As at 31 December 2023 as previously reported | Adjustments | As at 31 December 2023 restated | 1 January 2023 as previously reported | Adjustments | 1 January 2023 restated | ||
Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Consolidated statement of financial position: | |||||||
Assets: | |||||||
Cash and cash equivalents | 20 | 5,590 | (442) | 5,148 | 4,884 | (145) | 4,739 |
Other | 184,032 | \u2014 | 184,032 | 186,274 | \u2014 | 186,274 | |
Total assets | 189,622 | (442) | 189,180 | 191,158 | (145) | 191,013 | |
Liabilities: | |||||||
Subordinated liabilities and other borrowings | 26 | 8,089 | (442) | 7,647 | 7,537 | (145) | 7,392 |
Other | 177,449 | \u2014 | 177,449 | 179,310 | \u2014 | 179,310 | |
Total liabilities | 185,538 | (442) | 185,096 | 186,847 | (145) | 186,702 |
Financial statement area | Key judgement | Accounting policy | Note |
Consolidation of structured entities | IFRS 10 requires entities that the Group controls to be consolidated in the consolidated financial statements. Structured entities are entities that have been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity. Due to the nature of structured entities, judgement is required to determine whether the Group controls and therefore consolidates structured entities. Judgement is also required where certain seed capital investments in structured entities are classified as held for sale investments, and therefore not consolidated on a line-by-line basis. | 1.5.1 | 30 |
Classification of insurance and investment contracts | IFRS 17 requires that contracts that transfer significant insurance risk are accounted for as insurance contracts. Judgement is required to determine whether contracts written by the Group transfer significant insurance risk, unless a specific scope exception applies (eg equity release mortgages). Judgement is also required in the case of certain investment contracts which provide an additional benefit in addition to guaranteed benefits to determine whether they meet the criteria to be considered as discretionary participation features, and therefore accounted for under IFRS 17. | 1.5.2 | 24 |
Contractual Service Margin (CSM) measurement model | IFRS 17 requires an assessment of whether contracts meet the conditions for having direct participation features and when this is the case such contracts must use the Variable Fee Approach to measure the CSM. For with-profit and unit-linked contracts, judgement is required to assess whether the Group expects to pay to the policyholder an amount equal to a substantial share of the fair value returns on the underlying items; and whether the entity expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of the underlying items. The assessment is carried out at the contract level and judgement is also applied to determine the extent to which mutualisation between contracts is allowed for. | 1.5.2 | 24 |
Underlying items | Underlying items are items that determine some of the amounts payable to a policyholder as part of their with-profit or unit-linked contract and therefore are a component of the insurance contract or investment contracts with discretionary participation features (DPF) liabilities. Judgement is required to define underlying items for with-profits contracts that reflect the mutualisation between contracts and how to split underlying items between current and future policyholders. | 1.5.2 | 24 |
Financial statement area | Key judgement | Accounting policy | Note |
Division of surplus relating to the With-Profits Fund | Judgement is required to determine the amount of surplus that should be divided between current and future with-profits policyholders as well as with the Group and the amount of surplus attributable solely to the Group. | 1.5.2 | 24 |
Provision of insurance contract services | The amount of CSM recognised in profit or loss in each reporting period is determined by reference to coverage units, which represent the insurance contract services provided in that period. Judgement is required to define the services provided, and the relative weighting if these include both insurance and investment services. | 1.5.2 | 24 |
Financial statement asset or\u00a0liability | Key estimate and assumptions | Accounting policy | Note |
Insurance contract liabilities | When measuring the insurance contract liabilities, a number of assumptions are applied to estimate future amounts due to the policyholder. The areas where the assumptions could have a material impact are: \u2013 for with-profits contracts, the assumed future investment returns on the backing assets, the assumptions used in determining the allowance for persistency and maintenance expenses, the policyholders\u2019 share of historic and future surpluses, and the illiquidity premium in setting the discount rate; and \u2013 for annuity contracts, the assumed rates of policyholder mortality, maintenance expenses, and the selection of the reference portfolio and allowance for credit risk in setting the discount rate. In addition, when measuring the insurance contract liabilities, a risk adjustment is included. The assessment of the risk adjustment requires assumptions about the compensation that the Group requires for bearing uncertainty about the amount and timing of the cash flows that arises from non-financial risk, the most significant of which is the assumed rates of the policyholder mortality for annuity contracts. | 1.5.2 | 24, 32 |
Assets classified as level 3 under the fair value hierarchy | Determination of the fair value of financial assets classified as level 3 in the fair value hierarchy involves the use of inputs which are not observable in the market and hence require a high degree of estimation which could result in a significant change in the valuation. This includes the determination of the internal credit rating and the spread above risk\u00a0free rate applied to value residential ground rent notes that are impacted by the ongoing legislative uncertainty which may potentially restricts future income on\u00a0these assets. | 1.5.5, 1.5.12 | 18, 31 |
Determination of recoverable amount of goodwill | Goodwill is assessed for impairment at least on an annual basis by comparing the recoverable amount of each cash-generating unit or group of cash-generating units to which goodwill has been allocated with its carrying value. Recoverable amount is defined as the higher of fair value less costs to sell and the value in use where the value in use is based on the present value of future cash flows. The determination of the value in use requires the use of various assumptions around future cash flows, future growth rates and appropriate discount rates based on the risks associated with the cash-generating-unit or group of cash-generating units which can have a material impact on the calculation. | 1.5.15 | 13 |
Financial statement asset or\u00a0liability | Key estimate and assumptions | Accounting policy | Note |
Defined benefit pension liability | The defined benefit pension scheme liability is calculated using actuarial valuations which incorporate a number of assumptions including discount rates, inflation rates, and expected future mortality. Due to the long-term nature of the schemes, the value of the pension scheme obligation is sensitive to these assumptions. | 1.5.13 | 17 |
Valuation of intangibles acquired at acquisition | Valuation of intangibles acquired as part of a business combination are based on various assumptions around acquired business value and appropriate discount rates which can have a material impact on the valuation. | 1.5.16 | 13 |
Recognition of deferred tax asset | IAS 12 requires deferred tax assets to be recognised to the extent that it is probable that sufficient taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax credits and unused tax losses can be utilised. Judgement is required to determine the extent to which future taxable profits emerge and the corresponding period over which unused tax credits and unused tax losses will be utilised. | 1.5.14 | 10.2 |
Financial statement area | Key judgement | Accounting policy | Note |
Consolidation of structured entities | IFRS 10 requires entities that the Group controls to be consolidated in the consolidated financial statements. Structured entities are entities that have been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity. Due to the nature of structured entities, judgement is required to determine whether the Group controls and therefore consolidates structured entities. Judgement is also required where certain seed capital investments in structured entities are classified as held for sale investments, and therefore not consolidated on a line-by-line basis. | 1.5.1 | 30 |
Classification of insurance and investment contracts | IFRS 17 requires that contracts that transfer significant insurance risk are accounted for as insurance contracts. Judgement is required to determine whether contracts written by the Group transfer significant insurance risk, unless a specific scope exception applies (eg equity release mortgages). Judgement is also required in the case of certain investment contracts which provide an additional benefit in addition to guaranteed benefits to determine whether they meet the criteria to be considered as discretionary participation features, and therefore accounted for under IFRS 17. | 1.5.2 | 24 |
Contractual Service Margin (CSM) measurement model | IFRS 17 requires an assessment of whether contracts meet the conditions for having direct participation features and when this is the case such contracts must use the Variable Fee Approach to measure the CSM. For with-profit and unit-linked contracts, judgement is required to assess whether the Group expects to pay to the policyholder an amount equal to a substantial share of the fair value returns on the underlying items; and whether the entity expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of the underlying items. The assessment is carried out at the contract level and judgement is also applied to determine the extent to which mutualisation between contracts is allowed for. | 1.5.2 | 24 |
Underlying items | Underlying items are items that determine some of the amounts payable to a policyholder as part of their with-profit or unit-linked contract and therefore are a component of the insurance contract or investment contracts with discretionary participation features (DPF) liabilities. Judgement is required to define underlying items for with-profits contracts that reflect the mutualisation between contracts and how to split underlying items between current and future policyholders. | 1.5.2 | 24 |
Financial statement area | Key judgement | Accounting policy | Note |
Division of surplus relating to the With-Profits Fund | Judgement is required to determine the amount of surplus that should be divided between current and future with-profits policyholders as well as with the Group and the amount of surplus attributable solely to the Group. | 1.5.2 | 24 |
Provision of insurance contract services | The amount of CSM recognised in profit or loss in each reporting period is determined by reference to coverage units, which represent the insurance contract services provided in that period. Judgement is required to define the services provided, and the relative weighting if these include both insurance and investment services. | 1.5.2 | 24 |
2024 | 2023 | ||||
Income statement and cash flows (average rate) | Statement of financial position (closing rate) | Income statement and cash flows (average rate) | Statement of financial position (closing rate) | ||
Euro (EUR) | 1.18 | 1.21 | 1.15 | 1.15 | |
Indian Rupee (INR) | 106.95 | 107.22 | 102.70 | 106.08 | |
Polish Z\u0142oty (PLN) | 5.09 | 5.17 | 5.22 | 5.01 | |
South African Rand (ZAR) | 23.42 | 23.63 | 21.02 | 23.31 | |
Swiss Franc (CHF) | 1.13 | 1.14 | 1.12 | 1.07 | |
US Dollar (USD) | 1.28 | 1.25 | 1.24 | 1.27 |
Type of asset | Estimated useful life |
Group occupied property | 20\u201350 years |
Right of use asset | 2\u201350 years |
Other tangible assets | 2\u201340 years |
2024 | 2023 | ||||
Income statement and cash flows (average rate) | Statement of financial position (closing rate) | Income statement and cash flows (average rate) | Statement of financial position (closing rate) | ||
Euro (EUR) | 1.18 | 1.21 | 1.15 | 1.15 | |
Indian Rupee (INR) | 106.95 | 107.22 | 102.70 | 106.08 | |
Polish Z\u0142oty (PLN) | 5.09 | 5.17 | 5.22 | 5.01 | |
South African Rand (ZAR) | 23.42 | 23.63 | 21.02 | 23.31 | |
Swiss Franc (CHF) | 1.13 | 1.14 | 1.12 | 1.07 | |
US Dollar (USD) | 1.28 | 1.25 | 1.24 | 1.27 |
Type of asset | Estimated useful life |
Group occupied property | 20\u201350 years |
Right of use asset | 2\u201350 years |
Other tangible assets | 2\u201340 years |
Type of asset | Estimated useful life |
Group occupied property | 20\u201350 years |
Right of use asset | 2\u201350 years |
Other tangible assets | 2\u201340 years |
\u00a3m | |
Total consideration | 51 |
Net assets acquired: | |
Accrued investment income and other debtors | 1 |
Cash and cash equivalents | 3 |
Total assets | 4 |
Accruals, deferred income and other liabilities | (1) |
Total liabilities | (1) |
Intangible assets and related deferred tax liability arising on acquisition: | |
Independent financial adviser (IFA) relationships | 4 |
Brand name | 3 |
Deferred tax liability | (2) |
Goodwill | 43 |
\u00a3m | |
Total consideration | 20 |
Net assets acquired: | |
Accrued investment income and other debtors | 3 |
Cash and cash equivalents | 1 |
Total assets | 4 |
Accruals, deferred income and other liabilities | (4) |
Total liabilities | (4) |
Goodwill and intangible assets | 20 |
2024 | 2023i | |
For the year ended 31 December | \u00a3m | \u00a3m |
Asset Management | 289 | 242 |
Life | 746 | 755 |
Corporate Centre | (198) | (200) |
Total segmented adjusted operating profit before tax | 837 | 797 |
Short-term fluctuations in investment returnsii | (643) | (171) |
Mismatches arising on application of IFRS 17iii | (333) | (41) |
Amortisation and impairment of intangible assets acquired in business combinations | (115) | (39) |
Profit on disposal of business and corporate transactionsiv | 11 | \u2014 |
Restructuring costs and otherv | (106) | (141) |
IFRS (loss)/profit before tax and non-controlling interests attributable to equity holders | (349) | 405 |
IFRS profit before tax attributable to non-controlling interestsvi | 17 | 16 |
IFRS (loss)/profit before tax attributable to equity holdersvii | (332) | 421 |
2024 | 2023i | |
For the year ended 31 December | \u00a3m | \u00a3m |
Life | 4,095 | 3,887 |
Total segmented insurance revenue | 4,095 | 3,887 |
Asset Management | 12 | 11 |
Life | 3,292 | 3,054 |
Corporate Centre | 45 | 53 |
Total segmented interest revenue | 3,349 | 3,118 |
Asset Managementii | 1,043 | 1,025 |
Life | 165 | 143 |
Total segmented fee income | 1,208 | 1,168 |
2024 | 2023 | |
For the year ended 31 December | \u00a3m | \u00a3m |
United Kingdom: | ||
Insurance revenue | 3,965 | 3,765 |
Fee and other income | 493 | 450 |
Total United Kingdom | 4,458 | 4,215 |
Rest of the World: | ||
Insurance revenue | 130 | 122 |
Fee and other income | 606 | 590 |
Total Rest of the World | 736 | 712 |
Total: | ||
Insurance revenue | 4,095 | 3,887 |
Fee and other income | 1,099 | 1,040 |
Total | 5,194 | 4,927 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
UK | 12,503 | 13,356 |
Rest of the World | 5,553 | 6,256 |
Total | 18,056 | 19,612 |
2024 | ||||
With-profits | Unit-linked liabilities | Annuity and other long- term business | Total | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Amounts relating to the changes in the liability for remaining coverage: | ||||
Expected incurred claims and other expenses | 1,623 | 34 | 1,196 | 2,853 |
Change in the risk adjustment for non-financial risk for the risk expired | 25 | 1 | 36 | 62 |
CSM recognised in profit or loss for the services provided | 568 | 8 | 169 | 745 |
Revenue recognised for incurred policyholder tax | 356 | 4 | \u2014 | 360 |
Amounts relating to the recovery of insurance acquisition cash flows: | ||||
Allocation of premium | 43 | \u2014 | 32 | 75 |
Total insurance revenue | 2,615 | 47 | 1,433 | 4,095 |
2023 | ||||
With-profits | Unit-linked liabilities | Annuity and other long- term business | Total | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Amounts relating to the changes in the liability for remaining coverage: | ||||
Expected incurred claims and other expenses | 1,609 | 36 | 1,226 | 2,871 |
Change in the risk adjustment for non-financial risk for the risk expired | 24 | 1 | 32 | 57 |
CSM recognised in profit or loss for the services provided | 499 | 9 | 141 | 649 |
Revenue recognised for incurred policyholder tax | 249 | 6 | \u2014 | 255 |
Amounts relating to the recovery of insurance acquisition cash flows: | ||||
Allocation of premium | 26 | \u2014 | 29 | 55 |
Total insurance revenue | 2,407 | 52 | 1,428 | 3,887 |
2024 | |||||
With-profits | Unit-linked liabilities | Annuity and other long- term business | Other | Total | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Interest revenue from financial assets not measured at FVTPL | 471 | 82 | 96 | 34 | 683 |
Interest revenue from financial assets measured at FVTPL | 1,892 | 168 | 577 | 29 | 2,666 |
Net change in investments contract liabilities without DPF | (73) | (315) | (73) | \u2014 | (461) |
Net credit impairment losses | (15) | \u2014 | \u2014 | \u2014 | (15) |
Other investment return: | |||||
Dividend income | 1,572 | 350 | 1 | \u2014 | 1,923 |
Net gains/(losses) on financial assets measured at FVTPL | 4,095 | 262 | (1,055) | 34 | 3,336 |
Rental income from investment properties | 862 | 20 | 65 | \u2014 | 947 |
Net losses on investment properties | (273) | (36) | (31) | \u2014 | (340) |
Foreign exchange losses | (41) | \u2014 | (1) | (11) | (53) |
Total other investment return | 6,215 | 596 | (1,021) | 23 | 5,813 |
Total investment return | 8,490 | 531 | (421) | 86 | 8,686 |
Insurance finance income/(expenses) from insurance contracts\u00a0issued: | |||||
Due to changes in the value of underlying assets of contracts measured under the VFA | (7,893) | (255) | (22) | \u2014 | (8,170) |
Interest accreted to insurance contracts measured under GMM | (361) | \u2014 | (654) | \u2014 | (1,015) |
Due to changes in interest rates and other financial assumptions | 226 | \u2014 | 526 | \u2014 | 752 |
Net foreign exchange income/(losses) | 9 | \u2014 | (2) | \u2014 | 7 |
Total insurance finance income/(expenses) from insurance contracts issued | (8,019) | (255) | (152) | \u2014 | (8,426) |
Reinsurance finance income/(expenses) from reinsurance contracts\u00a0held: | |||||
Interest accreted to reinsurance contracts measured under GMM | \u2014 | (2) | (42) | \u2014 | (44) |
Due to changes in interest rates and other financial assumptions | \u2014 | 2 | 32 | \u2014 | 34 |
Total reinsurance finance income/(expenses) from reinsurance contracts held | \u2014 | \u2014 | (10) | \u2014 | (10) |
Total net investment return and insurance finance income/ (expenses) | 471 | 276 | (583) | 86 | 250 |
2023 | |||||
With- profits | Unit-linked liabilities | Annuity and other long- term business | Other | Total | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Interest revenue from financial assets not measured at FVTPL | 488 | 69 | 77 | 38 | 672 |
Interest revenue from financial assets measured at FVTPL | 1,675 | 167 | 570 | 34 | 2,446 |
Net change in investments contract liabilities without DPF | (122) | (521) | (57) | \u2014 | (700) |
Net credit impairment (losses)/reversal | 2 | 1 | \u2014 | (1) | 2 |
Other investment return: | |||||
Dividend income | 2,041 | 333 | 1 | \u2014 | 2,375 |
Net gains on financial assets measured at FVTPL | 3,222 | 449 | 336 | 55 | 4,062 |
Rental income from investment properties | 849 | 35 | 72 | \u2014 | 956 |
Net losses on investment properties | (951) | (33) | (69) | \u2014 | (1,053) |
Foreign exchange (losses)/gains | (137) | (1) | 1 | 11 | (126) |
Total other investment return | 5,024 | 783 | 341 | 66 | 6,214 |
Total investment return | 7,067 | 499 | 931 | 137 | 8,634 |
Insurance finance income/(expenses) from insurance contracts\u00a0issued: | |||||
Due to changes in the value of underlying assets of contracts measured under the VFA | (5,761) | (239) | (22) | \u2014 | (6,022) |
Interest accreted to insurance contracts measured under GMM | (395) | \u2014 | (780) | \u2014 | (1,175) |
Due to changes in interest rates and other financial assumptions | 24 | \u2014 | (145) | \u2014 | (121) |
Total insurance finance income/(expenses) from insurance contracts\u00a0issued | (6,132) | (239) | (947) | \u2014 | (7,318) |
Reinsurance finance income/(expenses) from reinsurance contracts\u00a0held: | |||||
Interest accreted to reinsurance contracts measured under GMM | \u2014 | (2) | 40 | \u2014 | 38 |
Due to changes in interest rates and other financial assumptions | (1) | (1) | 3 | \u2014 | 1 |
Total reinsurance finance income/(expenses) from reinsurance contracts held | (1) | (3) | 43 | \u2014 | 39 |
Total net investment return and insurance finance income/(expenses) | 934 | 257 | 27 | 137 | 1,355 |
2024 | ||||
Fair value through profit\u00a0or loss | Amortised cost | Total | ||
Designated | Mandatory | |||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Total interest revenue from financial assets not measured at FVTPL: | ||||
Cash and cash equivalents | \u2014 | \u2014 | 105 | 105 |
Deposits with credit institutions | \u2014 | \u2014 | 578 | 578 |
\u2014 | \u2014 | 683 | 683 | |
Total interest revenue from financial assets measured at FVTPL: | ||||
Loans | \u2014 | 288 | \u2014 | 288 |
Debt securities | \u2014 | 2,378 | \u2014 | 2,378 |
\u2014 | 2,666 | \u2014 | 2,666 | |
Net change in investment contract liabilities without DPF | (461) | \u2014 | \u2014 | (461) |
Net credit impairment losses | \u2014 | \u2014 | (15) | (15) |
Dividend income | \u2014 | 1,923 | \u2014 | 1,923 |
Total net gains/(losses) from financial assets measured at FVTPL: | ||||
Equity securities and pooled investment funds | \u2014 | 4,942 | \u2014 | 4,942 |
Loans | \u2014 | (57) | \u2014 | (57) |
Debt securities | \u2014 | (1,495) | \u2014 | (1,495) |
Derivatives | \u2014 | (54) | \u2014 | (54) |
\u2014 | 3,336 | \u2014 | 3,336 | |
Foreign exchange losses | \u2014 | \u2014 | (53) | (53) |
Total interest revenue and investment income from financial assets and liabilities | (461) | 7,925 | 615 | 8,079 |
2023 | ||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | Total | ||
Designated | Mandatory | |||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Total interest revenue from financial assets not measured at FVTPL: | ||||
Cash and cash equivalents | \u2014 | \u2014 | 76 | 76 |
Deposits with credit institutions | \u2014 | \u2014 | 596 | 596 |
\u2014 | \u2014 | 672 | 672 | |
Total interest revenue from financial assets measured at FVTPL: | ||||
Loans | \u2014 | 272 | \u2014 | 272 |
Debt securities | \u2014 | 2,174 | \u2014 | 2,174 |
\u2014 | 2,446 | \u2014 | 2,446 | |
Net change in investment contract liabilities without DPF | (700) | \u2014 | \u2014 | (700) |
Reversal of net credit impairment losses | \u2014 | \u2014 | 2 | 2 |
Dividend income | \u2014 | 2,375 | \u2014 | 2,375 |
Total net gains from financial assets measured at FVTPL: | ||||
Equity securities and pooled investment funds | \u2014 | 1,779 | \u2014 | 1,779 |
Loans | \u2014 | 64 | \u2014 | 64 |
Debt securities | \u2014 | 955 | \u2014 | 955 |
Derivatives | \u2014 | 1,264 | \u2014 | 1,264 |
\u2014 | 4,062 | \u2014 | 4,062 | |
Foreign exchange losses | \u2014 | \u2014 | (126) | (126) |
Total interest revenue and investment income from financial assets and liabilities | (700) | 8,883 | 548 | 8,731 |
2024 | 2023i | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Management fees | 876 | 870 |
Rebates | (18) | (19) |
Performance fees and carried interest | 6 | 9 |
Total Asset Management fee income | 864 | 860 |
Investment contracts without DPF | 37 | 37 |
Platform fees | 32 | 30 |
Advice fees | 96 | 76 |
Total Life fee income | 165 | 143 |
Total fee income | 1,029 | 1,003 |
2024 | ||||
With-profits | Unit-linked liabilities | Annuity and other long- term business | Total | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Amounts relating to the changes in the liability for remaining coverage: | ||||
Expected incurred claims and other expenses | 1,623 | 34 | 1,196 | 2,853 |
Change in the risk adjustment for non-financial risk for the risk expired | 25 | 1 | 36 | 62 |
CSM recognised in profit or loss for the services provided | 568 | 8 | 169 | 745 |
Revenue recognised for incurred policyholder tax | 356 | 4 | \u2014 | 360 |
Amounts relating to the recovery of insurance acquisition cash flows: | ||||
Allocation of premium | 43 | \u2014 | 32 | 75 |
Total insurance revenue | 2,615 | 47 | 1,433 | 4,095 |
2023 | ||||
With-profits | Unit-linked liabilities | Annuity and other long- term business | Total | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Amounts relating to the changes in the liability for remaining coverage: | ||||
Expected incurred claims and other expenses | 1,609 | 36 | 1,226 | 2,871 |
Change in the risk adjustment for non-financial risk for the risk expired | 24 | 1 | 32 | 57 |
CSM recognised in profit or loss for the services provided | 499 | 9 | 141 | 649 |
Revenue recognised for incurred policyholder tax | 249 | 6 | \u2014 | 255 |
Amounts relating to the recovery of insurance acquisition cash flows: | ||||
Allocation of premium | 26 | \u2014 | 29 | 55 |
Total insurance revenue | 2,407 | 52 | 1,428 | 3,887 |
2024 | ||||
With-profits | Unit-linked liabilities | Annuity and other long- term business | Total | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Amounts relating to the changes in the liability for remaining coverage: | ||||
Expected incurred claims and other expenses | 1,623 | 34 | 1,196 | 2,853 |
Change in the risk adjustment for non-financial risk for the risk expired | 25 | 1 | 36 | 62 |
CSM recognised in profit or loss for the services provided | 568 | 8 | 169 | 745 |
Revenue recognised for incurred policyholder tax | 356 | 4 | \u2014 | 360 |
Amounts relating to the recovery of insurance acquisition cash flows: | ||||
Allocation of premium | 43 | \u2014 | 32 | 75 |
Total insurance revenue | 2,615 | 47 | 1,433 | 4,095 |
2023 | ||||
With-profits | Unit-linked liabilities | Annuity and other long- term business | Total | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Amounts relating to the changes in the liability for remaining coverage: | ||||
Expected incurred claims and other expenses | 1,609 | 36 | 1,226 | 2,871 |
Change in the risk adjustment for non-financial risk for the risk expired | 24 | 1 | 32 | 57 |
CSM recognised in profit or loss for the services provided | 499 | 9 | 141 | 649 |
Revenue recognised for incurred policyholder tax | 249 | 6 | \u2014 | 255 |
Amounts relating to the recovery of insurance acquisition cash flows: | ||||
Allocation of premium | 26 | \u2014 | 29 | 55 |
Total insurance revenue | 2,407 | 52 | 1,428 | 3,887 |
2024 | |||||
With-profits | Unit-linked liabilities | Annuity and other long- term business | Other | Total | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Interest revenue from financial assets not measured at FVTPL | 471 | 82 | 96 | 34 | 683 |
Interest revenue from financial assets measured at FVTPL | 1,892 | 168 | 577 | 29 | 2,666 |
Net change in investments contract liabilities without DPF | (73) | (315) | (73) | \u2014 | (461) |
Net credit impairment losses | (15) | \u2014 | \u2014 | \u2014 | (15) |
Other investment return: | |||||
Dividend income | 1,572 | 350 | 1 | \u2014 | 1,923 |
Net gains/(losses) on financial assets measured at FVTPL | 4,095 | 262 | (1,055) | 34 | 3,336 |
Rental income from investment properties | 862 | 20 | 65 | \u2014 | 947 |
Net losses on investment properties | (273) | (36) | (31) | \u2014 | (340) |
Foreign exchange losses | (41) | \u2014 | (1) | (11) | (53) |
Total other investment return | 6,215 | 596 | (1,021) | 23 | 5,813 |
Total investment return | 8,490 | 531 | (421) | 86 | 8,686 |
Insurance finance income/(expenses) from insurance contracts\u00a0issued: | |||||
Due to changes in the value of underlying assets of contracts measured under the VFA | (7,893) | (255) | (22) | \u2014 | (8,170) |
Interest accreted to insurance contracts measured under GMM | (361) | \u2014 | (654) | \u2014 | (1,015) |
Due to changes in interest rates and other financial assumptions | 226 | \u2014 | 526 | \u2014 | 752 |
Net foreign exchange income/(losses) | 9 | \u2014 | (2) | \u2014 | 7 |
Total insurance finance income/(expenses) from insurance contracts issued | (8,019) | (255) | (152) | \u2014 | (8,426) |
Reinsurance finance income/(expenses) from reinsurance contracts\u00a0held: | |||||
Interest accreted to reinsurance contracts measured under GMM | \u2014 | (2) | (42) | \u2014 | (44) |
Due to changes in interest rates and other financial assumptions | \u2014 | 2 | 32 | \u2014 | 34 |
Total reinsurance finance income/(expenses) from reinsurance contracts held | \u2014 | \u2014 | (10) | \u2014 | (10) |
Total net investment return and insurance finance income/ (expenses) | 471 | 276 | (583) | 86 | 250 |
2023 | |||||
With- profits | Unit-linked liabilities | Annuity and other long- term business | Other | Total | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Interest revenue from financial assets not measured at FVTPL | 488 | 69 | 77 | 38 | 672 |
Interest revenue from financial assets measured at FVTPL | 1,675 | 167 | 570 | 34 | 2,446 |
Net change in investments contract liabilities without DPF | (122) | (521) | (57) | \u2014 | (700) |
Net credit impairment (losses)/reversal | 2 | 1 | \u2014 | (1) | 2 |
Other investment return: | |||||
Dividend income | 2,041 | 333 | 1 | \u2014 | 2,375 |
Net gains on financial assets measured at FVTPL | 3,222 | 449 | 336 | 55 | 4,062 |
Rental income from investment properties | 849 | 35 | 72 | \u2014 | 956 |
Net losses on investment properties | (951) | (33) | (69) | \u2014 | (1,053) |
Foreign exchange (losses)/gains | (137) | (1) | 1 | 11 | (126) |
Total other investment return | 5,024 | 783 | 341 | 66 | 6,214 |
Total investment return | 7,067 | 499 | 931 | 137 | 8,634 |
Insurance finance income/(expenses) from insurance contracts\u00a0issued: | |||||
Due to changes in the value of underlying assets of contracts measured under the VFA | (5,761) | (239) | (22) | \u2014 | (6,022) |
Interest accreted to insurance contracts measured under GMM | (395) | \u2014 | (780) | \u2014 | (1,175) |
Due to changes in interest rates and other financial assumptions | 24 | \u2014 | (145) | \u2014 | (121) |
Total insurance finance income/(expenses) from insurance contracts\u00a0issued | (6,132) | (239) | (947) | \u2014 | (7,318) |
Reinsurance finance income/(expenses) from reinsurance contracts\u00a0held: | |||||
Interest accreted to reinsurance contracts measured under GMM | \u2014 | (2) | 40 | \u2014 | 38 |
Due to changes in interest rates and other financial assumptions | (1) | (1) | 3 | \u2014 | 1 |
Total reinsurance finance income/(expenses) from reinsurance contracts held | (1) | (3) | 43 | \u2014 | 39 |
Total net investment return and insurance finance income/(expenses) | 934 | 257 | 27 | 137 | 1,355 |
2024 | ||||
Fair value through profit\u00a0or loss | Amortised cost | Total | ||
Designated | Mandatory | |||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Total interest revenue from financial assets not measured at FVTPL: | ||||
Cash and cash equivalents | \u2014 | \u2014 | 105 | 105 |
Deposits with credit institutions | \u2014 | \u2014 | 578 | 578 |
\u2014 | \u2014 | 683 | 683 | |
Total interest revenue from financial assets measured at FVTPL: | ||||
Loans | \u2014 | 288 | \u2014 | 288 |
Debt securities | \u2014 | 2,378 | \u2014 | 2,378 |
\u2014 | 2,666 | \u2014 | 2,666 | |
Net change in investment contract liabilities without DPF | (461) | \u2014 | \u2014 | (461) |
Net credit impairment losses | \u2014 | \u2014 | (15) | (15) |
Dividend income | \u2014 | 1,923 | \u2014 | 1,923 |
Total net gains/(losses) from financial assets measured at FVTPL: | ||||
Equity securities and pooled investment funds | \u2014 | 4,942 | \u2014 | 4,942 |
Loans | \u2014 | (57) | \u2014 | (57) |
Debt securities | \u2014 | (1,495) | \u2014 | (1,495) |
Derivatives | \u2014 | (54) | \u2014 | (54) |
\u2014 | 3,336 | \u2014 | 3,336 | |
Foreign exchange losses | \u2014 | \u2014 | (53) | (53) |
Total interest revenue and investment income from financial assets and liabilities | (461) | 7,925 | 615 | 8,079 |
2023 | ||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | Total | ||
Designated | Mandatory | |||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Total interest revenue from financial assets not measured at FVTPL: | ||||
Cash and cash equivalents | \u2014 | \u2014 | 76 | 76 |
Deposits with credit institutions | \u2014 | \u2014 | 596 | 596 |
\u2014 | \u2014 | 672 | 672 | |
Total interest revenue from financial assets measured at FVTPL: | ||||
Loans | \u2014 | 272 | \u2014 | 272 |
Debt securities | \u2014 | 2,174 | \u2014 | 2,174 |
\u2014 | 2,446 | \u2014 | 2,446 | |
Net change in investment contract liabilities without DPF | (700) | \u2014 | \u2014 | (700) |
Reversal of net credit impairment losses | \u2014 | \u2014 | 2 | 2 |
Dividend income | \u2014 | 2,375 | \u2014 | 2,375 |
Total net gains from financial assets measured at FVTPL: | ||||
Equity securities and pooled investment funds | \u2014 | 1,779 | \u2014 | 1,779 |
Loans | \u2014 | 64 | \u2014 | 64 |
Debt securities | \u2014 | 955 | \u2014 | 955 |
Derivatives | \u2014 | 1,264 | \u2014 | 1,264 |
\u2014 | 4,062 | \u2014 | 4,062 | |
Foreign exchange losses | \u2014 | \u2014 | (126) | (126) |
Total interest revenue and investment income from financial assets and liabilities | (700) | 8,883 | 548 | 8,731 |
2024 | 2023i | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Management fees | 876 | 870 |
Rebates | (18) | (19) |
Performance fees and carried interest | 6 | 9 |
Total Asset Management fee income | 864 | 860 |
Investment contracts without DPF | 37 | 37 |
Platform fees | 32 | 30 |
Advice fees | 96 | 76 |
Total Life fee income | 165 | 143 |
Total fee income | 1,029 | 1,003 |
2024 | 2023 | ||
For the year ended 31\u00a0December | Note | \u00a3m | \u00a3m |
Staff and employment costsi | 8 | 939 | 887 |
Acquisition costs incurred: | |||
Investment contracts without DPF | 16 | 14 | |
Other contracts | 151 | 144 | |
Acquisition costs deferred: | |||
Other contracts | (7) | (2) | |
Amortisation of deferred acquisition costs: | |||
Investment contracts without DPF | 4 | 5 | |
Other contracts | 7 | 5 | |
Depreciation of property, plant and equipment | 15 | 164 | 143 |
Impairment of property, plant and equipmentii | 15 | 76 | 65 |
Amortisation of intangible assets | 13 | 26 | 33 |
Impairment of goodwill and intangible assetsiii | 13 | 149 | 17 |
Restructuring costs | 180 | 226 | |
Interest expense | 298 | 206 | |
Commission expense | 149 | 159 | |
Investment management fees | 141 | 128 | |
Property related costs | 222 | 201 | |
Other expensesi | 852 | 789 | |
3,367 | 3,020 | ||
Less amounts directly attributable to insurance results: | |||
Expenses attributed to insurance acquisition cash flows incurred during the year | (140) | (142) | |
Other directly attributable expenses | (661) | (637) | |
Total administrative and other expenses | 2,566 | 2,241 |
For the year ended 31\u00a0December | 2024 | 2023 |
Average staff headcounti | 8,454 | 8,145 |
2024 | 2023 | ||
For the year ended 31\u00a0December | Note | \u00a3m | \u00a3m |
Wages and salariesi | 792 | 766 | |
Social security costsi | 90 | 87 | |
Share-based payments | 37 | 40 | 32 |
Pension costs: | |||
Defined benefit schemes | 17 | 31 | 13 |
Defined contribution schemes | 73 | 64 | |
Other staff costsi | 57 | 54 | |
