBP). APEs are calculated as the aggregate of regular new business amounts Rw w w w S_Sw WThe table of new business premiums and margins above excludes SAIF DWP rebate premiums.S TTw In determining the EEV basis value of new business written in the period the policies incept, premiums are included in projected cash flows on the same basis of distinguishing annual and single premium business as set out for statutory basis reporting.T Uw New business contributions represent profits determined by applying the economic and non-economic assumptions as at the end of the reporting period. Uw w w w w w w w w w w  V4fVw Subsequent to 29 September 2007, and following the change in management stipulated in the original agreement, CITIC - Prudential Life Insurance Company Ltd (CITIC-Prudential), the Group's life operation in China, has been accounted for as a joint venture.Vw w w w  W4gWx The table for full year 2007 above includes the transfer of 62,000 with-profits annuity policies from Equitable Life on 31 December 2007 with assets of approximately 1.7 billion. The transfer represented an APE of 174 million.Wy y y y y y y y y y y Xzw w w w w Yz.....K Zz.....K [z.....K \z.....K ]z.....K ^z.....K _z.....K DlOdFk[8FROY"9929$$$$$$$` h@a h@b h@c h@d h@e h@f h@g h@h h@i h@j h@k h@l h@m h@n h@o h@p h@q h@r h@s h@t h@u h@v h@w h@x h@y h@z h@{ h@| h@} h@~ h@ h@ `z.....K az.....K bz.....K cz.....K dz.....K ez.....K fz.....K gz.....K hz.....K iz.....K jz.....K kz.....K lz.....K mz.....K nz.....K oz.....K pz.....K qz.....K rz.....K sz.....K tz.....K uz.....K vz.....K wz.....K xz.....K yz.....K zz.....K {z.....K |z.....K }z.....K ~z.....K z.....K Dl$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$h@h@h@h@,@,!@,,,,,,,,,,,,,,,,,,,,,,,,, z.....K z.....K z.....K z.....K zzzzz$zzzzzzzzzzzzzzzzzzzzzzzDFl$$$$ ( ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzDl ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzDl ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzDl ,,,,,,,,, , , , , ,,,,,,,,,,,,,,,,,,,zzzzzzzzz z z z z zzzzzzzzzzzzzzzzzzzDl  ,!,",#,$,%,&,',(,),*,+,,,-,.,/,0,1,2,3,4,5,6,7,8,9,:,;,<,=,>,?, z!z"z#z$z%z&z'z(z)z*z+z,z-z.z/z0z1z2z3z4z5z6z7z8z9z:z;z<z=z>z?zDl @,A,B,C,D,E,F,G,H,I,J,K,L,M,N,O,P,Q,R,S,T,U,V,W,X,Y,Z,[,\,],^,_,@zAzBzCzDzEzFzGzHzIzJzKzLzMzNzOzPzQzRzSzTzUzVzWzXzYzZz[z\z]z^z_zDl `,a,b,c,d,e,f,g,h,i,j,k,l,m,n,o,p,q,r,s,t,u,v,w,x,y,z,{,|,},~,,`zazbzczdzezfzgzhzizjzkzlzmznzozpzqzrzsztzuzvzwzxzyzzz{z|z}z~zzDl ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzDl ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzDl ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzDl ,,,,,zzzzzP =&8$>    "  Y&:iF  dMbP?_*+%,5& `?' `?( `?) `?M.Microsoft Office Document Imag/ dXXLetterwith-profits annuity poliwidm" 7XX BP(? `?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } @}  } } } } } @ }  @} }  Y;,<;<,;;;t@@ 8@ R@ R@ ; @t@R@ R@ R@ R@ R@ R@ R@ R@ @ h@ R@ R@ R@ R@ R@ , R@#Date: 31 July 2008<<<<<<Z Schedule 5 [ =&2008 Unaudited Interim Results=<<<<<<<<< EEV basis results<<<<<<<<< <<<<<< Half Year Half Year  Full Year=<<<<<<`@\@\@ 0(Operating profit from business in force  m m  m"Asian operations (note 5b)<<<<<< ? =7Unwind of discount and other expected returns (note 5a) <<<<<< k@`d@@u@ 4 =,Change in operating assumptions (note 5b(i)) <<<<<< .@A@K@ : =2Experience variances and other items (note 5b(ii)) <<<<<< 3,@  !  k@" % ! `j@" % i! x@" %  =<<<<<<<  US operations<<<<<< @=8Unwind of discount and other expected returns (note 5a):=<<<<< :=2On value of in-force business and required capital<<<<<Y@@[@`g@ ==On surplus assets<<<<<A@;@J@ /='Spread experience variance (note 5c(i))<<<<<6@J@X@ C=;Amortisation of interest-related realised gains and losses <<<<<<.@1@B@ 6=.Changes in operating assumptions (note 5c(ii))<<<<<<F@8 = Other items<<<<<<?$ ! k@  %!i@  %! `u@ % =<<<<<< )!UK insurance operations (note 5d)<<<<<<< ?=7Unwind of discount and other expected returns (note 5a)<<<<<<u@s@@ >^ 6Effect of change in UK corporate tax rate (note 5d(i)) <<< -P@P@ '^ Annuity business (note 5d(ii)): <<< $  Mortality strengthening  <<< - -~  s$Release of margins<<< - -~  s@$<<< - -~  .=&Other items (notes 5d(iii) and 5d(iv))<<<<<<9@?@S DB lV>9W4tBujp5`nWeylIIu{Gjd@ R@! @" R@# ,$ ;% @& @' w @( @) t@* @+ @, @- @. ^@/ @0,@1@22@3@4_@5@6@7h@8=@9t@:@;@<@=8@>R@?R@ ! pw@ %!  v@ %! 0@ % l!=<<<<<< "Total "$"H@|4D DD $"@ D DD $" @ D D D #  $Notes$<<<<<<< %<<<<<<<  &5a5&X-Unwind of discount and other expected returns&<<<<<< ''\ For Asian operations and UK insurance operations, the unwind of discount and other expected returns is determined by reference to the value of in-force business, required capital and surplus assets at the start of the period as adjusted for the effect of '] ] ] ] ] ] ] ] ("########  ) 5b)Asian operations) *,* $(i) Changes in operating assumptions*  ++ The effect of changes in operating assumptions for half year 2007 of 34 million and for full year 2007 of 54 million include credits totalling 25 million and 32 million respectively for incorporating the benefits arising from reductions in the corpora+ 1, )(ii) Experience variances and other items, - Experience variances and other items of a net charge of 19 million for half year 2008 comprise 23 million for favourable mortality and morbidity variances reflecting better than expected experience across all territories, a credit of 13 million in resp- . The negative expense experience variance of 30 million for half year 2008 includes expense overruns for operations which are at a relatively early stage of development, for which the expenses for new business are in excess of the target levels factored i. / Experience variances and other items of a credit of 14 million for half year 2007 and a charge of 1 million for full year 2007 comprise 17 million (full year 2007: 47 million) for favourable mortality variance and 5 million (full year 2007: 4 millio/  0 5c0 US operations0 1'1 (i) Spread experience variance1<<<<<< 22u The spread assumption for Jackson is determined on a longer-term basis net of a provision for defaults, with impairment losses in excess of the provision for defaults taken through short-term fluctuations in investment returns. 42 3.3 &(ii) Changes in operating assumptions3      4 4 The effect of operating assumption changes of 44 million represents a credit of 29 million for changes to mortality assumptions, a credit of 27 million relating to a change of projected product fees for variable annuity business and a net charge of 124 5 5P Schedule 5 (continued)&5 P  6 5d 6 UK insurance operations 6<<<<<< 767 .(i) Effect of change in UK corporate tax rate7<<<<<< 88u The comparative results for half year and full year 2007 of 67 million reflect the effects of the change to reduce the UK corporate tax rate from 30 per cent to 28 per cent in projecting the tax cash flows attaching to in-force business.48 99 (ii) Annuity business9      ::O For UK insurance operations there is a net nil charge or credit for all reporting periods. However, the full year 2007 results for annuity business have been determined after a strengthening of explicit mortality assumptions and the release of excess marg: ;e;Y ]The overall impact of the assumption changes and release of margins is summarised as follows:; <!#< Full Year 2007= = m>.>N &Strengthening of mortality assumptions>N N   ~ > s?? Release of margins:?      Dl-a/DT/O%%%AO2V/fL^<F/C*b@R@AR@BR@CR@DR@ER@F8@G!@H@Ik@J@K@L(@Mm@N@O@Ph@S8@T@U@V@W@X@@&@  Projected benefit related @     ~ @ b@AA  Investment related A     ~ A T@BB  Expense related B     ~ B =@CC  Other C     ~ C L@D      !D s@E %@C E E  DD D> F       G<GX4(iii) UK insurance operations other items represent:GHHt The credit of 25 million for half year 2008 includes a credit of 24 million for the release of prior year provisions relating to the Credit Life business and a net credit of 1 million for other items.Ht t t t t t t t IIt The charge of 31 million for half year 2007 (full year 2007: 77 million) includes 5 million (full year 2007: 13 million) in respect of annual licence fee payments, 8 million (full year 2007: 14 million) for expense over-runs in respect of a tariff aIt t t t t t t t JJt The annual licence fee payments are made by shareholder-backed subsidiaries of UK insurance operations, via a service company, to the PAC with-profits sub-fund for the right to use trademarks and for the goodwill associated with the purchase of the busineJt t t t t t t t KKt For half year and full year 2007, the expense over-runs arising from the tariff arrangement in respect of SAIF of 8 million and 14 million respectively were borne by a service company. The arrangement was in place until the end of 2007 and was onerous Kt t t t t t t t  L` (iv) Expense assumptionsLa a a a a a a a  M%%%%%%%% NM For half year 2007, the EEV basis results were prepared on a basis that anticipated savings on restructuring intitiatives that, at that time, were only partially executed. Without that anticipation there would have been an additional charge of 28 millio8N gOM _For the half year 2008 and full year 2007 results, the unit costs are in line with assumptions.8O :P_ 2& ZSPFA@^///D"G>=&8$>  "  p]KE[ro `hpx8  dMbP?_*+%C& `?' `?( `?) `?M.Microsoft Office Document Imag/ dXXLetterre in line with assumptiowidm" @XX `? `?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} -} 2} @-} `-}  -}  -} ` -} -} -} @ -} -} -} @,} -}  -}  - ,;;;;  ;   ,@t@@@@@8@ @@@@#Date: 31 July 2008  Schedule 6  &<=<<<<<<<<<<<<<<&2008 Unaudited Interim Results"<<<<<<<<<<<<<<" EEV basis results"<<<<<<<<<<<<<" ,$Items excluded from operating profit$ $I$ $I$ $IIII   $   Half Year  Half Year  Full Year I   $  '`@U\@U\@ IP AHTotal EEV (loss) profit from continuing operations before tax comprises:   )m Dm Dm I(  $Iw oOperating profit from continuing operations based on longer-term investment returns (as analysed on schedule 3)  $  X@@ģ@ I-%Items excluded from operating profit:& $I?7Short-term fluctuations in investment returns (note 6a) $  t n@e@IC;Mark to market value movements on core borrowings (note 6b) $  `e@@\@k@If^Shareholders' share of actuarial gains and losses on defined benefit pension schemes (note 6c) $  XC@I l!dEffect of changes in economic assumptions and time value of cost of options and guarantees (note 6d)!  "g#0q@#`@I;$3(Loss) profit from continuing operations before tax%%%%%%%%%%%& ! '؃d5 %  !(@ % !(@ % I( $I Notes$ $I  $   Half Year Half Year Full YearI ) $  '`@U\@U\@I 6a5-Short-term fluctuations in investment returns)   )m Dm Dm& EE*Insurance operations:" ## "Asia (note 6a(i))+  *K@@l@ "US (note 6a(ii))+  r*Q@" "UK (note 6a(iii))+  *X@E@&*Other operations (note 6a(iv))+  c*5@*Dld*b0C0X22sP,[,9mJ*Qede  @!@"@#$@%&@'@(@)@*+o@,-.,@/@0@1@2@38@4@5@6!@7@8R@9@:2@;b@<=N@>(@?b@& --+**!!.Total !GGGGGGGGGG/ ~ ! 0t!!1 n@ %!!1e@! %&"- 223# #4Notes"# 7&$4 7%T %(i)%Asian operations %  &T&R Short-term fluctuations in investment returns for Asian operations of a charge of (536) million for half year 2008 principally arose in Vietnam of (151) million, Singapore of (103) million, Taiwan of (84) million and Hong Kong of (59) million. For V &  'T'R Short-term fluctuations of 54 million for Asian operations in half year 2007 reflect favourable equity market performance across the region particularly in Vietnam, Hong Kong and Singapore, partially offset by Taiwan, as a result of lower investment retu 'R R R R R R R R R R R R R  (T(R The short-term fluctuations for Asian operations of 226 million in full year 2007 arose mainly from favourable equity investment performance in most territories, principally in Hong Kong of 102 million, Vietnam of 66 million and Singapore of 38 millio (R R R R R R R R R R R R R &)4 7*T *(ii)*US operations (Jackson) * 7 +T+R The short-term fluctuations in investment returns for US operations primarily reflect the impact of impairment losses on debt securities and the effects on the value of variable annuity business of adverse movements in US equity markets. The fluctuations +R R R R R R R R R R R R R  ,5" ,  Half Year, Half Year, Full Year -5" - '`@U\@U\@ .6R(((((((((7  . )m .Dm .Dm&/6JIII 06#0T Realised impairment losses: 0T T T T T T T T T 8 161U Actual1 8 1 [3S 26=2V 5Less: Risk margin charge included in operating profit2W W W W W W W W (9 2 "7@#8@#H@ 363"""""8 !3 @U8 %12 !3@8 %12!3>8 %12 464Q Loss due to changed expectation of profits from fees on in-force variable annuity business in future periods based on current period equity returns, net of related hedging activity*4Q Q Q Q Q Q Q Q Q 8 4 :@a<>@<0 56@5X 8Actual less longer-term return on equity-type securities5X X X X X ''''8 5 :E<F@<I@ 66 6Q Other6Q ''''''''8 6 :?<(<,&76S S S S S S S S S S 9 86((((((((((9 !8 =r! %36 !8>Q@3 %36!8>"3 %36(96?@@@K :6:I * The adjustment arises due to the market returns being lower or higher than the assumed longer-term rate of return. This gives rise to lower or higher than expected period values of variable annuity assets under management with a resulting effect on the :J J J J J J J J J J J J J (;6 7K<T <(iii)<UK insurance operations < 7 =A=K The short-term fluctuations in investment returns for UK insurance operations comprise (855) million relating to the PAC with-profits fund and (104) million relating to shareholder-backed business. For with-profits business, the short-term fluctuations =K K K K K K K K K K K K K  >6> The 98 million for half year 2007 primarily reflects the PAC life fund investment return of 5.8 per cent offset by the depreciation in bond values of the shareholders' funds of annuity business arising from higher interest rates. The charge of 42 millio > (?6 7KDl**A*Y===*a=c@N*YZ Y*,=,b==@A!@B@CDEFGHIJ@KLh@M@NB@OR@PQRS@TUV@WXY(@Z@[!@\@]t@^@_]@@T @(iv)@Other operations @ 7 AAAK Further details on the charge of 157 million for short-term fluctuations for other operations is shown in note 15d on schedule 15. AK K K K K K K K K K K K K &B6}~~~~~~~~~~~~~ CBBBBBBBBBBB C Schedule 6 (continued) C &DBBBBBBBBBBB$$C E6" E D Half YearEE Half YearEE Full Year F6" F '`@U\@U\@ G6b9G<1Mark to market value movements on core borrowingsG((((((((((7  G )m GDm GDm H6HT US operationsH 8 H  @@"@ I6IROther operationsI(((((((((9 I `d@[@j@ JF((((((((((9 !J =`e@3 %HI !J>@\@J %HI~ J>k@&KBBBBBBBBBBBBBB L6c\LTShareholders' share of actuarial gains and losses on defined benefit pension schemes"L &M6 NN The loss of 98 million (half year 2007: gain of 39 million; full year 2007: loss of 5 million) included within profit before tax reflects the shareholders share of actuarial gains and losses on the Groups defined benefit pension schemes and can be an"N  O O D Half YearOE Half YearOE Full Year PGP &`@m\@m\@ QH((((((((((  Q )m QDm QDmRRIM&G pension schemeR..........J R KDL.@L@S(SM Scottish Amicable pension schemeS(((((((((( S NMO8@O$T7TP/Shareholders' share of actuarial (losses) gainsTGGGGGGGGGGQ !T RXJ %RS l!TSC@T %RSl!TST %RSl&U6 VV On the EEV basis this (charge) gain includes a 10 per cent share of the actuarial gains and losses on the share attributable to the PAC with-profits fund for the Scottish Amicable Pension Scheme. Consistent with the derecognition of the Company's interes"V  W6dbWZEffect of changes in economic assumptions and time value of cost of options and guarantees"W&XYY: The (losses) profits on changes in economic assumptions and time value of cost of options and guarantees resulting from changes in economic factors for in-force business included within the (loss) profit from continuing operations before tax (including a"Y: : : : : : : : : : : : : : &ZTUUUUUUUUUUUUU"[VP"[L Half Year 2008 [L L W[ 9 Half Year 2007 [ 9 9 X [ 9 Full Year 2007 [9 9 \Y ""&\ZChange in economic assumptions>\Z6Change in time value of cost of options and guarantees \ZTotal\Z&\ [Change in economic assumptions>\ [6Change in time value of cost of options and guarantees \ [Total\ [&\ [Change in economic assumptions>\[6Change in time value of cost of options and guarantees \[Total]\]RR ]m ]m ]m] ] ^m ] ^m ] ^m] ^ ] ^m ]^m ]^m%^_Asian operations (note 6d(i)) ^`PP^a^b,b`^c^ d2@e !^ d1@_ %^^ ^ c^ e i@e"@e@j@_#_fUS operations (note 6d(ii)) _g""_a7@h@a9@_i_ jGk @ !_ jC` %__ _ c_ j@T@k @j@V@DOlZ*T*c@ad|**;c*Ndr*;*;*`]@ax@bt@ cd@e@f@g@h@i@j@k@lo@mnopqrstuvwxyz{|}~`.`f&UK insurance operations (note 6d(iii)) `g""`aSaaT`i` kq@k.@ !` kr@b %`` ` c` k }@j1l|@ammmmmmmnmmmb boTotal bpqq!breT %^a!br,b %^al~ brgbs!b to@b %^a !b t6@b %^a !b t0q@b %^a b s!b s`@^ %^a !bub %^al~ bs`@&c6 dv d< Notes>d= 5555555555555wwwwwwwwwwwwwwe e> (i) The effect of changes in economic assumptions for Asian operations of a charge of (120) million for half year 2008 arises principally in Taiwan of (87) million, reflecting the increased cost of a higher economic capital requirement which results fro"e ffR The principal components of the effect of changes in economic assumptions in full year 2007 of 201 million for Asian operations are credits of 110 million in Taiwan and 80 million in Hong Kong. The increase for Taiwan reflects the combined effect of ch"f gv g> (ii) The effect of changes in economic assumptions for US operations of a credit of 23 million for half year 2008 principally reflects a change in assumption to allow for the widening of credit spreads during the first half of 2008. The higher credit sp>g? ? ? ? ? ? ? ? ? ? ? ? ? ? wwwwwwwwwwwwwwhvhR The effect of changes in economic assumptions for US operations for half year and full year 2007 mainly arises from the change in risk discount rate, partially offset by the assumed future rate of return for separate account variable annuity business. Bo>hR R R R R R R R R R R R R R wwwwwwwwwwwwwwiv i; (iii) The effect of changes in economic assumptions for UK insurance operations for half year 2008 reflects the maintenance of credit spreads as described in note 3(a)(iv) on schedule 2 for the PAC with-profits fund. The charge of (78) million reflects  >i wwwwwwwwwwwwwwjvj@ The effect of changes in economic assumptions for UK insurance operations in half year 2007 reflects primarily movements in gilt rates of return which affect assumed rates of return and discount rates. >j wwwwwwwwwwwwwwkkR The effect of changes in economic assumptions for full year 2007 of 466 million for UK insurance operations reflects a 0.35 per cent increase in the fund earned rate arising from the increase in assumed returns on non-UK equities and corporate bond rates"k  lZ-l -mGnGoGpGqGrGsGtGuGvGwGxGyGzG{G|G}G~GGDl ^*]>;ZWZ"; GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGDl GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGDl GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGDl GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGDl      GGGGGGGGG G G G G GGGGGGGGGGGGGGGGGGGDl  !"#$%&'()*+,-./0123456789:;<=>? G!G"G#G$G%G&G'G(G)G*G+G,G-G.G/G0G1G2G3G4G5G6G7G8G9G:G;G<G=G>G?GDl @ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@GAGBGCGDGEGFGGGHGIGJGKGLGMGNGOGPGQGRGSGTGUGVGWGXGYGZG[G\G]G^G_GDl `abcdefghijklmnopqrstuvwxyz{|}~`GaGbGcGdGeGfGgGhGiGjGkGlGmGnGoGpGqGrGsGtGuGvGwGxGyGzG{G|G}G~GGDl GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGDl GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGDl GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGDl GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGDl      GGGGGGGGG G G G G GGGGGGGGGGGGGGGGGGGDl  !"#$%&'()*+,-./0123456789:;<=>? G!G"G#G$G%G&G'G(G)G*G+G,G-G.G/G0G1G2G3G4G5G6G7G8G9G:G;G<G=G>G?GDl @ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@GAGBGCGDGEGFGGGHGIGJGKGLGMGNGOGPGQGRGSGTGUGVGWGXGYGZG[G\G]G^G_GDl `abcdefghijklmnopqrstuvwxyz{|}~`GaGbGcGdGeGfGgGhGiGjGkGlGmGnGoGpGqGrGsGtGuGvGwGxGyGzG{G|G}G~GGDl GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGDl GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGDl GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGDl GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGDl GGGGGGGG =&8$> "  -uu  dMbP?_*+%M.Microsoft Office Document Imag / dXXLetter 466 million for UK insuwidm" BXX??&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } H}  }  }  } @ } @}   -   ,< ;< ; ; , @ @  @ @ w@ @  - -w@,@h@@@@@@ @@t@@@#Date: 31 July 2008D Schedule 7E = &2008 Unaudited Interim Results xEEV basis results #=I Half YearN~ I`@M Half YearM Full YearII (schedule 9)M\@M\@IbZTax (credit) charge attributable to shareholders' (loss) profit from continuing operations (( )m Dm Dm ## ##j F bTax charge on operating profit from continuing operations based on longer-term investment returns  G G G ## ##& *Long-term business (note 7a):   ##2",Asian operations (note 7c){`@^@o@" US operationsk@`@lW@h@H)0!UK insurance operations (note 7c)(a@``@m@!ky@ %!xu@ %!zh@ %l*Other operations kl2@@y.qTotal tax charge on operating profit from continuing operations based on longer-term investment returns (note 7b) GG!y@ %!v@ %!@ %{ klE4=Tax (credit) charge on items not included in operating profit kll kllL*DTax (credit) charge on short-term fluctuations in investment returnskl@Q@6@* kls* kTax (credit) charge on shareholders' share of actuarial gains and losses on defined benefit pension schemes+ k -)B8BL5]oCYl @!"@#@$o@%t@&@'@(@)@*@+@,@ ==!Notes !111" "111 #}7a# The profit for the year for covered business is, in most cases, calculated initially at the post-tax level. The post-tax profit for covered business is then grossed up for presentation purposes at the effective rates of tax applicable to the countries and# 1 $}7b$. The tax charge for half year and full year 2007 incorporates the notional tax gross up of 24 million and 26 million respectively attaching to the change of tax rates in the UK, Singapore and China from half year 2007 and for Malaysia from full year 2007$. . . . 1 %}7cs% kIncluding tax relief on Asia development expenses and restructuring costs borne by UK insurance operations.%  &~7d& The tax credit on the effect of changes in economic assumptions and time value of cost of options and guarantees for half year 2008 reflects the fact that there is no tax impact on the increase in cost of capital resulting from the increase in Taiwan's ec&  '~7e' The half year and full year 2007 comparatives for the tax charges for continuing operations shown above exclude discontinued banking operations. On 1 May 2007, the Company sold Egg. ' (}A { { { { )} ....*}B C C C C "--+=&8$> "  L5L&,  dMbP?_*+%&M&d2?' BP(?( BP(?)M.Microsoft Office Document Imagl/ dXXLetteror continuing operations widm" @XX BP(?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } ,}  }  }  } @ }  }  @ } }  L,<;<;;@        1@          b@   #Date: 31 July 2008 Schedule 8  = &2008 Unaudited Interim Results x--- EEV basis results 30 Jun 30 Jun 31 Dec ) I`@M\@M\@  $Shareholders' funds summary  )m  Dm  Dm  Asian operations $ *Long-term business (note 8a)   @ "8Net assets of operations - EEV basis shareholders' funds  @@@   # "Acquired goodwill (note 8e)  [@[@[@  " *Asset management (note 8g)   * "Net assets of operations  _@Z@[@  *#"Acquired goodwill (note 8e)N@N@N@  OGGGGGG!F@ % ! @ %  ! R@ %   US operations >?? "Jackson (net of surplus note borrowings of 139 million (half year 2007: 149 million; full year 2007: 147 million) (note 8f):>??  1")Shareholders' funds before capital charge@6@Ҭ@   "Capital charge (note 8d)S`U  %"EEV basis shareholders' funds!>P@ % ! ?*@ %  ! *@ %  ?"7Broker-dealer and asset management operations (note 8g)>@U@?P@@T@  GGGGGGG!@ % ! @ %  ! ̬@" %  1)UK insurance operations (notes 8a and 8b) %Long-term business operations ."&Smoothed shareholders' funds (note 8c)@@@  D<Actual shareholders' funds less smoothed shareholders' fundsX(@ }@    %"EEV basis shareholders' funds!>D@" %l! ?@" % l~  a@ M&G (note 8g) >??  *Net assets of operations> h@?q@p@  Dl\>"u@t"<HmFjm:"yhUGv(: ! @" $ % & ' ( , ) @* + D@, @- :@. @/ @0 @1 H@2 @3 ~@4 @5 @6 @7 8 9 : ; < = S@> @? ]@# "Acquired goodwill (note 8e)  >@?@@  !  "GGGGGGG!"@( % !" D@( % !" @( % " $Other operations$>?? @%"8Holding company net borrowings at market value (note 8f)%%>?XH % "'&POther net liabilities (note 8g)&------&t0ya & 'GGGGGGG!'4 %%&!'  %%& !'  %%& ' (Total (QQQQQQQ*(L@>D'DDD"*( @'D' D D D" *( @' D' D D D" ( )*-  *Notes*77  +}8a+ A charge is deducted from the result for the period and embedded value for the cost of capital supporting the Groups long-term business operations. This capital is referred to as encumbered capital. The cost is the difference between the nominal value of+  ,}"77  -}8b- The proportion of surplus allocated to shareholders from the UK with-profits business has been based on the present level of 10 per cent. Future bonus rates have been set at levels which would fully utilise the assets of the with-profits fund over the lif-  .}77  /}8c/ UK long-term business smoothed shareholders' funds reflect an adjustment to the assets of the PAC with-profits fund, for the purposes of determining the unwind of discount included in operating profits, to remove the short-term volatility in market values/  0}77  1}8d1 In determining the cost of capital of Jackson, it has been assumed that an amount at least equal to 235 per cent of the risk-based capital required by the National Association of Insurance Commissioners (NAIC) at the Company Action Level must be retained.1  2}  3}8e3 Under IFRS, goodwill is not amortised, but is subject to impairment testing. Goodwill attaching to venture fund investment subsidiaries of the PAC with-profits fund that are consolidated under IFRS is not included in the table above as the goodwill attach3  4}"  5}8fS59KNet core structural borrowings of shareholder-financed operations comprise:5 6}v46,IFRS half year 2008:62Mark to market value adjustment half year 2008(6 EEV half year 200846,IFRS half year 2007860Mark to market value adjustment half year 2007(6 EEV half year 200746,IFRS full year 200776 /Mark to market value adjustment full year 2007(6  EEV full year 20076  7}( 7m 7m 7m 7m 7m 7m 7m 7 m 7 m7 8}88"0Holding company* cash and short-term investments~ 8h@ 8-08h@(@(@@@ 8 9}D9R<Core structural borrowings - Central funds (at market value)<9¢ i@0Qj~C@2 9 :}&:"Holding company net borrowings!:8< %89l!: i@< %89l!:< %89l:8<:::  -l:Q<::X<::x<:: C@< :: H< :: ;}>;R6Core structural borrowings - Jackson (at market value)<;@_,`a_9b@_6`b ;  <}(!