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Notes to Primary statements

D: Other notes

D1 Held for sale Korea life business

On 10 November 2016, the Group announced that it had reached an agreement to sell 100 per cent of its life insurance subsidiary in Korea, PCA Life Insurance Co., Ltd. (‘PCA Life Korea’), to Mirae Asset Life Insurance Co., Ltd. (‘Mirae’), for KRW170 billion (equivalent to £114 million at 31 December 2016 closing exchange rate). The transaction is subject to regulatory approval.

The Korea life business has been classified as held for sale in these consolidated financial statements in accordance with IFRS 5, ‘Non-current assets held for sale and discontinued operations’. Consistent with its classification as held for sale, the IFRS carrying value of the Korea life business and its related goodwill has been set to £105 million at 31 December 2016, representing the proceeds, net of £9 million of related expenses. This has resulted in a charge for ‘Remeasurement of Korea Life business classified as held for sale’ of £(238) million in the income statement.

To facilitate comparisons of businesses retained by the Group, the supplementary analysis of profit shown in note B1.1 shows separately the results of the Korea life business for both 2016 and 2015. For 2016 the result for the year, including short-term fluctuations in investment returns, together with the adjustment to the carrying value have given rise to an aggregate loss of £(227) million (2015: £56 million profit). This comprises:

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  2016 £m AER 2015 £m CER 2015 £m
Remeasurement of carrying value on classification as held for sale (238)
Amounts that would otherwise be classified within:      
Operating profit based on longer-term investment returns 20 38 42
Short-term fluctuations in investment returns (9) 18 20
(Loss) profit attaching to held for sale Korea life business (227) 56 62
Related tax charge (4) (14) (15)

The assets and liabilities of the Korea life business classified as held for sale on the statement of financial position as at 31 December 2016 are as follows:

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2016 £m
  1. The investments of the Korea life business comprise primarily Equity securities and portfolio holdings in unit trusts (£2,527 million as at 31 December 2016).
  2. The remeasurement adjustment of £238 million comprises the write down of goodwill of £15 million and other non-current assets within the scope of IFRS 5 of £16 million (£14 million of software and £2 million of property, plant and equipment) and an additional remeasurement of £207 million to adjust the carrying value of the business to fair value less costs to sell.
  3. The Korea life business has non-linked liabilities and linked liabilities at 31 December 2016 of £749 million and £2,576 million respectively (2015: £625 million and £2,187 million respectively).
Assets  
Investments including cash and cash equivalents1 3,722
Other assets including goodwill2 379
  4,101
Adjustment for remeasurement of the carrying value of the business to fair value less costs to sell2 (238)
Assets held for sale 3,863
   
Liabilities  
Policyholder liabilities3 3,325
Other liabilities 433
Liabilities held for sale 3,758
   
Net assets 105

D2 Contingencies and related obligations

Litigation and regulatory matters

In addition to the matters set out in note C11 in relation to the Financial Conduct Authority review of past annuity sales, the Group is involved in various litigation and regulatory issues. These may from time to time include class actions involving Jackson. While the outcome of such litigation and regulatory issues cannot be predicted with certainty, the Company believes that their ultimate outcome will not have a material adverse effect on the Group’s financial condition, results of operations, or cash flows.

Unclaimed Property Provision

Jackson had previously received regulatory enquiries on an industry-wide matter regarding claims settlement practices and compliance with unclaimed property laws. During 2015, Jackson reached agreements to settle issues related to these enquiries. At 31 December 2016, Jackson has accrued £13 million (2015: £16 million) to cover any such liability.

Guarantees

Guarantee funds in both the UK and the US provide for payments to be made to policyholders on behalf of insolvent life insurance companies and are financed by payments assessed on solvent insurance companies based on location, volume and types of business. The estimated reserve for future guarantee fund assessments is not significant. The directors believe that the reserve is adequate for all anticipated payments for known insolvencies.

The Group has provided other guarantees and commitments to third-parties entered into in the normal course of business but the Company does not consider that the amounts involved are significant.

Support for with-profits sub-funds by shareholders’ funds

PAC is liable to meet its obligations to with-profits policyholders even if the assets of the with-profits sub-funds are insufficient to do so. The assets, represented by the unallocated surplus of with-profits funds, in excess of amounts expected to be paid for future terminal bonuses and related shareholder transfers (‘the excess assets’) in the with-profits sub-funds could be materially depleted over time by, for example, a significant or sustained equity market downturn, costs of significant fundamental strategic change or a material increase in the pension mis-selling provision. In the unlikely circumstance that the depletion of the excess assets within the long-term fund was such that the Group’s ability to satisfy policyholders’ reasonable expectations was adversely affected, it might become necessary to restrict the annual distribution to shareholders or to contribute shareholders’ funds to the with-profits sub-funds to provide financial support.

Matters relating to with-profits sub-funds:

  • Pension mis-selling review – The UK insurance regulator required all UK life insurance companies to review sales of personal pensions policies for potential mis-selling. Offers to all cases were made by 30 June 2002. Costs arising from this review are met by the excess assets of the PAC with-profits sub-fund and hence have not been charged to the asset shares used in the determination of policyholder bonus rates. Prudential has given an assurance that these deductions from excess assets will not impact its bonus or investment policy for policies within the with-profits sub-funds that were in force at 31 December 2003. This assurance does not apply to new business since 1 January 2004. In the unlikely event that such deductions would affect the bonus or investment policy for the relevant policies, Prudential has stated it would make available support to the sub-fund from shareholder resources for as long as the situation continued, so as to ensure that policyholders were not disadvantaged.
  • Scottish Amicable Insurance sub-fund – Policies within this sub-fund (a with-profits sub-fund closed to new business) contain minimum levels of guaranteed benefit to policyholders. Should the assets of the sub-fund be inadequate to meet the guaranteed benefit obligations of the policyholders of SAIF, the PAC with-profits sub-fund would be liable to cover any such deficiency in the first instance.

    In addition, certain pensions products within this sub-fund have guaranteed annuity rates at retirement, for which a provision of £571 million was held within the sub-fund (2015: £412 million).

  • Guaranteed annuities – A provision for guaranteed annuity products of £62 million was held (2015: £47 million) in the PAC with-profits sub-fund.

Intra-group capital support arrangements

Prudential and PAC have put in place intra-group arrangements to formalise circumstances in which capital support would be made available by Prudential. While Prudential considers it unlikely that such support will be required, the arrangements are intended to provide additional comfort to PAC and its policyholders.

In addition, Prudential has put in place intra-group arrangements to formalise undertakings by Prudential to the regulators of the Hong Kong subsidiaries regarding their solvency levels.

D3 Post balance sheet events

Dividends

The second interim ordinary dividend for the year ended 31 December 2016, that was approved by the Board of Directors after 31 December 2016 is described in note B7.

D4 Related party transactions

Transactions between the Company and its subsidiaries are eliminated on consolidation.

The Company has transactions and outstanding balances with certain unit trusts, Open-Ended Investment Companies (OEICs), collateralised debt obligations and similar entities which are not consolidated and where a Group company acts as manager which are regarded as related parties for the purposes of IAS 24. The balances are included in the Group’s statement of financial position at fair value or amortised cost in accordance with their IAS 39 classifications. The transactions are included in the income statement and include amounts paid on issue of shares or units, amounts received on cancellation of shares or units and paid in respect of the periodic charge and administration fee.

In addition, there are no material transactions between the Group’s joint ventures which are accounted for on an equity method basis and other Group companies.

Executive officers and directors of the Company may from time to time purchase insurance, asset management or annuity products marketed by Group companies in the ordinary course of business on substantially the same terms as those prevailing at the time for comparable transactions with other persons.

In 2016 and 2015, other transactions with directors were not deemed to be significant both by virtue of their size and in the context of the directors’ financial positions. All of these transactions are on terms broadly equivalent to those that prevail in arm’s length transactions.

Apart from these transactions with directors, no director had interests in shares, transactions or arrangements that require disclosure, other than those given in the directors’ remuneration report. Key management remuneration is disclosed in note B3.3.