Total staff and employment costsi | 1,083 | 1,016 |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Staff and employment costsi | 939 | 887 |
Acquisition costs | 68 | 57 |
Restructuring costs | 66 | 61 |
Other expenses | 10 | 11 |
Total staff and employment costsi | 1,083 | 1,016 |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Fees payable to the Company\u2019s auditor and its associates for audit and assurance services: | ||
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s individual and consolidated financial statements | 4.1 | 8.7 |
Audit of subsidiaries pursuant to legislation | 12.2 | 10.6 |
Audit-related assurance services | 2.4 | 2.1 |
Other assurance services | 1.0 | 0.9 |
Total fees payable to the auditor | 19.7 | 22.3 |
2024 | 2023 | ||
For the year ended 31\u00a0December | Note | \u00a3m | \u00a3m |
Staff and employment costsi | 8 | 939 | 887 |
Acquisition costs incurred: | |||
Investment contracts without DPF | 16 | 14 | |
Other contracts | 151 | 144 | |
Acquisition costs deferred: | |||
Other contracts | (7) | (2) | |
Amortisation of deferred acquisition costs: | |||
Investment contracts without DPF | 4 | 5 | |
Other contracts | 7 | 5 | |
Depreciation of property, plant and equipment | 15 | 164 | 143 |
Impairment of property, plant and equipmentii | 15 | 76 | 65 |
Amortisation of intangible assets | 13 | 26 | 33 |
Impairment of goodwill and intangible assetsiii | 13 | 149 | 17 |
Restructuring costs | 180 | 226 | |
Interest expense | 298 | 206 | |
Commission expense | 149 | 159 | |
Investment management fees | 141 | 128 | |
Property related costs | 222 | 201 | |
Other expensesi | 852 | 789 | |
3,367 | 3,020 | ||
Less amounts directly attributable to insurance results: | |||
Expenses attributed to insurance acquisition cash flows incurred during the year | (140) | (142) | |
Other directly attributable expenses | (661) | (637) | |
Total administrative and other expenses | 2,566 | 2,241 |
For the year ended 31\u00a0December | 2024 | 2023 |
Average staff headcounti | 8,454 | 8,145 |
2024 | 2023 | ||
For the year ended 31\u00a0December | Note | \u00a3m | \u00a3m |
Wages and salariesi | 792 | 766 | |
Social security costsi | 90 | 87 | |
Share-based payments | 37 | 40 | 32 |
Pension costs: | |||
Defined benefit schemes | 17 | 31 | 13 |
Defined contribution schemes | 73 | 64 | |
Other staff costsi | 57 | 54 | |
Total staff and employment costsi | 1,083 | 1,016 |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Staff and employment costsi | 939 | 887 |
Acquisition costs | 68 | 57 |
Restructuring costs | 66 | 61 |
Other expenses | 10 | 11 |
Total staff and employment costsi | 1,083 | 1,016 |
For the year ended 31\u00a0December | 2024 | 2023 |
Average staff headcounti | 8,454 | 8,145 |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Fees payable to the Company\u2019s auditor and its associates for audit and assurance services: | ||
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s individual and consolidated financial statements | 4.1 | 8.7 |
Audit of subsidiaries pursuant to legislation | 12.2 | 10.6 |
Audit-related assurance services | 2.4 | 2.1 |
Other assurance services | 1.0 | 0.9 |
Total fees payable to the auditor | 19.7 | 22.3 |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
The total tax charge comprises: | ||
Current tax: | ||
Current year | 458 | 491 |
Adjustments in respect of prior years | 46 | 7 |
Total current tax charge | 504 | 498 |
Deferred tax: | ||
Origination and reversal of temporary differences in the year | 12 | (44) |
Adjustments in respect of prior years | (24) | (14) |
Total deferred tax credit | (12) | (58) |
Total tax charge | 492 | 440 |
2024 | Restatedi 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
UK tax | 336 | 276 |
Overseas tax | 156 | 164 |
Total tax charge | 492 | 440 |
2024 | 2023 | ||||||
Equity holders | Policyholders | Total | Equity holders | Policyholders | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
(Loss)/profit before tax | (332) | 477 | 145 | 421 | 328 | 749 | |
Tax charge | (15) | (477) | (492) | (112) | (328) | (440) | |
(Loss)/profit for the year | (347) | \u2014 | (347) | 309 | \u2014 | 309 |
2024 | 2023 | ||||||
Equity holders | Policyholders | Total | Equity holders | Policyholders | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
(Loss)/profit before tax | (332) | 477 | 145 | 421 | 328 | 749 | |
Tax (credit)/charge based on the standard UK corporation tax rate of 25.0% (2023: 23.5%) | (83) | 119 | 36 | 99 | 77 | 176 | |
Impact of losses earned in jurisdictions with different statutory rates to the UK | (2) | \u2014 | (2) | (2) | \u2014 | (2) | |
Recurring items: | |||||||
Different basis of taxation - policyholders | \u2014 | 365 | 365 | \u2014 | 243 | 243 | |
Deductions not allowable for tax purposesi | 22 | \u2014 | 22 | 39 | \u2014 | 39 | |
Differences arising on rate of deferred tax compared to standard UK corporation tax rateii | 32 | \u2014 | 32 | (16) | \u2014 | (16) | |
Income and gains not taxable or taxable at concessionary rates iii | (5) | \u2014 | (5) | (1) | \u2014 | (1) | |
Items related to taxation of life insurance businessiv | 10 | \u2014 | 10 | \u2014 | \u2014 | \u2014 | |
Changes in recognition of deferred tax and effect of unrecognised tax lossesv | (11) | \u2014 | (11) | (3) | \u2014 | (3) | |
Other | (3) | \u2014 | (3) | 5 | \u2014 | 5 | |
Non-recurring items: | |||||||
Adjustments in relation to prior periodsvi | 29 | (7) | 22 | (15) | 8 | (7) | |
Impairment of goodwill | 26 | \u2014 | 26 | 6 | \u2014 | 6 | |
Tax charge | 15 | 477 | 492 | 112 | 328 | 440 |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
The tax charge/(credit) booked to other comprehensive income, current and deferred tax, comprises: | ||
Actuarial gains/(losses) on defined benefit pension schemes | 13 | (28) |
Total tax charge/(credit) to other comprehensive income | 13 | (28) |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
The tax credit booked to shareholders\u2019 equity, current and deferred tax, comprises: | ||
Share-based payments | (4) | (7) |
Total tax credit to equity | (4) | (7) |
2024 | |||||||||
For the year ended 31\u00a0December | Unrealised gains /(losses) on \u00a0investmentsi | Other short- term timing differencesii | Deferred acquisition costs iii | Defined benefit pensions | Capital allowances | Tax losses carried forward iv | Share-based payments and deferred compensation | Balances relating to insurance and investment contractsv | Total |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets | 2 | 158 | 27 | \u2014 | 21 | 505 | 23 | 263 | 999 |
Liabilities | (675) | (35) | (1) | (21) | \u2014 | \u2014 | \u2014 | (506) | (1,238) |
As at 1 January 2024 | (673) | 123 | 26 | (21) | 21 | 505 | 23 | (243) | (239) |
Income statement | (39) | (53) | (8) | 6 | (3) | 11 | 2 | 96 | 12 |
Equity and other comprehensive income | \u2014 | \u2014 | \u2014 | (13) | \u2014 | \u2014 | (1) | \u2014 | (14) |
Other movements/foreign exchange | 15 | 9 | \u2014 | \u2014 | \u2014 | \u2014 | (1) | \u2014 | 23 |
As at 31 December 2024 | (697) | 79 | 18 | (28) | 18 | 516 | 23 | (147) | (218) |
Assets | 2 | 108 | 18 | \u2014 | 18 | 516 | 23 | 313 | 998 |
Liabilities | (699) | (29) | \u2014 | (28) | \u2014 | \u2014 | \u2014 | (460) | (1,216) |
As at 31 December 2024 | (697) | 79 | 18 | (28) | 18 | 516 | 23 | (147) | (218) |
2023 | |||||||||
For the year ended 31\u00a0December | Unrealised gains /(losses) on \u00a0investmentsi | Other short- term timing differencesii | Deferred acquisition costs iii | Defined benefit pensions | Capital allowances | Tax losses carried forward iv | Share-based payments and deferred compensation | Balances relating to insurance and investment contractsv | Total |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets | 5 | 163 | 38 | \u2014 | 28 | 528 | 26 | 351 | 1,139 |
Liabilities | (825) | (37) | (1) | (39) | (15) | \u2014 | \u2014 | (572) | (1,489) |
As at 1 January 2023 | (820) | 126 | 37 | (39) | 13 | 528 | 26 | (221) | (350) |
Income statement | 138 | (8) | (11) | (10) | (5) | (23) | (1) | (22) | 58 |
Equity and other comprehensive income | \u2014 | \u2014 | \u2014 | 28 | \u2014 | \u2014 | (2) | \u2014 | 26 |
Other movements/foreign exchange | 9 | 5 | \u2014 | \u2014 | 13 | \u2014 | \u2014 | \u2014 | 27 |
As at 31 December 2023 | (673) | 123 | 26 | (21) | 21 | 505 | 23 | (243) | (239) |
Assets | 2 | 158 | 27 | \u2014 | 21 | 505 | 23 | 263 | 999 |
Liabilities | (675) | (35) | (1) | (21) | \u2014 | \u2014 | \u2014 | (506) | (1,238) |
As at 31 December 2023 | (673) | 123 | 26 | (21) | 21 | 505 | 23 | (243) | (239) |
Deferred tax assets | Deferred tax liabilities | ||||
2024 | 2023 | 2024 | 2023 | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
UK | 477 | 430 | (413) | (362) | |
Overseas | 10 | 13 | (292) | (320) | |
As at 31 December | 487 | 443 | (705) | (682) |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Net corporation tax (liability)/asset as at 1 January | (30) | 197 |
Income statement | (504) | (498) |
Reserves movement for the period | 5 | 9 |
Corporation tax paid | 514 | 250 |
Other movements | (1) | 12 |
Net corporation tax liability as at 31 December | (16) | (30) |
Corporation tax assets: | ||
UK | 6 | 16 |
Overseas | 59 | 51 |
Corporation tax liabilities: | ||
UK | (34) | (57) |
Overseas | (47) | (40) |
Net corporation tax liability as at 31 December | (16) | (30) |
2024 | |||||||||
For the year ended 31\u00a0December | Unrealised gains /(losses) on \u00a0investmentsi | Other short- term timing differencesii | Deferred acquisition costs iii | Defined benefit pensions | Capital allowances | Tax losses carried forward iv | Share-based payments and deferred compensation | Balances relating to insurance and investment contractsv | Total |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets | 2 | 158 | 27 | \u2014 | 21 | 505 | 23 | 263 | 999 |
Liabilities | (675) | (35) | (1) | (21) | \u2014 | \u2014 | \u2014 | (506) | (1,238) |
As at 1 January 2024 | (673) | 123 | 26 | (21) | 21 | 505 | 23 | (243) | (239) |
Income statement | (39) | (53) | (8) | 6 | (3) | 11 | 2 | 96 | 12 |
Equity and other comprehensive income | \u2014 | \u2014 | \u2014 | (13) | \u2014 | \u2014 | (1) | \u2014 | (14) |
Other movements/foreign exchange | 15 | 9 | \u2014 | \u2014 | \u2014 | \u2014 | (1) | \u2014 | 23 |
As at 31 December 2024 | (697) | 79 | 18 | (28) | 18 | 516 | 23 | (147) | (218) |
Assets | 2 | 108 | 18 | \u2014 | 18 | 516 | 23 | 313 | 998 |
Liabilities | (699) | (29) | \u2014 | (28) | \u2014 | \u2014 | \u2014 | (460) | (1,216) |
As at 31 December 2024 | (697) | 79 | 18 | (28) | 18 | 516 | 23 | (147) | (218) |
2023 | |||||||||
For the year ended 31\u00a0December | Unrealised gains /(losses) on \u00a0investmentsi | Other short- term timing differencesii | Deferred acquisition costs iii | Defined benefit pensions | Capital allowances | Tax losses carried forward iv | Share-based payments and deferred compensation | Balances relating to insurance and investment contractsv | Total |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets | 5 | 163 | 38 | \u2014 | 28 | 528 | 26 | 351 | 1,139 |
Liabilities | (825) | (37) | (1) | (39) | (15) | \u2014 | \u2014 | (572) | (1,489) |
As at 1 January 2023 | (820) | 126 | 37 | (39) | 13 | 528 | 26 | (221) | (350) |
Income statement | 138 | (8) | (11) | (10) | (5) | (23) | (1) | (22) | 58 |
Equity and other comprehensive income | \u2014 | \u2014 | \u2014 | 28 | \u2014 | \u2014 | (2) | \u2014 | 26 |
Other movements/foreign exchange | 9 | 5 | \u2014 | \u2014 | 13 | \u2014 | \u2014 | \u2014 | 27 |
As at 31 December 2023 | (673) | 123 | 26 | (21) | 21 | 505 | 23 | (243) | (239) |
Assets | 2 | 158 | 27 | \u2014 | 21 | 505 | 23 | 263 | 999 |
Liabilities | (675) | (35) | (1) | (21) | \u2014 | \u2014 | \u2014 | (506) | (1,238) |
As at 31 December 2023 | (673) | 123 | 26 | (21) | 21 | 505 | 23 | (243) | (239) |
Deferred tax assets | Deferred tax liabilities | ||||
2024 | 2023 | 2024 | 2023 | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
UK | 477 | 430 | (413) | (362) | |
Overseas | 10 | 13 | (292) | (320) | |
As at 31 December | 487 | 443 | (705) | (682) |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Net corporation tax (liability)/asset as at 1 January | (30) | 197 |
Income statement | (504) | (498) |
Reserves movement for the period | 5 | 9 |
Corporation tax paid | 514 | 250 |
Other movements | (1) | 12 |
Net corporation tax liability as at 31 December | (16) | (30) |
Corporation tax assets: | ||
UK | 6 | 16 |
Overseas | 59 | 51 |
Corporation tax liabilities: | ||
UK | (34) | (57) |
Overseas | (47) | (40) |
Net corporation tax liability as at 31 December | (16) | (30) |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
(Loss)/profit attributable to equity holders of M&G plc | (360) | 297 |
2024 | 2023 | |
For the year ended 31\u00a0December | Millions | Millions |
Weighted average number of ordinary shares outstanding | 2,388 | 2,350 |
Dilutive effect of share options and awards | \u2014 | 46 |
Weighted average number of diluted ordinary shares outstanding | 2,388 | 2,396 |
2024 | 2023 | |
For the year ended 31\u00a0December | Pence per share | Pence per share |
Basic (loss)/earnings per share | (15.1) | 12.7 |
Diluted (loss)/earnings per share | (15.1) | 12.4 |
2024 | 2023 | ||||
For the year ended 31\u00a0December | Pence per share | \u00a3m | Pence per share | \u00a3m | |
Dividends relating to reporting period: | |||||
First interim dividend - Ordinary | 6.6 | 157 | 6.5 | 152 | |
Second interim dividend - Ordinary | 13.5 | 321 | 13.2 | 311 | |
Total | 20.1 | 478 | 19.7 | 463 | |
Dividends paid in reporting period: | |||||
Prior year\u2019s interim dividend - Ordinary | 13.2 | 311 | 13.4 | 310 | |
First interim dividend - Ordinary | 6.6 | 157 | 6.5 | 152 | |
Total | 19.8 | 468 | 19.9 | 462 |
2024 | 2023 | ||||||
Goodwill | Other Intangibles | Total | Goodwill | Other Intangibles | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | |||||||
At 1 January | 1,589 | 397 | 1,986 | 1,580 | 490 | 2,070 | |
Transfer to held for sale | (51) | (77) | (128) | (1) | (111) | (112) | |
Reclassification from/(to) other item in statement of financial position | 22 | (34) | (12) | \u2014 | \u2014 | \u2014 | |
Additions: | |||||||
Arising on acquisitions | 62 | 8 | 70 | \u2014 | \u2014 | \u2014 | |
Other purchases | 16 | 94 | 110 | 11 | 36 | 47 | |
Disposals and transfers | \u2014 | (2) | (2) | \u2014 | (1) | (1) | |
Foreign exchange differences | (6) | \u2014 | (6) | (1) | (17) | (18) | |
At 31 December | 1,632 | 386 | 2,018 | 1,589 | 397 | 1,986 | |
Accumulated amortisation and impairment | |||||||
At 1 January | (70) | (101) | (171) | (45) | (148) | (193) | |
Transfer (from)/to held for sale | \u2014 | (1) | (1) | \u2014 | 68 | 68 | |
Reclassification from other item in statement of financial position | \u2014 | (1) | (1) | \u2014 | \u2014 | \u2014 | |
Amortisation | \u2014 | (26) | (26) | \u2014 | (33) | (33) | |
(Impairment)/reversal of impairment | (106) | (5) | (111) | (24) | 8 | (16) | |
Disposals and transfers | \u2014 | 2 | 2 | \u2014 | 1 | 1 | |
Foreign exchange differences | 2 | 2 | 4 | (1) | 3 | 2 | |
At 31 December | (174) | (130) | (304) | (70) | (101) | (171) | |
Net book amount | 1,458 | 256 | 1,714 | 1,519 | 296 | 1,815 |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Goodwill comprises: | ||
Asset Management | 1,269 | 1,262 |
M&G Wealth Platform | \u2014 | 13 |
Other | 21 | 42 |
Subsidiaries held by the With-Profits Fund | 168 | 202 |
1,458 | 1,519 |
Intangible asset type | Average useful life at acquisition date | Acquisition date | Fair value on acquisition date \u00a3m | Carrying value \u00a3m |
Independent financial adviser relationships | 9 years | 19 March 2024 | 4 | 4 |
Brand name | 9 years | 19 March 2024 | 3 | 3 |
2024 | 2023 | ||||||
Goodwill | Other Intangibles | Total | Goodwill | Other Intangibles | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | |||||||
At 1 January | 1,589 | 397 | 1,986 | 1,580 | 490 | 2,070 | |
Transfer to held for sale | (51) | (77) | (128) | (1) | (111) | (112) | |
Reclassification from/(to) other item in statement of financial position | 22 | (34) | (12) | \u2014 | \u2014 | \u2014 | |
Additions: | |||||||
Arising on acquisitions | 62 | 8 | 70 | \u2014 | \u2014 | \u2014 | |
Other purchases | 16 | 94 | 110 | 11 | 36 | 47 | |
Disposals and transfers | \u2014 | (2) | (2) | \u2014 | (1) | (1) | |
Foreign exchange differences | (6) | \u2014 | (6) | (1) | (17) | (18) | |
At 31 December | 1,632 | 386 | 2,018 | 1,589 | 397 | 1,986 | |
Accumulated amortisation and impairment | |||||||
At 1 January | (70) | (101) | (171) | (45) | (148) | (193) | |
Transfer (from)/to held for sale | \u2014 | (1) | (1) | \u2014 | 68 | 68 | |
Reclassification from other item in statement of financial position | \u2014 | (1) | (1) | \u2014 | \u2014 | \u2014 | |
Amortisation | \u2014 | (26) | (26) | \u2014 | (33) | (33) | |
(Impairment)/reversal of impairment | (106) | (5) | (111) | (24) | 8 | (16) | |
Disposals and transfers | \u2014 | 2 | 2 | \u2014 | 1 | 1 | |
Foreign exchange differences | 2 | 2 | 4 | (1) | 3 | 2 | |
At 31 December | (174) | (130) | (304) | (70) | (101) | (171) | |
Net book amount | 1,458 | 256 | 1,714 | 1,519 | 296 | 1,815 |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Goodwill comprises: | ||
Asset Management | 1,269 | 1,262 |
M&G Wealth Platform | \u2014 | 13 |
Other | 21 | 42 |
Subsidiaries held by the With-Profits Fund | 168 | 202 |
1,458 | 1,519 |
2024 | 2023 | ||||||
Goodwill | Other Intangibles | Total | Goodwill | Other Intangibles | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | |||||||
At 1 January | 1,589 | 397 | 1,986 | 1,580 | 490 | 2,070 | |
Transfer to held for sale | (51) | (77) | (128) | (1) | (111) | (112) | |
Reclassification from/(to) other item in statement of financial position | 22 | (34) | (12) | \u2014 | \u2014 | \u2014 | |
Additions: | |||||||
Arising on acquisitions | 62 | 8 | 70 | \u2014 | \u2014 | \u2014 | |
Other purchases | 16 | 94 | 110 | 11 | 36 | 47 | |
Disposals and transfers | \u2014 | (2) | (2) | \u2014 | (1) | (1) | |
Foreign exchange differences | (6) | \u2014 | (6) | (1) | (17) | (18) | |
At 31 December | 1,632 | 386 | 2,018 | 1,589 | 397 | 1,986 | |
Accumulated amortisation and impairment | |||||||
At 1 January | (70) | (101) | (171) | (45) | (148) | (193) | |
Transfer (from)/to held for sale | \u2014 | (1) | (1) | \u2014 | 68 | 68 | |
Reclassification from other item in statement of financial position | \u2014 | (1) | (1) | \u2014 | \u2014 | \u2014 | |
Amortisation | \u2014 | (26) | (26) | \u2014 | (33) | (33) | |
(Impairment)/reversal of impairment | (106) | (5) | (111) | (24) | 8 | (16) | |
Disposals and transfers | \u2014 | 2 | 2 | \u2014 | 1 | 1 | |
Foreign exchange differences | 2 | 2 | 4 | (1) | 3 | 2 | |
At 31 December | (174) | (130) | (304) | (70) | (101) | (171) | |
Net book amount | 1,458 | 256 | 1,714 | 1,519 | 296 | 1,815 |
Intangible asset type | Average useful life at acquisition date | Acquisition date | Fair value on acquisition date \u00a3m | Carrying value \u00a3m |
Independent financial adviser relationships | 9 years | 19 March 2024 | 4 | 4 |
Brand name | 9 years | 19 March 2024 | 3 | 3 |
2024 | 2023 | ||||||
Goodwill | Other Intangibles | Total | Goodwill | Other Intangibles | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | |||||||
At 1 January | 1,589 | 397 | 1,986 | 1,580 | 490 | 2,070 | |
Transfer to held for sale | (51) | (77) | (128) | (1) | (111) | (112) | |
Reclassification from/(to) other item in statement of financial position | 22 | (34) | (12) | \u2014 | \u2014 | \u2014 | |
Additions: | |||||||
Arising on acquisitions | 62 | 8 | 70 | \u2014 | \u2014 | \u2014 | |
Other purchases | 16 | 94 | 110 | 11 | 36 | 47 | |
Disposals and transfers | \u2014 | (2) | (2) | \u2014 | (1) | (1) | |
Foreign exchange differences | (6) | \u2014 | (6) | (1) | (17) | (18) | |
At 31 December | 1,632 | 386 | 2,018 | 1,589 | 397 | 1,986 | |
Accumulated amortisation and impairment | |||||||
At 1 January | (70) | (101) | (171) | (45) | (148) | (193) | |
Transfer (from)/to held for sale | \u2014 | (1) | (1) | \u2014 | 68 | 68 | |
Reclassification from other item in statement of financial position | \u2014 | (1) | (1) | \u2014 | \u2014 | \u2014 | |
Amortisation | \u2014 | (26) | (26) | \u2014 | (33) | (33) | |
(Impairment)/reversal of impairment | (106) | (5) | (111) | (24) | 8 | (16) | |
Disposals and transfers | \u2014 | 2 | 2 | \u2014 | 1 | 1 | |
Foreign exchange differences | 2 | 2 | 4 | (1) | 3 | 2 | |
At 31 December | (174) | (130) | (304) | (70) | (101) | (171) | |
Net book amount | 1,458 | 256 | 1,714 | 1,519 | 296 | 1,815 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Interests in joint ventures | 284 | 265 |
Interests in associates | \u2014 | 22 |
Investments in joint ventures and associates accounted for using the equity method | 284 | 287 |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Share of profit from joint ventures | 24 | 23 |
Share of profit from joint ventures and associates accounted for using the equity method | 24 | 23 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Interests in joint ventures | 284 | 265 |
Interests in associates | \u2014 | 22 |
Investments in joint ventures and associates accounted for using the equity method | 284 | 287 |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Share of profit from joint ventures | 24 | 23 |
Share of profit from joint ventures and associates accounted for using the equity method | 24 | 23 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Interests in joint ventures | 284 | 265 |
Interests in associates | \u2014 | 22 |
Investments in joint ventures and associates accounted for using the equity method | 284 | 287 |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Share of profit from joint ventures | 24 | 23 |
Share of profit from joint ventures and associates accounted for using the equity method | 24 | 23 |
2024 | 2023 | ||||||||
Right of use assets | Group occupied property | Other tangible assets | Total | Right of use assets | Group occupied property | Other tangible assets | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | |||||||||
At 1 January | 294 | 12 | 2,545 | 2,851 | 346 | 106 | 2,140 | 2,592 | |
Transfer from/(to) held for sale | 82 | 40 | (219) | (97) | (11) | (102) | (73) | (186) | |
Additions | 16 | \u2014 | 289 | 305 | 13 | 8 | 488 | 509 | |
Disposals and transfers | (73) | (7) | (59) | (139) | (53) | \u2014 | (13) | (66) | |
Foreign exchange differences | (5) | (2) | (57) | (64) | (1) | \u2014 | 3 | 2 | |
At 31 December | 314 | 43 | 2,499 | 2,856 | 294 | 12 | 2,545 | 2,851 | |
Accumulated depreciation and impairment | |||||||||
At 1 January | (124) | \u2014 | (662) | (786) | (105) | (23) | (511) | (639) | |
Transfer (from)/to held for sale | (16) | (33) | (353) | (402) | 2 | 25 | 17 | 44 | |
Depreciation charge for the year | (25) | (1) | (138) | (164) | (24) | (2) | (117) | (143) | |
Impairment | \u2014 | \u2014 | \u2014 | \u2014 | (4) | \u2014 | (61) | (65) | |
Disposals and transfers | 73 | 1 | 46 | 120 | 6 | \u2014 | 11 | 17 | |
Foreign exchange differences | 3 | 1 | 26 | 30 | 1 | \u2014 | (1) | \u2014 | |
At 31 December | (89) | (32) | (1,081) | (1,202) | (124) | \u2014 | (662) | (786) | |
Net book amount | 225 | 11 | 1,418 | 1,654 | 170 | 12 | 1,883 | 2,065 |
2024 | 2023 | ||||||||
Right of use assets | Group occupied property | Other tangible assets | Total | Right of use assets | Group occupied property | Other tangible assets | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | |||||||||
At 1 January | 294 | 12 | 2,545 | 2,851 | 346 | 106 | 2,140 | 2,592 | |
Transfer from/(to) held for sale | 82 | 40 | (219) | (97) | (11) | (102) | (73) | (186) | |
Additions | 16 | \u2014 | 289 | 305 | 13 | 8 | 488 | 509 | |
Disposals and transfers | (73) | (7) | (59) | (139) | (53) | \u2014 | (13) | (66) | |
Foreign exchange differences | (5) | (2) | (57) | (64) | (1) | \u2014 | 3 | 2 | |
At 31 December | 314 | 43 | 2,499 | 2,856 | 294 | 12 | 2,545 | 2,851 | |
Accumulated depreciation and impairment | |||||||||
At 1 January | (124) | \u2014 | (662) | (786) | (105) | (23) | (511) | (639) | |
Transfer (from)/to held for sale | (16) | (33) | (353) | (402) | 2 | 25 | 17 | 44 | |
Depreciation charge for the year | (25) | (1) | (138) | (164) | (24) | (2) | (117) | (143) | |
Impairment | \u2014 | \u2014 | \u2014 | \u2014 | (4) | \u2014 | (61) | (65) | |
Disposals and transfers | 73 | 1 | 46 | 120 | 6 | \u2014 | 11 | 17 | |
Foreign exchange differences | 3 | 1 | 26 | 30 | 1 | \u2014 | (1) | \u2014 | |
At 31 December | (89) | (32) | (1,081) | (1,202) | (124) | \u2014 | (662) | (786) | |
Net book amount | 225 | 11 | 1,418 | 1,654 | 170 | 12 | 1,883 | 2,065 |
2024 | 2023 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
At 1 January | 15,422 | 16,505 |
Transfer to held for sale | (482) | (172) |
Additions: | ||
Resulting from property acquisitions | 705 | 746 |
Resulting from expenditure capitalised | 272 | 215 |
Arising on acquisition of subsidiaries | 106 | 76 |
Disposals and other | (1,320) | (530) |
Net fair value losses | (340) | (1,053) |
Foreign exchange differences | 22 | (365) |
At 31 December | 14,385 | 15,422 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Less than 1 year | 496 | 461 |
After 1 year to 2 years | 416 | 407 |
After 2 years to 3 years | 363 | 375 |
After 3 years to 4 years | 330 | 332 |
After 4 years to 5 years | 299 | 298 |
Over 5 years | 2,461 | 2,100 |
Total minimum future rental income | 4,365 | 3,973 |
2024 | ||||
PSPS | SASPS | M&GGPS | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Fair value of plan assets | 4,034 | 524 | 274 | 4,832 |
Present value of defined benefit obligation | (3,725) | (486) | (261) | (4,472) |
Effect of restriction on surplus | (302) | \u2014 | \u2014 | (302) |
Net economic pension surplusi | 7 | 38 | 13 | 58 |
Non-qualifying insurance policies | \u2014 | \u2014 | (10) | (10) |
Elimination of reimbursement right asset on consolidation | \u2014 | \u2014 | (261) | (261) |
Net total pension surplus/(deficit) | 7 | 38 | (258) | (213) |
2024 | ||||
PSPS | SASPS | M&GGPS | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Attributable to: | ||||
Shareholder\u2011backed business | 3 | 23 | (258) | (232) |
With-Profits Fund | 4 | 15 | \u2014 | 19 |
Net total pension surplus/(deficit) | 7 | 38 | (258) | (213) |
2023 | ||||
PSPS | SASPS | M&GGPS | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Fair value of plan assets | 4,611 | 583 | 314 | 5,508 |
Present value of defined benefit obligation | (4,260) | (576) | (298) | (5,134) |
Effect of restriction on surplus | (339) | \u2014 | \u2014 | (339) |
Net economic pension surplusi | 12 | 7 | 16 | 35 |
Non-qualifying insurance policies | \u2014 | \u2014 | (12) | (12) |
Elimination of reimbursement right asset on consolidation | \u2014 | \u2014 | (298) | (298) |
Net total pension surplus/(deficit) | 12 | 7 | (294) | (275) |
2023 | ||||
PSPS | SASPS | M&GGPS | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Attributable to: | ||||
Shareholder\u2011backed business | 6 | 4 | (294) | (284) |
With\u2011Profits Fund | 6 | 3 | \u2014 | 9 |
Net total pension surplus/(deficit) | 12 | 7 | (294) | (275) |
PSPS | SASPS | M&GGPS | |
Last completed actuarial valuation date | 05 April 2023 | 31 March 2023 | 31 December 2023 |
Funding level at the last valuation | 108% | 101% | 100% |
Deficit funding arrangement agreed with the Trustees based on the last completed valuation | No deficit funding required | No deficit funding required | No deficit funding required |
Current level of employer contributions for active members | Are at the minimum level required under the scheme rules (approximately \u00a32m per annum)i | Approximately \u00a33m per annum | Zero contribution: no\u00a0active\u00a0members remaining post-buy-in |
Contributions to cover ongoing administration and\u00a0other expenses | Approximately \u00a37.6m per annum | Approximately \u00a31.8m per annum | Approximately \u00a31.5m per\u00a0annum |
As at | Scheme | Mortality tables (with scaling factors applied to\u00a0reflect experience) | Mortality improvements modeli | Expectation of life from retirement at aged 60 | |||
Male currently aged 60 | Male currently aged 40 | Female currently aged 60 | Female currently aged 40 | ||||
31 December 2024 | PSPS | S3PMA/S3PFA Middle for males/ females | CMI 2022 | 26.3 | 28.6 | 27.9 | 30.2 |
SASPS | S3PMA/S3PFA for males/females | CMI 2022 | 27.2 | 28.9 | 28.9 | 30.7 | |
M&GGPS | S3PMA/S3PFA Light for males/ females | CMI 2022 | 28.1 | 30.2 | 29.9 | 31.9 | |
31 December 2023 | PSPS | S2PMA/S2PFA for males/females | CMI 2021 | 26.5 | 28.6 | 28.3 | 30.3 |
SASPS | S1PMA/S1PFA for males/females | CMI 2021 | 27.4 | 29.4 | 29.9 | 31.8 | |
M&GGPS | SAPS2 Light | CMI 2021 | 28.5 | 30.6 | 30.4 | 32.4 |
2024 | 2023 | ||||||
For the year ended 31\u00a0December | PSPS | SASPS | M&GGPS | PSPS | SASPS | M&GGPS | |
Discount ratei | 5.4% | 5.5% | 5.5% | 4.6% | 4.6% | 4.6% | |
Salary inflationii | 3.5% | 3.2% | N/A | 3.4% | 3.2% | N/A | |
Retail prices index (RPI) | 3.1% | 3.0% | 2.9% | 3.0% | 2.9% | 2.9% | |
Consumer prices index (CPI) | 2.8% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | |
Rate of increase of pensions in payment for inflationiii | |||||||
CPI (maximum 5%) | 2.8% | N/A | N/A | 2.8% | N/A | N/A | |
CPI (maximum 2.5%) | 2.5% | N/A | N/A | 2.5% | N/A | N/A | |
Discretionary | 2.8% | N/A | N/A | 2.9% | N/A | N/A | |
RPI (maximum 5%) | N/A | 3.0% | 2.9% | N/A | 2.9% | 2.9% | |
RPI (maximum 2.5%) | N/A | 2.5% | 2.5% | N/A | 2.5% | 2.5% |
2024 | |||||
Increase/(decrease) in the present value of\u00a0the\u00a0scheme\u2019s defined benefit obligation | |||||
PSPS | SASPS | M&GGPS | Total | ||
As at 31 December | Sensitivity of the change in assumptions | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Base position | N/A | 3,725 | 486 | 261 | 4,472 |
Discount ratei | Decrease by 0.5% | 203 | 36 | 21 | 260 |
Increase by 0.5% | (188) | (32) | (19) | (239) | |
Rate of inflation with consequent reduction in salary increases (where applicable) | Decrease by 0.2% (with consequent reduction in salary increases) | (50) | (7) | (6) | (63) |
Mortality rate | Increase in life expectancy by 1 year | 120 | 13 | 6 | 139 |
2023 | |||||
Increase/(decrease) in the present value of\u00a0the\u00a0scheme\u2019s\u00a0defined benefit obligation | |||||
PSPS | SASPS | M&GGPS | Total | ||
As at 31 December | Sensitivity of the change in assumptions | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Base position | N/A | 4,260 | 576 | 298 | 5,134 |
Discount ratei | Decrease by 0.5% | 259 | 51 | 26 | 336 |
Increase by 0.5% | (234) | (45) | (24) | (303) | |
Rate of inflation with consequent reduction in salary increases (where applicable) | Decrease by 0.2% (with consequent reduction in salary increases) | (55) | (9) | (7) | (71) |
Mortality rate | Increase in life expectancy by 1 year | 146 | 15 | 7 | 168 |
2024 | 2023 | ||||||||
PSPS | Other schemes | Total | PSPS | Other schemes | Total | ||||
As at 31 December | \u00a3m | \u00a3m | \u00a3m | % | \u00a3m | \u00a3m | \u00a3m | % | |
Equities: | |||||||||
UK | 26 | \u2014 | 26 | 1% | 29 | \u2014 | 29 | 1% | |
Overseas | 13 | 38 | 51 | 1% | 10 | 37 | 47 | 1% | |
Bondsi: | |||||||||
Government | 2,824 | 423 | 3,247 | 67% | 3,124 | 559 | 3,683 | 67% | |
Corporate | 1,037 | 2 | 1,039 | 22% | 1,145 | 3 | 1,148 | 21% | |
Asset-backed securities | 332 | 81 | 413 | 9% | 344 | 81 | 425 | 8% | |
Derivativesii | (689) | (128) | (817) | (17)% | (526) | (202) | (728) | (13)% | |
Properties | 233 | 119 | 352 | 7% | 238 | 118 | 356 | 6% | |
Other assets | 258 | 2 | 260 | 5% | 247 | 3 | 250 | 4% | |
Reimbursement right assetiii | \u2014 | 261 | 261 | 5% | \u2014 | 298 | 298 | 5% | |
Total value of assets | 4,034 | 798 | 4,832 | 100% | 4,611 | 897 | 5,508 | 100% |
2024 | 2023 | ||||||||
Quoted in an active market | Other | Total | Quoted in an active market | Other | Total | ||||
As at 31 December | \u00a3m | \u00a3m | \u00a3m | % | \u00a3m | \u00a3m | \u00a3m | % | |
Equities: | |||||||||
UK | \u2014 | 26 | 26 | 1% | \u2014 | 29 | 29 | 1% | |
Overseas | \u2014 | 51 | 51 | 1% | \u2014 | 47 | 47 | 1% | |
Bondsi: | |||||||||
Government | 3,242 | 5 | 3,247 | 67% | 3,678 | 5 | 3,683 | 67% | |
Corporate | 799 | 240 | 1,039 | 22% | 889 | 259 | 1,148 | 21% | |
Asset-backed securities | 316 | 97 | 413 | 9% | 315 | 110 | 425 | 8% | |
Derivativesii | (755) | (62) | (817) | (17)% | (720) | (8) | (728) | (13)% | |
Properties | \u2014 | 352 | 352 | 7% | \u2014 | 356 | 356 | 6% | |
Other assets | 66 | 194 | 260 | 5% | 60 | 190 | 250 | 4% | |
Reimbursement right assetiii | \u2014 | 261 | 261 | 5% | \u2014 | 298 | 298 | 5% | |
Total value of assets | 3,668 | 1,164 | 4,832 | 100% | 4,222 | 1,286 | 5,508 | 100% |
Economic basis | ||||||
Fair value of plan and other assets | Present value of benefit obligation | Restriction on surplus | Net economic pension surplus/ (deficit) | Other adjustments | Net pension surplus/ (deficit) | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Net defined benefit pension asset/(liability) at 1 January 2024 | 5,508 | (5,134) | (339) | 35 | (310) | (275) |
Total income/(expense) recognised in the income statementi | ||||||
Current service cost | \u2014 | (7) | \u2014 | (7) | \u2014 | (7) |
Net interest income/(expense) | 245 | (228) | (15) | 2 | (17) | (15) |
Administration expenses | (9) | \u2014 | \u2014 | (9) | \u2014 | (9) |
236 | (235) | (15) | (14) | (17) | (31) | |
Remeasurement (losses)/gainsii | ||||||
Return on the scheme assets less amount included in interest income | (658) | \u2014 | \u2014 | (658) | 43 | (615) |
Gains on changes in demographic assumptions | \u2014 | 126 | \u2014 | 126 | \u2014 | 126 |
Gains on changes in financial assumptions | \u2014 | 501 | \u2014 | 501 | \u2014 | 501 |
Losses on scheme liabilities | \u2014 | (12) | \u2014 | (12) | \u2014 | (12) |
Unrecognisable surplus | \u2014 | \u2014 | 52 | 52 | \u2014 | 52 |
(658) | 615 | 52 | 9 | 43 | 52 | |
Benefit payments | (282) | 282 | \u2014 | \u2014 | 11 | 11 |
Employers\u2019 contributions | 28 | \u2014 | \u2014 | 28 | \u2014 | 28 |
Disinvestment from non-qualifying insurance policies | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 2 |
Net defined benefit pension asset/(liability) at 31 December 2024 | 4,832 | (4,472) | (302) | 58 | (271) | (213) |
Economic basis | ||||||
Fair value of plan and other assets | Present value of benefit obligation | Restriction on surplus | Net economic pension surplus/ (deficit) | Other adjustments | Net pension surplus/ (deficit) | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Net defined benefit pension asset/(liability) at 1 January 2023 | 5,665 | (4,929) | (581) | 155 | \u2014 | 155 |
Total income/(expense) recognised in the income statementi | ||||||
Current service cost | \u2014 | (8) | \u2014 | (8) | \u2014 | (8) |
Net interest | 267 | (233) | (28) | 6 | \u2014 | 6 |
Administration expenses | (11) | \u2014 | \u2014 | (11) | \u2014 | (11) |
256 | (241) | (28) | (13) | \u2014 | (13) | |
Remeasurement (losses)/gainsii | ||||||
Return on the scheme assets less amount included in interest income | (185) | \u2014 | \u2014 | (185) | 26 | (159) |
Gains on changes in demographic assumptions | \u2014 | 27 | \u2014 | 27 | \u2014 | 27 |
Losses on changes in financial assumptions | \u2014 | (233) | \u2014 | (233) | \u2014 | (233) |
Experience losses on scheme liabilities | \u2014 | (29) | \u2014 | (29) | \u2014 | (29) |
Unrecognisable surplus | \u2014 | 270 | 270 | \u2014 | 270 | |
(185) | (235) | 270 | (150) | 26 | (124) | |
Benefit payments | (271) | 271 | \u2014 | \u2014 | \u2014 | \u2014 |
Employers\u2019 contributions | 43 | \u2014 | \u2014 | 43 | \u2014 | 43 |
Disinvestment from the Group\u2019s insurance policies | \u2014 | \u2014 | \u2014 | \u2014 | (11) | (11) |
Reimbursement right assetiii | \u2014 | \u2014 | \u2014 | \u2014 | (325) | (325) |
