...Robust Profitability Metrics: Prudential plc's return on equity (ROE) compares favourably with Fitch Ratings' criteria guidelines for the 'AA' IFS Rating category. Average ROE was nearly 15% from 2024 to 1H26 on an annualised basis, on a high-quality business mix and a balanced distribution platform. Total profit rose sharply in 2025, mainly reflecting the gain from the reduction of Prudential's stake in ICICI Prudential Asset Management Company Limited (IPAMC). Excluding this gain, the adjusted ROE was 14% for the year and remains commensurate with the ratings. We expect Prudential's earnings to remain sensitive to interest-rate and market fluctuations, which led to annualised ROE moderating to 10% in 1H26. We believe this level remains supportive of the ratings. Profitable New Business Growth: We believe operating performance will remain supported by stable new business profit (NBP) growth, with health and protection products the main NBP contributors. NBP growth was 12% in 2025 and 8%...
