M&G REH Accounts FY23

Registered No: 05996736

M&G Group Regulated Entity Holding

Company Limited

Annual Report and Financial Statements

For the year ended

31 December 2023

Incorporated and registered in England and Wales.

Registered office: 10 Fenchurch Avenue, London EC3M 5AG

Contents

Company Information 3

Strategic Report 3

Directors' Report 8

Statement of Directors' Responsibilities 11

Independent Auditor’s Report to the members of M&G Group Regulated

Holding Company Limited 12

Statement of Comprehensive Income 16

Statement of Financial Position 17

Statement of Changes in Equity 18

Notes to the financial statements 19

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Company Information

Directors

C Heiss

S Horgan

K McLeland

E White

Secretary M&G Management Services Limited

Independent Auditors PricewaterhouseCoopers LLP

144 Morrison Street

Edinburgh

EH3 8EB

Registered office 10 Fenchurch Avenue

London

EC3M 5AG

Company number 05996736 (registered in England and Wales)

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Strategic Report

The Directors present their strategic report for the year ended 31 December 2023.

Principal activity

M&G Group Regulated Entity Holding Company Limited (the “Company”) is a direct subsidiary of M&G plc

and acts as an intermediate holding company for trading companies of the M&G plc group (the “Group”),

including The Prudential Assurance Company Limited and M&G Group Limited. The Group is an

international savings and investments business.

Business review and key performance indicators

In the year ended 31 December 2023, the Company continued to perform its role as an intermediary

holding company for the Group.

Key performance indicators, for an understanding of the development, performance and position of the

Company, are outlined below:

Key performance indicators

2023 2022

£m £m

Dividend income 628 576

Loss before tax (107) (65)

Net assets 9,419 10,136

The Company has recorded a loss before tax of £107m (2022: £65m). The loss is primarily related to

impairments recognised in relation to the Company's investment in its subsidiaries totalling £742m (2022:

£643m), partially offset by dividends received from the Company's subsidiaries totalling £628m (2022:

£576m).

During the year the Company recognised a £715m (2022: £nil) impairment charge against its investment in

The Prudential Assurance Company Limited ("PAC") and a further £27m (2022: £84m) impairment charge

against its investment in Wrap IFA Services Limited ("WIFAS"). In the prior year, the Company also

recognised impairment charges in relation to its investments in M&G Group Limited and Clear View

Assured Limited ("Clear View") of £520m and £39m respectively. Further detail on the impairment

assessments is provided in Note 9.

During the year the Company subscribed to additional capital in its subsidiaries to ensure that they could

continue to meet their regulatory capital requirements. The Company subscribed to £30m of additional

capital in its wholly owned subsidiary WIFAS, with £15m paid on 30 May 2023 and £15m paid on 11

December 2023. The Company also subscribed to £5m of additional capital in its wholly owned subsidiary

Clear View on 21 June 2023 as well as £2m of additional capital in its wholly owned subsidiary M&G

Wealth Solutions Limited on 15 November 2023. These capital contributions are shown within Investment in

subsidiaries on the Statement of Financial Position.

During March 2023, the Company acquired a minority stake in Rosia PCC Limited, a Gibraltar domiciled

new-entrant annuity writer as part of a wider partnership with the Group. In July 2023 the Directors also

approved a further investment in MFM Holding Limited ("Moneyfarm"), thereby enabling the Group to

continue partnering with a digital investment specialist. The Company continues to hold a minority sake in

Moneyfarm. Both of these minority interests are shown within Other investments on the Statement of

Financial Position. Further detail on these investments is provided in Note 10.

During the year the Company received £628m (2022: £576m) of cash dividend income from its subsidiaries

and paid £611m (2022: £391m) of cash dividends to its parent company, M&G plc. The Company loans

excess cash resulting from retained dividend income to the Group’s treasury company, Prudential Capital

plc. These loans are repayable on demand by the Company, at any time without penalty, and thus provide

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Strategic Report (continued)

Business review and key performance indicators (continued)

the Company continued access to liquidity, in particular to accommodate potential future equity

investments.

Principal risks and uncertainties

The Company is a wholly owned subsidiary of M&G plc and is subject to the Group’s internal control and

risk management processes as detailed in the Group Governance Framework (GGF) and associated

Group Risk Management Framework (GRMF). The control procedures and systems established within the

Group are designed to manage, rather than eliminate the risk of failure to meet business objectives. As

such, they can only provide reasonable rather than absolute assurance against material misstatement or

loss, and focus on optimising the levels of risk and reward within a clearly defined risk appetite, with the aim

of achieving the business objectives. The GRMF is approved by the Group Board and Risk Committee and

operates based on the concept of three lines of defence: risk identification and management, risk oversight,

advice and challenge and independent assurance. The Company's results and financial condition are

exposed to both financial and non-financial risks.

The Company’s financial risks primarily relate to the future performance of its subsidiary undertakings and

future acquisitions. These risks are managed and monitored at a Group level, and the Group’s risk

management and internal frameworks are described in the M&G plc Annual Report and Accounts.

The Directors understand the risks associated with acquisitions and funding requirements of subsidiaries,

and subsequent impairment of those entities. Through the review of management information, they make

appropriate decisions or approve relevant actions accordingly.

The Company has no significant direct interest rate, credit, currency or liquidity risk.

The key risk factors mentioned above should not be regarded as a complete and comprehensive statement

of all potential risks and uncertainties.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Strategic Report (continued)

Statement by the Directors in Performance of their Statutory Duties in Accordance with Section

172(1) of the Companies Act 2006

Section 172 of the Companies Act 2006 requires Directors of the Company to act in the way they consider,

in good faith, would most likely promote the success of the Company for the benefit of its members as a

whole. In doing this, Section 172 requires Directors to have regard, amongst other matters, to the:

• likely consequences of any decisions in the long-term;

• interests of the Company’s employees;

• need to foster the Company’s business relationships with suppliers, customers and others;

• impact of the Company’s operations on the community and environment;

• desirability of the Company maintaining a reputation for high standards of business conduct, and

• need to act fairly as between members of the Company.

In discharging Section 172 duties the Company has regard to the factors set out above. The Company also

recognises the matters considered by the Directors can have unique characteristics. This can require the

Board to have regard to additional factors which are relevant to the specific matter under consideration.

There is an acknowledgement from the Board that the relative importance of each factor considered will

vary depending on the decision being taken. Across all the Board’s decisions, the Company is mindful of its

purpose, strategic priorities and alignment with the Group’s regulatory obligations, overarching culture,

vision and values.

There are some matters, including diversity and inclusivity, environmental matters, corporate responsibility

and governance, legal and some stakeholder engagement, where the Board has judged that policy and

decision-making is best undertaken at a Group level. As well as being a more efficient and effective

approach, this also helps the Company achieve a greater positive impact on environmental, social and

other issues than by working alone as an individual company.

The Company’s key stakeholders are its parent, M&G plc and related Group entities. The Company has no

direct customers or clients, but acknowledges the part it has to play as part of the Group in relation to

relationships with customers and suppliers and the levels of conduct is should adhere to. The Company

has no employees; instead, there are various services agreements in place with other entities within the

Group; details of how the Group engages colleagues is in the 2023 Annual Report and Accounts. The views

and impact of the Company’s activities on those stakeholders are an important consideration for the

Directors when making relevant decisions. While there are cases where the Directors engage directly with

stakeholders on certain issues, the size and spread of the Group’s stakeholders means other stakeholder

engagement takes place at various Group committees.

During the year, the Directors received information to help understand the interests and views of the

Company’s key stakeholders and other relevant factors when making decisions. This has allowed the

Directors to understand the nature of the Company stakeholders’ concerns and to comply with Section 172

of the Companies Act 2006 to promote the success of the Company.

Principal Decisions

Set out below are some examples of how the Company has had regard to the matters set out in Section

172(1)(a)-(f) when discharging its Section 172 duty and the effect of that on decisions taken by the

Company. The Company defines principal decisions as both those that are material to the Company, but

also those that are significant to any key stakeholders. Through making the principal decisions outlined

below, the Directors were focused on protecting and developing the Company's long-term success:

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Strategic Report (continued)

Statement by the Directors in Performance of their Statutory Duties in Accordance with Section

172(1) of the Companies Act 2006 (continued)

Principal decision 1 - Investment in subsidiaries and minority interests

During 2023, the Directors carefully considered the financing requirements of the Company's subsidiaries,

including their regulatory capital requirements. When required and considered appropriate, the Directors

approved that the Company subscribe to additional share capital in its subsidiaries. The Company

subscribed to £30m additional capital in the wholly owned subsidiary WIFAS, with £15m paid on 30 May

2023 and £15m paid on 11 December 2023. The Company also subscribed to £5m additional share capital

in wholly owned subsidiary Clear View on 21 June 2023 as well as £2m additional share capital in wholly

owned subsidiary M&G Wealth Solutions on 15 November 2023.

In March 2023, the Directors approved the Company acquiring a minority stake in Rosia PCC Limited, a

Gibraltar domiciled new-entrant annuity writer as part of the Group's strategic objectives. In July 2023 the

Directors also approved a further investment in MFM Holding Limited, in which the Company holds a

minority interest, thereby enabling the Group to continue partnering with a digital investment specialist.

Principal decision 2 - Impairment charge on investment in subsidiaries

Each year the Directors review the Company's investments in subsidiaries to assess whether there are

indicators of impairment. In the current year, indicators of impairment were deemed to exist and so the

carrying value of the investment was compared against the recoverable amount. This resulted in an

impairment charge of £742m, consisting of impairment charges against the Company's investments in PAC

and WIFAS of £715m and £27m respectively.

Principal decision 3 – Dividends to parent

Each year the Directors make an assessment of the strength of the Company’s balance sheet and future

prospects and makes decisions about the payment of dividends. In 2023, the Company decided to pay

aggregate interim dividends of £611m. In making this decision the Directors were supported by financial

planning considering a range of factors. These factors included any impact on the Company in the short to

medium term as well as the long-term viability of the Company; its expected cash flow and financing

requirements (including strength of the capital position); the ongoing need for strategic investment in the

activities of the Company’s subsidiaries; the planned acquisition of strategically complimentary businesses

and the expectations of the parent, M&G plc.

Principal decision 4 – Liquidity

The Directors recognise the need for the Company to maintain access to adequate liquidity, thereby

enabling the Company to either acquire new equity investments or subscribe to additional share capital in

existing subsidiaries. During 2023, the Company paid most, but not all excess funds as dividends to the

parent, M&G plc. The retained excess funds were loaned to Prudential Capital plc, the Group’s corporate

treasury company. The Company can recall the loans (in whole or in part) at any time without penalty, and

as at 31 December 2023 the total balance of these highly liquid loan assets was £136m (2022: £157m).

This Report was approved by the Board and signed on its behalf.

K McLeland

Director

30 April 2024

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Directors’ Report

The Directors present their annual report and the audited financial statements for the year ended 31

December 2023.

Directors

The Directors who served during the year and up to the date of signing were:

C Heiss (appointed 5 June 2023)

S Horgan

K McLeland

A Porter (resigned 5 June 2023)

E White

Financial highlights

The results for the year are shown in the Statement of Comprehensive Income on page 16. This shows a

loss before tax of £107m (2022: £65m). The current and prior year losses primarily related to impairments

recognised on the Company's investment in subsidiaries, partially offset by dividends received from

subsidiaries.

The Statement of Financial Position is set out on page 17. At 31 December 2023, the net assets of the

Company were £9,419m (2022: £10,136m).

Dividends paid

Interim dividends paid in the year to the Company's parent, M&G plc were £611m (2022: £391m). The

Directors do not recommend the payment of a final dividend (2022: £nil).

Future developments

During 2024 the primary focus of the Company will continue to be that of a holding company, including

acquisition of share capital in strategically complimentary businesses to the M&G plc group.

Subsequent events

On 14 March 2024, the Company entered into back-to-back loan agreements with fellow Group undertakings

Prudential Financial Services Limited and Prudential Capital plc as a result of capital and liquidity

management activity within the Group. The loans are unsecured and on back-to-back commercial terms and

hence do not impact profit or net assets of the Company. The loans have a contractual repayment date of 13

March 2025 but are also repayable on demand.