D5 Commitments

Operating leases and capital commitments

The Group leases various offices to conduct its business. Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease.

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  2016 £m 2015 £m
Future minimum lease payments for non-cancellable operating leases fall due during the following periods:    
Not later than 1 year 107 98
Later than 1 year and not later than 5 years 209 231
Later than 5 years 96 116
Future minimum sub-lease rentals received for non-cancellable operating leases for land and buildings 60 66
Minimum lease rental payments included in consolidated income statement 115 105

In addition, the Group has provided, from time to time, certain guarantees and commitments to third parties including funding the purchase or development of land and buildings and other related matters. The contractual obligations to purchase or develop investment properties at 31 December 2016 were £458 million (2015: £409 million).

At 31 December 2016, Jackson has unfunded commitments of £465 million (2015: £299 million) related to its investments in limited partnerships and £201 million (2015: £64 million) related to commercial mortgage loans and other fixed maturities. These commitments were entered into in the normal course of business and a material adverse impact on the operations is not expected to arise from them.

At 31 December 2016, UK insurance operations had unfunded commitments of £2,269 million (2015: £2,034 million) to private equity and infrastructure funds. These commitments were entered into in the normal course of business and no material adverse impact on the operations is expected to arise.

D6 Investments in subsidiary undertakings, joint ventures and associates

(a) Dividend restrictions and minimum capital requirements

Certain Group subsidiaries and joint ventures are subject to restrictions on the amount of funds they may transfer in the form of cash dividends or otherwise to the parent company.

Under UK company law, UK companies can only declare dividends if they have sufficient distributable reserves. Further, UK insurance companies are required to maintain solvency margins in accordance with the rules of the Prudential Regulation Authority. The Group UK asset management company, M&G Investment Management Ltd is also required to maintain capital in accordance with regulatory requirements before making any distribution to the parent company.

Jackson is subject to state laws that limit the dividends payable to its parent company based on statutory capital and surplus and prior year earnings. Dividends in excess of these limitations require prior regulatory approval.

The Group’s subsidiaries, joint ventures and associates in Asia may remit dividends to the Group, in general, provided the statutory insurance fund meets the capital adequacy standard required under local statutory regulations and has sufficient distributable reserves. For further details on local capital regulations in Asia please refer to note C12(b).

(b) Investments in joint ventures and associates

Joint ventures represent arrangements where the controlling parties through contractual or other agreement have the rights to the net assets of the arrangements. The Group has shareholder-backed joint venture insurance and asset management businesses in China with CITIC Group, and until September 2016 in India with ICICI Bank (see below). In addition, there is an asset management joint venture in Hong Kong with Bank of China International Holdings Limited (BOCI) and Takaful general and life insurance joint venture in Malaysia.

The Group has various joint ventures relating to property investments held by the PAC with-profits fund. The results of these joint ventures are reflected in the movement in the unallocated surplus of the PAC with-profits funds and therefore do not affect shareholders’ results.

For the Group’s joint ventures that are accounted for by using the equity method, the net of tax results of these operations are included in the Group’s profit before tax.

The investments in these joint ventures have the same accounting year end as the Group.

The Group’s associates, which are also accounted for under the equity method, include PPM South Africa and from September 2016 the Indian insurance entity, see below. In addition, the Group has investments in Open-Ended Investment Companies (OEICs), unit trusts, funds holding collateralised debt obligations, property unit trusts and venture capital investments of the PAC with-profits funds where the Group has significant influence. As allowed under IAS 28, these investments are accounted for on a fair value through profit or loss basis. The aggregate fair value of associates accounted for at fair value through profit or loss, where there are published price quotations, is approximately £3.5 billion at 31 December 2016 (2015: £1.4 billion).

During the period, following its listing and consequent amendments to the shareholder agreement, the Group ceased to exercise joint control over the insurance business in India, therefore the investment has been re-classified as an associate, and continues to be accounted for using the equity method.

The Group’s share of the profits (including short-term fluctuations in investment returns), net of related tax, and carrying amount of interest in joint ventures and associates, which are equity accounted as shown in the consolidated income statement comprises the following:

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  Joint ventures and associates
  2016 £m 2015 £m
Shareholder-backed business 161 185
PAC with-profits fund (prior to offsetting effect in movement in unallocated surplus) 21 53
Total 182 238

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  Insurance operations   Asset management     Unallocated to a segment (central operations)
  Asia US UK   M&G Prudential Capital US Eastspring Investments   Total segment Group total
2016                        
Share of profits from joint ventures and associates, net of related tax 94 21   13 54   182 182
                         
2015                        
Share of profits from joint ventures and associates, net of related tax 130 53   14 41   238 238

There is no other comprehensive income in the joint ventures and associates. There has been no unrecognised share of losses of a joint venture or associate that the Group has stopped recognising in the total income.

The joint ventures have no significant contingent liabilities or capital commitments to which the Group is exposed nor does the Group have any significant contingent liabilities or capital commitments in relation to its interests in the joint ventures.

(c) Related undertakings

In accordance with Section 409 of the Companies Act 2006 a list of Prudential Group’s subsidiaries, joint ventures, associates and significant holdings (being holdings of more than 20 per cent) along with the classes of shares held, the registered office address and the country of incorporation, and the effective percentage of equity owned at 31 December 2016 is disclosed below.

The definitions of a subsidiary undertaking, joint venture and associate in accordance with the Companies Act 2006 are different from the definition under IFRS. As a result, the related undertakings included within the list below may not be the same as the undertakings consolidated in the Group IFRS financial statements. The Group’s consolidation policy is described in note A3.1(b).

Direct subsidiary undertakings of the parent company, Prudential plc (shares held directly or via nominees):

Name of entity Classes of shares held Proportion
held
Registered office address and country of incorporation
M&G Group Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential (US Holdco1) Limited Ordinary shares 100.00%
Prudential Capital Holding Company Limited Ordinary shares 100.00%
Prudential Corporation Asia Limited Ordinary shares 100.00% 13/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong
Prudential Financial Services Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Group Holdings Limited Ordinary shares 100.00%
Prudential Property Services Limited Ordinary shares 100.00%
Prudential US Limited (In liquidation) Ordinary shares 100.00%
The Prudential Assurance Company Limited Ordinary shares 100.00%

Other subsidiaries, joint ventures, associates and significant holdings of the Group – no shares held directly by the parent company, Prudential plc or its nominees:

