AAGIY - Free Of Jackson Prudential Plc Offers Attractive Exposure To Growing Asian Insurance Markets

• Prudential plc has completed its demerger of Jackson National and is now free to focus on fast-growing, underpenetrated savings/protection and heath insurance markets across Asia.
• The core savings/protection and health products don't require large amounts of capital to support and don't involve large underwriting risks, making this a profitable, capital-efficient business.
• Growth is going to require reinvestment in distribution and product development; Prudential has top-3 share in 9 of its 13 primary markets, but will need to build to support growth.
• Long-term core earnings growth in the low double-digits (with mid-teens ROEs and growing dividend distributions) can support a fair value 20% above today's price, with double-digit gains beyond that.

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