On 25 March 2024, the Company received a £333m dividend from its subsidiary, The Prudential Assurance

Company Limited. Subsequently on 26 March 2024 the Company declared and paid a £333m dividend to its

parent, M&G plc.

On 24 April 2024, the Company received a £57m dividend from its subsidiary, M&G Group Limited.

Subsequently on 25 April 2024 the Company declared and paid a £57m dividend to its parent, M&G plc.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have a reasonable

expectation that the Company has adequate resources to continue its operations for a period of at least 12

months from the date that the financial statements are approved. As a holding company the key method for

assessing going concern is through the Group’s business planning process which considers profitability,

liquidity and solvency. The business planning process considers the Group’s business activities, together

with factors likely to affect its future development, successful performance and position, and key risks in the

current economic climate.

The Directors gave particular attention to the strength of the Company’s net current asset position, liquidity

projections of the Company, recoverability of the Company’s loan assets, and the solvency projections of the

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Directors’ Report (continued)

Going concern (continued)

Group under a base scenario and its sensitivity to various individual economic stresses and certain stressed

scenarios, which included pessimistic scenarios.

Cashflow forecasts for the Company are analysed by management on a regular basis. The Company’s loans

to the Group’s treasury company Prudential Capital plc (which can be recalled, in whole or in part, at any

time without penalty), and dividend income are recognised as important sources of liquidity. The reliability of

these liquidity sources, are considered before the Company makes any new investing or financing

commitments. The Company maintains a net current asset position, and the Directors are satisfied that the

Company will not have any liquidity issues arising over the 12 months from the date of approving the

financial statements.

On the basis of the assessment described, the Directors have adopted the going concern basis of accounting

in preparing the Company’s financial statements for the year ended 31 December 2023.

Political and charitable contributions

There were no political or charitable contributions during the year (2022: £nil).

Financial risk management

Risk management is outlined within the Strategic Report.

Streamlined Energy and Carbon Reporting (SECR)

The Company participates in Group initiatives toward sustainability objectives, including carbon emission

reduction strategies. The Group’s goal is to reduce carbon emissions from corporate operations to net zero

by 2030, at the latest. Details of the Group’s approach to sustainability are provided in the M&G plc ARA

which can be found on the website: https://www.mandgplc.com/investors/annual-report

Qualifying third party indemnities

The Company's parent company, M&G plc, has arranged appropriate insurance cover in respect of legal

action against Directors and senior managers of companies within the Group. In addition, the Articles of

Association of the Company provide for the Directors, officers and employees of the Company to be

indemnified in respect of liabilities incurred as a result of their office. The parent company also provides

protections for Directors and senior managers of companies within the Group against personal financial

exposure they may incur in their capacity as such. These include qualifying third-party indemnity provisions

(as defined by the relevant Companies Act) for the benefits of directors of the ultimate parent company,

including, where applicable, in their capacity as a Director of the Company and other companies within the

Group. These indemnities were in force during 2023 and remained in force as at the date of approval of the

financial statements.

Disclosure of Information to the Independent Auditor

The Directors who held office at the date of approval of this Directors’ Report confirm that, so far as they are

each aware, there is no relevant audit information of which the Company’s auditor is unaware; and each

Director has taken all the steps that they ought to have taken as a director to make themselves aware of any

relevant audit information and to establish that the Company’s auditor is aware of that information.

Independent Auditors

PricewaterhouseCoopers LLP have indicated their willingness to continue in office and will be deemed

reappointed for the next financial year in accordance with section 487(2) of the Companies Act 2006 unless

the Company receives notice under section 488(1) of the Companies Act 2006.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Directors’ Report (continued)

This report was approved by the Board and signed on its behalf.

K McLeland

Director

30 April 2024

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Statement of Directors’ Responsibilities in respect of the Strategic Report, the

Directors’ Report and the financial statements

The Directors are responsible for preparing the Annual Report and the financial statements in accordance

with applicable law and regulation.

Company law requires the Directors to prepare financial statements for each financial year. Under that law,

the Directors have prepared the financial statements in accordance with United Kingdom Generally Accepted

Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure

Framework”, and applicable law).

Under Company law, Directors must not approve the financial statements unless they are satisfied that they

give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for

that period. In preparing the financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• state whether applicable United Kingdom Accounting Standards, comprising FRS 101 have been

followed, subject to any material departures disclosed and explained in the financial statements;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume

that the Company will continue in business.

The Directors are responsible for safeguarding the assets of the Company and hence for taking reasonable

steps for the prevention and detection of fraud and other irregularities.

The Directors are also responsible for keeping adequate accounting records that are sufficient to show and

explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position

of the Company and enable them to ensure that the financial statements comply with the Companies Act

2006.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Independent Auditors’ Report to the members of M&G Group Regulated Entity

Holding Company Limited

Report on the audit of the financial statements

Opinion

In our opinion, M&G Group Regulated Entity Holding Company Limited’s financial statements:

• give a true and fair view of the state of the Company’s affairs as at 31 December 2023 and of its loss

for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure

Framework”, and applicable law); and

• have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report and Financial Statements (the

"Annual Report"), which comprise: the Statement of Financial Position as at 31 December 2023; the

Statement of Comprehensive Income and the Statement of Changes in Equity for the year then ended; and

the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and

applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for

the audit of the financial statements section of our report. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the Company in accordance with the ethical requirements that are relevant to

our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have

fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or

conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as

a going concern for a period of at least twelve months from when the financial statements are authorised for

issue.

In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of

accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as

to the Company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in

the relevant sections of this report.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Independent Auditors’ Report to the members of M&G Group Regulated Entity

Holding Company Limited (continued)

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial

statements and our auditors’ report thereon. The Directors are responsible for the other information.

Our opinion on the financial statements does not cover the other information and, accordingly, we do not

express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of

assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and,

in doing so, consider whether the other information is materially inconsistent with the financial statements or

our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an

apparent material inconsistency or material misstatement, we are required to perform procedures to

conclude whether there is a material misstatement of the financial statements or a material misstatement of

the other information. If, based on the work we have performed, we conclude that there is a material

misstatement of this other information, we are required to report that fact. We have nothing to report

based on these responsibilities.

With respect to the Strategic Report and Directors' Report, we also considered whether the disclosures

required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report

certain opinions and matters as described below.

Strategic Report and Directors' Report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic

Report and Directors' Report for the year ended 31 December 2023 is consistent with the financial

statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the Company and its environment obtained in the course of

the audit, we did not identify any material misstatements in the Strategic Report and Directors' Report.

Responsibilities for the financial statements and the audit

Responsibilities of the Directors for the financial statements

As explained more fully in the Statement of Directors' Responsibilities in respect of the Strategic Report, the

Directors' Report and the financial statements, the Directors are responsible for the preparation of the

financial statements in accordance with the applicable framework and for being satisfied that they give a true

and fair view. The Directors are also responsible for such internal control as they determine is necessary to

enable the preparation of financial statements that are free from material misstatement, whether due to fraud

or error.

In preparing the financial statements, the Directors are responsible for assessing the Company’s ability

to continue as a going concern, disclosing, as applicable, matters related to going concern and using the

going concern basis of accounting unless the Directors either intend to liquidate the Company or to

cease operations, or have no realistic alternative but to do so.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Independent Auditors’ Report to the members of M&G Group Regulated Entity

Holding Company Limited (continued)

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole

are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that

includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that

an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when

it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users taken on

the basis of these financial statements

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We

design procedures in line with our responsibilities, outlined above, to detect material misstatements in

respect of irregularities, including fraud. The extent to which our procedures are capable of detecting

irregularities, including fraud, is detailed below.

Based on our understanding of the Company and industry, we identified that the principal risks of

non-compliance with laws and regulations related to Companies Act 2006, and we considered the extent to

which non-compliance might have a material effect on the financial statements. We evaluated

management’s incentives and opportunities for fraudulent manipulation of the financial statements

(including the risk of override of controls), and determined that the principal risks were related to

posting inappropriate journal entries and management bias within the impairment assessment of

investment in subsidiaries. Audit procedures performed by the engagement team included:

• Enquiries with management, including consideration of known or suspected instances of non-

compliance with laws and regulations and fraud;

• Reviewing relevant board meeting minutes;

• Identifying and testing journal entries, in particular journal entries posted with unusual account

combinations, posted by unexpected users or without appropriate approvers, or during unusual

times;

• Challenging assumptions and judgements made by management in relation to the impairment

assessment of investment in subsidiaries;

• Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our

testing.

There are inherent limitations in the audit procedures described above. We are less likely to become aware

of instances of non-compliance with laws and regulations that are not closely related to events and

transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due

to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate

concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s

website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Independent Auditors’ Report to the members of M&G Group Regulated Entity

Holding Company Limited (continued)

Use of this report

This report, including the opinions, has been prepared for and only for the Company’s members as a body in

accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in

giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom

this report is shown or into whose hands it may come save where expressly agreed by our prior consent in

writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

• we have not obtained all the information and explanations we require for our audit; or

• adequate accounting records have not been kept by the Company, or returns adequate for our audit

have not been received from branches not visited by us; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

Liam Thompson-Clarke (Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

Edinburgh

30 April 2024

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Statement of Comprehensive Income

for the year ended 31 December

Note 2023 2022

£’000 £’000

Dividend income 3

628,000 576,000

Interest income 7

6,956 1,683

Operating expenses 4 — (83)

Impairment 9 (741,535) (643,000)

Loss before taxation (106,579) (65,400)

Tax charge 8 (1,652) (304)

Loss for the year (108,231) (65,704)

Other comprehensive income for the year

— —

Total comprehensive loss for the year (108,231) (65,704)

All of the amounts above are in respect of continuing operations.

The accounting policies and accompanying notes on pages 19 to 59 form an integral part of these financial statements.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Statement of Financial Position as at 31 December

2023 2022

Note £’000 £’000

Non-current assets

Investment in subsidiaries 9 9,237,074 9,939,302

Other investments 10 45,344 39,104

Total non-current assets

9,282,418 9,978,406

Current assets

Loans

136,000 157,000

Accrued investment income and other debtors

91 136

Cash and cash equivalents

2,084 544

Total current assets

138,175 157,680

Total assets

9,420,593 10,136,086

Current liabilities

Current tax liabilities 8 (1,956) (425)

Total current liabilities

(1,956) (425)

Total liabilities

(1,956) (425)

Net assets 9,418,637 10,135,661

Equity

Share capital 14 100 100

Share premium 14 366,900 366,900

Capital contribution reserve 7,090 4,883

Retained earnings 9,044,547 9,763,778

Total equity 9,418,637 10,135,661

The format of the Statement of Financial Position has been changed to align to the requirements of IAS 1. The Statement of Financial

Position shows the total assets and total liabilities position, whereas the earlier format showed net assets.

The financial statements on pages 16 to 59 were approved by the Board of Directors on 30 April 2024 and

were signed on its behalf by:

K McLeland

Director

Company registered number: 05996736

The accounting policies and accompanying notes on pages 19 to 59 form an integral part of these financial statements.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Statement of Changes in Equity

for the year ended 31 December

Note Share

capital

premium

Capital

contribution

reserve

Retained

earnings

Total equity

£’000 £’000 £’000 £’000 £’000

Balance at 1 January 2023

100 366,900 4,883 9,763,778 10,135,661

Loss for the year

— — — (108,231) (108,231)

Total comprehensive loss

for the year

— — — (108,231) (108,231)

Capital contribution

— — 2,207 — 2,207

Dividends paid

15 — — — (611,000) (611,000)

Balance at 31 December

2023

100 366,900 7,090 9,044,547 9,418,637

Note Share

capital

premium

Capital

contribution

reserve

Retained

earnings

Total equity

£’000 £’000 £’000 £’000 £’000

Balance at 1 January 2022

100 366,900 10,915 10,220,482 10,598,397

Loss for the year

— — — (65,704) (65,704)

Total comprehensive loss

for the year

— — — (65,704) (65,704)

Capital contribution

— — (6,032) — (6,032)

Dividends paid

15 — — — (391,000) (391,000)

Balance at 31 December

2022

100 366,900 4,883 9,763,778 10,135,661

The accounting policies and accompanying notes on pages 19 to 59 form an integral part of these financial statements.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements

1. Accounting policies

M&G Group Regulated Entity Holding Company Limited (the “Company”) is a private company limited by

shares, incorporated, domiciled and registered in England and Wales in the United Kingdom. The registered

number is 05996736 and the registered address is 10 Fenchurch Avenue, London, EC3M 5AG.