Net defined benefit pension asset/(liability) at 31 December 2023 | 5,508 | (5,134) | (339) | 35 | (310) | (275) |
All schemes | |||||||
1 year or less | After 1 year to 5 years | After 5 years to 10 years | After 10 years to 15 years | After 15 years to 20 years | Over 20 years | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
As at 31 December 2024 | 275 | 1,168 | 1,506 | 1,473 | 1,350 | 4,125 | 9,897 |
As at 31 December 2023 | 281 | 1,163 | 1,538 | 1,519 | 1,412 | 4,531 | 10,444 |
PSPS | SASPS | M&GGPS | |
As at 31 December 2024 | 11 | 14 | 15 |
As at 31 December 2023 | 12 | 17 | 17 |
2024 | |||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Equity securities and pooled investment funds | 31 | \u2014 | 64,890 | \u2014 | 64,890 |
Loansii | \u2014 | 4,135 | \u2014 | 4,135 | |
Debt securities | 31 | \u2014 | 69,775 | \u2014 | 69,775 |
Derivative assets | 31 | \u2014 | 1,085 | \u2014 | 1,085 |
Deposits | 32 | \u2014 | \u2014 | 15,794 | 15,794 |
Accrued investment income and other debtors | 19 | \u2014 | \u2014 | 2,428 | 2,428 |
Cash and cash equivalents | 20 | \u2014 | \u2014 | 4,838 | 4,838 |
Total financial assets | \u2014 | 139,885 | 23,060 | 162,945 |
Restated i | |||||
2023 | |||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Equity securities and pooled investment funds | 31 | \u2014 | 66,248 | \u2014 | 66,248 |
Loansii | \u2014 | 3,908 | \u2014 | 3,908 | |
Debt securities | 31 | \u2014 | 70,683 | \u2014 | 70,683 |
Derivative assets | 31 | \u2014 | 1,693 | \u2014 | 1,693 |
Deposits | 32 | \u2014 | \u2014 | 16,324 | 16,324 |
Accrued investment income and other debtors | 19 | \u2014 | \u2014 | 2,536 | 2,536 |
Cash and cash equivalents | 20 | \u2014 | \u2014 | 5,148 | 5,148 |
Total financial assets | \u2014 | 142,532 | 24,008 | 166,540 |
2024 | |||||
Fair value through profit\u00a0or loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | 25 | 12,144 | \u2014 | \u2014 | 12,144 |
Third party interest in consolidated funds | 31 | 9,484 | \u2014 | \u2014 | 9,484 |
Subordinated liabilities and other borrowings | 26 | \u2014 | \u2014 | 6,486 | 6,486 |
Derivative liabilities | 31 | \u2014 | 3,202 | \u2014 | 3,202 |
Other financial liabilities | \u2014 | \u2014 | 1,018 | 1,018 | |
Accruals, deferred income and other liabilities | 221 | \u2014 | 4,002 | 4,223 | |
Total financial liabilities | 21,849 | 3,202 | 11,506 | 36,557 |
Restated i | |||||
2023 | |||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | 25 | 12,535 | \u2014 | \u2014 | 12,535 |
Third party interest in consolidated funds | 31 | 9,893 | \u2014 | \u2014 | 9,893 |
Subordinated liabilities and other borrowings | 26 | \u2014 | \u2014 | 7,647 | 7,647 |
Derivative liabilities | 31 | \u2014 | 2,910 | \u2014 | 2,910 |
Other financial liabilities | \u2014 | \u2014 | 1,186 | 1,186 | |
Accruals, deferred income and other liabilities | 239 | \u2014 | 5,844 | 6,083 | |
Total financial liabilities | 22,667 | 2,910 | 14,677 | 40,254 |
2024 | 2023 | ||
With-Profits Fund | With-Profits Fund | ||
As at 31 December | \u00a3m | \u00a3m | |
Investment properties | 4,979 | 5,664 | |
Equity securities and pooled investment funds | 81,194 | 80,996 | |
Loans | 456 | 568 | |
Debt securities | 41,437 | 42,322 | |
Derivative assets | 603 | 1,169 | |
Derivative liabilities | (1,272) | (1,058) | |
Cash and cash equivalents | 1,488 | 1,309 | |
Total assets | 128,885 | 130,970 | |
Non-profit business in the With-Profits Fund | (6,223) | (6,856) | |
Other liabilities | (5,610) | (7,032) | |
Total fair value of VFA underlying items | 117,052 | 117,082 |
2024 | |||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Equity securities and pooled investment funds | 31 | \u2014 | 64,890 | \u2014 | 64,890 |
Loansii | \u2014 | 4,135 | \u2014 | 4,135 | |
Debt securities | 31 | \u2014 | 69,775 | \u2014 | 69,775 |
Derivative assets | 31 | \u2014 | 1,085 | \u2014 | 1,085 |
Deposits | 32 | \u2014 | \u2014 | 15,794 | 15,794 |
Accrued investment income and other debtors | 19 | \u2014 | \u2014 | 2,428 | 2,428 |
Cash and cash equivalents | 20 | \u2014 | \u2014 | 4,838 | 4,838 |
Total financial assets | \u2014 | 139,885 | 23,060 | 162,945 |
Restated i | |||||
2023 | |||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Equity securities and pooled investment funds | 31 | \u2014 | 66,248 | \u2014 | 66,248 |
Loansii | \u2014 | 3,908 | \u2014 | 3,908 | |
Debt securities | 31 | \u2014 | 70,683 | \u2014 | 70,683 |
Derivative assets | 31 | \u2014 | 1,693 | \u2014 | 1,693 |
Deposits | 32 | \u2014 | \u2014 | 16,324 | 16,324 |
Accrued investment income and other debtors | 19 | \u2014 | \u2014 | 2,536 | 2,536 |
Cash and cash equivalents | 20 | \u2014 | \u2014 | 5,148 | 5,148 |
Total financial assets | \u2014 | 142,532 | 24,008 | 166,540 |
2024 | |||||
Fair value through profit\u00a0or loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | 25 | 12,144 | \u2014 | \u2014 | 12,144 |
Third party interest in consolidated funds | 31 | 9,484 | \u2014 | \u2014 | 9,484 |
Subordinated liabilities and other borrowings | 26 | \u2014 | \u2014 | 6,486 | 6,486 |
Derivative liabilities | 31 | \u2014 | 3,202 | \u2014 | 3,202 |
Other financial liabilities | \u2014 | \u2014 | 1,018 | 1,018 | |
Accruals, deferred income and other liabilities | 221 | \u2014 | 4,002 | 4,223 | |
Total financial liabilities | 21,849 | 3,202 | 11,506 | 36,557 |
Restated i | |||||
2023 | |||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | 25 | 12,535 | \u2014 | \u2014 | 12,535 |
Third party interest in consolidated funds | 31 | 9,893 | \u2014 | \u2014 | 9,893 |
Subordinated liabilities and other borrowings | 26 | \u2014 | \u2014 | 7,647 | 7,647 |
Derivative liabilities | 31 | \u2014 | 2,910 | \u2014 | 2,910 |
Other financial liabilities | \u2014 | \u2014 | 1,186 | 1,186 | |
Accruals, deferred income and other liabilities | 239 | \u2014 | 5,844 | 6,083 | |
Total financial liabilities | 22,667 | 2,910 | 14,677 | 40,254 |
2024 | 2023 | ||
With-Profits Fund | With-Profits Fund | ||
As at 31 December | \u00a3m | \u00a3m | |
Investment properties | 4,979 | 5,664 | |
Equity securities and pooled investment funds | 81,194 | 80,996 | |
Loans | 456 | 568 | |
Debt securities | 41,437 | 42,322 | |
Derivative assets | 603 | 1,169 | |
Derivative liabilities | (1,272) | (1,058) | |
Cash and cash equivalents | 1,488 | 1,309 | |
Total assets | 128,885 | 130,970 | |
Non-profit business in the With-Profits Fund | (6,223) | (6,856) | |
Other liabilities | (5,610) | (7,032) | |
Total fair value of VFA underlying items | 117,052 | 117,082 |
2024 | |||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Equity securities and pooled investment funds | 31 | \u2014 | 64,890 | \u2014 | 64,890 |
Loansii | \u2014 | 4,135 | \u2014 | 4,135 | |
Debt securities | 31 | \u2014 | 69,775 | \u2014 | 69,775 |
Derivative assets | 31 | \u2014 | 1,085 | \u2014 | 1,085 |
Deposits | 32 | \u2014 | \u2014 | 15,794 | 15,794 |
Accrued investment income and other debtors | 19 | \u2014 | \u2014 | 2,428 | 2,428 |
Cash and cash equivalents | 20 | \u2014 | \u2014 | 4,838 | 4,838 |
Total financial assets | \u2014 | 139,885 | 23,060 | 162,945 |
Restated i | |||||
2023 | |||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Equity securities and pooled investment funds | 31 | \u2014 | 66,248 | \u2014 | 66,248 |
Loansii | \u2014 | 3,908 | \u2014 | 3,908 | |
Debt securities | 31 | \u2014 | 70,683 | \u2014 | 70,683 |
Derivative assets | 31 | \u2014 | 1,693 | \u2014 | 1,693 |
Deposits | 32 | \u2014 | \u2014 | 16,324 | 16,324 |
Accrued investment income and other debtors | 19 | \u2014 | \u2014 | 2,536 | 2,536 |
Cash and cash equivalents | 20 | \u2014 | \u2014 | 5,148 | 5,148 |
Total financial assets | \u2014 | 142,532 | 24,008 | 166,540 |
2024 | |||||
Fair value through profit\u00a0or loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | 25 | 12,144 | \u2014 | \u2014 | 12,144 |
Third party interest in consolidated funds | 31 | 9,484 | \u2014 | \u2014 | 9,484 |
Subordinated liabilities and other borrowings | 26 | \u2014 | \u2014 | 6,486 | 6,486 |
Derivative liabilities | 31 | \u2014 | 3,202 | \u2014 | 3,202 |
Other financial liabilities | \u2014 | \u2014 | 1,018 | 1,018 | |
Accruals, deferred income and other liabilities | 221 | \u2014 | 4,002 | 4,223 | |
Total financial liabilities | 21,849 | 3,202 | 11,506 | 36,557 |
Restated i | |||||
2023 | |||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | 25 | 12,535 | \u2014 | \u2014 | 12,535 |
Third party interest in consolidated funds | 31 | 9,893 | \u2014 | \u2014 | 9,893 |
Subordinated liabilities and other borrowings | 26 | \u2014 | \u2014 | 7,647 | 7,647 |
Derivative liabilities | 31 | \u2014 | 2,910 | \u2014 | 2,910 |
Other financial liabilities | \u2014 | \u2014 | 1,186 | 1,186 | |
Accruals, deferred income and other liabilities | 239 | \u2014 | 5,844 | 6,083 | |
Total financial liabilities | 22,667 | 2,910 | 14,677 | 40,254 |
2024 | 2023 | ||
With-Profits Fund | With-Profits Fund | ||
As at 31 December | \u00a3m | \u00a3m | |
Investment properties | 4,979 | 5,664 | |
Equity securities and pooled investment funds | 81,194 | 80,996 | |
Loans | 456 | 568 | |
Debt securities | 41,437 | 42,322 | |
Derivative assets | 603 | 1,169 | |
Derivative liabilities | (1,272) | (1,058) | |
Cash and cash equivalents | 1,488 | 1,309 | |
Total assets | 128,885 | 130,970 | |
Non-profit business in the With-Profits Fund | (6,223) | (6,856) | |
Other liabilities | (5,610) | (7,032) | |
Total fair value of VFA underlying items | 117,052 | 117,082 |
2024 | |||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Equity securities and pooled investment funds | 31 | \u2014 | 64,890 | \u2014 | 64,890 |
Loansii | \u2014 | 4,135 | \u2014 | 4,135 | |
Debt securities | 31 | \u2014 | 69,775 | \u2014 | 69,775 |
Derivative assets | 31 | \u2014 | 1,085 | \u2014 | 1,085 |
Deposits | 32 | \u2014 | \u2014 | 15,794 | 15,794 |
Accrued investment income and other debtors | 19 | \u2014 | \u2014 | 2,428 | 2,428 |
Cash and cash equivalents | 20 | \u2014 | \u2014 | 4,838 | 4,838 |
Total financial assets | \u2014 | 139,885 | 23,060 | 162,945 |
Restated i | |||||
2023 | |||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Equity securities and pooled investment funds | 31 | \u2014 | 66,248 | \u2014 | 66,248 |
Loansii | \u2014 | 3,908 | \u2014 | 3,908 | |
Debt securities | 31 | \u2014 | 70,683 | \u2014 | 70,683 |
Derivative assets | 31 | \u2014 | 1,693 | \u2014 | 1,693 |
Deposits | 32 | \u2014 | \u2014 | 16,324 | 16,324 |
Accrued investment income and other debtors | 19 | \u2014 | \u2014 | 2,536 | 2,536 |
Cash and cash equivalents | 20 | \u2014 | \u2014 | 5,148 | 5,148 |
Total financial assets | \u2014 | 142,532 | 24,008 | 166,540 |
2024 | |||||
Fair value through profit\u00a0or loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | 25 | 12,144 | \u2014 | \u2014 | 12,144 |
Third party interest in consolidated funds | 31 | 9,484 | \u2014 | \u2014 | 9,484 |
Subordinated liabilities and other borrowings | 26 | \u2014 | \u2014 | 6,486 | 6,486 |
Derivative liabilities | 31 | \u2014 | 3,202 | \u2014 | 3,202 |
Other financial liabilities | \u2014 | \u2014 | 1,018 | 1,018 | |
Accruals, deferred income and other liabilities | 221 | \u2014 | 4,002 | 4,223 | |
Total financial liabilities | 21,849 | 3,202 | 11,506 | 36,557 |
Restated i | |||||
2023 | |||||
Fair value through profit\u00a0or\u00a0loss | Amortised cost | ||||
Designated | Mandatory | Total | |||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | 25 | 12,535 | \u2014 | \u2014 | 12,535 |
Third party interest in consolidated funds | 31 | 9,893 | \u2014 | \u2014 | 9,893 |
Subordinated liabilities and other borrowings | 26 | \u2014 | \u2014 | 7,647 | 7,647 |
Derivative liabilities | 31 | \u2014 | 2,910 | \u2014 | 2,910 |
Other financial liabilities | \u2014 | \u2014 | 1,186 | 1,186 | |
Accruals, deferred income and other liabilities | 239 | \u2014 | 5,844 | 6,083 | |
Total financial liabilities | 22,667 | 2,910 | 14,677 | 40,254 |
2024 | 2023 | ||
With-Profits Fund | With-Profits Fund | ||
As at 31 December | \u00a3m | \u00a3m | |
Investment properties | 4,979 | 5,664 | |
Equity securities and pooled investment funds | 81,194 | 80,996 | |
Loans | 456 | 568 | |
Debt securities | 41,437 | 42,322 | |
Derivative assets | 603 | 1,169 | |
Derivative liabilities | (1,272) | (1,058) | |
Cash and cash equivalents | 1,488 | 1,309 | |
Total assets | 128,885 | 130,970 | |
Non-profit business in the With-Profits Fund | (6,223) | (6,856) | |
Other liabilities | (5,610) | (7,032) | |
Total fair value of VFA underlying items | 117,052 | 117,082 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Interest receivable | 907 | 893 |
Other accrued investment income and prepayments | 314 | 376 |
Total interest receivable, accrued investment income and prepayments | 1,221 | 1,269 |
Other debtors: | ||
Outstanding sales of investment securities | 117 | 170 |
Investment management fee debtors | 124 | 127 |
Property related debtors | 283 | 272 |
Cancellation of units awaiting settlement | 18 | 19 |
Finance leases | 183 | 176 |
Other | 560 | 503 |
Total accrued investment income and other debtors | 2,506 | 2,536 |
Analysed as: | ||
Expected to be settled within one year | 1,973 | 2,303 |
Expected to be settled after one year | 533 | 233 |
Total accrued investment income and other debtors | 2,506 | 2,536 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Less than 1 year | 8 | 9 |
After 1 year to 2 years | 15 | 12 |
After 2 years to 3 years | 14 | 17 |
After 3 years to 4 years | 15 | 17 |
After 4 years to 5 years | 15 | 18 |
Over 5 years | 475 | 502 |
542 | 575 | |
Unearned finance income | (359) | (399) |
Net investment in finance leases | 183 | 176 |
Restated i | ||
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Cash | 3,220 | 3,642 |
Cash equivalents | 1,618 | 1,506 |
Total cash and cash equivalents | 4,838 | 5,148 |
2024 | 2023 | ||||||
Issued shares of 5p fully paid | Number of ordinary shares | Share capital | Share premium | Number of ordinary shares | Share capital | Share premium | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | ||||
At 1 January | 2,382,058,117 | 119 | 379 | 2,374,712,121 | 119 | 370 | |
Shares issued to settle employee share option schemes | 3,110,167 | \u2014 | 4 | 7,345,996 | \u2014 | 9 | |
Shares issued to employee benefit trusts | 22,000,000 | 1 | \u2014 | \u2014 | \u2014 | \u2014 | |
At 31 December | 2,407,168,284 | 120 | 383 | 2,382,058,117 | 119 | 379 |
2024 | 2023 | |
For the year ended 31 December | Number of shares | Number of shares |
At 1 January | 21,496,591 | 46,767,653 |
Shares acquired and transferred from treasury shares during the period | 15,281,422 | 16,635,485 |
Newly issued shares acquired | 22,000,000 | \u2014 |
Shares awarded during the period | (22,180,066) | (41,906,547) |
At 31 December | 36,597,947 | 21,496,591 |
Equity-settled share-based payment reserve | Merger reserve | Foreign currency translation reserve | Capital redemption reserve | Total Other reserves | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
As at 1 January 2024 | 89 | (11,732) | (1) | 11 | (11,633) |
Exchange movements arising on foreign operations | \u2014 | \u2014 | (15) | \u2014 | (15) |
Total items recognised in comprehensive income | \u2014 | \u2014 | (15) | \u2014 | (15) |
Vested employee share-based payments | (33) | \u2014 | \u2014 | \u2014 | (33) |
Expense recognised in respect of share-based payments | 40 | \u2014 | \u2014 | \u2014 | 40 |
Tax effect of items recognised directly in equity | (1) | \u2014 | \u2014 | \u2014 | (1) |
Net increase/(decrease) in equity | 6 | \u2014 | (15) | \u2014 | (9) |
As at 31 December 2024 | 95 | (11,732) | (16) | 11 | (11,642) |
Equity-settled share-based payment reserve | Merger reserve | Foreign currency translation reserve | Capital redemption reserve | Total other reserves | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
As at 1 January 2023 | 101 | (11,732) | 7 | 11 | (11,613) |
Exchange movements arising on foreign operations | \u2014 | \u2014 | (8) | \u2014 | (8) |
Total items recognised in comprehensive income | \u2014 | \u2014 | (8) | \u2014 | (8) |
Vested employee share-based payments | (42) | \u2014 | \u2014 | \u2014 | (42) |
Expense recognised in respect of share-based payments | 32 | \u2014 | \u2014 | \u2014 | 32 |
Tax effect of items recognised directly in equity | (2) | \u2014 | \u2014 | \u2014 | (2) |
Net decrease in equity | (12) | \u2014 | (8) | \u2014 | (20) |
As at 31 December 2023 | 89 | (11,732) | (1) | 11 | (11,633) |
2024 | 2023 | ||||||
Issued shares of 5p fully paid | Number of ordinary shares | Share capital | Share premium | Number of ordinary shares | Share capital | Share premium | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | ||||
At 1 January | 2,382,058,117 | 119 | 379 | 2,374,712,121 | 119 | 370 | |
Shares issued to settle employee share option schemes | 3,110,167 | \u2014 | 4 | 7,345,996 | \u2014 | 9 | |
Shares issued to employee benefit trusts | 22,000,000 | 1 | \u2014 | \u2014 | \u2014 | \u2014 | |
At 31 December | 2,407,168,284 | 120 | 383 | 2,382,058,117 | 119 | 379 |
2024 | 2023 | |
For the year ended 31 December | Number of shares | Number of shares |
At 1 January | 21,496,591 | 46,767,653 |
Shares acquired and transferred from treasury shares during the period | 15,281,422 | 16,635,485 |
Newly issued shares acquired | 22,000,000 | \u2014 |
Shares awarded during the period | (22,180,066) | (41,906,547) |
At 31 December | 36,597,947 | 21,496,591 |
Equity-settled share-based payment reserve | Merger reserve | Foreign currency translation reserve | Capital redemption reserve | Total Other reserves | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
As at 1 January 2024 | 89 | (11,732) | (1) | 11 | (11,633) |
Exchange movements arising on foreign operations | \u2014 | \u2014 | (15) | \u2014 | (15) |
Total items recognised in comprehensive income | \u2014 | \u2014 | (15) | \u2014 | (15) |
Vested employee share-based payments | (33) | \u2014 | \u2014 | \u2014 | (33) |
Expense recognised in respect of share-based payments | 40 | \u2014 | \u2014 | \u2014 | 40 |
Tax effect of items recognised directly in equity | (1) | \u2014 | \u2014 | \u2014 | (1) |
Net increase/(decrease) in equity | 6 | \u2014 | (15) | \u2014 | (9) |
As at 31 December 2024 | 95 | (11,732) | (16) | 11 | (11,642) |
Equity-settled share-based payment reserve | Merger reserve | Foreign currency translation reserve | Capital redemption reserve | Total other reserves | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
As at 1 January 2023 | 101 | (11,732) | 7 | 11 | (11,613) |
Exchange movements arising on foreign operations | \u2014 | \u2014 | (8) | \u2014 | (8) |
Total items recognised in comprehensive income | \u2014 | \u2014 | (8) | \u2014 | (8) |
Vested employee share-based payments | (42) | \u2014 | \u2014 | \u2014 | (42) |
Expense recognised in respect of share-based payments | 32 | \u2014 | \u2014 | \u2014 | 32 |
Tax effect of items recognised directly in equity | (2) | \u2014 | \u2014 | \u2014 | (2) |
Net decrease in equity | (12) | \u2014 | (8) | \u2014 | (20) |
As at 31 December 2023 | 89 | (11,732) | (1) | 11 | (11,633) |
2024 | ||||
Shareholder-backed funds | ||||
With-profits sub-fundsi | Unit-linked liabilities | Annuity and other long-term business | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Insurance contract liabilities | ||||
Insurance contract liabilities | 28,777 | 4,108 | 13,686 | 46,571 |
Investment contracts with DPF liabilities | 94,467 | \u2014 | 226 | 94,693 |
123,244 | 4,108 | 13,912 | 141,264 | |
Insurance contract assets | ||||
Insurance contract assets | \u2014 | \u2014 | 39 | 39 |
\u2014 | \u2014 | 39 | 39 | |
Reinsurance contracts | ||||
Reinsurance contract assets | 15 | 4 | 1,024 | 1,043 |
Reinsurance contract liabilities | 1 | 22 | 257 | 280 |
2023 | ||||
Shareholder-backed funds | ||||
With-profits sub-fundsi, ii | Unit-linked liabilities | Annuity and other long-term business | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Insurance contract liabilities | ||||
Insurance contract liabilities | 30,461 | 4,404 | 13,892 | 48,757 |
Investment contracts with DPF liabilities | 93,135 | \u2014 | 243 | 93,378 |
123,596 | 4,404 | 14,135 | 142,135 | |
Insurance contract assets | ||||
Insurance contract assets | \u2014 | \u2014 | 44 | 44 |
\u2014 | \u2014 | 44 | 44 | |
Reinsurance contracts | ||||
Reinsurance contract assets | 11 | 7 | 1,081 | 1,099 |
Reinsurance contract liabilities | 1 | 21 | 335 | 357 |
1 year | 5 years | 10 years | 15 years | 20 years | 25 years | 30 years | |
With-profits contracts | 4.85% | 4.43% | 4.46% | 4.62% | 4.70% | 4.69% | 4.62% |
Unit-linked contracts | 4.46% | 4.04% | 4.07% | 4.23% | 4.30% | 4.30% | 4.23% |
Non-profit annuities \u2013 shareholder-backed | 5.95% | 5.53% | 5.56% | 5.72% | 5.79% | 5.79% | 5.72% |
Non-profit annuities \u2013 in the With-Profits Fund | 5.89% | 5.47% | 5.50% | 5.66% | 5.73% | 5.72% | 5.66% |
1 year | 5 years | 10 years | 15 years | 20 years | 25 years | 30 years | |
With-profits contracts | 5.20% | 3.82% | 3.75% | 3.86% | 3.90% | 3.88% | 3.82% |
Unit-linked contracts | 4.74% | 3.35% | 3.28% | 3.40% | 3.43% | 3.41% | 3.35% |
Non-profit annuities \u2013 shareholder-backed | 6.41% | 5.03% | 4.96% | 5.08% | 5.11% | 5.09% | 5.03% |
Non-profit annuities \u2013 in the With-Profits Fund | 6.34% | 4.96% | 4.89% | 5.00% | 5.04% | 5.02% | 4.96% |
Shareholder-backed annuities | Annuities in the With-Profits Fund | |
Credit risk allowance | 53 bps | 56 bps |
Credit risk allowance as proportion of spread over swaps | 25.67% | 25.56% |
Net of reinsurance credit reserve (\u00a3m) | 454 | 157 |
Shareholder-backed annuities | Annuities in the With-Profits Fund | |
Credit risk allowance | 56 bps | 57 bps |
Credit risk allowance as proportion of spread over swaps | 24.57% | 24.73% |
Net of reinsurance credit reserve (\u00a3m) | 516 | 199 |
31 December 2024 | 31 December 2023 | |
With-profits contracts | 0% - 30% | 0% - 30% |
Unit-linked contracts | 0% - 16% | 0% - 16% |
Non-profit annuities \u2013 shareholder-backed | N/A | N/A |
Non-profit annuities \u2013 in the With-Profits Fund | N/A | N/A |
31 December 2024 | 31 December 2023 | |
\u00a3 pa | \u00a3 pa | |
With-profits contracts | 8 - 199 | 7 - 239 |
Unit-linked contractsi | 44 - 186 | 43 - 239 |
Non-profit annuities \u2013 shareholder-backed | 36 - 68 | 35 - 57 |
Non-profit annuities \u2013 in the With-Profits Fund | 37 | 36 |
As at 31 December | ||
2024 | 2023 | |
Confidence level (percentile of the Group\u2019s one year risk distributions) | 75th | 75th |
Confidence level (percentile of the risk distributions over the remaining lifetime) | 60th | 60th |
Period ended | Model versioni, ii | Long-term improvement rateiii | Smoothing parameter (Sk)iv |
31 December 2024 | CMI 2022 | For males: 1.60% pa For females: 1.60% pa | For males: 7.25 For females: 7.25 |
31 December 2023 | CMI 2021 | For males: 1.60% pa For females: 1.60% pa | For males: 7.25 For females: 7.75 |
2024 | 2023 | ||||||||
Liabilities for remaining coverage | Liabilities for remaining coverage | ||||||||
Excluding loss component | Loss component | Liabilities for incurred claims | Total | Excluding loss component | Loss component | Liabilities for incurred claims | Total | ||
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening insurance contract liabilities | 141,007 | 80 | 1,048 | 142,135 | 140,841 | 106 | 1,029 | 141,976 | |
Opening insurance contract assets | (50) | \u2014 | 6 | (44) | (43) | \u2014 | 4 | (39) | |
Net opening balance | 140,957 | 80 | 1,054 | 142,091 | 140,798 | 106 | 1,033 | 141,937 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | (692) | \u2014 | \u2014 | (692) | (337) | \u2014 | \u2014 | (337) | |
Contracts under the fair value transition approach | (3,216) | \u2014 | \u2014 | (3,216) | (3,239) | \u2014 | \u2014 | (3,239) | |
New contracts and contracts under the fully retrospective transition approach | (187) | \u2014 | \u2014 | (187) | (311) | \u2014 | \u2014 | (311) | |
(4,095) | \u2014 | \u2014 | (4,095) | (3,887) | \u2014 | \u2014 | (3,887) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | (5) | 2,862 | 2,857 | \u2014 | (7) | 2,859 | 2,852 | |
Amortisation of insurance acquisition cash flows | 73 | \u2014 | \u2014 | 73 | 56 | \u2014 | \u2014 | 56 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | 3 | 3 | \u2014 | \u2014 | (54) | (54) | |
Losses and reversals of losses on onerous contracts | \u2014 | 38 | \u2014 | 38 | \u2014 | (20) | \u2014 | (20) | |
73 | 33 | 2,865 | 2,971 | 56 | (27) | 2,805 | 2,834 | ||
Insurance service result | (4,022) | 33 | 2,865 | (1,124) | (3,831) | (27) | 2,805 | (1,053) | |
Finance expense/(income) from insurance contracts issued | 8,432 | (6) | \u2014 | 8,426 | 7,329 | 1 | (12) | 7,318 | |
Total changes in income statement | 4,410 | 27 | 2,865 | 7,302 | 3,498 | (26) | 2,793 | 6,265 | |
Investment components and premium refunds | (12,023) | \u2014 | 12,023 | \u2014 | (10,924) | \u2014 | 10,924 | \u2014 | |
Cash flows | |||||||||
Premiums received | 6,988 | \u2014 | \u2014 | 6,988 | 7,748 | \u2014 | \u2014 | 7,748 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (14,991) | (14,991) | \u2014 | \u2014 | (13,696) | (13,696) | |
Insurance acquisition cash flows | (165) | \u2014 | \u2014 | (165) | (163) | \u2014 | \u2014 | (163) | |
Total cash flows | 6,823 | \u2014 | (14,991) | (8,168) | 7,585 | \u2014 | (13,696) | (6,111) | |
Net closing balance | 140,167 | 107 | 951 | 141,225 | 140,957 | 80 | 1,054 | 142,091 | |
Closing insurance contract liabilities | 140,213 | 107 | 944 | 141,264 | 141,007 | 80 | 1,048 | 142,135 | |
Closing insurance contract assets | (46) | \u2014 | 7 | (39) | (50) | \u2014 | 6 | (44) | |
Net closing balance | 140,167 | 107 | 951 | 141,225 | 140,957 | 80 | 1,054 | 142,091 |
2024 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 135,738 | 632 | 1,747 | 3,609 | 409 | 5,765 | 142,135 |
Opening insurance contract assets | (93) | 4 | \u2014 | 12 | 33 | 45 | (44) |
Net opening balance | 135,645 | 636 | 1,747 | 3,621 | 442 | 5,810 | 142,091 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (241) | (441) | (63) | (745) | (745) |
Change in the risk adjustment for non-financial risk for the risk expired | \u2014 | (62) | \u2014 | \u2014 | \u2014 | \u2014 | (62) |
Revenue recognised for incurred policyholder tax | (360) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (360) |
Experience adjustments | 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 |
(357) | (62) | (241) | (441) | (63) | (745) | (1,164) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (186) | 31 | \u2014 | \u2014 | 155 | 155 | \u2014 |
Changes in estimates reflected in the CSM | (897) | (19) | 289 | 582 | 45 | 916 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | 39 | (2) | \u2014 | \u2014 | \u2014 | \u2014 | 37 |
(1,044) | 10 | 289 | 582 | 200 | 1,071 | 37 | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 |
3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 | |
Insurance service result | (1,398) | (52) | 48 | 141 | 137 | 326 | (1,124) |
Finance expense/(income) from insurance contracts issued | 8,043 | 33 | 113 | 195 | 42 | 350 | 8,426 |
Total changes in income statement | 6,645 | (19) | 161 | 336 | 179 | 676 | 7,302 |
Cash flows | |||||||
Premiums received | 6,988 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6,988 |
Incurred claims paid and other insurance service expenses paid including investment component | (14,991) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (14,991) |
Insurance acquisition cash flows | (165) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (165) |
Total cash flows | (8,168) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (8,168) |
Net closing balance | 134,122 | 617 | 1,908 | 3,957 | 621 | 6,486 | 141,225 |
Closing insurance contract liabilities | 134,216 | 613 | 1,908 | 3,943 | 584 | 6,435 | 141,264 |
Closing insurance contract assets | (94) | 4 | \u2014 | 14 | 37 | 51 | (39) |
Net closing balance | 134,122 | 617 | 1,908 | 3,957 | 621 | 6,486 | 141,225 |
2023 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 135,373 | 624 | 2,041 | 3,694 | 244 | 5,979 | 141,976 |
Opening insurance contract assets | (76) | 3 | \u2014 | 11 | 23 | 34 | (39) |
Net opening balance | 135,297 | 627 | 2,041 | 3,705 | 267 | 6,013 | 141,937 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (221) | (383) | (45) | (649) | (649) |
Change in the risk adjustment for non-financial risk for the risk expired | \u2014 | (57) | \u2014 | \u2014 | \u2014 | \u2014 | (57) |
Revenue recognised for incurred policyholder tax | (255) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (255) |
Experience adjustments | (18) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (18) |
(273) | (57) | (221) | (383) | (45) | (649) | (979) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (181) | 16 | \u2014 | \u2014 | 165 | 165 | \u2014 |
Changes in estimates reflected in the CSM | 46 | 31 | (194) | 93 | 24 | (77) | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | (20) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (20) |
(155) | 47 | (194) | 93 | 189 | 88 | (20) | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | (54) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (54) |
(54) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (54) | |
Insurance service result | (482) | (10) | (415) | (290) | 144 | (561) | (1,053) |
Finance expense/(income) from insurance contracts issuedi | 6,941 | 19 | 121 | 206 | 31 | 358 | 7,318 |
Total changes in income statement | 6,459 | 9 | (294) | (84) | 175 | (203) | 6,265 |
Cash flows | |||||||
Premiums received | 7,748 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 7,748 |
Incurred claims paid and other insurance service expenses paid including investment component | (13,696) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (13,696) |
Insurance acquisition cash flows | (163) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (163) |
Total cash flows | (6,111) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (6,111) |
Net closing balance | 135,645 | 636 | 1,747 | 3,621 | 442 | 5,810 | 142,091 |
Closing insurance contract liabilities | 135,738 | 632 | 1,747 | 3,609 | 409 | 5,765 | 142,135 |
Closing insurance contract assets | (93) | 4 | \u2014 | 12 | 33 | 45 | (44) |
Net closing balance | 135,645 | 636 | 1,747 | 3,621 | 442 | 5,810 | 142,091 |
2024 | 2023 | ||||||||
Assets for remaining coverage | Assets for remaining coverage | ||||||||
Excluding loss recovery component | Loss recovery component | Recoverable for incurred claims | Total | Excluding loss recovery component | Loss recovery component | Recoverable for incurred claims | Total | ||
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening reinsurance contract liabilities | 369 | \u2014 | (12) | 357 | 363 | \u2014 | (15) | 348 | |
Opening reinsurance contract assets | (999) | (41) | (59) | (1,099) | (931) | (52) | (99) | (1,082) | |
Net opening balance | (630) | (41) | (71) | (742) | (568) | (52) | (114) | (734) | |
Net expenses from reinsurance contracts held | |||||||||
Allocation of reinsurance premiums paid | 516 | \u2014 | \u2014 | 516 | 493 | \u2014 | \u2014 | 493 | |
Amounts recoverable from reinsurers: | |||||||||
Recoveries of incurred claims and other insurance service expenses | \u2014 | \u2014 | (466) | (466) | \u2014 | \u2014 | (463) | (463) | |
Recoveries and reversals of recoveries of losses on onerous underlying contracts | \u2014 | (19) | \u2014 | (19) | \u2014 | 11 | \u2014 | 11 | |
Adjustments to assets for incurred claims | \u2014 | \u2014 | (3) | (3) | \u2014 | \u2014 | 54 | 54 | |
\u2014 | (19) | (469) | (488) | \u2014 | 11 | (409) | (398) | ||
Effect of changes in the risk of reinsurers non-performance | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
516 | (19) | (469) | 28 | 493 | 11 | (409) | 95 | ||
Finance expenses/(income) from reinsurance contracts held | 10 | \u2014 | \u2014 | 10 | (39) | \u2014 | \u2014 | (39) | |
Total changes in income statement | 526 | (19) | (469) | 38 | 454 | 11 | (409) | 56 | |
Cash flows | |||||||||
Premiums and similar expenses paid | (528) | \u2014 | \u2014 | (528) | (516) | \u2014 | \u2014 | (516) | |
Amounts recovered | \u2014 | \u2014 | 469 | 469 | \u2014 | \u2014 | 452 | 452 | |
Total cash flows | (528) | \u2014 | 469 | (59) | (516) | \u2014 | 452 | (64) | |
Net closing balance | (632) | (60) | (71) | (763) | (630) | (41) | (71) | (742) | |
Closing reinsurance contract liabilities | 290 | \u2014 | (10) | 280 | 369 | \u2014 | (12) | 357 | |
Closing reinsurance contract assets | (922) | (60) | (61) | (1,043) | (999) | (41) | (59) | (1,099) | |
Net closing balance | (632) | (60) | (71) | (763) | (630) | (41) | (71) | (742) |
2024 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening reinsurance contract liabilities | 581 | (94) | \u2014 | (129) | (1) | (130) | 357 |
Opening reinsurance contract assets | (847) | (55) | (5) | (8) | (184) | (197) | (1,099) |
Net opening balance | (266) | (149) | (5) | (137) | (185) | (327) | (742) |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services received | \u2014 | \u2014 | \u2014 | 22 | 6 | 28 | 28 |
Change in the risk adjustment for non-financial risk for the risk expired | \u2014 | 14 | \u2014 | \u2014 | \u2014 | \u2014 | 14 |
Experience adjustments | 14 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 14 |
14 | 14 | \u2014 | 22 | 6 | 28 | 56 | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | 26 | (11) | \u2014 | \u2014 | (15) | (15) | \u2014 |
Changes in estimates reflected in the CSM | 125 | 4 | \u2014 | (125) | (4) | (129) | \u2014 |
Changes in the fulfilment cash flows that do not adjust the CSM for the group of underlying contracts | (25) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (25) |
126 | (7) | \u2014 | (125) | (19) | (144) | (25) | |
Changes that relate to past services | |||||||
Asset for incurred claims | (3) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (3) |
(3) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (3) | |
Insurance service result | 137 | 7 | \u2014 | (103) | (13) | (116) | 28 |
Net finance income from reinsurance contracts | 16 | 4 | \u2014 | (6) | (4) | (10) | 10 |
Total changes in the income statement | 153 | 11 | \u2014 | (109) | (17) | (126) | 38 |
Cash flows | |||||||
Premiums and similar expenses paid | (528) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (528) |
Amounts recovered | 469 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 469 |
Total cash flows | (59) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (59) |
Net closing balance | (172) | (138) | (5) | (246) | (202) | (453) | (763) |
Closing reinsurance contract liabilities | 621 | (94) | \u2014 | (232) | (15) | (247) | 280 |
Closing reinsurance contract assets | (793) | (44) | (5) | (14) | (187) | (206) | (1,043) |
Net closing balance | (172) | (138) | (5) | (246) | (202) | (453) | (763) |
2023 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening reinsurance contract liabilities | 567 | (95) | \u2014 | (123) | (1) | (124) | 348 |
Opening reinsurance contract assets | (855) | (54) | (6) | (5) | (162) | (173) | (1,082) |
Net opening balance | (288) | (149) | (6) | (128) | (163) | (297) | (734) |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services received | \u2014 | \u2014 | 1 | 11 | 4 | 16 | 16 |
Change in the risk adjustment for non-financial risk for the risk expired | \u2014 | 10 | \u2014 | \u2014 | \u2014 | \u2014 | 10 |
Experience adjustments | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
4 | 10 | 1 | 11 | 4 | 16 | 30 | |
Changes that relate to future services | |||||||
Changes in estimates reflected in the CSM | 44 | (4) | \u2014 | (17) | (22) | (39) | 1 |
Changes in the fulfilment cash flows that do not adjust the CSM for the group of underlying contracts | 10 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 10 |
54 | (4) | \u2014 | (17) | (22) | (39) | 11 | |