<' %:; !<`g@: %:; !<H: %:; <:<<<  - <@W:<<:<<0:<< 0@:<< : << =}=------ >}/>"'*Including central finance subsidiaries>SK ?}Z?/ RIn accordance with the EEV Principles core borrowings are carried at market value.?+ + + + +  BXc"<g"17"7"7"7"7"Z([@ @A M@B @C D E F G @H @I @J ,K ,@}     CCCC  A}8gA With the exception of the share of the pension scheme deficit attributable to the PAC with-profits fund, which is included in 'Other operations' net liabilities and the borrowings as described in note 8f, the amounts shown for the items in the table aboveA  B}B0 The overall pension scheme deficit, net of tax, attributable to shareholders relating to the Prudential Staff Pension and Scottish Amicable Pension schemes are determined as shown below:B0 0 0 0 0 0 0 0 0  C C  DD30 JunD 30 JunD 31 DecD  EEI`@M\@M\@ E F(( F)m F Dm F DmF GFG>IFRS basis deficit (relating to shareholder-backed operations)GGkQl;yD HzH1 rAdditional EEV deficit (relating to shareholders' 10 per cent share of the IFRS basis deficit attributable to the H1 1 1 1 ~kly IIPAC with-profits fund)II(z" JJ EEV basisJu!JT: %GI!J AJ %GI !J xIJ %GI KS"7 P6NR=&8$>   "   Z^1sF(_lm  dMbP?_*+%&?'?()M.Microsoft Office Document Imag/ dXXLetter of the IFRS basis deficiwidm" ;XX&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } ` }  }  }  } } ` }  } } }  Z,<;<;;  @  @ @Y@@Y@#Date: 31 July 2008  Schedule 9 = &2008 Unaudited Interim Results "x EEV basis results%2 Long-term business operations 2 2 2  %--I77   7Total     IUK  7 long-term 7Schedule 7Asian  7US I insurance 7business  7Other  7Group2------ IcrossI operations 7 operations I operations I operations I operations  Itotal9 1Reconciliation of movement in shareholders' funds (((((( ) reference )m )m )m )m )m )m"  [ SOperating profit from continuing operations based on longer-term investment returns 111111 " 111111  Long-term business 777777 * New business@2u@2 a@2 `@ ! 2Ђ@ %  ! SЂ@ % HRBusiness in force ((((((@ k@ k@pw@ ! H@ %  ! H@ % !2H@ %! 2 v@ % ! 2@ % ! 2 @H %  2! 2 @ % !Asia development expenses~ 2  22 ! 2 %   2    - M&G2222 ~  @b@ S@b@  )*!Asian asset management operations2222 ~  =@ S=@  -*%US broker-dealer and asset management2222 ~  @ S@  *Curian2222 ~   S  $2Other income and expenditure-------S ~  b Sb  Restructuring costs------- ~  !  % %~  $ S.  [4 SOperating profit from continuing operations based on longer-term investment returns5 5 5 5 5 5 ~ .@!0@ %!  v@ % ! 0@ % ! 2@ % ! ;@ % ! X@ % 5-Short-term fluctuations in investment returns######@22r2 ! 2 % ~  2c! St % 9Y1Mark to market value movements on core borrowings######~ @2~  2 @ 2! 2 @ % ~  2`d@! S`e@ % \3 TShareholders' share of actuarial gains and losses on defined benefit pension schemes3 3 3 3 3 3 ~ @2222 ~  2X! SX % b6 ZEffect of changes in economic assumptions and time value of cost of options and guarantees6 6 6 6 6 6 @`9@T ! g %  ! Sg % aY(Loss) profit from continuing operations before tax (including actual investment returns)BBBBBBG!^# %! V@# % ! # % ! Ё % ! @P# % ~  ؃G?Tax (charge) credit attributable to shareholders' (loss) profit######&# Tax on operating profit ####S`S@`Sa ! 2y % ~  S Sy  %  -DQl^>&r?F&&C\z~_uaDc !"#$%,@&8@'(,8),*+,-./01,@238@458@68@78@89C@:@;<=>?!@B #: Tax on short-term fluctuations in investment returns #### X@2Z@2`q@ ! 2~@ %  ~ 2@@ S@  i!#a Tax on shareholders' share of actuarial gains and losses on defined benefit pension schemes!####2222 ~ ! 2<@! S<@  o"#g Tax on effect of changes in economic assumptions and time value of cost of options and guarantees""2"@2"26@ !" 6@" %"" " 2" 6@!  !#OTotal tax (charge) credit#uGGGGG~ #G@!#4% %"!# A% %" !# c@% %" !# Y@# %## !# N@% %" # @d@"  $HMinority interests$(((((((~ $?$ ~ $ !$ $ %$$ ~ $ $ #  $%(Loss) profit for the period%$%`a3DD#D$$% K@3 D D# D$ $% x3 D D# D$ !% 2@}% %%% $% 3 D D# D$ % S}$  "&*SSSSSS $'Movement on cash flow hedges'' S$(*Exchange movements (note 9a)((2E@2 ( 2!( 2E@( %(( ~ ( 2( SA@% ( (3 -)* Related tax)8888888~ ) 2,@) S,@( ( <**4Intra group dividends (including statutory transfer)**5`b !* 2e* %** ~ * 2e@* S) ( +External dividends+222S ~ + 2s+ Ss* ( <,*4Reserve movements in respect of share-based payments,S ~ , 2,@, S,@+ ( *-*"Investment in operations (note 9b)-2[@22"@ !- 2@]@- %-- ~ - 2@]- S, ( !.*Other transfers (note 9d)..2&2@23 !. 28. %.. ~ . 28@. S- ( F/*>Movement in own shares in respect of share-based payment plans/222S ~ / 2@/ S@. ( Z0*RMovement on ԰Ƶ shares purchased by unit trusts consolidated under IFRS0222S ~ 0 2 0 S / ( $1*New share capital subscribed1222S ~ 1 2 a@1 S a@0 ( \27 TMark to market value movement on Jackson assets backing surplus and required capital2 (2~ 2 2E2 2!2 E2 %22 2 22 E1 ( 73*/Net (decrease) increase in shareholders' equity3!357 %%2!3 3@7 %%2 !3 7 %%2 !3 23 %33 !3 T7 %%2 3 Sx2 ( "4222222 H5*@Shareholders' equity at 1 January 2008 - as previously published55(@@*@a@ !5 @5 %55 ~ 5 @!5 @6 %55 6*w - effect of accounting policy change for pension schemes6~ 6(@ 6- 6 - 6 - 6 -~ 6 `f!6 `f7 %66 j7*b - after change of accounting policy7~ 7 @7@9777  -7 *@9 77 a@9 77 @3 77  @9 77 @7 7"82222 ,9$Shareholders' equity at 30 June 20089GGGGGG~ 9G @9@ D3D79 P@ D3 D7 9 D@9 D3 D7 !9 @ %99 9 @9 D3 D7 !9 L@5 %99 ":222222 ";222222 <* Analysed as: <222222 =1=")Statutory IFRS basis shareholders' equity==5@H@:@@ != 2@= %== ~ = 2@!= S@ %== >/>"'Additional retained profit on EEV basis>>N@,@@ !> @> %>> ~ > 2f@!> t@= %>> ?@?O8EEV basis shareholders' equity at 30 June 2008 (note 9c)?GGGGG~ ?G @!?@? %=>!? P@? %=> !? D@? %=> !? @? %?? !? @? %=> !? L@> %?? Dml!$&J\ku+&e&*&&<@ABCDEFG@HIJ@K2@L@MN@OP@QRSt@T,@U@VW@Xv@Y(@"@22222 A* Comprising: A222222 BB" Free surplusBB2`l2@@2@i@ B 2ܑ@?B BG  - B 22 CC"Required capitalCC2@2X@2@@ C 2Z@B B C 22 DXD"PValue of in-force business before deduction of cost of capital and of guaranteesDD2X@2ܘ@2S@ D 2@C B D 22 EE"Cost of capitalEE22S2`p E 2hD B E 22 F(F" Cost of time value of guaranteesFF22d2M F mE B F 22 GOGGGGGG!G@G %BF!G P@G %BF !G D@G %BF G @F B G SS "H111111  I4Notes I111111 "J111111  K~9aK Profits are translated at average exchange rates, consistent with the method applied for statutory IFRS basis results. The amounts recorded above for exchange rate movements reflect the difference between year end 2007 and 30 June 2008 exchange rates as K  L9bL"Investment in operations reflects increases in share capital. This includes certain non-cash items as a result of timing differences.L111111 "M111111  N9cN"For the purposes of the table above, goodwill relating to Asia long-term operations (as shown on schedule 8) is included in Other operations.N111111 "O"111111  P~9d^PB VOther transfers (from) to long-term business operations to other operations represent:P            Q"1Q&Asian operationsQ & US operationsQ &UK insurance operations<Q 4Total long-term business operations Q 1 RR((((( R)m R )m R )m R )m R 1 SXS"PAdjustment for net of tax asset management projected profits of covered businessS1S=== =. S 1 TlT8 dAdjustment for investment return, net of related tax, on economic capital for Taiwan operations heldT8 8 8 8 8 8 ~ T=$ T == ~ T =$ T 1 UU centrallyU//////====1 VV"Other adjustmentsV1V=@=@=&=? V 1 WOGGGGGW&@38 W 1 X"Y~ 8 &;&5&;&&`AmJ =&8$> R^^^"   $rsL]D   dMbP?_*+%_& `?'jZ?( `?)jZ?M.Microsoft Office Document Imag / dXXLetterapital for Taiwan operatiwidm" 6XX `?M&d2?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} @2 } `92 }  2 } @2 } 2 }  2 } @ 2 } 2 } 2 } @2 } 2 } 2   ; ; h ;   ; ; C  !   t m , t t t x t  t H R  t x h(  ; #Date: 31 July 2008   Schedule 10   &2008 Unaudited Interim Results    EEV basis results Value of Total in-force   Total`XReconciliation of Net Worth and Value of in-force business for Half Year 2008 (note 10a)  FreeRequired net worth business   long-termsurpluscapital (note 10e)  (note 10h)  business m m m  m   m    Group total  . &Shareholders' equity at 1 January 2008  @l@! @ %  ~ @ ! @  %    4 ,New business contribution (note 10b and 10c)  vj@! `b %  ~ @ ! z@ %   <4Existing business - transfer to net worth (note 10f)@f!|@ %~  | !  % ,$Expected return on existing business G@D@!U@ %~  z@ ! (@ % A9Changes in operating assumptions and experience variances `!` %~  f@ ! K@ % \TChanges in non-operating assumptions and experience variances and minority interests y_@!r %~  x !  %  d\(Loss) profit on ordinary activities after tax and minority interests for long-term business!k % !h@ % !; % ! { %   ! @} %   Exchange movements5I@!>@ %~  (@ ! E@ %  YQIntra group dividends (including statutory transfer) and investment in operations.!. %~  B ! I % ] UMark to market value movements on Jackson assets backing surplus and required capital E!E %~   ! E % 1)Other transfers from net worth (note 10j)8!8 %~   ! 8 %  7/Shareholders' equity at 30 June 2008 (note 10i)3ܑ@RD DDDDD3Z@D DDDDD3@D DDDDD3 @D D D D D D  3 @ D D D D D D   Representing:  Dl[ 8"Cbn"7"""G"""t"9 ! ;" # $ % t& ,' t( t) t* x+ t, - t. H/ R0 t1 x2 h(3 4 5 ;6 ;7 8 9 : t; m< ,= t> t? t Asian operations  !! " .#&Shareholders' equity at 1 January 2008##H@X@!#@# %###~ # @# !# @% %## $ ,%$New business contribution (note 10c)%%[*@!%X% %%%%~ % u@% !%  o@& %%% <&4Existing business - transfer to net worth (note 10f)&&f@=!&b@& %&&&~ & b& !& ' %&& ,'$Expected return on existing business '' @0@!'8@' %'''~ ' b@' !' e@( %'' A(9Changes in operating assumptions and experience variances ((.@!($( %(((~ (  @( !( ) %(( \)TChanges in non-operating assumptions and experience variances and minority interests ))xe@!)k) %)))~ ) @u) !) + %)) * ]+UProfit on ordinary activities after tax and minority interests for long-term business+!+t2 %%)!+ f@2 %%)!+@c2 %%)+!+ .@2 %%) + !+ `a- %%) , -Exchange movements--5I@!->@- %---~ - (@- !- E@/ %-- .~ .U@. Y/QIntra group dividends (including statutory transfer) and investment in operations//U@!/U@/ %///~ / / !/ U@0 %// '0Other transfers from net worth 00&!0&0 %000~ 0 0 !0 &2 %00 1 ,2$Shareholders' equity at 30 June 20082.2`l D#D+D-D/D0.2@+D#D+D-D/D0.2`@+D#D+D-D/D02.2 ڥ@+D# D+ D- D/ D0 2 .2 @+ D# D+ D- D/ D0 3 4 5 US operations5 6 7 .8&Shareholders' equity at 1 January 200888@@!8V@8 %888~ 8 @8 !8 *@: %88 9 ,:$New business contribution (note 10c)::ca@!:1: %:::~ : Z@: !: @V@< %:: ; <<4Existing business - transfer to net worth (note 10f)<<i@\!<@U@< %<<<~ < @U< !< = %<< ,=$Expected return on existing business ==6@5@!=E@= %===~ = G@= != @V@> %== A>9Changes in operating assumptions and experience variances >>?@ !>7@> %>>>~ > 7@> !> G@? %>> \?TChanges in non-operating assumptions and experience variances and minority interests ?~ ?C?!?C? %???~ ? @`? !?  eA %?? Dl<("""@"8"P""9""""@ xA tB C ]D tE xF h(G ;H ;I ;J ,K ;L ;M hN hO hP hQ tR ,S ;T U hV ;W ,X J(Y ;Z [ \ ;] ^ _ @ ]AUProfit on ordinary activities after tax and minority interests for long-term businessA!AL@F %:?!AC@F %:?!AW@F %:?A!A DF %:? A !A K@C %:? B ]C UMark to market value movements on Jackson assets backing surplus and required capitalC CE!CEC %CCC~ C C !C ED %CC 'DOther transfers from net worth DD@!D@D %DDD~ D D !D @F %DD E ,F$Shareholders' equity at 30 June 2008F)F@@#D8DADCDD)FX@AD8DADCDD)F̡@AD8DADCDDF)F @AD8 DA DC DD F )F P@A D8 DA DC DD G HUK insurance operationsH I J .K&Shareholders' equity at 1 January 2008KKq@؋@!K,@K %KKK~ K ִ@K !K a@M %KK L ,M$New business contribution (note 10c)MM@WN@!M@M %MMM~ M _@M !M W@N %MM <N4Existing business - transfer to net worth (note 10f)NN`o@C!Nj@N %NNN~ N jN !N O %NN ,O$Expected return on existing business OO1@@!O4@O %OOO~ O  m@O !O o@P %OO BP:Changes in operating assumptions and experience variances* PPb@!PaP %PPP~ P c@P !P &@Q %PP \QTChanges in non-operating assumptions and experience variances and minority interests QQ4@H!Q<Q %QQQ~ Q @Q !Q  S %QQ R ]SUProfit on ordinary activities after tax and minority interests for long-term businessS!SI@X %MQ!S3X %MQ!S@@X %MQS!S zX %MQ S !S xU %MQ T YUQIntra group dividends (including statutory transfer) and investment in operationsUUY!UYU %UUU~ U BU !U @aV %UU &VOther transfers from net worthVV3!V3V %VVV~ V V !V 3X %VV W -X%Shareholders' equity at 30 June 2008 X)X@i@8DKDSDUDV)X@@SDKDSDUDV)XȐ@SDKDSDUDVX)X @SDK DS DU DV X )X D@S DK DS DU DV Y *Comprising:Y  qZ iEffect of establishment and increase in credit contingency reserve under statutory (Pillar I) reporting**Z Z`g"@!Z@fZ %ZZ%Z~ Z @f@Z !Z [ %ZZ [ Other items[ [E@![B@[ %[[%[~ [ :[ ![ &@\ %[[  \ Total\ !\bK %Z[!\@\ %Z[!\a\ %Z[\!\ c@\ %Z[ \ !\ &@\ %Z[ ] ^ ** This adjustment reflects the credit contingency reserve that was established for Pillar I reporting subsequent to the EEV full year 2007 basis results announced in March 2008 and the movement in half year 2008 (see schedule 2 note 3(a) for UK insurance^ __ Z Schedule 10 (continued) _ Z [ Dl"@""7"C""""@""88 "+` a b c d e Mf g wh wi wj wk (l m hn o p q r ts ,t tu (v ,w tx {y hz h{ h| h} h~ ,  `Notes `` a  b10a)b !All figures shown are net of tax.b c  d10bPd HThe movements arising from the new business contribution are as follows:d d Half Yeard ee2008 (note 10c)ee  Half Year 2007e e Full Year 2007f        f mf  f  mf   f  mg g Free surplusg~ gvg~ g 0rg ~ g  h h Required capitalh    ~ h j@h ~ h  e@h  ~ h  @s@i iTotal net worthi!i `bk %ghi!i ^k %gh i !i  mk %gh j "jValue of in-force businessj~ j @j~ j  @j ~ j  4@k -k %Total long-term business (schedule 4)k !k z@Z %ijk !k w@i %ij k !k @i %ij %l   m 10c8m 0The new business contribution arises as follows: m    m m  n nn Value ofn  n Totalo  oFreeoRequired oTotaloo in-forceo o  long-termp psurpluspcapitalp net worthpp businessp p businessq  qm qm qmq q mq  q mr rAsian operations rr[*@!r Xr %rrr~ r u@r !r  o@s %rr s s US operations ssca@!s 1s %sss~ s Z@s !s  @V@t %ss t t UK insurance operations tt@WN@!t @t %ttt~ t _@t !t  W@u %tt u     !u vi %rtu j@uuuu  -u `buuu u  @uuu  u  z@u uv   w10d"w# New business capital usagew# # # # # # # # # # x      x Free surplusx'x Annual premium equivalent (APE)x 0x " (New business capital usage per 100m APEy      y (note 10c)yy  (schedule 4) y " z       z mz  z  mz   z  m{{ Asian operations{     ~ { [{ ~ {  @{  ~ {  .@| | US operations|~ | c| ~ |  @v@|  ~ |  F@}} UK insurance operations}     ~ } @W} ~ }  z@}  ~ }  6@~      !~ vr %{}~ !~  @~ %{}  ~              D l5"Z"~Vrx"yQn"S^Vxuz t  !        h(         m t t t ](  ! R   ; ;  10eu mNet worth is based on statutory solvency capital (or economic capital where higher) and unencumbered capital.             10f/ 'Existing business transfer to net worth             ! " !  Value of  ! Total   "  ! Free Required ! Total!  ! in-force !  long-term# ! surplus! capital! net worth$  ! business !  business% % % %  & m & m & m&  & m &  & mAsian operations f@=! b@ %~ b !   %  US operations i@\! @U@ %~ @U !   %  UK insurance operations `o@C! j@ %~ j !  %     ! @~ %! f %! |@ % !  | %   !  %  ! ! ! ! ! ! !  ' 10gw( oMovements in free surplus arising from profit for the period from long-term business operations are as follows:( ( ( ! ! ! ! ! ! !  ! !  !   !  !  &Cost of acquiring new business,$Total in-force transfer to net worth!   Other movements ! B  :Increase in free surplus arising from profit in the period! (note 10c)! (note 10f)!  !  % % % % &  & m & m&  & m &  & m Asian operations[f@~ y ~ t US operationsci@~ ,@ ~ L@% UK insurance operations% % % ) ) @W) `o@) ~ ) Z ) ~ ) I@     ! v %! @ % !  ~ %   !  k %   10h Value of in-force business includes the value of future margins from current in-force business less the cost of holding encumbered capital.          *  10i Included in the EEV basis shareholders funds of long-term business operations of 13,285 million (30 June 2007: 12,690 million; 31 December 2007: 13,828 million) is 361 million (30 June 2007: 296 million; 31 December 2007: 349 million) in respect of            Half Year  Half Year   Full Year  2008 + 2007  + 2007         m   m    mAsian operations~ l@~ b@~ , i@DMl"`Kn""02Rb"~{" 8k\V   J( , ; ; ; ; ; ]   J(  US operations~ (@~ &@ ~ - (@ UK insurance operations~ ^@~ a@ ~ - `@ !. v@ % ! . r@ %  ! u@ %  10j&& Other transfers from net worth' ' ' ' ' ' ' ' ' '  Half Year 2008 m &/ (as per note 9d on schedule 9) X( PAdjustment for net of tax asset management projected profits of covered business) ) ) ) ~ .v! nAdjustment for investment return, net of related tax, on economic capital for Taiwan operations held centrally! ! ! ! ! ~ $$ Other adjustments% % % % ~ ?0 0 0 0 0 !1 8 %}1 }s}W50.JI=&8$>  "  yo    dMbP?_*+%&?'?(?)?M.Microsoft Office Document Imag/ dXXLetterapital for Taiwan operatiwidm" 7XX??&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } } } @}  }  } }  } `} } }  y,;;  @ @  @=@, , #Date: 31 July 2008  3 Schedule 11  4  &82008 Unaudited Interim Results  4   4  EEV basis results95 1Sensitivity of results to alternative assumptions6      5 6 6      65 .Sensitivity to changes in economic assumptions7      5 7       The tables below show the sensitivity of the embedded value as at 30 June 2008 (31 December 2007) and the new business contribution after the effect of encumbered capital for half year 2008 and full year 2007 to:  YY      4 Y, 1 per cent increase in the discount rates Y       1 per cent increase and decrease in interest rates, including all consequential changes (assumed investment returns for all asset classes, market values of fixed interest assets, risk discount rates)  8 0 1 per cent rise in equity and property yields  }8 u 10 per cent fall in market value of equity and property assets (not applicable for new business contribution); and8 8 8 8 8 8 8 8 8 8  V8 N Holding company statutory minimum capital (by contrast to economic capital)8 8 8 8 8 8 8 8 8 8  YY       In each sensitivity calculation, all other assumptions remain unchanged except where they are directly affected by the revised economic conditions.  YY      9 9 9  :  Asian operations :  US operations ; UK insurance operations, < $Total long-term business operations Half year 2008 = > > > > > > >   ? m  ? m  ? m  ? m.@ &New business profit for half year 2008 9 9   9 As reported (schedule 4)9 9   A u@A a@A `@ ! A Ђ@xp % l"9 9 9 B B B B %9 Discount rates - 1% increase 9 9   C DC ,C 5 ! C R % l%9 Interest rates - 1% increase 9 9   C $C C  ! C , % l%9 Interest rates - 1% decrease 9 9   C "@C C @ ! C @ % l(9 Equity/property yields - 1% rise9 9   C .@C ,@C "@ ! C C@ % l"9 9 9 B B B B >@ 6Embedded value of long-term operations at 30 June 2008 9 9 B B B B  9 As reported (schedule 9)9 9   A @A P@A D@ ! A @ % lDlE: a$\$$Z^|$$nV&&f !"#$%&'()*+,, -./01234, 56789:;<=>?@" 9 9 9 B B B B %!9 Discount rates - 1% increase !9 9  ! B yB _B p~ ! C  ! !&  -l0"9 (Interest rates - 1% increase (note 11a) "9 9  " B @B `aB @U " C p! ! /#9 'Interest rates - 1% decrease (note 11a)#9 9  # B B B X@ # C U@" ! ($9 Equity/property yields - 1% rise$9 9  $ B l@B @P@B v@ $ C @# ! 0%9 (Equity/property market values - 10% fall%9 9  % B _B DB } % C $ ! !&= Statutory minimum capital&= = > > > > > > > & D x@E K@E @ & F |@% ! "'G G G H H H H H H H I I I I "(G G G H H H H H H H I I I I )9 9 9  ) :  Asian operations) :  US operations) ; UK insurance operations,) < $Total long-term business operations* Full year 2007* = > > > > > > >  * ? m * ? m * ? m * ? m.+@ &New business profit for full year 2007 +9 9   ,9 As reported (schedule 4),9 9  , J h@J q@J Pq@ !, J @& %,, l"-9 9 9 K K K K %.9 Discount rates - 1% increase .9 9  . L @SL =L B !. L a, %.. %/9 Interest rates - 1% increase /9 9  / L 0L @L  !/ L 0. %// l%09 Interest rates - 1% decrease 09 9  0 L *@L 2L @M (19 Equity/property yields - 1% rise19 9  1 L @@L >@L .@ !1 L S@/ %11 l"29 9 9 L L L L B3@ :Embedded value of long-term operations at 31 December 2007 39 9 N N N N  49 As reported (schedule 9)49 9  4 J @J *@J a@ !4 J @1 %44 l"59 9 9 K K K K %69 Discount rates - 1% increase 69 9  6 L xL `L 6 N d4 6 6;  -079 (Interest rates - 1% increase (note 11a) 79 9  7 L =L ^O W 7 N n6 6 /89 'Interest rates - 1% decrease (note 11a)89 9  8 L @L 1@O @\@ 8 N `@7 6 (99 Equity/property yields - 1% rise99 9  9 L @m@L M@O Py@ 9 N ȅ@8 6 0:9 (Equity/property market values - 10% fall:9 9  : L aL OL 8 : N p9 6 !;= Statutory minimum capital;= = > > > > > > > ; P s@P M@P @ ; P w@: 6 <G G G H H H H H H H I I  =G G G H H H H I I I I Q Q  >R Notes>G G H H H H I I I I  ?YG H H H S  DIl&|&&nV&g&j&|$$3@ABCDEFGx@HIJKLMNO@PB@Q@Rx@STUV@W@XZ@[X@\@]R@^C@_C@ @T 11a@T Asian operations@G H H H H U U U U  AT AA 30 June 2008 A A 31 December 2007 A BYBV Embedded BW W B X Embedded B  CYCV value of CW W C X value of C  DDY long-termD interest rates D D  long-termD interest ratesD EEY operationsEZ 1% increaseEY 1% decreaseEE  operationsE [ 1% increaseE  1% decreaseF\ @@@ F] m F] m F] mF@ F ^ m F ^ m F ^ mGT G_ _ ` ` ` G a a    HYEstablished markets Hb b Hb @c Wc Y@HH  @@ST@ H d d IYTaiwan (note 11b) Ib b Ib `c M@c XII (P@V I d d  JYKorea Jb b Jb s@c c @JJ s@@ J d d KY Indonesia Kb b Kb `j@c c @KK f@@ K d d  LYOther Lb b Lb @e *@e :Lf L 0@"? L d d Mg Total Asian operations Mh i i !Mj @; %HL!Mj @M %HL!Mj M %HLMh !M @M %HL !M =M %HL !M @M %HL  M k d NVG G H H H I I I l l   Om 11bO yTaiwan sensitivity to starting bond rates (i.e. the starting bond rate for the progression to the assumed long-term rate)O  Pn n o Pp 30 June 2008 Pp p P q 31 December 2007 P q r s Qn n t *Qu "Embedded value at 30 Jun 2008 m2Qv *1% increase in the starting bond rates m2Qw *1% decrease in the starting bond rates mQ2Q x *Embedded value at 31 Dec 2007 mCQ y ;1% increase in the starting bond rates m?Q y 71% decrease in the starting bond rates mQ z R_{ | | | v } ~ y y z S x T_Taiwan T{ T ` W@ QTT ( @R@ L T U VVG G H H H I I I l l W If it had been assumed in preparing the half year 2008 results for Taiwan that interest rates remained at the current level of around 2.7 per cent until 31 December 2009 and the progression period in bond yields was delayed by a year so as to end on 31 De2W ::::::::::"X~~~~~~~~~~~~~~ B&XKhSRp2}quq($h""n"$A&`R@w x  w x ($=&8$>   "  Z'X?K  dMbP?_*+%({Gz?)\(\?M.Microsoft Office Document Imag/ dXXLetterTaiwan that interest ratewidm" 5XX(\?Q?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} ` } ( } ` }  }  } ` }  } @ } ` } @ }   Z  , ; , @ , , , W W W W W W W W W W W W W W W W W  ,Date: 31 July 2008  Schedule 12&2008 Unaudited Interim ResultsEEV basis resultsA9Effect of change in accounting policy for pension schemes The amounts shown below for the effect of the accounting policy change for pension schemes represent the effects of the IFRS change, as described in schedule 24 and the shareholders' share on the EEV basis of the IFRS effect on the PAC with-profits fund. K C(a) Effect on the EEV profits and movements in shareholders' equity    Half year 2008    Half year 2007   Full year 2007    Previous basis  Effect of change $  Revised basis (schedule 1.1)     As published  Effect of change#  After change (schedule 1.2)  As published Effect of change $ After change (schedule 1.3)   m  m  m    m  m  m  m m m[ SOperating profit from continuing operations based on longer-term investment returns  @ 2! X@ %  @ ! @ %  ܣ@ ( ! ģ@ % 5 -Short term fluctuations in investment returns ~  t  t - ~  n@ ! n@ % ~  e@  e@   -9 1Mark to market value movements on core borrowings ~  `e@  `e@ ~  @\@ ! @\@ % ~  k@  k@  \ TShareholders' share of actuarial gains and losses on defined benefit pension schemes  j [@ X  @_@ U! C@ %  ]@ @^    b ZEffect of changes in economic assumptions and time value of cost of options and guarantees ~  g  g ~  0q@ ! 0q@ % ~  `@  `@    (Loss) profit before tax !  %! @W@ %! ؃ % ! @@ %! W %! @ % ! @ % ! ` % ! @ %   Tax  g@ : @d@   8@! H %   A@     (Loss) profit after tax !  %! P@ %! } % ! @ %! Q %! @ % ! 4@ % ! X % ! n@ %  Discontinued operations    n@ ! n@ %  n@  n@    Less: minority interests  !  %  !  %  5  5  $ (Loss) profit for the period !  %! P@ %! } % ! @ % Q  - @  @  X  &@ $ Other movements in reserves  ~  b  -! b % ~  n  -! n % ~  d  - d  ; 3Shareholders equity at the beginning of the period  @ `f! @ %  5@ T! @ %  5@ T  @  B :Shareholders equity at the end of the period (schedule 8) ! @| %! \ %! L@ % ! 2@ %! b %! @ % ! @ % ! `f % ! @ % PH(b) Effect on the EEV earnings per share on the 2007 comparative figures:5*E, O=.4#/ !"#t@$%C@&@'(R@)*@+,o@-.@/,@01@234@5, 6789:8@;<@=>?C@ Half year 2007  Profit before tax Tax  Profit after tax   Minority interests1 )Profit after tax and minority interests Earnings per share /!'Basic earnings per share (schedule 1.2)! !m !m !m!  ! m ! m! (pence)! "Continuing operations " o# gOn operating profit, based on longer-term investment returns, after related tax and minority interests: #  $$as previously published$$@v@$ $ @Ȯ@ $ % >% 6effect of accounting policy change for pension schemes% %  ?!% & %%%% % ! > % &:&2after accounting policy change for pension schemes&!&@3 %$%!&v3 %$%!&Ѝ@3 %$%& !&  %$% !