These financial statements present information about the undertaking as an individual undertaking and not

about its Group. The Company has taken advantage of the exemption not to prepare Group financial

statements under Section 400 of the Companies Act 2006, since it is included in the consolidated financial

statements of M&G plc, a company registered in England and Wales. The consolidated financial statements

of M&G plc are prepared in accordance with UK-adopted International Accounting Standards (IAS) and the

legal requirements of the Companies Act 2006 and are available to the public from the Company Secretary,

at 10 Fenchurch Avenue, London, EC3M 5AG.

These financial statements have been prepared under the historical cost convention, except for certain

financial instruments measured at fair value through profit or loss. These financial statements have also

been prepared in accordance with United Kingdom Accounting Standards comprising Financial Reporting

Standard 101 Reduced Disclosure Framework ("FRS 101") and the legal requirements of the Companies Act

2006.

In preparing these financial statements, the Company applies the recognition, measurement and disclosure

requirements of international accounting standards in conformity with the requirements of the Companies Act

2006, but makes amendments where necessary in order to comply with Companies Act 2006 and has set

out below where advantage of the FRS 101 disclosure exemptions has been taken.

The following exemptions from the requirements of IFRS have been applied in the preparation of these

financial statements, in accordance with FRS 101:

• The following paragraphs of IAS 1 Presentation of Financial Statements:

• 10(d), (statement of cash flows),

• 16(a) (statement of compliance with all UK-adopted IAS),

• 38 in respect of paragraph 79(a)(iv) (outstanding shares comparative),

• 38A (requirement for minimum of two primary statements, including cash flow statements),

• 38B–D (additional comparative information),

• 111 (cash flow statement information), and

• 134–136 (capital management disclosures);

• IAS 7 Statement of Cash Flows;

• IFRS 7 Financial Instrument Disclosures;

• Paragraph 30 and 31 of IAS 8 Accounting Policies, changes in accounting estimates and

errors’ (requirement for the disclosure of information when an entity has not applied a new IFRS that

has been issued but is not yet effective); and

• The requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered

into between two or more members of a group and key management compensation.

Judgements made by the Directors in the application of accounting policies that have significant effect on the

financial statements and estimates with a significant risk of material adjustment in the year are disclosed in

Note 2.

The financial statements have been prepared in pounds sterling (“£”) which is the functional currency of the

Company.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods

presented in these financial statements. Various amendments to accounting standards and pronouncements

became effective on 1 January 2024, but none of these had a material impact on the financial statements.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

1. Accounting policies (continued)

1.1 Going concern

The financial statements have been prepared on a going concern basis. The Directors have a reasonable

expectation that the Company has adequate resources to continue its operations for a period of at least 12

months from the date that the financial statements are approved. As a holding company the key method for

assessing going concern is through the Group’s business planning process which considers profitability,

liquidity and solvency. The business planning process considers the Group’s business activities, together

with factors likely to affect its future development, successful performance and position, and key risks in the

current economic climate.

The Directors gave particular attention to the strength of the Company’s net current asset position, liquidity

projections of the Company, recoverability of the Company’s loan assets, and the solvency projections of the

Group under a base scenario and its sensitivity to various individual economic stresses and certain stressed

scenarios, which included pessimistic scenarios.

Cashflow forecasts for the Company are reviewed by management on a regular basis. The Company’s loan

asset with the Group’s treasury company Prudential Capital plc (which can be recalled, in whole or in part, at

any time without penalty), and dividend income are recognised as important sources of liquidity. The

reliability of these liquidity sources, are considered before the Company makes any new investing or

financing commitments.

On the basis of the assessment described, the Directors have adopted the going concern basis of

accounting in preparing the Company’s financial statements for the year ended 31 December 2023.

1.2 Financial instruments

(i) Recognition and initial measurement

Trade receivables are initially recognised when they are originated. All other financial assets and financial

liabilities are initially recognised when the Company becomes a party to the contractual provisions of the

instrument.

(ii) Classification and subsequent measurement

Financial assets

(a) Classification

On initial recognition, financial assets are classified into three categories: fair value through profit and loss

("FVTPL"), fair value through other comprehensive income ("FVOCI") or amortised cost. The classification is

based on the business model on which the financial assets are managed and the contractual cash flows of

these assets.

Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its

business model for managing financial assets in which case all affected financial assets are reclassified on

the first day of the first reporting period following the change in the business model.

A financial asset is measured at amortised cost if it meets both of the following conditions:

– it is held within a business model whose objective is to hold assets to collect contractual cash flows;

and

– its contractual terms give rise on specified dates to cash flows that are solely payments of principal

and interest on the principal amount outstanding.

Other financial assets are classified as FVTPL. This includes assets that are held for trading or are part of a

portfolio that is managed on a fair value basis. The Company has no assets classified as FVOCI.

Cash and cash equivalents comprises cash balances held at bank.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

1. Accounting policies (continued)

1.2 Financial instruments (continued)

(b) Subsequent measurement and gains and losses

Financial assets at amortised cost - These assets are subsequently measured at amortised cost using the

Effective Interest Rate method, less allowance for impairment. The amortised cost is reduced by impairment

losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss.

Any gain or loss on derecognition is recognised in profit or loss.

Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any

interest or dividend income, are recognised in profit or loss.

Impairment losses on financial assets measured at amortised cost are measured using an expected credit

loss impairment model. Impairment losses representing the expected credit loss in the next 12 months are

recognised unless there has been a significant increase in credit risk from initial recognition, in which case,

lifetime expected losses are recognised.

(d) Write-offs

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there

is no realistic prospect of recovery.

Financial liabilities and equity

Financial instruments issued by the Company are treated as equity only to the extent that they meet the

following two conditions:

– they include no contractual obligations upon the Company to deliver cash or other financial assets or

to exchange financial assets or financial liabilities with another party under conditions that are

potentially unfavourable to the Company; and

– where the instrument will or may be settled in the Company’s own equity instruments, it is either a

non-derivative that includes no obligation to deliver a variable number of the Company’s own equity

instruments or is a derivative that will be settled by the Company’s exchanging a fixed amount of

cash or other financial assets for a fixed number of its own equity instruments.

To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where

the instrument so classified takes the legal form of the Company’s own shares, the amounts presented in

these Company financial statements for called up share capital and share premium account exclude

amounts in relation to those shares.

Financial liabilities are classified as measured at amortised cost or fair value through profit and loss.

1.3 Investment in subsidiaries

Investment in subsidiaries are stated at cost less, where appropriate, allowances for impairment. The cost of

investments acquired from related parties where consideration is met by issuing shares in the Company is

the fair value of the investments at the time of the transaction.

Impairment

Investments in subsidiaries are reviewed annually to assess whether there are indicators of impairment.

Where indicators of impairment exist, the carrying value of the investment is compared against the

recoverable amount, which is the higher of fair value less costs of disposal or value in use, with any resulting

impairment recorded in the income statement.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

1. Accounting policies (continued)

1.4 Dividend income

Dividend and distribution income is recognised in the profit and loss account on the date the entity’s right to

receive payments is established.

1.5 Interest income

Interest income is recognised in profit or loss as it accrues, using the effective interest rate method.

1.6 Expense recognition

All expenses are recognised in the Statement of Comprehensive Income as a cost when incurred. Staff

costs and Directors emoluments are borne by other Group companies.

1.7 Tax

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and

loss account except to the extent that it relates to items recognised directly in equity or other comprehensive

income, in which case it is recognised in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax

rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in

respect of previous years.

1.8 Dividends

Dividends are recognised when the obligation becomes certain, i.e. when the dividend is no longer at the

discretion of the Company. This occurs when the dividends are paid.

1.9 Share capital and share premium

An equity instrument is any contract that evidences a residual interest in the assets of the Company, after

deducting all of its liabilities. Shares are classified as equity when their terms do not create an obligation to

transfer assets. The nominal value of shares issued is recorded in share capital.

Where the consideration received from the issue or sale of existing shares exceeds the nominal value

recorded in share capital, the difference is recorded in share premium. Share premium is recorded net of

share issue costs.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

2. Critical accounting estimates and judgements

Critical accounting estimates are those which involve the most complex or subjective judgements or

assessments. The area of the Company’s business that typically requires such estimates is the

determination of impairment of investments in subsidiaries. The accounting policy for subsidiary impairment

measurement is outlined in Note 1.3, and the impairment testing, including sensitivities, further discussed in

Note 9.

3. Dividend income

2023 2022

£'000 £'000

Dividends received from subsidiaries 628,000 576,000

Total dividend income 628,000 576,000

All dividend income is from UK domiciled subsidiaries of the Company. £500m (2022: £500m) was received

from The Prudential Assurance Company Limited and £128m (2022: £76m) was received from M&G Group

Limited.

4. Operating expenses

2023 2022

£'000 £'000

Legal fees

—

Total operating expenses — 83

No staff were employed by the Company during the year (2022: none). Directors emoluments are detailed in

Note 6.

5. Auditors remuneration

Fees payable to the Company's external auditor, PricewaterhouseCoopers LLP, its member firms and its

associates have been paid by M&G Corporate Services Limited, a fellow Group undertaking. This expense

is ultimately borne by the Company's parent, M&G plc. Fees paid in respect of the Company for the audit of

the financial statements amounted to £79,380 (2022: £73,500).

No non-audit services have been provided to the Company by the Company's auditor during the year (2022:

£nil).

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

6. Directors' emoluments

2023 2022

£'000 £'000

Aggregate emoluments 567 670

Aggregate contributions to company pension schemes 40 63

Total Directors' emoluments 607 733

The aggregate emoluments of the Directors of the Company were borne by related Group undertakings.

Directors’ emoluments are based upon the apportionment of time spent providing qualifying services as

Directors for the Company and as Directors of the Company’s subsidiary undertakings. No apportionment is

allocated to entities where Directors are deemed to spend an inconsequential amount of time providing

qualifying services.

The financial statements for the year ended 31 December 2022 disclosed Directors' emoluments that

comprised the value attributable to prior year time allocations, subsequently been deemed to be

inconsequential. Accordingly, for the year ended 31 December 2023, no value has been attributed in relation

to time allocations that are deemed inconsequential. There is no impact on the primary statements of the

revised disclosure.

For the highest paid director the aggregate emoluments were £567k (2022: £346k) and the aggregate

contributions to company pension schemes were £40k (2022: £29k). The highest paid director in 2023 (and

in 2022) was entitled to receive shares under long-term incentive schemes. The highest paid director in 2023

also exercised share options during the year.

2023 2022

The number of Directors with retirement benefits accruing under the

Group’s defined benefit schemes

— —

The number of Directors on whose behalf contributions were made to

defined contribution pension schemes during the year

4 3

The number of Directors who exercised share options during the year 3 —

The number of Directors in respect of whose services shares were

received or receivable under long term schemes

5 5

7. Interest income

2023 2022

£'000 £'000

Interest receivable on loans to Group undertakings 6,604 1,658

Bank interest 352 25

Total interest income 6,956 1,683

All interest income was received from UK domiciled companies.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

8. Tax

(a) Analysis of tax charge for the year

2023 2022

£'000 £'000

Current tax on loss for the year 1,636 304

Adjustment in respect of prior years 16

—

Total current tax charge 1,652 304

Total tax charge for the year 1,652 304

(b) Reconciliation of effective tax rate

The tax assessed for the year is higher (2022: higher) than the blended standard rate of corporation tax in

the UK of 23.52% (2022: 19.00%). An increase in the standard rate of Corporation tax in the UK from 19% to

25% came into effect on 1 April 2023 so a blended rate of 23.52% has been used for the year ended 31

December 2023.