Name of entity Classes of shares held Proportion held Registered office address and country of incorporation
Allied Life Brokerage Agency, Inc Ordinary shares 100.00% 400 East Court Avenue, Des Moines Iowa, 50309, USA
BOCHK Aggressive Growth Fund Ordinary shares 54.69% 27th Floor, Bank of China Tower, Central and Western District, Hong Kong
BOCHK Balanced Growth Fund Ordinary shares 39.05% 12th Floor and 25th Floor, Citicorp Centre, 18 Whitfield Road, Causeway Bay, Wan Chai, Hong Kong
BOCHK China Equity Fund Ordinary shares 64.15%
BOCHK Conservative Growth Fund Ordinary shares 43.44%
BOCI - Prudential Asset Management Limited Ordinary shares 36.00% 27/F, Bank of China Tower, 1 Garden Road, Hong Kong
BOCI - Prudential Trustee Limited Ordinary shares 36.00% 12th Floor and 25th Floor, Citicorp Centre, 18 Whitfield Road, Causeway Bay, Wan Chai, Hong Kong
Brier Capital LLC Limited liability company 100.00% 1 Corporate Way, Lansing, Michigan 48951, USA
Brooke (Holdco 1) Inc Ordinary shares 100.00% 1105 N Market Street, Suite 1300, Wilmington, DE 19801, USA
Brooke Holdings (UK) Ltd (In liquidation) Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Brooke Holdings LLC Ordinary shares 100.00% 1105 N Market Street, Suite 1300, Wilmington, DE 19801, USA
Brooke Life Insurance Company Ordinary shares 100.00% 1 Corporate Way, Lansing, Michigan 48951, USA
BWAT Retail Nominee (1) Limited Ordinary shares 50.00% Laurence Pountney Hill, London EC4R 0HH, UK
BWAT Retail Nominee (2) Limited Ordinary shares 50.00%
Calera Capital Partners IV - A AIV I, LP Limited partnership interest 32.87% Corporation Trust Centre, 1209 Orange St, Wilmington, DE 19801, USA
Calvin F1 GP Limited Ordinary shares 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
Calvin F2 GP Limited Ordinary shares 100.00%
Canada Property (Trustee) No 1 Limited Ordinary shares 100.00% Lime Grove House, Green Street, St Helier, Jersey JE1 2ST
Canada Property Holdings Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Canada Property Jersey No. 2 Trust Units 100.00% Lime Grove House, Green Street, St Helier, Jersey JE1 2ST
Canada Property Jersey Trust Units 100.00%
Cardinal Distribution Park Management Limited Ordinary shares 66.00% 5th Floor Cavendish House, 39 Waterloo Street, Birmingham B2 5PP, UK
Carraway Guildford (Nominee A) Limited Ordinary shares 100.00% 13 Castle Street, St Helier, Jersey JE4 5UT
Carraway Guildford (Nominee B) Limited Ordinary shares 100.00%
Carraway Guildford General Partner Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Carraway Guildford Investments Unit Trust Units 100.00% 13 Castle Street, St Helier, Jersey JE4 5UT
Carraway Guildford Limited Partnership Limited partnership interest 100.00% Lloyds Chambers, 1 Portsoken Street, London E1 8HZ, UK
Centaurus Retail LLP Limited partnership interest 50.00% 40 Broadway, London SW1H 0BU, UK
Central Square Leeds Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Centre Capital Non-Qualified Investors IV AIV Orion, L.P. Limited partnership interest 76.75% 2711 Centerville Road, Ste 400, Wilmington, DE 19808, USA
Centre Capital Non-Qualified Investors IV AIV-ELS, L.P. Limited partnership interest 76.53%
Centre Capital Non-Qualified Investors IV AIV-RA, L.P. Limited partnership interest 71.43%
Centre Capital Non-Qualified Investors IV, L.P. Limited partnership interest 75.47%
Centre Capital Non-Qualified Investors V AIV-ELS LP Limited partnership interest 73.16%
Centre Capital Non-Qualified Investors V L.P. Limited partnership interest 67.47%
CEP IV-A Chicago AIV Limited Partnership Limited partnership interest 31.92% 615 S Dupont Hwy, Dover, DE 19901, USA
CEP IV-A CWV AIV Limited Partnership Limited partnership interest 31.92% 850 New Burton Road, Ste. 201, Dover, DE 19904, USA
CEP IV-A Davenport AIV Limited Partnership Limited partnership interest 31.92% 615 S Dupont Hwy, Dover, DE 19901, USA
CEP IV-A Indy AIV Limited Partnership Limited partnership interest 31.92%
CEP IV-A NMR AIV Limited Partnership Limited partnership interest 31.92%
CEP IV-A WBCT AIV Limited Partnership Limited partnership interest 31.91%
CF Prudential European QIS Fund Ordinary shares 97.72% 17 Rochester Row, London SW1P 1QT, UK
CF Prudential Japanese QIS Fund Ordinary shares 97.93%
CF Prudential North American QIS Fund Ordinary shares 97.90% 135 Bishopsgate, London EC2M 3UR, UK
CF Prudential Pacific Markets Trust Fund Ordinary shares 97.91% Laurence Pountney Hill, London EC4R 0HH, UK
CF Prudential UK Growth QIS Fund Ordinary shares 98.60% 17 Rochester Row, London SW1P 1QT, UK
CITIC-Prudential Life Insurance Company Limited Ownership interest 50.00% East Tower, World Financial Centre, No.1 East Third Ring Middle Road, Chaoyang District, Beijing, China 100020
CITIC-CP Asset Management Co., Ltd. Ownership interest 26.95% No.128 North Zhangjiabang Road, Pudong District, Shanghai, China
CITIC-Prudential Fund Management Company Limited Ownership interest 49.00% Level 9, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong, Shanghai, China
Clairvest Equity Partners IV-A Limited Partnership Limited Partnership Interest 31.89% 22 St. Clair Avenue East, Suite 1700, Toronto, ON M4T 2S3 Canada
Cribbs Causeway JV Limited Ordinary shares 50.00% 40 Broadway, London SW1H 0BU, UK
Cribbs Causeway Merchants Association Ltd Limited by guarantee 100.00% The Mall at Cribbs Causeway, Bristol, BS34 5DG, UK
Cribbs Mall Nominee (1) Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Curian Capital, LLC Membership interest 100.00% 1 Corporate Way, Lansing, Michigan 48951, USA
Curian Clearing LLC (Michigan) Membership interest 100.00%
Eastspring Al-Wara’ Investments Berhad Ordinary shares 100.00% 16th Floor, Wisma Sime Darby, Jalan Raja Laut, 50350 Kuala Lumpur, Malaysia
Eastspring Asset Management Korea Co. Ltd. Ordinary shares 100.00% 15th Floor, Shinhan Investment Tower, 70 Yoidae-ro, Youngdungpo-gu, Seoul 07325, Korea
Eastspring China Dragon Fund Ordinary shares 29.13%
Eastspring Investments – Cash Reserve Fund Ordinary shares 100.00% Prudential Tower 23rd Floor, Jl. Jendral Sudirman Kav.79, Jakarta Selatan 12910, Indonesia
Eastspring Investments – Pan European Fund Ordinary shares 79.06% 10 Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983
Eastspring Investments – US High Yield Bond Fund Ordinary shares 28.25% 26, Boulevard Royal, L-2449 Luxembourg
Eastspring Investments (Hong Kong) Limited Ordinary shares 100.00% 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong
Eastspring Investments (Luxembourg) S.A. Ordinary shares 100.00% 26, Boulevard Royal, L-2449 Luxembourg
Eastspring Investments (Singapore) Limited Ordinary shares 100.00% 10 Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983
Eastspring Investments Active Quant Securities Ordinary shares 100.00% 15th Floor, Shinhan Investment Tower, 70 Yoidae-ro, Youngdungpo-gu, Seoul 07325, Korea
Eastspring Investments Asia Pacific Equity Fund Ordinary shares 100.00% 26, Boulevard Royal, L-2449 Luxembourg
Eastspring Investments Asian Bond Fund Ordinary shares 46.78%
Eastspring Investments Asian Dynamic Fund Ordinary shares 96.08%
Eastspring Investments Asian Equity Fund Ordinary shares 97.31%
Eastspring Investments Asian Equity Income Fund Ordinary shares 82.82%
Eastspring Investments Asian High Yield Bond Fund Ordinary shares 48.66%
Eastspring Investments Asian Infrastructure Equity Fund Ordinary shares 64.51%
Eastspring Investments Asian Low Volatility Equity Fund Ordinary shares 100.00%
Eastspring Investments Asian Property Securities Fund Ordinary shares 96.80%
