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Introduction

Adding more to life

By helping to take the financial risk out of life’s big decisions, Prudential creates long-term value for our customers, our shareholders and the communities we serve.

Father carrying daughter on his back

Full-year ordinary dividend

43.5 pence +12% (2015: 38.78 pence9)

Employees volunteered

83,284 hours

Our year in numbers

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  2016 £m 2015 £m Change on actual exchange rate basis10 Change on constant exchange rate basis10
IFRS operating profit based on longer-term investment returns1 4,256 3,969 7% (2)%
Underlying free surplus generated1,2,3 3,588 3,043 18% 10%
Life new business profit1,3,4 3,088 2,492 24% 11%
IFRS profit after tax5 1,921 2,579 (26)% (32)%
Net cash remittances from business units 1,718 1,625 6% n/a

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  1. Following its reclassification to held for sale during 2016, operating results exclude the contribution of the Korea life business. The 2015 comparative results have been similarly adjusted.
  2. Underlying free surplus generated comprises underlying free surplus generated from the Group’s long-term business (net of investment in new business) and that generated from asset management operations. Further information is set out in note 9 of the EEV basis results.
  3. The 2016 EEV basis results for UK insurance operations have been prepared on a basis that reflect the Solvency II regime, effective from 1 January 2016. The 2015 comparative results for UK insurance operations reflect the Solvency I basis.
  4. Excluding UK bulk annuities from 2015 comparative results as Prudential has withdrawn from this market.
  5. IFRS profit after tax reflects the combined effects of operating results, negative short-term investment variances, (loss)/profit on the sale of Korea life business and the total tax charge for the year.
  6. Includes adjustment for opening EEV shareholders’ funds of negative £0.5 billion for the impact of Solvency II as at 1 January 2016.
  7. Estimated. Before allowing for second interim ordinary dividend.
  8. The Group Solvency II surplus represents the shareholder capital position excluding the contribution to Own Funds and the Solvency Capital Requirement from ring-fenced with-profits funds and staff pension schemes in surplus. The estimated solvency position includes the impact of recalculated transitionals at the valuation date, which has reduced the Group shareholder surplus from £12.9 billion to £12.5 billion. The formal Quantitative Reporting Templates (Solvency II regulatory templates) will include transitional measures without this recalculation.
  9. Excluding 2015 special dividend of 10.00 pence per share
  10. Further information on actual and constant exchange rates basis is set out in note A1 of the IFRS financial statements.
  2016 £bn 2015 £bn Change on actual exchange rate basis10  
IFRS shareholders’ funds 14.7 13.0 13%  
EEV shareholders’ funds6 39.0 31.9 22%  
Group Solvency II capital surplus7,8 12.5 9.7 29%  

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