2023 2022

£'000 £'000

Loss before tax for the year (106,579) (65,400)

Tax credit on loss at standard UK tax rate of 23.52% (2022: 19.00%) 25,067 12,426

Effects of:

Non-taxable items (26,703) (12,730)

Adjustments in respect of prior years (16) —

Total tax charge for the year (1,652) (304)

An increase in the standard rate of Corporation tax in the UK from 19% to 25% was substantively enacted

on 24 May 2021 and came into effect on 1 April 2023. This will increase any future tax charge for the

company accordingly. Changes in tax laws and rates may affect the Company's effective tax rate in the

future.

(d) Current tax

2023 2022

£'000 £'000

Corporation tax payable 1,956 425

Net current tax liabilities 1,956 425

Net current tax liabilities at 31 December 2023 were £1,955k (2022: £425k) and are expected to be settled

within 12 months.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

9. Investments in subsidiaries

2023 2022

£'000 £'000

Cost at 1 January

10,732,302

10,568,084

Acquisitions — 81,491

Capital contributions into subsidiaries 39,307 82,727

Cost at 31 December 10,771,609 10,732,302

Impairment at 1 January (793,000) (150,000)

Impairment of subsidiaries (741,535) (643,000)

Impairment at 31 December (1,534,535) (793,000)

Investment in subsidiaries at 31 December 9,237,074 9,939,302

(a) Prior year acquisitions

On 6 January 2022, the Company acquired a 100% holding in Clear View Assured Limited ("Clear View"),

the holding company for Sandringham Financial Partners Limited ("Sandringham") for a purchase

consideration of £73m. There is a further deferred amount payable to former shareholders who are in the

employment of Sandringham of £8.6m over 2 years from the date of acquisition provided the shareholders

remain in service which has also been funded by the Company.

(b) Capital contributions

On 30 May 2023, the Company increased its investment in Wrap IFA Services ("WIFAS") through the

purchase of 1,000,000 £1 ordinary shares with a nominal value of £1m for cash consideration of £15m.

Subsequently, on 11 December 2023 the Company further increased its investment in WIFAS through the

purchase of 750,000 £1 ordinary shares with a nominal value of £750,000 for cash consideration of £15m.

On 21 June 2023, the Company increased its investment in Clear View through the purchase of 5.1 million

£1 ordinary shares with a nominal value of £5.1m for cash consideration of £5.1m. On 15 November 2023,

the Company increased its investment in M&G Wealth Solutions Limited through the purchase of 100,000 £1

ordinary shares with a nominal value of £0.1m for cash consideration of £2m.

An additional £2.2m relates to capital contributions arising from share-based payments from the Company's

parent, M&G plc, to employees of the Company's subsidiaries.

On 28 February 2022 the Company increased its investment in M&G Wealth Solutions Limited through the

purchase of 1,000,000 £1 ordinary shares with a nominal value of £1m for cash consideration of £17.8m.

Subsequently, on 20 December 2022 the Company further increased its investment in M&G Wealth

Solutions Limited through the purchase of 105,000 £1 ordinary shares with a nominal value of £105,000 for

cash consideration of £2.1m.

On 20 April 2022 the Company increased its investment in M&G Group Limited through the purchase of

40,000,000 25p ordinary shares with a nominal value of £10m for cash consideration of £65m. On 27 April

2022, the Company increased its investment in Clear View through the purchase of 500,000 £1 ordinary

shares with a nominal value of £0.5m for cash consideration of £2.9m.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

9. Investments in subsidiaries (continued)

Details of the Company’s direct subsidiaries as at 31 December 2023 and 31 December 2022 are as follows:

Ownership %

Direct Subsidiaries Principal

Activity

Registered Office Class of Equity

Held

2023 2022

Clear View Assured

Limited

Holding

Company

5th Floor 30 Market Street,

Huddersfield, England,

HD1 2HG

Ordinary shares 100% 100%

M&G Group Limited

Holding

Company

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary shares 100% 100%

M&G Wealth Solutions

Limited

Holding

Company

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary shares 100% 100%

The Prudential Assurance

Company Limited

Insurance

Company

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary shares 100% 100%

Wrap IFA Services

Limited

Holding

Company

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary shares 100% 100%

The Company’s indirect subsidiaries, associates, joint ventures and other significant holding are detailed in

Note 20.

(d) Impairment

The continued adverse impacts of market volatility on the global economy and its resulting implications on

the potential future business performance of the Company's subsidiaries were considered an impairment

indicator by management. Therefore, an impairment assessment was undertaken on the direct subsidiaries

by comparing their recoverable amount with the carrying value. The recoverable amounts of the subsidiaries

were based on their value in use. The values in use were based on discounted cashflows and standard

growth models based on management forecasts.

The value in use calculation is based on a set of economic, market and business assumptions used to

derive the cash flow forecasts.

The assessment resulted in the following impairments being recorded:

• In respect of The Prudential Assurance Company Limited, an impairment charge of £715m (2022:

£niI) was recorded.

• In respect of Wrap IFA Services Limited, an impairment charge of £27m (2022: £84m) was recorded.

• In respect of M&G Group Limited, an impairment charge of £nil (2022: £520m) was recorded.

• In respect of Clear View Assured Limited, an impairment charge of £nil (2022: £39m) was recorded.

The calculation is particularly sensitive to a number of key assumptions as follows:

• In respect of The Prudential Assurance Company Limited, the value in use was calculated using a

dividend discount model, using a discount rate of 11% (2022: 12%), based on a cost of equity

approach, and an implied price / own funds multiple of 0.67x to determine the terminal value. A

simultaneous increase of 50bps in the discount rate and a 10% decrease in the price / own funds

multiple would result in the recoverable amount of The Prudential Assurance Company Limited

reducing by £472m (2022: £570m). This would result in the value of impairment in respect of this

subsidiary increasing by the same amount (2022: no impairment would be recognised).

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

9. Investments in subsidiaries (continued)

(d) Impairment (continued)

• In respect of Wrap IFA Services Limited, the value in use was calculated using a standard growth

model, using a discount rate of 11.3% (2022: 10.5%), based on a weighted average cost of capital

approach, and a long-term growth rate of 2% (2022: 2%). A simultaneous increase of 50bps in the

discount rate and 50bps decrease in the growth rate would result in the recoverable amount of

WRAP IFA Services Limited reducing by £12m (2022: £18m). This would result in the value of

impairment in respect of this subsidiary increasing by £12m (2022: £18m).

• In respect of M&G Group Limited, the value in use was calculated using a standard growth model,

using a discount rate of 11% (2022: 11%), based on a weighted average cost of capital approach,

and a long-term growth rate of 2% (2022: 2%). A simultaneous increase of 50 bps in the discount

rate and 50bps decrease in the growth rate would result in the recoverable amount of M&G Group

Limited reducing by £288m (2022: £293m). This would result in an impairment in respect of this

subsidiary of £238m (2022: £293m).

• In respect of Clear View Assured Limited, the value in use was calculated using a standard growth

model, using a discount rate of 11.5%, based on a weighted average cost of capital approach, and a

long-term growth rate of 2%. A simultaneous increase of 50 bps in the discount rate and 50 bps

decrease in the growth rate would result in the recoverable amount of Clear View Assured Limited

reducing by £6m. This would not result in any impairment being recorded in respect of this

subsidiary. In the prior year the value in use was determined by assessing comparable transactions

and peer company values: therefore sensitivities were not calculated.

10. Other investments

2023 2022

£'000 £'000

Equity investments held at fair value through profit or loss

45,344

39,104

Total other investments

45,344 39,104

As at 31 December 2023 Equity investments held at fair value through profit or loss comprised equity shares

in Level E Research Limited, MFM Holding Limited and Rosia PCC Limited ("Rosia") respectively. None of

the companies are publicly traded. During the year ended 31 December 2023 the Company acquired a

minority stake in Rosia, a Gibraltar domiciled new-entrant annuity writer. The Company also made a further

investment in MFM Holding Limited, a digital investment specialist, during the year.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

10. Other investments (continued)

Company Registered Office Class of Equity

Held

Ownership %

2023 2022

Level E

Research

Limited

C/o Brodies LLP, Capital Square, 58 Morrison Street,

Edinburgh, United Kingdom, EH3 8BP

Ordinary shares 15% 15%

MFM Holding

Limited

90-92 Pentonville Road, London, United Kingdom,

N1 9HS

Convertible

preference

9.77% 9.6%

Rosia PCC

Limited

Madison Building, Midtown, Queensway, Gibraltar

GX11 1AA

Ordinary shares 10%

—

11. Loans

2023 2022

£'000 £'000

Loans to Group undertakings

136,000

157,000

Total loans 136,000 157,000

As at 31 December 2023 the Company had provided four loans to its fellow Group undertaking Prudential

Capital plc. The loans are repayable, in full or in part, on demand and each have a contractual maturity of

one year from the date of issue on 25 March 2024 (£29,000k), 23 September 2024 (£76,000k),

30 September 2024 (£14,000k) and 30 September 2024 (£17,000k) respectively with the value of each loan

given as at 31 December 2023. The loan that matured on 25 March 2024 was renewed with Prudential

Capital plc.

Interest is accrued at the SONIA rate with no margin. As at 31 December 2023 the accrued interest

receivable by the Company was £90k (2022: £91k) and is presented within Accrued investment income and

other debtors on the Statement of Financial Position.

12. Accrued investment income and other debtors

2023 2022

£'000 £'000

Interest receivable on loans to Group undertakings 91 91

Other amounts owed by Group undertakings — 45

Total accrued investment income and other debtors

136

Analysed as:

No contractual maturity — 45

Expected to be settled within one year 91 91

Total accrued investment income and other debtors 91 136

Amounts owed by Group undertakings are unsecured, interest free and are repayable upon demand with no

fixed date of repayment, with the exception of accrued interest due on loans provided to Prudential Capital

plc totalling £91k (2022: £91k).

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

13. Cash and cash equivalents

2023 2022

£'000 £'000

Cash at bank

2,084

544

Total cash and cash equivalents 2,084 544

All cash and cash equivalents are held with financial institutions in the United Kingdom.

14. Issued share capital and share premium

2023 2022

As at 31 December Number

ordinary

capital

£'000

Number

ordinary

capital

£'000

Issued shares of £1 100,000 100 100,000 100

Amounts recorded in share capital represent the nominal value of shares issued with any difference between

proceeds received on issue of shares, net of issue costs, and the nominal value of shares issued being

credited to the share premium reserve. The share premium reserve at 31 December 2023 was £367m

(2022: £367m).

15. Dividends paid

The Company paid dividends to its parent, M&G plc, of £333m on 27 March 2023 and £278m on 26

September 2023.

In the prior year, the Company paid dividends to its parent, M&G plc, of £224m on 24 March 2022 and

£167m on 22 September 2022.

16. Post balance sheet events

On 14 March 2024, the Company entered into back-to-back loan agreements with fellow Group undertakings

Prudential Financial Services Limited and Prudential Capital plc as a result of capital and liquidity

management activity within the Group. The loans are unsecured and on back-to-back commercial terms and

hence do not impact profit or net assets of the Company. The loans have a contractual repayment date of 13

March 2025 but are also repayable on demand.

On 25 March 2024, the Company received a £333m dividend from its subsidiary, The Prudential Assurance

Company Limited. Subsequently on 26 March 2024 the Company declared and paid a £333m dividend to its

parent, M&G plc.

On 24 April 2024, the Company received a £57m dividend from its subsidiary, M&G Group Limited.

Subsequently on 25 April 2024 the Company declared and paid a £57m dividend to its parent, M&G plc.

There are no other post balance sheet events to report.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

17. Commitments and guarantees

The Company is the guarantor for the obligations of M&G Corporate Services Limited, a fellow Group

subsidiary undertaking, to make payments under the Scottish Amicable Staff Pension Scheme. This

guarantee did not give rise to any liabilities as at 31 December 2023 (2022: none).

The Company is also the guarantor for the obligations of M&G Wealth Advice Limited, a fellow Group

subsidiary undertaking, to make payments to My Continuum Financial Limited (MCFL) in relation to the

acquisition of MCFL and its subsidiaries. This guarantee did not give rise to any liabilities as at 31

December 2023 (2022: none).

Letters of support

The Company has provided a letter of support to its subsidiary, Clear View Assured Limited, for an amount

up to £1m (2022: £6m) in the event of future financing being required by the company in the period up to 12

months from the date of signing their financial statements for the year ended 31 December 2023.