Eastspring Investments Berhad Ordinary shares 100.00% 16th Floor, Wisma Sime Darby, Jalan Raja Laut, 50350 Kuala Lumpur, Malaysia
Eastspring Investments Best Growth Securities Inv Trust 4 Ordinary shares 97.01% 70, Yeoui-daero, Yeongdeungpo-gu, Seoul, 15/F, Shinhan Investment Tower, Seoul Special City, 07325, Korea
Eastspring Investments China Equity Fund Ordinary shares 40.42% 26, Boulevard Royal, L-2449 Luxembourg
Eastspring Investments China Securities Baby Investment Trust Ordinary shares 94.78% 15th Floor, Shinhan Investment Tower, 70 Yoidae-ro, Youngdungpo-gu, Seoul 07325, Korea
Eastspring Investments Commodity Smart Choice Special Assets 1 Ordinary shares 100.00%
Eastspring Investments Dragon Peacock Fund Ordinary shares 83.12% 26, Boulevard Royal, L-2449 Luxembourg
Eastspring Investments Emerging EMEA Dynamic Fund Ordinary shares 100.00%
Eastspring Investments European Inv Grade Bond Fund Ordinary shares 98.15%
Eastspring Investments Fund Management Limited Liability Company Ownership interest 100.00% 23/F, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, Ho Chi Minh City, Vietnam
Eastspring Investments Global Bond Navigator Fund Ordinary shares 98.30% 26, Boulevard Royal, L-2449 Luxembourg
Eastspring Investments Global Emerging Markets Bond Fund Ordinary shares 93.98%
Eastspring Investments Global Equity Navigator Fund Ordinary shares 100.00%
Eastspring Investments Global Market Navigator Fund Ordinary shares 95.89%
Eastspring Investments Global Multi Asset Income Plus Growth Fund Ordinary shares 100.00%
Eastspring Investments Greater China Equity Fund Ordinary shares 90.71%
Eastspring Investments Hong Kong Equity Fund Ordinary shares 99.57%
Eastspring Investments Incorporated Ordinary shares 100.00% 874 Walker Road, Suite C, Dover, DE 19904, USA
Eastspring Investments India Consumer Equity Open Limited Ordinary shares 100.00% Suite 450, 4th Floor, Barkly Wharf East, Le Caudan Waterfront Port Louis, Mauritius
Eastspring Investments India Equity Fund Ordinary shares 80.28% 26, Boulevard Royal, L-2449 Luxembourg
Eastspring Investments India Equity Open Limited Ordinary shares 100.00% Suite 450, 4th Floor, Barkly Wharf East, Le Caudan Waterfront Port Louis, Mauritius
Eastspring Investments India Infrastructure Equity Open Limited Ordinary shares 100.00%
Eastspring Investments Japan Fundamental Value Fund Ordinary shares 98.53% 26, Boulevard Royal, L-2449 Luxembourg
Eastspring Investments Korea Index Securities Baby Investment Trust Ordinary shares 100.00% 15th Floor, Shinhan Investment Tower, 70 Yoidae-ro, Youngdungpo-gu, Seoul 07325, Korea
Eastspring Investments Korea Value Securities Investment Trust Bond Ordinary shares 99.71%
Eastspring Investments Latin American Equity Fund Ordinary shares 94.44% 26, Boulevard Royal, L-2449 Luxembourg
Eastspring Investments Limited Ordinary shares 100.00% Marunouchi Park Building, 6-1 Marunouchi 2-chome, Chiyoda-Ku, Tokyo, Japan
Eastspring Investments Limited (in liquidation) Ordinary shares 100.00% Level 6, Precinct Building 5, Unit 5, Dubai International Financial Centre, Dubai, United Arab Emirates
Eastspring Investments North America Value Fund Ordinary shares 99.76% 26, Boulevard Royal, L-2449 Luxembourg
Eastspring Investments Portfolio Management Limited (in liquidation) Ordinary shares 100.00% Suite 450, 4th Floor, Barkly Wharf East, Le Caudan Waterfront Port Louis, Mauritius
Eastspring Investments Services Pte. Ltd. Ordinary shares 100.00% 10 Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983
Eastspring Investments SICAV-FIS - Alternative Investments Fund Ordinary shares 100.00% 2-4 Rue Eugene Ruppert, L-2453 Luxembourg
Eastspring Investments SICAV-FIS - Asia Pacific Loan Fund Ordinary shares 100.00% 26, Boulevard Royal, L-2449 Luxembourg
Eastspring Investments SICAV-FIS Universal USD Bond Fund Ordinary shares 99.95%
Eastspring Investments SICAV-FIS Universal USD Bond II Fund Ordinary shares 100.00%
Eastspring Investments Standard Plus Securities Investment Trust Ordinary shares 97.53% 15th Floor, Shinhan Investment Tower, 70 Yoidae-ro, Youngdungpo-gu, Seoul 07325, Korea
Eastspring Investments Unit Trusts -Global Technology Fund Ordinary shares 91.69% 10 Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983
Eastspring Investments US Bond Fund Ordinary shares 65.36% 26, Boulevard Royal, L-2449 Luxembourg
Eastspring Investments US Corporate Bond Fund Ordinary shares 83.44%
Eastspring Investments US High Inv Grade Bond Fund Ordinary shares 89.13%
Eastspring Investments US Investment Grade Bond Fund Ordinary shares 25.03%
Eastspring Investments UT Singapore ASEAN Equity Fund Ordinary shares 99.84% 10 Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983
Eastspring Investments UT Singapore Select Bond Fund Ordinary shares 92.02%
Eastspring Investments VUL Max Choice Securities Investment Trust 1 Ordinary shares 99.95% 15th Floor, Shinhan Investment Tower, 70 Yoidae-ro, Youngdungpo-gu, Seoul 07325, Korea
Eastspring Investments VUL Max Choice Securities Investment Trust 2 Ordinary shares 99.95%
Eastspring Investments VUL NOW Securities Investment Trust 1 Ordinary shares 99.96%
Eastspring Investments World Value Equity Fund Ordinary shares 84.92% 26, Boulevard Royal, L-2449 Luxembourg
Eastspring Real Assets Partners Ordinary shares 100.00% PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands
Eastspring Securities Investment Trust Co., Ltd. Ordinary shares 99.54% 4F, No.1 Songzhi Road, Taipei 110, Taiwan
Edger Investments Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Empire Holding S.a.r.l. (In liquidation) Ordinary shares 100.00% 5 Rue Guillaume Kroll, L-1882, Luxembourg
Euro Salas Properties Limited Ordinary shares 100.00% 7 West George Street, Glasgow G2 1BA, UK
Falan GP Limited Ordinary shares 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
Fashion Square ECO LP Limited partnership interest 100.00% The Corporation Trust Company, Corporation Trust Centre, 1209 Orange St, Wilmington, DE 19801, USA
First Dakota, Inc. Ordinary shares 100.00% 314 East Thayer Avenue, Bismarck, ND 58501, USA
Five Hotel Holdings, LLC Membership interest 100.00% CT Corporation System, 208 S. LaSalle St. Suite 814, Chicago IL 60604, Illinois USA
Foudry Properties Limited Ordinary shares 50.00% Clearwater Court, Vastern Road, Reading RG1 8DB, UK
Furnival Insurance Company PCC Limited Ordinary shares 100.00% PO Box 34, St. Martin’s House, Le Bordage, St. Peter Port, GY1 4AU, Guernsey
GCI Holdings Corporation Ordinary shares 75.80% Prentice-Hall Corporation, 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA
Genny GP 1 LLP Limited partnership interest 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Genny GP 2 Limited Ordinary shares 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
Genny GP Limited Ordinary shares 100.00%
GGE GP Limited Ordinary shares 100.00%
Global Low Volatility Equity fund D Acc Ordinary shares 94.59% 26, Boulevard Royal, L-2449 Luxembourg
Greenpark (Reading) General Partner Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Greenpark (Reading) Nominee No. 1 Limited Ordinary shares 100.00%
Greenpark (Reading) Nominee No. 2 Limited Ordinary shares 100.00%
GS Twenty Two Limited Ordinary shares 100.00%
Hermitage Management LLC Membership interest 100.00% 1 Corporate Way, Lansing, Michigan 48951, USA
Holborn Bars Nominees Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Holborn Finance Holding Company (In liquidation) Ordinary shares 100.00%
Holtwood Limited Ordinary shares 100.00% International House, Castle Hill, Victoria Road, Douglas, IM2 4RB, Isle of Man