Changes that relate to past services | |||||||
Asset for incurred claims | 54 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 54 |
54 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 54 | |
Insurance service result | 112 | 6 | 1 | (6) | (18) | (23) | 95 |
Net finance income from reinsurance contracts | (26) | (6) | \u2014 | (3) | (4) | (7) | (39) |
Total changes in the income statement | 86 | \u2014 | 1 | (9) | (22) | (30) | 56 |
Cash flows | |||||||
Premiums and similar expenses paid | (516) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (516) |
Amounts recovered | 452 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 452 |
Total cash flows | (64) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (64) |
Net closing balance | (266) | (149) | (5) | (137) | (185) | (327) | (742) |
Closing reinsurance contract liabilities | 581 | (94) | \u2014 | (129) | (1) | (130) | 357 |
Closing reinsurance contract assets | (847) | (55) | (5) | (8) | (184) | (197) | (1,099) |
Net closing balance | (266) | (149) | (5) | (137) | (185) | (327) | (742) |
2024 | 2023 | ||||||||
Liabilities for remaining coverage | Liabilities for remaining coverage | ||||||||
Excluding loss component and liability for incurred claims | Loss component | Liabilities for incurred claims | Total | Excluding loss component and liability for incurred claims | Loss component | Liabilities for incurred claims | Total | ||
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening insurance contract liabilities | 123,197 | 11 | 388 | 123,596 | 122,807 | 7 | 363 | 123,177 | |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net opening balance | 123,197 | 11 | 388 | 123,596 | 122,807 | 7 | 363 | 123,177 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | (686) | \u2014 | \u2014 | (686) | (331) | \u2014 | \u2014 | (331) | |
Contracts under the fair value transition approach | (1,866) | \u2014 | \u2014 | (1,866) | (1,863) | \u2014 | \u2014 | (1,863) | |
New contracts and contracts under the fully retrospective transition approach | (63) | \u2014 | \u2014 | (63) | (213) | \u2014 | \u2014 | (213) | |
(2,615) | \u2014 | \u2014 | (2,615) | (2,407) | \u2014 | \u2014 | (2,407) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | (1) | 1,630 | 1,629 | \u2014 | \u2014 | 1,597 | 1,597 | |
Amortisation of insurance acquisition cash flows | 43 | \u2014 | \u2014 | 43 | 26 | \u2014 | \u2014 | 26 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Losses and reversals of losses on onerous contracts | \u2014 | (1) | \u2014 | (1) | \u2014 | 4 | \u2014 | 4 | |
43 | (2) | 1,630 | 1,671 | 26 | 4 | 1,597 | 1,627 | ||
Insurance service result | (2,572) | (2) | 1,630 | (944) | (2,381) | 4 | 1,597 | (780) | |
Finance expense/(income) from insurance contracts issued | 8,019 | \u2014 | \u2014 | 8,019 | 6,144 | \u2014 | (12) | 6,132 | |
Total changes in income statement | 5,447 | (2) | 1,630 | 7,075 | 3,763 | 4 | 1,585 | 5,352 | |
Investment components and premium refunds | (11,459) | \u2014 | 11,459 | \u2014 | (10,391) | \u2014 | 10,391 | \u2014 | |
Cash flows | |||||||||
Premiums received | 5,803 | \u2014 | \u2014 | 5,803 | 7,157 | \u2014 | \u2014 | 7,157 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (13,101) | (13,101) | \u2014 | \u2014 | (11,951) | (11,951) | |
Insurance acquisition cash flows | (129) | \u2014 | \u2014 | (129) | (139) | \u2014 | \u2014 | (139) | |
Total cash flows | 5,674 | \u2014 | (13,101) | (7,427) | 7,018 | \u2014 | (11,951) | (4,933) | |
Net closing balance | 122,859 | 9 | 376 | 123,244 | 123,197 | 11 | 388 | 123,596 | |
Closing insurance contract liabilities | 122,859 | 9 | 376 | 123,244 | 123,197 | 11 | 388 | 123,596 | |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net closing balance | 122,859 | 9 | 376 | 123,244 | 123,197 | 11 | 388 | 123,596 |
2024 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non-financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 119,435 | 222 | 1,747 | 1,877 | 315 | 3,939 | 123,596 |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net opening balance | 119,435 | 222 | 1,747 | 1,877 | 315 | 3,939 | 123,596 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (241) | (277) | (50) | (568) | (568) |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | (25) | \u2014 | \u2014 | \u2014 | \u2014 | (25) |
Revenue recognised for incurred policyholder tax | (356) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (356) |
Experience adjustments | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6 |
(350) | (25) | (241) | (277) | (50) | (568) | (943) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (96) | 4 | \u2014 | \u2014 | 92 | 92 | \u2014 |
Changes in estimates reflected in the CSM | (583) | (12) | 289 | 252 | 54 | 595 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | (1) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (1) |
(680) | (8) | 289 | 252 | 146 | 687 | (1) | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Insurance service result | (1,030) | (33) | 48 | (25) | 96 | 119 | (944) |
Finance expense/(income) from insurance contracts issued | 7,708 | 29 | 113 | 138 | 31 | 282 | 8,019 |
Total changes in income statement | 6,678 | (4) | 161 | 113 | 127 | 401 | 7,075 |
Cash flows | |||||||
Premiums received | 5,803 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 5,803 |
Incurred claims paid and other insurance service expenses paid including investment component | (13,101) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (13,101) |
Insurance acquisition cash flows | (129) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (129) |
Total cash flows | (7,427) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (7,427) |
Net closing balance | 118,686 | 218 | 1,908 | 1,990 | 442 | 4,340 | 123,244 |
Closing insurance contract liabilities | 118,686 | 218 | 1,908 | 1,990 | 442 | 4,340 | 123,244 |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net closing balance | 118,686 | 218 | 1,908 | 1,990 | 442 | 4,340 | 123,244 |
2023 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non-financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 118,740 | 221 | 2,041 | 1,986 | 189 | 4,216 | 123,177 |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net opening balance | 118,740 | 221 | 2,041 | 1,986 | 189 | 4,216 | 123,177 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (221) | (244) | (34) | (499) | (499) |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | (24) | \u2014 | \u2014 | \u2014 | \u2014 | (24) |
Revenue recognised for incurred policyholder tax | (249) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (249) |
Experience adjustments | (12) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (12) |
(261) | (24) | (221) | (244) | (34) | (499) | (784) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (124) | 5 | \u2014 | \u2014 | 119 | 119 | \u2014 |
Changes in estimates reflected in the CSM | 177 | 19 | (194) | (19) | 17 | (196) | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
57 | 24 | (194) | (19) | 136 | (77) | 4 | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Insurance service result | (204) | \u2014 | (415) | (263) | 102 | (576) | (780) |
Finance expense/(income) from insurance contracts issued | 5,832 | 1 | 121 | 154 | 24 | 299 | 6,132 |
Total changes in income statement | 5,628 | 1 | (294) | (109) | 126 | (277) | 5,352 |
Cash flows | |||||||
Premiums received | 7,157 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 7,157 |
Incurred claims paid and other insurance service expenses paid including investment component | (11,951) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (11,951) |
Insurance acquisition cash flows | (139) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (139) |
Total cash flows | (4,933) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (4,933) |
Net closing balance | 119,435 | 222 | 1,747 | 1,877 | 315 | 3,939 | 123,596 |
Closing insurance contract liabilities | 119,435 | 222 | 1,747 | 1,877 | 315 | 3,939 | 123,596 |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net closing balance | 119,435 | 222 | 1,747 | 1,877 | 315 | 3,939 | 123,596 |
2024 | 2023 | ||||||||
Liabilities for remaining coverage | Liabilities for remaining coverage | ||||||||
Excluding loss component | Loss component | Liabilities for incurred claims | Total | Excluding loss component | Loss component | Liabilities for incurred claims | Total | ||
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening insurance contract liabilities | 3,909 | \u2014 | 495 | 4,404 | 4,139 | 13 | 446 | 4,598 | |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net opening balance | 3,909 | \u2014 | 495 | 4,404 | 4,139 | 13 | 446 | 4,598 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Contracts under the fair value transition approach | (49) | \u2014 | \u2014 | (49) | (52) | \u2014 | \u2014 | (52) | |
New contracts and contracts under the fully retrospective transition approach | 1 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | \u2014 | \u2014 | |
(48) | \u2014 | \u2014 | (48) | (52) | \u2014 | \u2014 | (52) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | \u2014 | 52 | 52 | \u2014 | (2) | 66 | 64 | |
Amortisation of insurance acquisition cash flows | (1) | \u2014 | \u2014 | (1) | 1 | \u2014 | \u2014 | 1 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Losses and reversals of losses on onerous contracts | \u2014 | (1) | \u2014 | (1) | \u2014 | (11) | \u2014 | (11) | |
(1) | (1) | 52 | 50 | 1 | (13) | 66 | 54 | ||
Insurance service result | (49) | (1) | 52 | 2 | (51) | (13) | 66 | 2 | |
Finance expense/(income) from insurance contracts issued | 255 | \u2014 | \u2014 | 255 | 239 | \u2014 | \u2014 | 239 | |
Total changes in income statement | 206 | (1) | 52 | 257 | 188 | (13) | 66 | 241 | |
Investment components and premium refunds | (489) | \u2014 | 489 | \u2014 | (456) | \u2014 | 456 | \u2014 | |
Cash flows | |||||||||
Premiums received | 68 | \u2014 | \u2014 | 68 | 38 | \u2014 | \u2014 | 38 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (621) | (621) | \u2014 | \u2014 | (473) | (473) | |
Insurance acquisition cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Total cash flows | 68 | \u2014 | (621) | (553) | 38 | \u2014 | (473) | (435) | |
Net closing balance | 3,694 | (1) | 415 | 4,108 | 3,909 | \u2014 | 495 | 4,404 | |
Closing insurance contract liabilities | 3,694 | (1) | 415 | 4,108 | 3,909 | \u2014 | 495 | 4,404 | |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net closing balance | 3,694 | (1) | 415 | 4,108 | 3,909 | \u2014 | 495 | 4,404 |
2024 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 4,349 | 6 | \u2014 | 49 | \u2014 | 49 | 4,404 |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net opening balance | 4,349 | 6 | \u2014 | 49 | \u2014 | 49 | 4,404 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | \u2014 | (8) | \u2014 | (8) | (8) |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | (1) | \u2014 | \u2014 | \u2014 | \u2014 | (1) |
Revenue recognised for incurred policyholder tax | (4) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (4) |
Experience adjustments | 17 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 17 |
13 | (1) | \u2014 | (8) | \u2014 | (8) | 4 | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Changes in estimates reflected in the CSM | (9) | 5 | \u2014 | 4 | \u2014 | 4 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | (2) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (2) |
(11) | 5 | \u2014 | 4 | \u2014 | 4 | (2) | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Insurance service result | 2 | 4 | \u2014 | (4) | \u2014 | (4) | 2 |
Finance expense/(income) from insurance contracts issued | 251 | 2 | \u2014 | 2 | \u2014 | 2 | 255 |
Total changes in income statement | 253 | 6 | \u2014 | (2) | \u2014 | (2) | 257 |
Cash flows | |||||||
Premiums received | 68 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 68 |
Incurred claims paid and other insurance service expenses paid including investment component | (621) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (621) |
Insurance acquisition cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Total cash flows | (553) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (553) |
Net closing balance | 4,049 | 12 | \u2014 | 47 | \u2014 | 47 | 4,108 |
Closing insurance contract liabilities | 4,049 | 12 | \u2014 | 47 | \u2014 | 47 | 4,108 |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net closing balance | 4,049 | 12 | \u2014 | 47 | \u2014 | 47 | 4,108 |
2023 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 4,557 | 6 | \u2014 | 35 | \u2014 | 35 | 4,598 |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net opening balance | 4,557 | 6 | \u2014 | 35 | \u2014 | 35 | 4,598 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | \u2014 | (9) | \u2014 | (9) | (9) |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | (1) | \u2014 | \u2014 | \u2014 | \u2014 | (1) |
Revenue recognised for incurred policyholder tax | (6) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (6) |
Experience adjustments | 29 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 29 |
23 | (1) | \u2014 | (9) | \u2014 | (9) | 13 | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Changes in estimates reflected in the CSM | (19) | 1 | \u2014 | 18 | \u2014 | 18 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | (11) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (11) |
(30) | 1 | \u2014 | 18 | \u2014 | 18 | (11) | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Insurance service result | (7) | \u2014 | \u2014 | 9 | \u2014 | 9 | 2 |
Finance expense/(income) from insurance contracts issued | 234 | \u2014 | \u2014 | 5 | \u2014 | 5 | 239 |
Total changes in income statement | 227 | \u2014 | \u2014 | 14 | \u2014 | 14 | 241 |
Cash flows | |||||||
Premiums received | 38 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 38 |
Incurred claims paid and other insurance service expenses paid including investment component | (473) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (473) |
Insurance acquisition cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Total cash flows | (435) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (435) |
Net closing balance | 4,349 | 6 | \u2014 | 49 | \u2014 | 49 | 4,404 |
Closing insurance contract liabilities | 4,349 | 6 | \u2014 | 49 | \u2014 | 49 | 4,404 |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net closing balance | 4,349 | 6 | \u2014 | 49 | \u2014 | 49 | 4,404 |
2024 | 2023 | ||||||||
Liabilities for remaining coverage | Liability for remaining coverage | ||||||||
Excluding loss component | Loss component | Liabilities for incurred claims | Total | Excluding loss component | Loss component | Liabilities for incurred claims | Total | ||
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening insurance contract liabilities | 13,901 | 69 | 165 | 14,135 | 13,895 | 86 | 220 | 14,201 | |
Opening insurance contract assets | (50) | \u2014 | 6 | (44) | (43) | \u2014 | 4 | (39) | |
Net opening balance | 13,851 | 69 | 171 | 14,091 | 13,852 | 86 | 224 | 14,162 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | (6) | \u2014 | \u2014 | (6) | (6) | \u2014 | \u2014 | (6) | |
Contracts under the fair value transition approach | (1,301) | \u2014 | \u2014 | (1,301) | (1,324) | \u2014 | \u2014 | (1,324) | |
New contracts and contracts under the fully retrospective transition approach | (125) | \u2014 | \u2014 | (125) | (98) | \u2014 | \u2014 | (98) | |
(1,432) | \u2014 | \u2014 | (1,432) | (1,428) | \u2014 | \u2014 | (1,428) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | (4) | 1,180 | 1,176 | \u2014 | (5) | 1,196 | 1,191 | |
Amortisation of insurance acquisition cash flows | 31 | \u2014 | \u2014 | 31 | 29 | \u2014 | \u2014 | 29 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | 3 | 3 | \u2014 | \u2014 | (54) | (54) | |
Losses and reversals of losses on onerous contracts | \u2014 | 40 | \u2014 | 40 | \u2014 | (13) | \u2014 | (13) | |
31 | 36 | 1,183 | 1,250 | 29 | (18) | 1,142 | 1,153 | ||
Insurance service result | (1,401) | 36 | 1,183 | (182) | (1,399) | (18) | 1,142 | (275) | |
Finance expense/(income) from insurance contracts issued | 158 | (6) | \u2014 | 152 | 946 | 1 | \u2014 | 947 | |
Total changes in income statement | (1,243) | 30 | 1,183 | (30) | (453) | (17) | 1,142 | 672 | |
Investment components and premium refunds | (75) | \u2014 | 75 | \u2014 | (77) | \u2014 | 77 | \u2014 | |
Cash flows | |||||||||
Premiums received | 1,117 | \u2014 | \u2014 | 1,117 | 553 | \u2014 | \u2014 | 553 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (1,269) | (1,269) | \u2014 | \u2014 | (1,272) | (1,272) | |
Insurance acquisition cash flows | (36) | \u2014 | \u2014 | (36) | (24) | \u2014 | \u2014 | (24) | |
Total cash flows | 1,081 | \u2014 | (1,269) | (188) | 529 | \u2014 | (1,272) | (743) | |
Net closing balance | 13,614 | 99 | 160 | 13,873 | 13,851 | 69 | 171 | 14,091 | |
Closing insurance contract liabilities | 13,660 | 99 | 153 | 13,912 | 13,901 | 69 | 165 | 14,135 | |
Closing insurance contract assets | (46) | \u2014 | 7 | (39) | (50) | \u2014 | 6 | (44) | |
Net closing balance | 13,614 | 99 | 160 | 13,873 | 13,851 | 69 | 171 | 14,091 |
2024 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 11,954 | 404 | \u2014 | 1,683 | 94 | 1,777 | 14,135 |
Opening insurance contract assets | (93) | 4 | \u2014 | 12 | 33 | 45 | (44) |
Net opening balance | 11,861 | 408 | \u2014 | 1,695 | 127 | 1,822 | 14,091 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | \u2014 | (156) | (13) | (169) | (169) |
Change in the risk adjustment for non-financial risk for the risk expired | \u2014 | (36) | \u2014 | \u2014 | \u2014 | \u2014 | (36) |
Experience adjustments | (20) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (20) |
(20) | (36) | \u2014 | (156) | (13) | (169) | (225) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (90) | 27 | \u2014 | \u2014 | 63 | 63 | \u2014 |
Changes in estimates reflected in the CSM | (305) | (12) | \u2014 | 326 | (9) | 317 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | 42 | (2) | \u2014 | \u2014 | \u2014 | \u2014 | 40 |
(353) | 13 | \u2014 | 326 | 54 | 380 | 40 | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 |
3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 | |
Insurance service result | (370) | (23) | \u2014 | 170 | 41 | 211 | (182) |
Finance expense/(income) from insurance contracts issued | 84 | 2 | \u2014 | 55 | 11 | 66 | 152 |
Total changes in income statement | (286) | (21) | \u2014 | 225 | 52 | 277 | (30) |
Cash flows | |||||||
Premiums received | 1,117 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,117 |
Incurred claims paid and other insurance service expenses paid including investment component | (1,269) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (1,269) |
Insurance acquisition cash flows | (36) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (36) |
Total cash flows | (188) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (188) |
Net closing balance | 11,387 | 387 | \u2014 | 1,920 | 179 | 2,099 | 13,873 |
Closing insurance contract liabilities | 11,481 | 383 | \u2014 | 1,906 | 142 | 2,048 | 13,912 |
Closing insurance contract assets | (94) | 4 | \u2014 | 14 | 37 | 51 | (39) |
Net closing balance | 11,387 | 387 | \u2014 | 1,920 | 179 | 2,099 | 13,873 |
2023 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 12,076 | 397 | \u2014 | 1,673 | 55 | 1,728 | 14,201 |
Opening insurance contract assets | (76) | 3 | \u2014 | 11 | 23 | 34 | (39) |
Net opening balance | 12,000 | 400 | \u2014 | 1,684 | 78 | 1,762 | 14,162 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | \u2014 | (130) | (11) | (141) | (141) |
Change in the risk adjustment for non-financial risk for the risk expired | \u2014 | (32) | \u2014 | \u2014 | \u2014 | \u2014 | (32) |
Experience adjustments | (35) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (35) |
(35) | (32) | \u2014 | (130) | (11) | (141) | (208) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (57) | 11 | \u2014 | \u2014 | 46 | 46 | \u2014 |
Changes in estimates reflected in the CSM | (112) | 11 | \u2014 | 94 | 7 | 101 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | (13) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (13) |
(182) | 22 | \u2014 | 94 | 53 | 147 | (13) | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | (54) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (54) |
(54) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (54) | |
Insurance service result | (271) | (10) | \u2014 | (36) | 42 | 6 | (275) |
Finance expense/(income) from insurance contracts issued | 875 | 18 | \u2014 | 47 | 7 | 54 | 947 |
Total changes in income statement | 604 | 8 | \u2014 | 11 | 49 | 60 | 672 |
Cash flows | |||||||
Premiums received | 553 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 553 |
Incurred claims paid and other insurance service expenses paid including investment component | (1,272) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (1,272) |
Insurance acquisition cash flows | (24) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (24) |
Total cash flows | (743) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (743) |
Net closing balance | 11,861 | 408 | \u2014 | 1,695 | 127 | 1,822 | 14,091 |
Closing insurance contract liabilities | 11,954 | 404 | \u2014 | 1,683 | 94 | 1,777 | 14,135 |
Closing insurance contract assets | (93) | 4 | \u2014 | 12 | 33 | 45 | (44) |
Net closing balance | 11,861 | 408 | \u2014 | 1,695 | 127 | 1,822 | 14,091 |
2024 | 2023i | |
As at 31 December | \u00a3m | \u00a3m |
Insurance contract assets | 46 | 50 |
Insurance contract liabilities | (40,986) | (43,575) |
Investment contracts with DPF liabilities | (85,132) | (83,969) |
Reinsurance contract assets | 1,008 | 1,053 |
Reinsurance contract liabilities | (312) | (371) |
2024 | 2023 | ||
Profitable contracts | Profitable contracts | ||
Issued | Issued | ||
For the year ended 31 December | \u00a3m | \u00a3m | |
With-profits sub-funds: | |||
Contracts initially recognised in current year | |||
Claims and other insurance service expenses payable | 4,896 | 6,223 | |
Insurance acquisition cash flows | 129 | 137 | |
Estimates of the present value of future cash outflows | 5,025 | 6,360 | |
Estimates of the present value of future cash inflows | (5,121) | (6,484) | |
Risk adjustment for non-financial risk | 4 | 5 | |
CSM | 92 | 119 | |
Losses recognised on initial recognition | \u2014 | \u2014 | |
Unit-linked liabilities: | |||
Contracts initially recognised in current year | |||
Claims and other insurance service expenses payable | \u2014 | \u2014 | |
Insurance acquisition cash flows | \u2014 | \u2014 | |
Estimates of the present value of future cash outflows | \u2014 | \u2014 | |
Estimates of the present value of future cash inflows | \u2014 | \u2014 | |
Risk adjustment for non-financial risk | \u2014 | \u2014 | |
CSM | \u2014 | \u2014 | |
Losses recognised on initial recognition | \u2014 | \u2014 | |
Annuity and other long-term business: | |||
Contracts initially recognised in current year | |||
Claims and other insurance service expenses payable | 888 | 303 | |
Insurance acquisition cash flows | 14 | 25 | |
Estimates of the present value of future cash outflows | 902 | 328 | |
Estimates of the present value of future cash inflows | (992) | (385) | |
Risk adjustment for non-financial risk | 27 | 11 | |
CSM | 63 | 46 | |
Losses recognised on initial recognition | \u2014 | \u2014 | |
Total: | |||
Contracts initially recognised in current year | |||
Claims and other insurance service expenses payable | 5,784 | 6,526 | |
Insurance acquisition cash flows | 143 | 162 | |
Estimates of the present value of future cash outflows | 5,927 | 6,688 | |
Estimates of the present value of future cash inflows | (6,113) | (6,869) | |
Risk adjustment for non-financial risk | 31 | 16 | |
CSM | 155 | 165 | |
Losses recognised on initial recognition | \u2014 | \u2014 |
2024 | 2023 | ||||||||
Insurance contracts issued | Insurance contracts issued | ||||||||
With-profits sub-funds | Unit-linked liabilities | Annuity and other long- term business | Total | With-profits sub-funds | Unit-linked liabilities | Annuity and other long- term business | Total | ||
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Number of years until expected to be recognised: | |||||||||
0 to 1 year | 502 | 7 | 133 | 642 | 428 | 8 | 114 | 550 | |
1 to 2 years | 441 | 6 | 129 | 576 | 379 | 6 | 110 | 495 | |
2 to 3 years | 398 | 5 | 125 | 528 | 343 | 5 | 106 | 454 | |
3 to 4 years | 357 | 5 | 120 | 482 | 309 | 5 | 103 | 417 | |
4 to 5 years | 319 | 4 | 116 | 439 | 279 | 4 | 99 | 382 | |
5 to 10 years | 1,135 | 12 | 505 | 1,652 | 1,019 | 13 | 435 | 1,467 | |
10 to 15 years | 602 | 5 | 377 | 984 | 570 | 5 | 331 | 906 | |
15 to 20 years | 300 | 2 | 252 | 554 | 301 | 2 | 227 | 530 | |
20 to 25 years | 146 | 1 | 152 | 299 | 155 | 1 | 138 | 294 | |
Over 25 years | 140 | \u2014 | 190 | 330 | 156 | \u2014 | 159 | 315 | |
Total | 4,340 | 47 | 2,099 | 6,486 | 3,939 | 49 | 1,822 | 5,810 |
2024 | 2023 | ||
Reinsurance contracts held | Reinsurance contracts held | ||
As at 31 December | \u00a3m | \u00a3m | |
Number of years until expected to be recognised: | |||
0 to 1 year | (25) | (9) | |
1 to 2 years | (24) | (9) | |
2 to 3 years | (23) | (9) | |
3 to 4 years | (23) | (10) | |
4 to 5 years | (22) | (10) | |
5 to 10 years | (100) | (55) | |
10 to 15 years | (79) | (56) | |
15 to 20 years | (57) | (50) | |
20 to 25 years | (38) | (40) | |
Over 25 years | (62) | (79) | |
Total | (453) | (327) |
2024 | ||||
Shareholder-backed funds | ||||
With-profits sub-fundsi | Unit-linked liabilities | Annuity and other long-term business | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Insurance contract liabilities | ||||
Insurance contract liabilities | 28,777 | 4,108 | 13,686 | 46,571 |
Investment contracts with DPF liabilities | 94,467 | \u2014 | 226 | 94,693 |
123,244 | 4,108 | 13,912 | 141,264 | |
Insurance contract assets | ||||
Insurance contract assets | \u2014 | \u2014 | 39 | 39 |
\u2014 | \u2014 | 39 | 39 | |
Reinsurance contracts | ||||
Reinsurance contract assets | 15 | 4 | 1,024 | 1,043 |
Reinsurance contract liabilities | 1 | 22 | 257 | 280 |
2023 | ||||
Shareholder-backed funds | ||||
With-profits sub-fundsi, ii | Unit-linked liabilities | Annuity and other long-term business | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Insurance contract liabilities | ||||
Insurance contract liabilities | 30,461 | 4,404 | 13,892 | 48,757 |
Investment contracts with DPF liabilities | 93,135 | \u2014 | 243 | 93,378 |
123,596 | 4,404 | 14,135 | 142,135 | |
Insurance contract assets | ||||
Insurance contract assets | \u2014 | \u2014 | 44 | 44 |
\u2014 | \u2014 | 44 | 44 | |
Reinsurance contracts | ||||
Reinsurance contract assets | 11 | 7 | 1,081 | 1,099 |
Reinsurance contract liabilities | 1 | 21 | 335 | 357 |
1 year | 5 years | 10 years | 15 years | 20 years | 25 years | 30 years | |
With-profits contracts | 4.85% | 4.43% | 4.46% | 4.62% | 4.70% | 4.69% | 4.62% |
Unit-linked contracts | 4.46% | 4.04% | 4.07% | 4.23% | 4.30% | 4.30% | 4.23% |
Non-profit annuities \u2013 shareholder-backed | 5.95% | 5.53% | 5.56% | 5.72% | 5.79% | 5.79% | 5.72% |
Non-profit annuities \u2013 in the With-Profits Fund | 5.89% | 5.47% | 5.50% | 5.66% | 5.73% | 5.72% | 5.66% |
1 year | 5 years | 10 years | 15 years | 20 years | 25 years | 30 years | |
With-profits contracts | 5.20% | 3.82% | 3.75% | 3.86% | 3.90% | 3.88% | 3.82% |
Unit-linked contracts | 4.74% | 3.35% | 3.28% | 3.40% | 3.43% | 3.41% | 3.35% |
Non-profit annuities \u2013 shareholder-backed | 6.41% | 5.03% | 4.96% | 5.08% | 5.11% | 5.09% | 5.03% |
Non-profit annuities \u2013 in the With-Profits Fund | 6.34% | 4.96% | 4.89% | 5.00% | 5.04% | 5.02% | 4.96% |
Shareholder-backed annuities | Annuities in the With-Profits Fund | |
Credit risk allowance | 53 bps | 56 bps |
Credit risk allowance as proportion of spread over swaps | 25.67% | 25.56% |
Net of reinsurance credit reserve (\u00a3m) | 454 | 157 |
Shareholder-backed annuities | Annuities in the With-Profits Fund | |
Credit risk allowance | 56 bps | 57 bps |
Credit risk allowance as proportion of spread over swaps | 24.57% | 24.73% |
Net of reinsurance credit reserve (\u00a3m) | 516 | 199 |
31 December 2024 | 31 December 2023 | |
With-profits contracts | 0% - 30% | 0% - 30% |
Unit-linked contracts | 0% - 16% | 0% - 16% |
Non-profit annuities \u2013 shareholder-backed | N/A | N/A |
Non-profit annuities \u2013 in the With-Profits Fund | N/A | N/A |
31 December 2024 | 31 December 2023 | |
\u00a3 pa | \u00a3 pa | |
With-profits contracts | 8 - 199 | 7 - 239 |
Unit-linked contractsi | 44 - 186 | 43 - 239 |
Non-profit annuities \u2013 shareholder-backed | 36 - 68 | 35 - 57 |
Non-profit annuities \u2013 in the With-Profits Fund | 37 | 36 |
As at 31 December | ||
2024 | 2023 | |
Confidence level (percentile of the Group\u2019s one year risk distributions) | 75th | 75th |
Confidence level (percentile of the risk distributions over the remaining lifetime) | 60th | 60th |
Period ended | Model versioni, ii | Long-term improvement rateiii | Smoothing parameter (Sk)iv |
31 December 2024 | CMI 2022 | For males: 1.60% pa For females: 1.60% pa | For males: 7.25 For females: 7.25 |
31 December 2023 | CMI 2021 | For males: 1.60% pa For females: 1.60% pa | For males: 7.25 For females: 7.75 |
2024 | 2023 | ||||||||
Liabilities for remaining coverage | Liabilities for remaining coverage | ||||||||
Excluding loss component | Loss component | Liabilities for incurred claims | Total | Excluding loss component | Loss component | Liabilities for incurred claims | Total | ||
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening insurance contract liabilities | 141,007 | 80 | 1,048 | 142,135 | 140,841 | 106 | 1,029 | 141,976 | |
Opening insurance contract assets | (50) | \u2014 | 6 | (44) | (43) | \u2014 | 4 | (39) | |
Net opening balance | 140,957 | 80 | 1,054 | 142,091 | 140,798 | 106 | 1,033 | 141,937 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | (692) | \u2014 | \u2014 | (692) | (337) | \u2014 | \u2014 | (337) | |
Contracts under the fair value transition approach | (3,216) | \u2014 | \u2014 | (3,216) | (3,239) | \u2014 | \u2014 | (3,239) | |
New contracts and contracts under the fully retrospective transition approach | (187) | \u2014 | \u2014 | (187) | (311) | \u2014 | \u2014 | (311) | |
(4,095) | \u2014 | \u2014 | (4,095) | (3,887) | \u2014 | \u2014 | (3,887) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | (5) | 2,862 | 2,857 | \u2014 | (7) | 2,859 | 2,852 | |
Amortisation of insurance acquisition cash flows | 73 | \u2014 | \u2014 | 73 | 56 | \u2014 | \u2014 | 56 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | 3 | 3 | \u2014 | \u2014 | (54) | (54) | |
Losses and reversals of losses on onerous contracts | \u2014 | 38 | \u2014 | 38 | \u2014 | (20) | \u2014 | (20) | |
73 | 33 | 2,865 | 2,971 | 56 | (27) | 2,805 | 2,834 | ||
Insurance service result | (4,022) | 33 | 2,865 | (1,124) | (3,831) | (27) | 2,805 | (1,053) | |
Finance expense/(income) from insurance contracts issued | 8,432 | (6) | \u2014 | 8,426 | 7,329 | 1 | (12) | 7,318 | |
Total changes in income statement | 4,410 | 27 | 2,865 | 7,302 | 3,498 | (26) | 2,793 | 6,265 | |
Investment components and premium refunds | (12,023) | \u2014 | 12,023 | \u2014 | (10,924) | \u2014 | 10,924 | \u2014 | |
Cash flows | |||||||||
Premiums received | 6,988 | \u2014 | \u2014 | 6,988 | 7,748 | \u2014 | \u2014 | 7,748 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (14,991) | (14,991) | \u2014 | \u2014 | (13,696) | (13,696) | |
Insurance acquisition cash flows | (165) | \u2014 | \u2014 | (165) | (163) | \u2014 | \u2014 | (163) | |
Total cash flows | 6,823 | \u2014 | (14,991) | (8,168) | 7,585 | \u2014 | (13,696) | (6,111) | |
Net closing balance | 140,167 | 107 | 951 | 141,225 | 140,957 | 80 | 1,054 | 142,091 | |
Closing insurance contract liabilities | 140,213 | 107 | 944 | 141,264 | 141,007 | 80 | 1,048 | 142,135 | |
Closing insurance contract assets | (46) | \u2014 | 7 | (39) | (50) | \u2014 | 6 | (44) | |
Net closing balance | 140,167 | 107 | 951 | 141,225 | 140,957 | 80 | 1,054 | 142,091 |
2024 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 135,738 | 632 | 1,747 | 3,609 | 409 | 5,765 | 142,135 |
Opening insurance contract assets | (93) | 4 | \u2014 | 12 | 33 | 45 | (44) |
Net opening balance | 135,645 | 636 | 1,747 | 3,621 | 442 | 5,810 | 142,091 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (241) | (441) | (63) | (745) | (745) |
Change in the risk adjustment for non-financial risk for the risk expired | \u2014 | (62) | \u2014 | \u2014 | \u2014 | \u2014 | (62) |
Revenue recognised for incurred policyholder tax | (360) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (360) |
Experience adjustments | 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 |
(357) | (62) | (241) | (441) | (63) | (745) | (1,164) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (186) | 31 | \u2014 | \u2014 | 155 | 155 | \u2014 |
Changes in estimates reflected in the CSM | (897) | (19) | 289 | 582 | 45 | 916 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | 39 | (2) | \u2014 | \u2014 | \u2014 | \u2014 | 37 |
(1,044) | 10 | 289 | 582 | 200 | 1,071 | 37 | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 |
3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 | |
Insurance service result | (1,398) | (52) | 48 | 141 | 137 | 326 | (1,124) |
Finance expense/(income) from insurance contracts issued | 8,043 | 33 | 113 | 195 | 42 | 350 | 8,426 |
Total changes in income statement | 6,645 | (19) | 161 | 336 | 179 | 676 | 7,302 |
Cash flows | |||||||
Premiums received | 6,988 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6,988 |
Incurred claims paid and other insurance service expenses paid including investment component | (14,991) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (14,991) |
Insurance acquisition cash flows | (165) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (165) |
Total cash flows | (8,168) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (8,168) |
Net closing balance | 134,122 | 617 | 1,908 | 3,957 | 621 | 6,486 | 141,225 |
Closing insurance contract liabilities | 134,216 | 613 | 1,908 | 3,943 | 584 | 6,435 | 141,264 |
Closing insurance contract assets | (94) | 4 | \u2014 | 14 | 37 | 51 | (39) |
Net closing balance | 134,122 | 617 | 1,908 | 3,957 | 621 | 6,486 | 141,225 |
2023 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 135,373 | 624 | 2,041 | 3,694 | 244 | 5,979 | 141,976 |
Opening insurance contract assets | (76) | 3 | \u2014 | 11 | 23 | 34 | (39) |
Net opening balance | 135,297 | 627 | 2,041 | 3,705 | 267 | 6,013 | 141,937 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (221) | (383) | (45) | (649) | (649) |
Change in the risk adjustment for non-financial risk for the risk expired | \u2014 | (57) | \u2014 | \u2014 | \u2014 | \u2014 | (57) |
Revenue recognised for incurred policyholder tax | (255) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (255) |
Experience adjustments | (18) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (18) |
(273) | (57) | (221) | (383) | (45) | (649) | (979) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (181) | 16 | \u2014 | \u2014 | 165 | 165 | \u2014 |
Changes in estimates reflected in the CSM | 46 | 31 | (194) | 93 | 24 | (77) | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | (20) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (20) |
(155) | 47 | (194) | 93 | 189 | 88 | (20) | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | (54) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (54) |
(54) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (54) | |
Insurance service result | (482) | (10) | (415) | (290) | 144 | (561) | (1,053) |
Finance expense/(income) from insurance contracts issuedi | 6,941 | 19 | 121 | 206 | 31 | 358 | 7,318 |