The Company provided a letter of support to its subsidiary, Wrap IFA Services Limited, for an amount up to

£30m in the event of future financing being required by the company in the period up to 12 months from the

date of signing their financial statements for the year ended 31 December 2022. The letter of support has

not been renewed for the year ended 31 December 2023.

The Company provided a letter of support to its subsidiary, M&G Wealth Solutions Limited, for an amount up

to £2m) in the event of future financing being required by the company in the period up to 12 months from

the date of signing their financial statements for the year ended 31 December 2022. The letter of support

has not been renewed for the year ended 31 December 2023.

18. Related party transactions

The Company has taken advantage of the exemption under paragraph 8(k) of FRS 101 from disclosing

transactions with other wholly owned subsidiary undertakings of the M&G plc Group.

There were no other related party transactions in the years ended 31 December 2023 and 31 December

2022 other than those with wholly owned subsidiary undertakings of the Group and those disclosed in Note

19. Immediate and ultimate parent company

The Company’s immediate and ultimate parent company is M&G plc, registered at 10 Fenchurch Avenue,

London, EC3M 5AG, and incorporated in England and Wales. Consolidated financial statements are

prepared by M&G plc and can be obtained from the registered office.

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings

In accordance with Section 409 of the Companies Act 2006, a list of the Company’s subsidiaries and related

undertakings of its directly held subsidiaries along with the classes of shares held, the registered office

address and the country of incorporation and the effective percentage of equity owned at is disclosed below.

Details of the Company’s direct subsidiaries as at 31 December 2023 are as follows:

Ownership

Direct Subsidiaries Principal Activity Registered Office Class of Equity

Held

2023

Clear View Assured Limited Holding Company

5th Floor 30 Market Street,

Huddersfield, England, HD1

2HG

Ordinary shares 100%

M&G Group Limited Holding Company

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary shares 100%

M&G Wealth Solutions Limited Holding Company

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary shares 100%

The Prudential Assurance

Company Limited

Insurance

Company

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary shares 100%

Wrap IFA Services Limited Holding Company

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary shares 100%

20 (a) Clear View Assured Limited

Clear View Assured Limited, a direct subsidiary of the Company, has the following investments in

subsidiaries:

Ownership

Name of entity Registered Office

Class of Equity

Held 2023

Sandringham Financial Partners Limited

5th Floor 30 Market Street,

Huddersfield, England, HD1

2HG

Ordinary Shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited

M&G Group Limited, a direct subsidiary of the Company, has the following investments in subsidiaries,

associates, joint ventures and other significant holdings:

Aqua GP LLP First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Limited

Partnership

Interest

100%

Canada Property Holdings Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Canada Property (Trustee) No 1 Limited Lime Grove House

Green Street St Helier

Jersey, JE1 2ST

Ordinary shares 100%

Cathedral Approach Estate Management Company

Limited

7 Albemarle Street,

London, W1S 4HQ, UK

Ordinary shares 50%

CONDOR F3 GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Digital Infrastructure Investment Partners GP LLP First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Limited

Partnership

Interest

65%

Digital Infrastructure Investment Partners GP1

Limited

First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Ordinary shares 100%

Digital Infrastructure Investment Partners SLP GP

LLP

50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Digital Infrastructure Investment Partners SLP GP1

Limited

First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Ordinary shares 100%

Digital Infrastructure Investment Partners SLP GP2

Limited

First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Ordinary shares 100%

Dudok GP LLP First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Limited

Partnership

Interest

100%

Dudok GP1 Ltd First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Ordinary shares 100%

Dudok GP2 Ltd First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Ordinary shares 100%

Embankment GP Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Embankment Nominee 1 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Embankment Nominee 2 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

EUREV CI GP S.à r.l. Rue de la Poste 20,

2346 Luxembourg

Ordinary shares 100%

Genny GP 1 LLP First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Limited

Partnership

Interest

100%

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

Genny GP 2 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Genny GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

George Digital GP 1 LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

George Digital GP 2 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

George Digital GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

GGE GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Green GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Highcross Leicester (GP) Limited Marble Arch House, 66

Seymour Street,

London, England, W1H

5BX

Ordinary shares 50%

ICP (Finch) GP 1 Limited First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Ordinary shares 100%

ICP (Finch) GP 2 Limited First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Ordinary shares 100%

ICP (Finch) GP LLP First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Limited

Partnership

Interest

100%

Infracapital (AIRI) GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital (Belmond) GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital (Bio) GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital (Churchill) GP 1 Limited First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Ordinary shares 100%

Infracapital (Churchill) GP LLP First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Limited

Partnership

Interest

100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

Infracapital (GC) GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital (Gigaclear) GP 1 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital (Gigaclear) GP 2 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital (Gigaclear) GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Infracapital (IT PPP) GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital (Leo) GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital (Novos) GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital (Sense) GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital (TLSB) GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital DF II GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Infracapital DF II Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital Employee Feeder GP 1 LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Infracapital Employee Feeder GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital F1 GP2 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Infracapital F2 GP Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Infracapital F2 GP1 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

Infracapital GP 1 LLP 10 Fenchurch Avenue,

London, EC3M 5AG,

Limited

Partnership

Interest

100%

Infracapital GP Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Infracapital Greenfield DF GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Infracapital Greenfield Partners 1 SLP GP1 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital Greenfield Partners 1 SLP GP2 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital Greenfield Partners I Employee Feeder

50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

76%

Infracapital Greenfield Partners I GP Limited First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Ordinary shares 100%

Infracapital Greenfield Partners I SLP EF GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Infracapital Greenfield Partners I SLP LP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

36%

Infracapital Greenfield Partners I SLP2 LP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Infracapital Greenfield Partners I Subholdings GP

Limited

50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital Greenfield Partners II GP S.à r.l 6, rue Eugène Ruppert,

L-2453, Luxembourg

Ordinary shares 100%

Infracapital Greenfield Partners II Subholdings

(Euro) GP LLP

First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Limited

Partnership

Interest

100%

Infracapital Greenfield Partners II Subholdings

(Sterling) GP LLP

First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Limited

Partnership

Interest

100%

Infracapital Greenfield Partners II Subholdings GP1

Limited

10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Infracapital Greenfield Partners II Subholdings GP2

Limited

10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Infracapital Partners II Subholdings GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

Infracapital Partners III (Sterling) SCSp First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Limited

Partnership

Interest

100%

Infracapital Partners III GP S.à r.l 6, rue Eugène Ruppert,

L-2453, Luxembourg

Ordinary shares 100%

Infracapital Partners III Subholdings (Euro) GP LLP First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Limited

Partnership

Interest

100%

Infracapital Partners III Subholdings (Sterling) GP

LLP

First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Limited

Partnership

Interest

100%

Infracapital Partners III Subholdings GP1 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Infracapital Partners III Subholdings GP2 Limited First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Ordinary shares 100%

Infracapital Partners IV GP S.à r.l. 5 Heienhaff,

Nidderaanwen, 1736,

Luxembourg

Ordinary shares 100%

Infracapital Partners IV Subholdings GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Infracapital Partners IV Subholdings GP1 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital Partners IV Subholdings GP2 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital Partners IV Subholdings Nominee

Limited

50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Infracapital Partners IV Subholdings SLP LP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Infracapital SLP II LP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

40%

Infracapital SLP Limited c/o Buckingham

Corporate Services

Limited, First Floor, 85

Great Portland Street,

London, W1W 7LT, UK

Ordinary shares 100%

Innisfree M&G PPP LLP Boundary House, 91-93

Charterhouse Street,

London, EC1M 6HR,

Limited

Partnership

Interest

35%

KESTREL F4 GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

London Fenchurch Employee Feeder F4 SP LP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

London Fenchurch F4 Employee Feeder SP GP

LLP

50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

London Fenchurch GP1 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

London Fenchurch GP2 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

London Fenchurch SLP LP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

London Green Investments SLP GP1 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

London Green Investments SLP GP2 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

London Green Investments II SLP GP1 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

London Green Investments II SLP GP2 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

London Green Investments II SLP1 Employee

Feeder GP LLP

50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

London Green Investments II SLP2 GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

London Stone Investments F3 Employee Feeder

GP LLP

50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

London Stone Investments F3 I Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

London Stone Investments F3 II Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

London Stone Investments F3 SP GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

Luxembourg Specialist Investment Funds (3) SICAV 16, Boulevard Royal,

L-2449, Luxembourg

Units 100%

Luxembourg Specialist Investment Funds (4) 16, Boulevard Royal,

L-2449, Luxembourg

Units 100%

M&G (Guernsey) Limited Dorey Court, Admiral

Park, St Peter Port,

GY1 2HT, Guernsey

Ordinary shares 100%

M&G (Lux) Reserved Investment Fund (2), SCA

SICAV-RAIF

16, Boulevard Royal,

L-2449, Luxembourg

Units 100%

M&G (Lux) Reserved Investment Funds (2) GP S.à

r.l.

16, Boulevard Royal,

L-2449, Luxembourg

Ordinary shares 100%

M&G (Lux) Sustainable Optimal Income Bond Fund 16, Boulevard Royal,

L-2449, Luxembourg

Units 98%

M&G Alternatives CV SCSp 8, rue Lou Hemmer,

L-1748, Senningerberg,

Luxembourg

Limited

Partnership

Interest

100%

M&G Alternatives GP S.à r.l. 8, rue Lou Hemmer,

L-1748, Senningerberg,

Luxembourg

Ordinary shares 100%

M&G Alternatives Investment Management Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G Black Seed GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

M&G Catalyst Sustainable Agriculture GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

M&G Catalyst Sustainable Agriculture GP Member

No 1 Limited

50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

M&G Catalyst Sustainable Agriculture GP Member

No 2 Limited

50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

M&G Corporate Credit Opportunities S.à r.l. 16, Boulevard Royal,

L-2449, Luxembourg

Ordinary shares 100%

M&G European Living Holding S.àr.l 16, Boulevard Royal,

L-2449, Luxembourg

Ordinary shares 100%

M&G European Living Property Fund (GP) S.à r.l 16, Boulevard Royal,

L-2449, Luxembourg

Ordinary shares 100%

M&G European Living Property Fund SCSp 16, Boulevard Royal,

L-2449, Luxembourg

Limited

Partnership

Interest

100%

M&G European Secured Property Holding

Company S.à r.l

16, Boulevard Royal,

L-2449, Luxembourg

Ordinary shares 100%

M&G European Secured Property Income Fund

FCP-FIS

16, Boulevard Royal,

L-2449, Luxembourg

Ordinary shares 100%

M&G European Value Add GP S.à r.l. 16, Boulevard Royal,

L-2449, Luxembourg

Ordinary shares 100%

M&G FA Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

M&G Financial Services Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G Founders 1 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G General Partner Inc. 190 Elgin Avenue,

George Town, Grand

Cayman, KYI-9005,

Cayman Islands

Ordinary shares 100%

M&G IMPPP 1 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G International Investments Nominees Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G International Investments Switzerland AG Zollstrasse 17, 8005

Zϋrich, Switzerland

Ordinary shares 100%

M&G Investment Management Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G Investments (Americas) Inc. 251 Little Falls Drive,

Wilmington, DE 19801,

USA

Ordinary shares 100%

M&G Investments (Australia) Pty Limited Level 6, 60 Martin

Place, Sydney NSW

2000, Australia

Ordinary shares 100%

M&G Investments (Hong Kong) Limited 6th Floor, Alexander

House, 18 Chater Road,

Central, Hong Kong

Ordinary shares 100%

M&G Investments (Singapore) Pte. Limited 138 Market Street,

CapitaGreen #35-01,

048946, Singapore

Ordinary shares 100%

M&G Investments (Taiwan) Limited Floor.33 (Unit B-1),

No.7, Sec.5,

Road.Xinyi,110, Taipei,

Ta, Taiwan

Ordinary shares 100%

M&G Investments (USA) Inc 251 Little Falls Drive,

Wilmington, DE 19801,

USA

Ordinary shares 100%

M&G Investments Japan Co., Limited Tokyo Toranomon

Global Square 13F,

1-3-1 Toranomon,

Minatoku, Tokyo

105-0001, Japan

Ordinary shares 100%

M&G Luxembourg S.A. 16, Boulevard Royal,

L-2449, Luxembourg

Ordinary shares 100%

M&G Management Services Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G Nominees Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G PFI 2018 GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