Hyde Holdco 1 Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
ICICI Prudential Asset Management Company Limited Ordinary shares 49.00% 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India
ICICI Prudential Life Insurance Company Limited Ordinary shares 25.83% ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025, India
ICICI Prudential Pension Funds Management Company Limited Ordinary shares 25.83%
ICICI Prudential Trust Limited Ordinary shares 49.00% 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India
IFC Holdings, Inc. Ordinary shares 100.00% 1209 Orange St, Wilmington, DE 19801, USA
Infracapital (AIRI) GP Limited Ordinary shares 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
Infracapital (AIRI) Holdings Limited Ordinary shares 100.00%
Infracapital (AIRI) SLP LP Partnership interest 100.00%
Infracapital (Bio) GP Limited Ordinary shares 100.00%
Infracapital (Bio) SLP LP Partnership interest 100.00%
Infracapital (GC) GP Limited Ordinary shares 100.00%
Infracapital (GC) SLP LP Ordinary shares with partnership interest 100.00%
Infracapital (IT PPP) GP Limited Ordinary shares 100.00%
Infracapital (IT PPP) SLP LP Partnership interest 100.00%
Infracapital (Sense) GP Limited Ordinary shares 100.00%
Infracapital (Sense) Holdings Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Infracapital (Sense) SLP LP Partnership interest 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
Infracapital (TLSB) GP Limited Ordinary shares 100.00%
Infracapital (TLSB) SLP LP Partnership interest 100.00%
Infracapital ABP GP Limited Ordinary shares 100.00%
Infracapital CI II Limited Ordinary shares 100.00%
Infracapital DF II GP LLP Limited partnership interest 100.00%
Infracapital DF II Limited Ordinary shares 100.00%
Infracapital Employee Feeder GP 1 LLP Limited partnership interest 100.00%
Infracapital Employee Feeder GP 2 LLP Limited partnership interest 100.00%
Infracapital Employee Feeder GP Limited Ordinary shares 100.00%
Infracapital F1 GP2 Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Infracapital F2 GP1 Limited Ordinary shares 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
Infracapital F2 GP2 Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Infracapital GP 1 LLP Limited partnership interest 100.00%
Infracapital GP 2 LLP Limited partnership interest 100.00%
Infracapital GP II Limited Ordinary shares 100.00%
Infracapital GP Limited Ordinary shares 100.00%
Infracapital Greenfield Partners I GP 1 Limited Ordinary shares 100.00%
Infracapital Greenfield Partners I GP 2 Limited Ordinary shares 100.00%
Infracapital Greenfield Partners I GP LLP Ordinary shares 100.00%
Infracapital Greenfield Partners I LP Limited partnership interest 100.00%
Infracapital Long Term Income Partners GP 1 Limited Ordinary shares 100.00%
Infracapital Long Term Income Partners GP 2 Limited Ordinary shares 100.00%
Infracapital Long Term Income Partners GP LLP Limited partnership interest 100.00%
Infracapital Partners II LP Limited partnership interest 25.98%
Infracapital Partners LP Limited partnership interest 33.04%
Infracapital Sisu GP Limited Ordinary shares 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
Infracapital SLP II GP LLP Limited partnership interest 100.00%
Infracapital SLP Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Innisfree M&G PPP LLP Limited partnership interest 35.00% Boundary House, 91-93 Charterhouse Street, London EC1M 6HR, UK
INVEST Financial Corporation Insurance Agency, Inc. of Delaware Ordinary shares 100.00% 100 West 10th Street Wilmington, DE 19801, USA
INVEST Financial Corporation Insurance Agency, Inc. of Illinois Ordinary shares 100.00% 208 South LaSalle Street Suite 814 Chicago, IL 60604, USA
Investment Centers of America, Inc Ordinary shares 100.00% 314 East Thayer Avenue, Bismarck, ND 58501, USA
Jackson Charitable Foundation Non-stock basis 100.00% 1 Corporate Way, Lansing, Michigan 48951, USA
Jackson National Asset Management LLC Capital contribution 100.00%
Jackson National Life (Bermuda) Limited Ordinary shares 100.00% Cedar House, 41 Cedar Avenue, Hamilton HM 12, Bermuda
Jackson National Life Distributors LLC Membership interest 100.00% 1209 Orange St, Wilmington, DE 19801, USA
Jackson National Life Insurance Company Ordinary shares 100.00% 1 Corporate Way, Lansing,Michigan 48951, USA
Jackson National Life Insurance Company of New York Ordinary shares 100.00% 2900 Westchester Av, Suite 305, Purchase, NY 10577, USA
Jefferies Capital Partners V, L.P. Limited partnership interest 21.92% The Corporation Trust Company, Corporation Trust Centre, 1209 Orange St, Wilmington, DE 19801, USA
JNL Strategic Income Fund LLC Membership interest 100.00%
Lion Credit Opportunity Fund Ordinary shares 32.26% 3rd Floor, Kilmore House, Park Lane, Dublin 1, D01 YE64, Ireland
LIPP S.à r.l. (in liquidation) Ordinary shares 100.00% 5 Rue Guillaume Kroll, L-1882, Luxembourg
Livicos Limited Ordinary shares 100.00% Montague House, Adelaide Road, Dublin 2, Ireland
M&G (Guernsey) Limited Ordinary shares 100.00% Dorey Court, Admiral Park, St. Peter Port, Guernsey GY1 2HT
M&G Alternatives Investment Management Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
M&G Asia Property Fund A Class Shares 40.35% 34-38, Avenue de la Liberté, L-1930 Luxembourg
M&G Corporate bond Fund Ordinary shares 24.40% Laurence Pountney Hill, London EC4R 0HH, UK
M&G Dividend Fund Ordinary shares 54.67%
M&G Emerging Markets Bond Fund Ordinary shares 23.85%
M&G Episode Defensive Fund Ordinary shares 94.62%
M&G Episode Macro Fund Ordinary shares 45.65%
M&G European Credit Investment Fund Ordinary shares 100.00% 80, Route d’Esch, L-1470 Luxembourg
M&G European High Yield Credit Investment Fund Ordinary shares 100.00%
M&G European Property Fund SICAV-FIS Ordinary shares 68.06% 34-38, Avenue de la Liberté, L-1930 Luxembourg
M&G European Secured Property Income Fund Units 51.12%
M&G European Select Fund Ordinary shares 37.30% Laurence Pountney Hill, London EC4R 0HH, UK
M&G European Strategic Value Fund Ordinary shares 92.47%
M&G Feeder of Property Portfolio Ordinary shares 28.25%
M&G Financial Services Limited Ordinary shares 100.00%
M&G Founders 1 Limited Ordinary shares 100.00%
M&G General Partner Inc. Ordinary shares 100.00% Walker House, 87 Mary Street, Grand Cayman, KY1 9002, Cayman Islands
M&G Gilt & Fixed Interest Income Fund Ordinary shares 41.11% Laurence Pountney Hill, London EC4R 0HH, UK
M&G Global Corporate Bond Fund Ordinary shares 63.53%
M&G Global Credit Investment Fund Ordinary shares 100.00% 80, Route d’Esch, L-1470 Luxembourg
M&G Global Leaders Fund Ordinary shares 24.28% Laurence Pountney Hill, London EC4R 0HH, UK
M&G Global Select Fund Ordinary shares 23.69%
M&G IMPPP 1 Limited Ordinary shares 100.00%
M&G International Investments Limited Ordinary shares 100.00%
M&G International Investments Nominees Limited Ordinary shares 100.00%
M&G International Investments Switzerland AG Ordinary shares 100.00% Talstrasse 66, 8001 Zurich, Switzerland
M&G Investment Management Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
M&G Investments (Hong Kong) Limited Ordinary shares 100.00% 6th Floor, Alexandra House, 18 Chater Road, Central Hong Kong, Hong Kong
M&G Investments (Singapore) Pte. Ltd. Ordinary shares 100.00% 10 Marina Boulevard, 39 Marina Bay Financial Centre, Singapore 018983
M&G Investments Japan Co., Ltd. Ordinary shares 100.00% 3-1 Toranomon, 4 Chome, Minato-ko, Tokyo 105-6009, Japan
M&G Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