Total changes in income statement | 6,459 | 9 | (294) | (84) | 175 | (203) | 6,265 |
Cash flows | |||||||
Premiums received | 7,748 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 7,748 |
Incurred claims paid and other insurance service expenses paid including investment component | (13,696) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (13,696) |
Insurance acquisition cash flows | (163) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (163) |
Total cash flows | (6,111) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (6,111) |
Net closing balance | 135,645 | 636 | 1,747 | 3,621 | 442 | 5,810 | 142,091 |
Closing insurance contract liabilities | 135,738 | 632 | 1,747 | 3,609 | 409 | 5,765 | 142,135 |
Closing insurance contract assets | (93) | 4 | \u2014 | 12 | 33 | 45 | (44) |
Net closing balance | 135,645 | 636 | 1,747 | 3,621 | 442 | 5,810 | 142,091 |
2024 | 2023 | ||||||||
Assets for remaining coverage | Assets for remaining coverage | ||||||||
Excluding loss recovery component | Loss recovery component | Recoverable for incurred claims | Total | Excluding loss recovery component | Loss recovery component | Recoverable for incurred claims | Total | ||
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening reinsurance contract liabilities | 369 | \u2014 | (12) | 357 | 363 | \u2014 | (15) | 348 | |
Opening reinsurance contract assets | (999) | (41) | (59) | (1,099) | (931) | (52) | (99) | (1,082) | |
Net opening balance | (630) | (41) | (71) | (742) | (568) | (52) | (114) | (734) | |
Net expenses from reinsurance contracts held | |||||||||
Allocation of reinsurance premiums paid | 516 | \u2014 | \u2014 | 516 | 493 | \u2014 | \u2014 | 493 | |
Amounts recoverable from reinsurers: | |||||||||
Recoveries of incurred claims and other insurance service expenses | \u2014 | \u2014 | (466) | (466) | \u2014 | \u2014 | (463) | (463) | |
Recoveries and reversals of recoveries of losses on onerous underlying contracts | \u2014 | (19) | \u2014 | (19) | \u2014 | 11 | \u2014 | 11 | |
Adjustments to assets for incurred claims | \u2014 | \u2014 | (3) | (3) | \u2014 | \u2014 | 54 | 54 | |
\u2014 | (19) | (469) | (488) | \u2014 | 11 | (409) | (398) | ||
Effect of changes in the risk of reinsurers non-performance | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
516 | (19) | (469) | 28 | 493 | 11 | (409) | 95 | ||
Finance expenses/(income) from reinsurance contracts held | 10 | \u2014 | \u2014 | 10 | (39) | \u2014 | \u2014 | (39) | |
Total changes in income statement | 526 | (19) | (469) | 38 | 454 | 11 | (409) | 56 | |
Cash flows | |||||||||
Premiums and similar expenses paid | (528) | \u2014 | \u2014 | (528) | (516) | \u2014 | \u2014 | (516) | |
Amounts recovered | \u2014 | \u2014 | 469 | 469 | \u2014 | \u2014 | 452 | 452 | |
Total cash flows | (528) | \u2014 | 469 | (59) | (516) | \u2014 | 452 | (64) | |
Net closing balance | (632) | (60) | (71) | (763) | (630) | (41) | (71) | (742) | |
Closing reinsurance contract liabilities | 290 | \u2014 | (10) | 280 | 369 | \u2014 | (12) | 357 | |
Closing reinsurance contract assets | (922) | (60) | (61) | (1,043) | (999) | (41) | (59) | (1,099) | |
Net closing balance | (632) | (60) | (71) | (763) | (630) | (41) | (71) | (742) |
2024 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening reinsurance contract liabilities | 581 | (94) | \u2014 | (129) | (1) | (130) | 357 |
Opening reinsurance contract assets | (847) | (55) | (5) | (8) | (184) | (197) | (1,099) |
Net opening balance | (266) | (149) | (5) | (137) | (185) | (327) | (742) |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services received | \u2014 | \u2014 | \u2014 | 22 | 6 | 28 | 28 |
Change in the risk adjustment for non-financial risk for the risk expired | \u2014 | 14 | \u2014 | \u2014 | \u2014 | \u2014 | 14 |
Experience adjustments | 14 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 14 |
14 | 14 | \u2014 | 22 | 6 | 28 | 56 | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | 26 | (11) | \u2014 | \u2014 | (15) | (15) | \u2014 |
Changes in estimates reflected in the CSM | 125 | 4 | \u2014 | (125) | (4) | (129) | \u2014 |
Changes in the fulfilment cash flows that do not adjust the CSM for the group of underlying contracts | (25) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (25) |
126 | (7) | \u2014 | (125) | (19) | (144) | (25) | |
Changes that relate to past services | |||||||
Asset for incurred claims | (3) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (3) |
(3) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (3) | |
Insurance service result | 137 | 7 | \u2014 | (103) | (13) | (116) | 28 |
Net finance income from reinsurance contracts | 16 | 4 | \u2014 | (6) | (4) | (10) | 10 |
Total changes in the income statement | 153 | 11 | \u2014 | (109) | (17) | (126) | 38 |
Cash flows | |||||||
Premiums and similar expenses paid | (528) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (528) |
Amounts recovered | 469 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 469 |
Total cash flows | (59) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (59) |
Net closing balance | (172) | (138) | (5) | (246) | (202) | (453) | (763) |
Closing reinsurance contract liabilities | 621 | (94) | \u2014 | (232) | (15) | (247) | 280 |
Closing reinsurance contract assets | (793) | (44) | (5) | (14) | (187) | (206) | (1,043) |
Net closing balance | (172) | (138) | (5) | (246) | (202) | (453) | (763) |
2023 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening reinsurance contract liabilities | 567 | (95) | \u2014 | (123) | (1) | (124) | 348 |
Opening reinsurance contract assets | (855) | (54) | (6) | (5) | (162) | (173) | (1,082) |
Net opening balance | (288) | (149) | (6) | (128) | (163) | (297) | (734) |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services received | \u2014 | \u2014 | 1 | 11 | 4 | 16 | 16 |
Change in the risk adjustment for non-financial risk for the risk expired | \u2014 | 10 | \u2014 | \u2014 | \u2014 | \u2014 | 10 |
Experience adjustments | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
4 | 10 | 1 | 11 | 4 | 16 | 30 | |
Changes that relate to future services | |||||||
Changes in estimates reflected in the CSM | 44 | (4) | \u2014 | (17) | (22) | (39) | 1 |
Changes in the fulfilment cash flows that do not adjust the CSM for the group of underlying contracts | 10 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 10 |
54 | (4) | \u2014 | (17) | (22) | (39) | 11 | |
Changes that relate to past services | |||||||
Asset for incurred claims | 54 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 54 |
54 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 54 | |
Insurance service result | 112 | 6 | 1 | (6) | (18) | (23) | 95 |
Net finance income from reinsurance contracts | (26) | (6) | \u2014 | (3) | (4) | (7) | (39) |
Total changes in the income statement | 86 | \u2014 | 1 | (9) | (22) | (30) | 56 |
Cash flows | |||||||
Premiums and similar expenses paid | (516) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (516) |
Amounts recovered | 452 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 452 |
Total cash flows | (64) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (64) |
Net closing balance | (266) | (149) | (5) | (137) | (185) | (327) | (742) |
Closing reinsurance contract liabilities | 581 | (94) | \u2014 | (129) | (1) | (130) | 357 |
Closing reinsurance contract assets | (847) | (55) | (5) | (8) | (184) | (197) | (1,099) |
Net closing balance | (266) | (149) | (5) | (137) | (185) | (327) | (742) |
2024 | 2023 | ||||||||
Liabilities for remaining coverage | Liabilities for remaining coverage | ||||||||
Excluding loss component and liability for incurred claims | Loss component | Liabilities for incurred claims | Total | Excluding loss component and liability for incurred claims | Loss component | Liabilities for incurred claims | Total | ||
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening insurance contract liabilities | 123,197 | 11 | 388 | 123,596 | 122,807 | 7 | 363 | 123,177 | |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net opening balance | 123,197 | 11 | 388 | 123,596 | 122,807 | 7 | 363 | 123,177 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | (686) | \u2014 | \u2014 | (686) | (331) | \u2014 | \u2014 | (331) | |
Contracts under the fair value transition approach | (1,866) | \u2014 | \u2014 | (1,866) | (1,863) | \u2014 | \u2014 | (1,863) | |
New contracts and contracts under the fully retrospective transition approach | (63) | \u2014 | \u2014 | (63) | (213) | \u2014 | \u2014 | (213) | |
(2,615) | \u2014 | \u2014 | (2,615) | (2,407) | \u2014 | \u2014 | (2,407) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | (1) | 1,630 | 1,629 | \u2014 | \u2014 | 1,597 | 1,597 | |
Amortisation of insurance acquisition cash flows | 43 | \u2014 | \u2014 | 43 | 26 | \u2014 | \u2014 | 26 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Losses and reversals of losses on onerous contracts | \u2014 | (1) | \u2014 | (1) | \u2014 | 4 | \u2014 | 4 | |
43 | (2) | 1,630 | 1,671 | 26 | 4 | 1,597 | 1,627 | ||
Insurance service result | (2,572) | (2) | 1,630 | (944) | (2,381) | 4 | 1,597 | (780) | |
Finance expense/(income) from insurance contracts issued | 8,019 | \u2014 | \u2014 | 8,019 | 6,144 | \u2014 | (12) | 6,132 | |
Total changes in income statement | 5,447 | (2) | 1,630 | 7,075 | 3,763 | 4 | 1,585 | 5,352 | |
Investment components and premium refunds | (11,459) | \u2014 | 11,459 | \u2014 | (10,391) | \u2014 | 10,391 | \u2014 | |
Cash flows | |||||||||
Premiums received | 5,803 | \u2014 | \u2014 | 5,803 | 7,157 | \u2014 | \u2014 | 7,157 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (13,101) | (13,101) | \u2014 | \u2014 | (11,951) | (11,951) | |
Insurance acquisition cash flows | (129) | \u2014 | \u2014 | (129) | (139) | \u2014 | \u2014 | (139) | |
Total cash flows | 5,674 | \u2014 | (13,101) | (7,427) | 7,018 | \u2014 | (11,951) | (4,933) | |
Net closing balance | 122,859 | 9 | 376 | 123,244 | 123,197 | 11 | 388 | 123,596 | |
Closing insurance contract liabilities | 122,859 | 9 | 376 | 123,244 | 123,197 | 11 | 388 | 123,596 | |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net closing balance | 122,859 | 9 | 376 | 123,244 | 123,197 | 11 | 388 | 123,596 |
2024 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non-financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 119,435 | 222 | 1,747 | 1,877 | 315 | 3,939 | 123,596 |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net opening balance | 119,435 | 222 | 1,747 | 1,877 | 315 | 3,939 | 123,596 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (241) | (277) | (50) | (568) | (568) |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | (25) | \u2014 | \u2014 | \u2014 | \u2014 | (25) |
Revenue recognised for incurred policyholder tax | (356) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (356) |
Experience adjustments | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6 |
(350) | (25) | (241) | (277) | (50) | (568) | (943) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (96) | 4 | \u2014 | \u2014 | 92 | 92 | \u2014 |
Changes in estimates reflected in the CSM | (583) | (12) | 289 | 252 | 54 | 595 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | (1) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (1) |
(680) | (8) | 289 | 252 | 146 | 687 | (1) | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Insurance service result | (1,030) | (33) | 48 | (25) | 96 | 119 | (944) |
Finance expense/(income) from insurance contracts issued | 7,708 | 29 | 113 | 138 | 31 | 282 | 8,019 |
Total changes in income statement | 6,678 | (4) | 161 | 113 | 127 | 401 | 7,075 |
Cash flows | |||||||
Premiums received | 5,803 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 5,803 |
Incurred claims paid and other insurance service expenses paid including investment component | (13,101) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (13,101) |
Insurance acquisition cash flows | (129) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (129) |
Total cash flows | (7,427) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (7,427) |
Net closing balance | 118,686 | 218 | 1,908 | 1,990 | 442 | 4,340 | 123,244 |
Closing insurance contract liabilities | 118,686 | 218 | 1,908 | 1,990 | 442 | 4,340 | 123,244 |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net closing balance | 118,686 | 218 | 1,908 | 1,990 | 442 | 4,340 | 123,244 |
2023 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non-financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 118,740 | 221 | 2,041 | 1,986 | 189 | 4,216 | 123,177 |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net opening balance | 118,740 | 221 | 2,041 | 1,986 | 189 | 4,216 | 123,177 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (221) | (244) | (34) | (499) | (499) |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | (24) | \u2014 | \u2014 | \u2014 | \u2014 | (24) |
Revenue recognised for incurred policyholder tax | (249) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (249) |
Experience adjustments | (12) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (12) |
(261) | (24) | (221) | (244) | (34) | (499) | (784) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (124) | 5 | \u2014 | \u2014 | 119 | 119 | \u2014 |
Changes in estimates reflected in the CSM | 177 | 19 | (194) | (19) | 17 | (196) | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
57 | 24 | (194) | (19) | 136 | (77) | 4 | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Insurance service result | (204) | \u2014 | (415) | (263) | 102 | (576) | (780) |
Finance expense/(income) from insurance contracts issued | 5,832 | 1 | 121 | 154 | 24 | 299 | 6,132 |
Total changes in income statement | 5,628 | 1 | (294) | (109) | 126 | (277) | 5,352 |
Cash flows | |||||||
Premiums received | 7,157 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 7,157 |
Incurred claims paid and other insurance service expenses paid including investment component | (11,951) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (11,951) |
Insurance acquisition cash flows | (139) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (139) |
Total cash flows | (4,933) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (4,933) |
Net closing balance | 119,435 | 222 | 1,747 | 1,877 | 315 | 3,939 | 123,596 |
Closing insurance contract liabilities | 119,435 | 222 | 1,747 | 1,877 | 315 | 3,939 | 123,596 |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net closing balance | 119,435 | 222 | 1,747 | 1,877 | 315 | 3,939 | 123,596 |
2024 | 2023 | ||||||||
Liabilities for remaining coverage | Liabilities for remaining coverage | ||||||||
Excluding loss component | Loss component | Liabilities for incurred claims | Total | Excluding loss component | Loss component | Liabilities for incurred claims | Total | ||
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening insurance contract liabilities | 3,909 | \u2014 | 495 | 4,404 | 4,139 | 13 | 446 | 4,598 | |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net opening balance | 3,909 | \u2014 | 495 | 4,404 | 4,139 | 13 | 446 | 4,598 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Contracts under the fair value transition approach | (49) | \u2014 | \u2014 | (49) | (52) | \u2014 | \u2014 | (52) | |
New contracts and contracts under the fully retrospective transition approach | 1 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | \u2014 | \u2014 | |
(48) | \u2014 | \u2014 | (48) | (52) | \u2014 | \u2014 | (52) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | \u2014 | 52 | 52 | \u2014 | (2) | 66 | 64 | |
Amortisation of insurance acquisition cash flows | (1) | \u2014 | \u2014 | (1) | 1 | \u2014 | \u2014 | 1 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Losses and reversals of losses on onerous contracts | \u2014 | (1) | \u2014 | (1) | \u2014 | (11) | \u2014 | (11) | |
(1) | (1) | 52 | 50 | 1 | (13) | 66 | 54 | ||
Insurance service result | (49) | (1) | 52 | 2 | (51) | (13) | 66 | 2 | |
Finance expense/(income) from insurance contracts issued | 255 | \u2014 | \u2014 | 255 | 239 | \u2014 | \u2014 | 239 | |
Total changes in income statement | 206 | (1) | 52 | 257 | 188 | (13) | 66 | 241 | |
Investment components and premium refunds | (489) | \u2014 | 489 | \u2014 | (456) | \u2014 | 456 | \u2014 | |
Cash flows | |||||||||
Premiums received | 68 | \u2014 | \u2014 | 68 | 38 | \u2014 | \u2014 | 38 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (621) | (621) | \u2014 | \u2014 | (473) | (473) | |
Insurance acquisition cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Total cash flows | 68 | \u2014 | (621) | (553) | 38 | \u2014 | (473) | (435) | |
Net closing balance | 3,694 | (1) | 415 | 4,108 | 3,909 | \u2014 | 495 | 4,404 | |
Closing insurance contract liabilities | 3,694 | (1) | 415 | 4,108 | 3,909 | \u2014 | 495 | 4,404 | |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net closing balance | 3,694 | (1) | 415 | 4,108 | 3,909 | \u2014 | 495 | 4,404 |
2024 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 4,349 | 6 | \u2014 | 49 | \u2014 | 49 | 4,404 |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net opening balance | 4,349 | 6 | \u2014 | 49 | \u2014 | 49 | 4,404 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | \u2014 | (8) | \u2014 | (8) | (8) |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | (1) | \u2014 | \u2014 | \u2014 | \u2014 | (1) |
Revenue recognised for incurred policyholder tax | (4) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (4) |
Experience adjustments | 17 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 17 |
13 | (1) | \u2014 | (8) | \u2014 | (8) | 4 | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Changes in estimates reflected in the CSM | (9) | 5 | \u2014 | 4 | \u2014 | 4 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | (2) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (2) |
(11) | 5 | \u2014 | 4 | \u2014 | 4 | (2) | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Insurance service result | 2 | 4 | \u2014 | (4) | \u2014 | (4) | 2 |
Finance expense/(income) from insurance contracts issued | 251 | 2 | \u2014 | 2 | \u2014 | 2 | 255 |
Total changes in income statement | 253 | 6 | \u2014 | (2) | \u2014 | (2) | 257 |
Cash flows | |||||||
Premiums received | 68 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 68 |
Incurred claims paid and other insurance service expenses paid including investment component | (621) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (621) |
Insurance acquisition cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Total cash flows | (553) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (553) |
Net closing balance | 4,049 | 12 | \u2014 | 47 | \u2014 | 47 | 4,108 |
Closing insurance contract liabilities | 4,049 | 12 | \u2014 | 47 | \u2014 | 47 | 4,108 |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net closing balance | 4,049 | 12 | \u2014 | 47 | \u2014 | 47 | 4,108 |
2023 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 4,557 | 6 | \u2014 | 35 | \u2014 | 35 | 4,598 |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net opening balance | 4,557 | 6 | \u2014 | 35 | \u2014 | 35 | 4,598 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | \u2014 | (9) | \u2014 | (9) | (9) |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | (1) | \u2014 | \u2014 | \u2014 | \u2014 | (1) |
Revenue recognised for incurred policyholder tax | (6) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (6) |
Experience adjustments | 29 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 29 |
23 | (1) | \u2014 | (9) | \u2014 | (9) | 13 | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Changes in estimates reflected in the CSM | (19) | 1 | \u2014 | 18 | \u2014 | 18 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | (11) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (11) |
(30) | 1 | \u2014 | 18 | \u2014 | 18 | (11) | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
\u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Insurance service result | (7) | \u2014 | \u2014 | 9 | \u2014 | 9 | 2 |
Finance expense/(income) from insurance contracts issued | 234 | \u2014 | \u2014 | 5 | \u2014 | 5 | 239 |
Total changes in income statement | 227 | \u2014 | \u2014 | 14 | \u2014 | 14 | 241 |
Cash flows | |||||||
Premiums received | 38 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 38 |
Incurred claims paid and other insurance service expenses paid including investment component | (473) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (473) |
Insurance acquisition cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Total cash flows | (435) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (435) |
Net closing balance | 4,349 | 6 | \u2014 | 49 | \u2014 | 49 | 4,404 |
Closing insurance contract liabilities | 4,349 | 6 | \u2014 | 49 | \u2014 | 49 | 4,404 |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net closing balance | 4,349 | 6 | \u2014 | 49 | \u2014 | 49 | 4,404 |
2024 | 2023 | ||||||||
Liabilities for remaining coverage | Liability for remaining coverage | ||||||||
Excluding loss component | Loss component | Liabilities for incurred claims | Total | Excluding loss component | Loss component | Liabilities for incurred claims | Total | ||
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening insurance contract liabilities | 13,901 | 69 | 165 | 14,135 | 13,895 | 86 | 220 | 14,201 | |
Opening insurance contract assets | (50) | \u2014 | 6 | (44) | (43) | \u2014 | 4 | (39) | |
Net opening balance | 13,851 | 69 | 171 | 14,091 | 13,852 | 86 | 224 | 14,162 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | (6) | \u2014 | \u2014 | (6) | (6) | \u2014 | \u2014 | (6) | |
Contracts under the fair value transition approach | (1,301) | \u2014 | \u2014 | (1,301) | (1,324) | \u2014 | \u2014 | (1,324) | |
New contracts and contracts under the fully retrospective transition approach | (125) | \u2014 | \u2014 | (125) | (98) | \u2014 | \u2014 | (98) | |
(1,432) | \u2014 | \u2014 | (1,432) | (1,428) | \u2014 | \u2014 | (1,428) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | (4) | 1,180 | 1,176 | \u2014 | (5) | 1,196 | 1,191 | |
Amortisation of insurance acquisition cash flows | 31 | \u2014 | \u2014 | 31 | 29 | \u2014 | \u2014 | 29 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | 3 | 3 | \u2014 | \u2014 | (54) | (54) | |
Losses and reversals of losses on onerous contracts | \u2014 | 40 | \u2014 | 40 | \u2014 | (13) | \u2014 | (13) | |
31 | 36 | 1,183 | 1,250 | 29 | (18) | 1,142 | 1,153 | ||
Insurance service result | (1,401) | 36 | 1,183 | (182) | (1,399) | (18) | 1,142 | (275) | |
Finance expense/(income) from insurance contracts issued | 158 | (6) | \u2014 | 152 | 946 | 1 | \u2014 | 947 | |
Total changes in income statement | (1,243) | 30 | 1,183 | (30) | (453) | (17) | 1,142 | 672 | |
Investment components and premium refunds | (75) | \u2014 | 75 | \u2014 | (77) | \u2014 | 77 | \u2014 | |
Cash flows | |||||||||
Premiums received | 1,117 | \u2014 | \u2014 | 1,117 | 553 | \u2014 | \u2014 | 553 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (1,269) | (1,269) | \u2014 | \u2014 | (1,272) | (1,272) | |
Insurance acquisition cash flows | (36) | \u2014 | \u2014 | (36) | (24) | \u2014 | \u2014 | (24) | |
Total cash flows | 1,081 | \u2014 | (1,269) | (188) | 529 | \u2014 | (1,272) | (743) | |
Net closing balance | 13,614 | 99 | 160 | 13,873 | 13,851 | 69 | 171 | 14,091 | |
Closing insurance contract liabilities | 13,660 | 99 | 153 | 13,912 | 13,901 | 69 | 165 | 14,135 | |
Closing insurance contract assets | (46) | \u2014 | 7 | (39) | (50) | \u2014 | 6 | (44) | |
Net closing balance | 13,614 | 99 | 160 | 13,873 | 13,851 | 69 | 171 | 14,091 |
2024 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 11,954 | 404 | \u2014 | 1,683 | 94 | 1,777 | 14,135 |
Opening insurance contract assets | (93) | 4 | \u2014 | 12 | 33 | 45 | (44) |
Net opening balance | 11,861 | 408 | \u2014 | 1,695 | 127 | 1,822 | 14,091 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | \u2014 | (156) | (13) | (169) | (169) |
Change in the risk adjustment for non-financial risk for the risk expired | \u2014 | (36) | \u2014 | \u2014 | \u2014 | \u2014 | (36) |
Experience adjustments | (20) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (20) |
(20) | (36) | \u2014 | (156) | (13) | (169) | (225) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (90) | 27 | \u2014 | \u2014 | 63 | 63 | \u2014 |
Changes in estimates reflected in the CSM | (305) | (12) | \u2014 | 326 | (9) | 317 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | 42 | (2) | \u2014 | \u2014 | \u2014 | \u2014 | 40 |
(353) | 13 | \u2014 | 326 | 54 | 380 | 40 | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 |
3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 | |
Insurance service result | (370) | (23) | \u2014 | 170 | 41 | 211 | (182) |
Finance expense/(income) from insurance contracts issued | 84 | 2 | \u2014 | 55 | 11 | 66 | 152 |
Total changes in income statement | (286) | (21) | \u2014 | 225 | 52 | 277 | (30) |
Cash flows | |||||||
Premiums received | 1,117 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,117 |
Incurred claims paid and other insurance service expenses paid including investment component | (1,269) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (1,269) |
Insurance acquisition cash flows | (36) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (36) |
Total cash flows | (188) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (188) |
Net closing balance | 11,387 | 387 | \u2014 | 1,920 | 179 | 2,099 | 13,873 |
Closing insurance contract liabilities | 11,481 | 383 | \u2014 | 1,906 | 142 | 2,048 | 13,912 |
Closing insurance contract assets | (94) | 4 | \u2014 | 14 | 37 | 51 | (39) |
Net closing balance | 11,387 | 387 | \u2014 | 1,920 | 179 | 2,099 | 13,873 |
2023 | |||||||
Contractual service margin | |||||||
Estimates of present value of future cash flows | Risk adjustment for non- financial risk | Contracts under modified retrospective transition approach | Contracts under the fair value transition approach | Other contracts | Total CSM | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Opening insurance contract liabilities | 12,076 | 397 | \u2014 | 1,673 | 55 | 1,728 | 14,201 |
Opening insurance contract assets | (76) | 3 | \u2014 | 11 | 23 | 34 | (39) |
Net opening balance | 12,000 | 400 | \u2014 | 1,684 | 78 | 1,762 | 14,162 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | \u2014 | (130) | (11) | (141) | (141) |
Change in the risk adjustment for non-financial risk for the risk expired | \u2014 | (32) | \u2014 | \u2014 | \u2014 | \u2014 | (32) |
Experience adjustments | (35) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (35) |
(35) | (32) | \u2014 | (130) | (11) | (141) | (208) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (57) | 11 | \u2014 | \u2014 | 46 | 46 | \u2014 |
Changes in estimates reflected in the CSM | (112) | 11 | \u2014 | 94 | 7 | 101 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | (13) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (13) |
(182) | 22 | \u2014 | 94 | 53 | 147 | (13) | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | (54) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (54) |
(54) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (54) | |
Insurance service result | (271) | (10) | \u2014 | (36) | 42 | 6 | (275) |
Finance expense/(income) from insurance contracts issued | 875 | 18 | \u2014 | 47 | 7 | 54 | 947 |
Total changes in income statement | 604 | 8 | \u2014 | 11 | 49 | 60 | 672 |
Cash flows | |||||||
Premiums received | 553 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 553 |
Incurred claims paid and other insurance service expenses paid including investment component | (1,272) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (1,272) |
Insurance acquisition cash flows | (24) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (24) |
Total cash flows | (743) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (743) |
Net closing balance | 11,861 | 408 | \u2014 | 1,695 | 127 | 1,822 | 14,091 |
Closing insurance contract liabilities | 11,954 | 404 | \u2014 | 1,683 | 94 | 1,777 | 14,135 |
Closing insurance contract assets | (93) | 4 | \u2014 | 12 | 33 | 45 | (44) |
Net closing balance | 11,861 | 408 | \u2014 | 1,695 | 127 | 1,822 | 14,091 |
2024 | 2023i | |
As at 31 December | \u00a3m | \u00a3m |
Insurance contract assets | 46 | 50 |
Insurance contract liabilities | (40,986) | (43,575) |
Investment contracts with DPF liabilities | (85,132) | (83,969) |
Reinsurance contract assets | 1,008 | 1,053 |
Reinsurance contract liabilities | (312) | (371) |
2024 | 2023 | ||
Profitable contracts | Profitable contracts | ||
Issued | Issued | ||
For the year ended 31 December | \u00a3m | \u00a3m | |
With-profits sub-funds: | |||
Contracts initially recognised in current year | |||
Claims and other insurance service expenses payable | 4,896 | 6,223 | |
Insurance acquisition cash flows | 129 | 137 | |
Estimates of the present value of future cash outflows | 5,025 | 6,360 | |
Estimates of the present value of future cash inflows | (5,121) | (6,484) | |
Risk adjustment for non-financial risk | 4 | 5 | |
CSM | 92 | 119 | |
Losses recognised on initial recognition | \u2014 | \u2014 | |
Unit-linked liabilities: | |||
Contracts initially recognised in current year | |||
Claims and other insurance service expenses payable | \u2014 | \u2014 | |
Insurance acquisition cash flows | \u2014 | \u2014 | |
Estimates of the present value of future cash outflows | \u2014 | \u2014 | |
Estimates of the present value of future cash inflows | \u2014 | \u2014 | |
Risk adjustment for non-financial risk | \u2014 | \u2014 | |
CSM | \u2014 | \u2014 | |
Losses recognised on initial recognition | \u2014 | \u2014 | |
Annuity and other long-term business: | |||
Contracts initially recognised in current year | |||
Claims and other insurance service expenses payable | 888 | 303 | |
Insurance acquisition cash flows | 14 | 25 | |
Estimates of the present value of future cash outflows | 902 | 328 | |
Estimates of the present value of future cash inflows | (992) | (385) | |
Risk adjustment for non-financial risk | 27 | 11 | |
CSM | 63 | 46 | |
Losses recognised on initial recognition | \u2014 | \u2014 | |
Total: | |||
Contracts initially recognised in current year | |||
Claims and other insurance service expenses payable | 5,784 | 6,526 | |
Insurance acquisition cash flows | 143 | 162 | |
Estimates of the present value of future cash outflows | 5,927 | 6,688 | |
Estimates of the present value of future cash inflows | (6,113) | (6,869) | |
Risk adjustment for non-financial risk | 31 | 16 | |
CSM | 155 | 165 | |
Losses recognised on initial recognition | \u2014 | \u2014 |
2024 | 2023 | ||||||||
Insurance contracts issued | Insurance contracts issued | ||||||||
With-profits sub-funds | Unit-linked liabilities | Annuity and other long- term business | Total | With-profits sub-funds | Unit-linked liabilities | Annuity and other long- term business | Total | ||
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Number of years until expected to be recognised: | |||||||||
0 to 1 year | 502 | 7 | 133 | 642 | 428 | 8 | 114 | 550 | |
1 to 2 years | 441 | 6 | 129 | 576 | 379 | 6 | 110 | 495 | |
2 to 3 years | 398 | 5 | 125 | 528 | 343 | 5 | 106 | 454 | |
3 to 4 years | 357 | 5 | 120 | 482 | 309 | 5 | 103 | 417 | |
4 to 5 years | 319 | 4 | 116 | 439 | 279 | 4 | 99 | 382 | |
5 to 10 years | 1,135 | 12 | 505 | 1,652 | 1,019 | 13 | 435 | 1,467 | |
10 to 15 years | 602 | 5 | 377 | 984 | 570 | 5 | 331 | 906 | |
15 to 20 years | 300 | 2 | 252 | 554 | 301 | 2 | 227 | 530 | |
20 to 25 years | 146 | 1 | 152 | 299 | 155 | 1 | 138 | 294 | |
Over 25 years | 140 | \u2014 | 190 | 330 | 156 | \u2014 | 159 | 315 | |
Total | 4,340 | 47 | 2,099 | 6,486 | 3,939 | 49 | 1,822 | 5,810 |
2024 | 2023 | ||
Reinsurance contracts held | Reinsurance contracts held | ||
As at 31 December | \u00a3m | \u00a3m | |
Number of years until expected to be recognised: | |||
0 to 1 year | (25) | (9) | |
1 to 2 years | (24) | (9) | |
2 to 3 years | (23) | (9) | |
3 to 4 years | (23) | (10) | |
4 to 5 years | (22) | (10) | |
5 to 10 years | (100) | (55) | |
10 to 15 years | (79) | (56) | |
15 to 20 years | (57) | (50) | |
20 to 25 years | (38) | (40) | |
Over 25 years | (62) | (79) | |
Total | (453) | (327) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
As at 1 January | 12,535 | 11,937 |
Premiums | 382 | 695 |
Surrenders | (1,144) | (770) |
Maturities/deaths | (138) | (133) |
Total net flows | (900) | (208) |
Switches | 11 | 19 |
Investment-related items and other movementsi | 519 | 859 |
Foreign exchange differences | (21) | (72) |
As at 31 December | 12,144 | 12,535 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
As at 1 January | 12,535 | 11,937 |
Premiums | 382 | 695 |
Surrenders | (1,144) | (770) |
Maturities/deaths | (138) | (133) |
Total net flows | (900) | (208) |
Switches | 11 | 19 |
Investment-related items and other movementsi | 519 | 859 |
Foreign exchange differences | (21) | (72) |
As at 31 December | 12,144 | 12,535 |
Restated i | ||
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Subordinated liabilities | 3,176 | 3,676 |
Operational borrowings | 2 | 1 |
Borrowings attributable to the With-Profits Fund | 3,308 | 3,970 |
Total subordinated liabilities and other borrowings | 6,486 | 7,647 |
2024 | 2023 | ||||
Principal amount | Carrying value | Principal amount | Carrying value | ||
As at 31 December | \u00a3m | \u00a3m | |||
5.625% sterling fixed rate due 20 October 2051 | \u00a3750m | 823 | \u00a3750m | 831 | |
6.25% sterling fixed rate due 20 October 2068 | \u00a3500m | 600 | \u00a3500m | 602 | |
6.50% US dollar fixed rate due 20 October 2048 | $500m | 433 | $500m | 434 | |
6.34% sterling fixed rate due 19 December 2063 | \u00a3700m | 836 | \u00a3700m | 841 | |
5.56% sterling fixed rate due 20 July 2055 | \u00a3439m | 484 | \u00a3600m | 667 | |
3.875% sterling fixed rate due 20 July 2049 | \u2014 | \u2014 | \u00a3300m | 301 | |
Total subordinated liabilities | 3,176 | 3,676 |
5.625% sterling fixed\u00a0rate | 6.25% sterling fixed\u00a0rate | 6.50% US dollar fixed\u00a0rate | 6.34% sterling fixed\u00a0rate | 5.56% sterling fixed\u00a0rate | |
Principal amount | \u00a3750m | \u00a3500m | $500m | \u00a3700m | \u00a3439mi |
Issue dateii | 3 October 2018 | 3 October 2018 | 3 October 2018 | 16 December 2013 (amended 10 June 2019) | 9 June 2015 (amended 10 June 2019) |
Maturity date | 20 October 2051 | 20 October 2068 | 20 October 2048 | 19 December 2063 | 20 July 2055 |
Callable at par at the\u00a0option of the Company from | 20 October 2031 (and each semi- annual interest payment date thereafter) | 20 October 2048 (and each semi- annual interest payment date thereafter) | 20 October 2028 (and each semi- annual interest payment date thereafter) | 19 December 2043 (and each semi- annual interest payment date thereafter) | 20 July 2035 (and each semi- annual interest payment date thereafter) |
Solvency II own funds treatment | Tier 2 | Tier 2 | Tier 2 | Tier 2 | Tier 2 |
2024 | 2023 | |
For the year ended 31 December | \u00a3m | \u00a3m |
At 1 January | 3,676 | 3,729 |
Amortisationi | (58) | (29) |
Foreign exchange movements | 8 | (24) |
Repurchases and redemptions | (450) | \u2014 |
At 31 December | 3,176 | 3,676 |
Restated i | ||
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Subordinated liabilities | 3,176 | 3,676 |
Operational borrowings | 2 | 1 |
Borrowings attributable to the With-Profits Fund | 3,308 | 3,970 |
Total subordinated liabilities and other borrowings | 6,486 | 7,647 |
Restated i | ||
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Non-recourse borrowings of consolidated investment fundsii | 3,300 | 3,950 |
Bank loans and overdrafts | 8 | 20 |
Total | 3,308 | 3,970 |
Borrowings attributable to the With-Profits Fund | ||||||||