M&G PFI 2018 GP1 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G PFI 2018 GP2 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G PFI Carry Partnership 2016 LP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

25%

M&G Platform Nominees Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G RE Espana, 2016, S.L. Calle Fortuny, 6 - 4 A,

28010, Madrid, Spain

Ordinary shares 100%

M&G RE UKEV (GP1) LLP 10 Fenchurch Avenue,

London, EC3M 5AG,

Limited

Partnership

Interest

100%

M&G Real Estate UKEV (GP) LLP 10 Fenchurch Avenue,

London, EC3M 5AG,

Limited

Partnership

Interest

100%

M&G RE UKEV (SLP) General Partner LLP 10 Fenchurch Avenue,

London, EC3M 5AG,

Limited

Partnership

Interest

100%

M&G RE UKEV 1 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G Real Estate Asia Holding Company Pte

Limited

138 Market Street,

CapitaGreen #35-01,

048946, Singapore

Ordinary shares 67%

M&G Real Estate Asia PTE Limited 138 Market Street,

CapitaGreen #35-01,

048946, Singapore

Ordinary shares 67%

M&G Real Estate Debt Carried Interest GP S.à r.l 5 Heienhaff,

Nidderaanwen, 1736,

Luxembourg

Ordinary shares 100%

M&G Real Estate Debt Fund SCSp SICAV-RAIF 5 Heienhaff,

Nidderaanwen, 1736,

Luxembourg

Ordinary shares 100%

M&G Real Estate Debt GP S.à r.l 5 Heienhaff,

Nidderaanwen, 1736,

Luxembourg

Ordinary shares 100%

M&G Real Estate France SAS 8 Avenue Hoche,

75008, Paris, France

Ordinary shares 100%

M&G Real Estate Funds Management S.à r.l. 16, Boulevard Royal,

L-2449, Luxembourg

Ordinary shares 100%

M&G Real Estate Japan Co Limited Tokyo Toranomon

Global Square 13F,

1-3-1 Toranomon,

Minatoku, Tokyo

105-0001, Japan

Ordinary shares 67%

M&G Real Estate Korea Co Limited Jongno 1-ga, Kyobo

Building, Seoul, Korea

Ordinary shares 67%

M&G Real Estate Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

M&G Real Estate UKEV (GP) LLP 10 Fenchurch Avenue,

London, EC3M 5AG,

Limited

Partnership

Interest

100%

M&G RED II Employee Feeder GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

M&G RED II GP Limited (In liquidation) 1 Royal Plaza, Royal

Avenue, St Peter Port,

GY1 2HL, Guernsey

Ordinary shares 100%

M&G RED II SLP GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

M&G RED III Employee Feeder GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

M&G RED III GP Limited (In liquidation) 1 Royal Plaza, Royal

Avenue, St Peter Port,

Guernsey, GY1 2HL,

Guernsey

Ordinary shares 100%

M&G RED III SLP GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

M&G REDF 7 S.à r.l 5 Heienhaff,

Nidderaanwen, 1736,

Luxembourg

Ordinary shares 100%

M&G REDF 8 S.à r.l 5 Heienhaff,

Nidderaanwen, 1736,

Luxembourg

Ordinary shares 100%

M&G REDF 9 S.à r.l 5 Heienhaff,

Nidderaanwen, 1736,

Luxembourg

Ordinary shares 100%

M&G RPF GP Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G RPF Nominee 1 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G RPF Nominee 2 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G Secure Income S.à r.l. 16, Boulevard Royal,

L-2449, Luxembourg

Ordinary shares 100%

M&G Securities Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G SFF (CIP GP) S.à r.l. Heienhaff 5, 1736

Senningerberg,

Luxembourg

Ordinary shares 100%

M&G SFF (GP) S.à r.l. Heienhaff 5, 1736

Senningerberg,

Luxembourg

Ordinary shares 100%

M&G SFF 2 (CIP GP) S.à r.l. Heienhaff 5, 1736

Senningerberg,

Luxembourg

Ordinary shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

M&G SFF 2 (GP) S.à r.l. Heienhaff 5, 1736

Senningerberg,

Luxembourg

Ordinary shares 100%

M&G SIF Management Company (Ireland) Limited 35 Shelbourne Road,

Dublin, D04 A4EO,

Ireland

Ordinary shares 100%

M&G Trustee Company Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G UK Property GP Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G UK Property Nominee 1 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G UK Property Nominee 2 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

M&G UK Shared Ownership GP Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

MandG Investment Managers (Pty) Limited Protea Place, 40 Dreyer

Street, Claremont,

7708, South Africa

Ordinary shares 100%

MandG Investments (Namibia) (Pty) Limited Unit 3, 2nd Floor,

Ausspann Plaza, Dr

Agostinho Neto Road,

Private Bag 12012,

Ausspannplatz,

Windhoek, Namibia

Ordinary shares 75%

MandG Investments Life South Africa (RF) Limited Protea Place, 40 Dreyer

Street, Claremont,

7708, South Africa

Ordinary shares 100%

MandG Investments Southern Africa (Pty) Limited Protea Place, 40 Dreyer

Street, Claremont,

7708, South Africa

Ordinary shares 50%

MandG Investments Unit Trusts (Namibia) Limited Unit 3, 2nd Floor,

Ausspann Plaza, Dr

Agostinho Neto Road,

Private Bag 12012,

Ausspannplatz,

Windhoek, Namibia

Ordinary shares 100%

MandG Investments Unit Trusts South Africa (RF)

Limited

Protea Place, 40 Dreyer

Street, Claremont,

7708, South Africa

Ordinary shares 100%

Merlin D5 GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Mole GP1 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Mole GP2 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

Mole GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Ox GP LLP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Ox GP1 Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

100%

Pesca GP LLP 10 Fenchurch Avenue,

London, EC3M 5AG,

Limited

Partnership

Interest

100%

PPM Capital (Holdings) Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

PPM Managers GP Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

PPM Managers Partnership CI VII (A) LP 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Limited

Partnership

Interest

25%

PPM Ventures (Asia) Limited (In liquidation) 13/F, One International

Finance Centre, 1

Harbour View Street,

Central, Hong Kong

Ordinary shares 100%

Prudential GP Limited 5 Central Way, Kildean

Business Park, Stirling,

FK8 1FT, UK

Ordinary shares 100%

Prudential Greenfield GP LLP 10 Fenchurch Avenue,

London, EC3M 5AG,

Limited

Partnership

Interest

60%

Prudential Greenfield GP1 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Prudential Greenfield GP2 Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Prudential Loan Investments GP S.à r.l. 5 Heienhaff, L-1736

Senningerberg,

Luxembourg

Ordinary shares 100%

Prudential Property Investment Managers Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Prudential Unit Trusts Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Radler GP LLP First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Limited

Partnership

Interest

100%

Radler GP1 Limited First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Ordinary shares 100%

Radler GP2 Limited First Floor, 85 Great

Portland Street,

London, W1W 7LT, UK

Ordinary shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

Rads Gamma Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

Rads Omega Limited 50 Lothian Road,

Festival Square,

Edinburgh, EH3 9WJ,

Ordinary shares 100%

responsAbility (Singapore) PTE. LTD 80 Robinson Road,

2-00, Singapore 068898

Ordinary shares 100%

responsAbility (Thailand) Ltd 1102, 11th Floor, 62

Thaniya BTS Building,

Silom Road,

Suriyawongse,

Bangrak, Bangkok,

10500

Ordinary shares 100%

responsAbility Africa Ltd Merchant Square, Block

D, 5th Floor Riverside

Drive, Rivers, P.O. Box

293, Nairobi, Kenya,

00623

Ordinary shares 100%

responsAbility Agriculture (GP) Sàrl 15 Bd Friedrich Wilhelm

Raiffeisen, Boulevard

Friedrich Wil,

Luxembourg, 1224

Ordinary shares 100%

responsAbility Agriculture Partners SLP 15 Bd Friedrich Wilhelm

Raiffeisen, Boulevard

Friedrich Wil,

Luxembourg, 1224

Ordinary shares 61%

responsAbility America Latina SAC Av. 28 de Julio 753,

Miraflores, Provincia de

Lima, 15074, Peru

Ordinary shares 100%

responsAbility BOP Sàrl 5 Rue Jean Monnet,

Luxembourg, 2180

Ordinary shares 100%

responsAbility France SAS 5 Rue du Helder, Paris,

Département de Paris,

IDF, 75009, France

Ordinary shares 100%

responsAbility Georgia LLC 4 Tamar Chovelidze St,

Tamar Chovelidze

Street, T'bilisi, 0108

Ordinary shares 100%

responsAbility Global Micro and SME Finance Fund Zollstrasse 17, 8005

Zϋrich, Switzerland

Limited

Partnership

Interest

25%

responsAbility India Business Advisors Pvt. Ltd. 31 Green Acre, Union

Park Road Number 5,

Mumbai, Mumbai

Suburban, MH, 400052,

India

Ordinary shares 100%

responsAbility Investments AG Zollstrasse 17, 8005

Zϋrich, Switzerland

Ordinary shares 100%

responsAbility Next Billion Growth I (GP) S.à r.l. 15 Bd Friedrich Wilhelm

Raiffeisen, Boulevard

Friedrich Wil,

Luxembourg, 1224

Ordinary shares 100%

responsAbility Sustainable Food - Asia II (GP)

S.à.r.l.

15 Bd Friedrich Wilhelm

Raiffeisen, Boulevard

Friedrich Wil,

Luxembourg, 1224

Ordinary shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (b) M&G Group Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

responsAbility Sustainable Food - Asia II, SLP 15 Bd Friedrich Wilhelm

Raiffeisen, Boulevard

Friedrich Wil,

Luxembourg, 1224

Ordinary shares 87%

responsAbility Sustainable Food - Latam I (GP)

S.à.r.l.

15 Bd Friedrich Wilhelm

Raiffeisen, Boulevard

Friedrich Wil,

Luxembourg, 1224

Ordinary shares 100%

responsAbility Sustainable Food - Latam I, SLP 15 Bd Friedrich Wilhelm

Raiffeisen, Boulevard

Friedrich Wil,

Luxembourg, 1224

Ordinary shares 100%

responsAbility Sustainable Food Asia II Partners

SLP

15 Bd Friedrich Wilhelm

Raiffeisen, Boulevard

Friedrich Wil,

Luxembourg, 1224

Ordinary shares 100%

responsAbility Sustainable Food Latam I Partners

SLP

15 Bd Friedrich Wilhelm

Raiffeisen, Boulevard

Friedrich Wil,

Luxembourg, 1224

Ordinary shares 100%

responsAbility Ventures I Services AG Zollstrasse 17, 8005

Zϋrich, Switzerland

Ordinary shares 100%

Selly Oak Shopping Park (General Partner) Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Selly Oak Shopping Park (Nominee 1) Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Selly Oak Shopping Park (Nominee 2) Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

Stableview Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

The First British Fixed Trust Company Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary shares 100%

20 (c) M&G Wealth Solutions Limited

M&G Wealth Solutions Limited, a direct subsidiary of the Company, has the following investments in

subsidiaries:

Ownership

Name of entity Registered Office

Class of Equity

Held 2023

M&G Wealth Investments LLP

10 Fenchurch Avenue,

London, EC3M 5AG

Limited Liability

Partnership

Capital

99.9999%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (d) The Prudential Assurance Company Limited

The Prudential Assurance Company Limited, a direct subsidiary of the Company, has the following

investments in its direct subsidiaries:

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

Caisson (Jersey) Limited IFC 5, St Helier, JE1

1ST, Jersey, UK

Ordinary Shares 100%

Carraway Guildford General Partner Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary Shares 100%

CJPT Real Estate Inc. 180 Dundas Street

West, Toronto, M5G

1Z8, Canada

Ordinary Shares 100%

Cribbs Causeway JV Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary Shares 50%

Cribbs Mall Nominee (1) Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary Shares 100%

Edger Investments Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary Shares 100%

EF IV Schoolhill GP Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary Shares 100%

