Prudential Plc's CEO Discusses 2011 Results - Earnings Call Transcript

Prudential plc (PUK)

2011 Earnings Call

March 13, 2012 8:30 am ET


Tidjane Thiam - Group Chief Executive and Executive Director

Nicolaos Andreas Nicandrou - Chief Financial Officer and Executive Director

Unknown Executive -

Michael Andrews Wells - Vice Chairman, Chief Executive Officer and President

Chad Tendler -

John William Foley - Group Chief Risk Officer, Group Treasurer, Executive Director and Chief Executive Officer of Prudential Capital

Rob Devey - Director and Chief Executive Officer of Prudential UK & Europe

Michael McLintock -


Raghu Hariharan - Citigroup Inc, Research Division

Andrew Hughes - Exane BNP Paribas, Research Division

Jon Hocking - Morgan Stanley, Research Division

James Pearce - UBS Investment Bank, Research Division

Toby Langley - Barclays Capital, Research Division

Nick Holmes - Nomura Securities Co. Ltd., Research Division

Andrew Crean - Autonomous Research LLP

Blair Stewart - BofA Merrill Lynch, Research Division

Unknown Analyst

William Elderkin - Societe Generale Cross Asset Research


Tidjane Thiam

All right, ladies and gentlemen. Welcome to our full year results presentation. I hope that you had something to eat. I apologize, because I know it's a long day and you've heard you've already done another company's results, but we have, once again, a large number of slides, so I hope that you're sitting comfortably. We'll take them -- take you through them slowly between Nic and I, but it's going to take probably the better part of an hour. So we are going to present first, a highlight of our results for 2011. We will then give you an update on our progress towards our 2013 objectives that we've called growth in cash and talk about the performance in turn, of each our businesses, starting with Asia then Jackson, then the U.K. and M&G. And then I'll hand over to Nic, who will cover the financials in more detail before coming back to talk about the outlook. We will then, of course, take your questions, if you still have any energy left.

The executive team, and a number of key people from our operations across the world are here today and we all look forward to operative dialogue with you. So I'll begin with the headline numbers, which you've seen now, picking out a few. For the first time, we have delivered IFRS profit of over GBP 2 billion. We have EV operating profit of almost GBP 4 billion and EBIT per share now stands at 771p. And we have remitted over GBP 1 billion -- GBP 1,105,000,000 of net cash remittances from the businesses to a center, again, a first in our history.

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