M&G Managed Growth Fund Ordinary shares 26.40%
M&G Management Services Limited Ordinary shares 100.00%
M&G Nominees Limited Ordinary shares 100.00%
M&G Pan European Dividend Fund Ordinary shares 34.78%
M&G Platform Nominees Limited Ordinary shares 100.00%
M&G RE Espana 2016 S.L. Ordinary shares 100.00% Plaza de Colon, Torre II, Planta 14, 28046, Madrid, Spain
M&G Real Estate (Luxembourg) S.A. Ordinary shares 100.00% 34-38, Avenue de la Liberté, L-1930 Luxembourg
M&G Real Estate Asia Holding Company Pte.ltd Ordinary shares 100.00% 10 Marina Boulevard, #31-03 Marina Bay Financial Centre Tower 2, Singapore 018983
M&G Real Estate Asia PTE. Ltd Ordinary shares 100.00%
M&G Real Estate Debt Fund LP Limited partnership interest 29.15% Ground Floor, Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 2HT
M&G Real Estate Funds Management S.a.r.l. Ordinary shares 100.00% 34-38, Avenue de la Liberté, L-1930 Luxembourg
M&G Real Estate Japan Co. Ltd Ordinary shares 100.00% Shiroyama Trust Tower, Tokyo, Japan
M&G Real Estate Korea Co. Ltd Ordinary shares 100.00% Kyobo Building, Seoul, Korea
M&G Real Estate Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
M&G RED Employee Feeder GP Limited Ordinary shares 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
M&G RED GP Limited Ordinary shares 100.00% Dorey Court, Admiral Park, St Peter Port, Guernsey GY1 2HT
M&G RED II Employee Feeder GP Limited Ordinary shares 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
M&G RED II GP Limited Ordinary shares 100.00% Third Floor, La Plaiderie Chambers, La Plaiderie, St Peter Port Guernsey GY1 1WG
M&G RED II SLP GP Limited Ordinary shares 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
M&G RED III Employee Feeder GP Limited Ordinary shares 100.00%
M&G RED III GP Limited Ordinary shares 100.00% Third Floor, La Plaiderie Chambers, La Plaiderie, St Peter Port, Guernsey GY1 1WG
M&G RED III SLP GP Limited Ordinary shares 100.00% Burness Paull LLP, 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
M&G RED SLP GP Limited Ordinary shares 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
M&G RPF GP Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
M&G RPF Nominee 1 Limited Ordinary shares 100.00%
M&G RPF Nominee 2 Limited Ordinary shares 100.00%
M&G Securities Limited Ordinary shares 100.00%
M&G SIF Management Company (Ireland) Limited Ordinary shares 100.00% 78 Sir John Rogerson’s Quay, Dublin 2, D02 RK57, Ireland
M&G Traditional Credit Fund Ordinary shares 45.41%
M&G UK Companies Financing Fund II LP Limited partnership interest 48.32% Laurence Pountney Hill, London EC4R 0HH UK
M&G UK Property Fund Class C units 99.79% 34-38, Avenue de la Liberté, L-1930 Luxembourg
M&G UK Property GP Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
M&G UK Property Nominee 1 Limited Ordinary shares 100.00%
M&G UK Property Nominee 2 Limited Ordinary shares 100.00%
M&G UK Residential Property Fund Class founder units 48.37% 34-38, Avenue de la Liberté, L-1930 Luxembourg
M&G UKCF II GP Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Manchester JV Limited Ordinary shares 50.00% 40 Broadway, London SW1H 0BU, UK
Manchester Nominee (1) Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
MCF S.r.l. Ordinary shares 45.00% Via Romagnosi 18/a, 00196 Roma, Italy
Minster Court Estate Management Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Mission Plans of America, Inc Ordinary shares 100.00% 1999 Bryan Street Suite 900, Dallas, TX 75201, USA
MM and S (2375) Limited Ordinary shares 100.00% Mazars Llp, 90 St. Vincent Street, Glasgow G2 5UB, UK
Murphy & Partners Fund, LP Limited partnership interest 21.07% Corporation Service Company 2711 Centerville Road, Ste 400, Wilmington, DE 19808, USA
NAPI REIT, Inc Ordinary shares 100.00% The Corporation Trust Incorporated, 300 E Lombard Street, Baltimore, MD 21202, USA
National Planning Corporation Ordinary shares 100.00% 1209 Orange St, Wilmington, DE 19801, USA
National Planning Holdings, Inc. Ordinary shares 100.00%
North Sathorn Holdings Company Limited Ordinary shares 100.00% 3 Rajanakarn Building, 20th Floor, South Sathorn Road, Yannawa Subdistrict, Sathorn District, Bangkok, Thailand
Nova Sepadu Sdn. Bhd. Ordinary shares 51.00% Suite 1005, 10th Floor Wisma Hamzah-Kwong Hing, No. 1 Leboh Ampang, 50100 Kuala Lumpur, Malaysia
Oaktree Business Park Limited Ordinary shares 12.50% Laurence Pountney Hill, London EC4R 0HH, UK
Old Hickory Fund I, LLC Ordinary shares 100.00% Eschenheimer Anlage 1, 60316 Frankfurt am Main, Germany
Old Kingsway, LP Limited Partnership Interest 100.00% Corporation Service Company, 2711 Centreville Road, Suite 400, Wilmington, DE 19808, USA
Optimus Point Management Company Limited Ordinary shares 99.95% Barrat House Cartwright Way, Bardon Hill, Coalville, Leicestershire LE67 1UF, UK
Pacus (UK) Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
PCA IP Services Limited Ordinary shares 100.00% 13/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong
PCA Life Assurance Co. Ltd. Ordinary shares 99.79% 8/F, No.1 Songzhi Road, Taipei 11047, Taiwan
PCA Life Insurance Co., Ltd. Ordinary shares 100.00% 21/F, PCA Life Tower, 302, Teheran-Ro, Gangnam‑gu, Seoul, Korea
PCA Reinsurance Co. Ltd. Ordinary shares 100.00% Unit Level 13(A), Main Office Tower, Financial Park Labuan, Jalan Merdeka, 87000 Federal Territory of Labuan, Malaysia
PGDS (UK One) Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
PGDS (US One) LLC Membership interest 100.00% 1209 Orange St, Wilmington, DE 19801, USA
PGF Management Company (Ireland) Limited Ordinary shares 100.00% 25-28 North Wall Quay, Dublin 1, Ireland
PPM America Capital Partners II, LLC Membership interest 63.45% 774 Walker Road, Suite C, Dover, DE 19904, USA
PPM America Capital Partners III, LLC Membership interest 60.50%
PPM America Capital Partners IV, LLC Membership interest 34.50%
PPM America Capital Partners V, LLC Membership interest 34.00%
PPM America Capital Partners VI, LLC Limited partnership interest 100.00% 874 Walker Road, Suite C, Dover, DE 19904, USA
PPM America Capital Partners, LLC Membership interest 19.38% 774 Walker Road, Suite C, Dover, DE 19904, USA
PPM America Private Equity Fund II LP Limited partnership interest 100.00%
PPM America Private Equity Fund III LP Limited partnership interest 100.00%
PPM America Private Equity Fund IV LP Limited partnership interest 100.00%
PPM America Private Equity Fund LP Limited partnership interest 100.00%
PPM America Private Equity Fund V LP Limited partnership interest 100.00%
PPM America Private Equity Fund VI LP Limited partnership interest 100.00% 874 Walker Road, Suite C, Dover, DE 19904, USA
PPM America, Inc. Ordinary shares 100.00% 774 Walker Road, Suite C, Dover, DE 19904, USA
PPM Capital (Holdings) Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
PPM Finance, Inc Ordinary shares 100.00% 774 Walker Road, Suite C, Dover, DE 19904, USA
PPM Holdings, Inc Ordinary shares 100.00%
PPM Managers GP Limited Ordinary shares 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
PPM Ventures (Asia) Limited (in liquidation) Ordinary shares 100.00% Gloucester Tower, 15 Queens Road, Central, Hong Kong
PPMC First Nominees Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Property Partners (Two Rivers) Limited Ordinary shares 50.00% Bow Bells House, 1 Bread Street, London EC4M 9HH, UK
Pru Life Insurance Corporation of U.K. Ordinary shares 100.00% 9/F, Uptown Place Tower 1, 1 East 11th Drive, Uptown Bonifacio, 1634 Taguig City, Metro Manila, Philippines
