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 March, 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 Licence in China
CITIC Prudential awarded life insurance licence for Wuhan in Central China
Prudential plc (Prudential) announced today that its life insurance joint
venture, CITIC Prudential, has been awarded a life insurance licence for Wuhan,
in Hubei province in Central China. Prudential is the only foreign life insurer
with a licence for Wuhan and the only European life insurer with licences for
seven Chinese cities.
Wuhan is the capital of Hubei province and is an economic and cultural centre
for Central China. With a population of 7.68 million people, Wuhan's GDP in 2004
was GBP12.9billion, an increase of 14.5% on 2003. Wuhan represents CITIC
Prudential's first foray into Central China and will be used as a base for
expansion within Hubei province.
Mark Norbom, Chief Executive, Prudential Corporation Asia, said, "Just as
Prudential was the first British insurer to enter the Chinese life insurance
market in 2000, we are the first foreign life insurance company with a licence
for the economically important city of Wuhan. This move into Wuhan in Central
China further demonstrates the strength of our commitment to building a material
life insurance business in China with our partner CITIC."
Captain Chia, CEO China CITIC Prudential Life added, "This new office is an
exciting opportunity for CITIC Prudential. Located within Hubei province in
Central China, Wuhan provides CITIC Prudential with an excellent platform for
further expansion into Central and Western China."
CITIC Prudential continues to grow its presence in China. 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. In February 2005
CITIC Prudential announced new licences for Dongguan and Foshan and opened the
businesses in March. CITIC Prudential Shanghai will open in May and the Wuhan
branch will open in the third quarter of 2005.
CITIC Prudential now has a network of over 8,000 staff and agents in China.
- ENDS -
Enquiries
Media 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. Today, Prudential has over 16 million customers worldwide and over GBP187
billion of funds under management (as at 31 December 2004).
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 GBP126 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. It has been in existence for over 150 years and has over GBP187 billion
in assets under management, as at 31 December 2004. 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 596 billion (GBP39.3 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 15 March 2005
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ Clare Staley
Clare Staley
Head of Group Media Relations