& Ѝ@3 %$% ~ & @& "'   e( ]Adjustment from post-tax longer-term investment returns to post-tax actual investment returns( ( n@@Qe@( ( `e@@ ( ")   R* JAdjustment for effect of mark to market value movements on core borrowings* * @\@ @\@*  * -* @\@ |@ * "+  , wAdjustment for post-tax effect of shareholders' share of actuarial gains and losses on defined benefit pension schemes: ,  --as previously published--@_@AV@-  - -~ - V@ - 3.7p- . >. 6effect of accounting policy change for pension schemes. . U 7@!. O/ %.. . ! . O@p . /:/2after accounting policy change for pension schemes/!/C@& %-.!/(& %-.!/;@% %-./  / -!/ ;@& %-. ~ / [@/ "0 z1 rAdjustment for post-tax effect of changes in economic assumptions and time value of cost of options and guarantees1 1"0q@"Sh@1  1 -1 h@@ 1 "2   ! % [3 SOn profit for the period after tax and minority interests for continuing operations3  .3"@5D1D/D*D(D&.3"H5D1D/D*D(D&.3"@5D1D/D*D(D&3 ~ 3 ".3 "@5 D1 D/ D* D( D& .3 N@& D1 D/ D* D( D& 3 ]4 UOn profit for the period after tax and minority interests for discontinued operations4 4k@3@ n@4  4 w-4  n@@ 4 A5 9On profit for the period after tax and minority interests5 !5 @@3 %34l!5 `/ %34l!5 @/ %34l5 ~ 5 !5 @. %34 l~ 5 N@5 "6+++++++,,, , 7 Full year 200777Profit before tax 7Tax 7Profit after tax7 7  Minority interests17 )Profit after tax and minority interests7 Earnings per share7 /8'Basic earnings per share (schedule 1.3)8 8m 8m 8m8  8 m 8 m8 (pence)8 9Continuing operations 9 o: gOn operating profit, based on longer-term investment returns, after related tax and minority interests: :  ;;as previously published;;ܣ@@; ; 1@B@ ; < >< 6effect of accounting policy change for pension schemes< < ( @!< $= %<<<  < !-< $D < =:=2after accounting policy change for pension schemes=!=ģ@J %;<l!=J %;<l!=@J %;<l= != 1/ %;< l= t@R@ = ">  e? ]Adjustment from post-tax longer-term investment returns to post-tax actual investment returns? ?e@6c@? ? b@@ ? DrlE5&&&&&&E&@A@BC@DE!@FGH3@IJ@K@L!@ MNOP Q R S T U V W X Y "@   RA JAdjustment for effect of mark to market value movements on core borrowingsA A k@ k@A  A -A k@ p@ A "B  C wAdjustment for post-tax effect of shareholders' share of actuarial gains and losses on defined benefit pension schemes: C  DDas previously publishedDD]@@U@D  D -D U@@u@ D E >E 6effect of accounting policy change for pension schemesE E @^ @@ @VE  E !-E @Vv E F:F2after accounting policy change for pension schemesF!F= %DE!F= %DE!F< %DEF  F -!F J %DE ~ F 4F "G zH rAdjustment for post-tax effect of changes in economic assumptions and time value of cost of options and guaranteesH H"`@"j@H H @@ H "I    ! % YJ QOn profit for the year after tax and minority interests for continuing operationsJ .J"@LDHDFDAD?D=.J"LDHDFDAD?D=.J"n@LDHDFDAD?D=J "~ J "5.J "D@L DH DF DA D? D= ~ J @J [K SOn profit for the year after tax and minority interests for discontinued operationsK Kk@3@ n@K  K w-K  n@@ K ?L 7On profit for the year after tax and minority interestsL !L h@= %JK!L `F %JK!L P@F %JKL !L 5F %JK !L &@L %JK ~ L @L MNOPQRSTUVWXY8 &&&&i2=&8$>  "  i-P[[[\  dMbP?_*+%(?)?M.Microsoft Office Document Imag/ dXXLetterinued operations cost of widm" IXX??&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } O}  } ` }  }  } @ }  }   i    ; ; ; ; ; ; @   @ @ @ @ @  @ @ b@ @ @ g@ @  WDate: 31 July 2008 Schedule 13.1 &X2008 Unaudited Interim ResultsYZIFRS basis resultsX[Half year 200877777\  &Schedule cross 'Profit (loss) before tax'Tax (Schedule 16) 'Profit (loss) after tax&Minority interests7&/Profit (loss) after tax and minority interests&Earnings per share' <Earnings per share (note 13.1a) (  reference )m )m )m )m )m )(pence) m eOn operating profit based on longer-term investment returns, after related tax and minority interests  * ^@^ h^~@^^}@_P@ "^`^^^af "^Adjustment from post-tax longer-term investment returns to post-tax actual investment returns  0 h.@^```c@^b^_"^`^^^_t0 lAdjustment for post-tax shareholders' share of actuarial gains and losses on defined benefit pension schemes *h7@^W`:@^P}^P_(2.7)pc^`^b^a(((eeeeefV"NOn loss for the period after tax and minority interests - basic loss per share !^Y % !^( % !^\ % !^ % !^] % _(4.7)p((((((((( Notegg 913.1aT The average number of shares for half year 2008 was 2,465 million. The average number of shares reflects the average number in issue adjusted for shares held by employee trusts and consolidated unit trusts and OEICs which are treated as cancelled.T T T T T T T "8 WD843*,hh=&8$>  '''"  ih`Rpppp  dMbP?_*+%(?)?M.Microsoft Office Document Imag / dXXLetterThe average number of shawidm" IXX??&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } O}  }  }  }  } @ }  }   i    ; ; ; ; ; ;     8@ @ @ @ @ @  @  @  @ @ @ @ @ g@ @  WDate: 31 July 2008 Schedule 13.2 &X2008 Unaudited Interim ResultsYZIFRS basis resultsX[Half year 200777777\ 57'7777  &Schedule cross 'Profit before tax 'Tax (Schedule 16) 'Profit after tax &Minority interests0 &(Profit after tax and minority interests &Earnings per share' <Earnings per share (note 13.2a) ( ) reference )m )m )m )m )m )(pence)  Continuing operations ]]]]]]m eOn operating profit based on longer-term investment returns, after related tax and minority interests  3 h@h@i! hpx@  % D~ h! hpx@ % ~ 0@"3hhhhf"^Adjustment from post-tax longer-term investment returns to post-tax actual investment returns h.@h8@5!h@ %D~ h!h@ %~ $@"3hhhht0 lAdjustment for post-tax shareholders' share of actuarial gains and losses on defined benefit pension schemes  hhC@&!h;@ %D -!h;@ %~ [@c#hhhd.[PSOn profit for the period after tax and minority interests for continuing operations -@!ix@ % !i@m % G!iPz@ % G!i % G!i@z@ % ~ @P-@iiiiijPbOn profit for the period after tax and minority interests for discontinued operations (note 13.2b) -hik@i3@!i n@ % -!i n@ %%~ @((4\"TOn profit for the period after tax and minority interests - basic earnings per share #!hh@ %!hj %!h@ %!h %!h@ %!;@  %e ((((((((( Notesgg 913.2aT The average number of shares for half year 2007 was 2,437 million. The average number of shares reflects the average number in issue adjusted for shares held by employee trusts and consolidated unit trusts and OEICs which are treated as cancelled.T T T T T T T  13.2bB":Discontinued operations relate to Egg banking operations. DFlWD84;4L+,ohh=&8$>  "  iu„  dMbP?_*+%(?)?M.Microsoft Office Document Imagn/ dXXLetterThe average number of shawidm" FXX??&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } @O}  }  }  }  } ` }  } `  i    ; ; ; ; ; ; ;  @  @ @ @ ]@ @ @ @ @ @ S@ (@ 3@ @ o@ @  @  @ @WDate: 31 July 2008 Schedule 13.3 &X2008 Unaudited Interim ResultsYZIFRS basis resultsX\Full year 200777777\77777\  IIIIII   Schedule cross reference 'Profit (loss) before tax 'Tax (Schedule 16) 'Profit (loss) after tax &Minority interests7 &/Profit (loss) after tax and minority interests &Earnings per share- <%Basic earnings per share (note 13.3a) (  )m )m )m )m )m )(pence) Continuing operations ]]]]]]m eOn operating profit based on longer-term investment returns, after related tax and minority interests  * Ē@w@@@"f"^Adjustment from post-tax longer-term investment returns to post-tax actual investment returns 0.@ a:@[?["t8 lAdjustment for post-tax shareholders' share of actuarial gains and losses on defined benefit pension schemes  ? -cd.YPQOn profit for the year after tax and minority interests for continuing operations -@ -G v(@@<@--h `On profit for the year after tax and minority interests for discontinued operations (note 13.3b)  k@3@ n@ - n@@@O8On profit for the year after tax and minority interests G@ -t@@YC@ Notes u 813.3a The average number of shares for full year 2007 was 2,445 million. The average number of shares reflects the average number in issue adjusted for shares held by employee trusts and consolidated unit trusts and OEICs which are treated as cancelled. 8 13.3bA9Discontinued operations relate to Egg banking operations.gg9T T T T T T T T D lWD84;>%+, V @! @" Z@ g!9T T T T T T T T " (hh=&8$>  "  i(Й'Ms  dMbP?_*+%&Gz?'p= ף?(?)?M.Microsoft Office Document Imagn/ dXXLetterThe average number of shawidm" <XX??&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} @} `} !} @} }  } ` } }  }  } } } ` } } ` } @} `}   i;;;;3@X@@ @ @ ,@ ,@ ,@,@,@,@,@,@,-,@@,@,@,@,@,@,@,@,@WDate: 31 July 2008   Schedule 14 &X2008 Unaudited Interim ResultsYZIFRS basis results\77777777777 'UU' ' ' U 'UU'Schedule'' Half year ' UHalf year 2007 ' UHalf year 2007 UUFull year 2007_ WSupplementary analysis of profit from continuing operations before tax attributable to  U 'cross'~ '`@ '  UCER * '  URER * U URER * shareholders  D  reference ) )m ) Dm ) Dm D Dm  Asian operations " j]] 777]]]] "Insurance operations ""UJ=**~ Y@ ~ T@ =~ =S@ =~ Jg@ "Asset management ""UJ=~ *3@ *~ =@ ~ A@ =~ =@@ =~ JR@"Development expenses""UJ=**~  ~   =~  = =~ J. BTotalGG!`@ % l ! [@( %  l ! Y@# %  l !n@,© % l$P--S::::::::: US operations"--V:::::::"Jackson U~ m@ ~  @k@ m~  @k@ m~ {@*#"Broker-dealer and asset managementn~ 3@~ @ ~  "@ o~  "@ o~ *@PCurian~ -3@~  ~  ~  ~  BTotalGGGGGGG!m@ %l !  l@ % l G! D l@ % l G!D@|@ %l 77E  UK operations 77E #UK insurance operations #""~ 7q@ 7~  E`o@~  `o@~ @ #M&G #""~ 3@~ 7@b@ 7~  Ea@~  a@~ o@ BTotalGOG!{@ %l ! px@ % l ! px@ % l !p@ %l$pqIMMMIIIMIMMM$Other income and expenditure""q----IIM----*#"Investment return and other incomeKr{~ cR@ c~  E@ ~  E@ ~ U@6#.Interest payable on core structural borrowingsr~ cT c~  V ~  V ~ e#Corporate expenditure&Kr{ccssBtXe* 28 N(?tb)uo(N ,@!,@",@#C@$-%h@&@']@(-)*@+,-=@. # "Group Head Office r{~ cS c~ M ~ M ~  ` ss!#!!"Asia Regional Head Office!tklxxx~ !e1! e~ ! y1! x~ ! l1! x~ !xC !uu>"#6Charge for share-based payments for Prudential schemes""tklxxx~ "e" e~ " y" x~ " l" x~ "x& "uu #BTotal#!#d[# %"# d!# x_ %" # !# _ %" # !#@p %" #--$ Restructuring costs$ ~ $,$  $ -$  $ -$ ~ $3[%SOperating profit from continuing operations based on longer-term investment returns%IIII~ %@% ~ % @% I~ % M@% I~ %Ē@ %IIT&"LShort-term fluctuations in investment returns on shareholder-backed business&"---~ &.@&v~ &`& ~ & 6@& -~ & -8@& -~ &K a\'"TShareholders' share of actuarial gains and losses on defined benefit pension schemes'"---~ '7@'w~ 'W' ~ ' C@' -~ ' -C@' -~ 'KQ(`IProfit from continuing operations before tax attributable to shareholders(GO~ (6@(!(Y( %%'l( !( @( %%' l( !( x@# %%' l( !(@# %%'l(KKKKKKKKKKKK8)"111111111111111111111* * The supplementary analysis of profit for half year 2007 at constant exchange rates (CER) has been calculated by applying the average exchange rates for the six months ended 30 June 2008 in order to eliminate the impact of exchange translation when compa:* 1111111111118+"111111111111111111111,8,"KKKKKKKKK111111111111<-9B              111111111111:.zz111111111111" U<I<F@hh-=&8$> # ## "  i^  dMbP?_*+%M.Microsoft Office Document Imag/ dXXLetternt exchange rates (CER) hwidm" =XX??&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} @}  E}  }  } }  } }  } } `}   i,,,,,!@,@ R@ C@ C@ C@ @@,@@,@@,@,@,@,,,Date: 31 July 2008A Schedule 15@&2008 Unaudited Interim ResultsIFRS basis results Half year Half year Full year ~ `@~ \@~ \@5-Short-term fluctuations in investment returns  m m m Insurance operations: Asia (note 15a)~ p ~ $ ~ Q  US (note 15b)~ f ~ N@ ~ 2  UK (note 15c)~ T ~ G ~ G " #Other operations (note 15d)~ c|~ 5@|~ UMTotal short-term fluctuations in investment returns for continuing operations !`/ % !8@Dũ % ! a %  Notes   15a"Asian insurance operations Short-term fluctuations in investment returns for Asian operations of (264) million for half year 2008 principally arose in Vietnam of (149) million and Taiwan of (69) million. For Vietnam, the negative short-term fluctuation reflects the substantial fyyyyyy  15bUS insurance operationsskThe short-term fluctuations in investment returns for US insurance operations comprise the following items:yyyyyy  ";   Half year Half year Full year ~ `@~ \@~ \@  m m mB X[* q>!&35+<&q> @!R@"R@#R@$R@%R@&]@']@(8@)R@*R@+R@,R@-R@.]@/R@0 R@1 p@2 C@3 @4 @5 @6 C@7 @8 @9 @: h@; h@< @= ,> ,? , 0!(Credit related losses on debt securities!4", Actual credit related losses in the period" # Bond write downs~ #Y~ #~ #AC$; Losses on sales of impaired and deteriorating bonds~ $~ $*~ $I$%  Recoveries/reversals% ~ %?%~ %?%~ % @ &__~ &[&!&3) %#%l&!&S) %#%lW'O Less: Risk margin charge included in operating profit based on longer-term' ( investment returns ~ (7@(~ (8@(~ (H@#) Short-term fluctuation) )@U/ D&D()!)@/ %&() )> D&D(D*<Related change to amortisation of deferred acquisition costs*~ *(@*~ **~ *@?+7Total short-term fluctuation related to debt securities+~ +@R+~ +@+~ +8.,&Derivative value movements (see below),~ ,P,~ ,B@,~ ,3A-9Actual less longer-term return on equity type investments-~ -@-~ -B@-~ -E@. Other items.~ .(.~ .0.~ .1/Total /!/uf) %+./!/N@& %+./!/2& %+.01`The half year 2008 charge of (64) million for derivative value movements includes (42) million for a changed basis of valuation of guarantees for the Guaranteed Minimum Withdrawal Benefit (GMWB) and reinsurance of the Guaranteed Minimum Income Benefit (1 2 315c3UK insurance operations344 Short-term fluctuations for UK insurance operations arise mostly in Prudential Retirement Income Limited, which writes the most significant element of the shareholder-backed annuity business in the UK. 4{ { { { { {  5 615d6Other operations_7 WThe charge of 157 million for short-term fluctuations of other operations arises from:7  8 8m89 Sale of investment in India mutual fund in May 2008 giving rise to a transfer to operating profit of 47 million for the crystallised gain, and value reduction in the period, prior to sale, of 24 million9 ~ 9Q9a:YUnrealised value movements on swaps held centrally to manage Group assets and liabilities:~ :H_;WUnrealised value movements, net of hedge effects on Prudential Capital's bond portfolio;~ ;:A<9Unrealised value movements on a centrally held investment<~ <& =~ =c>?DDl >#<+y.}{] hh=&8$> "    !"  dMbP?_*+%VM.Microsoft Office Document Imagm/ dXXLettertal's bond portfolioesg pwidm" <XX??&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} }  6} @ } `}  } }  } }  } @} }     ; ; ; @ ; z !@ \ \  1@   @!@@@@WDate: 31 July 2008 B $ Schedule 16&X2008 Unaudited Interim ResultsYZIFRS basis resultsZlXdReconciliation of tax charge on (loss) profit attributable to shareholders for continuing operationsaaIII; !! IAsianI IUSI IUK Z[ I insurance I I insurance I I insurance  7Other [[ I operations - I operations - I operations  7 operations ]Total :Half year 2008 - Im - Im - Im Im Im (RRR#R#((((  I> @6(Loss) profit before tax attributable to shareholders: PPP"P"H;@Operating profit based on longer-term investment returns, net of~~A9attributable restructuring costs and development expenses~ {X@{~ {m@{~ {q@~ N@ ~  k@C;;Short-term fluctuations in investment returns (schedule 15)~ {p{~ {f{~ {T~ {c ~  {`9;1Shareholders' share of actuarial gains and losses{: 8=0on defined benefit pension schemes (schedule 23) - -e -7~ eW 7~  kW ?Total.~ d~ I@~ i@~ g ~  Y%dExpected tax rate (note 16a): .--- @;8Operating profit based on longer-term investment returns-~ 56@~ 5A@5~ 5=@5~ 5? 5~  5>@5;-Short-term fluctuations in investment returns~ 5<@~ 5A@5~ 5=@a~ a;@ a~  a>@9;1Shareholders' share of actuarial gains and losses *="on defined benefit pension schemes - - -~ b=@ ~  a=@ <TotalG~ 7@@~ 7A@~ 7=@7~ 7=@ 7~  7>@8P0Expected tax charge based on expected tax rates:-{{{{{>k @;8Operating profit based on longer-term investment returns~ {6{~ {@T{~ {@T~ >. ! {h %%5;-Short-term fluctuations in investment returns~ {R@{~ {O@{~ {8@~ E@ ! {`i@ %%9;1Shareholders' share of actuarial gains and lossesS{{>{ *="on defined benefit pension schemes - - -<~ k;@ <! {;@ %% <TotalG!J@v %!2 %!L %`!K@ % `! ?@ % ByXW*  z O|~*X`WMYZY !"#$@%&'()*+,- ./0 1 C2 3 m@4 5 6 7 8 9 : C@; < = > ? @5 P-Variance from expected tax charge (note 16b): -{{{{kk @!;8Operating profit based on longer-term investment returns~ !{ !{~ !U1@!{~ !{"!~ !c@! !! {@ %!!%5";-Short-term fluctuations in investment returns~ "B"{~ "e"{ "-"~ "$" !" {H! %""% " --- 9#;1Shareholders' share of actuarial gains and losses #C5:{--- *$="on defined benefit pension schemes $-$ $-$ $-$~ ${$ !$ {" %$$% %<Total%G!%Fq %!$%!%d.@% %!$l%!%"% %!$%`!%% %!$% `!% E% %!$ &PActual tax charge:&-{{{{{kk @';8Operating profit based on longer-term investment returns~ '{>'{~ 'cP'{~ '{V'~ 'e"' !' c hw %''%5(;-Short-term fluctuations in investment returns~ ({C@({~ ({N@({~ ({8@(~ (e@@( !( c`c@' %((%9);1Shareholders' share of actuarial gains and losses)Se{ 8*=0on defined benefit pension schemes (schedule 23) *-* *-* *-*<~ *e:@* <!* c:@( %**% +<Total+G!+ @% %'*+)!++ %'*+)!+P+ %'*+)!+H@+ %'*+ )!+ (+ %'* ),P!Actual tax rate: operating profit,-~ ,f>@,f~ ,g<@,f~ ,f@@,f~ ,f.@, f~ , g=@'-$ : total-Q~ -h@-h~ -i@-h~ -h@@-h~ -h:@- h~ - |(.------ /00 /JAsian/J /IUS/J /JUK/ 0%20I insurance0J0I insurance0J0J insurance0 0TOther0  11 operations11 operations11 operations11 operations1  1 Total2%Half year 200722 2Jm22 2Jm22 2Jm2 2Jm2  2 Jm3H010100HHHH 74@/Profit before tax attributable to shareholders:4P"P"PPH5;@Operating profit based on longer-term investment returns, net ofA69attributable restructuring costs and development expenses~ 6/Q@6@~ 6/@k@6@~ 6@`o@6#~ 6#K@6 #!6 @+ %66C7;;Short-term fluctuations in investment returns (schedule 15)~ 7$7~ 7N@7~ 7G7#~ 7#5@7 #!7 8@6 %7798;1Shareholders' share of actuarial gains and losses8### *9="on defined benefit pension schemes~ 9F9 9-9 9-9~ 9rC@9 !9 #C@: %99 :<Total:G!:N@: %69:!:`q@: %69:!:i@: %69:B!:@\@: %69: B!: x@F %69 ';PExpected tax rate (note 16(a)):;#### @<;8Operating profit based on longer-term investment returns~ <s5@<s~ <sA@<s~ <3>@<t~ <t>@< t~ < t?@5=;-Short-term fluctuations in investment returns~ =s5@=s~ =sA@=s~ =3>@=t~ =t>@= t~ = tG@9>;1Shareholders' share of actuarial gains and losses>ssss3ssss *?="on defined benefit pension schemes ?-?s ?-?v ?-?v~ ?v<@? v~ ? v<@DlWa<Ya QLYGY@ A B C D E @F G H I J K @L M N O P Q @R S T  U V W d@X ;Y Z [ \ ] ^ m@_ @ @<Total@G~ @v5@@~ @wA@@~ @6>@@B~ @v=@@ B~ @ w?@8AP0Expected tax charge based on expected tax rates:A-#### @B;8Operating profit based on longer-term investment returns~ B.B~ BSB~ BRB#~ B?0B #!B f7 %BB5C;-Short-term fluctuations in investment returns~ C@C~ C5C~ C,@C#~ C?C #!C &B %CC9D;1Shareholders' share of actuarial gains and lossesD### *E="on defined benefit pension schemes~ EFE E-E E-E4~ E?&E 4!E &C %EE F<TotalFG!F*F %BEF!F@XF %BEF!FNF %BEFB!F@F %BEF B!F iK %AE 5GP-Variance from expected tax charge (note 16b):G-#### @H;8Operating profit based on longer-term investment returns~ H(H~ H@H~ HH#~ H$H #!H 4E %HH5I;-Short-term fluctuations in investment returns~ I"I I-I~ II#~ I?I #!I $H %II9J;1Shareholders' share of actuarial gains and lossesJ@@@ *K="on defined benefit pension schemes~ KFK K-K K-K4~ KK 4!K lL %KK L<TotalLG!L5L %HKL!Lx@L %HKlL!LL %HKL!L"L %HKL !L >R %HK MPActual tax charge:M-#### @N;8Operating profit based on longer-term investment returns~ N;N~ NRN~ N@SN#~ Ny:N #!N @iI %NN5O;-Short-term fluctuations in investment returns~ OO~ O5O~ O(@O#~ OyO #!O 5N %OO9P;1Shareholders' share of actuarial gains and lossesP#y# *Q="on defined benefit pension schemes~ QFQ Q-Q Q-Q4~ Qy&Q 4!Q &O %QQ R<TotalRG!RAR %NQR!Rz@WR %NQlR!R@PR %NQRB!RxER %NQR B!R x@mS %NQ )SP!Actual tax rate: operating profitS- S{?T DND6S{~ S|@@S{ S{.*?S DND6S{~ S{H@S {~ S |A@'T$ : totalTQ T}""""""?` DRD:T}~ T~@@T} T}dddddd?T DRD:T}~ T}B@T }~ T ~B@U,2444444444 V,244444444 V $Schedule 16 continuedxW` pReconciliation of tax charge on (loss) profit attributable to shareholders for continuing operations (continued)W XXX JJJJYaaIII; Yzzz Z!! ZIAsianZI ZIUSZI ZIUK [:-[I insurance[I[I insurance[I[I insurance [7Other \--\I operations\-\I operations\-\I operations\7 operations \ 7Total]:Full year 2007]- ]Im]- ]Im]- ]Im ]Im ] Im^(RRR#R#(((( 7_@/Profit before tax attributable to shareholders:_PPP"P"DlZYWY<Y ?&Or~ ` a b c d e f g h i j k l m n o p q r s t u v w x y z { | } ~   H`;@Operating profit based on longer-term investment returns, net of` Aa9attributable restructuring costs and development expenses~ ae@a~ a{@a~ aH@a~ aO@a !a Ē@d %`aCb;;Short-term fluctuations in investment returns (schedule 15)~ bQb~ b2b~ bGb~ bb !b  aa %bb9c;1Shareholders' share of actuarial gains and lossesc *d="on defined benefit pension schemes d-d2 d-d d-d(~ dd (!d e %cd e<TotaleG!eY@* %adle!ez@e %adle!e}@9 %adleG!eN@} %ade G!e @} %ad %fPExpected tax rate (note 16a):f{{@g;8Operating profit based on longer-term investment returns~ g+5@g%~ g%A@g%~ g%>@g&~ g&<@g &~ g &>@5h;-Short-term fluctuations in investment returns~ h+?h'~ h%A@h%~ h%>@h&~ h&<@h &~ h &<@9i;1Shareholders' share of actuarial gains and lossesi+'%%%%%%% *j="on defined benefit pension schemes j-j2 j-j( j-j(~ j(<@j (~ j (<@ k<TotalkG~ k,2@k)~ k*A@k*~ k*>@k*~ k*<@k *~ k *?@8lP0Expected tax charge based on expected tax rates:l-{{@m;8Operating profit based on longer-term investment returns~ mBm{~ m`cm~ mc~ m1!m vn %mm5n;-Short-term fluctuations in investment returns~ n2@n{~ n@n~ n,@~ n!n C@p %nn9o;1Shareholders' share of actuarial gains and losseso{o *p="on defined benefit pension schemes p-p2 p-p p-p(~ pp (!p q %pp q<TotalqG!q3} %mplq~ qbq~ qaqG!q1y %mpq G!q pte %mp 5rP-Variance from expected tax charge (note 16b):r-{{@s;8Operating profit based on longer-term investment returns~ s(s~ s6@s~ s9s~ ss !s 0m %ss5t;-Short-term fluctuations in investment returns~ t1t~ t?t~ tt~ t@t !t (s %tt9u;1Shareholders' share of actuarial gains and lossesu *v="on defined benefit pension schemes v-v2 v-v v-v~ v?v !v ?t %vv w<TotalwG!w=w %svlw!w7@w %svlw!w;w %svlw!w@b %svlw !w ;Q %sv xPActual tax charge:x-{{@y;8Operating profit based on longer-term investment returns~ yHy{~ y`y~ yf~ y12!y wz %yy5z;-Short-term fluctuations in investment returns~ z?z{~ z@z~ z(@~ z@!z :@| %zz9{;1Shareholders' share of actuarial gains and losses{{{ *|="on defined benefit pension schemes |-|2 |-| |-|(~ |?| (!| ?} %|| }<Total}G!}Hq %y|l}!}_} %y|l}!} ee %y|l}G!}&e %y|} G!}  vw %y| )~P!Actual tax rate: operating profit~-~ ~%<@~%~ ~%>@~%~ ~%A@~&~ ~&=@~ &~ ~ &@@'$ : totalQ~ -G@-~ ->@-~ -B@-~ -2@ -~  -@@DlhY=YR[OW4[   2\ @  @ d@ R@ @ @ @ #@ R@ Notes 16a B:Expected tax rates for profit attributable to shareholdersKExpected tax rates shown in the table above reflect the corporate tax rates generally applied to taxable profits of the relevant country jurisdictions. For Asian operations the expected tax rates reflect the corporate tax rate weighted by reference to theKKKKKKKKK ////////// 16b H@Variances from expected tax results attributable to shareholdersDFor half year 2008, the principal variance between the expected tax rates and actual rates arise from a number of factors, including:{ { { { { { { { {  (a) For Asian insurance operations, tax losses in several jurisdictions which are not expected to be available for relief against future profits and losses on investments in jurisdictions which do not provide corresponding tax relief; and 8 (b) For US insurance operations, the benefit of deduction from taxable income of a proportion of dividends received attributable to the variable annuity business. 8}~~~~~~~~~ 8 For half year 2007 the principal variance between the expected tax rates and actual rates was due to regulatory losses arising in certain Asian jurisdictions on which no future tax credit was available. 8}~~~~~~~~~ 8 For full year 2007 the principal variances between the expected tax rates and actual rates arising for Asian and US insurance operations were due to factors consistent with those for half year 2008. The variance for UK insurance operations was principally 8}~~~~~~~~~ ?V'_ 1=&8$> "  i&'5';A;g;  dMbP?_*+%&\.?'\.?(\.?)\.?M.Microsoft Office Document Imag/ dXXLetter rates and actual rates awidm" IXX `? `?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} }  }  }  }  }  } }  } }   i   @ ; ; ;  3@  J@ @ @ @ @ @  @ @ @ @     C@ @ @ t@      @WDate: 31 July 2008+ Schedule 17 ++, &2008 Unaudited Interim ResultsIFRS basis results^^^^^^_` \-TOperating profit (loss) based on longer-term investment returns for Asian operations ^aHalf year 2008^bHalf year 2007_ cFull year 2007ddd emd fmg  fm hInsurance operations ^^^i^+_+  jChina ^^^~ k l~  m~  j Hong Kong ^^^~ n0@ l~ 1@ m~ D@ jIndia  ^^^~ n, l~ o1 m~ oE j Indonesia ^^^~ n8@ l~ 1@ m~ A@ pJapan+qqq~ rs~  t~  . jKorea^^^~ k l~  m~  *jMalaysia^^^~ k3@l~ 1@m~  D@j Philippines^^^~ n@l~ @m~  @j Singapore^^^~ nC@l~ o=@m~  o@R@pTaiwan+qqq~ r8@s~ <@t~  uF@pThailand+qqq~ rs~ t~  pVietnamiqqq~ r(@s~ @t~  @@ jPrudential Services Asia~ v~ ~  6.Total insurance operations (notes 17a and 17b)Y!wY@ % Y!S@ % l! g@ %   Asset management    ~  =@ ~ @@~  R@Development expenses~ op~ q~  .kTotal Asian operationskkkk!l`@d %k!mY@ %n! mn@ %  Notes  17a" Growth in operating profit.Operating profits for insurance operations for the first half of 2008 were 102 million. The increase from the half year 2007 result incorporates a complex mix of drivers including higher new business strain in Hong Kong on the new back-end loaded product D lE*  R<aebeaadgebdctlp 5! " # $ % & '  ) @+ (@ ! 17bF! >Analysis of operating profit between new and in-force businessz".rThe result for insurance operations comprises amounts in respect of new business and business in force as follows:" #aHalf year 2008#^#bHalf year 2007#_# cFull year 2007$     $em$d $fm$g $ fm%:New business strain~ %xR%y~ %yO%y~ % ya& Business in force &   ~ &x f@&y~ &y`a@&y~ & yPt@ 'rTotal 'sss!'zY@ %%&l'{!'{S@' %%&'{!' {g@' %%& )){The IFRS new business loss corresponds to approximately 10 per cent of new business APE premiums for the periods presented.)