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, 2004
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: Third life licence in China
Monday 29 March 2004
CITIC PRUDENTIAL GAINS ITS THIRD LIFE LICENCE IN CHINA
Prudential plc's life insurance joint venture CITIC Prudential has received
official approval from the China Insurance Regulatory Commission (CIRC) to open
a new branch in Suzhou. Prudential is the only British life insurer to hold
three licences in China.
Mark Norbum, Chief Executive of Prudential Corporation Asia, said, "Expanding
our business in China is a top priority for Prudential. We are very committed to
working in partnership with CITIC to build a successful business based on
meeting the savings, investment and protection needs of the people of China.
This third licence for the city of Suzhou is another step toward achieving our
long-term goal of establishing a sustainable and material business in China."
Chang Zhenming, Group Executive Director and Vice President of CITIC Group
commented, "When we first established our joint venture partnership with
Prudential, we recognised that Prudential's over 150 years of life insurance
experience and CITIC's local market knowledge and strong distribution were a
very powerful combination. This third licence underscores the strength of our
partnership and the great confidence we have in the long-term potential of CITIC
Prudential and the Chinese life insurance market."
Dan Bardin, Managing Director of South Asia and Greater China, Prudential
Corporation Asia said, "Suzhou is an important opportunity for CITIC Prudential
and will allow us to continue the momentum we have established with our
Guangzhou and Beijing operations. With Suzhou we plan to continue our successful
strategy of building high quality distribution and focussing on delivering
excellent customer service."
CITIC Prudential first established a presence in China with the launch of its
Guangzhou operation in October 2000 and is already among the top five providers
in the Guangzhou market in terms of new business. It acquired its second licence
in 2003, and launched its second Chinese operation in Beijing in August of that
year.
The city of Suzhou is situated north of Shanghai in the economically significant
Jiangsu Province. CITIC Prudential's Suzhou branch is expected to be open for
business in the third quarter of 2004.
-ENDS-
Enquiries to:
Media Investors/ Analysts
Steve Colton 020 7548 3721 Rebecca Burrows 020 7548 3537
Clare Staley 020 7548 3719
Notes to Editors:
About Prudential
Founded in London in 1848, Prudential plc is one of the UK's leading retail
financial services companies with over US$300 billion in funds under management
worldwide (as at 31 December 2003).
Today Prudential is internationally diversified and among the leading companies
in its chosen markets in the UK and Europe, the US and Asia.
Prudential plc has deep roots in Asia having established its first operation in
1923. Today it is the UK's largest life insurance company in the region with
life operations in 12 countries and complementary asset management operations in
seven of these. BOCI-Prudential is also one of the leading Mandatory Provident
Fund players in Hong Kong.
Alongside its wholly owned operations in Asia, Prudential has forged successful
joint ventures and strategic alliances with some of the region's leading
financial institutions including CITIC, Bank of China International, India's
ICICI Bank and Standard Chartered Bank.
About CITIC (China International Trust and Investment Corporation)
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 utilized
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 Rotterdam. CITIC's core business ranges from financial
services to service industries. By the end of 2002, CITIC had total assets of
over RMB 501billion (US$59 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 29 March 2004
PRUDENTIAL PUBLIC LIMITED COMPANY
By: /s/ Steve Colton
Steve Colton,
Group Head of Media Relations