Less than 1\u00a0year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | Over 5 years | No stated maturity | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
As at 31 December 2024 | 617 | 312 | 463 | 354 | 388 | 1,173 | 1 | 3,308 |
As at 31 December 2023 i | 532 | 601 | 267 | 1,219 | 531 | 820 | \u2014 | 3,970 |
2024 | 2023 | |
For the year ended 31 December | \u00a3m | \u00a3m |
At 1 January | 387 | 420 |
Transfersi | 64 | (8) |
Additions | 14 | 8 |
Disposals | (5) | (8) |
Interest expense | 15 | 13 |
Foreign exchange differences | (5) | \u2014 |
Lease repayments | (45) | (38) |
At 31 December | 425 | 387 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Expected to be settled within one year | 50 | 29 |
Expected to be settled after one year | 375 | 358 |
Total lease liabilities | 425 | 387 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Future minimum lease payments falling due in: | ||
Less than 1 year | 51 | 46 |
1 to 5 years | 178 | 139 |
Over 5 years | 705 | 939 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Regulatory | 10 | 1 |
Staff benefits | 53 | 52 |
Restructuring | \u2014 | 4 |
Other | 51 | 25 |
Total provisions | 114 | 82 |
2024 | 2023 | |
For the year ended 31 December | \u00a3m | \u00a3m |
At 1 January | 82 | 90 |
Charged to consolidated income statement: | ||
Additional provisions | 29 | 13 |
Unused amounts released | (1) | (7) |
Used during the year | (6) | (13) |
Foreign exchange difference | \u2014 | (1) |
Transfer from held for sale | 10 | \u2014 |
At 31 December | 114 | 82 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Outstanding purchases of investment securities | 2,409 | 3,943 |
Accruals and deferred income | 929 | 1,230 |
Deferred consideration | 221 | 239 |
Interest payable | 50 | 97 |
Creation of units awaiting settlement | 35 | 40 |
Property related creditors | 26 | 20 |
Other | 697 | 657 |
Total accruals, deferred income and other liabilities | 4,367 | 6,226 |
Analysed as: | ||
Expected to be settled within one year | 4,153 | 5,993 |
Expected to be settled after one year | 214 | 233 |
Total accruals, deferred income and other liabilities | 4,367 | 6,226 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Outstanding purchases of investment securities | 2,409 | 3,943 |
Accruals and deferred income | 929 | 1,230 |
Deferred consideration | 221 | 239 |
Interest payable | 50 | 97 |
Creation of units awaiting settlement | 35 | 40 |
Property related creditors | 26 | 20 |
Other | 697 | 657 |
Total accruals, deferred income and other liabilities | 4,367 | 6,226 |
Analysed as: | ||
Expected to be settled within one year | 4,153 | 5,993 |
Expected to be settled after one year | 214 | 233 |
Total accruals, deferred income and other liabilities | 4,367 | 6,226 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Outstanding purchases of investment securities | 2,409 | 3,943 |
Accruals and deferred income | 929 | 1,230 |
Deferred consideration | 221 | 239 |
Interest payable | 50 | 97 |
Creation of units awaiting settlement | 35 | 40 |
Property related creditors | 26 | 20 |
Other | 697 | 657 |
Total accruals, deferred income and other liabilities | 4,367 | 6,226 |
Analysed as: | ||
Expected to be settled within one year | 4,153 | 5,993 |
Expected to be settled after one year | 214 | 233 |
Total accruals, deferred income and other liabilities | 4,367 | 6,226 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Statement of financial position line item: | ||
Equity securities and pooled investment funds | 10,284 | 12,146 |
Debt securities | 2,132 | 2,174 |
Total | 12,416 | 14,320 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Statement of financial position line item: | ||
Equity securities and pooled investment funds | 10,284 | 12,146 |
Debt securities | 2,132 | 2,174 |
Total | 12,416 | 14,320 |
2024 | |||||
Level 1 | Level 2 | Level 3 | Total | ||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
With-profits: | |||||
Investment property | \u2014 | \u2014 | 13,738 | 13,738 | |
Equity securities and pooled investment funds | 35,666 | 1,373 | 16,343 | 53,382 | |
Loans | \u2014 | 713 | 2,160 | 2,873 | |
Debt securities | 22,606 | 25,057 | 4,484 | 52,147 | |
Derivative assets | 47 | 707 | \u2014 | 754 | |
Total with-profits | 58,319 | 27,850 | 36,725 | 122,894 | |
Unit-linked: | |||||
Investment property | \u2014 | \u2014 | \u2014 | \u2014 | |
Equity securities and pooled investment funds | 10,552 | 430 | 61 | 11,043 | |
Debt securities | 1,915 | 2,685 | 9 | 4,609 | |
Derivative assets | \u2014 | \u2014 | \u2014 | \u2014 | |
Total unit-linked | 12,467 | 3,115 | 70 | 15,652 | |
Annuity and other long-term business: | |||||
Investment property | \u2014 | \u2014 | 647 | 647 | |
Equity securities and pooled investment funds | 180 | 91 | 3 | 274 | |
Loans | \u2014 | \u2014 | 1,262 | 1,262 | |
Debt securities | 3,723 | 4,629 | 3,827 | 12,179 | |
Derivative assets | \u2014 | 172 | 26 | 198 | |
Total annuity and other long-term business | 3,903 | 4,892 | 5,765 | 14,560 | |
Other: | |||||
Equity securities and pooled investment funds | 128 | \u2014 | 63 | 191 | |
Debt securities | 587 | 253 | \u2014 | 840 | |
Derivative assets | \u2014 | 133 | \u2014 | 133 | |
Total other | 715 | 386 | 63 | 1,164 | |
Group: | |||||
Investment property | 32 | \u2014 | \u2014 | 14,385 | 14,385 |
Equity securities and pooled investment funds | 32 | 46,526 | 1,894 | 16,470 | 64,890 |
Loans | 32 | \u2014 | 713 | 3,422 | 4,135 |
Debt securities | 32 | 28,831 | 32,624 | 8,320 | 69,775 |
Derivative assets | 32 | 47 | 1,012 | 26 | 1,085 |
Total assets at fair value | 75,404 | 36,243 | 42,623 | 154,270 |
Restated i | |||||
2023 | |||||
Level 1 | Level 2 | Level 3 | Total | ||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
With-profits: | |||||
Investment property | \u2014 | \u2014 | 14,423 | 14,423 | |
Equity securities and pooled investment funds | 38,863 | 719 | 15,021 | 54,603 | |
Loans | \u2014 | 747 | 1,860 | 2,607 | |
Debt securities | 17,966 | 29,837 | 4,436 | 52,239 | |
Derivative assets | 222 | 1,082 | \u2014 | 1,304 | |
Total with-profits | 57,051 | 32,385 | 35,740 | 125,176 | |
Unit-linked: | |||||
Investment property | \u2014 | \u2014 | 310 | 310 | |
Equity securities and pooled investment funds | 10,642 | 473 | 43 | 11,158 | |
Debt securities | 1,796 | 2,841 | 14 | 4,651 | |
Derivative assets | 18 | 12 | \u2014 | 30 | |
Total unit-linked | 12,456 | 3,326 | 367 | 16,149 | |
Annuity and other long-term business: | |||||
Investment property | \u2014 | \u2014 | 689 | 689 | |
Equity securities and pooled investment funds | 177 | 88 | 4 | 269 | |
Loans | \u2014 | \u2014 | 1,301 | 1,301 | |
Debt securities | 2,631 | 5,851 | 4,275 | 12,757 | |
Derivative assets | \u2014 | 195 | 32 | 227 | |
Total annuity and other long-term business | 2,808 | 6,134 | 6,301 | 15,243 | |
Other: | |||||
Equity securities and pooled investment funds | 151 | \u2014 | 67 | 218 | |
Debt securities | 678 | 358 | \u2014 | 1,036 | |
Derivative assets | \u2014 | 132 | \u2014 | 132 | |
Total other | 829 | 490 | 67 | 1,386 | |
Group: | |||||
Investment property | 32 | \u2014 | \u2014 | 15,422 | 15,422 |
Equity securities and pooled investment funds | 32 | 49,833 | 1,280 | 15,135 | 66,248 |
Loans | 32 | \u2014 | 747 | 3,161 | 3,908 |
Debt securities | 32 | 23,071 | 38,887 | 8,725 | 70,683 |
Derivative assets | 32 | 240 | 1,421 | 32 | 1,693 |
Total assets at fair value | 73,144 | 42,335 | 42,475 | 157,954 |
2024 | ||||
Level 1 | Level 2 | Level 3 | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | \u2014 | 12,144 | \u2014 | 12,144 |
Third party interest in consolidated funds | 4,272 | 199 | 5,013 | 9,484 |
Derivative liabilities | 151 | 3,039 | 12 | 3,202 |
Accruals, deferred income and other liabilities | \u2014 | \u2014 | 221 | 221 |
Total liabilities at fair value | 4,423 | 15,382 | 5,246 | 25,051 |
Restated i | ||||
2023 | ||||
Level 1 | Level 2 | Level 3 | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | \u2014 | 12,535 | \u2014 | 12,535 |
Third party interest in consolidated funds | 4,474 | 342 | 5,077 | 9,893 |
Derivative liabilities | 76 | 2,821 | 13 | 2,910 |
Accruals, deferred income and other liabilities | \u2014 | \u2014 | 239 | 239 |
Total liabilities at fair value | 4,550 | 15,698 | 5,329 | 25,577 |
2024 | |||||
Transfers between levels | |||||
Equity securities and pooled investment funds | Loans | Debt securities | Derivatives | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
From level 1 to level 2i, iii | 70 | \u2014 | 3,652 | \u2014 | 3,722 |
From level 1 to level 3i | 15 | \u2014 | 90 | \u2014 | 105 |
From level 2 to level 1i, iii | 148 | \u2014 | 10,136 | \u2014 | 10,284 |
From level 2 to level 3i | 85 | 5 | 606 | \u2014 | 696 |
From level 3 to level 1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
From level 3 to level 2i | 2 | 26 | 768 | \u2014 | 796 |
2023 | |||||
Transfers between levels | |||||
Equity securities and pooled investment funds | Loans | Debt securities | Derivatives | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
From level 1 to level 2i, iii | \u2014 | \u2014 | 3,127 | \u2014 | 3,127 |
From level 1 to level 3i | 39 | \u2014 | 45 | \u2014 | 84 |
From level 2 to level 1i, iii | \u2014 | \u2014 | 3,301 | \u2014 | 3,301 |
From level 2 to level 3i, ii | 632 | 50 | 310 | 3 | 995 |
From level 3 to level 1i | \u2014 | \u2014 | 5 | \u2014 | 5 |
From level 3 to level 2i | \u2014 | 1 | 171 | \u2014 | 172 |
2024 | |||||||||||
At 1 Jan | Total gains/ (losses) recorded in income statement | Foreign exchange | Purchases /other | Sales /other | Transfer to held for sale | Settled | Issued | Transfers into level 3 | Transfers out of level 3 | At 31 Dec | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Level 3 assets: | |||||||||||
Investment property | 15,422 | (340) | 22 | 1,083 | (1,320) | (482) | \u2014 | \u2014 | \u2014 | \u2014 | 14,385 |
Equity securities and pooled investment funds | 15,135 | (25) | 67 | 1,567 | (372) | \u2014 | \u2014 | \u2014 | 100 | (2) | 16,470 |
Loans | 3,161 | (71) | 12 | 826 | (485) | \u2014 | \u2014 | \u2014 | 5 | (26) | 3,422 |
Debt securities | 8,725 | (445) | 10 | 1,630 | (1,528) | \u2014 | \u2014 | \u2014 | 696 | (768) | 8,320 |
Derivative assets | 32 | (3) | \u2014 | \u2014 | \u2014 | \u2014 | (3) | \u2014 | \u2014 | \u2014 | 26 |
Total level 3 assets | 42,475 | (884) | 111 | 5,106 | (3,705) | (482) | (3) | \u2014 | 801 | (796) | 42,623 |
Level 3 liabilities: | |||||||||||
Third party interest in consolidated funds | 5,077 | (375) | (145) | \u2014 | (6) | \u2014 | (522) | 691 | 293 | \u2014 | 5,013 |
Derivative liabilities | 13 | (1) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 12 |
Other financial liabilities | 239 | (5) | \u2014 | \u2014 | \u2014 | \u2014 | (13) | \u2014 | \u2014 | \u2014 | 221 |
Total level 3 liabilities | 5,329 | (381) | (145) | \u2014 | (6) | \u2014 | (535) | 691 | 293 | \u2014 | 5,246 |
Restated i | |||||||||||
2023 | |||||||||||
At 1 Jan | Total gains/ (losses) recorded in income statement | Foreign exchange | Purchases /other | Sales /other | Transfer to held for sale | Settled | Issued | Transfers into level 3 | Transfers out of level\u00a03 | At 31 Dec | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Level 3 assets: | |||||||||||
Investment property | 16,505 | (1,053) | (365) | 1,037 | (530) | (172) | \u2014 | \u2014 | \u2014 | \u2014 | 15,422 |
Equity securities and pooled investment funds | 14,488 | (841) | (240) | 2,671 | (1,463) | (151) | \u2014 | \u2014 | 671 | \u2014 | 15,135 |
Loans | 2,727 | 21 | (19) | 968 | (585) | \u2014 | \u2014 | \u2014 | 50 | (1) | 3,161 |
Debt securities | 8,950 | 107 | (20) | 853 | (1,280) | (64) | \u2014 | \u2014 | 355 | (176) | 8,725 |
Derivative assets | 26 | 8 | \u2014 | \u2014 | \u2014 | \u2014 | (5) | \u2014 | 3 | \u2014 | 32 |
Total level 3 assets | 42,696 | (1,758) | (644) | 5,529 | (3,858) | (387) | (5) | \u2014 | 1,079 | (177) | 42,475 |
Level 3 liabilities: | |||||||||||
Third party interest in consolidated funds | 3,773 | (210) | (127) | \u2014 | \u2014 | \u2014 | (110) | 839 | 949 | (37) | 5,077 |
Derivative liabilities | 9 | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 13 |
Other financial liabilities | 246 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (7) | \u2014 | \u2014 | \u2014 | 239 |
Total level 3 liabilities | 4,028 | (206) | (127) | \u2014 | \u2014 | \u2014 | (117) | 839 | 949 | (37) | 5,329 |
Geographical location | Estimated rental value rangei | Equivalent yield range | |||||
As at 31 December | Property type | 2024 | 2023ii | 2024 | 2023ii | ||
Investment property | Industrial | UK | \u00a34 to \u00a329 | \u00a33 to \u00a329 | 4.67% to 10.64% | 4.70% to 9.70% | |
Asia/Pacific | $68 to $284 | $93 to $292 | 3.08% to 7.50% | 3.00% to 7.50% | |||
Office | UK | \u00a310 to \u00a364 | \u00a312 to \u00a364 | 4.73% to 10.52% | 4.72% to 11.19% | ||
Asia/Pacific | $396 to $1,096 | $400 to $1,144 | 2.87% to 7.50% | 3.70% to 6.75% | |||
North America | $48 | $50 | 8.00% | 7.75% | |||
Residential | UK | \u00a38 to \u00a397 | \u00a312 to \u00a391 | 4.25% to 8.00% | 4.15% to 6.98% | ||
Europe | \u20ac209 to \u20ac329 | \u20ac186 to \u20ac279 | 3.65% to 4.90% | 3.61% to 8.42% | |||
Asia/Pacific | $197 to $266 | $220 to $297 | 3.46% to 4.55% | 4.18% to 4.79% | |||
Retail | UK | \u00a310 to \u00a355 | \u00a315 to \u00a347 | 4.73% to 10.52% | 4.00% to 10.61% | ||
Asia/Pacific | $328 to $1,808 | $398 to $1,782 | 6.75% to 8.5% | 6.75% to 8.00% | |||
Otheriii | UK | \u00a38 to \u00a3168 | \u00a314 to \u00a3168 | 5.49% to 6.50% | 5.63% to 6.70% | ||
Asia/Pacific | $180 to $194 | $194 to $200 | 8.00% | 8.50% |
As at 31 December | Unobservable input | 2024 | 2023 |
Retail income strips | Discount rate | 2.11% to 6.41% | 1.10% to 5.94% |
Equity release mortgages | Discount rate | 2.76% | 2.76% |
Total portfolio property value | \u00a32.8bn | \u00a33.0bn | |
Assumed property growth rate | Risk free + 1.10% | Risk free + 0.70% | |
Private placement loansi | Credit risk premium: | ||
AAA to A | 0.32% to 3.07% | 0.58% to 5.87% | |
BBB to BB | 0.45% to 6.11% | 1.09% to 6.65% | |
Infrastructure fund investments | Discount rate | 9.3% to 12.00% | 8.5% to 12.00% |
2024 | |||||||
Fair value | Held in shareholder- backed fund | Valuation technique | Most significant unobservable input | Sensitivity | Change in fair value | Impact on IFRS profit after tax and shareholders\u2019 equityviii | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Investment property | |||||||
Property in use | 13,859 | 647 | Income capitalisation | Equivalent yield | Increase by 50bps | (1,227) | (43) |
Decrease by 50bps | 1,489 | 52 | |||||
Estimated rental value | Increase by 10% | 1,141 | 40 | ||||
Decrease by 10% | (1,107) | (39) | |||||
Property under development | 526 | \u2014 | Development cost | Increase by 10% | 53 | \u2014 | |
Decrease by 10% | (53) | \u2014 | |||||
Loans | |||||||
Equity release mortgages ii | 952 | 952 | Discounted cash flowiii | Illiquidity premium | Increase by 50bps | (49) | (36) |
Decrease by 50bps | 52 | 39 | |||||
Current property value | Increase by 10% | 31 | 24 | ||||
Decrease by 10% | (41) | (30) | |||||
Assumed annual property growth rate | Increase by 100bps | 65 | 49 | ||||
Decrease by 100bps | (95) | (71) | |||||
Assumed annual property rental yield | Increase by 100bps | (53) | (39) | ||||
Decrease by 100bps | 46 | 35 | |||||
Other mortgages and retail loans | 826 | \u2014 | Broker quotesiv | Broker quotes | Increase by 10% | 83 | \u2014 |
Decrease by 10% | (83) | \u2014 | |||||
Other commercial loans | 1,644 | 311 | Broker quotesiv | Broker quotes | Increase by 10% | 164 | 23 |
Decrease by 10% | (164) | (23) | |||||
Equity securities and pooled investment fund i | 16,359 | 127 | Net asset statements | Net asset value | Increase by 10% | 1,636 | 10 |
Decrease by 10% | (1,636) | (10) | |||||
Infrastructure fund investments v | 275 | \u2014 | Discounted cash flowvi | Discount rate | Increase by 10% | (26) | \u2014 |
Decrease by 10% | 31 | \u2014 | |||||
Debt securities | |||||||
Private placement loansix | 4,942 | 2,912 | Discounted cash flowvii | Discount rate | Increase by 50bps | (242) | (107) |
Decrease by 50bps | 302 | 133 | |||||
Retail income strips | 263 | 227 | Discounted cash flowvii | Discount rate | Increase by 50bps | (12) | (8) |
Decrease by 50bps | 14 | 9 | |||||
Unquoted corporate bonds | 2,951 | 696 | Broker quotesiv, enterprise valuation, estimated recovery | Broker quotes | Increase by 10% | 295 | 52 |
Decrease by 10% | (295) | (52) | |||||
Derivative assets | 26 | 26 | Discounted cash flow | Discount rate | Increase by 50bps | \u2014 | \u2014 |
Decrease by 50bps | \u2014 | \u2014 | |||||
Total level 3 | 42,623 | 5,898 |
Restated i | |||||||
2023 | |||||||
Fair value | Held in shareholder- backed fund | Valuation technique | Most significant unobservable input | Sensitivity | Change in fair value | Impact on IFRS profit after tax and shareholders\u2019 equityviii | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Investment property: | |||||||
Property in use | 14,414 | 994 | Income capitalisation | Equivalent yield | Increase by 50bps | (1,277) | (67) |
Decrease by 50bps | 1,535 | 81 | |||||
Estimated rental value | Increase by 10% | 1,286 | 68 | ||||
Decrease by 10% | (1,240) | (65) | |||||
Property under development | 1,008 | 5 | Development cost | Increase by 10% | 101 | \u2014 | |
Decrease by 10% | (101) | \u2014 | |||||
Loans | |||||||
Equity release mortgages ii | 928 | 928 | Discounted cash flowiii | Illiquidity premium | Increase by 50bps | (61) | (47) |
Decrease by 50bps | 66 | 51 | |||||
Current property value | Increase by 10% | 44 | 33 | ||||
Decrease by 10% | (54) | (41) | |||||
Assumed annual property growth rate | Increase by 100bps | 109 | 84 | ||||
Decrease by 100bps | (154) | (118) | |||||
Assumed annual property rental yield | Increase by 100bps | (77) | (59) | ||||
Decrease by 100bps | 72 | 55 | |||||
Other mortgages and retail loans | 816 | \u2014 | Broker quotesiv | Broker quotes | Increase by 10% | 82 | \u2014 |
Decrease by 10% | (82) | \u2014 | |||||
Other Commercial loans | 1,417 | 373 | Broker quotesiv | Broker quotes | Increase by 10% | 142 | 29 |
Decrease by 10% | (142) | (29) | |||||
Equity securities and pooled investment funds i | 15,031 | 104 | Net asset statements | Net asset value | Increase by 10% | 1,503 | 8 |
Decrease by 10% | (1,503) | (8) | |||||
Infrastructure fund investments v | 325 | \u2014 | Discounted cash flowvi | Discount rate | Increase by 10% | (62) | \u2014 |
Decrease by 10% | 72 | \u2014 | |||||
Debt securities | |||||||
Private placement loansix | 5,523 | 3,242 | Discounted cash flowvii | Discount rate | Increase by 50bps | (293) | (129) |
Decrease by 50bps | 325 | 143 | |||||
Retail income strips | 224 | 188 | Discounted cash flowvii | Discount rate | Increase by 50bps | (12) | (7) |
Decrease by 50bps | 13 | 9 | |||||
Unquoted corporate bonds | 2,757 | 859 | Broker quotesiv, enterprise valuation, estimated recovery | Broker quotes | Increase by 10% | 276 | 66 |
Decrease by 10% | (276) | (66) | |||||
Derivative assets | 32 | 32 | Discounted cash flow | Discount rate | Increase by 50bps | \u2014 | \u2014 |
Decrease by 50bps | \u2014 | \u2014 | |||||
Total level 3 | 42,475 | 6,725 |
Restated i | ||
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Investment property | (317) | (1,124) |
Equity securities and pooled investment funds | 219 | (662) |
Loans | (70) | 11 |
Debt securities | (581) | (106) |
Third party interest in consolidated funds | 371 | 236 |
Derivatives | (5) | \u2014 |
Other financial liabilities | 5 | \u2014 |
Total | (378) | (1,645) |
2024 | |||||
Level 1 | Level 2 | Level 3 | Total fair value | Total carrying value | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Liabilities: | |||||
Subordinated liabilities and other borrowings | \u2014 | 5,608 | 339 | 5,947 | 6,486 |
Restated i | |||||
2023 | |||||
Level 1 | Level 2 | Level 3 | Total fair value | Total carrying value | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Liabilities: | |||||
Subordinated liabilities and other borrowings | \u2014 | 6,822 | 260 | 7,082 | 7,647 |
2024 | |||||
Level 1 | Level 2 | Level 3 | Total | ||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
With-profits: | |||||
Investment property | \u2014 | \u2014 | 13,738 | 13,738 | |
Equity securities and pooled investment funds | 35,666 | 1,373 | 16,343 | 53,382 | |
Loans | \u2014 | 713 | 2,160 | 2,873 | |
Debt securities | 22,606 | 25,057 | 4,484 | 52,147 | |
Derivative assets | 47 | 707 | \u2014 | 754 | |
Total with-profits | 58,319 | 27,850 | 36,725 | 122,894 | |
Unit-linked: | |||||
Investment property | \u2014 | \u2014 | \u2014 | \u2014 | |
Equity securities and pooled investment funds | 10,552 | 430 | 61 | 11,043 | |
Debt securities | 1,915 | 2,685 | 9 | 4,609 | |
Derivative assets | \u2014 | \u2014 | \u2014 | \u2014 | |
Total unit-linked | 12,467 | 3,115 | 70 | 15,652 | |
Annuity and other long-term business: | |||||
Investment property | \u2014 | \u2014 | 647 | 647 | |
Equity securities and pooled investment funds | 180 | 91 | 3 | 274 | |
Loans | \u2014 | \u2014 | 1,262 | 1,262 | |
Debt securities | 3,723 | 4,629 | 3,827 | 12,179 | |
Derivative assets | \u2014 | 172 | 26 | 198 | |
Total annuity and other long-term business | 3,903 | 4,892 | 5,765 | 14,560 | |
Other: | |||||
Equity securities and pooled investment funds | 128 | \u2014 | 63 | 191 | |
Debt securities | 587 | 253 | \u2014 | 840 | |
Derivative assets | \u2014 | 133 | \u2014 | 133 | |
Total other | 715 | 386 | 63 | 1,164 | |
Group: | |||||
Investment property | 32 | \u2014 | \u2014 | 14,385 | 14,385 |
Equity securities and pooled investment funds | 32 | 46,526 | 1,894 | 16,470 | 64,890 |
Loans | 32 | \u2014 | 713 | 3,422 | 4,135 |
Debt securities | 32 | 28,831 | 32,624 | 8,320 | 69,775 |
Derivative assets | 32 | 47 | 1,012 | 26 | 1,085 |
Total assets at fair value | 75,404 | 36,243 | 42,623 | 154,270 |
Restated i | |||||
2023 | |||||
Level 1 | Level 2 | Level 3 | Total | ||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
With-profits: | |||||
Investment property | \u2014 | \u2014 | 14,423 | 14,423 | |
Equity securities and pooled investment funds | 38,863 | 719 | 15,021 | 54,603 | |
Loans | \u2014 | 747 | 1,860 | 2,607 | |
Debt securities | 17,966 | 29,837 | 4,436 | 52,239 | |
Derivative assets | 222 | 1,082 | \u2014 | 1,304 | |
Total with-profits | 57,051 | 32,385 | 35,740 | 125,176 | |
Unit-linked: | |||||
Investment property | \u2014 | \u2014 | 310 | 310 | |
Equity securities and pooled investment funds | 10,642 | 473 | 43 | 11,158 | |
Debt securities | 1,796 | 2,841 | 14 | 4,651 | |
Derivative assets | 18 | 12 | \u2014 | 30 | |
Total unit-linked | 12,456 | 3,326 | 367 | 16,149 | |
Annuity and other long-term business: | |||||
Investment property | \u2014 | \u2014 | 689 | 689 | |
Equity securities and pooled investment funds | 177 | 88 | 4 | 269 | |
Loans | \u2014 | \u2014 | 1,301 | 1,301 | |
Debt securities | 2,631 | 5,851 | 4,275 | 12,757 | |
Derivative assets | \u2014 | 195 | 32 | 227 | |
Total annuity and other long-term business | 2,808 | 6,134 | 6,301 | 15,243 | |
Other: | |||||
Equity securities and pooled investment funds | 151 | \u2014 | 67 | 218 | |
Debt securities | 678 | 358 | \u2014 | 1,036 | |
Derivative assets | \u2014 | 132 | \u2014 | 132 | |
Total other | 829 | 490 | 67 | 1,386 | |
Group: | |||||
Investment property | 32 | \u2014 | \u2014 | 15,422 | 15,422 |
Equity securities and pooled investment funds | 32 | 49,833 | 1,280 | 15,135 | 66,248 |
Loans | 32 | \u2014 | 747 | 3,161 | 3,908 |
Debt securities | 32 | 23,071 | 38,887 | 8,725 | 70,683 |
Derivative assets | 32 | 240 | 1,421 | 32 | 1,693 |
Total assets at fair value | 73,144 | 42,335 | 42,475 | 157,954 |
2024 | ||||
Level 1 | Level 2 | Level 3 | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | \u2014 | 12,144 | \u2014 | 12,144 |
Third party interest in consolidated funds | 4,272 | 199 | 5,013 | 9,484 |
Derivative liabilities | 151 | 3,039 | 12 | 3,202 |
Accruals, deferred income and other liabilities | \u2014 | \u2014 | 221 | 221 |
Total liabilities at fair value | 4,423 | 15,382 | 5,246 | 25,051 |
Restated i | ||||
2023 | ||||
Level 1 | Level 2 | Level 3 | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | \u2014 | 12,535 | \u2014 | 12,535 |
Third party interest in consolidated funds | 4,474 | 342 | 5,077 | 9,893 |
Derivative liabilities | 76 | 2,821 | 13 | 2,910 |
Accruals, deferred income and other liabilities | \u2014 | \u2014 | 239 | 239 |
Total liabilities at fair value | 4,550 | 15,698 | 5,329 | 25,577 |
2024 | |||||
Transfers between levels | |||||
Equity securities and pooled investment funds | Loans | Debt securities | Derivatives | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
From level 1 to level 2i, iii | 70 | \u2014 | 3,652 | \u2014 | 3,722 |
From level 1 to level 3i | 15 | \u2014 | 90 | \u2014 | 105 |
From level 2 to level 1i, iii | 148 | \u2014 | 10,136 | \u2014 | 10,284 |
From level 2 to level 3i | 85 | 5 | 606 | \u2014 | 696 |
From level 3 to level 1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
From level 3 to level 2i | 2 | 26 | 768 | \u2014 | 796 |
2023 | |||||
Transfers between levels | |||||
Equity securities and pooled investment funds | Loans | Debt securities | Derivatives | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
From level 1 to level 2i, iii | \u2014 | \u2014 | 3,127 | \u2014 | 3,127 |
From level 1 to level 3i | 39 | \u2014 | 45 | \u2014 | 84 |
From level 2 to level 1i, iii | \u2014 | \u2014 | 3,301 | \u2014 | 3,301 |
From level 2 to level 3i, ii | 632 | 50 | 310 | 3 | 995 |
From level 3 to level 1i | \u2014 | \u2014 | 5 | \u2014 | 5 |
From level 3 to level 2i | \u2014 | 1 | 171 | \u2014 | 172 |
2024 | |||||||||||
At 1 Jan | Total gains/ (losses) recorded in income statement | Foreign exchange | Purchases /other | Sales /other | Transfer to held for sale | Settled | Issued | Transfers into level 3 | Transfers out of level 3 | At 31 Dec | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Level 3 assets: | |||||||||||
Investment property | 15,422 | (340) | 22 | 1,083 | (1,320) | (482) | \u2014 | \u2014 | \u2014 | \u2014 | 14,385 |
Equity securities and pooled investment funds | 15,135 | (25) | 67 | 1,567 | (372) | \u2014 | \u2014 | \u2014 | 100 | (2) | 16,470 |
Loans | 3,161 | (71) | 12 | 826 | (485) | \u2014 | \u2014 | \u2014 | 5 | (26) | 3,422 |
Debt securities | 8,725 | (445) | 10 | 1,630 | (1,528) | \u2014 | \u2014 | \u2014 | 696 | (768) | 8,320 |
Derivative assets | 32 | (3) | \u2014 | \u2014 | \u2014 | \u2014 | (3) | \u2014 | \u2014 | \u2014 | 26 |
Total level 3 assets | 42,475 | (884) | 111 | 5,106 | (3,705) | (482) | (3) | \u2014 | 801 | (796) | 42,623 |
Level 3 liabilities: | |||||||||||
Third party interest in consolidated funds | 5,077 | (375) | (145) | \u2014 | (6) | \u2014 | (522) | 691 | 293 | \u2014 | 5,013 |
Derivative liabilities | 13 | (1) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 12 |
Other financial liabilities | 239 | (5) | \u2014 | \u2014 | \u2014 | \u2014 | (13) | \u2014 | \u2014 | \u2014 | 221 |
Total level 3 liabilities | 5,329 | (381) | (145) | \u2014 | (6) | \u2014 | (535) | 691 | 293 | \u2014 | 5,246 |
Restated i | |||||||||||
2023 | |||||||||||
At 1 Jan | Total gains/ (losses) recorded in income statement | Foreign exchange | Purchases /other | Sales /other | Transfer to held for sale | Settled | Issued | Transfers into level 3 | Transfers out of level\u00a03 | At 31 Dec | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Level 3 assets: | |||||||||||
Investment property | 16,505 | (1,053) | (365) | 1,037 | (530) | (172) | \u2014 | \u2014 | \u2014 | \u2014 | 15,422 |
Equity securities and pooled investment funds | 14,488 | (841) | (240) | 2,671 | (1,463) | (151) | \u2014 | \u2014 | 671 | \u2014 | 15,135 |
Loans | 2,727 | 21 | (19) | 968 | (585) | \u2014 | \u2014 | \u2014 | 50 | (1) | 3,161 |
Debt securities | 8,950 | 107 | (20) | 853 | (1,280) | (64) | \u2014 | \u2014 | 355 | (176) | 8,725 |
Derivative assets | 26 | 8 | \u2014 | \u2014 | \u2014 | \u2014 | (5) | \u2014 | 3 | \u2014 | 32 |
Total level 3 assets | 42,696 | (1,758) | (644) | 5,529 | (3,858) | (387) | (5) | \u2014 | 1,079 | (177) | 42,475 |
Level 3 liabilities: | |||||||||||
Third party interest in consolidated funds | 3,773 | (210) | (127) | \u2014 | \u2014 | \u2014 | (110) | 839 | 949 | (37) | 5,077 |
Derivative liabilities | 9 | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 13 |
Other financial liabilities | 246 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (7) | \u2014 | \u2014 | \u2014 | 239 |
Total level 3 liabilities | 4,028 | (206) | (127) | \u2014 | \u2014 | \u2014 | (117) | 839 | 949 | (37) | 5,329 |
Geographical location | Estimated rental value rangei | Equivalent yield range | |||||
As at 31 December | Property type | 2024 | 2023ii | 2024 | 2023ii | ||
Investment property | Industrial | UK | \u00a34 to \u00a329 | \u00a33 to \u00a329 | 4.67% to 10.64% | 4.70% to 9.70% | |
Asia/Pacific | $68 to $284 | $93 to $292 | 3.08% to 7.50% | 3.00% to 7.50% | |||
Office | UK | \u00a310 to \u00a364 | \u00a312 to \u00a364 | 4.73% to 10.52% | 4.72% to 11.19% | ||
Asia/Pacific | $396 to $1,096 | $400 to $1,144 | 2.87% to 7.50% | 3.70% to 6.75% | |||
North America | $48 | $50 | 8.00% | 7.75% | |||
Residential | UK | \u00a38 to \u00a397 | \u00a312 to \u00a391 | 4.25% to 8.00% | 4.15% to 6.98% | ||
Europe | \u20ac209 to \u20ac329 | \u20ac186 to \u20ac279 | 3.65% to 4.90% | 3.61% to 8.42% | |||
Asia/Pacific | $197 to $266 | $220 to $297 | 3.46% to 4.55% | 4.18% to 4.79% | |||
Retail | UK | \u00a310 to \u00a355 | \u00a315 to \u00a347 | 4.73% to 10.52% | 4.00% to 10.61% | ||
Asia/Pacific | $328 to $1,808 | $398 to $1,782 | 6.75% to 8.5% | 6.75% to 8.00% | |||
Otheriii | UK | \u00a38 to \u00a3168 | \u00a314 to \u00a3168 | 5.49% to 6.50% | 5.63% to 6.70% | ||
Asia/Pacific | $180 to $194 | $194 to $200 | 8.00% | 8.50% |
As at 31 December | Unobservable input | 2024 | 2023 |
Retail income strips | Discount rate | 2.11% to 6.41% | 1.10% to 5.94% |
Equity release mortgages | Discount rate | 2.76% | 2.76% |
Total portfolio property value | \u00a32.8bn | \u00a33.0bn | |
Assumed property growth rate | Risk free + 1.10% | Risk free + 0.70% | |
Private placement loansi | Credit risk premium: | ||
AAA to A | 0.32% to 3.07% | 0.58% to 5.87% | |
BBB to BB | 0.45% to 6.11% | 1.09% to 6.65% | |
Infrastructure fund investments | Discount rate | 9.3% to 12.00% | 8.5% to 12.00% |
2024 | |||||||
Fair value | Held in shareholder- backed fund | Valuation technique | Most significant unobservable input | Sensitivity | Change in fair value | Impact on IFRS profit after tax and shareholders\u2019 equityviii | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Investment property | |||||||
Property in use | 13,859 | 647 | Income capitalisation | Equivalent yield | Increase by 50bps | (1,227) | (43) |
Decrease by 50bps | 1,489 | 52 | |||||
Estimated rental value | Increase by 10% | 1,141 | 40 | ||||
Decrease by 10% | (1,107) | (39) | |||||
Property under development | 526 | \u2014 | Development cost | Increase by 10% | 53 | \u2014 | |
Decrease by 10% | (53) | \u2014 | |||||
Loans | |||||||
Equity release mortgages ii | 952 | 952 | Discounted cash flowiii | Illiquidity premium | Increase by 50bps | (49) | (36) |
Decrease by 50bps | 52 | 39 | |||||
Current property value | Increase by 10% | 31 | 24 | ||||
Decrease by 10% | (41) | (30) | |||||
Assumed annual property growth rate | Increase by 100bps | 65 | 49 | ||||
Decrease by 100bps | (95) | (71) | |||||
Assumed annual property rental yield | Increase by 100bps | (53) | (39) | ||||
Decrease by 100bps | 46 | 35 | |||||
Other mortgages and retail loans | 826 | \u2014 | Broker quotesiv | Broker quotes | Increase by 10% | 83 | \u2014 |
Decrease by 10% | (83) | \u2014 | |||||
Other commercial loans | 1,644 | 311 | Broker quotesiv | Broker quotes | Increase by 10% | 164 | 23 |
Decrease by 10% | (164) | (23) | |||||
Equity securities and pooled investment fund i | 16,359 | 127 | Net asset statements | Net asset value | Increase by 10% | 1,636 | 10 |
Decrease by 10% | (1,636) | (10) | |||||
Infrastructure fund investments v | 275 | \u2014 | Discounted cash flowvi | Discount rate | Increase by 10% | (26) | \u2014 |
Decrease by 10% | 31 | \u2014 | |||||
Debt securities | |||||||
Private placement loansix | 4,942 | 2,912 | Discounted cash flowvii | Discount rate | Increase by 50bps | (242) | (107) |
Decrease by 50bps | 302 | 133 | |||||
Retail income strips | 263 | 227 | Discounted cash flowvii | Discount rate | Increase by 50bps | (12) | (8) |
Decrease by 50bps | 14 | 9 | |||||
Unquoted corporate bonds | 2,951 | 696 | Broker quotesiv, enterprise valuation, estimated recovery | Broker quotes | Increase by 10% | 295 | 52 |
Decrease by 10% | (295) | (52) | |||||
Derivative assets | 26 | 26 | Discounted cash flow | Discount rate | Increase by 50bps | \u2014 | \u2014 |
Decrease by 50bps | \u2014 | \u2014 | |||||
Total level 3 | 42,623 | 5,898 |
Restated i | |||||||
2023 | |||||||
Fair value | Held in shareholder- backed fund | Valuation technique | Most significant unobservable input | Sensitivity | Change in fair value | Impact on IFRS profit after tax and shareholders\u2019 equityviii | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Investment property: | |||||||
Property in use | 14,414 | 994 | Income capitalisation | Equivalent yield | Increase by 50bps | (1,277) | (67) |
Decrease by 50bps | 1,535 | 81 | |||||
Estimated rental value | Increase by 10% | 1,286 | 68 | ||||
Decrease by 10% | (1,240) | (65) | |||||
Property under development | 1,008 | 5 | Development cost | Increase by 10% | 101 | \u2014 | |
Decrease by 10% | (101) | \u2014 | |||||
Loans | |||||||
Equity release mortgages ii | 928 | 928 | Discounted cash flowiii | Illiquidity premium | Increase by 50bps | (61) | (47) |
Decrease by 50bps | 66 | 51 | |||||
Current property value | Increase by 10% | 44 | 33 | ||||
Decrease by 10% | (54) | (41) | |||||
Assumed annual property growth rate | Increase by 100bps | 109 | 84 | ||||
Decrease by 100bps | (154) | (118) | |||||
Assumed annual property rental yield | Increase by 100bps | (77) | (59) | ||||
Decrease by 100bps | 72 | 55 | |||||
Other mortgages and retail loans | 816 | \u2014 | Broker quotesiv | Broker quotes | Increase by 10% | 82 | \u2014 |
Decrease by 10% | (82) | \u2014 | |||||
Other Commercial loans | 1,417 | 373 | Broker quotesiv | Broker quotes | Increase by 10% | 142 | 29 |
Decrease by 10% | (142) | (29) | |||||
Equity securities and pooled investment funds i | 15,031 | 104 | Net asset statements | Net asset value | Increase by 10% | 1,503 | 8 |
Decrease by 10% | (1,503) | (8) | |||||
Infrastructure fund investments v | 325 | \u2014 | Discounted cash flowvi | Discount rate | Increase by 10% | (62) | \u2014 |
Decrease by 10% | 72 | \u2014 | |||||
Debt securities | |||||||
Private placement loansix | 5,523 | 3,242 | Discounted cash flowvii | Discount rate | Increase by 50bps | (293) | (129) |
Decrease by 50bps | 325 | 143 | |||||
Retail income strips | 224 | 188 | Discounted cash flowvii | Discount rate | Increase by 50bps | (12) | (7) |
Decrease by 50bps | 13 | 9 | |||||
Unquoted corporate bonds | 2,757 | 859 | Broker quotesiv, enterprise valuation, estimated recovery | Broker quotes | Increase by 10% | 276 | 66 |
Decrease by 10% | (276) | (66) | |||||
Derivative assets | 32 | 32 | Discounted cash flow | Discount rate | Increase by 50bps | \u2014 | \u2014 |
Decrease by 50bps | \u2014 | \u2014 | |||||
Total level 3 | 42,475 | 6,725 |
Restated i | ||
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Investment property | (317) | (1,124) |
Equity securities and pooled investment funds | 219 | (662) |
Loans | (70) | 11 |
Debt securities | (581) | (106) |
Third party interest in consolidated funds | 371 | 236 |
Derivatives | (5) | \u2014 |
Other financial liabilities | 5 | \u2014 |
Total | (378) | (1,645) |
2024 | |||||