******* +)The loss represents the aggregate of the pre-tax regulatory basis strain to net worth and IFRS adjustments for deferral of acquisition costs and deferred income where appropriate.+******* =YbP]khh=&8$> "   ?LPevA  dMbP?_*+%G&vn?'vn?(\.?) BP(?M.Microsoft Office Document Imagh/ dXXLettertrain to net worth and IFwidm" /XX BP(? BP(?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} @} 4} `}  }  } } `}  } `} } @  , , , , @   C C C R C ,  ,(t@t@@@ @Date: 31 July 2008 AA@  Schedule 18&2008 Unaudited Interim Results'US insurance operations results          Half year 2008 Half year 2007 Full year 2007  m  m  m LDOperating profits based on longer-term investment returns (note 18a)m@@k@{@  C ;Short-term fluctuations in investment returns (schedule 15)   fN@2  % Profit before shareholder tax ! I@  % ! `q@ % l! z@ % l  Tax  @W_   Profit for the period  ! uH@Z % !  g@ % ! r@ % %  888888888 Half Year 2008 Half Year 2007 Full Year 2007  m  m  m ( Profit for the period (as above)H@ g@r@  ,y $Items recognised directly in equity:y  Exchange movements@PE  VNUnrealised valuation movements on securities classified as available-for-sale: ;y 3Unrealised holding losses arising during the periody 0ql   < 4Less losses (gains) included in the income statement @X@*  ........!( %l!  r % ! n %  Oy GRelated change in amortisation of deferred income and acquisition costsy n@^@V@   Related tax b@M@J@  G ?Total items of income and expense recognised directly in equity !uq  %) fD D D D )  b D D D D  /'Total income and expense for the periodm"@  `c@ D D  & Transfers to central companies  @@^  )!Net increase (decrease) in equity!lv %l~   @! A@ %  1 )Shareholders' equity at beginning of year @@@  - %Shareholders' equity at end of period !:@ %! Ф@ % ! @ %   Notes     { { { { {  BXW* KrNM"rNjP\z~Uhs @!@"@#@$@%,&,',(,)@*@+@,]@-@.@/@0 ,1 @2 @3 @4 @5 @6 z@7 @8 @9 d@: @; t@< ,= ,> ,? , 18aA 9Operating profits based on longer-term investment returns    !  "r" jIFRS basis operating profits include the following amounts so as to derive longer-term investment returns."  "#  $$Half year 2008$ Half year 2007$ Full year 2007$ % %m % m % m% && Debt securities:&  'C';Amortisation of interest related realised gains and losses*''*@.@?@ ' (I( ARisk margin reserve charge for longer-term credit related losses*( (22B ( ) ) Equity type investments:)       ** Longer-term returns*      *2@5@G@ *  + , M, E* Net of related change in amortisation of deferred acquisition costs,   <<<<<   -             .. The risk margin (RMR) charge for longer-term impairment losses for half year 2008 is based on an average annual RMR charge of 22 basis points (half year 2007: 22 basis points; full year 2007: 21 basis points) on a book value of US$43.2 billion (half year .   // Market value movements on equity-based derivatives and embedded derivatives are also recorded within operating profits based on longer-term investment returns so as to be consistent with the market related effects on fees and reserve movements for equity /  0  1 18bU1 MUnrealised valuation movements on securities classified as available-for-sale1    22 Jackson's debt securities are classified as available-for-sale under IAS 39 and carried in the balance sheet at fair value. Unless impaired, fair value movements are recorded as a movement in shareholder reserves direct to equity. Impairments are record2 99 33 The consideration of evidence of impairment requires management judgement. Among the factors considered is whether the decline in fair value results from the change in quality of the security itself, or from a downward movement in the market as a whole an3 99 44 Jacksons review of fair value involves several criteria, including economic conditions, credit loss experience, other issuer-specific developments and future cash flows.4 99 55 An impairment is recorded with the debt security written down to its fair value, if based on detailed cash flow analysis, Jackson assess that there will be a principal shortfall over the life of the security. The impairment loss reflects the difference be5 99 66 The majority of the impairment losses arising in the first half of 2008 arose on residential mortgage backed securities (RMBS). The impairment for RMBS was determined using cash flow modelling approach designed to estimate future principal losses on under6 99 77 Jacksons portfolio of debt securities is managed proactively with credit analysts closely and regularly monitoring and reporting on the credit quality of its holdings. Jackson continues to review its investments on a case-by-case basis to determine wheth7 99 88 In the first half of 2008, Jackson recorded 108 million (half year 2007: 19 million, full year 2007: 78 million) of actual credit related losses which comprise the following:8 99 99Half year 20089 9999 : :m: 9999 ;'; Bond write downs in respect of:;9999 <8<0 Residential mortgage-backed securities (RMBS)<~ <aT@< 9999 == Public fixed income=~ =a2@= 9999  > 2>~* Consolidate Piedmont investment vehicle>      ~ >a@> 9999 ??Total bond write downs?!?Y@V %<>l? 9999 Dlt$&rNDLe${$55"55555F:U|by@ ,A ,B ; C @D n@E >`F M`G M@H @I @J @K ,L ,M ,N Z@O ]@P ,Q ,R @S @T ,U ,V @W @X @Y ,Z ,[ @\ @] @_ ,@:@~2Losses on sale of impaired and deteriorating bonds@      ~ @@@ 9999 AA~Recoveries/ reversalsA      ~ AA 9999 B~ B[@B 9999 CC Of the 103 million bond write downs, 75 million relates to Alt-A holdings. There were no sub-prime holdings which have been impaired.C 99 DD At 30 June 2008, Jackson held 217 million in sub-prime exposure and 553 million in Alt-A exposure. The sub-prime exposure, which is primarily fixed rate with first lien collateral, is all investment grade and 96 per cent AAA rated. The Alt-A exposure isD 99 E 99 F F 99 GG Schedule 18 (continued) G 99 H H 99 II zMovements in the values of available-for-sale securities for the first half of 2008 are included in the table shown below:I  J9999999-J %Change in unrealised gains and losses J 9 K K 30 June 2008K Quarter 2K  Quarter 1K  31 Dec 2007K L Lm L=m L =m L =mM MM N NN O.O9&Assets fair valued at below book valueO9999999 PP Book valueP~ PjS@P ~ P @QQUnrealised lossQQj`h0vp{ R1R)Fair value (as included in balance sheet)R!Rkd@ %PQl R !R @ %PQ lS1S)Assets fair valued at or above book valueSl TT Book valueT~ Tjʵ@ T ~ T i@UUUnrealised gainUUjf@c@@r@ V5V-Fair value (as included in the balance sheet)V!Vmz@ %TU V !V L@R %TU lW WTotalWn XX Book value X~ Xj@ X X T@Y DP DT "YNet unrealised (loss) gainYYjh v0t Y aZ DQ DU 2Z*Fair value (as included in balance sheet)*Z!Zo@k %XYl Z  !Z 2@V %XY lZ [ \ * Debt securities for US operations as included in the balance sheet of 18,504 million comprise 18,243 million in respect of securities classified as available-for-sale as shown above and 261 million for securities of consolidated investment funds clas\  ] As shown in the table above for US insurance operations, included within the statement of changes in equity is a net reduction in the value of debt securities classified as available-for-sale of 677 million. This reduction reflects the effect of continue] !!  _18c6_".Debt securities in an unrealised loss position_"""""""""" B>X~a:5$;[yP""VZ[[^[7ty++a o@b R@e ,f ,g ,h ,i ,j ,k ,l m n =@p ,q ,r ,s ,t ,u ,v ,x y ,z ,{ ,| ,} ,~ , ,aThe unrealised losses in the Jackson balance sheet on unimpaired securities are 989 million (full year 2007: 439 million) relating to assets with fair market value and book value of 12,489 million and 13,478 million respectively.a bThe following table shows the fair value of the securities in a gross unrealised loss position for various percentages of book value:e#e# Fair valuee#Unrealised losse $ Fair valuee $Unrealised lossf% 30 June 2008f% 30 June 2008f & 31 Dec 2007f & 31 Dec 2007Bg':(i) Fair value of securities as a percentage of book valueg'''' g(m g(m g )m g )mh*Between 90% and 100%h****h@@xx+M@, q i*Between 80% and 90%i****i@x`t+@,^ j- Below 80% j****jr@pp. a@/E k!kpd@R %hj!kp %hjl!k /@X %hj !k /p{k %hj l,,,, m,,,, nAs shown in the table above, 270 million of the 989 million of gross unrealised losses at 30 June 2008 related to securities whose fair value were below 80 per cent of the book value. The age analysis for this 270 million, indicating the length of timen p# Fair valuep#Unrealised lossq% 30 June 2008q% 30 June 2008r r(m r(ms*Less than 3 monthss****so@xTt*3 months to 6 monthst****t0x@yeu-More than 6 monthsu****uA@p4v!vv@? %su!vppv %surx jIncluded within the table above are amounts relating to sub-prime and Alt-A securities at 30 June 2008 of:x !!!!!!! y# Fair valuey#Unrealised lossy $ Fair valuey $Unrealised lossz% 30 June 2008z% 30 June 2008z & 31 Dec 2007z & 31 Dec 2007{ {(m {(m { )m { )m|*Between 90% and 100%|****|e@x$+@,8 }*Between 80% and 90%}****} x@yP0`@16 ~- Below 80% ~****~d@pR.<@/$ !v@k %|~l!pb %|~l! /@k %|~ ! /L %|~ :" l^TSJ'102FHF`b^NTSJ @ @ n@ , , @ X@ , , , , , , , , @ X@ @ @ @ , @ @ ,Of the sub-prime and Alt-A securities whose fair value is below 80 per cent of the book value at 30 June 2008, 18 million of the 75 million unrealised losses relates to securities that have been in that position for 3 months or under, 49 million for 3  N F(ii) Aged analysis of unrealised losses for the time periods indicated  The following table shows the age analysis of all the unrealised losses in the portfolio by reference to the length of time that the securities have been in an unrealised loss position: 22222JJJJ ~  Y@ ~  B@  # Not rated#Non-investment grade#Investment grade #Total$ Not rated$Non-investment grade $Investment grade $Total 3m 3m 3m 3m 4m 4m 4m 4m5Less than 6 monthsw9x0xp!x0s %l66 6J ! 6P % 156 months to 1 yearw0y2yY!ya %6$656@Z ! 6a % 151 year to 2 yearsw,x@xh!xm %6660 ! 67 % 1*2 years to 3 yearsz@x"x`i!xn %787$7a ! 6e % 1*More than 3 yearsz"xxG!xO %888= ! 8C % 1!{X %l!{T %l!{P %l!{ % !9J %!9F %! 9`u % ! 9p{̪ % xxxx7777 %(iii) By maturity of securityAwThe following table shows the fair value of the securities in a gross unrealised loss position by maturity of security: % 30 June 2008 & 31 Dec 2007 (m )m5Less than 1 year :; q-~ 051 year to 5 years :; q@S0K 55 years to 10 years :; q u0d 5More than 10 years:; qa0N 1 )Mortgage-backed and other debt securities  r`{.d  Total! r % ! .p{ % 4 'n*Fz<)/6EACLc=&8$>  "  vՕ nv  dMbP?_*+%&\.?'\.?(\.?)M.Microsoft Office Document Imag/ dXXLetterss unrealised loss positiwidm" DXX\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} A}  A}  A} @ A}  A}  A} @ A}  A}  A} `A} A} A} A} @ A}  A} A}  A} A v@,,,,@@H@ , , , , ,3@ , , ,   @ , , , , , , , , , , ,Date: 31 July 2008@@@@ Schedule 19&"2008 Unaudited Interim ResultsEIFRS basis resultsF #GAsset management operationsHly dThe profit included in the income statement in respect of asset management operations is as follows:y y y y y y y I  JJ  M&G  US  AsiaTotal half yearKTotal half yearKTotal full year JJ  `@K\@L\@ MMM m m m Nm  m Om Revenue  P O@k@Oi@OZ@! Q@  % l OP@Rԕ@ Charges   S@aSiSS! Tz  %  S}Ot Profit before tax  U VT@ϩ   -l V@   V=@   W\@   V`i@   Vu@ X Comprising:YLOOOOOOK COperating profit based on longer-term investment returns (note 19a)  Z@b@Z@Z=@![f@ %lZf@Zt@C\;Short-term fluctuations in investment returns (schedule 15) YL~ O: O- ]-!Q: %l] @O@C\;Actuarial (losses) gains on defined benefit pension schemes YL~ OD ]- ]-!QD %lO.@O@ ^_`RT@  -lR@R=@a\@R`i@Ru@  ^_`````RR bNoteYLLLLLOO 19aD<M&G operating profit based on longer-term investment returnsLLLLLLLLc Half yearO Half yearO Full yearXYLLLL~ c`@ d2007~ t\@Xeffff gm Sm SmX#XAsset management fee incomeLLLLQ`m@O l@O ~@XX Other incomeLLLLQ(@O,@O>@XX Staff costsLLLLQ@YO[OlXh Other costsffffTES@S@\X9X1Underlying profit before performance-related feesLLLL!QZ@ %!OX@ %!Oe@ %X hPerformance-related feesffffT"@S(@S<@X8X0Operating profit from asset management operationLLLL!Q@\@! %!O[@! %!O`i@! %BXQ* *A2exx1*iUB@_POO\ ,!,"#D@$%@&@'@(,),*@+R@,-,./T@0R@12@3,4,5@6@7@8@9@:@;@<@=>? X0 h(Operating profit from Prudential Capital ffff T@@S@@SI@!XJ!hBTotal M&G operating profit based on longer-term investment returns!ffff!!T@b@ % !!Sa@ % !!So@ % "YYLLLLLOO"     #i# The difference between the fees and other income shown above in respect of the asset management operation and the revenue figure for M&G shown in the main table primarily relates to income and investment gains (losses) earned by Prudential Capital and by #      $k       %j &jjjjjjjj 'jjjjjjjj ( kllmlll)ll    jn*jjjjjjjn+jj  j jn,k k jk  -k llmlln.jj    jn/jjjjjjjn0jj  j jn1        2oppppEEE3       4q       5jjjjjjjj6jjjjjjjj7jjjjjjjj8jjjjjjjj9jjjjjjjj:jjjjjjjj;jjjjjjjj<jjjjjjjj=        >        ?        Dll.7@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@        A        B        C        D        E        F        G        H        I        J        K        L        M        N        O        P        Q        R        S        T        U        V        W        X        Y        Z        [        \        ]        ^        _        Dl`abcdefghijklmnopqrstu`        a        b        c        d        e        f        g        h        i        j        k        l        m        n        o        p        q        r        s        t        u        0=&8$> "  XA&N/T>Vْ<}  dMbP?_*+% F`&M&d2?'M&d2?(\.?)M.Microsoft Office Document Imag/ dXXLetterpect of the asset managemwidm" 'XX&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } }  J} `} } } }  } }   A  h h h h h@ h@ h @ h w  @ @ @ @ M@ @ @ @ @ @ @ @ @ @ C@ @ @ @ @ @ @Date: 31 July 2008 Schedule 20.1&2008 Unaudited Interim ResultsIFRS basis results91SUMMARY CONSOLIDATED BALANCE SHEET - 30 JUNE 2008  Participating funds Shareholder-backed    Intra-group eliminations GROUP  ( Unit-linked and variable annuityNon-linked business Non insurance  Total   (Sch 20.2)  (Sch 20.3)  (Sch 20.4)  (Sch 20.8)   m m  m m m Assets  7 /Intangible assets attributable to shareholders: Goodwill$[@8@!@ %9^ VDeferred acquisition costs and acquired in-force value of long-term business contracts $@@!@ %1 \ -l@L@@@8Intangible assets attributable to PAC with-profits fund:Z RIn respect of acquired subsidiaries for venture fund and other investment purposes $e@!e@ %1#Deferred acquisition costs $2@!2@ %1 h@ -lh@Intangible assets h@' LL'@'L@'~ ײ@%0(Other non-investment and non-cash assets $@~@@@~!@ %1?7Investments of long-term business and other operations:Investment properties$ @@@!l@ %291Investments accounted for using the equity method$0@!0@ %2Financial investments:Loans and receivables$Ț@@]@0@p@!@ %2?7Equity securities and portfolio holdings in unit trusts$.@@@8@!@@  %2DIlS 4("]v`,Su\~ Un8n @! @" @# @$ C@% & C@' @ ( ,@) @* @+ @, @- @. @/ @0 @1 @2 @3 @4 @5 @6 @7 @8 @9 @: @; @< @= @> @? @ Debt securities$ @l@@@! u@! % 2!Other investments$!2@b@Џ@x@!!@" %!!2" Deposits $"@4@@`@!"@# %""2##Total ##Џ@### -#`=@##@##ޯ@#~ ##`A#$$!%Cash and cash equivalents%$%@@@0@!%@' %%%3&' Total assets ''Ќ@'''LLLL'@#''`+@#''@#''~#'' A''()Equity and liabilities)+Equity+*,"Shareholders' equity (schedule 22)$, @y@!,@- %,,4-Minority interests$-D@@K@!-X@. %--4. Total equity ..D@.... -.:..$@...`|@......@2./0 Liabilities0O1GPolicyholder liabilities and unallocated surplus of with-profits funds:122Contract liabilities2$2@ ^@;@!2ȤA3 %224313)Unallocated surplus of with-profits funds3$3@!3@5 %33445#5Total insurance liabilities55 @5555 -85 ^@555;@55!5 %34!55 %345H-A8566F7>Core structural borrowings of shareholder-financed operations:78 Subordinated debt 8 $8 @!8 @9 %8859 9Other9$9@_@@!9،@: %995: :Total::5::: -::::@_@:::¢@:::.::@=:;<N=FOperational borrowings attributable to shareholder-financed operations=$=8@*@!=@> %==55>-Borrowings attributable to with-profits funds >$>H@!>H@? %>>5'?Other non-insurance liabilities?$?"@4@J@@~!?@ @@ %??5Dlhjb |8({k-m bur@ @A @B @ D `E R@F @G @H @I @J @K R@L R@M hN hO w P hQ hR @S @T @U @V @W @X @Y @Z @[ @\ @] @^ @_ @ @Total @@˷@@@@@ -@4@@@@n@@@@@@@@~@@@@A@ATotal liabilities AAP@AAAALLLA@AAA@AAA2@AAA~AAA ABA$BTotal equity and liabilities BBЌ@BBBB LLB@BBB`+@BBB@BBB~BBB ADB(Dk!rfilenameB}<:C:\Documents and Settings\dilip.patel\Desktop\[HY08]sch 30FDate: 31 July 2008F Schedule 20.2GG&H2008 Unaudited Interim ResultsHIIJIFRS basis resultsJKKLLMPARTICIPATING FUNDSM MUK MUS MAsia MTotal M  NN (Sch 20.5)N (Sch 20.6)N (Sch 20.7)N (Sch 20.1) N  O Om Om Om Om O  PAssetsP Q 7R/Intangible assets attributable to shareholders:R SSGoodwill SS!ST %SS8 S  ^T VDeferred acquisition costs and acquired in-force value of long-term business contracts T T!TU %TT8 T  U!U: %ST!UU %ST!UU %ST!UU %ST U  V @W8Intangible assets attributable to PAC with-profits fund:W ZX RIn respect of acquired subsidiaries for venture fund and other investment purposes X Xe@!Xe@Y %XX8 X  #YDeferred acquisition costs YY2@!Y2@Z %YY8 Y  Z!Zh@[ %XYl!ZS %XY!ZZ %XY!Zh@[ %XYl Z  [Intangible assets[ [h@l DUDZ [l DUDZ [l DUDZ [h@j DUDZ [  \\ 0](Other non-investment and non-cash assets]]V@e@!]@X %]] ]  ^ H_@Investments of long-term business, banking and other operations:_ _  BXl74(|zZ0 W}` ` @a @b @c @d @e @f @g @h @i @j @k @l @ m hn @o @p @q @r @s @t @u @v @w @x @y @z @{ @| @} @~ @ @` Investment properties` ` @!` @c %``8 `  9a1Investments accounted for using the equity methoda!ay %aa8 a  bFinancial investments:b cLoans and receivablescl@@!cȚ@d %cc8 c  ?d7Equity securities and portfolio holdings in unit trustsd@ܩ@!d.@e %dd8 d  eDebt securitiese`@@!e@f %ee8 e  fOther investments ff@6@!f2@g %ff8 f  g Deposits gϱ@2@!g@h %gg8 g  hhTotal h!h@Z %`g!h[ %`g!h߼@[ %`g!hЏ@] %`g h  ii !jCash and cash equivalentsjj@@k@!j@l %jj8 j  k l Total assetsl)l@DhD]D[Dj)lhDhD]D[Dj)la@hDhD]D[Dj)lЌ@hDhD]D[Dj l  m nEquity and liabilitiesn o o  pEquityp qShareholders' equityq!qa %qq8 q  rMinority interestsrD@!rD@s %rr8 r  s Total equitys!sD@s %qr!ss %qr!ss %qr!sD@w %qr s  t u Liabilitiesu OvGPolicyholder liabilities and unallocated surplus of with-profits funds:v wwContract liabilities wwY@/@!w@x %ww8 w  x1x)Unallocated surplus of with-profits funds xxB@`a@!x@y %xx8 x  y#yTotal insurance liabilities y!yb@y %wx8!yZ %wx!y@y %wx8!y @| %wx8 y  z z F{>Core structural borrowings of shareholder-financed operations:{ |Subordinated debt ||!|} %||8 |  } }Other }}!}~ %}}8 }  ~ ~Total ~!~~ %|}!~~ %|}!~~ %|}!~ %|} ~   Dlz8pjzd ~ 8(om-q&f}z @ @ @ @ @ @  h @ @ h h @ @ @ @ w  @ @ @ @ d@ @ @ @ d@ @ @ @ @ @ @ @NFOperational borrowings attributable to shareholder-financed operations ! %8  5-Borrowings attributable to with-profits fundsH@!H@ %8  'Other non-insurance liabilities{@8@!"@ %   Total!$@ %! %!8@ %!˷@ %  Total liabilities%@@DyD~D%DyD~D%a@DyD~D%P@DyD~D  $Total equity and liabilities@ DDs DDsa@ DDsЌ@ DDs    For participating business, which in the table above reflects the with-profit funds of the Prudential Assurance Company, and Singapore and Malaysia operations, the Groups principal sensitivity to investment value movements arises through the impact on th Date: 31 July 2008 Schedule 20.3&2008 Unaudited Interim ResultsIFRS basis resultsD<SHAREHOLDER BACKED UNIT LINKED AND VARIABLE ANNUITY BUSINESS UK US Asia Total  (Sch 20.5) (Sch 20.6) (Sch 20.7) (Sch 20.1)  m m m m Assets  7/Intangible assets attributable to shareholders: Goodwill ! %8 ^ VDeferred acquisition costs and acquired in-force value of long-term business contracts  ! %8 ! %! %! %! %  @8Intangible assets attributable to PAC with-profits fund: Z RIn respect of acquired subsidiaries for venture fund and other investment purposes  ! %8 #Deferred acquisition costs ! %8 ! %! %! %! % Intangible assets  DD  DD q DD  DD  0(Other non-investment and non-cash assetsPy@U@!~@ %  H@Investments of long-term business, banking and other operations: Dl %74(vV.Uy^  @ @ @ @ @ @ @ @ @ @ @ @ @  @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @Investment properties@!@ %8 91Investments accounted for using the equity method! %8 Financial investments: Loans and receivables@]@!@]@ %8 ?7Equity securities and portfolio holdings in unit trusts@1@@!@ %8 Debt securities@t@!l@ %8 Other investments @X@J@!b@ %8  Deposits @ n@!4@ %8 Total !h@ %!1@ %!@ %!`=@ %  !Cash and cash equivalents`@`k@!@ %8   Total assets)@{DDDD)1@DDDD)@DDDD)@DDDD  Equity and liabilities  Equity Shareholders' equity! %8 Minority interests! %8  Total equity! %! %! %! %    Liabilities OGPolicyholder liabilities and unallocated surplus of with-profits funds: Contract liabilities  @1@`@! ^@ %8 1)Unallocated surplus of with-profits funds ! %8   ! %8 #Total insurance liabilities ! @| %8!1@ %8!`@ %8! ^@ %8  F>Core structural borrowings of shareholder-financed operations: Subordinated debt ! %8  Other ! %8  Total ! %! %! %! % D)lv8vpvj 8(us$-oc dyv @ @ @ @ @ @ @  @ @ @ h@ @ @ @ @ @ @ @  @ @ @ @ @ @ @ @ @ @ @ @ @ @ NFOperational borrowings attributable to shareholder-financed operations ! %8 5-Borrowings attributable to with-profits funds! %8 'Other non-insurance liabilities @@!4@ %  Total!@ %! %!@ %!4@ % Total liabilities%@DDD%1@DDD%@DDD%@DDD $Total equity and liabilities@ DD1@ DD@ DD@ DD   For unit-linked and variable annuity business the principal sensitivity to investment value movements is for the effect on investment management fees and derivative elements of guaranteed features of US products, after taking account of the economic hedgi  Date: 31 July 2008 Schedule 20.4&2008 Unaudited Interim ResultsIFRS basis results    .&NON-LINKED SHAREHOLDER-BACKED BUSINESS UK US Asia Total (Sch 20.5) (Sch 20.6) (Sch 20.7) (Sch 20.1) m m m mAssets7/Intangible assets attributable to shareholders:Goodwill [@![@ %8^ VDeferred acquisition costs and acquired in-force value of long-term business contracts  b@@8@!@ %8 !b@ %l!@ %l!@ %l!@ %l@8Intangible assets attributable to PAC with-profits fund:Z RIn respect of acquired subsidiaries for venture fund and other investment purposes  ! %8#Deferred acquisition costs ! %8! %l! %l! %l! %lIntangible assets b@` DD @ DD @ DD @ DD0(Other non-investment and non-cash assetsh@@0@!@ %2D8l' 74.lL,So\x  @ @ @ @ @ @ @ @ @ @ @ @ @ @ @  @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @H@Investments of long-term business, banking and other operations:Investment properties H@"@,@!@ %291Investments accounted for using the equity method ! %2Financial investments:Loans and receivables Pz@@|@!0@ %2?7Equity securities and portfolio holdings in unit trusts \@@v@!@ %2Debt securities _@@N@!@ %2Other investments @p@ @2@!Џ@ %2 Deposits T@؁@o@!@ %2Total !@U@ %!Q@ %!@ %!@ %!Cash and cash equivalents o@i@r@!@ %2 Total assets)@DDDD)@DDDD)@DDDD)`+@DDDDEquity and liabilitiesEquityShareholders' equity @:@@! @ %2Minority interests@!@ %2 Total equity- - !@ %!:@ %!@ %!$@ % LiabilitiesOGPolicyholder liabilities and unallocated surplus of with-profits funds:Contract liabilities @@@!;@ %21)Unallocated surplus of with-profits funds ! %2 #Total insurance liabilities !@ %8!@ %8!@ %8!;@ %8F>Core structural borrowings of shareholder-financed operations:Subordinated debt ! %2DmlVp8pjld ~8 (oq-m{ b @ @ @ @ @ @ @ @ @   h      M        B o  o  T h d _  @ @ @ Other @_@!@_@ %2 Total ! %!@_@ %! %!@_@ %NFOperational borrowings attributable to shareholder-financed operations @ @!8@ %25-Borrowings attributable to with-profits funds! %2'Other non-insurance liabilities $@-@`}@!J@ %2 Total!*@ %!q@ %!`}@ %!n@ %Total liabilities%@DDD%6@DDD%@DDD%@DDD$Total equity and liabilities@ DD@ DD@ DD`+@ DD   The sensitivity of the Groups results to investment value movements principally arises in respect of the portfolios of non-linked insurance and non-insurance business.  V NThe non-linked shareholder-backed business of the Group principally comprises:  UK insurance operations 3 +Prudential Retirement Income Limited (PRIL)  The assets covering PRILs liabilities are principally debt securities and other investments that are held to match the expected duration and payment characteristics of the policyholder liabilities. These liabilities are valued for IFRS reporting purposes  Except to the extent of any minor asset/liability duration mismatch and exposure to credit risk, the sensitivity of the Groups results to market risk for movements in the carrying value of PRILs liabilities and covering assets is broadly neutral on a ne  The main market risk sensitivity for PRIL arises from interest rate risk on the debt securities which substantially represent IFRS equity. This equity comprises the net assets held within the long-term fund of the company that cover regulatory basis liabi yqThe principal items affecting the IFRS results for PRIL are mortality experience and assumptions and credit risk.PAC non-profit sub-fund The PAC non-profit sub-fund, excluding its unit-linked business, principally comprises annuity business previously written by Scottish Amicable Life, credit life and other non-participating business.   The financial assets covering the liabilities for those types of business are subject to market risk. However, for the annuity business the same considerations as described above for PRIL apply. Other liabilities of the PAC non-profit sub-fund are broadly ZRJackson (other than variable annuity business segregated in the separate accounts) The IFRS basis results of Jackson are highly sensitive to market risk on the assets covering liabilities for fixed annuity, term, institutional and other variable annuity business not segregated in the separate accounts.  