Prudence Foundation Limited Limited by guarantee 100.00% 13/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong
Prudential (Cambodia) Life Assurance Plc. Ordinary shares 100.00% 20F, #445, Monivong Blvd, Boeung Prolit, 7 Makara, Phnom Penh Tower Phnom Penh, Cambodia
Prudential (Namibia) Unit Trusts Limited Ordinary shares 100.00% 6 Feld Street, Windhoek, Namibia
Prudential (Netherlands One) Limited (In liquidation) Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential / M&G UKCF GP Limited Ordinary shares 100.00%
Prudential Africa Holdings Limited Ordinary shares 100.00%
Prudential Africa Services Limited Ordinary shares 100.00% 5th Ngong Avenue, Nairobi, Kenya
Prudential Annuities Limited Ordinary shares 100.00% Mazars LLP, 45 Church Street, Birmingham B3 2RT, UK
Prudential Assurance Company Singapore (Pte) Limited Ordinary shares 100.00% 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712
Prudential Assurance Malaysia Berhad Ordinary shares 51.00% Level 3, Menara Prudential, No. 10 Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia
Prudential Assurance Uganda Limited Ordinary shares 100.00% Kampala Road, Kampala, Uganda
Prudential Australia One Limited (in liquidation) Ordinary shares and 6% Cumulative Preference Shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential BSN Takaful Berhad Ordinary shares 49.00% Level 8A, Menara Prudential, No. 10 Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia
Prudential Capital (Singapore) Pte. Limited Ordinary shares 100.00% 10, Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983
Prudential Capital plc Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Corporate Pensions Trustee Limited Ordinary shares 100.00%
Prudential Corporation Australasia Holdings Pty Limited Class A and Class B Shares 100.00% Level 7,10-14 Smith Street, Parramatta, Australia, NSW 2124
Prudential Corporation Holdings Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Credit Opportunities 1 S.A.R.L. Ordinary shares 100.00% 1, Rue Hildegard von Bingen, L-1282 Luxembourg
Prudential Credit Opportunities GP S.A.R.L. Ordinary Shares 100.00%
Prudential Credit Opportunities SCSp Ordinary shares 100.00%
Prudential Development Management Limited Ordinary Shares/Redeemable Preference Shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Distribution Limited Ordinary shares 100.00% Craigforth, Stirling FK9 4UE, UK
Prudential Dublin Investments Limited Ordinary shares 100.00% IFSC, North Wall Quay, Dublin 1, Ireland
Prudential Dynamic 0-30 Portfolio Ordinary shares 29.95% 17 Rochester Row, London SW1P 1QT, UK
Prudential Dynamic 10-40 Portfolio Ordinary shares 31.74%
Prudential Dynamic 20-55 Portfolio Ordinary shares 35.20%
Prudential Dynamic 40-80 Portfolio Ordinary shares 38.61%
Prudential Dynamic 60-100 Portfolio Ordinary shares 40.41%
Prudential Dynamic Focused 0-30 Portfolio Ordinary shares 66.09%
Prudential Dynamic Focused 10-40 Portfolio Ordinary shares 42.44%
Prudential Dynamic Focused 20-55 Portfolio Ordinary shares 50.40%
Prudential Dynamic Focused 40-80 Portfolio Ordinary shares 49.92%
Prudential Dynamic Focused 60-100 Portfolio Ordinary shares 70.93%
Prudential Equity Release Mortgages Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Europe Assurance Holdings Limited (in liquidation) Ordinary shares 100.00% Mazars LLP, 90 St. Vincent Street, Glasgow G2 5UB, UK
Prudential Financial Planning Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Five Limited Ordinary shares 100.00%
Prudential General Insurance Hong Kong Limited Ordinary shares 100.00% 59/F, One Island East, 18 Westlands Road, Quarry Bay, Hong Kong
Prudential GP Limited Ordinary shares 100.00% Craigforth, Stirling FK9 4UE, UK
Prudential Greenfield GP LLP Limited partnership interest 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Greenfield GP1 Limited Ordinary shares 100.00%
Prudential Greenfield GP2 Limited Ordinary shares 100.00%
Prudential Greenfield LP Limited partnership interest 100.00%
Prudential Greenfield SLP GP LLP Limited partnership interest 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
Prudential Group Pensions Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Group Secretarial Services Limited Ordinary shares 100.00%
Prudential Holborn Life Limited Ordinary shares 100.00%
Prudential Holdings Limited Ordinary shares 100.00% Craigforth, Stirling FK9 4UE, UK
Prudential Hong Kong Limited Ordinary shares 100.00% 59/F, One Island East, 18 Westlands Road, Quarry Bay, Hong Kong
Prudential International Assurance plc Ordinary shares 100.00% Montague House, Adelaide Road, Dublin 2, Ireland
Prudential International Management Services Limited Ordinary shares 100.00%
Prudential International Staff Pensions Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Investment (Luxembourg) 2 S.à r.l. Ordinary shares 100.00% 34-38, Avenue de la Liberté, L-1930 Luxembourg
Prudential Investment Managers (South Africa) (Pty) Ltd Ordinary shares 100.00% Protea Place, Cape Town, South Africa
Prudential Investments Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential IP Services Limited Ordinary shares 100.00%
Prudential Life Assurance (Lao) Company Limited Ordinary shares 100.00% Unit A, 6th Floor, Vientiane Plaza Hotel Office Building, Sailom Road, Hatsady Neua Village, Chanthabouly District, Vientiane Capital, Lao, PDR
Prudential Life Assurance (Thailand) Public Company Limited Ordinary shares 99.93% 9/9 Sathorn Building, 20th– 27th Fl., South Sathorn Rd., Yannawa, Sathorn, Bangkok 10120, Thailand
Prudential Life Assurance Kenya Limited Ordinary shares 100.00% 5th Ngong Avenue, Nairobi, Kenya
Prudential Life Assurance Limited Ordinary shares 100.00% 226 Finsbury House, Buteko Avenue, Ndola, Zambia
Prudential Life Insurance Ghana Limited Ordinary shares 100.00% 35 North Street, Accra, Ghana
Prudential Lifetime Mortgages Limited Ordinary shares 100.00% Craigforth, Stirling FK9 4UE, UK
Prudential Mauritius Holdings Limited Ordinary shares 100.00% Suite 450, 4th Floor, Barkly Wharf East, Le Caudan Waterfront Port Louis, Mauritius
Prudential Pensions Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Pensions Management Zambia Ordinary shares 49.00% 226 Finsbury House, Buteko Avenue, Ndola, Zambia
Prudential Polska sp. z.o.o Ordinary shares 100.00% 02-670 Warszawa, Pulawska 182, Poland
Prudential Portfolio Management Group Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Portfolio Managers (Namibia) (Pty) Limited Ordinary shares 75.00% 6 Feld Street, Windhoek, Namibia
Prudential Portfolio Managers (South Africa) (Pty) Limited Ordinary shares & A Class shares 49.99% PO Box 44813, Claremont 7735, South Africa
Prudential Portfolio Managers (South Africa) Life Limited Ordinary shares 100.00% Protea Place, Cape Town, South Africa
Prudential Portfolio Managers Unit Trusts Limited Ordinary shares 100.00% PO Box 44813, Claremont 7735, South Africa
Prudential Process Management Services India Private Limited Equity shares 100.00% Prudential House, Mumbai, India
Prudential Properties Trusty Pty Limited Unclassified shares 100.00% Darling Park Tower 2, Sydney, Australia
Prudential Property Holding Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Property Investment Managers Limited Ordinary shares 100.00%
Prudential Property Investments Limited Ordinary shares 100.00%
Prudential Real Estate Investments 1 Limited Ordinary shares 100.00%
Prudential Real Estate Investments 2 Limited Ordinary shares 100.00%
Prudential Real Estate Investments 3 Limited Ordinary shares 100.00%
Prudential Retirement Income Limited Ordinary shares 100.00% Craigforth, Stirling FK9 4UE, UK
