SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of February 2005
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
LAURENCE POUNTNEY HILL,
LONDON, EC4R 0HH, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-
Enclosures: 'New city licences in China'
Embargo: 07.00 Wednesday 16 February 2005
CITIC Prudential awarded life insurance licences for two more cities in China
Prudential plc (Prudential) announced today that its life insurance joint
venture, CITIC Prudential, has been awarded life insurance licences for Dongguan
and Foshan, two large cities in China's Guangdong province. These two licences
continue Prudential's planned expansion into the rapidly growing Chinese life
insurance market. Prudential is the only European life insurer with licences to
operate in 6 Chinese cities.
Dongguan and Foshan are key cities in Guangdong province, which lies adjacent to
the Hong Kong Special Administrative Region in southern China. With a population
of 6.4 million, Dongguan is the province's second largest city. Foshan with 5.6
million people is ranked fourth. The cities were chosen because of their
strategic location and market appeal. Last year, these cities recorded GDP
growth of 20 and 16 percent respectively.
Dan Bardin, Chief Executive of Insurance, Prudential Corporation Asia, said,
"Guangdong province is one of China's largest and fastest growing regions. When
combined with our existing Guangzhou operation, these two new licences will give
us an operating presence in three of the four largest cities in Guangdong
province. It also demonstrates our ongoing commitment to building a material
life insurance business in China."
Captain Chia, CEO China CITIC Prudential Life added, "These new offices will
benefit enormously from the knowledge and successes of our existing operations.
As is the case with all our operations in China, we will focus on building high
quality distribution and offering a wide range of savings and protection
products."
CITIC Prudential announced a further milestone in its expansion into China at
the end of January 2005 - the awarding of a licence by the China Insurance
Regulatory Commission (CIRC) to sell group life insurance in the Chinese market.
CITIC Prudential continues to grow its presence in China, reaching out to more
customers. In 2000 it opened its Guangzhou branch, and in August 2003 its
Beijing branch opened for business. In September 2004 CITIC Prudential Suzhou
commenced operation and the company plans to open its Shanghai office in May
2005. CITIC Prudential now has a network of over 8,000 staff and agents in
China.
- ENDS -
Enquiries:
Media Relations: Investors / analysts:
Clare Staley 020 7548 3719 Marina Lee-Steere 020 7548 3511
Joanne Davidson 020 7548 3708
About Prudential
*Prudential plc is a leading international financial services group, providing
retail financial services and fund management in its chosen markets: the United
Kingdom, the United States, Asia and continental Europe.
Prudential has been writing life insurance in the United Kingdom for over 150
years and has had the largest long-term fund in the United Kingdom for over a
century. Today, Prudential has over 16 million customers worldwide and over
GBP170 billion (as of 30 June 2004 - latest published figures) of funds under
management.
In the United Kingdom Prudential is a leading life and pensions provider
offering a range of retail financial products. M&G is Prudential's UK & European
Fund Manager, with around GBP112 billion of funds under management. Jackson
National Life, acquired by Prudential in 1986, is a leading provider of
long-term savings and retirement products to retail and institutional customers
throughout the United States. Egg plc, in which Prudential has a 78 per cent
shareholding, provides banking, insurance and investment products through its
internet site www.egg.com.
Prudential is the leading European-based life insurer in Asia with operations in
12 countries.
*Prudential plc, a company incorporated and with its principal place of business
in the United Kingdom, and its affiliated companies constitute one of the
world's leading financial services groups. It provides insurance and financial
services directly and through its subsidiaries and affiliates throughout the
world. Prudential plc is not affiliated in any manner with Prudential Financial,
Inc, a company whose principal place of business is in the United States of
America.
About CITIC Group (China International Trust and Investment Corporation)
CITIC was established on October 4 1979 by Rong Yiren. The creation of CITIC was
initiated and approved by Deng Xiaoping, chief architect of China's reform.
CITIC is a window on the way China has opened to the outside world. Since its
inception, CITIC has always adhered to the principle of innovation. In line with
government laws, regulations and policies, CITIC has attracted and utilised
foreign capital, introduced advanced technologies, and adopted advanced and
scientific international practices in operations and management. CITIC has
established successful, strong performing businesses in many fields. As a
result, CITIC has made significant contributions to the country's reform and
opening up drive and has improved China's reputation both domestically and
abroad.
CITIC has grown into a large multinational conglomerate. It now owns 44
subsidiaries in countries including Hong Kong, the United States, Canada,
Australia and New Zealand. The company has also set up representative offices in
Tokyo, New York and Frankfurt. CITIC's core business ranges from financial
services to service industries. By the end of 2003, CITIC had total assets of
over RMB 700 billion (US$84.6 billion).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date 16 February 2005
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ Clare Staley
Clare Staley
Head of Group Media Relations