Invested assets covering liabilities for these types of business and related capital comprise principally debt securities classified as available-for-sale. Value movements for these securities are reflected as movements in shareholders equity. Other inve  By contrast, the IFRS insurance liabilities for these types of business of Jackson, by the application of grandfathered GAAP under IFRS 4, are measured on US GAAP bases which, with the exception of certain items covered by the equity hedging programme, ar  These differences in carrying value of debt securities, other invested assets, derivatives and insurance liabilities give rise to potentially significant volatility in the IFRS income statement and shareholders equity.  " Asian insurance operations  For the non-participating business of the Asian insurance operations, the sensitivity of the IFRS basis results to market risk is primarily reflected through the volatility of asset returns coupled with the fact that the accounting carrying value of liabi   In addition to these features the overriding factor that affects IFRS basis results for Asian non-participating business is the return on the assets covering the Taiwan whole of life policies. This factor directly affects the actual return in any given re    Date: 31 July 2008 Schedule 20.5Dllt=Q%%%=%x%%@'' O @!8@"R@# @$t@%R&t't(t)*+,-./0123456789:;<=>?& 2008 Unaudited Interim Results !"IFRS basis results"=#5UK INSURANCE OPERATIONS BALANCE SHEET AT 30 JUNE 2008#$ $ Shareholder-backed $  $TOTAL %%Participating funds% Unit linked% Other Insurance%   % &   & PRIL & Other& Total other&   &  ''# (Sch 20.2)'  (Sch 20.3) '  '" (Sch 20.4)'   '  (   ( m (!m (!m (!m (!m (m( (  )Assets ) ))     * *** 7+/Intangible assets attributable to shareholders:+ + ,,Goodwill,, ,, D,D,%,D,D,D,, , -^- VDeferred acquisition costs and acquired in-force value of long-term business contracts- -b@ -b@- D-D-%-b@.D-D-D-- -  ..3... -l.......b@4..b@4..b@4.. . / / @08Intangible assets attributable to PAC with-profits fund:0 0 1Z1 RIn respect of acquired subsidiaries for venture fund and other investment purposes1 1e@ 12 D1D1%1e@2D1D1D11 1 2#2Deferred acquisition costs 222@ 23 D2D2%22@3D2D2D22 2  3 3h@4333 -l3333333133,33h@-33 3 44Total 44h@E444 LL4E44E44b@E44b@,44Pu@E44 4 5 5 06(Other non-investment and non-cash assets 66V@Py@p@o@!6h@6 %66%6ڱ@1D6D6D66 6 7 7 ?87Investments of long-term business and other operations:8 8 99Investment properties99 @@H@ 9H@9 D9D9%9a@<D9D9D99 9 :9:1Investments accounted for using the equity method:: :: D:D:%:.D:D:D:: : ;;Financial investments:; ;  <<Loans and receivables<l@E@w@ <Pz@< D<D<%<@=D<D<D<< <  =?=7Equity securities and portfolio holdings in unit trusts=@@W@1@ =\@= D=D=%=`Q@>D=D=D== =  >>Debt securities>`@@J@R@ >_@> D>D>%>@?D>D>D>> >  ??Other investments?@@X@]@a@ ?@p@? D?D?%?Щ@@D?D?D?? ? D|lD8[Ql>6k2t22sZ@ABtCDE$FGHIJKLMNOPQRSTUVWXYZ[\]^_$ @@ Deposits @ϱ@@Ї@؊@ @T@@ D@D@%@@@AD@D@D@@ @ AATotal AA@3AAA -Ah@4AA@4AA8@.AA@U@.AAXA6AA A B B !CCash and cash equivalents CC@`@K@h@ Co@C DCDC%C@9DCDCDCC C D D E Total assets E*E@DCDAD6D4*E@ADCDAD6D4*E@ADCDAD6D4*E@EDCDAD6D4 E@A DEDE*E'AADCDAD6D4E E F F GEquity and liabilitiesG G H H IEquityI I *J"Shareholders' equity (schedule 21) JJ4@f@ J@J DJDJ%J@LDJDJDJJ J KMinority interests KKD@ KK DKDK%KD@:DKDKDKK K L Total equity LLD@_LLL -lL_LL4@_LLf@_LL@_LL@_LL L M M N LiabilitiesN N OOGPolicyholder liabilities and unallocated surplus of with-profits funds:O O PPContract liabilitiesPPY@ @@ԕ@ P@P DPDP%P@@QDPDPDPP P Q1Q)Unallocated surplus of with-profits fundsQQB@ QK DQDQ%QB@SDQDQDQQ Q R  R S#STotal insurance liabilitiesSSb@]SSS -lS @]SS@]SSԕ@^SS@^SS@^SS S T T FU>Core structural borrowings of shareholder-financed operations:U U VVSubordinated debtVV VV DVDV%VWDVDVDVV V W WOtherWW WW DWDW%WXDWDWDWW W X XTotalXXXXXX -lXQXXXXXXXXXXXXXX X Y Y NZFOperational borrowings attributable to shareholder-financed operations ZZ@ Z@Z DZDZ%Z@[DZDZDZZ Z 5[-Borrowings attributable to with-profits funds[$[H@%[H@]D[D[D[[ [ '\Other non-insurance liabilities\\{@@$@@ \$@\ D\D\%\1@ZD\D\D\\ \ ] ]Total]]$@^]]] -]@^]]$@^]]@S]]*@S]]@P]] ] ^Total liabilities ^^@@L^^^LLL^@L^^@L^^@L^^@L^^8AJ^^ ^ $_Total equity and liabilities __@C___ LL_@S__@S__@S__@]__'A]__ _ D\l22N2R2B2G2,2z2 `tat@b@ct@d8@e]@f]@gt@ht@it@jt@ k@l@m@n@o(@p @q @r @s d@t @u @v @w @x @y @z @{ @| @} @~ @ @``` aDate: 31 July 2008aa Schedule 20.6b&c2008 Unaudited Interim ResultscdeIFRS basis resultsef=g5US INSURANCE OPERATIONS BALANCE SHEET AT 30 JUNE 2008gg Shareholder-backed g  hh Par Fundsh Var Annuity hOther hTotalh ii (Sch 20.2)i (Sch 20.3)i (Sch 20.4) i j jm jm jm jmj kAssetsk l 7m/Intangible assets attributable to shareholders:m nnGoodwill nn nn DnDn%nVDnDnDnn ^o VDeferred acquisition costs and acquired in-force value of long-term business contracts o o@!o@p %oo8o p!pn %nol!pp %nol!p@v %nol!p@v %nolp q @r8Intangible assets attributable to PAC with-profits fund:r Zs RIn respect of acquired subsidiaries for venture fund and other investment purposes s s ss DsDs%stDsDsDss #tDeferred acquisition costs tt tt DtDt%tuDtDtDtt u!up %stl!uu %stl!uu %stl!uu %stlu vvTotal v v DpDu v DpDu v@ DpDu v@ DpDuv ww 0x(Other non-investment and non-cash assetsxx@!x@o %xxx y ?z7Investments of long-term business and other operations:zzz {Investment properties{{"@!{"@~ %{{8{ |9|1Investments accounted for using the equity method || || D|D|%|sD|D|D|| }Financial investments:} ~Loans and receivables~~@!~@ %~~8~ ?7Equity securities and portfolio holdings in unit trusts1@@!;@ %8 D@l0OD6ldV.U^ kv8v @ @ @ @ @ @ @ @  @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @Debt securities@!@ %8 Other investments  @! @ %8  Deposits ؁@!؁@ %8 Total !v %{!1@v %{!Q@p %{!@x %{  !Cash and cash equivalentsi@!i@ %8   Total assets)DDxDvD)1@DDxDvD)@DDxDvD)@[@DDxDvD  Equity and liabilities  Equity *"Shareholders' equity (schedule 21):@!:@ %8 Minority interests! %8  Total equity! %! %!:@ %!:@ %   Liabilities  OGPolicyholder liabilities and unallocated surplus of with-profits funds: Contract liabilities 1@@!@ %8 1)Unallocated surplus of with-profits funds ! %8    #Total insurance liabilities ! %8!1@ %8!@ %8!@ %8  F>Core structural borrowings of shareholder-financed operations: Subordinated debt ! %8  Other @_@!@_@ %8  Total ! %! %!@_@ %!@_@ %  NFOperational borrowings attributable to shareholder-financed operations  @! @ %8 5-Borrowings attributable to with-profits funds! %8 'Other non-insurance liabilities~ -@!-@ %  Total! %! %!q@ %!q@ % D;lpvj 8(s;o$ dxvr @ @  t@ 3@ t@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @  m@ @ @ t@ t@ t@ t@ @ @Total liabilities%DDD%1@DDD%6@DDD%'@DDD $Total equity and liabilities DD1@ DD@ DD@[@ DD  The following table summarises by rating the debt securities held by US insurance operations using Standard & Poor's (S&P), Moody's and Fitch ratings:        ~  Y@ ~  B@ Carrying valueCarrying value m m S&P - AAA~ >@~ p@S&P - AA+ to AA-~ p@~ @S&P - A+ to A-~ j@~ @S&P - BBB+ to BBB-~ @~ '@ S&P - Other~ @~ d@!&@ %l!@ %l Moody's - Aaa~ 0~@~ (@Moody's - Aa1 to Aa3~ \@~ ]@Moody's - A1 to A3~ E@~ G@Moody's - Baa1 to Baa3~ S@~ S@ Moody's - Other   ~ Z@~ S@!@ %l!8@ %l Fitch~ @t@~ w@ Other~ @~ f@Total debt securities*@DDDD*@DDDDOf the amounts within Other which have not been rated by S&P, Moody's or Fitch, 1,087 million is classified NAIC 1, 1,251 million NAIC 2, and 96 million NAIC 3.Date: 31 July 2008 Schedule 20.7&2008 Unaudited Interim ResultsIFRS basis resultsD l 0>:186:3h5<:>Eh--OD6 @ @ @ @  @ @ @ @ (@ @ @ @ o@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @?7ASIA INSURANCE OPERATIONS BALANCE SHEET AT 30 JUNE 2008 Shareholder-backed    Par Funds Unit linked Other Total  (Sch 20.2) (Sch 20.3) (Sch 20.4)   m m m m Assets  7/Intangible assets attributable to shareholders: Goodwill [@![@ %8 ^ VDeferred acquisition costs and acquired in-force value of long-term business contracts  8@!8@ %8 ! %l! %l!@ %l!@ %l  @8Intangible assets attributable to PAC with-profits fund: Z RIn respect of acquired subsidiaries for venture fund and other investment purposes  ! %8 #Deferred acquisition costs ! %8 ! %l! %l! %l! %l Total   DD  DD @ DD @ DD  0(Other non-investment and non-cash assetse@U@0@!@ %  ?7Investments of long-term business and other operations: Investment properties,@!,@ %8 91Investments accounted for using the equity method ! %8 Financial investments: Loans and receivables@@]@|@!X@ %8 LDEquity securities and portfolio holdings in unit trusts (note 20.7a)ܩ@@v@!@ %8 $Debt securities (note 20.7b)@t@N@!v@ %8 Other investments 6@J@2@!W@ %8  Deposits 2@ n@o@!@ %8 Total !߼@ %!@ %!@ %!@@ %  Held for sale assets ! %8 !Cash and cash equivalents@k@`k@r@!@ %8 DlldV.Uy^ kv8v}vj  @ @  @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @  t@ t@ t@ t@  Total assets.a@DDDDD.@DDDDD.@DDDDD.@DDDDD  Equity and liabilities  Equity *"Shareholders' equity (schedule 21)@!@ %8 Minority interests@!@ %8  Total equity! %! %!@ %!@ %   Liabilities OGPolicyholder liabilities and unallocated surplus of with-profits funds: Contract liabilities /@`@@!@ %8 1)Unallocated surplus of with-profits funds `a@!`a@ %8  #Total insurance liabilities !@ %8!`@ %8!@ %8!@8@ %8  F>Core structural borrowings of shareholder-financed operations: Subordinated debt ! %8  Other ! %8  Total ! %! %! %! %  NFOperational borrowings attributable to shareholder-financed operations ! %8 5-Borrowings attributable to with-profits funds! %8 'Other non-insurance liabilities8@@`}@!j@ %  Total!8@ %!@ %!`}@ %!j@ % Total liabilities%a@DDD%@DDD%@DDD%E@DDD $Total equity and liabilitiesa@ DD@ DD@ DD@x DD  Notes20.7(a)The equity securities and portfolio holdings in unit trusts for shareholder backed Other business are held predominantly by the operations in Taiwan and Vietnam.Dl8(s-o dyv T@ @ t@ t@ t@ t@ t@ t@ t@  @  @  @   @  @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @u20.7(b) The debt securities for shareholder-backed Other business are held predominantly by the operations in Taiwan, Singapore, Japan and Vietnam.       Date: 31 July 2008 Schedule 20.8&2008 Unaudited Interim ResultsIFRS basis results ( Asset management operations  @ 8NON-INSURANCE OPERATIONS - BALANCE SHEET AT 30 JUNE 2008  M&G US Asia  Unallocated Total   (Sch 20.1)  m m m m m Assets  7/Intangible assets attributable to shareholders:Goodwill @0@N@!8@ %#Deferred acquisition costs @!@ %!@ %l!0@ %l!N@ %l! %l!L@ %l0(Other non-investment and non-cash assets j@`@S@P@!@ %H@Investments of long-term business, banking and other operations:Investment properties! %91Investments accounted for using the equity method0@!0@ %Financial investments:Loans and receivablesp@!p@ %?7Equity securities and portfolio holdings in unit trusts*@&@!8@ %Debt securities`@4@!@ %Other investments@a@0@@ m@!x@ % Deposits ]@@(@!`@ %Total !b@# %!5@# %!H@# %! o@# %!ޯ@  %Dg l74,H0X,Ss| Vr8rlnf  @! @" @# @ $ @% @& @' @( @) @* @+ @, @- @. @/ @0 @1 @2 @3 @4 @5 @6 @7 @8 @9 @: @; @< @= @ ? @ Held for sale assets    ! ! % !!Cash and cash equivalents!!!H@<@@Q@Pz@!!0@# %!!"# Total assets #/#@;DDDD D!/#h@DDDD D!/#p@DDDD D!/#@DDDD D!/#@DDDD D!$%Equity and liabilities%&'Equity'*("Shareholders' equity (schedule 21)((@@U@`g@!(y@* %(()Minority interests))K@!)K@( %))* Total equity *!*@1 %()!*@U@= %()!*`g@= %()!*= %()!*`|@= %()+, Liabilities,O-GPolicyholder liabilities and unallocated surplus of with-profits funds:-..Contract liabilities ..!.) %../1/)Unallocated surplus of with-profits funds //!/. %//01#1Total insurance liabilities 1!16 %.08!16 %.08!16 %.08!16 %.08!16 %.0822F3>Core structural borrowings of shareholder-financed operations:34Subordinated debt 44 @!4 @/ %445 5 Other 5 5@!5@4 %556 6Total 6!6< %45!6< %45!6< %45!6¢@< %45!6¢@; %457N8FOperational borrowings attributable to shareholder-financed operations 88@@"@!8*@5 %8859-Borrowings attributable to with-profits funds 99!98 %99':Other non-insurance liabilities:::$@\@P@@!:@9 %:: ;Total ;!;&@: %8:!;\@; %8:!;@Q@; %8:!;N@; %8:!;@< %8:<Total liabilities <%<&@=D1D6D;%<\@*D1D6D;%<@Q@*D1D6D;%<@*D1D6D;%<2@*D1D6D;$=Total equity and liabilities ==@1 D<D*=h@A D<D*=p@1 D<D*=@1 D<D*=@1 D<D*?Other non-insurance operations comprises mainly M&G. In addition, other non-insurance also covers asset management in Asia and US and unallocated corporate activities.BWX|'8 (o-m bsp@@@M&G's balance sheet includes loans comprising bridging loan finance assets and structured finance arrangements managed by Prudential Capital.=&8$> "  ib  dMbP?_*+%&M&d2?'M&d2?(~?) `?M.Microsoft Office Document Imagn/ dXXLetter assets and structured fiwidm" BXX `?M&d2?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} @} J} ` } } ` } } ` }  }   i  ; ; ; ; 8z   @      @@@@@@]@@WDate: 31 July 2008$ Schedule 21 B&X2008 Unaudited Interim ResultsYZIFRS basis resultsX   j30 June;k30 JuneNl 31 December yy j2008; k2007N l2007#<Shareholders' funds summary( )m) DmD Dm :-|~|~+ :Asian operations -|~|~+ : PInsurance operations |~|~+ - Net assets of operations~ rH@ ~~ T@ ~~ @ P Acquired goodwill~ s[@ ~~ [@ ~~ [@ P!W@ % l~!X@ % C~!Xd@ % l--|~+~+PPAsset management|~+~+- Net assets of operations~ r_@~~ Z@~~ [@PAcquired goodwill~ sN@~~ >N@~~ >N@ P!W`g@ %l~!Xe@ %CC~!Xe@ %l------- PP|~+~+` OTotal@. DDp@. DDp @. DDP-|~+~+: US operations-|~+~+P;3Jackson (net of surplus note borrowings) (note 21a)~ |:@~~ +Ф@~~ +@-P|~+~+-<P4Broker-dealer, fund management and Curian operations~ @U@q~ P@q~ @T@PP|~+~+` OTotal!@ %p!V@% %p!@ %11111 UK operations11111@ DU* _Ro2>le:le/ !@"@#$%&@'C@(@)@*+,@,@-R@.C@/R@ 0R@123456789:;<=  : PInsurance operations~ |@ }~ +D@ }~ +P@ ---- "!:5555555----- "- "PM&G"|}+}+#P#Net assets of operation~ #r h@#}~ #q@#}~ #p@$-$Acquired goodwill~ $s@$~~ $@$~~ $@ %PP!%W@' %#$l%~!%X@' %#$%~!%X@@' %#$l&-P|~+~+'G 'OTotal '@ D%D 'p 'b@ D%D 'p 'ȥ@ D%D (P-|~+~+)P-|~+~+*:Other operations*-|~+~++-1+P)Holding company net borrowings (note 21a)~ +8+q~ +8+q~ +x,Shareholders' share of deficit on the Prudential Staff and Scottish Amicable defined benefit pension schemes (net of tax) (schedule 23 - note 23b)~ ,Q,q~ ,;,q~ ,D-POther net liabilities~ -n-q~ -v-q~ -U.` .OTotal!./ %+-.p!./ %+-.p!.8/ %+-l/Total (schedule 22)/*/@%D'DDD./*/@HxD'DDD./*/@D'DDD.0:-|~+~+ 1Note1 2   321aS3:KNet core structural borrowings of shareholder-financed operations comprise:3;30 June3<3=30 June3>3? 31 December 4 ~ 4`@4~ 4\@4~ 4\@ 5   5m5  5m5 5m6 '("7 77:/Holding company cash and short-term investments~ 7'h@7~ 7"(@7~ 7"@8 :'"9 29 *Core structural borrowings - central funds~ 9-¢9 ~ 9 9 ~ 9 ~: &::Holding company net borrowings!:@8: %79:A!:B8= %79:A~ :Bx; '""< -<:%Core structural borrowings - Jackson ~ <'@_<~ <"_<~ <"@_ = s!== %:<V=s!=$= %:<V=s!=$0% %:<@P Dz&-ke2}_&LL~yhh-=&8$>  "  iY$((<(  dMbP?_*+%&i4F?'i4F?(~?)M&d2?M.Microsoft Office Document Imag/ dXXLetteromprise:e defined benefitwidm" ?XX~?\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} ` } `I }  } @ }  }  } ` }   i;     @WDate: 31 July 2008&&&&& Schedule 22&2008 Unaudited Interim Results '("(";)3Summary movement on Group IFRS shareholders' equity"(" )vSchedule Half year* Half year(* Full year vcross ~ `@~ *\@(~ *\@ w reference m m m=+5(Loss) profit before tax attributable to shareholders++,@'Y+~ "x@(~ ,@1 )Tax attributable to shareholders' profits  0@-( ~  @m .~ / v: 2(Loss) profit from continuing operations after tax ! '\  % l ! "Pz@x % l (! 0(@  % - %Discontinued operations (net of tax) ~  ~   n@ .~ / n@$ (Loss) profit for the period ~ '\ ~ "@ (! 0@ %  Less: minority interests ~ - ~   .~ /D+<(Loss) profit attributable to equity holders' of the Company ++!'] % +!"@ % (!,@ % :+2Items recognised directly in shareholders' equity:++'+"(,'1Exchange translation movements ++'+"(, 2Gross ~ '@@~ "5(~ 0&@2 Related tax ~ ',@~ "((~ 0@q iUnrealised valuation movements on securities classified as available-for-sale for US insurance operations  (0!2Gross valuation movements ~ '(~ " r(~ 0nO2GRelated change in amortisation of deferred income and acquisition costs ~ 'n@~ "^@(~ 0V@2 Related tax ~ 'b@~ "M@(~ 0J@?37Other items recognised directly in shareholders' equity ~ '~ ".~ /JBTotal of items of income and expense recognised directly in equity !4m %!5b %6!/W %J7BTotal income and expense for the year attributable to shareholders 77 40v DD7 5@ DD68@ DD'"(0 Dividends ~ 's~ "r(~ 0z%New share capital subscribed ~ ' a@~ "@]@(~ 0f@Other movements ~ '(@~ "5@(~ 0=@++-+ .,,$Net increase in shareholders' equity +!'$ %!"v@$ %(!9@$ %DlKBWu^a}pVC]cqcauh !"#$, % +At beginning of period: ++'+"(,!+As previously published!+~ !'9@!+~ !"p@!(~ !,p@B"+:Effect of the accounting policy change for pension schemes"+8@'`a"+~ ""P"(~ ",P:#72After accounting policy change for pension schemes #77!#4@ %!"#7!#50@ %!"#6!#50@  %!"2$*Shareholders' equity at end of the period $~ $5@ $@  D#D$ $$@# D#D$ $$@# D#D% ad;khh=&8$> "  ,,Y:DRd`nP  dMbP?_*+%l&M&d2?'M&d2?(\.?)M.Microsoft Office Document Imag/ dXXLetterostsr-sale for US insuranwidm" 'XX\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} @} } `} @} } } } } @} } @} } } `} } } } @}      ; ; ; H  8 ) ) ) 8) ) t) ) ),),)t))),,)));)))),))h)WDate: 31 July 2008  Schedule 23&2008 Unaudited Interim ResultsIFRS basis resultsO+}#(Charge) credit to income statementLQQIMJ j bRetirement benefits - summary of financial position of defined benefit schemes (notes 23a and 23b)   8(0Surplus (deficit) in scheme at 1 January 2008 C(;Operating results (based on longer-term investment returns)"(Actuarial gains and losses(Contributions paid7 (/Surplus (deficit) in scheme at 30 June 2008   (( (note 23d)( (note 23e)(( **** +m +m +m +m  +m ,,,,----- . .&PRUDENTIAL STAFF PENSION SCHEME (PSPS) ****//// J BPrevious basis (before accounting policy change on pension scheme) 0000  , PSPS surplus 111$ 2@3D@3`r0D@4s@ ; ,3Less: amount attributable to PAC with-profits fund ,,,$ 2v3A0i@373@k ****56666 ,,,,20000 ,Shareholders' share: ,,,0000 ,!,Pre-tax (deficit) surplus ,,$2`d@3@3V31@3@X@ ,, Related tax ,,$2ױ339@33 ,,,,2/000 777783999  ,Net of shareholders' tax$2@3@3@P3(@3@ ****56666 ,,,22,,22VNEffect of accounting policy change on pension schemes (notes 23c, 23d and 23e) 1,2,,,,  ,,,,,,,PSPS surplus (deficit) ,,222M2`r@2~  2x 2,,,,,;,3Less: amount attributable to PAC with-profits fund ,,22@{@2D@2i2~  2q@ 2,,,,,***** *. ***  2,,,,,,Shareholders' share:,,2222,,  ,,,,,,,!,Pre-tax (deficit) surplus ,22@h222V@2~  2^ ,,,,,,,, Related tax ,22K@2@292~  2A@ 2,,,,,D[ l5* OXXL`PwBeWL|GP )!S)",)#)$,)%])&;)'b)(3))h)*x)+,),)-).x)/x)0 ,)1 )2 )3 ;)4 )5 )6 )7 )8 )9 ): C); )< )= )> 8)? ) ***555555  2,,,,,!,,,2222,, ! ,,,,,,", ",Net of shareholders' tax ",,"2`a2*2@P@"2~ " 2U" 2,,,,,#***55**** # 2,,,,,$,,,222222 $ 2,,,,,9%1After accounting policy change on pension schemes%,,22&:**5+++++ ',1,2(,PSPS surplus (deficit) (,,2$(2Y2222D@2T ( 2;),3Less: amount attributable to PAC with-profits fund ),,2$)2Q@2@2272K@ ) 2******5555 * 2+,Shareholders' share:+,,2;2,,, + ,,,!,,Pre-tax (deficit) surplus ,,2$,2?2&221@29 , ,-,-, Related tax -,2$-2(@2@222@ - 2.***555555 . 2/,,,2,2,,, / ,0, 0,Net of shareholders' tax 0,,$022 22(@2 0 21.***555** 2,,2222-3%OTHER DEFINED BENEFIT PENSION SCHEMES3,,224:**5+++++ 5,1,26, Other schemes 6,,2$62@T2@2b2 @2j ;7,3Less: amount attributable to PAC with-profits fund 7,,2$72;@22J@22R@ 8*****5555 9,Shareholders' share:9,,2;2,,, :,!:,Pre-tax (deficit) surplus :,2$:2K22W2@2a ;,;, Related tax ;,2$;2*@22:@22B@ <***555555 =,,,2,2,,, >, >,Net of shareholders' tax >,,$>2D22P2@2Y ?.***555** D[ l2222Od&Doa&&nCQw:eWd@ )A )B ;)C )D )E )F h)G )H )I C)J ])K )L )M 8)N )%O HP HQ ,HR HS i)T ,)U )V H)W ,)X )Y )Z )[ ,)\ ,)] ,)^ )_ ,)@,,2222A,,2222+B#ALL DEFINED BENEFIT PENSION SCHEMESB,,22C:**5+++++ D,1,2E,All pension schemes E,,2$E2f2.2b2H@2`r ;F,3Less: amount attributable to PAC with-profits fund F,,2$F2X@2@2J@292 `@ G********5 H,Shareholders' share:H,,2;;;;, I,!I,Pre-tax (deficit) surplus I,2$I2@U2&2W27@2d J,J, Related tax J,2$J2r@2@2:@22Q@ K***555555 L,,,2,,,,, M, M,Net of shareholders' tax M,,$M2{2 2P20@2 N ORJJKKKKKK  QSNotes S<23aS The table reflects the financial position of the defined benefit schemes on an 'economic basis'. This is the IAS 19 basis adjusted to include scheme assets invested in Prudential Group insurance policies. At 30 June 2008, M&G Pension Scheme had invested S        T==>= T== U<23bU The principal defined benefit pension scheme is PSPS. In the UK there are two smaller schemes, the Scottish Amicable Pension Scheme and the M&G Pension Scheme, with a combined deficit at 30 June 2008 of 203 million gross of tax. There is also a small schU        V?V The shareholders' share of the aggregate deficit for PSPS and the Scottish Amicable Scheme at 30 June 2008 was 71 million (net of related tax) and is recorded within the Other operations shareholders' funds shown on schedule 21.V        W?W==>= W==X?X The IAS 19 service costs and employer contributions for ongoing service of current employees have been apportioned in the ratio relevant to current activity. Reflecting these two elements, at 30 June 2008, the total share of the deficits on PSPS and the sX        Y?Y==>= Y== Z<23cnZ fThe Company has made a change in its accounting policy on pension schemes as explained in schedule 24.Z         [?[==>= [==\?\)The effect of the change in accounting policy on pension schemes on the Group's interest in the financial position of PSPS at 1 January 2008 is as follows: \==]? ]==^?,,, ^@Derecognition of surplus@^@8Set up obligation for deficit funding until 5 April 2010*^@"Effect of accounting policy change ^==_?*** _Am _Am _Am _==D lAWw:eWd4 4*/**` x)a )b )c ,)d ,)e ,)f ,)g )h ,)i )j ,)k ,)l ;)m )n )o ,)p ,)q ,)r ,)s ])t ])u ])v ])w C)x ])y ,)z ){ )| ])} )~ t) )`?,,,BB,==a?a,Gross asset (liability) a,,a22Y2 a==b?;b*3Less: amount attributable to PAC with-profits fund b**b*v@*Q@5@{@ b==c?,,,22,==d?d,Shareholders' share:d,,,,,== e?,e, Gross of taxe,e2`d2?2@h e== f?*f* Related taxf*f*G@*"@5K@ f==g?,,,,,,== h?, h,Net of shareholders' taxh,h2@]262`a h==i?******==j? j==k?k==>= k==l?l==>= l==l CSchedule 23 continued mD23dm0The components of the (charge) credit to operating profit (gross of allocation of the share attributable to the PAC with-profits fund) are as follows:mEEEEEEEnD n n@PSPSn@ Other schemes n@o?***5 oGm oGm oH=p?p,p2H22=q?*q,"Service cost (current charge only)q2q2*2& q2=r?!r,Finance (expense) income:r2222s?.sI&Interest on pension scheme liabilitiess2s2_23s2t?!tIExpected return on assetst2t2b@23@t2u?uJCurtailment credit u*55u5>@5,@u2v?Pv,HTotal credit (charge) without the effect of the accounting policy changev2v2D@2@v2w?<w*4Effect of accounting policy change on pension scheme w*55w5M5w2x?AxK9Total credit (charge) after the accounting policy change x*55x525@x2y?,,22222z?z The net charge to operating profit (gross of the share attributable to the PAC with-profits fund) of 15 million is made up of a charge of 18 million relating to PSPS and a credit of 3 million for other schemes. z {?#{ This net charge represents:{ |?222 |Hm}?:},2Underlying IAS 19 credit for other pension schemes }222~ }2@~?~,Cash cost for PSPS~2222~ ~2.?L,DUnwind of discount on opening provision for deficit funding for PSPS2222~ 2D4 leBZYf*KQ>(fAfYXzK$fH h) ) ) ,) ,) ) ,) ,) ,) ,) ) ,) ]) ]) R) ]) ,) ,) ) ) ) ) ,) ,) ;) ,) ;) R) ,) ,) ,) ,)?,2222~ L.? ? Consistent with the derecognition of the Companys interest in the underlying IAS 19 surplus of PSPS, the effect of the accounting policy change on operating results based on longer-term investment returns is to replace the usual IAS 19 pension charges an        ?,22222?,22222 <23eMThe components of the credit for actuarial gains and losses (gross of allocation of the share attributable to the PAC with-profits fund) are as follows: ?,H2222?,H2222?,H2, @PSPS@ Other schemes?*G5* Gm Gm?-,%Actual less expected return on assets22q2J?=,5Losses on changes of assumptions for plan liabilities22 2?(* Experience losses on liabilities *5*55U?G,?Total charge without the effect of the accounting policy change ,22`r2b?=*5Effect of accounting policy change on pension schemes ****`r@*?EK=Actuarial gains and losses after the accounting policy change KKKLLb?,,,,,,?,,,,,,? The credit for actuarial gains and losses is recorded within the income statement but, within the supplementary analysis of profit, is excluded from operating profit based on longer-term investment returns.         ? The half year 2008 shareholder actuarial losses for other schemes of 144 million reflect the shortfall of market returns over long term assumptions and the effect of increases in inflation rates which more than offsets the effect of an increase in risk d        ?         N ? Consistent with the derecognition of the Companys interest in the underlying IAS 19 surplus of PSPS, it is also not appropriate to report the actuarial gains and losses.         N ?,,,,,, <23f,{The actuarial assumptions applied in determining the surplus before the accounting change to the UK schemes are as follows:,OOOOOOOO ??P1 January 2008~ QY@ RR ?*** S% S% RR ?) Discount rateTp@T`@?$)Rate of increase in salariesT@T@?)Price inflationTt@Ty@?>)6Rate of increase of pensions in payment for inflation: TTDl$$/ =0[k\yqy / @:9H; ,) ,) ,) t) ,) ) ) ,) ;) ;) ;) ;) ;) ;) ;) ;) ) h) h) ;) h) t) ;) i) ;) ;) ) ) C) X) C) ])?-)% Guaranteed (maximum 5 per cent)Tt@Ty@?/)' Guaranteed (maximum 2.5 per cent)T@T@?* Discretionary **U@U@??9)1The current mortality assumptions are as follows:?V Male:  100 per cent PMA92 with CMIR17 improvements to the valuation date and medium cohort improvements subject to a floor of 1.75 per cent up to the age of 90, decreasing linearly to zero by the age of 120.        ?V Female:  100 per cent PFA92 with CMIR17 improvements to the valuation date and 75 per cent medium cohort improvements subject to a floor of 1.0 per cent up to the age of 90, decreasing linearly to zero by the age of 120.        ?? C? C <23g)The underlying balance sheet of the pension schemes on an economic basis before the change in the accounting policy on pension schemes is as follows: C? C? 30 June 2008   W 31 December 2007   ? XPSPSX Other schemes XTotalX YPSPSY Other schemes BTotal ?** +m +m +m+ Zm Zm Zm?)Equities[@[m@[Ĕ@\\@\p@\@ ? )Bonds[@[`o@[С@\\@\ o@\@ ?) Properties[`@[G@[ @\\@\K@\@ ?*Cash-like investments*]Đ@]@]ܐ@^^0@^@^D@ ?7Total value of assets7_Y@_؀@_t@``@`@`V@ ?,*$Present value of benefit obligations*]]]^^ ^p^ ?!*Pre-tax surplus/(deficit)*]s@]j]k@^^@^@T^{@ ? C? The PSPS has entered into a derivatives based strategy to match the duration and inflation profile of its liabilities. This involved a reallocation from other investments to cash-like investments with an interest and inflation swap overlay. In broad terms        N ? C <23h@)8Sensitivity of PSPS financial position to key variables ? The table below shows the sensitivity of the PSPS liabilities at 30 June 2008 of 4,382 million (31 December 2007: 4,361 million) to changes in discount rates, inflation rates and mortality assumptions.        N ?bbbbbbbbb ?(a) Half year 2008 ccc ccc c?x AssumptioniyChange in assumption i*4d,Impact on scheme liabilities on IAS 19 basis dd?e Discount ratee* "Decrease by 0.2% from 6.2% to 6.0% + #Increase scheme liabilities by 3.5%  ?c Discount ratec* "Increase by 0.2% from 6.2% to 6.4% + #Decrease scheme liabilities by 3.4%  DNlQSM G ]n`]bww{1S&R ) ;) X) ) h) ) !) ,) ,) ,) ,) ,) ,) ,) ,) ,),),),),),),),),),),),),),),),),)?cRate of inflationcX PDecrease by 0.2% from 4.1% to 3.9% with consequent reduction in salary increases + #Decrease scheme liabilities by 1.2%  ?(b) Full year 2007 f ghh?x AssumptionidChange in assumption d*4,Impact on scheme liabilities on IAS 19 basis ?e Discount ratee* "Decrease by 0.2% from 5.9% to 5.7% + #Increase scheme liabilities by 3.5%  ?c Discount ratec* "Increase by 0.2% from 5.9% to 6.1% + #Decrease scheme liabilities by 3.4%  ?cRate of inflationcX PDecrease by 0.2% from 3.3% to 3.1% with consequent reduction in salary increases + #Decrease scheme liabilities by 1.3%  ?iMortality ratesi. &Reduce rates from 100% of table to 95%  *$ Increase liabilities by 1.2%  d????DlH ,),),),),),),),)=&8$>    "  io  dMbP?_*+%&M&d2?'M&d2?(\.?)\.?M.Microsoft Office Document Imagb/ dXXLetterary increases 4,382 millwidm" 2XX\.?\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U}  } / } @ }  }  }  }  }  }  }  } } @ } }   i   , ; ; , , , | | @ @ 8@ @ , b@ u@ @ , ,    @ @ @ h@ @ @ @ @Date: 31 July 2008  Schedule 24&2008 Unaudited Interim ResultsIFRS basis results A9Effect of change in accounting policy for pension schemes    %(a) The reason for the change'$$  - The Group has adopted an accounting policy change for pension schemes in half year 2008. The change effectively applies the interpretation included in IFRIC 14, which gives guidance on assessing the limit in IAS 19 on the amount of surplus in a defined be ( ( ( ( ( ( ( ( ( ( ( ( Faaaaaaaaaaaa  - This accounting policy change has had an effect on the Groups interest in the financial position of the Groups main UK defined benefit pension scheme, the Prudential Staff Pension Scheme (PSPS). The change relates solely to the accounting measurement of ( ( ( ( ( ( ( ( ( ( ( (  - Under the terms of the Trust Deed, the Group has no unconditional right of refund to any surplus in PSPS. Also, the Group has no ability under the guidance in IFRIC 14 to anticipate a reduction in the level of future contributions for ongoing services fro ( ( ( ( ( ( ( ( ( ( ( (  The asset and liabilities of PSPS are unaffected by the impact of the change in accounting policy. PSPS is managed on an economic basis for the longer-term benefit of its current and deferred pensioners and active members. The surplus in PSPS is available ( ( ( ( ( ( ( ( ( ( ( ( &%%%%%%%%%%%% ,$(b) The summary effect of the change     In respect of the position at 30 June 2008, the Group has not recognised the underlying PSPS pension surplus of 315m (265m net of deferred tax), reflecting the difference between the market value of the scheme assets and the discounted value of the liab              h`(c) Effect on the Group's supplementary analysis of profits and movement in shareholders' equity    , Half year 2008 , , , Half year 2007 , ,   , Full year 2007  , , Previous basisEffect of change Revised basisAs previously publishedEffect of change After change  As previously published Effect of change  After change  m m m m m m   m  m  mN! FOperating profit based on longer-term investment returns (schedule 14)! @2@Ȃ@ @  @(Ē@ T" LShort-term fluctuations in investment returns on shareholder-backed business" ~ `~ `~ 8@~ 8@ ~   a ~   a] UShareholders' share of actuarial gains and losses on defined benefit pension schemes  fV@WY@@PC@  V@V  !" (Loss) profit before tax " eR@Y@@Rx@  8@Y@   Tax  @4(o3@@m  w<@ v ! Loss (profit) after tax! dJ@\}@KPz@  @R(@ +" #Profit from discontinued operations"  - -~  n@~  n@ ~   n@ ~   n@@hD?4(]K-$---$H-$ @! @" @# @$ @ % ,& ,' ( ) t@* + , @- @. @/ ]@0 1 @2 3 4 C@5 ]@6 @ 9 : ; @< = > @?  Less Minority interests  ~  ~  ~  ~  ~  ~ $!! Loss (profit) for the period!! !eJ@]!!X@K@! ! @R@ #"" Other movements in reserves"" ~ "x"~ "x"~ "r"~ "r" ~ " Ps" ~ " Ps;#! 3Shareholders equity at the beginning of the period#! #9@`a@##p@P0@# # p@P0@ C$# ;Shareholders equity at the end of the period (schedule 22)$# $@U@$$@]@$ $ 9@`a@ % % U&M(d) Effect on the Group's earnings per share on the 2007 comparative figures &' Half year 2007 ' 'Profit before tax 'Tax'Profit after tax'  Minority interests1' )Profit after tax and minority interests' Earnings per share0((Basic earnings per share (schedule 13.2)(     (m (m (m(  ( m ( m( (pence))Continuing operations ) ) )  n* fOn operating profit, based on longer-term investment returns, after related tax and minority interests*  ' '+  As previously published+ +Ȃ@`ix@+ x@  + 16.3pF, > Effect of accounting policy change for pension schemes, zz,  ?!, - %,,, ,  > :-{2After accounting policy change for pension schemes-{!-@4 %+,!-@i4 %+,!-px@4 %+,!- 4 %+, !- px@4 %+, ~ - 0@e. ]Adjustment from post-tax longer-term investment returns to post-tax actual investment returns.  .8@5@. @$@ / wAdjustment for post-tax effect of shareholders' share of actuarial gains and losses on defined benefit pension schemes:/  ' '  /  '0  As previously published0 0Y@=R@ 0 -0 R@@ F1 > Effect of accounting policy change for pension schemes1 zz1 @P 2@!1 G2 %111  1 -1 Gg :2{2After accounting policy change for pension schemes2{!2C@- %01!2&- %01!2;@, %01!2 - %01 2 ;@[@ 3   !  \4% TOn profit for the period after tax and minority interests for continuing operations 4% % $4"x@6D2D.D-$4"@m6D2D.D-$4"Pz@6D2D.D-$4 "6 D2 D. D- $4 "@z@5D2 D. D- $4 3333331@0xD2 D. D- ]5& UOn profit for the period after tax and minority interests for discontinued operations5& & 5 k@"3@5" n@5 D5D55 ~ 5 5 " n@6 D5~ 5 @'6$ Based on profit for the period 6$ $ $ $ $ 6#h@4 D4D56$j2 D4D56$@2 D4D56 $6 $- D4 D5 6 $@D D4 D5 ~ 6 ,@9 Full year 2007 9 9Profit before tax 9Tax 9Profit after tax9  Minority interests19 )Profit after tax and minority interests9 Earnings per share0:(Basic earnings per share (schedule 13.3):     :m :m :m:  : m : m: (pence);Continuing operations; ;  n< fOn operating profit, based on longer-term investment returns, after related tax and minority interests<  '=  As previously published= =@w@= Љ@h@ F> > Effect of accounting policy change for pension schemes> zz> ( @!> $? %>>> > ! $ :?{2After accounting policy change for pension schemes?{!?Ē@F %=>!?wF %=>!?@F %=>!? 1 %=> !? @F %=> ~ ? @@DcO~$dKw@ @A @B C @D E F ,@G R@H t@ e@ ]Adjustment from post-tax longer-term investment returns to post-tax actual investment returns@  @ a:@@[> D@D@@ ?[ A wAdjustment for post-tax effect of shareholders' share of actuarial gains and losses on defined benefit pension schemes:A ' ' '  A  'B  As previously publishedB BV@9@P@ B -B @P@@p@ FC > Effect of accounting policy change for pension schemesC C V :@!C @PD %CCC  C !-C @P@p :D{2After accounting policy change for pension schemesD{!D? %BC!D?? %BC!D@ %BC D -!D ? %BC ~ D  E   ! % ZF* ROn profit for the year after tax and minority interests for continuing operations F* * + + $F"@HDDD@D?$F" vHDDD@D?$F"(@HDDD@D?~ F "$F "@GDD D@ D? $F <@? DD D@ D? [G& SOn profit for the year after tax and minority interests for discontinued operationsG& &    G"k@"3@G" n@G DGDG~ G G " n@H DG~ G @%H) Based on profit for the year H) ) $ $ $ H$@F DFDGH$tD DFDGH$@D DFDGH ~ H $H $@C DF DG ~ H <@~$Hhh=&8$> "  uY  dMbP?_*+%M.Microsoft Office Document Imag / dXXLetterinued operations on definwidm" MXX??&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} #} @7#} @ #} #} @ #} @#}  #} #}  # u ,            @   @b@o@@@"Date: 31 July 2008" Schedule 25.  &:2008 Unaudited Interim Results: :: AAEEEEEEEE"&Half year 2008I"mHalf year 2007MUFull year 2007( < Funds under management - summary < )bn ) Dbn D Dbn ::IIII2 #*Business Area (as analysed on schedule 26) IIII  # Asian operations~ 2@ ~ @ ~ @# US operations~ @~ 8@~ P@# UK operations ~ @~ p@~ @442#*Internal funds under management (note 26a)!33333sh@ % !h@ % !̜i@ %  @@@@ !#External funds (note 25a)~ f@~ @~ @O@44$4Total funds under management4!o@t %D!gffffp@x %D!fffffp@ % ANote >25aR External funds shown above for half year 2008 of 59.9 billion comprise 67.4 billion in respect of investment operations as published in the new business results (see schedule 31), less 7.5 billion that are classified within internal funds. B XS>wH]Z[&c" ! ! ! @@@@ &hp q r s t h@!p # %pp C!q #p %qq C!r #q %rr C!s #r %ss C!t #s %tt C;d %%%%=&8$> "  ivK  dMbP?_*+%&&?'?)?M.Microsoft Office Document Imag/ dXXLetterrise 67.4 billion in reswidm" AXX??&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} #}  } #} #}  #} `#} @ #} #} #} #} #} #} #} #} #} #} #} #} #} @#} #}  #} #} #} #} @#} #} `#} #}  #} #}  #} #} !!#} ""#} ## #} $$@#} %%` #} &'#} ((#} ) # i**,******* * * * *V *********@ ****@******"Date: 31 July 2008" Schedule 26 #$&:2008 Unaudited Interim Results:C;Internal funds under management - analysis by business areaL$P 777777& R ' $  Investment properties   Equity securities   Debt securities #  Loans and receivables = 5 Other investments  Total !' n 'Half year 2008 l UHalf year 2007 l UFull year 2007 y 'Half year 2008 l UHalf year 2007 l UFull year 2007 y 'Half year 2008 l UHalf year 2007 l UFull year 2007 y 'Half year 2008 l UHalf year 2007 l UFull year 2007 y 'Half year 2008 l UHalf year 2007 l UFull year 2007 y 'Half year 2008 !l "UHalf year 2007 #l $UFull year 2007 %o &o0@o,@'  )bn  D D bn  D Dbn  D )bn  D D bn  D Dbn  D )bn  D D bn  D Dbn  D )bn  D D bn  D Dbn  D )bn  D D bn  D Dbn  D )bn  !D "D bn  #D $Dbn  % &bn 'bn MM  MM MM MM MM$M'!Asian operations~ $@~ $@~ ~ "@ ~  @ ~  @ ~ @~ p@~ @~ ^@~ ?~ [@~ N@~ ?~ D@~  2@!/"/@"DD DDD#/$L2@$DD DDD%&?a@' (=@)=!V===)!US operations ~ $@~ ~ ~ .@ ~  ,@ ~  /@ ~ 2@~ (@~ 3@~ H @~ I`s@~ t@~ @`@~ ?~ ?/ 333333C@ DDDDD!/"33333B@"DD DDD#/$ffffffC@$DD DDD%&`@=.@' (==)!V==)! UK operations~ 0@~ .@~ -@~ F@ ~  N@ ~  @ ~ @~ K@~ @~ H@~ Ia@~  @~ @~ ؓ@~ @/ fffffVa@ DDDDD!/"333333b@"DD DDD#/$yb@$DD DDD%&n@=G@' (==)!V==)70 /Group Total, as shown on schedule 25 (note 26a)- !,@ %!333333.@$ %!-@"x %!R@ % ! 33333T@ %  ! ̌U@ %  !43333T@" %! T@ %!U@ %!ffffff!@ %!@ %!@ %!)@ %!ffffff,@ %!(@ %! 33333sh@ % !!"h@ %""#!$̜i@ %$$%&~ '@ (==)P============jjjj===========& (==) ?NoteP=========================& (==)P=================================& (==) @26a/ As included in the investments section of the consolidated balance sheet at 30 June 2008 except for 0.9 billion investment properties which are held for sale, under development or occupied by the Group and accordingly under IFRS are included in other balJ LLLLL#======  == 6========================)V========================================)2===)V==============================)2==================================)B1XC * G PT`rbCd]d\dlrlh `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hh@=&8$> "   i 5 i q   dMbP?_*+%M.Microsoft Office Document Imag/ dXXLetter====)=une 2008 excwidm" MXX??&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } }  } }  } `}  } } } } ` } } ` } } `}  i,@I@   @"Date: 31 July 2008 $ Schedule 27.1&:2008 Unaudited Interim Results80Foreign currency translation: Rates of exchange1 The profit and loss accounts of foreign subsidiaries are translated at average exchange rates for the period. Assets and liabilities of foreign subsidiaries are translated at closing exchange rates. Foreign currency borrowings that have been used to provi&+ + + + + + + + + + + + + CC: 2The following translation rates have been applied: 7Closing 7 7Average  EClosing E EAverage E EClosing E EAverage 7 Half year 7 7 Half year 7 E Half year E E Half year E E Full year E E Full yearRLocal currency : ((~ )`@)~ )`@)~ D\@D~  D\@ D~  D\@ D~  D\@ Hong Kong~ @@~ @~ #@#~   @~  @@~  h@###   Japan~ A@~ 9@~ #A2@#~  #@~  @~  @###  Malaysia~ @~ @~ @#~  P@~  @~  @###   Singapore~ p@~  q@~ #0s@#~  r@~  q@~  r@###   Taiwan~ @~ @~ #¹@#~  #l@~  8@~  pP@###   USA~ h@~ h@~ # i@#~  #h@~  h@~  @".............. 0 A*<5>$$$.$hh-=&8$>   " @  i W + ?3 3  dMbP?_*+% &~?'Q?(~?)~?M.Microsoft Office Document Imag/ dXXLetter at average exchange ratewidm" :XX `? `?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } @ } `} } @} } }  } } } } } @} @} @ i@@@@@@@ @ J@ Y@ ;@J@J@J@!@@8@J@h@J@h@@]@]@R@8@8@@@"Date: 31 July 2008 ###  6 Schedule 27.2 ##### &:2008 Unaudited Interim Results####  :####  A####  4 4 4 *"Results at constant exchange ratesHalf year 2008 Memorandum  Memorandum#### As published  Half year 2007  Full year 2007 (note 27.2a)  (note 27.2a)  (note 27.2a)<EEV basis results  m    m    m Asian operations   A New business ~ u@ ~ 0r@ ~ @@ Business in force ~  k@ ~ `k@ ~ z@ ALong-term operations ! H@ %   ! @ %   ! $@ %  AFund management~ =@ M~  A@ ~  MR@6 Development expenses6 6 ~  ~   ~  04Total Asian operations !Y@ %  Z! ZЀ@ %   Z! Z@ %   US operations  A New business~  a@ ~  b@ ~  r@Business in force~  k@ ~  i@ ~  u@AJackson ! v@ %  ! u@ %   ! @ %  <A4Broker-dealer, fund management and Curian operations~ @ ~  @ ~  @BTotal US operationsX!Yv@ %D Z! Zu@ % D Z! Z @ % D! Z % D!Z  %D  @ UK operations P New business~  `@ ~  [@ ~  Pq@Business in force~ pw@ Q~  v@ Q~  Q0@PLong-term business!@ %l! |@ % l ! ؊@ % l PM&G~ @b@ Q~  a@ Q~  Qo@BTotal UK operationsXXXXXWW!WP@ %% X! XЂ@- % % X! Xd@ % %  BJXiR*,ytv>lsov Cls$-VsM @!@"@#8@$Z@%@&@'t@ (@)]@*+@,@-@.@/01h2h34@567J8;9:@;8@<8@=8@>? ! " $#Other income and expenditure#~ #b# ~ # `c# ~ # r $ %7 Restructuring costs%7 7 ~ %.% ~ % % ~ % 4\&5 TOperating profit from continuing operations based on longer-term investment returns & ~ &X@& ~ & @& ~ & @@'Shareholders' funds'~ 'L@' ~ ' )@' ~ ' @ ( )A4 4 4 *A*Half year 2008* Memorandum* * Memorandum ++ As published+ + Half year 2007+ + Full year 2007+ ,, (note 27.2a), , (note 27.2a), , (note 27.2a), -<IFRS basis results--Nz?xD m- - Nz-D  m- - Nz- D  m- ".:NOOO /Asian operations/ /0CLong-term operations0~ 0Y@0 ~ 0 T@0 ~ 0 @i@ 01CFund management1~ 1=@1 S~ 1 A@1 ~ 1 R@ 128 Development expenses28 8 ~ 22 ~ 2 2 ~ 2 0 23BTotal Asian operations3X!3^`@= %023 _!3 _[@8 %02 3 _!3 _Pp@8 %02  3 4NRRRR 5 US operations5 56BJackson6~ 6m@6 ~ 6 @k@6 ~ 6 |@ 617B)Broker-dealer, fund management and Curian7~ 7@7 ~ 7 @7 ~ 7 @ 78BTotal US operations8X!8\m@3 %67Y8 ]!8 ] l@= %67 Y8 ]!8 ]|@= %67 Y 8 9 9:@ UK operations :OOOOO ;PUK insurance operations;~ ;Nq@; R~ ; R`o@; R~ ; R@;  <PM&G<~ <N@b@< R~ < a@< ~ < o@< =BTotal UK operations=!=[{@B %;<= != px@B %;< = != p@B %;< = > > ? ?D'l$$$~$uu$$jx~&L}$Is2=o2@A]BI@C@ D@E@F@G @H@I@JKx@LM@N@O@P@Q@R@$@Other income and expenditure@~ @[@ ~ @ _@ ~ @ @p @ARestructuring costsA~ A,A ~ A A ~ A 3 A\B3 TOperating profit from continuing operations based on longer-term investment returns B .B@D8D3D@D=DAB .B @8D8 D3 D@ D= DA B .B @3 D8 D3 D@ D= DA CShareholders' fundsC~ C@C ~ C @C ~ C ·@ D  EDNoteE FE  GF27.2aG2 The "as published" operating profit for half year 2008 and memorandum operating profit for half year 2007 and full year 2007 have been calculated by applying average half year 2008 exchange rates.G HH3 The "as published" shareholders' funds for half year 2008 and memorandum shareholders' funds for half year 2007 and full year 2007 have been calculated by applying closing half year 2008 exchange rates.H I J" K" L" M*3h"u$2$$$$$ h @h=&8$> " @   7 F N P S oT  dMbP?_*+% M.Microsoft Office Document Imag/ dXXLetterandum shareholders' fundswidm" :XX??&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1sch 29sch 30sch 31sch 32sch 33sch 38U} } } `} } @} } } } } } } } @} @ @@@@@@@ @ @ @ @ @J@ ]@ X@ @ @ @ @ ]@  @ @ @ @ @ @ J@  @ @ @"Date: 31 July 2008 ###  6 Schedule 27.3 ##### &:2008 Unaudited Interim Results####  :####  ###  A####4 4 4 /'New business at constant exchange ratesHalf year 2008  Memorandum  Memorandum#### As published  Half year 2007  Full year 2007 (note 27.3a)  (note 27.3a)  (note 27.3a)F <>Annual premium equivalent insurance product sales (note 27.3b)   m  m   m    Asian operations ~ @ ~ @ ~ @ US operations ~ @v@ ~ u@ ~ @@ UK operations ~ z@ ~ v@ ~ @ Total!@D@x % l ! $@ %  ! @ % l  6<.Present value of new business premiums (PVNBP)  Asian operations~ 0@ ~  @ ~  r@ US operations~ @ ~  6@ ~  e@ UK operations~ @ ~  @ ~  ͽ@ Total!u@ %l ! @ %  ! )@ % l  ( Gross investment product inflows  Asian operations~ N@ ~  @ ~  `@ US operations~ ;@ ~  3@ T~  N@ M&G~ C@ ~  _@ ~  @ Total!@@ %l ! @@ %  !  @ % l  4,Total insurance and investment product flows  D liR*&$xtroo$\roo$N$roe$Z w@! C@" @ # @$ @% @& @' @( @) @* @+ o@, @- @. @/ @0@1@2@3@4@5@6@7@8@9@:@;@<@=@>@?@ Insurance ~ W@ ~ ˼@ ~ .@! Investment!~ !@@! ~ ! @@! ~ !  @ "Total"!"@ % !l" ~ " $@" !" @" % ! l # $ % &  'DNotes' (E  )G27.3a)The "as published" results for half year 2008 and memorandum results for half year 2007 and full year 2007 have been calculated by applying average half year 2008 exchange rates.)     * *     +L27.3b+9 The annual premium equivalent sales for insurance products shown above include contributions for contracts that are classified as 'investment contracts' under IFRS 4 as they do not contain significant insurance risk. Additional details on the basis of pr+           D,lkl$$"$3$0<@@A@B@C@D@E@F@G@H@I@J@K@L@M@N@O@P@Q@R@S@T@U@V@W@X@Y@Z@[@\@]@^@_@Dl`@a@b@c@d@e@f@g@h@i@j@k@l@m@n@o@p @q @r @s @t @u @v @w @x @y @z @{ @| @} @~ @ @hDl @@@@@@@x=&8$> $$$$" @  gX lt Β ۨ  dMbP?_*+%&\.?'\.?(\.?)M.Microsoft Office Document Imag / dXXLetterbove include contributionwidm" AXX\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} t}  t} @t}  t} @t} t} t} @t} t} t gx@@R@] ! ! ! ! !hZ!!!!!!!!!!!sDate: 31 July 2008&wwwwwwwwwwwwwwww-? %Schedule 28 - Constant Exchange Rates&@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ s6A .PRUDENTIAL PLC - NEW BUSINESS - HALF YEAR 2008&B B B B B B B B B B B B B B C s3D +TOTAL INSURANCE AND INVESTMENT NEW BUSINESS&@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ sg E UK F F gUS (1a)Bgg f Asia (1a)B G  F   < Total = = >           HY 2008HY 2007+/-(%)HY 2008HY 2007+/-(%)HY 2008 HY 2007 +/-(%) i HY 2008 HY 2007+/-(%) m m m m m  m    m  m  g                 Total Insurance Products$ 2(:@"65 ,&KF?   ls33@  .s  h*@   6 +Total Investment Products Gross Inflows (2)'B u~u G0J<׿ nN P^Cy E@ d  }z9@  fV  642@     ~ Hw@ 65 w;j? ~.1  t9@  ]  _K'1@                   (i: INSURANCE OPERATIONS$; ; ; ; ; ; ; ; ; ; ; ; ; ; (ggfSingleggfRegulargg  fTotal g g! < Annual Equivalents (3)B = = >      HY 2008HY 2007+/-(%)HY 2008HY 2007+/-(%)HY 2008 HY 2007 +/-(%) i HY 2008 HY 2007+/-(%) m m m m m  m    m  mUK Insurance Operationsiiiiiii i i i  iiProduct Summaryiiiiiii i i i  ii"Internal Vesting annuitiesF  {=@ -  -  - F   {=@  " ,d@( Direct and Partnership Annuities]* -  -  -   ]*   /+Intermediated AnnuitiesjF}g'@ -  -  - j  F}g'@  r $I$I,@"Total Individual Annuities$I$I? -  -  -   $I$I?  62 m۶m?iiiiiii i i i  iiEquity Release1R@ -  -  -   1R@  2 m۶mQ@Individual PensionsJqqS@~  -  - J  VUUUUT@   Corporate PensionszC(L(0 0 #V  ɟWY&   V9&Unit Linked Bonds*kځI -  -  - *  kځI  ::DlH[da,T, !!!"!#!$!%!&!'!(!)!*!+!,!-!.!/!0!1!2!3!4!5!6!7!8!9!:!;!<!=!>!?!  With-Profit Bonds  p@ -  -  -    p@  .  ]tEq@  !! Protection! !- *!   ! !  !!""Offshore Products"6"JԮDJL@$"  > " ieL@" " ^ "7G@""##Total Retail Retirement#j& #?3@##,d#' # z]m3@# #  #Ov`/@##$$$i$i$i$i$i$i$i$ i$ i$ i$ $ i$i$$%%Corporate Pensions%%.L@%% @% % C@% % > %! &@%%&&Other Products$&6.6&ON.&b & x!6& & N^ &,d1&&'' DWP Rebates'' {ž'4 '-  '-  '- ' '  {ž'4' ' *6 ';;7''(&(Total Mature Life and Pensions(N(N@$(&&r ( @*9/ @( (  (*J#?(()))i)))i)))i) ) ) ) ) )))** Total Retail*+R%*a1@***-.' *  0@* * : *xX&@**+++i+i+i+i+i+i+i+ i+ i+ i+ + i+i++,,Wholesale Annuities,,k(@ ,-  ,-  ,- , , k(@, , ~ ,,---i---i---i- - - - - ---.. Credit Life.>.J .-  .-  .- .> . J. .  :..///i///i///i/ / / / / ///0%0Total UK Insurance Operations00&&0!t<@0002(:@ 0 0  0u2@00111i1i1i1i1i1i1i1 i1 i1 i1 1 i1i1122Channel Summary22222222 2 2 2 2 22233Direct and Partnership33X=ֿ33sHM03 3 $uٿ3 3 rv 3ܿ3344 Intermediated4jR4(|D@4264ON4 4 pG4D@4 4  4{A@4455 Wholesale55`}~@ 5-  5-  5- 5 5 `}~@5 5 ~"5566 Sub-Total6:/"$6=[y>@6661% 6 ~=@6 6 z 6n۶m۶3@66777i777i777i7 7 7 7 7 77788 DWP Rebates88 {ž'4 8-  8-  8- 8 8  {ž'48 8 *6 8;;788999i9i9i9i9i9i9i9 i9 i9 i9 9 i9i99:%:Total UK Insurance Operations:0&&:!t<@:::2(:@ : :  :u2@::;;;i;i;i;i;i;i;i; i; i; i; ; i;i;;<'<US Insurance Operations (1a)B<<<<<<<< < < < < <<<==Fixed Annuities= =˽]@ =-  =-  =- =  = ˽]@= = v =5rO#,^@==>>Fixed Index Annuities>r>E]t% >-  >-  >- >r > E]t%> > RZ >/袋.">>??Variable Annuities?"?r3 ?-  ?-  ?- ?" ? r3? ?  ?I$I3??Dl@!A!B!C!D!E,F,G!H!I!J!K!L!M!N!O!P!Q!R!S!T!UZVWXYZ[\]^_@ @Life@@@@@.&@886@@>2f @ @ .& @886@@@AASub-Total RetailA")*A;MA.&A886@AN)"+ A ozӛA A Jr AíD+ AAB'BGuaranteed Investment ContractsBB0{q@ B-  B-  B- B B 0{q@B B 6 BNNDr@BBCCGIC - Medium Term NoteCZCgߥwiD C-  C-  C- CZ C gߥwiDC C  CRCCCD%DTotal US Insurance OperationsD5j5D+Db?D.&D886@D"65 D ,&KF?D D ~ Dlu?DDEEiEfEEEfEEEfE E E E E EEEF*FAsian Insurance Operations (1a)BFFFFFFFF F F F F FFFGG China (10)CGVGP@G>ZGE]t?G G wqG0@G G Nb GVUUUU4GGHH Hong KongHjH[{`wR@H:H88F@H H 9P@H H * Hu)YJ@HHII India (6)CIFIjiiii`@IVIE@I I jiiiiiM@I I ^ IFXiF@IIJJ Indonesia$JFJn۶m6W@JV2 J 6P^X@J J b J98W@JJK KJapanKK*@$KV2.f" K qq7@K K rJ KrqK@KKL LKoreaLLyxxxxx:LLB($@L L L  LCy 5@LLMMMalaysia$M:*M'@M M /袋.2@M M  Mm۶m&@MMNN SingaporeNRFN2NN>>(@N N L.N N  NHTnNNOOTaiwanO O W@ORFO>EOZR O sHM0?O O b Oy 5BOOPP Other (4)CP*>P@PvZPE]t?@P P Y7"@P P zbfPPQ(Q Total Asian Insurance OperationsQ6 Qz=9@Q Q'!(@Q Q ls33@Q Q ^  QD)h+@QQRRRRRRRRRR R R R R RRRSSSiSiSiSiSiSiSiS iS iS iS S iSiSSTT Group TotalTv~hT@^^+@T  Tse4#@T.s T h*@T T & Tkz'@TTUUUUUUUUUU U U U U UUU(VDl,`abcdefx=&8$> "  u! d  dMbP?_*+%&\.?'\.?(\.?)M.Microsoft Office Document Imag/ dXXLetterbove include contributionwidm" ?XX\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 30sch 31sch 32sch 33sch 38U} } #} @}  } @} } } @} }  uyyyhy ! ! ! ! !h!!!!!!!!!!!!!Date: 31 July 2008&+L #Schedule 29 - Actual Exchange Rates&@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ 6M .PRUDENTIAL PLC - NEW BUSINESS - HALF YEAR 2008&B B B B B B B B B B B B B B C 3N +TOTAL INSURANCE AND INVESTMENT NEW BUSINESS&@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ {c O UK P P cGUS (1b)Acc b Asia (1b)A Q  P   I Total J J K dNNNNNNN N N N  NNdNNNNNNN N N N  NNdNHY 2008NHY 2007N+/-(%)NHY 2008NHY 2007N+/-(%)NHY 2008 NHY 2007 N+/-(%) h HY 2008 NHY 2007N+/-(%) Nm NmN Nm NmN Nm  Nm N N  m  NmN { c G G G G G G G G G G ~ G G    dTotal Insurance Products$ F2E(P:@F"6E5 Pu)? FE  PsH9@ [ E^r  Pmq~G,@ \  6 d+Total Investment Products Gross Inflows (2)'A FuE~u PG0J<׿ FnEN PP^Cy E@ FdE  P`F>@ [ fEƆ  Pm6yf5@ \   d ~ Hw@ 65 O9ם? ~%   J\>@ ^ ]"  n@OB3@ _                  hH INSURANCE OPERATIONS$; ; ; ; ; ; ; ; ; ; ; ; ; ; {ccbSingleccbRegularcc  bTotal c c! I Annual Equivalents (3)A J J K dNNNNNNN N N N  NNdNHY 2008NHY 2007N+/-(%)NHY 2008NHY 2007N+/-(%)NHY 2008 NHY 2007 N+/-(%) h HY 2008 NHY 2007N+/-(%) m m m m m  m    m  mdUK Insurance Operationshhhhhhh h h h  hhdProduct Summaryhhhhhhh h h h  hh"eInternal Vesting annuitiesFF E P{=@ -  -  P- FF E  P{=@ Y "E P,d@Z(e Direct and Partnership AnnuitiesFEP]* -  -  P- FE  P]* Y E P/+ZeIntermediated AnnuitiesFEjPF}g'@ -  -  P- FEj  PF}g'@ Y Er P$I$I,@Z"dTotal Individual Annuities$I$I? -  -  -   $I$I? ^ 62 m۶m?_dhhhiihh h h h  hheEquity ReleaseFEP1R@ -  -  P- FE  P1R@ Y 2E Pm۶mQ@ZeIndividual PensionsFEJPqqS@~ F -  P- FEJ  PVUUUUT@ Y E PZeCorporate PensionsFzEPC(L(FEP0 0 #FEV  PɟWY& Y E PV9&ZeUnit Linked BondsFE*PkځI -  -  P- FE*  PkځI Y E:P:ZeWith-Profit BondsFEPp@ -  -  P- FE  Pp@ Y E. P]tEq@Ze ProtectionFE P- * PFE P  Y E PZDlHYdaT !!!"!#!$!%!&!'!(!)!*!+!,!-!.!/!0!1!2!3!4!5!6!7!8!9!:!;!<!=!>!?!  eOffshore Products FE6 PJԮDJL@$ F E PFE>  PieL@ Y E^  P7G@ Z !!dTotal Retail Retirement!Dj&C !`?3@!DC!`,d!D'C ! `z]m3@! ! C !`Ov`/@!!""d"h"h"h"h"h"h"h" h" h" h" " h"h""##eCorporate Pensions#FE#P.L@#FE#P @#FE # PC@# Y# >E #P! &@#Z#$$eOther Products$$F6EPF.E6$PON.$FbE $ Px!6$ Y$ NE^ $P,d1$Z$%%e DWP Rebates%FE%P {ž'4 %-  %-  %P- %FE % P {ž'4% Y% *E6 %P;;7%Z%&&&dTotal Mature Life and Pensions&DCN&`N@$&D&C&`DCr & `@*9/ @& & C &`*J#?&&''d'h'Y'Y'h'Y'Y'h' Y' Y' Y' ' Y'Y'Z'((d Total Retail(D+CR%(`a1@(DC(`(D-C.' ( ` 0@( ( :C (`xX&@(())d)h)h)h)h)h)h)h) h) h) h) ) h)h))**eWholesale Annuities*FE*Pk(@ *-  *-  *P- *FE * Pk(@* Y* ~EP *Z*++e+h+Y+Y+h+Y+Y+h+ Y+ Y+ Y+ + Y+Y+Z+,,e Credit Life,FE>,PJ ,-  ,-  ,P- ,FE> , PJ, Y, E P:,Z,--e-h-Y-Y-h-Y-Y-h- Y- Y- Y- - Y-Y-Z-.