Level 1 | Level 2 | Level 3 | Total fair value | Total carrying value | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Liabilities: | |||||
Subordinated liabilities and other borrowings | \u2014 | 5,608 | 339 | 5,947 | 6,486 |
Restated i | |||||
2023 | |||||
Level 1 | Level 2 | Level 3 | Total fair value | Total carrying value | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Liabilities: | |||||
Subordinated liabilities and other borrowings | \u2014 | 6,822 | 260 | 7,082 | 7,647 |
Risk type | Definition | |
Market risk | The risk of loss or adverse change in the financial health of the business resulting, directly or indirectly, from fluctuations in the level or volatility of market prices of assets, currencies liabilities and financial instruments. | |
Credit risk | The risk of loss or adverse change in the financial situation of the business, or that of the Group\u2019s customers and clients, resulting from fluctuations in the credit standing of issuers of securities, counterparties and any debtors in the form of default or other significant credit event (eg downgrade or spread widening). | |
Insurance risk | The risk of loss or adverse change in the financial situation of the business, or that of the Group\u2019s customers and clients, resulting from changes in the level, trend or volatility of the following: \u2013 Morbidity/mortality/longevity risk: the risk of loss, the inability to meet contractual or other liabilities, and/or profit volatility resulting from adverse mortality and/or morbidity and/or longevity experience than estimated within pricing, underwriting and valuation. \u2013 Persistency risk: the risk of loss, the inability to meet contractual or other liabilities, and/or profit volatility resulting from adverse persistency experience than estimated within pricing and valuation. \u2013 Expenses and margin pricing: the risk of loss, the inability to meet contractual or other liabilities, and/or profit volatility resulting from adverse experience in expenses from those estimated in pricing and valuation when considering insurance contracts. | |
Liquidity risk | The risk that the Group and/or its business are unable to meet financial obligations (eg claims, creditors debt interest and collateral calls) as they fall due because they do not have or are unable to generate sufficient liquid assets. Fund liquidity risk is the risk of being unable to meet financial obligations as they fall due because of a mismatch in liquidity of the underlying assets and the frequency of liability requirements of the fund. |
2024 | |||||
Shareholder-backed funds | |||||
With- profits | Unit-linked | Annuity and other long- term business | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Assets: | |||||
Goodwill and intangible assets | 326 | \u2014 | 4 | 1,384 | 1,714 |
Deferred acquisition costs | \u2014 | 1 | 3 | 15 | 19 |
Defined benefit pension asset | 19 | \u2014 | 23 | 3 | 45 |
Investment in joint ventures and associates accounted for using the\u00a0equity method | 284 | \u2014 | \u2014 | \u2014 | 284 |
Property, plant and equipment | 1,432 | \u2014 | 11 | 211 | 1,654 |
Investment property | 13,738 | \u2014 | 647 | \u2014 | 14,385 |
Deferred tax assets | 29 | 2 | 289 | 167 | 487 |
Insurance contract assets | \u2014 | \u2014 | 39 | \u2014 | 39 |
Reinsurance contract assets | 15 | 4 | 1,024 | \u2014 | 1,043 |
Equity securities and pooled investment funds | 53,382 | 11,043 | 274 | 191 | 64,890 |
Loans | 2,873 | \u2014 | 1,262 | \u2014 | 4,135 |
Debt securities | 52,147 | 4,609 | 12,179 | 840 | 69,775 |
Derivative assets | 754 | \u2014 | 198 | 133 | 1,085 |
Deposits | 11,918 | 1,827 | 2,044 | 5 | 15,794 |
Current tax assets | 31 | 5 | 16 | 13 | 65 |
Accrued investment income and other debtors | 1,563 | 195 | 274 | 474 | 2,506 |
Assets held for sale | 1,117 | 256 | 1 | 92 | 1,466 |
Cash and cash equivalents | 3,176 | 365 | 488 | 809 | 4,838 |
Total assets | 142,804 | 18,307 | 18,776 | 4,337 | 184,224 |
Liabilities: | |||||
Insurance contract liabilities | 123,244 | 4,108 | 13,912 | \u2014 | 141,264 |
Reinsurance contract liabilities | 1 | 22 | 257 | \u2014 | 280 |
Investment contract liabilities without DPF | 1,886 | 10,252 | 6 | \u2014 | 12,144 |
Third party interest in consolidated funds | 7,032 | 2,449 | 3 | \u2014 | 9,484 |
Subordinated liabilities and other borrowings | 3,308 | 1 | 1 | 3,176 | 6,486 |
Defined benefit pension liability | \u2014 | \u2014 | \u2014 | 258 | 258 |
Deferred tax liabilities | 629 | 27 | 41 | 8 | 705 |
Lease liabilities | 126 | \u2014 | 10 | 289 | 425 |
Current tax liabilities | 33 | 2 | 43 | 3 | 81 |
Derivative liabilities | 1,352 | 14 | 1,619 | 217 | 3,202 |
Other financial liabilities | 822 | \u2014 | 86 | 110 | 1,018 |
Provisions | 10 | 4 | 11 | 89 | 114 |
Accruals, deferred income and other liabilities | 2,308 | 359 | 1,149 | 551 | 4,367 |
Liabilities held for sale | 1,058 | 15 | \u2014 | \u2014 | 1,073 |
Total liabilities | 141,809 | 17,253 | 17,138 | 4,701 | 180,901 |
Total equity | 3,323 | ||||
Total equity and liabilities | 184,224 |
Restated i | |||||
2023 | |||||
Shareholder-backed funds | |||||
With- profits | Unit-linked | Annuity and other long- term business | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Assets: | |||||
Goodwill and intangible assets | 360 | \u2014 | 11 | 1,444 | 1,815 |
Deferred acquisition costs | \u2014 | 5 | 4 | 14 | 23 |
Defined benefit pension asset | 9 | \u2014 | 4 | 6 | 19 |
Investment in joint ventures and associates accounted for using the\u00a0equity method | 265 | \u2014 | \u2014 | 22 | 287 |
Property, plant and equipment | 1,826 | \u2014 | 13 | 226 | 2,065 |
Investment property | 14,423 | 310 | 689 | \u2014 | 15,422 |
Deferred tax assets | 79 | 3 | 193 | 168 | 443 |
Insurance contract assets | \u2014 | \u2014 | 44 | \u2014 | 44 |
Reinsurance contract assets | 11 | 7 | 1,081 | \u2014 | 1,099 |
Equity securities and pooled investment funds | 54,603 | 11,158 | 269 | 218 | 66,248 |
Loans | 2,607 | \u2014 | 1,301 | \u2014 | 3,908 |
Debt securities | 52,239 | 4,651 | 12,757 | 1,036 | 70,683 |
Derivative assets | 1,304 | 30 | 227 | 132 | 1,693 |
Deposits | 12,253 | 1,808 | 2,255 | 8 | 16,324 |
Current tax assets | 9 | 15 | 41 | 2 | 67 |
Accrued investment income and other debtors | 1,620 | 206 | 290 | 420 | 2,536 |
Assets held for sale | 1,112 | 105 | 1 | 138 | 1,356 |
Cash and cash equivalents | 3,043 | 501 | 555 | 1,049 | 5,148 |
Total assets | 145,763 | 18,799 | 19,735 | 4,883 | 189,180 |
Liabilities: | |||||
Insurance contract liabilities | 123,596 | 4,404 | 14,135 | \u2014 | 142,135 |
Reinsurance contract liabilities | 1 | 21 | 335 | \u2014 | 357 |
Investment contract liabilities without DPF | 1,805 | 10,723 | 7 | \u2014 | 12,535 |
Third party interest in consolidated funds | 7,617 | 2,271 | 5 | \u2014 | 9,893 |
Subordinated liabilities and other borrowings | 3,970 | \u2014 | 1 | 3,676 | 7,647 |
Defined benefit pension liability | \u2014 | \u2014 | \u2014 | 294 | 294 |
Deferred tax liabilities | 619 | 11 | 38 | 14 | 682 |
Lease liabilities | 73 | \u2014 | 11 | 303 | 387 |
Current tax liabilities | 51 | 7 | 37 | 2 | 97 |
Derivative liabilities | 1,129 | 4 | 1,514 | 263 | 2,910 |
Other financial liabilities | 961 | \u2014 | 30 | 195 | 1,186 |
Provisions | \u2014 | \u2014 | 12 | 70 | 82 |
Accruals, deferred income and other liabilities | 4,371 | 495 | 792 | 568 | 6,226 |
Liabilities held for sale | 665 | \u2014 | \u2014 | \u2014 | 665 |
Total liabilities | 144,858 | 17,936 | 16,917 | 5,385 | 185,096 |
Total equity | 4,084 | ||||
Total equity and liabilities | 189,180 |
2024 | |||||||
AAA | AA+ to AA- | A+ to A- | BBB+ to\u00a0BBB- | Below BBB- | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Reinsurance contract assets | \u2014 | 70 | 874 | \u2014 | \u2014 | 99 | 1,043 |
Loans | \u2014 | \u2014 | 159 | 6 | 1,416 | 2,554 | 4,135 |
Debt securities | 5,461 | 18,786 | 13,770 | 15,618 | 6,276 | 9,864 | 69,775 |
Deposits | 53 | 3,006 | 10,520 | 373 | 65 | 1,777 | 15,794 |
Accrued investment income and other debtors | 44 | 145 | 170 | 176 | 84 | 1,887 | 2,506 |
Cash and cash equivalents | 576 | 761 | 3,345 | 25 | 31 | 100 | 4,838 |
Total financial assets | 6,134 | 22,768 | 28,838 | 16,198 | 7,872 | 16,281 | 98,091 |
Restated i | |||||||
2023 | |||||||
AAA | AA+ to AA- | A+ to A- | BBB+ to\u00a0BBB- | Below BBB- | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Reinsurance contract assets | \u2014 | 74 | 923 | \u2014 | \u2014 | 102 | 1,099 |
Loans | \u2014 | \u2014 | 783 | 4 | 370 | 2,751 | 3,908 |
Debt securities | 6,604 | 17,340 | 16,919 | 14,213 | 4,930 | 10,677 | 70,683 |
Deposits | 9 | 4,667 | 8,526 | 1,427 | \u2014 | 1,695 | 16,324 |
Accrued investment income and other debtors | 38 | 117 | 297 | 126 | 49 | 1,909 | 2,536 |
Cash and cash equivalents | 826 | 1,058 | 3,202 | 18 | 17 | 27 | 5,148 |
Total financial assets | 7,477 | 23,256 | 30,650 | 15,788 | 5,366 | 17,161 | 99,698 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
AAA | 100 | 188 |
AA+ to AA- | 900 | 841 |
A+ to A- | 3,626 | 4,721 |
BBB+ to BBB- | 2,391 | 1,944 |
Below BBB- | 1,096 | 1,138 |
Unrated | 1,751 | 1,845 |
Total | 9,864 | 10,677 |
2024 | |||||||
AAA | AA+ to AA- | A+ to A- | BBB+ to\u00a0BBB- | Below BBB- | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Government Sovereign debt | 3,971 | 13,747 | 1,924 | 2,794 | 1,727 | 102 | 24,265 |
With-profits | 2,729 | 10,479 | 1,853 | 2,680 | 1,706 | 3 | 19,450 |
Unit-linked | 115 | 1,353 | 54 | 88 | 21 | 99 | 1,730 |
Annuity and other long-term business | 604 | 1,866 | 17 | 26 | \u2014 | \u2014 | 2,513 |
Other | 523 | 49 | \u2014 | \u2014 | \u2014 | \u2014 | 572 |
Quasi-sovereign and Public sector debt | 196 | 1,568 | 240 | 381 | 873 | 288 | 3,546 |
With-profits | 152 | 780 | 183 | 373 | 866 | 206 | 2,560 |
Unit-linked | 8 | 116 | 12 | 8 | 7 | 2 | 153 |
Annuity and other long-term business | 36 | 672 | 45 | \u2014 | \u2014 | 80 | 833 |
Corporate debt | 1,093 | 3,277 | 11,220 | 12,149 | 3,541 | 7,835 | 39,115 |
With-profits | 631 | 2,101 | 8,543 | 9,278 | 3,216 | 4,113 | 27,882 |
Unit-linked | 80 | 213 | 877 | 1,212 | 254 | 38 | 2,674 |
Annuity and other long-term business | 239 | 920 | 1,782 | 1,635 | 68 | 3,673 | 8,317 |
Other | 143 | 43 | 18 | 24 | 3 | 11 | 242 |
Asset-backed securities | 201 | 194 | 386 | 294 | 135 | 1,639 | 2,849 |
With-profits | 86 | 122 | 186 | 208 | 135 | 1,518 | 2,255 |
Unit-linked | 10 | 16 | 9 | 14 | \u2014 | 3 | 52 |
Annuity and other long-term business | 79 | 56 | 191 | 72 | \u2014 | 118 | 516 |
Other | 26 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 26 |
Total debt securities | 5,461 | 18,786 | 13,770 | 15,618 | 6,276 | 9,864 | 69,775 |
With-profits | 3,598 | 13,482 | 10,765 | 12,539 | 5,923 | 5,840 | 52,147 |
Unit-linked | 213 | 1,698 | 952 | 1,322 | 282 | 142 | 4,609 |
Annuity and other long-term business | 958 | 3,514 | 2,035 | 1,733 | 68 | 3,871 | 12,179 |
Other | 692 | 92 | 18 | 24 | 3 | 11 | 840 |
2023 | |||||||
AAA | AA+ to AA- | A+ to A- | BBB+ to\u00a0BBB- | Below BBB- | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Government Sovereign debt | 4,790 | 12,650 | 1,699 | 2,295 | 1,213 | 187 | 22,834 |
With-profits | 3,365 | 9,297 | 1,670 | 2,220 | 1,213 | 80 | 17,845 |
Unit-linked | 109 | 1,354 | 15 | 47 | \u2014 | 107 | 1,632 |
Annuity and other long-term business | 715 | 1,934 | 14 | 27 | \u2014 | \u2014 | 2,690 |
Other | 601 | 65 | \u2014 | 1 | \u2014 | \u2014 | 667 |
Quasi-sovereign and Public sector debt | 202 | 1,572 | 204 | 397 | 873 | 300 | 3,548 |
With-profits | 157 | 821 | 145 | 377 | 873 | 238 | 2,611 |
Unit-linked | 1 | 58 | 13 | 2 | \u2014 | 1 | 75 |
Annuity and other long-term business | 44 | 693 | 46 | 18 | \u2014 | 61 | 862 |
Corporate debt | 1,242 | 2,875 | 14,587 | 11,268 | 2,755 | 8,544 | 41,271 |
With-profits | 745 | 1,789 | 11,670 | 8,332 | 2,423 | 4,462 | 29,421 |
Unit-linked | 27 | 110 | 1,239 | 1,209 | 257 | 23 | 2,865 |
Annuity and other long-term business | 283 | 904 | 1,644 | 1,707 | 72 | 4,057 | 8,667 |
Other | 187 | 72 | 34 | 20 | 3 | 2 | 318 |
Asset-backed securities | 370 | 243 | 429 | 253 | 89 | 1,646 | 3,030 |
With-profits | 217 | 161 | 203 | 153 | 89 | 1,539 | 2,362 |
Unit-linked | 17 | 22 | 17 | 23 | \u2014 | \u2014 | 79 |
Annuity and other long-term business | 85 | 60 | 209 | 77 | \u2014 | 107 | 538 |
Other | 51 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 51 |
Total Debt Securities | 6,604 | 17,340 | 16,919 | 14,213 | 4,930 | 10,677 | 70,683 |
With-profits | 4,484 | 12,068 | 13,688 | 11,082 | 4,598 | 6,319 | 52,239 |
Unit-linked | 154 | 1,544 | 1,284 | 1,281 | 257 | 131 | 4,651 |
Annuity and other long-term business | 1,127 | 3,591 | 1,913 | 1,829 | 72 | 4,225 | 12,757 |
Other | 839 | 137 | 34 | 21 | 3 | 2 | 1,036 |
2024 | |||||
With-profits | Unit-linked | Annuity and other long-term business | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Government Sovereign debt securities by country: | |||||
UK | 5,966 | 1,300 | 1,834 | 519 | 9,619 |
Germany | 556 | 22 | 128 | \u2014 | 706 |
Other European countries | 1,146 | 22 | 499 | \u2014 | 1,667 |
Total Europe | 7,668 | 1,344 | 2,461 | 519 | 11,992 |
United States | 3,552 | 65 | \u2014 | 2 | 3,619 |
Latin America countries | 673 | 25 | 26 | \u2014 | 724 |
South Africa | 961 | 101 | \u2014 | \u2014 | 1,062 |
South Korea | 905 | 27 | \u2014 | \u2014 | 932 |
Indonesia | 840 | 24 | \u2014 | \u2014 | 864 |
Malaysia | 894 | 25 | \u2014 | \u2014 | 919 |
Singapore | 364 | 10 | \u2014 | \u2014 | 374 |
Philippines | 575 | 17 | \u2014 | \u2014 | 592 |
Thailand | 512 | 15 | \u2014 | \u2014 | 527 |
India | 711 | 22 | \u2014 | \u2014 | 733 |
Other | 1,795 | 55 | 26 | 51 | 1,927 |
Total | 19,450 | 1,730 | 2,513 | 572 | 24,265 |
2023 | |||||
With-profits | Unit-linked | Annuity and other long-term business | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Government Sovereign debt securities by country: | |||||
UK | 5,195 | 1,338 | 1,910 | 606 | 9,049 |
Germany | 601 | 16 | 140 | \u2014 | 757 |
Other European countries | 1,235 | 1 | 436 | \u2014 | 1,672 |
Total Europe | 7,031 | 1,355 | 2,486 | 606 | 11,478 |
United States | 3,328 | 5 | \u2014 | 10 | 3,343 |
Latin America countries | 425 | 19 | 27 | \u2014 | 471 |
South Africa | 922 | 105 | \u2014 | \u2014 | 1,027 |
South Korea | 1,047 | 12 | \u2014 | \u2014 | 1,059 |
Indonesia | 858 | 9 | \u2014 | \u2014 | 867 |
Malaysia | 810 | 8 | \u2014 | \u2014 | 818 |
Singapore | 491 | 5 | \u2014 | \u2014 | 496 |
Philippines | 522 | 6 | \u2014 | \u2014 | 528 |
Thailand | 499 | 6 | \u2014 | \u2014 | 505 |
India | 450 | 5 | \u2014 | \u2014 | 455 |
Other | 1,462 | 97 | 177 | 51 | 1,787 |
Total | 17,845 | 1,632 | 2,690 | 667 | 22,834 |
2024 | |||||
Related amounts not offset on the consolidated statement\u00a0of\u00a0financial position | |||||
Gross amount included on the consolidated statement of financial position | Financial instruments | Cash collateral | Securities collateral | Net amount | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Financial assets: | |||||
Derivative assets | 840 | (754) | (77) | (4) | 5 |
Reverse repurchase agreements | 11,973 | \u2014 | \u2014 | (10,333) | 1,640 |
Total financial assets | 12,813 | (754) | (77) | (10,337) | 1,645 |
Financial liabilities: | |||||
Derivative liabilities | 2,737 | (754) | (13) | (1,898) | 72 |
Securities lending and repurchase agreements | 617 | \u2014 | \u2014 | (617) | \u2014 |
Total financial liabilities | 3,354 | (754) | (13) | (2,515) | 72 |
2023 | |||||
Related amounts not offset on the consolidated statement\u00a0of\u00a0financial position | |||||
Gross amount included on the consolidated statement of financial position | Financial instruments | Cash collateral | Securities collateral | Net amount | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Financial assets: | |||||
Derivative assets | 1,280 | (884) | (387) | (6) | 3 |
Reverse repurchase agreements | 13,615 | \u2014 | \u2014 | (10,141) | 3,474 |
Total financial assets | 14,895 | (884) | (387) | (10,147) | 3,477 |
Financial liabilities: | |||||
Derivative liabilities | 2,520 | (884) | (29) | (1,548) | 59 |
Securities lending and repurchase agreements | 726 | \u2014 | \u2014 | (730) | (4) |
Total financial liabilities | 3,246 | (884) | (29) | (2,278) | 55 |
2024 | 2023 | ||||
12-month ECL | 12-month ECL | ||||
Carrying amount | Related ECL allowance | Carrying amount | Related ECL allowance | ||
Balance as at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Deposits | 15,794 | 2 | 16,324 | 8 | |
Accrued investment income and other debtors | 2,506 | 31 | 2,536 | 2 |
2024 | 2023 | ||||||
United Kingdom | Europe | Total | United Kingdom | Europe | Total | ||
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
With-profits: | |||||||
Insurance contract assets and liabilities | (115,559) | (7,685) | (123,244) | (116,135) | (7,461) | (123,596) | |
Reinsurance | 14 | \u2014 | 14 | 10 | \u2014 | 10 | |
Net | (115,545) | (7,685) | (123,230) | (116,125) | (7,461) | (123,586) | |
Unit-linked: | |||||||
Insurance contract assets and liabilities | (3,664) | (444) | (4,108) | (3,964) | (440) | (4,404) | |
Reinsurance | 4 | (22) | (18) | 7 | (21) | (14) | |
Net | (3,660) | (466) | (4,126) | (3,957) | (461) | (4,418) | |
Annuity and other long-term business: | |||||||
Insurance contract assets and liabilities | (13,689) | (184) | (13,873) | (13,892) | (199) | (14,091) | |
Reinsurance | 766 | 1 | 767 | 746 | \u2014 | 746 | |
Net | (12,923) | (183) | (13,106) | (13,146) | (199) | (13,345) | |
Total: | |||||||
Insurance contract assets and liabilities | (132,912) | (8,313) | (141,225) | (133,991) | (8,100) | (142,091) | |
Reinsurance | 784 | (21) | 763 | 763 | (21) | 742 | |
Net | (132,128) | (8,334) | (140,462) | (133,228) | (8,121) | (141,349) |
2024 | |||||||||
Total carrying value | 1 year or less | After 1 year to 5 years | After 5 years to 10 years | After 10 years to 15 years | After 15 years to 20 years | Over 20 years | No stated maturity | Total undiscounted value | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Financial liabilities: | |||||||||
Investment contracts without DPF | 12,144 | 12,144 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 12,144 |
Third party interest in consolidated funds | 9,484 | 95 | 368 | 176 | 22 | \u2014 | 2 | 8,821 | 9,484 |
Subordinated liabilities and other borrowings | 6,486 | 835 | 2,240 | 2,014 | 841 | 841 | 5,049 | \u2014 | 11,820 |
Other financial liabilities | 1,018 | 870 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 148 | 1,018 |
Accruals, deferred income and other liabilities | 4,223 | 4,253 | 61 | 95 | 117 | 104 | 151 | \u2014 | 4,781 |
Total | 33,355 | 18,197 | 2,669 | 2,285 | 980 | 945 | 5,202 | 8,969 | 39,247 |
Restated i | |||||||||
2023 | |||||||||
Total carrying value | 1 year or less | After 1 year to 5 years | After 5 years to 10 years | After 10 years to 15 years | After 15 years to 20 years | Over 20 years | No stated maturity | Total undiscounted value | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Financial liabilities: | |||||||||
Investment contracts without DPF | 12,535 | 12,535 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 12,535 |
Third party interest in consolidated funds | 9,893 | 521 | 463 | 190 | \u2014 | \u2014 | 13 | 8,706 | 9,893 |
Subordinated liabilities and other borrowings | 7,647 | 868 | 3,427 | 1,321 | 941 | 1,345 | 5,846 | \u2014 | 13,748 |
Other financial liabilities | 1,186 | 1,092 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 94 | 1,186 |
Accruals, deferred income and other liabilities | 6,083 | 6,563 | 43 | 90 | 116 | 107 | 170 | \u2014 | 7,089 |
Total | 37,344 | 21,579 | 3,933 | 1,601 | 1,057 | 1,452 | 6,029 | 8,800 | 44,451 |
2024 | |||||||||
Total carrying value | 1 year or less | After 1 year to 5 years | After 5 years to 10 years | After 10 years to 15 years | After 15 years to 20 years | Over 20 years | No stated maturity | Total undiscounted value | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Derivative assets | 1,085 | 300 | 485 | 271 | 145 | 169 | 320 | \u2014 | 1,690 |
Derivative liabilities | 3,202 | 852 | 911 | 1,042 | 990 | 709 | 1,195 | \u2014 | 5,699 |
Net derivative position | (2,117) | (552) | (426) | (771) | (845) | (540) | (875) | \u2014 | (4,009) |
2023 | |||||||||
Total carrying value | 1 year or less | After 1 year to 5 years | After 5 years to 10 years | After 10 years to 15 years | After 15 years to 20 years | Over 20 years | No stated maturity | Total undiscounted value | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Derivative assets | 1,693 | 740 | 534 | 284 | 76 | 115 | 461 | \u2014 | 2,210 |
Derivative liabilities | 2,910 | 561 | 841 | 1,052 | 187 | 757 | 2,160 | \u2014 | 5,558 |
Net derivative position | (1,217) | 179 | (307) | (768) | (111) | (642) | (1,699) | \u2014 | (3,348) |
Insurance contractsi | 2024 | |||
As at 31 December | With-profits | Unit-linked insurance | Annuity and other long- term business | Total |
0 to 1 year | 11% | 14% | 10% | 11% |
1 to 2 years | 9% | 12% | 9% | 9% |
2 to 3 years | 8% | 10% | 8% | 8% |
3 to 4 years | 8% | 9% | 8% | 8% |
4 to 5 years | 7% | 8% | 7% | 7% |
5 to 10 years | 26% | 27% | 26% | 26% |
10 to 15 years | 15% | 12% | 16% | 15% |
15 to 20 years | 8% | 5% | 8% | 8% |
20 to 25 years | 4% | 2% | 4% | 4% |
Over 25 years | 4% | 1% | 4% | 4% |
Total | 100% | 100% | 100% | 100% |
Insurance contractsi | 2023 | |||
As at 31 December | With-profits | Unit-linked insurance | Annuity and other long- term business | Total |
0 to 1 year | 11% | 15% | 9% | 11% |
1 to 2 years | 9% | 12% | 9% | 9% |
2 to 3 years | 8% | 10% | 8% | 8% |
3 to 4 years | 7% | 9% | 7% | 7% |
4 to 5 years | 7% | 8% | 7% | 7% |
5 to 10 years | 24% | 26% | 27% | 25% |
10 to 15 years | 15% | 12% | 17% | 15% |
15 to 20 years | 9% | 5% | 9% | 9% |
20 to 25 years | 5% | 2% | 4% | 5% |
Over 25 years | 5% | 1% | 3% | 4% |
Total | 100% | 100% | 100% | 100% |
Reinsurance contracts | 2024 | 2023 |
As at 31 December | Total | Total |
0 to 1 year | 11% | 10% |
1 to 2 years | 10% | 9% |
2 to 3 years | 9% | 9% |
3 to 4 years | 8% | 8% |
4 to 5 years | 7% | 7% |
5 to 10 years | 28% | 29% |
10 to 15 years | 15% | 16% |
15 to 20 years | 7% | 8% |
20 to 25 years | 3% | 3% |
Over 25 years | 2% | 1% |
Total | 100% | 100% |
As at 31 December | 2024 | 2023 | ||||
Counterparty | Legal Entity Identifier | Relationship between parties | Type of exemption | Aggregate notional of OTC derivatives contract | Aggregate notional of OTC derivatives contract | |
\u00a3m | \u00a3m | |||||
M&G FA Limited | 213800TFNC2ZYHSGTN11 | M&G plc is the ultimate Parent Company for both parties | Full | 315 | 392 |
Sensitivity factor | Sensitivity applied |
Economic scenario: | |
+/- 50bps interest rates | The impact of a parallel increase/(decrease) in the market interest rates. The scenario allows for the impact on both the changes to future yields and investment returns and the market values of the fixed interest securities. |
+/- 10% change in equity & property market values | The impact of an increase/(decrease) in equity and property market values. |
+ 5 bps increase in the with-profits illiquidity premium | The impact of an increase in the illiquidity premium on with-profits business of 5 bps. |
+ 5 bps increase in annuity credit default/downgrade assumption | The impact on non-profit annuity liabilities from a 5 bps strengthening of the credit default/ downgrade assumptions. |
Non-economic scenario: | |
+/- 5% renewal expenses | The impact of a permanent increase/(decrease) in future maintenance expense assumptions across all lines of business. |
+/- 10% persistency assumptions | The impact of a permanent increase/(decrease) in the lapse rates for the business. |
+/- 1% base mortality rates | The impact of a permanent increase/(decrease) in the base mortality rates at all ages. |
+ 0.25% increase in mortality improvements | The impact of an increase in the annual rate of mortality improvements at all ages. |
2024 | 2023 | ||||
Profit | CSM | Profit | CSM | ||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | ||
Economic sensitivities | |||||
50bps increase in interest rates | (154) | 83 | (152) | 129 | |
50bps decrease in interest rates | 164 | (89) | 160 | (138) | |
10% fall in equity and property markets | (5) | (587) | (26) | (595) | |
10% rise in equity and property markets | (3) | 584 | 15 | 592 | |
5bps increase in with-profits illiquidity premium | 1 | 16 | 2 | 20 | |
5bps increase in annuity credit default/downgrade assumptions | (34) | \u2014 | (39) | \u2014 | |
Non-economic sensitivities | |||||
5% increase in renewal expense assumptions | 9 | (41) | 9 | (42) | |
5% decrease in renewal expense assumptions | (9) | 41 | (9) | 42 | |
10% increase in persistency assumptions | (5) | (76) | (4) | (69) | |
10% decrease in persistency assumptions | 6 | 83 | 5 | 76 | |
1% increase in base mortality assumptions | (39) | 73 | (40) | 75 | |
1% decrease in base mortality assumptions | 39 | (74) | 40 | (79) | |
0.25% increase in mortality improvements | 102 | (197) | 107 | (208) |
Insurance contracts | Reinsurance contracts | ||||||
Estimates of present value of future cash flows and risk adjustment | Contractual Service Margin | Total | Estimates of present value of future cash flows and risk adjustment | Contractual Service Margin | Total | ||
As at 31 December 2024 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Economic sensitivities | |||||||
50 bps increase in interest rates | (1,627) | 83 | (1,544) | (10) | \u2014 | (10) | |
50 bps decrease in interest rates | 1,751 | (89) | 1,662 | 12 | \u2014 | 12 | |
10% fall in equity and property markets | (6,460) | (587) | (7,047) | \u2014 | \u2014 | \u2014 | |
10% rise in equity and property markets | 6,461 | 584 | 7,045 | \u2014 | \u2014 | \u2014 | |
5 bps increase in with-profits illiquidity premium | (18) | 16 | (2) | \u2014 | \u2014 | \u2014 | |
5 bps increase in annuity credit default/downgrade assumptions | 46 | \u2014 | 46 | 1 | \u2014 | 1 | |
Non-economic sensitivities | |||||||
5% increase in renewal expense assumptions | 29 | (41) | (12) | \u2014 | \u2014 | \u2014 | |
5% decrease in renewal expense assumptions | (29) | 41 | 12 | \u2014 | \u2014 | \u2014 | |
10% increase in persistency assumptions | 83 | (76) | 7 | \u2014 | \u2014 | \u2014 | |
10% decrease in persistency assumptions | (90) | 83 | (7) | \u2014 | \u2014 | \u2014 | |
1% increase in base mortality assumptions | (39) | 96 | 57 | (14) | 23 | 9 | |
1% decrease in base mortality assumptions | 39 | (97) | (58) | 14 | (23) | (9) | |
0.25% increase in mortality improvements | 99 | (260) | (161) | 31 | (63) | (32) |
Insurance contracts | Reinsurance contracts | ||||||
Estimates of present value of future cash flows and risk adjustment | Contractual Service Margin | Total | Estimates of present value of future cash flows and risk adjustment | Contractual Service Margin | Total | ||
As at 31 December 2023 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Economic sensitivities | |||||||
50 bps increase in interest rates | (1,831) | 129 | (1,702) | (19) | \u2014 | (19) | |
50 bps decrease in interest rates | 1,973 | (138) | 1,835 | 22 | \u2014 | 22 | |
10% fall in equity and property markets | (6,369) | (595) | (6,964) | \u2014 | \u2014 | \u2014 | |
10% rise in equity and property markets | 6,370 | 592 | 6,962 | \u2014 | \u2014 | \u2014 | |
5 bps increase in with-profits illiquidity premium | (22) | 20 | (2) | \u2014 | \u2014 | \u2014 | |
5 bps increase in annuity credit default/downgrade assumptions | 54 | \u2014 | 54 | 2 | \u2014 | 2 | |
Non-economic sensitivities | |||||||
5% increase in renewal expense assumptions | 31 | (42) | (11) | \u2014 | \u2014 | \u2014 | |
5% decrease in renewal expense assumptions | (31) | 42 | 11 | \u2014 | \u2014 | \u2014 | |
10% increase in persistency assumptions | 75 | (69) | 6 | \u2014 | \u2014 | \u2014 | |
10% decrease in persistency assumptions | (82) | 76 | (6) | \u2014 | \u2014 | \u2014 | |
1% increase in base mortality assumptions | (42) | 99 | 57 | (16) | 24 | 8 | |
1% decrease in base mortality assumptions | 46 | (103) | (57) | 16 | (24) | (8) | |
0.25% increase in mortality improvements | 112 | (277) | (165) | 38 | (69) | (31) |
Risk type | Definition | |
Market risk | The risk of loss or adverse change in the financial health of the business resulting, directly or indirectly, from fluctuations in the level or volatility of market prices of assets, currencies liabilities and financial instruments. | |
Credit risk | The risk of loss or adverse change in the financial situation of the business, or that of the Group\u2019s customers and clients, resulting from fluctuations in the credit standing of issuers of securities, counterparties and any debtors in the form of default or other significant credit event (eg downgrade or spread widening). | |
Insurance risk | The risk of loss or adverse change in the financial situation of the business, or that of the Group\u2019s customers and clients, resulting from changes in the level, trend or volatility of the following: \u2013 Morbidity/mortality/longevity risk: the risk of loss, the inability to meet contractual or other liabilities, and/or profit volatility resulting from adverse mortality and/or morbidity and/or longevity experience than estimated within pricing, underwriting and valuation. \u2013 Persistency risk: the risk of loss, the inability to meet contractual or other liabilities, and/or profit volatility resulting from adverse persistency experience than estimated within pricing and valuation. \u2013 Expenses and margin pricing: the risk of loss, the inability to meet contractual or other liabilities, and/or profit volatility resulting from adverse experience in expenses from those estimated in pricing and valuation when considering insurance contracts. | |
Liquidity risk | The risk that the Group and/or its business are unable to meet financial obligations (eg claims, creditors debt interest and collateral calls) as they fall due because they do not have or are unable to generate sufficient liquid assets. Fund liquidity risk is the risk of being unable to meet financial obligations as they fall due because of a mismatch in liquidity of the underlying assets and the frequency of liability requirements of the fund. |
2024 | |||||||||
Total carrying value | 1 year or less | After 1 year to 5 years | After 5 years to 10 years | After 10 years to 15 years | After 15 years to 20 years | Over 20 years | No stated maturity | Total undiscounted value | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Financial liabilities: | |||||||||
Investment contracts without DPF | 12,144 | 12,144 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 12,144 |
Third party interest in consolidated funds | 9,484 | 95 | 368 | 176 | 22 | \u2014 | 2 | 8,821 | 9,484 |
Subordinated liabilities and other borrowings | 6,486 | 835 | 2,240 | 2,014 | 841 | 841 | 5,049 | \u2014 | 11,820 |
Other financial liabilities | 1,018 | 870 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 148 | 1,018 |
Accruals, deferred income and other liabilities | 4,223 | 4,253 | 61 | 95 | 117 | 104 | 151 | \u2014 | 4,781 |
Total | 33,355 | 18,197 | 2,669 | 2,285 | 980 | 945 | 5,202 | 8,969 | 39,247 |
Restated i | |||||||||
2023 | |||||||||
Total carrying value | 1 year or less | After 1 year to 5 years | After 5 years to 10 years | After 10 years to 15 years | After 15 years to 20 years | Over 20 years | No stated maturity | Total undiscounted value | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Financial liabilities: | |||||||||
Investment contracts without DPF | 12,535 | 12,535 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 12,535 |
Third party interest in consolidated funds | 9,893 | 521 | 463 | 190 | \u2014 | \u2014 | 13 | 8,706 | 9,893 |
Subordinated liabilities and other borrowings | 7,647 | 868 | 3,427 | 1,321 | 941 | 1,345 | 5,846 | \u2014 | 13,748 |
Other financial liabilities | 1,186 | 1,092 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 94 | 1,186 |
Accruals, deferred income and other liabilities | 6,083 | 6,563 | 43 | 90 | 116 | 107 | 170 | \u2014 | 7,089 |
Total | 37,344 | 21,579 | 3,933 | 1,601 | 1,057 | 1,452 | 6,029 | 8,800 | 44,451 |
2024 | |||||||||
Total carrying value | 1 year or less | After 1 year to 5 years | After 5 years to 10 years | After 10 years to 15 years | After 15 years to 20 years | Over 20 years | No stated maturity | Total undiscounted value | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Derivative assets | 1,085 | 300 | 485 | 271 | 145 | 169 | 320 | \u2014 | 1,690 |
Derivative liabilities | 3,202 | 852 | 911 | 1,042 | 990 | 709 | 1,195 | \u2014 | 5,699 |
Net derivative position | (2,117) | (552) | (426) | (771) | (845) | (540) | (875) | \u2014 | (4,009) |
2023 | |||||||||
Total carrying value | 1 year or less | After 1 year to 5 years | After 5 years to 10 years | After 10 years to 15 years | After 15 years to 20 years | Over 20 years | No stated maturity | Total undiscounted value | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Derivative assets | 1,693 | 740 | 534 | 284 | 76 | 115 | 461 | \u2014 | 2,210 |
Derivative liabilities | 2,910 | 561 | 841 | 1,052 | 187 | 757 | 2,160 | \u2014 | 5,558 |
Net derivative position | (1,217) | 179 | (307) | (768) | (111) | (642) | (1,699) | \u2014 | (3,348) |
Insurance contractsi | 2024 | |||
As at 31 December | With-profits | Unit-linked insurance | Annuity and other long- term business | Total |
0 to 1 year | 11% | 14% | 10% | 11% |
1 to 2 years | 9% | 12% | 9% | 9% |
2 to 3 years | 8% | 10% | 8% | 8% |
3 to 4 years | 8% | 9% | 8% | 8% |
4 to 5 years | 7% | 8% | 7% | 7% |
5 to 10 years | 26% | 27% | 26% | 26% |
10 to 15 years | 15% | 12% | 16% | 15% |
15 to 20 years | 8% | 5% | 8% | 8% |
20 to 25 years | 4% | 2% | 4% | 4% |
Over 25 years | 4% | 1% | 4% | 4% |
Total | 100% | 100% | 100% | 100% |
Insurance contractsi | 2023 | |||
As at 31 December | With-profits | Unit-linked insurance | Annuity and other long- term business | Total |
0 to 1 year | 11% | 15% | 9% | 11% |
1 to 2 years | 9% | 12% | 9% | 9% |
2 to 3 years | 8% | 10% | 8% | 8% |
3 to 4 years | 7% | 9% | 7% | 7% |
4 to 5 years | 7% | 8% | 7% | 7% |
5 to 10 years | 24% | 26% | 27% | 25% |
10 to 15 years | 15% | 12% | 17% | 15% |
15 to 20 years | 9% | 5% | 9% | 9% |
20 to 25 years | 5% | 2% | 4% | 5% |
Over 25 years | 5% | 1% | 3% | 4% |
Total | 100% | 100% | 100% | 100% |
Risk type | Definition | |
Market risk | The risk of loss or adverse change in the financial health of the business resulting, directly or indirectly, from fluctuations in the level or volatility of market prices of assets, currencies liabilities and financial instruments. | |
Credit risk | The risk of loss or adverse change in the financial situation of the business, or that of the Group\u2019s customers and clients, resulting from fluctuations in the credit standing of issuers of securities, counterparties and any debtors in the form of default or other significant credit event (eg downgrade or spread widening). | |
Insurance risk | The risk of loss or adverse change in the financial situation of the business, or that of the Group\u2019s customers and clients, resulting from changes in the level, trend or volatility of the following: \u2013 Morbidity/mortality/longevity risk: the risk of loss, the inability to meet contractual or other liabilities, and/or profit volatility resulting from adverse mortality and/or morbidity and/or longevity experience than estimated within pricing, underwriting and valuation. \u2013 Persistency risk: the risk of loss, the inability to meet contractual or other liabilities, and/or profit volatility resulting from adverse persistency experience than estimated within pricing and valuation. \u2013 Expenses and margin pricing: the risk of loss, the inability to meet contractual or other liabilities, and/or profit volatility resulting from adverse experience in expenses from those estimated in pricing and valuation when considering insurance contracts. | |