Prudential Services Asia Sdn. Bhd. Ordinary shares Class D Preference shares 100.00% 100.00% Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1 Leboh Ampang, 50100 Kuala Lumpur, Malaysia
Prudential Services Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Services Singapore Pte. Ltd. Ordinary shares 100.00% 80 Robinson Road, #21-01/02 Singapore 068898
Prudential Singapore Holdings Pte. Limited Ordinary shares 100.00% 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712
Prudential Staff Pensions Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Trustee Company Limited Ordinary shares 100.00%
Prudential UK Real Estate General Partner Limited Ordinary shares 100.00%
Prudential UK Real Estate Limited Partnership Limited partnership interest 100.00%
Prudential UK Real Estate Nominee 1 Limited Ordinary shares 100.00%
Prudential UK Real Estate Nominee 2 Limited Ordinary shares 100.00%
Prudential UK Services Limited Ordinary shares 100.00% Craigforth, Stirling FK9 4UE, UK
Prudential Unit Trusts Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Prudential Vietnam Assurance Private Limited Ownership interest 100.00% 25/F, Saigon Trade Centre, 37 Ton Duc Thang Street, District 1, Ho Chi Minh City, Vietnam
Prudential Vietnam Finance Company Limited Ownership interest 100.00%
Prudential/M&G UK Companies Financing Fund LP Limited partnership interest 34.42% Laurence Pountney Hill, London EC4R 0HH, UK
Prutec Limited Ordinary shares 100.00%
PT. Eastspring Investments Indonesia Ordinary shares 99.95% 23rd Floor, Prudential Tower, JL. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia
PT. Prudential Life Assurance Class A ordinary shares 94.62% Prudential Tower, JI. Jend. Sudirman Kav 79, Jakarta 12910, Indonesia
PVFC Financial Limited Ordinary shares 100.00% 13/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong
PVM Partnerships Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Randolph Street LP Limited partnership interest 100.00% Corporation Service Company, 2711 Centreville Road, Suite 400, Wilmington, DE 19808, USA
REALIC of Jacksonville Plans, Inc. Ordinary shares 100.00% 9235 Katy Freeway, Houston, TX 77255, USA
Reksa Dana Eastspring IDR Fixed Income Fund (NDEIFF) Ordinary shares 100.00% Prudential Tower 23rd Floor, Jl. Jendral Sudirman Kav.79, Jakarta Selatan, 12910, Indonesia
Rhodium Investment Fund Ordinary shares 100.00% 10, Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983
Rift GP 1 Limited Ordinary shares 100.00% 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ, UK
Rift GP 2 Limited Ordinary shares 100.00%
ROP, Inc Ordinary shares 100.00% 1209 Orange St, Wilmington, DE 19801, USA
ScotAm Pension Trustees Limited Ordinary shares 100.00% Craigforth, Stirling FK9 4UE, UK
Scottish Amicable Finance plc Ordinary shares 100.00%
Scottish Amicable ISA Managers Limited (in liquidation) Ordinary shares 100.00% Mazars LLP, 90 St Vincent Street, Glasgow G2 5UB, UK
Scottish Amicable Life Assurance Society No share capital 100.00% Craigforth, Stirling FK9 4UE UK
Scottish Amicable PEP and ISA Nominees Limited (in liquidation) Ordinary shares 100.00% Mazars LLP, 90 St Vincent Street, Glasgow G2 5UB, UK
Scotts Spazio Pte. Ltd. Ordinary shares 45.00% 152 Beach Road, #27-01, Gateway East, Singapore 189721
Sealand (No 1) Limited Ordinary shares 100.00% Lime Grove House, Green Street, St Helier, Jersey, JE1 2ST
Sealand (No 2) Limited Ordinary shares 100.00%
Sectordate Ltd A Ordinary shares 32.60% 5th Floor Cavendish House, 39 Waterloo Street, Birmingham B2 5PP, UK
SII Investments, Inc. Ordinary shares 100.00% 2401 South Memorial Drive, Appleton, WI 54915, USA
Silverfleet Capital 2004 LP Limited Partnership Interest 100.00% 1 Royal Plaza, St Peters Port, Guernsey, GY1 2HL
Silverfleet Capital 2005 LP Limited Partnership Interest 100.00%
Silverfleet Capital 2006 LP Limited Partnership Interest 100.00%
Silverfleet Capital 2007 LP Limited Partnership Interest 100.00%
Silverfleet Capital 2008 LP Limited Partnership Interest 100.00%
Silverfleet Capital 2009 LP Limited Partnership Interest 100.00%
Silverfleet Capital 2010 LP Limited Partnership Interest 100.00%
Silverfleet Capital 2011 LP Limited Partnership Interest 100.00%
Smithfield Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
SMLLC General Partner 100.00% The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801, USA
Squire Capital I LLC Membership interest 100.00% 1 Corporate Way, Lansing, Michigan 48951, USA
Squire Capital II LLC Membership interest 100.00%
Squire Reassurance Company II, LLC Capital stock 100.00% 40600 Ann Arbor Road, East Suite 201, Plymouth, MI 48170, USA
Squire Reassurance Company LLC Membership interest 100.00% 1 Corporate Way, Lansing, Michigan 48951, USA
Sri Han Suria Sdn. Bhd. Ordinary shares
Class A and B Preference shares
51.00% 100.00% Suite 1005, 10th Floor Wisma Hamzah-Kwong Hing, No. 1 Leboh Ampang, 50100 Kuala Lumpur, Malaysia
St Edward Homes Limited Ordinary shares 50.00% Berkeley House, 19 Portsmouth Road, Cobham KT11 1JG, UK
St Edwards Strand Partnership Limited partnership interest 50.00%
Stableview Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Staple Limited Ordinary shares 100.00% 3 Rajanakarn Building, 20th Floor, South Sathorn Road, Yannawa Subdistrict, Sathorn District, Bangkok, Thailand
Staple Nominees Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Thanachart Life Assurance Public Company Limited (in liquidation) Ordinary shares 99.93% 9/9 Sathorn Building, 20th– 27th Floor, South Sathorn Road, Yannawa, Sathorn, Bangkok 10120, Thailand
The Car Auction Unit Trust Ordinary shares 50.00% Dorey Court, Admiral Park, St Peter Port GY1 3BG, Guernsey
The First British Fixed Trust Company Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
The Greenpark (Reading) Limited Partnership Limited partnership interest 100.00%
The Heights Management Company Limited Ordinary shares 50.00%
The Hub (Witton) Management Company Limited Ordinary shares 100.00%
The St Edward Homes Partnership Limited partnership interest 49.95% Berkeley House, 19 Portsmouth Road, Cobham, KT11 1JG, UK
The Strand Property Unit Trust Units 50.00% Liberte house, 19-23 La Motte Street, St Helier, Jersey, Channel Islands, JE2 4SY
The Two Rivers Trust Units 50.00%
THMI, Inc. Ordinary shares 75.80% Prentice-Hall Corporation, 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA
Three Snowhill Birmingham Sarl Ordinary shares 100.00% 5 Rue Guillaume Kroll, L-1882, Luxembourg
Two Rivers Limited Partnership Ordinary shares 50.00% Bow Bells House, 1 Bread Street, London EC4M 9HH, UK
Two Snowhill Birmingham Sarl Ordinary shares 100.00% 5 Rue Guillaume Kroll, L-1882, Luxembourg
US Strategic Income Bond Fund D USD Acc Ordinary shares 100.00% 26, Boulevard Royal, L-2449 Luxembourg
US Total Return Bond Fund D USD Acc Ordinary shares 100.00%
VFL International Life Company SPC, Ltd Ordinary shares 100.00% 171 Elgin Avenue, Grand Cayman, Cayman Islands
Warren Farm Office Village Limited Ordinary shares 100.00% Laurence Pountney Hill, London EC4R 0HH, UK
Wessex Gate Limited Ordinary shares 100.00%
Westwacker Limited Ordinary shares 100.00%
Wynnefield Private Equity Partners I, L.P. Limited partnership interest 99.00% PHS Corporate Services Inc. 1313 N. Market St, Ste 5100, Wilmington, DE 19801, USA
Wynnefield Private Equity Partners II, L.P. Limited partnership interest 99.00% The Corporation Trust Company Corporation Trust Centre, 1209 Orange St, Wilmington, DE 19801 USA

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