%.dTotal UK Insurance Operations.D0C&&.`!t<@.DC.`.D2C(`:@ . . C .`u2@..//d/h/h/h/h/h/h/h/ h/ h/ h/ / h/h//00dChannel Summary0d0d0d0d0d0d0d0 d0 d0 d0 0 d0d0011eDirect and Partnership1FE1PX=ֿ1FE1PsHM01FE 1 P$uٿ1 Y1 rEv 1Pܿ1Z122e Intermediated2FjER2P(|D@2F2E62PON2FE 2 PpG4D@2 Y2 E 2P{A@2Z233e Wholesale3FE3P`}~@ 3-  3-  3P- 3FE 3 P`}~@3 Y3 ~EP"3Z344d Sub-Total4:/"$4=[y>@4441% 4 ~=@4 ^4 z 4n۶m۶3@4_455d5h5Y5Y5h5Y5Y5h5 Y5 Y5 Y5 5 Y5Y5Z566e DWP Rebates6FE6P {ž'4 6-  6-  6P- 6FE 6 P {ž'46 Y6 *E6 6P;;76Z677d7h7h7h7h7h7h7h7 h7 h7 h7 7 h7h778%8dTotal UK Insurance Operations8D0C&&8`!t<@8DC8`8D2C(`:@ 8 8 C 8`u2@8899d9h9h9h9h9h9h9h9 h9 h9 h9 9 h9h99:':dUS Insurance Operations (1b)A:d:d:d:d:d:d:d: d: d: d: : d:d::;;eFixed Annuities;F E;Pǿ]@ ;-  ;-  ;P- ;F E ; Pǿ]@; Y; Ev ;P5rO#,^@;Z;<<eFixed Index Annuities<FEr<PE]t% <-  <-  <P- <FEr < PE]t%< Y< REZ <P/袋."<Z<==eVariable Annuities=FE#=P&QS3 =-  =-  =P- =FE# = P&QS3= Y= E =PI$I3=Z=> >eLife>FE>P@@>F.E&>P886@>F>E2Pf > Y> .E& >P886@>Z>??dSub-Total Retail?")+?'D"?.&?886@?N):+ ? D? T? Jv ? #??D3l@!A!B!C!D!E!F!G!H!I!J!K!L!M!N!O!P!Q!R!S!TUVWXYZ[\]^_@'@eGuaranteed Investment Contracts@FE@P0{q@ @-  @-  @P- @FE @ P0{q@@ Y@ E6 @PNNDr@@Z@AAeGIC - Medium Term NoteAFE^AP)LwD A-  A-  AP- AFE^ A P)LwDA YA E AP%^DAZAB%BdTotal US Insurance OperationsBD5C5B`uy)?BD.C&B`886@BD"6C5 B `u)?B ]B C B`/袋.?BBCChCbCTCTCbCTCTCbC TC TC TC C TCTCCD*DdAsian Insurance Operations (1b)ADdDdDdDdDdDdDdD dD dD dD D dDdDDEEe China (10)@EFENEPP^Cy U@$EF>ERPFE E PH4H4<@E YE NEZ EPE]tE+EZEFFe Hong KongFFjEFP[{`wR@FF:EFP88F@FFE F P9P@F YF E* FPu)YJ@FZFGGe India (6)@$GFEBPZFEFGP)OI@GFE G PW?P@G YG EN GP FSI@GZGHHe IndonesiaHFEHP$I$IW@HFFEHP}A_V@HFVE: H PAV@H YH bE HPU@HZHI IeJapanIFEIPON>@IFVE.IP袋.V@IFfE I P((D@I YI rEBP.IZIJ JeKoreaJFE"JP88>JFEJP/4@JFE J Pg`"J YJ EPJZJKKeMalaysiaKF:E&KPrqK@$KFEPOFE K PծDJ:@K YK E KP/袋.2@KZKLLe SingaporeLFRELP#LFEzLPUUUUUU7@LFEB L PaaL YL E LP :@LZLMMeTaiwanMF EMPfYeYZ@MFRE"MPCMFZE M PF̗&@M YM E: MP6?MZMNNe Other (4)@NF*E6NP;;7NFvEVNP0 0 C@NFE N Pjiiiii-@N YN zEZ NP/袋.B@NZNO(Od Total Asian Insurance OperationsOD6CB O`"@@OD CvO`aEqP.@ODC O `sH9@O O ^ C O`fr1@OOPPdPGP^P^PGP^P^PGP ^P ^P ^P ~P ^P^P_PQQdQhQhQhQhQhQhQhQ hQ hQ hQ Q hQhQQRRd Group TotalRDvCgR`]qA-@RD Cv R`r{(@RDC^r R `mq~G,@R R C R`6 8**@RRSSSSSSSSSS S S S S SSS(TD l,`abcdefghijklmnopqrst.=&8$> "   3 q %3 iG \ _  dMbP?_*+%&M&d2?'M&d2?(\.?)M.Microsoft Office Document Imag/ dXXLetterbove include contributionwidm" .XX\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 31sch 32sch 33sch 38U} } } @)} @} } @} } @}  } } @} }  yyyyzzzz z z z bz zzzzzzzzzzzzzzzz8z8z8zDate: 31 July 2008"-L %Schedule 30 - Constant Exchange Rates"@ @ @ @ @ @ @ @ @ @ @ @ @ 6M .PRUDENTIAL PLC - NEW BUSINESS - HALF YEAR 2008"B B B B B B B B B B B B C N INVESTMENT OPERATIONS"@ @ @ @ @ @ @ @ @ @ @ @ @ {cc|R S T P ^ } ~ ~ ~     U V L W    Opening Closing Variance     Gross InflowsU RedemptionsV L Net InflowsW     FUM  FUM  %  ~ X bW   m U mV  L mW     m  m      M&G Y V Z W            Retail  C[  \ ~ ]  @     \ NN  NC       Institutional (5) h  2[ J \ ~ ] R @        k@      Total M&G  u^  _ ~ ` & a     V  '  l J?        U  V  L  W              Asia (9)i   Y  V  Z  W             India F [ \ ~ ] @     f  |_q7    Taiwan [ \ ~ ] @       n6     Korea [ \ ~ ] *@    6) $  M`$     Japan [ \ ~ ] &@    G 7  i5   , !Other Mutual Fund Operations (11)h [ 6\ ~ ] @    ( ~&  vC( % Total Asian Equity/Bond/Other 8^ _ ~ ` a    ~ V  ^EC-  U V L W           MMF Y V Z W           India [  \ ~ ] @    J b  h9@    Taiwan f[ B\ ~ ] @    ^  %F@     Korea r[ \ ~ ] @       fMYS֔)@   % Other Mutual Fund Operations  [ \ ~ ] :@     R  !o?@  Total Asian MMF v(^ _ ~ `  a    ) 5  &9\<@  b _ c a           d \ N @         & Total Asia Retail Mutual Funds ra^ v_ ~ ` a      3?r    e f g h             * "Third Party Institutional Mandates ~[ J\ ~ ] @    & &  qx;  DZlDW`G z!z"z#z$z%z&z'z(z)z*z+z,z-z.z/z0z1z2z3z4z5z6z7z8z9z:z;z<z=z>z?z       d  \  N  @          ! ! !! !i !j !k !l ! ! !  !  !  !  !" " )" !Total Asian Investment Operations" d^ "_ ~ "` "a " " " 6   " Wb!" "# # ## #e #f #g #h # # #  #  #  #  #$ $  $ US$ $d $\ $N $@ $ $ $ $ $ $  $% % % Retail% n[ %\ ~ %] 2%@ % % % % tE]t)@%  %& & & Total US& n^ &_ ~ &` 2&a & & & & tE]t)@& &' ' '' 'e 'f 'g 'h ' ' '  '  '  '  '( ( (( (i (j (k (l ( ( (  (  (  (  () ) !) Total Investment Products) f^ e)_ ~ )` ?)a ) ) ) f.  ) 6) )* * * * *b *_ *c *a * * * * * *  *+ + + + +U +V +L +W + + , , , , ,U ,V ,L ,W , , - - - - Gross Inflows-U Redemptions-V -L Net Inflows-W - - . ~ .X ^.@  . m .U m.V  .L m.W . . / /  / M&G/ /Y /V /Z /W / / 0 0 0 Retail0 *F[ 0\ ~ 0] >0@ 00 1 1 1 Institutional (5) h1 V/[ 1\ ~ 1] b1@ 11 222 Total M&G2 ~u^ "2_ ~ 2` 42a 22 3333 3U 3V 3L 3W 3 3 4 4 4 Asia (9)i4 4Y 4V 4Z 4W 4 4 5 5  5 India5 : [ f5\ ~ 5] 5@ 55 6 6 6 Taiwan6 j[ 6\ ~ 6] 26@ 66 7 7  7 Korea7 [ 7\ ~ 7] 7@ 77 8 8  8 Japan8 "[ 8\ ~ 8] *8@ 88 9 9 ,9 !Other Mutual Fund Operations (11)h9 [ 9\ ~ 9] 9@ 99 : : $: Total Asia Equity/Bond/Other: VQ^ J:_ ~ :` :a : : ; ; ;; ;d ;\ ;N ;@ ; ; < <  < MMF< <Y <V <Z <W < < = =  = India= Ω[ \=\ ~ =] =@ == > > > Taiwan> J [ N>\ ~ >] >@ >> ? ?  ? Korea? ^[ ?\ ~ ?] ^?@ ?? Dll~~~~@zAzBzCzDzEzFzGzHzIzJzKzLzMzNzOzPzQzRzSzTzUzVzWzXzYzZz[z\z]z^z_z@ @ %@ Other Mutual Fund Operations @ [ 2@\ ~ @] @@ @@ A A A Total Asian MMFA ^ N<A_ ~ A` ^Aa A A B B BB Bd B\ BN B@ B B C C C C Cd C\ CN C@ CC D D &D Total Asia Retail Mutual FundsD f^ D_ ~ D` Da D D E E EE Ed E\ EN E@ E E F F *F "Third Party Institutional MandatesF *[ F\ ~ F] F@ FF G G G G Gd G\ GN G@ GG H H HH Hd H\ HN H@ H H I I )I !Total Asian Investment OperationsI ^ :I_ ~ I` Ia I I J J JJ Jd J\ JN J@ J J K K  K USK Kd K\ KN K@ K K L L L RetailL N[ L\ ~ L] JL@ L L M M M Total USM N^ M_ ~ M` JMa M M N N NN Nd N\ NN N@ N N O O OO Od O\ ON O@ O O P P !P Total Investment ProductsP V^ VP_ ~ P` PPa P P Q Q Q Q Qb Q_ Qc Qa Q Q R R R R RU RV RL RW R R S S S S SU SV SL SW S S T T T T Gross InflowsTU RedemptionsTV TL Net InflowsTW T T U &UZ 2008 Movement Relative to 2007UW  U % UU %UV  UL %UW U U V V  V M&GV VY VV VZ VW V V W W W RetailW Q Wm {t8W\ Wn Z7@]\ ]n YBM]@ ]] ^ ^  ^ Korea^ 3q{F^m J|$J@^\ ^n )!@^@ ^^ _ _  _ Japan_ iFB_m {B@_\ _n h-*|B_@ __ Dl~~~~~~~~~~~~`zazbzczdzezfzgzhzizjzkzlzmznzozpzqzrxzsztzuzvzwzxzyzzz{z|z}z~zz` ` ,` !Other Mutual Fund Operations (11)h` {!@`m N ς'@`\ `n "AMU@`@ `` aa$a Total Asia Equity/Bond/Othera u)=ao `“0?@a_ ap Yv:aa aa bbbb bU bV bL bW b b c c  c MMFc cY cV cZ cW c c d d  d Indiad Y"G@dm pv_Id\ dn ]AL &Cd@ dd e e e Taiwane .\@em t+Qe\ ~ en e@ ee f f  f Koreaf &h$&fm 98#4@f\ fn ^ڕp@f@ ff g g %g Other Mutual Fund Operations g ۶m۶MR@gm {aTg\ ~ gn g@ gg hhh Total Asian MMFh z'V[G@ho ςFh_ hp n0E>R@ha hh iiii iU iV iL iW i i j j j j jd j\ jN j@ jj k k 'k Total Asian Retail Mutual Fundsk JAd8@ko 8;k_ kp +oka k k l l ll le lf lg lh l l m m mm md m\ mN m@ m m n n *n "Third Party Institutional Mandates~ n J!nm ,n\ nn ;n@ n n o o oo od o\ oN o@ o o p p pp pi pj pk pl p p q q )q !Total Asian Investment Operationsq }z9@qo p=q_ qp Kgcqa q q r r rr re rf rg rh r r s s  s USs si sj sk sl s s t t t Retailt P^Cy E@~ to "t_ tp @ta t t u u u Total USu P^Cy E@~ uo "u_ up @ua u u v v vv ve vf vg vh v v w w ww wi wj wk wl w w x x !x Total Investment Productsx 642@xo Ӳ<x_ xp Vgm4xa x x y y y y yb y_ yc ya y y $z{ {q {r { { {s {t {u {v {  {  2008 Q2{  2007 Q2{  { {| |Z US (7)i|W | | |U |V |w |x |  | YTD | YTD| +/- (%)| |} }Z }W } } }U }V }w }x }  } m } m} } }~ ~Z Curian Capital~W ~ ~ ~Y ~V ~| ~x ~ ~ ~ ~ ~ ~ +Y #External Funds Under Administration\  d \ } ~      @,@ D l~~~~~~~~~~~(zzzzzzzzzzzzzzzzzzzzzzzzzz k y   i j z {           $8(=&8$> "   ~d | ʕ v  dMbP?_*+%&\.?'\.?(\.?)M.Microsoft Office Document Imag/ dXXLetterbove include contributionwidm" <XX\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 32sch 33sch 38U} } }  } }  } `} } } } } }  yyyy     qDate: 31 July 2008"+L #Schedule 31 - Actual Exchange Rates"@ @ @ @ @ @ @ @ @ @ @ @ @ 6M .PRUDENTIAL PLC - NEW BUSINESS - HALF YEAR 2008"B B B B B B B B B B B B C N INVESTMENT OPERATIONS"@ @ @ @ @ @ @ @ @ @ @ @ @  Market &  Net   XXOpeningW Other Currency WMovement W Closing XX FUM Gross Inflows RedemptionsW Net Inflows Movements  Movements WIn FUM W  FUM ~  b  m m m Wm m  m  Wm W  m X XM&GX  X X     Retail~ \ * C   ~ NN     Institutional (5) D~  *  2JR  ~      X Total M&G~ V  * u &z  ~ '          W   W W     X XAsia (9)4     X   X X    India~ "*F   ~  f Taiwan~ *   ~    Korea~  .* *.  ~  $  Japan~ fC* &:  ~  7 ,!Other Mutual Fund Operations (11)D~ '* 6"  ~  ~& %XTotal Asian Equity/Bond/Other~ *8r  ~  V W  W W  X XMMFX  X X   India~ "* FB  ~  b Taiwan~  *fB~  ~  ^  Korea~ *r^  ~   %Other Mutual Fund Operations ~ *:*b  ~  R XTotal Asian MMF~ r+*v( F2  ~  5           &XTotal Asia Retail Mutual Funds~ V*rav  ~             DQlDU`G !"#$%&'()*+,-./0123456789:;<=>?  * "Third Party Institutional Mandates~ r * ~J  ~ &   !!X!X!!!!!X!! ! X! X! ! !"""""""""" " " " " "##)#X!Total Asian Investment Operations~ ##*#dV # ~ # # #$$$$$$$$$$ $ $ $ $ $%% %XUS%%%%%%% % % % % %&&&Retail~ &&*&n2 & ~ & & &'''XTotal US~ ''*'n2 ' ~ ' ' '(((((((((( ( ( ( ( ()))))))))) ) ) ) ) )**!*XTotal Investment Products~ *0***fe?~ * ~ * * *++++++++++ + + + + +,,X,X,,,,,W,, Market & , Net, W, , ,--X-X-Opening----W -Other- Currency- WMovement- W- Closing- -..X.X .FUM.. Gross Inflows. Redemptions.W Net Inflows. Movements.  Movements. WIn FUM. W . FUM. ./~ / ^/  /m/ /m /m /Wm /m / m / Wm/ W / m/ /00X 0XM&G00000X00 0 X0 X0 0 0111Retail~ 1+1*1*F>:+ 1 ~ 1 V1 1222Institutional (5) D~ 22*2V/bjzB 2 ~ 2 2 2333X Total M&G~ 3J3*3~u"4jvz9 3 ~ 3 3 344444444W44 4 W4 W4 4 455X5XAsia (9)455555X55 5 X5 X5 5 566 6India~ 6*6*6 ^ 6 ~ 6 6 6777Taiwan~ 7&7*7^f^ 7 ~ 7 B7 788 8Korea~ 8".8*8V6 8 ~ 8 48 899 9Japan~ 9,9*9F&b 9 ~ 9 29 9::,:!Other Mutual Fund Operations (11)D~ ::*: . : ~ : : :;;$;XTotal Asia Equity/Bond/Other~ ;^;*;N. J ; ~ ; ; ;<<<<<<<<<< < < < < <==X =XMMF=====X== = X= X= = =>> >India~ > >*>fcV6f > ~ > > >???Taiwan~ ?N?*? n ? ~ ? ? ?Dl@ABCDEFGqHIJxKLMNOPQRSTUVWXYZ[\]^_@@ @Korea~ @ @*@bR @ ~ @ @ @AA%AOther Mutual Fund Operations ~ AA*ArR A ~ A A ABBBXTotal Asian MMF~ BB*BBC> B ~ B "B BCCCCCCCCCC C C C C CDDDDDDDDDD D D D D DEE&EXTotal Asia Retail Mutual Funds~ EVE*EV *F b# E ~ E E EFFFFFFFFFF F F F F FGGGGGGGGGG G G G G GHH*HX"Third Party Institutional Mandates~ H" H*H*. H ~ H H HIIXIXIIIIIXII I XI XI I IJJJJJJJJJJ J J J J JKK)KX!Total Asian Investment Operations~ KvK*Kr ^$ K ~ K K KLLLLLLLLLL L L L L LMM MXUSMMMMMMM M M M M MNNNRetail~ NN*NNJJ N ~ N JN NOOOXTotal US~ OO*ONJJ O ~ O JO OPPPPPPPPPP P P P P PQQQQQQQQQQ Q Q Q Q QRR!RXTotal Investment Products~ R}R*RƆN^^ R ~ R R RSSSSSSSSSS S S S S STTXTXTTTTTWTT Market & T NetT WT T TUUXUXUOpeningUUUUW UOtherU CurrencyU WMovementU WU ClosingU UVVXVX VFUMVV Gross InflowsV RedemptionsVW Net InflowsV MovementsV  MovementsV WIn FUMV W V FUMV VW&W 2008 Movement Relative to 2007W  W%W W% W% WW% W% W % W W%W W W %W WXXX XXM&GXXXXXXXX X XX XX X XYYYRetailY#p?e0@YYQ Y{t8Y Z7&+@Z Z[[[X Total M&G[ m "+@[[ G0J<׿[ ?7v5[ 9;~ [ [ Z>~[ D]>U[ [ X}K@[ [\\\\\\\\W\\ \ W\ W\ \ \]]X]XAsia (9)4]]]]]X]] ] X] X] ] ]^^ ^India^' {R@^~ ^^ΎZ5 ^ La^, b^ XBy^ ~gq^ ^ ]0N^ ^___Taiwan_Q6)J@__wJWC_.-:@_ Kh/=L _- _ 2)t_ }Y_ _ 9s_ _Ddl`abcdefghijklmnxopqxrstxuvwxxyz{x|}~`` `Korea`B)ʿ``)z?OH`(vb'vK@` kWv%j`d` =3s` (:ݭzm` ` j X=` `aa aJapana/袋J@aax<;ap<@~ b W@b۶m۶m5@b 'ޏyb !c_b b #pD@b bcc$cXTotal Asia Equity/Bond/Otherc tE@cc QQ;c aš =@c sW5N95c ̵s@~c jc nwic c `zHac cddddddddWdd d Wd Wd d deeX eXMMFeeeeeXee e Xe Xe e eff fIndiaf~GX@ffqrꢺJ@ft&Lf rqAfy)<_[@f mjSTff @f ~ f LM@f fgggTaiwang*~{A@gg[<œ`@gۤTg ;;i@ g- g ]tEw@g )Y7b@g g 5eMY`@g ghh hKoreah|7.5hh/h8@h E]to@h0 0 h h B![@h h iJ&h hii%iOther Mutual Fund Operations i5P^V@ii(vb'vU@i88NX~ i a i- ~ i b i MozV@i i =Wl|V@i ijjjXTotal Asian MMFj DxF@jj jڹJ@j {Ij T@~ j [j &cj [b@j j s3R1L@j jkkkkkkkkWkk k Wk Wk k kllllllllll l l l l lmm'mXTotal Asian Retail Mutual Fundsm DOE@mm =@m N0@m -Jv@m ?:ֆZm V}o=m <hdm m 5k!@m mnnnnnnnnnn n n n n noooooooooo o o o o opp*pX"Third Party Institutional Mandatesp۶m۶m@@p~ pJ!p.p r p- p UUUUUvp AAĀp p Hvp pqqqqqqqqqq q q q q qrrrrrrrrrr r r r r rss)sX!Total Asian Investment Operationss EuD@ss `F>@s .: As ^0NAs ?:ֆZs t3hl~s j\lfes s :mW@s stttttttttt t t t t tuu uXUSuuuuuuu u u u u uvvvRetail v - vv P^Cy E@~ v "v @ v -  v - v 88Nv v 88n@v vwwwXTotal US w - ww P^Cy E@~ w "w @ w -  w - w 88Nw w 88n@w wxxxxxxxxxx x x x x xyyyyyyyyyy y y y y yzz!zXTotal Investment Productsz \Ǐ- 4@zz m6yf5@z T9?z qZ#2z 3EQz րz L7}^z z */@z z{{{{{{{{{{ { { { { {$|}} } }}}}}}} 2008 Q2} 2007 Q2} } } }~ ~ US~ ~~~~~W~ ~ WYTD ~ WYTD~ W~ +/- (%)~ ~  W  Wm  Wm W  Dl( Curian Capital X X X X  + #External Funds Under Administration  z  W 6 M.@        $&@(=&8$> "   N D = SF M N  dMbP?_*+%&\.?'\.?(\.?)M.Microsoft Office Document Imag/ dXXLetterbove include contributionwidm" =XX\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 33sch 38U} } @} @} } @} } } }  @} } } @} } `} } @} }  } } } } @} }  yyyy     Date: 31 July 20086+L #Schedule 32 - Actual Exchange Rates6@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ LM DPRUDENTIAL PLC - NEW BUSINESS - QUARTER 2 2008 VERSUS QUARTER 2 20076B B B B B B B B B B B B B B B B B B B B B B C N INSURANCE OPERATIONS6W W W W W W W W W W W W W W W W W W W W W W W {Q P P cO Single P P c c O Regular P  c c O TotalP ccI Annual EquivalentsJ J J J K   NQ2 2008 Q2 2007 ; ; N+/-(%) NQ2 2008 Q2 2007 ;  N+/-(%) NQ2 2008 Q2 2007; N+/-(%)hQ2 2008 Q2 2007 ; ; N+/-(%)   m  m    m  m    m  m  m  m   UK Insurance Operations  hH  h h H   h hH  hhH  h Product Summary  hH  h h H   h hH  hhH  h "  Internal Vesting annuities   >    =0&q$@     -  >    =0&q$@      88&@   (  Direct and Partnership Annuities       ZX)     -      ZX)  R ^   ! YB*     Intermediated Annuities    Z   2@     -   Z   2@  J >  ~ R   "  Total Individual Annuities       18@     -      18@  6 *   v)Y7@                              Equity Release           -     ~    `@ Individual Pensions  J &       -  N & rq[@   ~ " Corporate Pensions   Z  .袋]@ B b   @   YBC@V j  ;;3 Unit Linked Bonds  v   &[L      -  v  &[L   $I$IL With-Profit Bonds  >   =v@      -  >  =v@n   ~ z Protection      -        ~    ~  Offshore Products  : :  4H4HT@     > > td@T@> &  P@              Total Retail Retirement      wA@ R j   ;;7 b   f0-W@@n    `0 6@              Corporate Pensions  B   f   @/@  ~ 5@   k2@ Other Products     tsssss;     $I$I,    =9* 2  0 DWP Rebates      -       -     -     - & Total Mature Life and Pensions      Moz?    4H4H$@  j  8+@    ______@                           Total Retail      ܶm۶>@     ى؉    92<@J    ؊2@             Db#lXiZX06)0*'# /&6$ !"!#$%&'()*+,-./0123456789:;<=>?   Wholesale Annuities       %I$I2@     -      %I$I2@  ~   ~    !! ! !! ! !! ! ! ! ! ! ! !!!! ! !!!"" Credit Life " "  " "  "  " - "  " ~ """  "  "- ""## # ## # ## # # # # # # #### # ###$$ $ $$ $ $$ $ $ $ $ $ $ $$$$ $ $$$%%% Total UK Insurance Operations % % " % % O#,4J@%   % % ى؉%  &% % )x9I@%%  % % hP @@%%&& & && & && & & & & & & &&&& & &&&'' Channel Summary ' 'X' ' 'X' X'  ' ' X' X' ' 'X'X'' ' 'X''(( Direct and Partnership ( (  ( (rω"@(  ( ( IݗV( v ( (s9@((  ( (Moz?(()) Intermediated ) )Z  ) )KdbJ@)   ) ) 0@) v ) )s81J@))r  ) )2c1H@))** Wholesale * *  * *z   *  * - *  * ~ *z **~  * ~ * **++ Sub-Total + + " + +O#,4J@+   + + ى؉+  &+ +)x9I@++  + +hP @@++,, , ,, , ,, , , , , , , ,,,, , ,,,-- DWP Rebates - -  -  -- -   -  - - -  -  -- --  -  -- --.. . .. . .. . . . . . . .... . .../%/ Total UK Insurance Operations / / " / / O#,4J@/   / / ى؉/  &/ / )x9I@//  / / hP @@//00 0 00 0 00 0 0 0 0 0 0 0000 0 0001*1 US Insurance Operations (1b)(8)4 1 1X1 1 1X1 X1  1 1 X1 X1 1 1X1X11 1 1X1122 Fixed Annuities 2 2 v 2 2Msf@2   2  2 - 2  v2 2Msf@22 B 2 ~ 22233 Fixed Index Annuities 3 3  3 3;zel'3   3  3 - 3  3 3;zel'33* . 3 3/袋."3344 Variable Annuities 4 4  4 4D?84   4  4 - 4  4 4D?844j  4 4̧^̧^8445 5 Life 5 5  5 5  5 5 R" 5 5@@55  5 ~ 5R5566 Sub-Total Retail 6 6~  6 6%+6   6 6 R 6 6ɴ66Z ^ 6 6Tb*1667'7 Guaranteed Investment Contracts 7 7  7 7  7  7 - 7  7 ~ 777*  7  7- 7788 GIC - Medium Term Note 8 8 " 8 8@  8  8 - 8  "8 ~ 8@88 R 8 ~ 8889%9 Total US Insurance Operations 9 9  9 9 si->'@9   9 9 R 9 9 a"z8$'@99  9 9 #(@99:: : :: : :: : : : : : : :::: : :::;-; "Asian Insurance Operations (1b)(8)4 ; ;X; ; ;X; X;  ; ; X; X; ; ;X;X;; ; ;X;;<< China (10)D < <B 6 < <;;7@< " & < < 88&< b Z< </袋."@<<* * < ~ <<<== Hong Kong = =   = = r = = I$IC@=  = ~ ===  = = 5PJ@==>> India (6)D > >  > >V  f > >  v> >{a`@>> f > ~ >>>?? Indonesia ? ?b N ? ? 5P:@?  ^ ? ? 7W@?  ? ?%I$IP@?? f ? ~ ?b??D%l%5.% !5*!+(#)-!@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@ @ Japan @ @z Z @ @/袋.B@@   @ @  j@ @NN:@@@  @ ~ @@@A A Korea A Ab  A AUUUUUUGA  A A  :?A Z A AsHM02AA  A A>>AABB Malaysia B B  B Bb J B B @@B ~ fB ~ BbBBf N B BCy 5?@BBCC Singapore C C . C CAPC R > C C @@C n jC C w MCCn  C Cm۶m6CCDD Taiwan D D n D D^Br@D   D D J">ID  D D;;7@DD  D D!5DDDEE Other (4)D E E  E E: 2 E E 0@E R JE E88&@EE> 6 E EON.@EEF(F Total Asian Insurance Operations F F   F F <=0@F   F F ExRy?F  F F @:#@FF~ Z F F P^Cy @FFGG G GG G GG G G G G G G GGGG G GGGHH H HH H HH H H H H H H HHHH H HHHII Group Total I I@ 3 I I n:@I   I I ,d?I F 8I I UV/08@II>  I I EΰR)@IIJJ J JJ J JJ J J J J J J JJJJ J JJJKXK K KWK K KK WK K K K WK K KKKWK K KKKL INVESTMENT OPERATIONS6L MM M M M MM M M M M M M M M Market & M  M NetM MM M MMNN N N Opening N NN N N N N N  N OtherN N Currency N N MovementN NWN ClosingN NNOO O  O FUM O OO Gross InflowsO O RedemptionsO O Net InflowsO O MovementsO O Movements O O In FUMO OW O FUMO OOPP P  P m P P P mP  P mP  P mP  P mP  P m P  P mP P P mP PPQQ Q Q Q QQ Q Q Q Q  Q Q Q Q Q Q Q QXQ Q QQRRXM&G (5)4RQ2 2008~ R n R R~ R @R ~ R R ~ R ^R ~ R VR ~ R R ~ R bR R~ R 'R RRSSSQ2 2007~ S  S S~ S 2BS ~ S S ~ S BS ~ S S ~ S " S ~ S 'S S~ S S SSTTT+/-(%)T gazg!@ T TT *s T T 9T ~ T T ~ T T T 5d T T [BT TT X}K@T TTU UXAsia Retail Mutual FundsUQ2 2008~ U  U U~ U 6U ~ U :bU ~ U nU ~ U U ~ U U ~ U U U~ U U UUVVVQ2 2007~ V V V~ V V ~ V zoV ~ V V ~ V V ~ V V ~ V *V V~ V V VVWWW+/-(%)W u0`S9@ W WW !y~!@W W ]%jU"W W [@W W 0 0 #W W ]`q W W O?[W WW 4k!@W WWXXXAsia Third PartyXQ2 2008~ X  X X~ X nX ~ X nX ~ X X ~ X X ~ X R X ~ X *X X~ X & X XXYYYQ2 2007~ Y  Y Y~ Y Y ~ Y Y ~ Y Y ~ Y Y ~ Y  Y ~ Y Y Y~ Y Y YYZZZ+/-(%)Z zoqZ-@ Z Z~ Z BZ ~ Z Z ~ Z Z  Z - Z Z sv Sp Z Z yxxxxqZ ZZ HvZ ZZ[[XUS Retail Mutual Funds[Q2 2008~ [ [ [~ [ *[ ~ [ [ ~ [ [ ~ [ [ ~ [ [ ~ [ [ [~ [ [ [[\\\Q2 2007~ \  \ \~ \ >\ ~ \ \ ~ \ :\ ~ \ \ ~ \ \ ~ \ 6\ \~ \ J\ \\]]]+/-(%)~ ]  ] ]] @] ~ ] 2] ] m۶mQ]  ] - ] ~ ]  ] ] ;;S] ]] 88n@] ]]^^^^ ^ ^^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^^ ^ ^^____ _ __ _ _ _ _ _ _ _ _ _ _ _ __ _ __D%l !8#[+I+!89!@1!27!2 `abcdefghijklmnopqrstuvwxyz{|}~`!`XTotal Investment Products`Q2 2008~ ` b  ` `~ ` ` ~ ` ;` ~ ` .` ~ ` B` ~ ` ` ~ ` ~` `~ ` ` ``aaaQ2 2007~ a b a a~ a a ~ a vLa ~ a 0a ~ a a ~ a  a ~ a zBa a~ a a aabbb+/-(%)b jO(@ b bb xP[,@b b ׃6c#b b r b ~ b vb b ˆ@m b b 7/Qb bb */@b bbcccc c cc c c c c c c c c c c c cc c cc8dD]l:!< <dP=&8$>   "  e:V r{ ġ  dMbP?_*+%&\.?'\.?(\.?)MV\\LNGOVPAPP06\PA200293 dXXLetter7ove include contribution.HP LaserJet 4350 PCL5e2xekSQwgcTPZE Ƙ ɢH70e]ԕcjUtN]mΈ56%4#(s.:,B9'I^+7:=1=ע!<:j(l Vun-A@XEsbC3vOm$e>|o9?O9Zh1Zy-}_=w-sN:p\s8ljt`PN zU>tcӰFiNT*ZIL|CCм]0"}{" DXX\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 38U} t} @t} @t} t} @t} t} t} t}  @t} t} t} @t} t} `t} t} @t} t}  t} t} t} t} @t} t} t e@@@@$$$$$ $ $ $ $ $$$$$$$$$$$$$$$$$$$sDate: 31 July 20086ssssssssssssssssssssssss+? #Schedule 33 - Actual Exchange Rates6@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ sLA DPRUDENTIAL PLC - NEW BUSINESS - QUARTER 2 2008 VERSUS QUARTER 1 20086B B B B B B B B B B B B B B B B B B B B B B C sD INSURANCE OPERATIONS6@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ s   ! Single  ! ! Regular  ! !  Total !! Annual Equivalents #%  uQ2 2008 Q 1 2008  u+/-(%) uQ2 2008 Q 1 2008  u+/-(%) uQ2 2008 Q 1 2008 u+/-(%)v'Q2 2008 Q 1 2008  u+/-(%)(#)   *m  m  *  *m  m  *  *m  m ** +m  m  *,#% UK Insurance Operations  v  v v   v v  vv-  v.#% Product Summary  v  v v   v v  vv-  v.# /"  Internal Vesting annuities   0>    177@~ 0 -   1-  0>    177@ 2 3   ~ 1f 4 # /(  Direct and Partnership Annuities   0    1]tE'@~ 0 -   1-  0    1]tE'@ 2 3R J   188&@ 4 # /  Intermediated Annuities   0 &   1YP=@~ 0 -   1-  0 &   1YP=@ 2 3J :   1$I$I<@ 4 # %"  Total Individual Annuities   5    6y<5@~ 5 -   6-  5    6y<5@ 7 86   ~ 6P4@ 9 # %    v    v v   v v     v v -    v . #/ Equity Release  0    1jiiiii=@~  0  -    1-  0   1jiiiii=@23   ~ 14#/ Individual Pensions  0J :  1$I$I<@ 0     1-  0N : 1m۶mA@23   ~ 1"4#/ Corporate Pensions  0   1,d@ 0B Z   1E]tE; 0  123V n  18864#/ Unit Linked Bonds  0v   1k(7 0     1-  0v  1k(723   ~ 14#/ With-Profit Bonds  0> N  1F_U@ 0     1-  0> N 1F_U@23n >  ~ 1B4#/ Protection  0    1-  0    10  ~ 123   ~ 14#/ Offshore Products  0:   1"x4 0    10>  188423> N  1P^Cy 54#%  *  : *   : *  ::+  :;#% Total Retail Retirement  < Z  =jNq5@ <R b   =0 <b  =((4@>?n   =Kh/-@@#%  A  B A   B A  BBC  BD#/ Corporate Pensions  0B v  1O?+ 0 f   10  1 'u_23   1------@@4#/ Other Products  0   1K0    1R0  1rq23* &  188&@4#/ DWP Rebates  0    1- ~  0  -    1-  0   1- 23 *   1- 4#%& Total Mature Life and Pensions  <   =N<6I < z   EE@ < * =0{CF?   =Kh/?@#/  v  2 v   2 v  22-  24#%  *  : *   : *  ::+  :;#% Total Retail  <   =gQ꘮!@ <   =0@ <  =$I$I"@>?J   =88&@@#%  A  B A   B A  BBC  BD#D#lXiZ\5?65)%*## /$6$ $!$"$#$$$%$&$'$($)$*$+$,$-$.$/$0$1$2$3$4$5$6$7$8$9$:$;$<$=$>$?$ /  Wholesale Annuities   0    10  -   1-  0   ~ 1 2 3~    1-  4 #!/! ! !v! ! !2! v! ! ! 2! v! ! !2!2!-! ! !2!4!#"/" Credit Life " "0  " "1@@" 0  "  " 1- " 0 " "1@@"2"3  "  "1- "4"##/# # #v# # #2# v# # # 2# v# # #2#2#-# # #2#4##$%$ $ $*$ $ $:$ *$ $ $ :$ *$ $ $:$:$+$ $ $:$;$#%%%% Total UK Insurance Operations % %<  % %=^B{?@% < % % =0@% < % %=c>@%>%?  % %=6b;@%@%#&%& & &A& & &B& A& & & B& A& & &B&B&C& & &B&D&#'%' Channel Summary ' '&' ' '&' &' ' ' &' &' ' '&'&'%' ' '&'G'#(/( Direct and Partnership ( (0 Z ( (1 Z&-@( 0 ( ( 1$I$I,@( 0v  ( (12-@(2(3  ( (1jiiiii-@(4(#)/) Intermediated ) )0Z   ) )1;k4@) 0  ) ) 10v & ) )14@)2)3r 2 ) )1P^Cy 5@)4)#*/* Wholesale * *0  * *1^0  *  * 1- * 0 * ~ *1^*2*3~  * ~ *1.*4*#+%+ Sub-Total + +5 ~ + +6R3+E@+ 5 + + 60@+ 5 V+ +6,& RD@+7+8  + +6wnQA@+9+#,/, , ,v, , ,2, v, , , 2, v, , ,2,2,-, , ,2,4,#-/- DWP Rebates - -0  -  -1- ~ - 0 - - -  - 1- - 0 -  -1- -2-3 * -  -1- -4-#.%. . .*. . .:. *. . . :. *. . .:.:.+. . .:.;.#/%%/ Total UK Insurance Operations / /<  / /=^B{?@/ < / / =0@/ < / /=c>@/>/?  / /=6b;@/@/#0%0 0 0A0 0 0B0 A0 0 0 B0 A0 0 0B0B0C0 0 0B0D0#1%*1 US Insurance Operations (1b)(8)H 1 1&1 1 1&1 &1 1 1 &1 &1 1 1&1&1%1 1 1&1G1#2/2 Fixed Annuities 2 20  2 217V `@~ 2 0 2 - 2  2 1- 2 0 2 217V `@2223 N 2 21)r`@242#3/3 Fixed Index Annuities 3 30  3 310  3 - 3  3 1- 3 0 3 ~ 313233* * 3 ~ 31343#4/4 Variable Annuities 4 40  4 41VUUUUUտ~ 4 0 4 - 4  4 1- 4 0 4 41VUUUUUտ4243j j 4 ~ 41444#5/ 5 Life 5 50  5 510  5 5 1R0" 5 51$I$I,@5253  5 ~ 51R545#6%6 Sub-Total Retail 6 65~  6 662[ʞ4@6 5  6 6 6R5 6 66G6U!4@6768Z  6 66{4@696#7/'7 Guaranteed Investment Contracts 7 70 V 7 71ER~ 7 0 7 - 7  7 1- 7 0 V7 71ER7273*  7 71cp>R747#8/8 GIC - Medium Term Note 8 80  8  81- ~ 8 0 8 - 8  8 1- 8 0 8  81- 8283  8  81- 848#9-%9 Total US Insurance Operations 9 9<  9 9=râ|%0@9 <  9 9 =R< 9 9={֫DF0@9F9?  9 9=]tE]0@9H9#:-: : :": : :7: ": : : 7: ": : :7:7:I: : :7:J:#;%-; "Asian Insurance Operations (1b)(8)H ; ;&; ; ;&; &; ; ; &; &; ; ;&;&;%; ; ;&;G;#</< China (10)I < <0B N < <1Cy 5/< 0"  < < 1$I$I,@< 0b j< <1ON<2<3* & < <188&@<4<#=/= Hong Kong = =0  b = =1k(;@= 0 = = 10 = =1uXQ5@=2=3  = =1Kh/@=4=#>/> India (6)I > >0  > >1n۶m6w@> 0 b > > 1/袋N> 0 ~> >1P^Cy=>2>3 f > >1SԦ6M>4>#?/? Indonesia ? ?0b  ? ?1袋.F? 0 ? ? 1f0 B? ~ ?1|?2?3  ? ~ ?1[?4?#D &l"5. !$5*."->/)-%$@$A$B$C$D$E$F$G$H$I$J$K$L$M$N$O$P$Q$R$S$T$U$V$W$X$Y$Z$[$\$]$^$_$@/ @ Japan @ @0z  @ @1P^Cy 5@ 0 J @ @ 1VUUUUT@ 0 @ @1$I$D@2@3 Z @ @1/袋.R@4@#A/ A Korea A A0b j A A1ONA 0 A A 1۶m۶m%@A 0Z JA A118@A2A3  A A1"h8 @A4A#B/B Malaysia B B0  B B10b : B B 1m۶mQ@B 0~ VB B1< B B1P@B4B#C/C Singapore C C0 6 C C1Xv%jWPC 0R F C C 11@C 0n zC C1 5'MC2C3n  C C1)<C4C#D/D Taiwan D D0 V D D1 0 0z@D 0 D D 1E]tEK@D 0 D D1^B{h@D2D3  D D1$I$IS@D4D#E/E Other (4)I E E0  E E10: > E E 1E 0R NE E1P^Cy @E2E3> > E ~ E1E4E#F%(F Total Asian Insurance Operations F F<  . F F=e㐈F <  F F E{F < : F F=$huBFFF?~  F ~ F=F@F#G%G G GAG G GBG AG G G BG AG G GBGBGCG G GBGDG#H%H H H*H H H:H *H H H :H *H H H:H:H+H H H:H;H#I%I Group Total I I<@ >6 I I=b@c3@I <  I I E -9 I <F 6<I I=+g'!1@IFI?> f  I I=Kh/@I@I#J)J J JKJ J J>J KJ J J >J KJ J J>J>JLJ J J>J@J#K&K K KuK K KMK uK K K MK uK K KMKMKuK K KMKMK#L INVESTMENT OPERATIONS6L #M M M M M MDM M M M M M M M M Market & M  M NetM MAM M MNM#N%N N N Opening N NON N N N N N  N OtherN N Currency N N MovementN NuN ClosingN N(N#O%O O  O FUM O OOO Gross InflowsO O RedemptionsO O Net InflowsO O MovementsO O Movements O O In FUMO Ou O FUMO O(O#P)P P  P m P P; P mP  P mP  P mP  P mP  P m P  P mP P* P mP P,P#Q%Q Q Q Q QPQ Q Q Q Q Q Q Q Q Q Q Q Q&Q Q QGQ#RQR&M&G (5)HRMQ2 2008~ R n R R4~ R @R ~ R R ~ R ^R ~ R VR ~ R R ~ R bR Rv~ R 'R R.R#SQS2SMQ1 2008~ S V  S S4~ S 24S ~ S S ~ S S ~ S bS ~ S  S ~ S S Sv~ S nS S.S#TQT2TM+/-(%)T 9 T T4T VrC H8@T T v:U2@T T ^ϒm@T T rqT T (vb'vT@ T T ੭n@T TvT 1׳ @T T.T#UQ U&Asia Retail Mutual FundsUMQ2 2008~ U  U U4~ U 6U ~ U :bU ~ U nU ~ U U ~ U U ~ U U Uv~ U U U.U#VQV2VMQ1 2008~ V V V V4~ V >V ~ V >WV ~ V z V ~ V V ~ V f V ~ V V Vv~ V V V.V#WQW2WM+/-(%)W Ƅn3S W W4W ɼ6W W kF@W W 8ړT@W W -jP@W W 98@ W W IzT@W WvW CW W.W#XQX&Asia Third PartyXMQ2 2008~ X  X X4~ X nX ~ X nX ~ X X ~ X X ~ X R X ~ X *X Xv~ X & X X.X#YQY2YMQ1 2008~ Y r Y Y4~ Y Y ~ Y Y ~ Y Y ~ Y Y ~ Y Y ~ Y Y Yv~ Y Y Y.Y#ZQZ2ZM+/-(%)Z x ", Z Z4~ Z SZ Z f˖-[jZ Z ځv`U@Z  Z - Z Z 袋.6 Z Z 0T<8@Z ZvZ 6N(Z Z.Z#[Q[&US Retail Mutual Funds[MQ2 2008~ [ [ [4~ [ *[ ~ [ [ ~ [ [ ~ [ [ ~ [ [ ~ [ [ [v~ [ [ [.