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 January, 2006
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
FOR IMMEDIATE RELEASE
30 January 2006
Prudential announces new city licence for Jinan in Eastern China.
Prudential's life insurance joint venture in China, CITIC Prudential Life, has
been awarded a life insurance licence for the capital city of Jinan in Shandong
Province, north-east China. The licence is Prudential's first in Shandong and
brings Prudential's total city licences in China to eleven.
Jinan is the capital city of Shandong and is the province's political and
economic centre. The city reflects the compelling demographics of China and the
opportunity that the region presents. Jinan has a population of 5.9 million, a
GDP which increased 16% in the last year and a low insurance product penetration
rate. The Jinan branch is expected to be operational by the end of the second
quarter of 2006.
Mark Norbom, Chief Executive, Prudential Corporation Asia said:
"We are very excited about the Jinan licence because it means entry into a new
province, Shandong, which has a population of 92 million people. It will also
complement our successful operations in nearby Beijing, Jiangsu and Shanghai."
CITIC Prudential is committed to continuing its expansion in China and helping
to meet the life insurance needs of the Chinese people.
- ENDS -
Enquiries to:
Media Investors / analysts
Jon Bunn 020 7548 3559 James Matthews 020 7548 3561
Joanne Doyle 020 7548 3708 Marina Novis 020 7548 3511
*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 GBP214 billion in
assets under management, (as at 30 June 2005). 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- Prudential
CITIC Prudential, a joint venture between CITIC and Prudential, continues to
expand its presence in China since 2000. It currently has eleven city licences
for individual life insurance, a licence permitting it to sell group life
insurance nationally in China and a network of over 11,000 agents and staff in
China. In addition to life insurance, CITIC Prudential also has a fund
management operation based on Shanghai with a national licence to sell retail
mutual funds.
City Province Date licence granted Launch Date
Guangzhou Guangdong April 2000 October 2000
Beijing Direct Administration Zone March 2003 August 2003
Suzhou Jiangsu March 2004 September 2004
Shanghai Direct Administration Zone November 2004 May 2005
Foshan Guangdong February 2005 March 2005
Dongguan Guangdong February 2005 March 2005
Wuhan Hubei March 2005 August 2005
Zhongshan Guangdong April 2005 May 2005
Nanjing Jiangsu June 2005 July 2005
Shenzhen Guangdong April 2005 July 2005
Jinan Shandong January 2006 Q2 2006
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
GBP214 billion (as of 30 June 2005) 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 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.
About CITIC Group (China International Trust and Investment Corporation)
CITIC was established on 4 October 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 (US$72 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 30 January 2006
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ Jon Bunn
Jon Bunn
Director of Public Relations