AFRICA PRUDENTIAL : AFRICA PRUDENTIAL PLC EARNINGS PRESS RELEASE FOR H1 2023

UNAUDITED RESULTS FOR THE PERIOD ENDED 30 JUNE 2023

9% YOY GROWTH IN GROSS EARNINGS

This Earnings Press Release should be read in conjunction with the Unaudited Financial Statements for the period ended June 30, 2023. The Earnings Press Release and the Unaudited Financial Statements for the period ended June 30, 2023 are available on our website at https://africaprudential.com/investors/. This analysis is dated July 26, 2023. Unless otherwise indicated, all amounts are expressed in Nigerian Naira, and have been primarily derived from the Company's Financial Statements, prepared in accordance with the International Financial Reporting Standards ("IFRS"). The accounting policies used in the preparation of these financial statements are consistent with those used in the Company's Unaudited Financial Statements for the period ended June 30, 2023. Additional information relating to the Company is available on the Company's website. https://africaprudential.com/investor-relations/

Lagos, Nigeria - July 26, 2023 - Africa Prudential Plc

(NSE Ticker: AFRIPRUD, Bloomberg Ticker: AFRIPRUD: NL, Financial Times Ticker: AFRIPRUD: LAG)

announced its Unaudited Financial Statements for the period ended June 30, 2023, with Gross Earnings of N2.1 billion and Profit Before Tax of N597 million.

Income Statement:

• Revenue from contracts with customers: N1.2 billion, compared to N928 million in H1 2022 (31% YoY Growth);
• Interest Income: N950 million, compared to N1.1 billion in H1 2022 (11% YoY Decline);
• Gross Earnings: N2.2 billion, compared to N2 billion in H1 2022 (9% YoY Growth);
• Profit Before Tax: N597 million, compared to N1.2 billion in H1 2022 (48% YoY Decline);
• Profit After Tax: N415 million, compared to N936 million in H1 2022 (56% YoY Decline);
• Earnings Per Share: 21kobo. (47kobo in H1 2022).

Balance Sheet:

• Total Assets: N20.4 billion, compared to N19.2 Billion as at FY 2022 (6% YoY Growth);
• Total Liabilities: N11.6 Billion, compared to N9.8 Billion as at FY 2022 (17% YoY Growth);
• Shareholders' Fund stood at N8.9 Billion, a 5% YoY decline from N9.4 Billion as at FY 2022.

ITEMS OF NOTE.

Comparing H1 2023 to H1 2022, we observed the following key items worthy of note:

• Revenue from contracts with customers: During the period under review, Revenue from contracts with customers increased by 31%, driven by a 48% year-on-year growth in digital technology services and a 4% growth in revenue from the Registrar business.
• Interest income: We recorded an 11% year-on-year decline in interest income owing to a decrease in the available investible funds.
• Profit Before Tax: Profit before Tax showed a 48% YoY decline. This was driven by the interplay of the YTD expenses. However, the cyclical nature of our business also impacted on revenue anticipated for the period. We are assured of improved performance in H2 2023.

Comparing H1 2023 to FY 2022, the following were observed in the Balance Sheet:

• Total Assets: During the period, the book value of total assets increased by 6% driven by increased Debt instruments and property and equipment.
• Total Liabilities: The company's total liabilities increased by 17% in the period due to a 24% increase in customers' deposits.
• Shareholder's Wealth: The company's shareholder's wealth decreased by 5%.

More information can be found at: https://africaprudential.com/

For further enquiries:

Anu Akindolire

Chief Financial Officer

Anu.akindolire@africaprudential.com

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2023

EDITOR'S COMMENT

Africa Prudential Plc is a leading business solution and share registration service provider.

Africa Prudential is leveraging technology to transform service experience across its various business lines.

More information can be found at:https://africaprudential.com/investor-relations/

Media Enquiries: EmailInvestorrelations@africaprudential.com; ir@arrhenn.com

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

From time to time, the Company makes written and/or oral forward-looking statements, included in this press release and other communications. In addition, representatives of the Company may make forward-looking statements orally to analysts, investors, the media, and others. All such statements are intended to be forward-looking statements.

Forward-looking statements include, but are not limited to, statements regarding the Company's objectives and strategies to achieve them, and the Company's anticipated financial performance. Forward-looking statements are typically identified by words such as "will", "should", "believe", "expect", "anticipate", "intend", "estimate", "may" and "could". Any forward-looking statements contained in this presentation represent the views of management only as of the date hereof and are presented for the purpose of assisting the Company's investors and analysts in understanding the Company's financial position, objectives, priorities, and anticipated financial performance as at and for the periods ended on the dates presented and may not be appropriate for other purposes.

The Company does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.

_____________________

Obong Idiong

Managing Director/Chief Executive Officer