[#\Q\2\MQ1 2008~ \ \ \4~ \ F\ ~ \ \ ~ \ "\ ~ \ \ ~ \ \ ~ \ \ \v~ \ \ \.\#]Q]2]M+/-(%)] ]tE@ ] ]4] D] ] @@] ~ ] :]  ] - ] ~ ] B ] ~ ] ] ]v] IݗV@] ].]#^R^S^:^ ^ ^T^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^U^ ^ ^V^#_Q_2_M_ _ _4_ _ _ _ _ _ _ _ _ _ _ _ _v_ _ _._#D%l!4#[+I+!@9!@1!:7!2 `$a$b$c$d`Q!`&Total Investment Products`MQ2 2008~ ` b  ` `4~ ` ` ~ ` ;` ~ ` .` ~ ` B` ~ ` ` ~ ` ~` `v~ ` ` `.`#aQa2aMQ1 2008~ a 0 a a4~ a a ~ a ~*a ~ a >a ~ a Ba ~ a a ~ a na av~ a b a a.a#bQb2bM+/-(%)b kH* b b4b Jn zX@b b Zl6@b b >\e@b b /袋.B@b b J@ b b m3b@b bvb Oظ#?b b.b#cRcSc:c c cTc c c c c c c c c c c c cUc c cVc#8dsssssssssssssssssssssssssEP:!@ =&8$> "  V a  y$  dMbP?_*+%&\.?'\.?(\.?)MV\\LNGOVPAPP06\PA200293ssss dXXLetter8ove include contribution.HP LaserJet 4350 PCL5e2xekSQwgcTPZE Ƙ ɢH70e]ԕcjUtN]mΈ56%4#(s.:,B9'I^+7:=1=ע!<:j(l Vun-A@XEsbC3vOm$e>|o9?O9Zh1Zy-}_=w-sN:p\s8ljt`PN zU>tcӰFiNT*ZIL|CCм]0"n{" DXX\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} }  } @}  } @} } } @} }  V@@R@]@@@@@ @ !@ !@ !@ !@h@Z@@@@@!@!@!@!@!@!@@!@!@!@!@!@sDate: 31 July 2008&- %Schedule 34 - Constant Exchange Rates& 6 .PRUDENTIAL PLC - NEW BUSINESS - HALF YEAR 2008& 3 +TOTAL INSURANCE AND INVESTMENT NEW BUSINESS&   UK  US (1a).  Asia (1a).    Total           HY 2008HY 2007+/-(%)HY 2008HY 2007+/-(%)HY 2008 HY 2007 +/-(%)  HY 2008 HY 2007+/-(%) m m m m m  m    m  m                   Total Insurance Products$ 2(:@"65 ,&KF?   ls33@  .s  h*@   6 +Total Investment Products Gross Inflows (2)'/ u~u G0J<׿ nN P^Cy E@ d  }z9@  fV  642@     ~ Hw@ 65 w;j? ~.1  t9@  ]  _K'1@                    INSURANCE OPERATIONS$ (SingleRegular  Total    PVNBP      HY 2008HY 2007+/-(%)HY 2008HY 2007+/-(%)HY 2008 HY 2007 +/-(%)  HY 2008 HY 2007+/-(%) m m m m m  m    m  mUK Insurance Operations     Product Summary     "Internal Vesting annuitiesF  {=@ -  -  - F   {=@  F  {=@( Direct and Partnership Annuities]* -  -  -   ]*   ]*Intermediated AnnuitiesjF}g'@ -  -  - j  F}g'@  j F}g'@"Total Individual Annuities$I$I? -  -  -   $I$I?   $I$I?     Equity Release1R@ -  -  -   1R@   1R@Individual PensionsJqqS@ - J  VUUUUT@  R.Corporate PensionszC(L(0 0 #V  ɟWY&  b Y7"Unit Linked Bonds*kځI - *  kځI  * kځIWith-Profit Bondsp@ -   p@   p@DlH[daT, !@!!@"!@#@$!@%!@&!@'!@(!@)!@*@+@,@-@.@/@0@1@2!@3!@4!@5!@6!@7!@8!@9!@:@;,@<@=@>@?@   Protection  - *      B:  $I$I,@  !!Offshore Products!6!JԮDJL@$!  > ! ieL@! ! .^ !/ J@!!""Total Retail Retirement"j& "?3@"",d"' " z]m3@" " )b# "W'2@""########## # # # # ###$$Corporate Pensions$$.L@$$ @$ $ C@$ $  $ENƾ3@$$%%Other Products$%6.6%ON.%b % x!6% % F %FX1%%&& DWP Rebates&& {ž'4 &-  &-  &- & &  {ž'4& &  & {ž'4&&'&'Total Mature Life and Pensions'N'N@$'&&r ' @*9/ @' ' Z 2 'ΎZ5?''(((((((((( ( ( ( ( ((()) Total Retail)+R%)a1@)))-.' )  0@) ) 3, )fb-@))********** * * * * ***++Wholesale Annuities++k(@ +-  +-  +- + + k(@+ +  +k(@++,,,,,,,,,, , , , , ,,,-- Credit Life->-J- -- -> - J- - > -J--.......... . . . . .../%/Total UK Insurance Operations/0&&/!t<@///2(:@ / / 8f- /'Fmh7@//0000000000 0 0 0 0 00011Channel Summary11111111 1 1 1 1 11122Direct and Partnership22X=ֿ22sHM02 2 $uٿ2 2 N~ 27}c2233 Intermediated3jR3(|D@3263ON3 3 pG4D@3 3 : 3*8GC@3344 Wholesale44`}~@4 4- 4 4 `}~@4 4  4`}~@4455 Sub-Total5:/"$5=[y>@5551% 5 ~=@5 5 j6b+ 5.خn9@556666666666 6 6 6 6 66677 DWP Rebates77 {ž'4 7-  7-  7- 7 7  {ž'47 7  7 {ž'4778888888888 8 8 8 8 8889%9Total UK Insurance Operations90&&9!t<@9992(:@ 9 9 8f- 9'Fmh7@99:::::::::: : : : : :::;';US Insurance Operations (1a)/;;;;;;;; ; ; ; ; ;;;<<Fixed Annuities< <˽]@ <-  <-  <- <  < ˽]@< <   <˽]@<<==Fixed Index Annuities=r=E]t% =-  =-  =- =r = E]t%= = r =E]t%==>>Variable Annuities>">r3 >-  >-  >- >" > r3> > " >r3>>? ?Life??@@?.&?886@?>2f ? ? b ?jiiiii=@??DEl@@A@B@C@D,@E,@F!@G!@H!@I!@J!@K!@L!@M!@N!@O!@P!@QZ@Rx@S,@TZ@U@@Sub-Total Retail@")*@;M@.&@886@@N)"+ @ ozӛ@ @ r*, @颋.h @@A'AGuaranteed Investment ContractsAA0{q@ A-  A-  A- A A 0{q@A A  A0{q@AABBGIC - Medium Term NoteBZBgߥwiD B-  B-  B- BZ B gߥwiDB B Z BgߥwiDBBC%CTotal US Insurance OperationsC5j5C+Db?C.&C886@C"65 C ,&KF?C C F7n6 C49c?CCDDDDDDDDDD D D D D DDDE*EAsian Insurance Operations (1a)/EEEEEEEE E E E E EEEFF China (10)0FVFP@F>ZFE]t?F F wqG0@F F  Fmާd"FFGG Hong KongGjG[{`wR@G:G88F@G G 9P@G G   Gn\JQ@GGHH India (6)0HFHjiiii`@HVHE@H H jiiiiiM@H H   H3g:@HHII Indonesia$IFIn۶m6W@IV2 I 6P^X@I I B IE5W@IIJ JJapanJJ*@$JV2.f" J qq7@J J  J]tEH@JJK KKoreaKKyxxxxx:KKB($@K K K J  Kt @KKLLMalaysia$L:*L'@L L /袋.2@L L  L~r!*@LLMM SingaporeMRFM2MM>>(@M M L.M M R M蛣o@MMNNTaiwanN N W@NRFN>ENZR N sHM0?N N  N~}w@NNOO Other (4)0O*>O@OvZOE]t?@O O Y7"@O O J OKԮDJ2@OOP(P Total Asian Insurance OperationsP6 Pz=9@P P'!(@P P ls33@P P b<5 Pkb~+@PPQQQQQQQQQQ Q Q Q Q QQQRRRRRRRRRR R R R R RRRSS Group TotalSv~hS@^^+@S  Sse4#@S.s S h*@S S  S ;(@SSTTTTTTTTTT T T T T TTT(U0C=&8$> "  U3, I g Z{  dMbP?_*+%&\.?'\.?(\.?)MV\\LNGOVPAPP06\PA200293 dXXLetter8ove include contribution.HP LaserJet 4350 PCL5e2xekSQwgcTPZE Ƙ ɢH70e]ԕcjUtN]mΈ56%4#(s.:,B9'I^+7:=1=ע!<:j(l Vun-A@XEsbC3vOm$e>|o9?O9Zh1Zy-}_=w-sN:p\s8ljt`PN zU>tcӰFiNT*ZIL|CCм]0"n{" DXX\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} }  } @}  } @} } } @} }  U@@R@]@@@@!@ !@ !@ !@ !@ !@h@G@@@@@@@@@@@@@@@@@sDate: 31 July 2008&* "Schedule35 - Actual Exchange Rates& 6 .PRUDENTIAL PLC - NEW BUSINESS - HALF YEAR 2008& 3 +TOTAL INSURANCE AND INVESTMENT NEW BUSINESS&   UK  US (1b).  Asia (1b).    Total           HY 2008HY 2007+/-(%)HY 2008HY 2007+/-(%)HY 2008 HY 2007 +/-(%)  HY 2008 HY 2007+/-(%) m m m m m  m    m  m                   Total Insurance Products$ 2(:@"65 u)?   sH9@  ^r  mq~G,@   6 +Total Investment Products Gross Inflows (2)'/ u~u G0J<׿ nN P^Cy E@ d  `F>@  fƆ  m6yf5@     ~ Hw@ 65 O9ם? ~%   J\>@  ]"  n@OB3@                    INSURANCE OPERATIONS$ SingleRegular  Total   PVNBP       HY 2008HY 2007+/-(%)HY 2008HY 2007+/-(%)HY 2008 HY 2007 +/-(%)  HY 2008 HY 2007+/-(%) m m m m m  m    m  mUK Insurance Operations     Product Summary     "Internal Vesting annuitiesF  {=@ -  -  - F   {=@  F  {=@( Direct and Partnership Annuities]* -  -  -   ]*   ]*Intermediated AnnuitiesjF}g'@ -  -  - j  F}g'@  j F}g'@"Total Individual Annuities$I$I? -  -  -   $I$I?   $I$I?     Equity Release1R@ -  -  -   1R@   1R@Individual PensionsJqqS@ - J  VUUUUT@  R.Corporate PensionszC(L(0 0 #V  ɟWY&  b Y7"Unit Linked Bonds*kځI - *  kځI  * kځIWith-Profit Bondsp@ -   p@   p@ Protection - *     B: $I$I,@D$lHXdaT @!@"@#@$@%@&@'@(@)@*@+@,@-@.@/@0@1@2@3@4@5@6@7@8@9@:@;@<@=@>@?@  Offshore Products 6 JԮDJL@$   >  ieL@  .^  / J@  !!Total Retail Retirement!j& !?3@!!,d!' ! z]m3@! ! )b# !W'2@!!"""""""""" " " " " """##Corporate Pensions##.L@## @# # C@# #  #ENƾ3@##$$Other Products$$6.6$ON.$b $ x!6$ $ F $FX1$$%% DWP Rebates%% {ž'4 %-  %-  %- % %  {ž'4% %  % {ž'4%%&&&Total Mature Life and Pensions&N&N@$&&&r & @*9/ @& & Z 2 &ΎZ5?&&'''''''''' ' ' ' ' '''(( Total Retail(+R%(a1@(((-.' (  0@( ( 3, (fb-@(()))))))))) ) ) ) ) )))**Wholesale Annuities**k(@ *-  *-  *- * * k(@* *  *k(@**++++++++++ + + + + +++,, Credit Life,>,J, ,- ,> , J, , > ,J,,---------- - - - - ---.%.Total UK Insurance Operations.0&&.!t<@...2(:@ . . 8f- .'Fmh7@..////////// / / / / ///00Channel Summary00000000 0 0 0 0 00011Direct and Partnership11X=ֿ11sHM01 1 $uٿ1 1 N~ 17}c1122 Intermediated2jR2(|D@2262ON2 2 pG4D@2 2 : 2*8GC@2233 Wholesale33`}~@3 3- 3 3 `}~@3 3  3`}~@3344 Sub-Total4:/"$4=[y>@4441% 4 ~=@4 4 j6b+ 4.خn9@445555555555 5 5 5 5 55566 DWP Rebates66 {ž'4 6-  6-  6- 6 6  {ž'46 6  6 {ž'4667777777777 7 7 7 7 7778%8Total UK Insurance Operations80&&8!t<@8882(:@ 8 8 8f- 8'Fmh7@889999999999 9 9 9 9 999:&:US Insurance Operations B19/:::::::: : : : : :::;;Fixed Annuities; ;ǿ]@ ;-  ;-  ;- ;  ; ǿ]@; ;   ;ǿ]@;;<<Fixed Index Annuities<r<E]t% <-  <-  <- <r < E]t%< < r <E]t%<<==Variable Annuities=#=&QS3 =-  =-  =- =# = &QS3= = # =&QS3==> >Life>>@@>.&>886@>>2f > > b >jiiiii=@>>??Sub-Total Retail?")+?'D"?.&?886@?N):+ ? D? ? r*, ?cJ"A ??Dnl@@A@B@C,@D@E@F@G@H@I@J@K@L@M@N@O@PZ@Qx@R,@SZ@T@'@Guaranteed Investment Contracts@@0{q@ @-  @-  @- @ @ 0{q@@ @  @0{q@@@AAGIC - Medium Term NoteA^A)LwD A-  A-  A- A^ A )LwDA A ^ A)LwDAAB%BTotal US Insurance OperationsB55Buy)?B.&B886@B"65 B u)?B B F76 B)h?BBCCCCCCCCCC C C C C CCCD*DAsian Insurance Operations (1b)/DDDDDDDD D D D D DDDEE China (10)0ENEP^Cy U@$E>R E H4H4<@E E  E$I$IEEFF Hong KongFjF[{`wR@F:F88F@F F 9P@F F   Fn\JQ@FFGG India (6)0$GBZFG)OI@G G W?P@G G  R G------@@GGHH IndonesiaHH$I$IW@HFH}A_V@HV: H AV@H H B Hs0V@HHI IJapanIION>@IV.I袋.V@If I ((D@I I  I_\Q@IIJ JKoreaJ"J88>JJ/4@J J g`"J J J  JkJJKKMalaysiaK:&KrqK@$KO K ծDJ:@K K  K{4@KKLL SingaporeLRL#LzLUUUUUU7@LB L aaL L  LOzv*@LLMMTaiwanM MfYeYZ@MR"MCMZ M F̗&@M M  MO%<MMNN Other (4)0N*6N;;7NvVN0 0 C@N N jiiiii-@N N 6 Nf'Y9@NNO(O Total Asian Insurance OperationsO6B O"@@O vOaEqP.@O O sH9@O O b<Z3 Okj?{1@OOPPPPPPPPPP P P P P PPPQQQQQQQQQQ Q Q Q Q QQQRR Group TotalRvgR]qA-@R v Rr{(@R^r R mq~G,@R R F RG/*@RRSSSSSSSSSS S S S S SSS(T.Q=&8$> "  e  .  dMbP?_*+%&\.?'\.?(\.?)MV\\LNGOVPAPP06\PA200293 dXXLetter8ove include contribution.HP LaserJet 4350 PCL5e2xekSQwgcTPZE Ƙ ɢH70e]ԕcjUtN]mΈ56%4#(s.:,B9'I^+7:=1=ע!<:j(l Vun-A@XEsbC3vOm$e>|o9?O9Zh1Zy-}_=w-sN:p\s8ljt`PN zU>tcӰFiNT*ZIL|CCм]0"n{" DXX\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } @} @} } @} } } }  @} } } @} } `} } @} }  } } } } @} }  e@@@     sDate: 31 July 20086+ #Schedule 36 - Actual Exchange Rates6 L DPRUDENTIAL PLC - NEW BUSINESS - QUARTER 2 2008 VERSUS QUARTER 2 20076  INSURANCE OPERATIONS6    Single    Regular     Total   PVNBP   WQ2 2008 Q2 2007  W+/-(%) WQ2 2008 Q2 2007  W+/-(%) WQ2 2008 Q2 2007 W+/-(%)Q2 2008 Q2 2007  W+/-(%)   m  m    m  m    m  m  m  m   UK Insurance Operations              Product Summary              "  Internal Vesting annuities   >    =0&q$@     -  >    =0&q$@  >    =0&q$@   (  Direct and Partnership Annuities       ZX)     -      ZX)      ZX)     Intermediated Annuities    Z   2@     -   Z   2@   Z   2@   "  Total Individual Annuities       18@     -      18@      18@                              Equity Release           -     ~     ~  Individual Pensions  J &       -  N & rq[@R .  uE]tT@ Corporate Pensions   Z  .袋]@ B b   @   YBC@ *  \;0" Unit Linked Bonds  v   &[L      -  v  &[Lv   &[L With-Profit Bonds  >   =v@      -  >  =v@>   =v@ Protection      -        ~ &   $I$I<@ Offshore Products  : :  4H4HT@     > > td@T@J R  =@     ى؉    92<@ ~   }7}7@             Da#lXiZX06-0*''/&6$ !"#$%&'()*+,-./0123456789:;<=>?   Wholesale Annuities       %I$I2@     -      %I$I2@      %I$I2@  !! ! !! ! !! ! ! ! ! ! ! !!!! ! !!!"" Credit Life " "  " "  "  " - "  " ~ """  " ~ """## # ## # ## # # # # # # #### # ###$$ $ $$ $ $$ $ $ $ $ $ $ $$$$ $ $$$%%% Total UK Insurance Operations % % " % % O#,4J@%   % % ى؉%  &% % )x9I@%%b  % % *=D@%%&& & && & && & & & & & & &&&& & &&&'' Channel Summary ' 'X' ' 'X' X'  ' ' X' X' ' 'X'X'' ' 'X''(( Direct and Partnership ( (  ( (rω"@(  ( ( IݗV( v ( (s9@(( j  ( (R](@(()) Intermediated ) )Z  ) )KdbJ@)   ) ) 0@) v ) )s81J@))   ) )?#cJ@))** Wholesale * *  * *z   *  * - *  * ~ *z **  * ~ *z **++ Sub-Total + + " + +O#,4J@+   + + ى؉+  &+ +)x9I@++^  + +1D@++,, , ,, , ,, , , , , , , ,,,, , ,,,-- DWP Rebates - -  -  -- -   -  - - -  -  -- --  -  -- --.. . .. . .. . . . . . . .... . .../%/ Total UK Insurance Operations / / " / / O#,4J@/   / / ى؉/  &/ / )x9I@//b  / / *=D@//00 0 00 0 00 0 0 0 0 0 0 0000 0 0001*1 US Insurance Operations (1b)(8)4 1 1X1 1 1X1 X1  1 1 X1 X1 1 1X1X11 1 1X1122 Fixed Annuities 2 2 v 2 2Msf@2   2  2 - 2  v2 2Msf@22 v 2 2Msf@2233 Fixed Index Annuities 3 3  3 3;zel'3   3  3 - 3  3 3;zel'33  3 3;zel'3344 Variable Annuities 4 4  4 4D?84   4  4 - 4  4 4D?844  4 4D?8445 5 Life 5 5  5 5  5 5 R" 5 5@@55  5 ~ 5_D5566 Sub-Total Retail 6 6~  6 6%+6   6 6 R 6 6ɴ66. V 6 6$en667'7 Guaranteed Investment Contracts 7 7  7 7  7  7 - 7  7 ~ 777  7 ~ 77788 GIC - Medium Term Note 8 8 " 8 8@  8  8 - 8  "8 ~ 8@88 " 8 ~ 8@889%9 Total US Insurance Operations 9 9  9 9 si->'@9   9 9 R 9 9 a"z8$'@99 z 9 9 ND_3(@99:: : :: : :: : : : : : : :::: : :::;-; "Asian Insurance Operations (1b)(8)4 ; ;X; ; ;X; X;  ; ; X; X; ; ;X;X;; ; ;X;;<< China (10)D < <B 6 < <;;7@< " & < < 88&< b Z< </袋."@<<  < <]tE-<<== Hong Kong = =   = = r = = I$IC@=  = ~ ===  = =_e=U@==>> India (6)D > >  > >V  f > >  v> >{a`@>>~  > >0 0 #>>?? Indonesia ? ?b N ? ? 5P:@?  ^ ? ? 7W@?  ? ?%I$IP@??V  ? ?$2 J@??D%l) 5.% !5*%+(!)-% @ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@ @ Japan @ @z Z @ @/袋.B@@   @ @  j@ @NN:@@@  @ @v)Y7 @@@A A Korea A Ab  A AUUUUUUGA  A A  :?A Z A AsHM02AA & A A#;fAABB Malaysia B B  B Bb J B B @@B ~ fB ~ BbBB*  B Bkch@@BBCC Singapore C C . C CAPC R > C C @@C n jC C w MCCv  C C7CCDD Taiwan D D n D D^Br@D   D D J">ID  D D;;7@DDJ 6 D D<\ ~ \ \ ~ \ :\ ~ \ \ ~ \ \ ~ \ 6\ \~ \ J\ \\]]]+/-(%)~ ]  ] ]] @] ~ ] 2] ] m۶mQ]  ] - ] ~ ]  ] ] ;;S] ]] 88n@] ]]^^^^ ^ ^^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^^ ^ ^^____ _ __ _ _ _ _ _ _ _ _ _ _ _ __ _ __D%l!8#[+I+!89!@1!27!2 `abcd`!`XTotal Investment Products`Q2 2008~ ` b  ` `~ ` ` ~ ` ;` ~ ` .` ~ ` B` ~ ` ` ~ ` ~` `~ ` ` ``aaaQ2 2007~ a b a a~ a a ~ a vLa ~ a 0a ~ a a ~ a  a ~ a zBa a~ a a aabbb+/-(%)b jO(@ b bb xP[,@b b ׃6c#b b r b ~ b vb b ˆ@m b b 7/Qb bb */@b bbcccc c cc c c c c c c c c c c c cc c cc8dAP:!< =&8$> "  eK & L "s x  dMbP?_*+%&\.?'\.?(\.?)MV\\LNGOVPAPP06\PA200293 dXXLetter7ove include contribution.HP LaserJet 4350 PCL5e2xekSQwgcTPZE Ƙ ɢH70e]ԕcjUtN]mΈ56%4#(s.:,B9'I^+7:=1=ע!<:j(l Vun-A@XEsbC3vOm$e>|o9?O9Zh1Zy-}_=w-sN:p\s8ljt`PN zU>tcӰFiNT*ZIL|CCм]0"n{" DXX\.?&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33sch 38U} } @} @} } @} } } }  @} } } @} } `} } @} }  } } } } @} }  e@@@@@@@@ @ @ @ @ @@@@@@@@@@@@@@@@@@@sDate: 31 July 20086+ #Schedule 37 - Actual Exchange Rates6 L DPRUDENTIAL PLC - NEW BUSINESS - QUARTER 2 2008 VERSUS QUARTER 1 20086  INSURANCE OPERATIONS6    Single    Regular     Total   PVNBP   Q2 2008 Q 1 2008  +/-(%) Q2 2008 Q 1 2008  +/-(%) Q2 2008 Q 1 2008 +/-(%)Q2 2008 Q 1 2008  +/-(%)   m  m    m  m    m  m  m  m   UK Insurance Operations              Product Summary              "  Internal Vesting annuities   >    77@~  -   -  >    77@  >    77@   (  Direct and Partnership Annuities       ]tE'@~  -   -      ]tE'@      ]tE'@     Intermediated Annuities    &   YP=@~  -   -   &   YP=@   &   YP=@   "  Total Individual Annuities       y<5@~  -   -      y<5@      y<5@                              Equity Release      jiiiii=@~    -    -     jiiiii=@    jiiiii=@ Individual Pensions  J :  $I$I<@      -  N : m۶mA@R >  @@ Corporate Pensions     ,d@ B Z   E]tE;    n  [kZ3 Unit Linked Bonds  v   k(7      -  v  k(7v   k(7 With-Profit Bonds  > N  F_U@      -  > N F_U@> N  F_U@ Protection      -        ~ &   $I$I<@ Offshore Products  :   "x4     >  884J   LϺ5                  Total Retail Retirement    Z   jNq5@ R b    0 b  ((4@ F   ͂j0@                Corporate Pensions  B v  O?+  f      'u_   rq!@ Other Products     K    R  rq   b:!@ DWP Rebates      - ~    -    -     -     - & Total Mature Life and Pensions      N<6I  z    E@  * 0{C  R   8                                 Total Retail       gQ꘮!@     0@   $I$I"@    iy5Q@               D#lXiZ\9?69-)*''/$6$ @!@"@#@$@%@&@'@(@)@*@+@,@-@.@/@0@1,@2@3@4@5@6@7@8@9@:,@;,@<@=@>@?@   Wholesale Annuities         -   -     ~      ~   !! ! !! ! !! !  ! ! ! ! ! !!!! ! !!!"" Credit Life " "  " "@@"   "  " - "  " "@@""  " "@@""## # ## # ## #  # # # # # #### # ###$$ $  $$ $  $$ $ $  $ $ $ $ $$$$ $  $$$%%% Total UK Insurance Operations %  %  %  %^B{?@%  %  % 0@%  % %c>@%%b  %  %fT;@%%&& &  && & && &  & & & & & &&&& & &&&'' Channel Summary ' '' ' '' ' ' ' ' ' ' '''' ' '''(( Direct and Partnership ( ( Z ( ( Z&-@(  ( ( $I$I,@( v  ( (2-@((  ( (Sn0E$@(()) Intermediated ) )Z   ) );k4@)   ) ) v & ) )4@)) j  ) )#F5@))** Wholesale * *  * *^  *  * - *  * ~ *^**  * ~ *^**++ Sub-Total + + ~ + +R3+E@+  + + 0@+  V+ +,& RD@++^  + +/B@++,, ,  ,, , ,, ,  , , , , , ,,,, , ,,,-- DWP Rebates - -  -  -- ~ -  - - -  - - -  -  -- --  -  -- --.. .  .. .  .. . .  . . . . .... .  .../%/ Total UK Insurance Operations /  /  /  /^B{?@/  /  / 0@/  / /c>@//b  /  /fT;@//00 0  00 0 00 0  0 0 0 0 0 0000 0 0001*1 US Insurance Operations (1b)(8)/ 1 11 1 11 1 1 1 1 1 1 1111 1 11122 Fixed Annuities 2 2  2 27V `@~ 2  2 - 2  2 - 2  2 27V `@22  2 27V `@2233 Fixed Index Annuities 3 3  3 3  3 - 3  3 - 3  3 ~ 333  3 ~ 33344 Variable Annuities 4 4  4 4VUUUUUտ~ 4  4 - 4  4 - 4  4 4VUUUUUտ44  4 4VUUUUUտ445 5 Life 5 5  5 5  5 5 R" 5 5$I$I,@55  5 50 0 #@5566 Sub-Total Retail 6 6~  6 62[ʞ4@6   6 6 R 6 6G6U!4@66. F 6 6wF4@667'7 Guaranteed Investment Contracts 7 7 V 7 7ER~ 7  7 - 7  7 - 7  V7 7ER77 V 7 7ER7788 GIC - Medium Term Note 8 8  8  8- ~ 8  8 - 8  8 - 8  8  8- 88  8  8- 889%9 Total US Insurance Operations 9 9  9 9râ|%0@9   9 9 R 9 9{֫DF0@99  9 9==/@99:: : :: : :: : : : : : : :::: : :::;-; "Asian Insurance Operations (1b)(8)/ ; ;; ; ;; ; ; ; ; ; ; ;;;; ; ;;;<< China (10)0 < <B N < <Cy 5/< "  < < $I$I,@< b j< <ON<<  < ~ <:<<== Hong Kong = =  b = =k(;@=  = =  = =uXQ5@==  = =`6] 4@==>> India (6)0 > >  > >n۶m6w@>  b > > /袋N>  ~> >P^Cy=>>~  > >ROR>>?? Indonesia ? ?b  ? ?袋.F?  ? ? f B? ~ ?|??V  ? ?R #R4??D&l !5. !$5*."1>/)-!$@@A@B@C@D@E@F@G@H@I@J@K@Lh@M@N@O@P@Q@R@S@T@U@V@W@X@Y@Z@[@\@]@^@_@@ @ Japan @ @z  @ @P^Cy 5@  J @ @ VUUUUT@  @ @$I$D@@  @ @/P@@A A Korea A Ab j A AONA  A A ۶m۶m%@A Z JA A18@AA  A AQ/~@AABB Malaysia B B  B Bb : B B m۶mQ@B ~ VB B< E E E R NE EP^Cy @EE  E E@EEF(F Total Asian Insurance Operations F F  . F  Fe㐈F   F  F {F   : F F$huBFF  F  F^5j#FFGG G GG G GG G  G G G G G GGGG G GGGHH H  HH H  HH H H  H H H H HHHH H  HHHII Group Total I  I@ >6 I  Ib@c3@I   I  I  -9 I F 6<I I+g'!1@IIY Q I  I>"@IIJJ J  JJ J  JJ J  J  J J J J JJJJ J  JJJKK K  KK K  KK K  K  K K K K KKKK K  KKKL INVESTMENT OPERATIONS6L MM M M M  MM M M  M  M  M M  M M Market & M   M NetM MM M MMNN N N Opening N  NN N N  N  N N  N  OtherN N Currency N  N MovementN NN ClosingN NNOO O  O FUM O  OO Gross InflowsO O  RedemptionsO  O Net InflowsO O  MovementsO O Movements O  O In FUMO O O FUMO OOPP P  P m P  P P mP  P  mP   P mP  P  mP  P m P   P mP P P mP PPQQ Q Q Q QQ Q Q Q  Q Q Q Q Q Q  Q Q QQ Q QQRRM&G (5)/RQ2 2008~ R! n R" " R~ R @R ~ R R ~ R # ^R  ~ R VR ~ R R ~ R# bR R~ R$ 'R" RRSSSQ1 2008~ S! V  S" " S~ S 24S ~ S S ~ S # S  ~ S bS ~ S  S ~ S# S S~ S$ nS" SSTTT+/-(%)T% 9 T" " TT& VrC H8@T T & v:U2@T T ' ^ϒm@T  T & rqT T& (vb'vT@ T T' ੭n@T TT% 1׳ @T" TTU UAsia Retail Mutual FundsUQ2 2008~ U!  U" " U~ U 6U ~ U :bU ~ U # nU  ~ U U ~ U U ~ U# U U~ U$ U" UUVVVQ1 2008~ V! V V" " V~ V >V ~ V >WV ~ V # z V  ~ V V ~ V f V ~ V# V V~ V$ V" VVWWW+/-(%)W% Ƅn3S W" " WW& ɼ6W W & kF@W W ' 8ړT@W  W & -jP@W W& 98@ W W' IzT@W WW% CW" WWXXAsia Third PartyXQ2 2008~ X!  X" " X~ X nX ~ X nX ~ X # X  ~ X X ~ X R X ~ X# *X X~ X$ & X" XXYYYQ1 2008~ Y! r Y" " Y~ Y Y ~ Y Y ~ Y # Y  ~ Y Y ~ Y Y ~ Y# Y Y~ Y$ Y" YYZZZ+/-(%)Z% x ", Z" " Z~ Z& SZ Z & f˖-[jZ Z ' ځv`U@Z   Z & - Z Z& 袋.6 Z Z' 0T<8@Z ZZ% 6N(Z" ZZ[[US Retail Mutual Funds[Q2 2008~ [! [" " [~ [ *[ ~ [ [ ~ [ # [  ~ [ [ ~ [ [ ~ [# [ [~ [$ [" [[\\\Q1 2008~ \! \" " \~ \ F\ ~ \ \ ~ \ # "\  ~ \ \ ~ \ \ ~ \# \ \~ \$ \" \\]]]+/-(%)]% ]tE@ ]" " ]]& D] ] & @@] ~ ] ' :]   ] & - ] ~ ]& B ] ~ ]' ] ]]% IݗV@]" ]]^^^^( ^) ) ^^* ^+ ^ * ^ + ^ , ^  ^ * ^+ ^* ^+ + ^, ^ ^^( ^) ^^____- _" " __ _ _  _ _ _  _  _ _ _ _ _ __- _" __D%l!8#[+I+!@9!@1!:7!2 `@a@b@c@d`!`Total Investment Products`Q2 2008~ `! b  `" " `~ ` ` ~ ` ;` ~ ` # .`  ~ ` B` ~ ` ` ~ `# ~` `~ `$ `" ``aaaQ1 2008~ a! 0 a" " a~ a a ~ a ~*a ~ a # >a  ~ a Ba ~ a a ~ a# na a~ a$ b a" aabbb+/-(%)b% kH* b" " bb& Jn zX@b b & Zl6@b b ' >\e@b  b & /袋.B@b b& J@ b b' m3b@b bb% Oظ#?b" bbcccc( c) ) cc* c+ c * c + c , c  c * c+ c* c+ + c, c cc( c) cc8dEP:!@ =&8$> "  )| /  dMbP?_*+%M.Microsoft Office Document Imag/ dXXLetter8ove include contributionwidm" dXX??&Index Sch 1.1 Sch 1.2 Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.3sch 29sch 30sch 31sch 32sch 33U} @}  )C@@@@@@ @ @ @ @ X@@@^@@H@@@V Schedule 38/'PRUDENTIAL PLC - NEW BUSINESS SCHEDULESBASIS OF PREPARATIONtThe new business schedules are provided as an indicative volume measure of transactions undertaken in the reporting period that have the potential to generate profits for shareholders. The amounts shown are not, and not intended to be, reflective of premittAPEs are calculated as the aggregate of regular new business amounts and one tenth of single new business amounts. PVNBPs are calculated as equalling single premiums plus the present value of expected premiums of new regular premium business, allowing forttThe format of the schedules is consistent with the distinction between insurance and investment products as applied for previous financial reporting periods. With the exception of some US institutional business, products categorised as "insurance" refer t t tThe details shown for insurance products include contributions for contracts that are classified under IFRS 4 "Insurance Contracts" as not containing significant insurance risk. These products are described as investment contracts or other financial instr t tInvestment products referred to in the schedules for funds under management are unit trust, mutual funds and similar types of retail asset management arrangements. These are unrelated to insurance products that are classified as "investment contracts" und VSchedule 38 continued"Notes to schedules 28 - 37(1a) Insurance and investment new business for overseas operations has been calculated using constant exchange rates. The applicable rate for Jackson is 1.97.  (1b) Insurance and investment new business for overseas operations has been calculated using actual exchange rates. The applicable rate for Jackson is 1.97 (2007:1.97). I>(2) Represents cash received from sale of investment products.  (3) Annual Equivalents, calculated as regular new business contributions plus 10 per cent single new business contributions, are subject to roundings. PVNBPs are calculated as equalling single premiums plus the present value of expected premiums of new re cX(4) In Asia, 'Other' insurance operations include Thailand, the Philippines and Vietnam. (5) Balance includes segregated and pooled pension funds, private finance assets and other institutional clients. Other movements reflect the net flows arising from the cash component of a tactical asset allocation fund managed by PPM South Africa. ti(6) New business in India is included at Prudential's 26 per cent interest in the India life operation.  (7) Balance sheet figures have been calculated at the closing exchange rate. The 2007 balance is shown on a constant exchange rate. BX3      !& M  g  x  !@"#@$%n@&'3@(  !(8) Sales are converted using the year to date average exchange rate applicable at the time. The sterling results for individual quarters represent the difference between the year to date reported sterling results at successive quarters and will include  "#(9) 389m of FUM and 19m of net flows reported for half year 2008 under Prudential Asian funds operations relate to M&G's products distributed through those Asian operations and this amount is also included in M&G's FUM. $%(10) The premiums for China are recorded at 50 per cent for Q2 2008 and 2008 YTD compared with 100 per cent for Q2 2007 and 2007 YTD, as a result of management changes made at the end of Q3 2007 in line with the original agreement with CITIC. &'(11) Mandatory Provident Fund (MPF) product sales in Hong Kong are included at Prudential's 36 per cent interest in Hong Kong MPF operation. (|   =&8$> " Oh+'0HPdx  t0601281 dilip.patelMicrosoft Excel@nk@mk٤@՜.+,08@ T\ d > Prudential hIndexSch 1.1Sch 1.2Sch 1.3Sch 2Sch 3Sch 4Sch 5Sch 6Sch 7Sch 8Sch 9Sch 10Sch 11Sch 12 Sch 13.1 Sch 13.2 Sch 13.3Sch 14Sch 15Sch 16Sch 17Sch 18Sch 19Sch 20Sch 21SCH 22Sch 23SCH 24Sch 25Sch 26 Sch 27.1 Sch 27.2 Sch 27.3Sch 28sch 29sch 30sch 31sch 32sch 33sch 34sch 35sch 36sch 37sch 38 'sch 29'! 'sch 30'! 'sch 31'! 'sch 31'! 'sch 32'! 'sch 32'! 'sch 33'! 'sch 33'! 'sch 33'!dsadIndex!Print_Area'Sch 1.1'!Print_Area'Sch 1.3'!Print_Area'Sch 10'!Print_Area'Sch 11'!Print_Area'Sch 12'!Print_Area'Sch 12'!Print_Area'Sch 13.1'!Print_Area'Sch 13.1'!Print_Area'Sch 13.2'!Print_Area'Sch 13.3'!Print_Area'Sch 14'!Print_Area'Sch 15'!Print_Area'Sch 16'!Print_Area'Sch 17'!Print_Area'Sch 17'!Print_Area'Sch 18'!Print_Area'Sch 18'!Print_Area'Sch 19'!Print_Area'Sch 19'!Print_Area'Sch 2'!Print_Area'Sch 2'!Print_Area'Sch 2'!Print_Area'Sch 20'!Print_Area'Sch 20'!Print_Area'Sch 21'!Print_Area'SCH 22'!Print_Area'Sch 23'!Print_Area'Sch 23'!Print_Area'SCH 24'!Print_Area'SCH 24'!Print_Area'Sch 25'!Print_Area'Sch 25'!Print_Area'Sch 26'!Print_Area'Sch 27.1'!Print_Area'Sch 27.3'!Print_Area'Sch 3'!Print_Area'sch 38'!Print_Area'Sch 4'!Print_Area'Sch 5'!Print_Area'Sch 7'!Print_Area'Sch 7'!Print_Area'Sch 8'!Print_Area'Sch 9'!Print_Area'Sch 9'!Print_Areaschsch1sf  Worksheets- Named Ranges;  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-/0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~                           ! 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