Leadenhall Unit Trust IFC 5, St Helier, JE1

1ST, Jersey,UK

Units 100%

Manchester JV Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary Shares 50%

Manchester Nominee (1) Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary Shares 100%

Minster Court Estate Management Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

A Ordinary

Shares and B

Ordinary Shares

56%

NAPI REIT, Inc 300 E Lombard Street,

Baltimore, MD 21202,

USA

Ordinary Shares 99%

Optimus Point Management Company Limited Barratt House,

Cartwright Way, Bardon

Hill, Coalville, LE67

1UF, UK

Ordinary Shares 52%

Pacus (UK) Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary Shares 100%

PAP Trustee Pty Limited Suite 201, Level 2, 5

Berry Street, North

Sydney NSW 2060,

Australia

Unclassified

100%

PPMC First Nominees Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary Shares 100%

Prudential Corporate Pensions Trustee Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary Shares 100%

Prudential Equity Release Mortgages Limited 10 Fenchurch Avenue,

London, EC3M 5AG,

Ordinary Shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (d) The Prudential Assurance Company Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

Prudential Holborn Life Limited (In liquidation) 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 100%

Prudential International Assurance plc Fitzwilliam Court,

Leeson CI, Dublin

2, Dublin, D02

TC95, Ireland

Ordinary Shares 100%

Prudential International Management Services Limited Fitzwilliam Court,

Leeson CI, Dublin

2, Dublin, D02

TC95, Ireland

Ordinary Shares 100%

Prudential Investment (Luxembourg) 2 S.à.r.l. Citco Fund

Services

(Luxembourg)

S.A., 20 Rue de la

Poste, 2346,

Luxembourg

Ordinary shares 100%

Prudential Lifetime Mortgages Limited 5 Central Way,

Kildean Business

Park, Stirling, FK8

1FT, UK

Ordinary &

Preference

100%

Prudential Pensions Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 100%

Prudential Real Estate Investments 1 Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 100%

Prudential Real Estate Investments 2 Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 100%

Prudential Real Estate Investments 3 Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 100%

Prutec Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 100%

PVM Partnerships Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 100%

RD Park (Hoddesdon Phase 1) Management Company

Limited

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 64%

Schoolhill Sarl 20, rue de la

Poste,

Luxembourg

Ordinary Shares 100%

Smithfield Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

£1.00 Ordinary

Shares and

$1.00 Ordinary

100%

Three Snowhill Birmingham S.a.r.l. 5, Heienhaff,

L-1736,

Senningerberg,

Luxembourg

Ordinary Shares 100%

Two Snowhill Birmingham S.a.r.l. 5, Heienhaff,

L-1736,

Senningerberg,

Luxembourg

Ordinary shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (d) The Prudential Assurance Company Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

Vanquish I Unit Trust IFC 5, St Helier,

JE1 1ST,

Jersey,UK

Units 100%

Vanquish II Unit Trust IFC 5, St Helier,

JE1 1ST,

Jersey,UK

Units 100%

Vanquish Properties LP Limited IFC 5, St Helier,

JE1 1ST,

Jersey,UK

Ordinary Shares 100%

Wessex Gate Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 100%

West Station SAS 8 Avenue Hoche,

75008, Paris,

France

Ordinary Shares 100%

Westwacker Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 100%

The Prudential Assurance Company Limited also has the following investments in indirect subsidiaries,

associates, joint ventures and other significant holdings:

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

Aldwych LP 2711 Centerville

Road, Suite 400,

Wilmington, DE

19808, USA

Limited

Partnership

Interest

100%

BWAT Retail Nominee (1) Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

A Ordinary

50%

BWAT Retail Nominee (2) Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

A Ordinary

50%

Carraway Guildford Limited Partnership 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Limited

Partnership

Interest

100%

Carraway Guildford (Nominee A) Limited IFC 5, St Helier,

JE1 1ST,

Jersey,UK

Ordinary Shares 100%

Carraway Guildford (Nominee B) Limited IFC 5, St Helier,

JE1 1ST,

Jersey,UK

Ordinary Shares 100%

Carraway Guildford Investments Unit Trust 13 Castle Street,

St Helier, JE4

5UT, Jersey,UK

Ordinary Shares 100%

Catalyst Capital Fund 16, Boulevard

Royal,

Luxembourg

L-2499, Grand

Duchy of

Luxembourg,

Luxembourg

Units 100%

Catalyst Credit Fund 16, Boulevard

Royal, L-2449,

Luxembourg

Units 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (d) The Prudential Assurance Company Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

Centaurus Retail LLP 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Limited

Partnership

Interest

100%

China Bond Fund 26, Boulevard

Royal, L-2449,

Luxembourg

Units 100%

CJPT Real Estate No. 1 Trust 180 Dundas Street

West, Toronto,

M5G 1Z8, Canada

Units 100%

CJPT Real Estate No. 2 Trust 180 Dundas Street

West, Toronto,

M5G 1Z8, Canada

Units 100%

Cribbs Causeway Merchants Association Limited Management

Offices, The Mall

at Cribbs

Causeway, Bristol,

BS34 5DG, UK

Limited by

Guarantee

20%

Debt Investments Opportunities IV Fourth Floor, 76

Lower Baggot

Street, Dublin 2,

Ireland

Units 26%

Eastspring Investments SICAV-FIS Africa Equity FUND 26, Boulevard

Royal, L-2449,

Luxembourg

Units 100%

Elle 14 S.a.r.l Via Alessandro

Manzoni 38,

Milan, 20121, Italy

Ordinary Shares 45%

Episode c/o Intertrust

Cayman Islands,

190 Elgin Avenue,

George Town,

Grand Cayman

KY1-9005,

Cayman Islands

Limited

Partnership

Interest

93%

Fashion Square ECO LP 1209 Orange

Street,

Wilmington, DE

19801, USA

Limited

Partnership

Interest

50%

Folios III Designated Activity Company Fourth Floor, 76

Lower Baggot

Street, Dublin 2,

Ireland

Ordinary Shares 49%

Folios IV Designated Activity Company Fourth Floor, 76

Lower Baggot

Street, Dublin 2,

Ireland

Ordinary Shares 65%

Fort Kinnaird Limited Partnership York House, 45

Seymour Street,

London, W1H

7LX, UK

Limited

Partnership

Interest

50%

Fort Kinnaird GP Limited York House, 45

Seymour Street,

London, W1H

7LX, UK

Ordinary Shares 50%

Foudry Properties Limited Clearwater Court,

Vastern Road,

Reading RG1

8DB, UK

Ordinary Shares 50%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (d) The Prudential Assurance Company Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

HCR Canary Fund 300 Atlantic

Street, Suite 600,

Stamford, CT

06901, USA

Limited Partner 99%

Infracapital Partners II LP First Floor, 85

Great Portland

Street, London,

W1W 7LT, UK

Limited

Partnership

Interest

26%

Infracapital Partners IV SCSp Fourth Floor, 76

Lower Baggot

Street, Dublin 2,

Ireland

Limited

Partnership

Interest

50%

Infracapital Partners LP First Floor, 85

Great Portland

Street, London,

W1W 7LT, UK

Limited

Partnership

Interest

33%

LB Investment Private Equity Real Estate Investment

Fund No.10 (Centropolis)

20th floor, 136,

Sejong-daero,

Jung-gu, Seoul,

Republic of Korea

Units 25%

LB Professional Investors Private Real Estate Fund No.

10 (Centropolis)

20th floor, 136,

Sejong-daero,

Jung-gu, Seoul,

Republic of Korea

Units 25%

LF Prudential Risk Managed Active 4 6th Floor, 65

Gresham Street,

London, EC2V

7NQ,UK

Units 24%

LF Prudential Risk Managed Active 5 6th Floor, 65

Gresham Street,

London, EC2V

7NQ

Units 26%

LF Prudential Risk Managed Passive Fund 1 6th Floor, 65

Gresham Street,

London, EC2V

7NQ,UK

Units 37%

Lion Credit Opportunity Fund Public Limited Company -

Credit Opportunity Fund XV

35 Shelbourne

Road, Dublin, D04

A4EO, Ireland

Ordinary Shares 98%

Luxembourg Specialist Investment Funds (2) FCP - M&G

Private Equity Opportunities Fund

16, Boulevard

Royal, L-2449,

Luxembourg

Units 100%

Luxembourg Specialist Investment Funds (3) SICAV M&G

Corporate Credit Opportunities ELTIF

16, Boulevard

Royal, L-2449,

Luxembourg

Units 97%

M&G (ACS) BlackRock Japan Equity Fund 10 Fenchurch

Avenue, London,

EC3M 5AG,UK

Units 98%

M&G (ACS) BlackRock UK All Share Equity Fund 10 Fenchurch

Avenue, London,

EC3M 5AG,UK

Units 98%

M&G (ACS) BlackRock US Equity Fund 10 Fenchurch

Avenue, London,

EC3M 5AG,UK

Units 96%

M&G (ACS) China Equity Fund 10 Fenchurch

Avenue, London,

EC3M 5AG,UK

Units 97%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (d) The Prudential Assurance Company Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

M&G (ACS) China Fund 10 Fenchurch

Avenue, London,

EC3M 5AG,UK

Units 97%

M&G (ACS) Earnest Partners US Small Cap Value Fund 10 Fenchurch

Avenue, London,

EC3M 5AG,UK

Units 99%

M&G (ACS) Granahan US Small Cap Growth Fund 10 Fenchurch

Avenue, London,

EC3M 5AG,UK

Units 99%

M&G (ACS) Japan Equity Fund 10 Fenchurch

Avenue, London,

EC3M 5AG,UK

Units 98%

M&G (ACS) Japan Smaller Companies Fund 10 Fenchurch

Avenue, London,

EC3M 5AG,UK

Units 98%

M&G (ACS) UK Listed Equity Fund 10 Fenchurch

Avenue, London,

EC3M 5AG,UK

Units 88%

M&G (ACS) UK Listed Mid Cap Equity Fund 10 Fenchurch

Avenue, London,

EC3M 5AG,UK

Units 98%

M&G (Lux) Global Funds - M&G (Lux) Asian Corporate

Bond Fund

16, Boulevard

Royal, L-2449,

Luxembourg

Units 96%

M&G (Lux) Global Funds - M&G (Lux) Asian Local

Currency Bond Fund

16, Boulevard

Royal, L-2449,

Luxembourg

Units 96%

M&G (Lux) Global Funds - M&G (Lux) Asian Total Return

Bond Fund

16, Boulevard

Royal, L-2449,

Luxembourg

Units 100%

M&G (Lux) Investment Funds 1 - M&G (Lux) Better Health

Solutions Fund

16, Boulevard

Royal, L-2449,

Luxembourg

Units 97%

M&G (Lux) Investment Funds 1 - M&G (Lux) Climate

Solutions Fund

16, Boulevard

Royal, L-2449,

Luxembourg

Units 92%

M&G (Lux) Investment Funds 1 - M&G (Lux) Diversity and

Inclusion Fund

16, Boulevard

Royal, L-2449,

Luxembourg

Units 86%

M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging

Markets Hard Currency Bond Fund

16, Boulevard

Royal, L-2449,

Luxembourg

Units 91%

M&G (Lux) Investment Funds 1 - M&G (Lux) Global

Artificial Intelligence Fund

16, Boulevard

Royal, L-2449,

Luxembourg

Units 100%

M&G (Lux) Investment Funds 1 - M&G Lux Emerging

Markets Bond Fund

16, Boulevard

Royal, L-2449,

Luxembourg

Units 58%

M&G Investment Funds (1) - M&G European Sustain

Paris Aligned Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 63%

M&G Investment Funds (10) - M&G Global AI Themes

Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 99%

M&G Pan African Bond Fund PO Box 44813,

Claremont,

Western Cape,

7735, South Africa

Units 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (d) The Prudential Assurance Company Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

