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Prudential SWOT & PESTLE Analysis

ID : 52346353| Nov 2018| 15 pages

COMPANY PROFILE -Prudential

Business Sector :Insurance

Operating Geography :UK, Europe

About Prudential :

Prudential is a Britain based international financial services firm headquartered in London. It was founded in 1848 as The Prudential Mutual Assurance Investment and Loan Association which loaned to working class of London. It offers solutions for income post retirement, asset management services, means for long term savings , annuities & protection products in Asia, Latin America, US ( Jackson Life Insurance Company), UK & Africa . Eastspring Management, M& G & Prudential Capital carry its asset management operations worldwide. Its market cap was $53.7 billion in May 2017. Their insurance customer base is around 24 million . It has £635 billion worth assets under management. It has 23,507 employees worldwide as of 2018. Prudential ranks #68 in Forbes' Global 200

Prudential Revenue :

71.84 billion GBP (FY Dec 2016)

Competitive Analysis of Prudential

SWOT
PESTLE

The SWOT analysis report of Prudential presents the internal analysis and external analysis of the company with insightful details of the current market position and future growth strategy of this international insurance player. The SWOT analysis essays the detailed business case of Prudential covering strengths, weaknesses, opportunities and threats. Prudential’s competitive advantage lies in the strong foothold that it has in the international markets. In domestic markets too, Prudential shows a strong brand image which consumers can easily connect to. The market share enjoyed by the company can moreover be improved by cashing in on the opportunities provided by the emerging markets of Asia. The Company thus needs to apply a well planned business strategy for embracing opportunity and expanding business.

Strengths
Weaknesses
1. Strong Footing in international markets
2. Healthy Financials
3. Specific products & services in Asia aiding in higher market penetration
4. Strong brand position in domestic markets
5. Growth in new Life insurance products sales
1. Decrease in spread income
2. Increase in costs
Opportunities
Threats
1. Potential in the under penetrated Asian markets
2. Large and growing retirement asset pools with increasing wealth
1. Perils of cyber crime
2. Liquidity Risk
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Detailed SWOT Analysis of Prudential

 

Strength

1. Strong Footing in international markets: Prudential reported 22% growth in US on actual exchange basis due to increased fee income on the higher variable annuity account balances. China & Hong Kong’s operating profits grew from 17% in 2016 to 23% in 2017. IFRS operating profits grew by 29% in Indonesia & 20% in Singapore on actual exchange basis. Overall, Asia’s operating profit grew to £953 million which was 31% more on actual exchange rate basis. Life insurance and asset management products offered by Eastspring Investments also showed strong growth. The group also holds a good market share in US retirement market.

2. Healthy Financials: IFRS operating profit accruing from M&G recorded 10% growth to £248 million & 20% growth in Eastspring Investments to £83 million. This increased IFRS operating profit is due to the high fee revenues. The underlying free surplus generated was up by 14% which reflects strong in force book of business & good returns from the new businesses which have a small payback time. Life and asset management businesses’ underlying free surplus rose by 6% to £1,845 million. Shareholders’ Solvency II capital surplus was a significant £12.9 billion as on 30 June 2017.

3. Specific products & services in Asia aiding in higher market penetration: Prudential offers products that meet the needs for saving, health and protection as per the demands of the Asian population. They offer broad based portfolio to avail of opportunities in local markets to different asset classes . In Hong Kong , they have emerged as the front runner in critical illness protection segment & have introduced new lump sum health insurance policy . Long term joint venture partnership with CITIC in China has helped Prudential expand its consumer base & has thus made China third largest contributor to new business sales in Asia. Eastspring also won its second Asia Fund House of the Year award in just three years.

4. Strong brand position in domestic markets: HY 2017 showed growth in net inflows which was driven by their strong footing in the competitive products & their distribution and service. Asset value grew in UK because of the benign investment sentiments . Highest growth in new business profits was recorded by UK. Portfolio efficiency ameliorated which resulted in combined profits of £188 million as compared to £140 million in 2016. The total operating profit from UK market was of £497 million in HY2017.

5. Growth in new Life insurance products sales: The addition of long term, high quality new business to Asia is increasing the scale of Prudential's in force portfolio . It is therefore, driving the present growth and security in current and future earnings and cash generation in the continent. New business profit was 33 per cent on an actual exchange rate basis with some countries recording double digit percentage growth & even higher in eight countries in HY 2017. Prudential's new business profit in UK life operations rose by 29 per cent which was driven by the popular PruFund investment option. Thus, economic returns from the new business portfolio are growing.

Weakness

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Opportunity

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Threat

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Prudential SWOT and PESTLE analysis has been conducted by Kanupriya Sheopuri and reviewed by senior analysts from Barakaat Consulting - an Ezzi IT and Business Consulting venture.

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