M&G SA Equity Fund PO Box 44813,

Claremont,

Western Cape,

7735, South Africa

Units 94%

M&G (Lux) Europe ex UK Equity Fund 16, Boulevard

Royal, L-2449,

Luxembourg

Units 97%

M&G (Lux) Europe ex UK Index Fund 16, Boulevard

Royal, L-2449,

Luxembourg

Units 97%

M&G (Lux) Pan European Smaller Companies Fund 16, Boulevard

Royal, L-2449,

Luxembourg

Units 97%

M&G (Lux) Sterling Liquidity Fund 16, Boulevard

Royal, L-2449,

Luxembourg

Units 80%

M&G Asia Property Fund 16, Boulevard

Royal, L-2449,

Luxembourg

Ordinary shares 44%

M&G Investment Funds (10) - M&G Better Health

Solutions Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 88%

M&G BlackRock Canada Equity Fund 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 97%

M&G BlackRock UK 200 Equity Fund 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 98%

M&G Investment Funds (10) - M&G Climate Solutions

Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 53%

M&G Catalyst Sustainable Agriculture LP 50 Lothian Road,

Festival Square,

Edinburgh, EH3

9WJ, UK

Limited

Partnership

Interest

100%

M&G Investment Funds (3) - M&G Dividend Fund 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 48%

M&G European High Yield Credit Investment Fund 80, route d'Esch,

L-1470,

Luxembourg

Units 25%

M&G European Property Fund SICAV-FIS 16, Boulevard

Royal, L-2449,

Luxembourg

Units 29%

M&G European Living Property Fund SCSP, SICAV-RAIF 16, Boulevard

Royal, L-2449,

Luxembourg

Limited

Partnership

interest

71%

M&G European Value Add Partnership SCSp Rue de la Poste

20, 2346,

Luxembourg

Limited

Partnership

Interest

67%

M&G Feeder of Property Portfolio 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 56%

M&G Fitzrovia Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (d) The Prudential Assurance Company Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

M&G Fitzrovia General Partner Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 50%

M&G Fitzrovia Nominee 1 Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 50%

M&G Fitzrovia Nominee 2 Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 50%

M&G Funds (1) Asia Pacific (ex Japan) Equity Fund 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 85%

M&G Funds (1) BlackRock Asia Pacific (ex Japan) Equity

Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 85%

M&G Funds (1) BlackRock Emerging Markets Equity Fund 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 84%

M&G Funds (1) GSAM Global Emerging Market Equity

Fund

16, Boulevard

Royal, L-2449,

Luxembourg

Units 98%

M&G Funds (1) Invesco Global Emerging Markets Equity

Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 97%

M&G Funds (1) Lazard Global Emerging Markets Equity

Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 98%

M&G Funds (1) MFS Global Emerging Markets Equity

Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 98%

M&G Funds (1) Sterling Investment Grade Corporate

Bond Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 65%

M&G Funds (1) US Corporate Bond Fund 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 100%

M&G Funds (1) US Short Duration Corporate Bond Fund 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 74%

M&G Funds (1) Wellington Impact Bond Fund 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 100%

M&G Investment Funds (2) - M&G Gilt & Fixed Interest

Income Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 34%

M&G Investment Funds (2) - M&G Global High Yield Bond 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 53%

M&G Investment Funds (10) - M&G Global High Yield

ESG Bond Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 40%

M&G Investment Funds (10) - M&G Positive Impact Fund 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 29%

M&G Investment Funds (4) - M&G Episode Allocation

Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 22%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (d) The Prudential Assurance Company Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

M&G Investment Funds (7) - M&G Global Convertibles

Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 78%

M&G (Lux) Investment Funds 1 - M&G Lux Emerging

Markets Bond Fund

16 Boulevard

Royal, L-2449

Luxembourg,

Grand Duchy of

Luxembourg

Units 58%

M&G (Lux) Sustainable Emerging Markets Corporate

Bond Fund

16, Boulevard

Royal, L-2449,

Luxembourg

Units 21%

M&G Real Estate UK Enhanced Value LP 50 Lothian Road,

Festival Square,

Edinburgh, EH3

9WJ, UK

Limited

Partnership

Interest

28%

M&G Real Estate UK Enhanced Value 1-A LP 50 Lothian Road,

Festival Square,

Edinburgh, EH3

9WJ, UK

Limited

Partnership

Interest

28%

M&G Shared Ownership LP 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Limited

Partnership

Interest

46%

M&G Specialty Finance Fund 2 5, Heienhaff,

L-1736,

Senningerberg,

Luxembourg

Limited

Partnership

Interest

47%

M&G Sustainable Loan Fund Limited 35 Shelbourne

Road, Dublin, D04

A4EO, Ireland

Shares 63%

M&G Investment Funds (4) - M&G Sustainable Multi Asset

Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 37%

M&G Investment Funds (4) - M&G Sustainable Multi Asset

Fund

10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Units 37%

M&G UK Mortgage Income Fund (Under the umbrella

structure - Luxembourg Specialist Investment Fund FCP-

RAIF )

16, Boulevard

Royal, L-2249

Luxembourg

Units 62%

M&G UK Property Fund 16, Boulevard

Royal, L-2249

Luxembourg

Ordinary Shares 98%

M&G UK Residential Property Fund 16 Boulevard

Royal, L-2449

Luxembourg

Limited

Partnership

Interest

28%

MCF S.r.l. Via Alessandro

Manzoni 38,

Milan, 20121, Italy.

Ordinary shares 45%

NB Gemini Fund LP Maples Corporate

Services Limited,

Ugland House, PO

Box 309, Grand

Cayman,

KY1-1104

Cayman Islands

Limited

Partnership

Interest

99%

Old Kingsway LP 2711 Centerville

Road, Suite 400,

Wilmington, DE

19808, USA

Limited

Partnership

Interest

100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (d) The Prudential Assurance Company Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

PPM America Private Equity Fund III LP 874 Walker Road,

Suite C, City of

Dover, County of

Kent, State of

Delaware 19904,

United States

Limited

Partnership

Interest

50%

PPM America Private Equity Fund IV LP 874 Walker Road,

Suite C, City of

Dover, County of

Kent, State of

Delaware 19904,

USA

Limited

Partnership

Interest

50%

PPM America Private Equity Fund V LP 874 Walker Road,

Suite C, City of

Dover, County of

Kent, State of

Delaware 19904,

USA

Limited

Partnership

Interest

50%

PPM America Private Equity Fund VI LP 874 Walker Road,

Suite C, City of

Dover, County of

Kent, State of

Delaware 19904,

USA

Limited

Partnership

Interest

40%

PPM America Private Equity Fund VII LP 874 Walker Road,

Suite C, City of

Dover, County of

Kent, State of

Delaware 19904,

USA

Limited

Partnership

Interest

46%

Property Partners (Two Rivers) Limited 10 Fenchurch

Avenue, London,

EC3M 5AG,UK

Ordinary Shares 100%

Prudential Greenfield LP First Floor, 85

Great Portland

Street, London,

W1W 7LT, UK

Limited

partnership

interest

100%

Prudential Loan Investments SCSp 1, Rue Hildegard

von Bingen,

L-1282,

Luxembourg

Limited

Partnership

Interest

100%

Prudential Loan Investments 1 S.a.r.l 5 Heienhaff,

L-1736

Senningerberg,

Luxembourg

Ordinary Shares 100%

Prudential Polska sp. z.o.o 02-670 Warszawa,

Pulawska 182,

Poland

Ordinary Shares 100%

Prudential UK Real Estate General Partner Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 100%

Prudential UK Real Estate Limited Partnership 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Limited

Partnership

Interest

100%

Prudential UK Real Estate Nominee 1 Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 100%

Prudential UK Real Estate Nominee 2 Limited 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Ordinary Shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (d) The Prudential Assurance Company Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

Randolph Street LP 2711 Centerville

Road, Suite 400,

Wilmington, DE

19808, USA

Limited

Partnership

Interest

100%

responsAbility Sustainable Food – Asia II, SLP 15, Boulevard

F.W. Raiffeisen,

L-2411,

Luxembourg

Limited

Partnership

Interest

87%

responsAbility Sustainable Food - Latam I, SLP 15, Boulevard

F.W. Raiffeisen,

L-2411,

Luxembourg

Limited

Partnership

Interest

99%

Specialist Investment Funds (2) ICAV - M&G Real Impact

Fund

35 Shelbourne

Road, Dublin, D04

A4EO, Ireland

Units 100%

Selly Oak Shopping Park Limited Partnership 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Limited

Partnership

Interest

63%

Silverfleet Capital II WPLF LP 1 Carter Lane,

London, EC4V

5ER, UK

Limited

Partnership

Interest

100%

Sky Fund V Onshore, LP 559 Pacific

Avenue, San

Francisco, CA

94133

Limited

Partnership

Interest

26%

SMLLC 2711 Centerville

Road, Suite 400,

Wilmington, DE

19808, USA

Limited

Partnership

Interest

100%

SOFA Holding LP 2711 Centerville

Road, Suite 400,

Wilmington, DE

19808, USA

Limited

Partnership

Interest

100%

St Edward Homes Limited Berkeley House,

19 Portsmouth

Road, Surrey,

KT11 1JG, UK

Ordinary Shares 50%

St Edward Homes Partnership Berkeley House,

19 Portsmouth

Road, Surrey,

KT11 1JG, UK

Ordinary Shares 50%

St Edward Strand Partnership Berkeley House,

19 Portsmouth

Road, Surrey,

KT11 1JG, UK

Ordinary Shares 50%

StepStone Scorpio Infrastructure Opportunities Fund, L.P. Maples Corporate

Services Limited,

Ugland House,

P.O. Box 309,

Grand Cayman,

KY1-1104,

Cayman Islands

Limited

Partnership

Interest

100%

The Car Auction Unit Trust Dorey Court,

Admiral Park, St

Peter Port, GY1

2HT, Guernsey

Units 50%

The Project Hoxton LP 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Limited

Partnership

Interest

100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

Notes to the financial statements (continued)

20. Related Undertakings (continued)

20 (d) The Prudential Assurance Company Limited (continued)

Ownership %

Name of entity Registered Office

Class of Equity

Held 2023

The Strand Property Unit Trust 28 Esplanade,

Jersey, Channel

Islands, JE2 3QA,

Units 50%

The Two Rivers Trust Liberte House,

19-23 La Motte

Street, St Helier,

JE2 4SY,

Jersey,UK

Units 100%

Two Rivers LP Bow Bells House,

1 Bread Street,

London, EC4M

9HH, UK

Limited

Partnership

Interest

50%

Vanquish Properties (UK) Limited Partnership 10 Fenchurch

Avenue, London,

EC3M 5AG, UK

Limited

Partnership

Interest

100%

Vanquish Properties GP Limited IFC 5, St Helier,

JE1 1ST,

Jersey,UK

Ordinary Shares 100%

Vanquish Properties GP Nominee 1 Limited IFC 5, St Helier,

JE1 1ST,

Jersey,UK

Ordinary Shares 100%

Vanquish Properties GP Nominee 2 Limited IFC 5, St Helier,

JE1 1ST,

Jersey,UK

Ordinary Shares 100%

Vanquish Properties GP Nominee 3 Limited IFC 5, St Helier,

JE1 1ST,

Jersey,UK

Ordinary Shares 100%

Vanquish Properties GP Nominee 4 Limited IFC 5, St Helier,

JE1 1ST,

Jersey,UK

Ordinary Shares 100%

Vanquish Properties GP Nominee A Limited IFC 5, St Helier,

JE1 1ST,

Jersey,UK

Ordinary Shares 100%

West Station 1 SCI 8 Avenue Hoche,

75008, Paris,

France

Ordinary Shares 100%

West Station 2 SCI 8 Avenue Hoche,

75008, Paris,

France

Ordinary Shares 100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023

20. Related Undertakings (continued)

20 (e) Wrap IFA Services Limited

Wrap IFA Services Limited, a direct subsidiary of the Company, has the following investments in subsidiaries

and indirect subsidiaries:

Ownership

Name of entity Registered Office

Class of Equity

Held 2023

Fundsdirect ISA Nominees Limited

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary Shares 100%

Fundsdirect Nominees Limited

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary Shares

100%

IFDL Personal Pensions Limited

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary Shares

100%

Investment Funds Direct Group Limited

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary Shares

100%

Investment Funds Direct Holdings Limited

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary Shares

100%

Investment Funds Direct Limited

10 Fenchurch Avenue,

London, EC3M 5AG

Ordinary Shares

100%

M&G Group Regulated Entity Holding Company Limited Year ended 31 December 2023