Liquidity risk | The risk that the Group and/or its business are unable to meet financial obligations (eg claims, creditors debt interest and collateral calls) as they fall due because they do not have or are unable to generate sufficient liquid assets. Fund liquidity risk is the risk of being unable to meet financial obligations as they fall due because of a mismatch in liquidity of the underlying assets and the frequency of liability requirements of the fund. |
Risk type | Definition | |
Market risk | The risk of loss or adverse change in the financial health of the business resulting, directly or indirectly, from fluctuations in the level or volatility of market prices of assets, currencies liabilities and financial instruments. | |
Credit risk | The risk of loss or adverse change in the financial situation of the business, or that of the Group\u2019s customers and clients, resulting from fluctuations in the credit standing of issuers of securities, counterparties and any debtors in the form of default or other significant credit event (eg downgrade or spread widening). | |
Insurance risk | The risk of loss or adverse change in the financial situation of the business, or that of the Group\u2019s customers and clients, resulting from changes in the level, trend or volatility of the following: \u2013 Morbidity/mortality/longevity risk: the risk of loss, the inability to meet contractual or other liabilities, and/or profit volatility resulting from adverse mortality and/or morbidity and/or longevity experience than estimated within pricing, underwriting and valuation. \u2013 Persistency risk: the risk of loss, the inability to meet contractual or other liabilities, and/or profit volatility resulting from adverse persistency experience than estimated within pricing and valuation. \u2013 Expenses and margin pricing: the risk of loss, the inability to meet contractual or other liabilities, and/or profit volatility resulting from adverse experience in expenses from those estimated in pricing and valuation when considering insurance contracts. | |
Liquidity risk | The risk that the Group and/or its business are unable to meet financial obligations (eg claims, creditors debt interest and collateral calls) as they fall due because they do not have or are unable to generate sufficient liquid assets. Fund liquidity risk is the risk of being unable to meet financial obligations as they fall due because of a mismatch in liquidity of the underlying assets and the frequency of liability requirements of the fund. |
2024 | |||||||
AAA | AA+ to AA- | A+ to A- | BBB+ to\u00a0BBB- | Below BBB- | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Reinsurance contract assets | \u2014 | 70 | 874 | \u2014 | \u2014 | 99 | 1,043 |
Loans | \u2014 | \u2014 | 159 | 6 | 1,416 | 2,554 | 4,135 |
Debt securities | 5,461 | 18,786 | 13,770 | 15,618 | 6,276 | 9,864 | 69,775 |
Deposits | 53 | 3,006 | 10,520 | 373 | 65 | 1,777 | 15,794 |
Accrued investment income and other debtors | 44 | 145 | 170 | 176 | 84 | 1,887 | 2,506 |
Cash and cash equivalents | 576 | 761 | 3,345 | 25 | 31 | 100 | 4,838 |
Total financial assets | 6,134 | 22,768 | 28,838 | 16,198 | 7,872 | 16,281 | 98,091 |
Restated i | |||||||
2023 | |||||||
AAA | AA+ to AA- | A+ to A- | BBB+ to\u00a0BBB- | Below BBB- | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Reinsurance contract assets | \u2014 | 74 | 923 | \u2014 | \u2014 | 102 | 1,099 |
Loans | \u2014 | \u2014 | 783 | 4 | 370 | 2,751 | 3,908 |
Debt securities | 6,604 | 17,340 | 16,919 | 14,213 | 4,930 | 10,677 | 70,683 |
Deposits | 9 | 4,667 | 8,526 | 1,427 | \u2014 | 1,695 | 16,324 |
Accrued investment income and other debtors | 38 | 117 | 297 | 126 | 49 | 1,909 | 2,536 |
Cash and cash equivalents | 826 | 1,058 | 3,202 | 18 | 17 | 27 | 5,148 |
Total financial assets | 7,477 | 23,256 | 30,650 | 15,788 | 5,366 | 17,161 | 99,698 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
AAA | 100 | 188 |
AA+ to AA- | 900 | 841 |
A+ to A- | 3,626 | 4,721 |
BBB+ to BBB- | 2,391 | 1,944 |
Below BBB- | 1,096 | 1,138 |
Unrated | 1,751 | 1,845 |
Total | 9,864 | 10,677 |
2024 | |||||||
AAA | AA+ to AA- | A+ to A- | BBB+ to\u00a0BBB- | Below BBB- | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Government Sovereign debt | 3,971 | 13,747 | 1,924 | 2,794 | 1,727 | 102 | 24,265 |
With-profits | 2,729 | 10,479 | 1,853 | 2,680 | 1,706 | 3 | 19,450 |
Unit-linked | 115 | 1,353 | 54 | 88 | 21 | 99 | 1,730 |
Annuity and other long-term business | 604 | 1,866 | 17 | 26 | \u2014 | \u2014 | 2,513 |
Other | 523 | 49 | \u2014 | \u2014 | \u2014 | \u2014 | 572 |
Quasi-sovereign and Public sector debt | 196 | 1,568 | 240 | 381 | 873 | 288 | 3,546 |
With-profits | 152 | 780 | 183 | 373 | 866 | 206 | 2,560 |
Unit-linked | 8 | 116 | 12 | 8 | 7 | 2 | 153 |
Annuity and other long-term business | 36 | 672 | 45 | \u2014 | \u2014 | 80 | 833 |
Corporate debt | 1,093 | 3,277 | 11,220 | 12,149 | 3,541 | 7,835 | 39,115 |
With-profits | 631 | 2,101 | 8,543 | 9,278 | 3,216 | 4,113 | 27,882 |
Unit-linked | 80 | 213 | 877 | 1,212 | 254 | 38 | 2,674 |
Annuity and other long-term business | 239 | 920 | 1,782 | 1,635 | 68 | 3,673 | 8,317 |
Other | 143 | 43 | 18 | 24 | 3 | 11 | 242 |
Asset-backed securities | 201 | 194 | 386 | 294 | 135 | 1,639 | 2,849 |
With-profits | 86 | 122 | 186 | 208 | 135 | 1,518 | 2,255 |
Unit-linked | 10 | 16 | 9 | 14 | \u2014 | 3 | 52 |
Annuity and other long-term business | 79 | 56 | 191 | 72 | \u2014 | 118 | 516 |
Other | 26 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 26 |
Total debt securities | 5,461 | 18,786 | 13,770 | 15,618 | 6,276 | 9,864 | 69,775 |
With-profits | 3,598 | 13,482 | 10,765 | 12,539 | 5,923 | 5,840 | 52,147 |
Unit-linked | 213 | 1,698 | 952 | 1,322 | 282 | 142 | 4,609 |
Annuity and other long-term business | 958 | 3,514 | 2,035 | 1,733 | 68 | 3,871 | 12,179 |
Other | 692 | 92 | 18 | 24 | 3 | 11 | 840 |
2023 | |||||||
AAA | AA+ to AA- | A+ to A- | BBB+ to\u00a0BBB- | Below BBB- | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Government Sovereign debt | 4,790 | 12,650 | 1,699 | 2,295 | 1,213 | 187 | 22,834 |
With-profits | 3,365 | 9,297 | 1,670 | 2,220 | 1,213 | 80 | 17,845 |
Unit-linked | 109 | 1,354 | 15 | 47 | \u2014 | 107 | 1,632 |
Annuity and other long-term business | 715 | 1,934 | 14 | 27 | \u2014 | \u2014 | 2,690 |
Other | 601 | 65 | \u2014 | 1 | \u2014 | \u2014 | 667 |
Quasi-sovereign and Public sector debt | 202 | 1,572 | 204 | 397 | 873 | 300 | 3,548 |
With-profits | 157 | 821 | 145 | 377 | 873 | 238 | 2,611 |
Unit-linked | 1 | 58 | 13 | 2 | \u2014 | 1 | 75 |
Annuity and other long-term business | 44 | 693 | 46 | 18 | \u2014 | 61 | 862 |
Corporate debt | 1,242 | 2,875 | 14,587 | 11,268 | 2,755 | 8,544 | 41,271 |
With-profits | 745 | 1,789 | 11,670 | 8,332 | 2,423 | 4,462 | 29,421 |
Unit-linked | 27 | 110 | 1,239 | 1,209 | 257 | 23 | 2,865 |
Annuity and other long-term business | 283 | 904 | 1,644 | 1,707 | 72 | 4,057 | 8,667 |
Other | 187 | 72 | 34 | 20 | 3 | 2 | 318 |
Asset-backed securities | 370 | 243 | 429 | 253 | 89 | 1,646 | 3,030 |
With-profits | 217 | 161 | 203 | 153 | 89 | 1,539 | 2,362 |
Unit-linked | 17 | 22 | 17 | 23 | \u2014 | \u2014 | 79 |
Annuity and other long-term business | 85 | 60 | 209 | 77 | \u2014 | 107 | 538 |
Other | 51 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 51 |
Total Debt Securities | 6,604 | 17,340 | 16,919 | 14,213 | 4,930 | 10,677 | 70,683 |
With-profits | 4,484 | 12,068 | 13,688 | 11,082 | 4,598 | 6,319 | 52,239 |
Unit-linked | 154 | 1,544 | 1,284 | 1,281 | 257 | 131 | 4,651 |
Annuity and other long-term business | 1,127 | 3,591 | 1,913 | 1,829 | 72 | 4,225 | 12,757 |
Other | 839 | 137 | 34 | 21 | 3 | 2 | 1,036 |
2024 | |||||
With-profits | Unit-linked | Annuity and other long-term business | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Government Sovereign debt securities by country: | |||||
UK | 5,966 | 1,300 | 1,834 | 519 | 9,619 |
Germany | 556 | 22 | 128 | \u2014 | 706 |
Other European countries | 1,146 | 22 | 499 | \u2014 | 1,667 |
Total Europe | 7,668 | 1,344 | 2,461 | 519 | 11,992 |
United States | 3,552 | 65 | \u2014 | 2 | 3,619 |
Latin America countries | 673 | 25 | 26 | \u2014 | 724 |
South Africa | 961 | 101 | \u2014 | \u2014 | 1,062 |
South Korea | 905 | 27 | \u2014 | \u2014 | 932 |
Indonesia | 840 | 24 | \u2014 | \u2014 | 864 |
Malaysia | 894 | 25 | \u2014 | \u2014 | 919 |
Singapore | 364 | 10 | \u2014 | \u2014 | 374 |
Philippines | 575 | 17 | \u2014 | \u2014 | 592 |
Thailand | 512 | 15 | \u2014 | \u2014 | 527 |
India | 711 | 22 | \u2014 | \u2014 | 733 |
Other | 1,795 | 55 | 26 | 51 | 1,927 |
Total | 19,450 | 1,730 | 2,513 | 572 | 24,265 |
2023 | |||||
With-profits | Unit-linked | Annuity and other long-term business | Other | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Government Sovereign debt securities by country: | |||||
UK | 5,195 | 1,338 | 1,910 | 606 | 9,049 |
Germany | 601 | 16 | 140 | \u2014 | 757 |
Other European countries | 1,235 | 1 | 436 | \u2014 | 1,672 |
Total Europe | 7,031 | 1,355 | 2,486 | 606 | 11,478 |
United States | 3,328 | 5 | \u2014 | 10 | 3,343 |
Latin America countries | 425 | 19 | 27 | \u2014 | 471 |
South Africa | 922 | 105 | \u2014 | \u2014 | 1,027 |
South Korea | 1,047 | 12 | \u2014 | \u2014 | 1,059 |
Indonesia | 858 | 9 | \u2014 | \u2014 | 867 |
Malaysia | 810 | 8 | \u2014 | \u2014 | 818 |
Singapore | 491 | 5 | \u2014 | \u2014 | 496 |
Philippines | 522 | 6 | \u2014 | \u2014 | 528 |
Thailand | 499 | 6 | \u2014 | \u2014 | 505 |
India | 450 | 5 | \u2014 | \u2014 | 455 |
Other | 1,462 | 97 | 177 | 51 | 1,787 |
Total | 17,845 | 1,632 | 2,690 | 667 | 22,834 |
2024 | |||||
Related amounts not offset on the consolidated statement\u00a0of\u00a0financial position | |||||
Gross amount included on the consolidated statement of financial position | Financial instruments | Cash collateral | Securities collateral | Net amount | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Financial assets: | |||||
Derivative assets | 840 | (754) | (77) | (4) | 5 |
Reverse repurchase agreements | 11,973 | \u2014 | \u2014 | (10,333) | 1,640 |
Total financial assets | 12,813 | (754) | (77) | (10,337) | 1,645 |
Financial liabilities: | |||||
Derivative liabilities | 2,737 | (754) | (13) | (1,898) | 72 |
Securities lending and repurchase agreements | 617 | \u2014 | \u2014 | (617) | \u2014 |
Total financial liabilities | 3,354 | (754) | (13) | (2,515) | 72 |
2023 | |||||
Related amounts not offset on the consolidated statement\u00a0of\u00a0financial position | |||||
Gross amount included on the consolidated statement of financial position | Financial instruments | Cash collateral | Securities collateral | Net amount | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Financial assets: | |||||
Derivative assets | 1,280 | (884) | (387) | (6) | 3 |
Reverse repurchase agreements | 13,615 | \u2014 | \u2014 | (10,141) | 3,474 |
Total financial assets | 14,895 | (884) | (387) | (10,147) | 3,477 |
Financial liabilities: | |||||
Derivative liabilities | 2,520 | (884) | (29) | (1,548) | 59 |
Securities lending and repurchase agreements | 726 | \u2014 | \u2014 | (730) | (4) |
Total financial liabilities | 3,246 | (884) | (29) | (2,278) | 55 |
2024 | 2023 | ||||
12-month ECL | 12-month ECL | ||||
Carrying amount | Related ECL allowance | Carrying amount | Related ECL allowance | ||
Balance as at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Deposits | 15,794 | 2 | 16,324 | 8 | |
Accrued investment income and other debtors | 2,506 | 31 | 2,536 | 2 |
2024 | 2023 | |
As at 31 December | \u00a3m | \u00a3m |
Government | 3,311 | 3,470 |
Real Estate | 2,805 | 2,906 |
of which residential | 1,634 | 1,735 |
of which commercial | 1,171 | 1,171 |
Financial | 2,627 | 2,852 |
Utilities | 1,551 | 1,772 |
Industrial | 424 | 370 |
Consumer | 414 | 387 |
Communications | 312 | 315 |
Other | 735 | 685 |
Total | 12,179 | 12,757 |
As at 31 December | 2024 | 2023 | ||||
Counterparty | Legal Entity Identifier | Relationship between parties | Type of exemption | Aggregate notional of OTC derivatives contract | Aggregate notional of OTC derivatives contract | |
\u00a3m | \u00a3m | |||||
M&G FA Limited | 213800TFNC2ZYHSGTN11 | M&G plc is the ultimate Parent Company for both parties | Full | 315 | 392 |
Change in assumption | 2024 | 2023 | |
Assumption | \u00a3m | \u00a3m | |
Average cost of redress | increase/decrease by 10% | +/-5 | +/-5 |
Reserve rate for soft closed cases | increase/decrease by 10% | +/-31 | +/-31 |
2024 | 2023 | |
For the year ended 31 December | \u00a3m | \u00a3m |
Salaries and short-term benefits | 11.8 | 13.2 |
Post-employment benefits | 0.5 | 0.5 |
Share-based payments | 1.5 | 3.2 |
Total | 13.8 | 16.9 |
2024 | 2023 | |
For the year ended 31 December | \u00a3m | \u00a3m |
Salaries and short-term benefits | 11.8 | 13.2 |
Post-employment benefits | 0.5 | 0.5 |
Share-based payments | 1.5 | 3.2 |
Total | 13.8 | 16.9 |
Entity | Main activity | Regulatory framework |
M&G plc | Insurance | Solvency II |
The Prudential Assurance Company Limited | Insurance | Solvency II |
Prudential International Assurance plc | Insurance | Solvency IIi |
Prudential Pensions Limited | Insurance | Solvency II |
M&G Group Limited (including subsidiaries) | Investment management | IFPRii |
Investment Funds Direct Limited | Investment services | IFPRii |
2024 | 2023 | |
As at 31 December | \u00a3bn | \u00a3bn |
Solvency II eligible own funds | 11.6 | 11.3 |
Solvency II SCR | (6.9) | (6.8) |
Solvency II surplus | 4.7 | 4.5 |
Solvency II coverage ratioi | 168% | 167% |
2024 | 2023 | |
As at 31 December | \u00a3bn | \u00a3bn |
Shareholder Solvency II eligible own funds | 8.5 | 8.9 |
Shareholder Solvency II SCR | (3.8) | (4.4) |
Solvency II surplus | 4.7 | 4.5 |
Shareholder Solvency II coverage ratioi | 223% | 203% |
2024 | 2023 | |
As at 31 December | \u00a3bn | \u00a3bn |
IFRS shareholders\u2019 equity | 3.3 | 4.1 |
Deduct goodwill and intangible assets | (1.4) | (1.5) |
Net impact of valuing policyholder liabilities and reinsurance assets on Solvency II basis | 12.4 | 12.2 |
Impact of introducing Solvency II risk margin (net of transitional measures) | (0.3) | (0.3) |
Impact of measuring assets and liabilities in line with Solvency II principles | 1.0 | 1.0 |
Recognise own shares | \u2014 | 0.1 |
Other | (0.1) | 0.1 |
Solvency II excess of assets over liabilities | 14.9 | 15.7 |
Subordinated debt capital | 2.5 | 3.1 |
Ring-fenced fund restrictions | (5.8) | (7.2) |
Deduct own shares | \u2014 | (0.1) |
Eligible own funds restriction | \u2014 | (0.2) |
Solvency II eligible own funds | 11.6 | 11.3 |
2024 | 2023 | |
As at 31 December | \u00a3bn | \u00a3bn |
Tier 1 (unrestricted) | 8.6 | 7.9 |
Tier 2 | 2.5 | 3.1 |
Tier 3 | 0.5 | 0.5 |
Eligible own funds restriction | \u2014 | (0.2) |
Total eligible own funds | 11.6 | 11.3 |
2024 | 2023 | |
As at 31 December | \u00a3bn | \u00a3bn |
Shareholder Solvency II eligible own funds | 8.5 | 8.9 |
Shareholder Solvency II SCRi | (3.8) | (4.4) |
Solvency II surplus | 4.7 | 4.5 |
Shareholder Solvency II coverage ratio ii | 223% | 203% |
2024 | 2023i | |
As at December | \u00a3bn | \u00a3bn |
Equity | 1.6 | 1.8 |
Property | 0.7 | 0.8 |
Interest rate | 0.3 | 0.4 |
Credit | 1.3 | 1.5 |
Currency | 1.0 | 1.1 |
Longevity | 1.0 | 1.2 |
Lapse | 0.5 | 0.5 |
Operational and expense | 2.1 | 2.2 |
Sectoralii | 0.5 | 0.6 |
Total undiversified | 9.0 | 10.1 |
Diversification, deferred tax and other | (5.2) | (5.7) |
Shareholder SCR | 3.8 | 4.4 |
2024 | 2023 | ||||
For the year ended 31 December | Surplus \u00a3bn | Shareholder coverage ratio % | Surplus \u00a3bn | Shareholder coverage ratio % | |
Base (as reported) | 4.7 | 223% | 4.5 | 203% | |
20% instantaneous fall in equity markets | 4.1 | 212% | 3.9 | 189% | |
20% instantaneous fall in property markets | 4.3 | 214% | 4.1 | 193% | |
50 bps reduction in interest rates | 4.7 | 219% | 4.4 | 196% | |
100 bps widening in credit spreads | 4.6 | 220% | 4.3 | 200% | |
20% credit asset downgrade i | 4.6 | 219% | 4.3 | 198% |
2024 | 2023 | |
As at 31 December | \u00a3bn | \u00a3bn |
With-Profits Fund Solvency II own funds | 8.9 | 9.6 |
With-Profits Fund Solvency II SCR | (3.1) | (2.4) |
With-Profits Fund Solvency II surplus | 5.8 | 7.2 |
With-Profits Fund Solvency II coverage ratio i | 284% | 403% |
2024 | 2023 | |
As at 31 December | \u00a3bn | \u00a3bn |
Solvency II eligible own funds | 11.6 | 11.3 |
Solvency II SCR | (6.9) | (6.8) |
Solvency II surplus | 4.7 | 4.5 |
Solvency II coverage ratio i | 168% | 167% |
For the year ended 31 December | Asset Management | Life | Corporate Centre | Total | ||||
2024 | 2023 | 2024 | 2023i | 2024 | 2023i | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Underlying capital generation | 261 | 246 | 616 | 726 | (233) | (220) | 644 | 752 |
Other operating capital generation | 51 | 50 | 233 | 229 | 5 | (35) | 289 | 244 |
Operating capital generation | 312 | 296 | 849 | 955 | (228) | (255) | 933 | 996 |
Market movements | (59) | (507) | ||||||
Restructuring and other | (135) | 49 | ||||||
Tax | 153 | 36 | ||||||
Eligible own funds restriction reversal/ (restriction) | 216 | (216) | ||||||
Total capital generation | 1,108 | 358 |
2024 | 2023 | |||||||
Own fundsii | SCRii | Surplus | Own fundsii | SCRii | Surplus | |||
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | ||
Underlying capital generation | ||||||||
Asset Management | Asset Management | 254 | 7 | 261 | 215 | 31 | 246 | |
Asset Management underlying capital generation | 254 | 7 | 261 | 215 | 31 | 246 | ||
Lifei | With-profits: PruFund | 292 | (53) | 239 | 337 | (97) | 240 | |
In-force | 217 | 47 | 264 | 247 | 14 | 261 | ||
New business | 75 | (100) | (25) | 90 | (111) | (21) | ||
With-profits: traditional | 158 | 32 | 190 | 165 | 17 | 182 | ||
Shareholder annuities | 215 | (18) | 197 | 349 | 18 | 367 | ||
Other | (8) | (2) | (10) | (54) | (9) | (63) | ||
Life underlying capital generation | 657 | (41) | 616 | 797 | (71) | 726 | ||
Corporate Centrei | Interest & head office cost | (235) | 2 | (233) | (226) | 6 | (220) | |
Underlying capital generation | 676 | (32) | 644 | 786 | (34) | 752 | ||
Other operating capital generation | ||||||||
Asset Management | 21 | 30 | 51 | 15 | 35 | 50 | ||
Life | 12 | 221 | 233 | (23) | 252 | 229 | ||
Corporate Centre | (7) | 12 | 5 | (17) | (18) | (35) | ||
Operating capital generation | 702 | 231 | 933 | 761 | 235 | 996 | ||
Market movements | (281) | 222 | (59) | (417) | (90) | (507) | ||
Restructuring and other | (160) | 25 | (135) | 16 | 33 | 49 | ||
Tax | 44 | 109 | 153 | (46) | 82 | 36 | ||
Eligible own funds restriction | 216 | \u2014 | 216 | (216) | \u2014 | (216) | ||
Total capital generation | 521 | 587 | 1,108 | 98 | 260 | 358 | ||
Dividends and capital movements | (924) | \u2014 | (924) | (440) | (1) | (441) | ||
Total (decrease)/increase in Solvency II surplus | (403) | 587 | 184 | (342) | 259 | (83) |
Scheme | Description |
Performance Share Plan (PSP) | The PSP is a conditional share plan: the shares awarded will ordinarily be released to participants after a predetermined period, usually three years, to the extent that performance conditions have been met. If performance conditions are not achieved in full, the unvested portion of any award lapses. The performance conditions attached to PSP awards include market performance conditions; Relative Total Shareholder Return (TSR); and other non-market conditions, including measures linked to profit as well as sustainability related measures. The performance conditions attached to each award are dependent on the role of the participants. Threshold and maximum achievement levels will be set at the beginning of the performance periods in line with the business plan. |
Deferred Incentive Plan (DIP) | Under these plans, part of the participant\u2019s Annual Bonus is paid in the form of a share award that vests after three or four years. Other than the service condition, there are no other performance conditions associated with this plan. |
Share scheme | Description |
Save As You Earn (SAYE) plans | The Group operates SAYE plans, which allow eligible employees the opportunity to save a monthly amount from their salaries, over either a three or five-year period, which can be used to purchase shares in M&G plc at a predetermined price subject to the employee remaining in employment for three years after the grant date of the options and satisfying the monthly savings requirement. |
Share Incentive Plan (SIP) | The Group operates SIPs, which allow eligible employees to invest a monthly or annual amount from their salaries in M&G plc shares; M&G plc will then contribute a share for every two the employee purchases. |
2024 | |||
Outstanding options under SAYE schemes | Awards outstanding under discretionary schemes | Awards outstanding under share incentive plans | |
Outstanding as at 1 January | 19,575,949 | 72,295,345 | 9,496,234 |
Granted | 4,498,505 | 28,881,073 | 2,819,879 |
Exercised | (3,926,385) | (19,565,104) | (1,722,460) |
Forfeited/Expired | (1,461,578) | (3,796,787) | (68,445) |
Outstanding at 31 December | 18,686,491 | 77,814,527 | 10,525,208 |
Awards immediately exercisable at 31 December | 933,937 | 335,712 | 7,051,162 |
2023 | |||
Outstanding options under SAYE schemes | Awards outstanding under discretionary schemes (restated)i, ii | Awards outstanding under share incentive plans (restated)ii | |
Outstanding as at 1 January | 23,265,327 | 85,242,726 | 8,287,223 |
Granted | 7,266,101 | 34,246,494 | 2,404,701 |
Exercised | (9,599,874) | (40,767,440) | (1,126,136) |
Forfeited/Expired | (1,355,605) | (6,426,435) | (69,554) |
Outstanding at 31 December | 19,575,949 | 72,295,345 | 9,496,234 |
Awards immediately exercisable at 31 December | 2,181,057 | 403,251 | 6,415,871 |
2024i | |||||
As at 31 December | Exercise price | Number outstanding | Weighted average remaining contractual life (years) | Weighted average exercise price (\u00a3) | Number exercisable |
SAYE options | Between \u00a31 and \u00a32 | 18,686,491 | 1.86 | 1.58 | 933,937 |
Discretionary option awards | \u00a3nil | 77,814,527 | 1.04 | \u00a3nil | 335,712 |
2023i | |||||
As at 31 December | Exercise Price | Number outstandingii | Weighted average remaining contractual life (years) | Weighted average exercise price (\u00a3) | Number exercisableiii |
SAYE options | Between \u00a31 and \u00a32 | 19,575,949 | 2.02 | 1.52 | 2,181,057 |
Discretionary option awards | \u00a3nil | 72,295,345 | 1.15 | \u00a3nil | 403,251 |
Awards granted in | |||||
2024 | 2023 | ||||
As at 31 December | PSP TSR award | SAYE options | PSP TSR award | SAYE options | |
Dividend yield (%) | N/A | 9.67 | N/A | 9.88 | |
Expected pay-off (%) | 41.67 | N/A | 41.67 | N/A | |
Expected volatility (%) | N/A | 19.33 | N/A | 20.97 | |
Risk-free interest rate (%) | N/A | 3.92 | N/A | 4.40 | |
Expected option life (years) | N/A | 3.53 | N/A | 3.25 | |
Weighted average exercise price (\u00a3) | N/A | 1.67 | N/A | 1.63 | |
Weighted average share price at grant date (\u00a3) | 2.35 | 2.05 | 1.88 | 2.01 | |
Weighted average fair value at grant date (\u00a3) | 1.89 | 0.22 | 1.69 | 0.25 |
Name of entity | Share class | % held |
10 Fenchurch Avenue, London, EC3M 5AG, UK | ||
M&G Group Regulated Entity Holding Company Limited | OS | 100% |
M&G Corporate Holdings Limited | OS | 100% |
Prudential Capital Holding Company Limited (In liquidation) | OS | 100% |
Name of entity | Share class | % held |
Prudential Capital Public Limited Company | OS | 100% |
Prudential Financial Services Limited | OS | 100% |
Name of entity | Share class | % held |
Australia | ||
Level 6, 60 Martin Place, Sydney NSW 2000 | ||
M&G Investments (Australia) Pty Limited | OS | 100% |
Suite 201, Level 2, 5 Berry Street, North Sydney NSW 2060 | ||
PAP Trusty Pty Limited | OS | 100% |
Canada | ||
22 Adelaide Street West, Suite 2600, Toronto, Ontario, M5H 4E3 | ||
GTA W21 GP Inc. | OS | 50% |
GTA W21 Inc. | OS | 50% |
GTA W21 LP | LPI | 90% |
180 Dundas Street West, Toronto, M5G 1Z8 | ||
Canada Property (Trustee) No 1 Limited | OS | 100% |
CJPT Real Estate Inc. | OS | 100% |
CJPT Real Estate No. 1 Trust | U | 100% |
CJPT Real Estate No. 2 Trust | U | 100% |
Name of entity | Share class | % held |
Cayman Islands | ||
190 Elgin Avenue, George Town, Grand Cayman, KYI-9005 | ||
M&G General Partner Inc. | OS | 100% |
NB Gemini Fund LP | LPI | 99% |
StepStone Scorpio Infrastructure Opportunities Fund LP | LPI | 100% |
France | ||
8 Avenue Hoche, 75008, Paris | ||
M&G Real Estate France SAS | OS | 100% |
West\u00a0Station\u00a01\u00a0SCI | OS | 100% |
West\u00a0Station\u00a02\u00a0SCI | OS | 100% |
West\u00a0Station\u00a0SAS | OS | 100% |
8 Rue Lamennais, Paris, D\u00e9partement de Paris, IDF, 75008 | ||
responsAbility\u00a0France\u00a0SAS | OS | 100% |
11 Av. Myron Herrick 75008, Paris | ||
BauMont Real Estate France SAS | OS | 100% |
Georgia | ||
4 Tamar Chovelidze Street, Tbilisi, 0108 | ||
responsAbility\u00a0Georgia\u00a0LLC | OS | 100% |
Name of entity | Share class | % held |
Guernsey | ||
1 Royal Plaza, Royal Avenue, St Peter Port, GY1 2HT | ||
M&G RED II GP Limited (In liquidation) | OS | 100% |
M&G RED II SLP GP Limited (In liquidation) | OS | 100% |
M&G RED III Employee Feeder GP Limited (In liquidation) | OS | 100% |
M&G RED III GP Limited (In liquidation) | OS | 100% |
Silverfleet Capital 2004 LP | LPI | 100% |
Silverfleet Capital 2009 LP | LPI | 100% |
Silverfleet Capital 2011/12 LP | LPI | 100% |
Dorey Court, Admiral Park, St Peter Port, GY1 2HT | ||
M&G (Guernsey) Limited | OS | 100% |
The Car Auction Unit Trust | U | 50% |
PO Box 155, Mill Court, La, Charroterie, St Peter Port, GY1 4ET | ||
M&G Group PCC Limited | OS | 100% |
Hong Kong | ||
6th Floor, Alexander House, 18 Chater Road, Central | ||
M&G Investments (Hong Kong) Limited | OS | 100% |
13/F, One International Finance Centre, 1 Harbour View Street, Central | ||
PPM Ventures (Asia) Limited (In liquidation) | OS | 100% |
India | ||
First floor Prudential House, Central Avenue, Hiranandani Business Park, Mumbai-400076 | ||
M&G Global Services Private Limited | OS | 100% |
31 Green Acre, Union Park Road Number 5, Mumbai, Mumbai Suburban, MH, 400052 | ||
responsAbility\u00a0India\u00a0Business\u00a0Advisors\u00a0Pvt Limited | OS | 100% |
Ireland | ||
Fitzwilliam Court, Leeson CI, Dublin 2, Dublin, D02 TC95 | ||
Prudential International Assurance plc | OS | 100% |
Prudential International Management Services Limited | OS | 100% |
Fourth floor, 35 Shelbourne Road, Ballsbridge, Dublin D04 A4EO | ||
Lion Credit Opportunity Fund plc - Credit Opportunity Fund XV | U | 100% |
Lion Credit Opportunity Fund Public Limited Company - M&G SRT Fund II | U | 37% |
M&G Sustainable Loan Fund | OS | 62% |
M&G (South Africa) Global Funds ICAV - M&G Worldwide Managed Fund | U | 22% |
Specialist Investment Funds (2) ICAV - M&G Real Impact Fund | U | 100% |
Name of entity | Share class | % held |
IPC House, 35 Shelbourne Road, Dublin, D04 A4E0 | ||
M&G SIF Management Company (Ireland) Limited | OS | 100% |
Second Floor, Block 5 Irish Life Centre, Abbey Street Lower, Dublin 1, D01 P767 | ||
Folios III Designated Activity Company | U | 49% |
Folios IV Designated Activity Company | U | 65% |
Fourth Floor, 76 Baggot Street Lower, Dublin, D02 EK81 | ||
Debt Investments Opportunities IV | U | 25% |
Italy | ||
Via Alessandro Manzoni 38, Milan, 20121 | ||
Elle 14 S.\u00e0 r.l. Company | OS | 50% |
MCF S.r.l. | OS | 50% |
Japan | ||
Tokyo Toranomon Global Square 13F, 1-3-1 Toranomon, Minatoku, Tokyo 105-0001 | ||
M&G Investments Japan Co Limited | OS | 100% |
M&G Real Estate Japan Co Limited | OS | 67% |
Jersey | ||
Level 1 LFC1, Esplanade, St Helier, JE2 3BX | ||
Two Rivers One Limited | OS | 100% |
Two Rivers Two Limited | OS | 100% |
28 Esplanade, St Helier, JE2 3QA | ||
The Strand Property Unit Trust | U | 50% |
IFC 5, St Helier, JE1 1ST | ||
Belside Limited | OS | 100% |
Carraway Guildford (Nominee A) Limited | OS | 100% |
Carraway Guildford (Nominee B) Limited | OS | 100% |
Leadenhall Unit Trust | U | 100% |
Vanquish I Unit Trust | U | 100% |
Vanquish II Unit Trust | U | 100% |
Vanquish Properties GP Limited | OS | 100% |
Vanquish Properties GP Nominee 1 Limited | OS | 100% |
Vanquish Properties GP Nominee 2 Limited | OS | 100% |
Vanquish Properties GP Nominee 3 Limited | OS | 100% |
Vanquish Properties GP Nominee 4 Limited | OS | 100% |
Vanquish Properties GP Nominee A Limited | OS | 100% |
Vanquish Properties LP Limited | OS | 100% |
Liberte House, 19-23 La Motte Street, St Helier, JE1 4BP | ||
The Two Rivers Trust | U | 100% |
Kenya | ||
Merchant Square, Block D, 5th Floor, Riverside Drive, Westlands, P.O. 29300623 Nairobi | ||
responsAbility\u00a0Africa\u00a0Limited | OS | 100% |
Name of entity | Share class | % held |
Luxembourg | ||
1, Rue Hildegard von Bingen L-1282 | ||
Prudential Loan Investments 1 S.\u00e0 r.l. | OS | 100% |
3, Rue Gabriel Lippmann, L-5365 Munsbach | ||
M&G Real Estate Debt Fund SCSp, SICAV- RAIF \u2013 REDF 8 | LPI | 71% |
M&G REDF 8 S.\u00e0.r.l\u00a0 | OS | 100% |
M&G REDF 9 S.\u00e0.r.l\u00a0 | OS | 100% |
M&G Specialty Finance Fund 2 GBP SCSp | LPI | 47% |
Prudential Loan Investments SCSp | LPI | 100% |
Two Snowhill Birmingham S.\u00e0 r.l. | OS | 100% |
5, Heienhaff, Nidderaanwen, 1736 | ||
Infracapital Partners IV G.P S.\u00e0\u00a0r.l. | OS | 100% |
Infracapital Partners IV SCSp | LPI | 51% |
M&G Real Estate Debt Carried Interest GP S.\u00e0 r.l | OS | 100% |
M&G REDF 7 S.\u00e0.r.l\u00a0 | OS | 100% |
M&G SFF (CIP GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF (GP) S.\u00e0 r.l. | OS | 100% |
M&G\u00a0SFF\u00a02\u00a0(CIP\u00a0GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G\u00a0SFF\u00a02\u00a0(GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
Prudential Loan Investments GP S.\u00e0 r.l. | OS | 100% |
responsAbility\u00a0BOP\u00a0S.\u00e0 r.l. | OS | 100% |
Three Snowhill Birmingham S.\u00e0 r.l. | OS | 100% |
5, Rue Jean Monnet, L-2180 | ||
responsAbility Asia Climate Fund, SICAV-RAIF | OS | 48% |
responsAbility Global Micro and SME Finance Fund | U | 29% |
6, Rue Eug\u00e8ne Ruppert, L-2453 | ||
Infracapital Greenfield Partners II GP S.\u00e0 r.l | OS | 100% |
Infracapital Partners III GP S.\u00e0 r.l | OS | 100% |
8, Rue Lou Hemmer, 1748 Senningerberg Niederanven | ||
M&G Alternatives CV SCSp | LPI | 100% |
M&G Alternatives GP S.\u00e0 r.l. | OS | 100% |
15, Boulevard F.W. Raiffeisen, L-2411 | ||
responsAbility Agriculture Partners SLP | LPI | 61% |
responsAbility Sustainable Food - Asia II (GP), S.\u00e0 r.l. | OS | 100% |
responsAbility Sustainable Food - Asia II, SLP | LPI | 85% |
responsAbility Sustainable Food - Latam I (GP), S.\u00e0 r.l. | OS | 100% |
responsAbility Sustainable Food - Latam I, SLP | LPI | 73% |
responsAbility Sustainable Food Asia - II Partners, SLP | LPI | 94% |
responsAbility Sustainable Food Latam - I Partners, SLP | LPI | 94% |
responsAbility\u00a0Agriculture\u00a0(GP),\u00a0S.\u00e0 r.l. | OS | 100% |
Name of entity | Share class | % held |
16, Boulevard Royal, L-2449 | ||
Luxembourg Specialist Investment Funds (2) FCP - M&G Real Assets Fund | U | 100% |
Luxembourg Specialist Investment Funds (2) FCP - M&G Private Equity Opportunities Fund | U | 100% |
M&G (Lux) Asian Bond Allocation EUR Fund | U | 100% |
M&G (Lux) Asian Bond Allocation GBP Fund | U | 100% |
M&G (Lux) Asian Bond Allocation USD Fund | U | 100% |
M&G (Lux) Emerging Markets Corporate ESG Bond Fund | U | 57% |
M&G (Lux) Blackrock Europe ex UK Equity Fund | U | 99% |
M&G (Lux) Europe ex UK Equity Fund | U | 100% |
M&G (Lux) Global Enhanced Equity Premia Fund | U | 99% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Better Health Solutions Fund | U | 100% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Diversity and Inclusion Fund | U | 68% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Hard Currency Bond Fund | U | 85% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Global Artificial Intelligence Fund | U | 97% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Nature and Biodiversity Solutions Fund | U | 96% |
M&G (Lux) Investment Funds 1 - M&G (Lux) US Corporate Bond Fund | U | 100% |
M&G (Lux) Investment Funds 1 - M&G (Lux) US High Yield Bond Fund | U | 100% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Bond Fund | U | 63% |
M&G (Lux) Managed Cautious (Euro) Fund | U | 100% |
M&G (Lux) Managed Growth (Euro) Fund | U | 100% |
M&G (Lux) Pan European Smaller Comp Fund | U | 98% |
M&G (Lux) Reserved Investment Fund (2), SCA SICAV-RAIF | U | 100% |
M&G (Lux) Reserved Investment Funds (2) GP S.\u00e0 r.l. | OS | 100% |
M&G (Lux) Sterling Liquidity Fund | U | 83% |
M&G (Lux) Sustainable Emerging Markets Corporate Bond Fund | U | 21% |
M&G (Lux) Sustainable Optimal Income Bond Fund | U | 98% |
M&G Asia Living Property Fund | LPI | 100% |
M&G Asia Property Fund | U | 43% |
M&G Catalyst Capital Fund | U | 100% |
Name of entity | Share class | % held |
M&G Catalyst Credit Fund | U | 100% |
M&G Corporate Credit Opportunities ELTIF | U | 100% |
M&G European Living Property Fund (GP) S.\u00e0.r.l\u00a0 | OS | 100% |
M&G European Living Property Fund SCSp, SICAV-RAIF | LPI | 45% |
M&G European Property Fund SICAV-FIS | U | 29% |
M&G European Secured Property Income Fund FCP\u2010FIS | OS | 100% |
M&G European Value Add GP S.\u00e0 r.l. | OS | 100% |
M&G Funds (1) GSAM Global Emerging Market Equity Fund | U | 99% |
M&G Luxembourg S.A. | OS | 100% |
M&G Private Credit GP S.\u00e0.r.l. | OS | 100% |
M&G Private Credit SCSp SICAV-RAIF | U | 100% |
M&G Real Estate Debt GP S.\u00e0 r.l. | OS | 100% |
M&G Real Estate Funds GP S.\u00e0 r.l. | OS | 100% |
M&G Real Estate Funds Management S.\u00e0 r.l. | OS | 100% |
M&G Real Estate Funds SCSp, SICAV-RAIF | U | 99% |
M&G Secure Income S.\u00e0 r.l. | OS | 100% |
M&G UK Mortgage Income Fund | U | 64% |
M&G UK Property Fund | U | 98% |
M&G UK Residential Property Fund | U | 30% |
M&G\u00a0Corporate\u00a0Credit\u00a0Opportunities\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G\u00a0Real\u00a0Estate\u00a0Debt\u00a0Carried\u00a0Interest\u00a0 GP\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
20, Rue de la Poste\u00a0, 2346 Ville-Haute | ||
EUREV CI GP S.\u00e0 r.l. | OS | 100% |
M&G European Value Add Hold Co S.\u00e0 r.l. | OS | 100% |
M&G\u00a0European\u00a0Value\u00a0Add\u00a0Partnership\u00a0SCSp | LPI | 100% |
Prudential Investment (Luxembourg) 2 S.\u00e0.r.l. | OS | 100% |
Schoolhill S.\u00e0 r.l. | OS | 100% |
26, Boulevard Royal, L-2449 | ||
Eastspring Investments SICAV-FIS Africa Equity Fund | U | 100% |
39, Avenue John F. Kennedy, L-1855 | ||
responsAbility Management Company S.A. (In liquidation) | OS | 80% |
42-44, Avenue de la Gare L - 1610 | ||
BauMont General Partner S.\u00e0 r.l. | OS | 65% |
BauMont General Partner Two S.\u00e0 r.l. | OS | 100% |
BauMont Real Estate Two SCSp (Luxembourg) SICAV-RAIF | U | 44% |
Namibia | ||
Unit 3, 2nd Floor, Ausspann Plaza, Dr Agostinho Neto Road, Private Bag 12012, Ausspannplatz, Windhoek | ||
MandG Investments (Namibia) (Pty) Limited | OS | 75% |
MandG Investments Unit Trusts (Namibia) Limited | OS | 75% |
Name of entity | Share class | % held |
Peru | ||
Av. 28 de Julio 753, Miraflores, Provincia de Lima, 15074 | ||
responsAbility\u00a0America\u00a0Latina\u00a0SAC | OS | 100% |
Portugal | ||
Rua Latino Coelho, 87 1050-134, Lisbon | ||
Regen Blue, Unipessoal LDA | OS | 89% |
Rua Do Paco, No 37 - Pacos dos Negros, 2080-500 Fazendas de Almeirim | ||
AG-Horti-Investments-Investimentos EM Portugal, LDA | OS | 100% |
AG-Management, LDA | OS | 99% |
Poland | ||
02-670 Warszawa, Pulawska 182 | ||
Prudential Polska sp. z.o.o | OS | 100% |
Republic of Korea | ||
Jongno 1-ga, Kyobo Building, Seoul | ||
M&G Real Estate Korea Co Limited | OS | 67% |
Twentieth\u00a0floor, 136, Sejong-daero, Jung-gu, Seoul | ||
LB Professional Investors Private Real Estate Fund No. 10 (Centropolis) | U | 34% |
Singapore | ||
9 Raffles Place, #26-01 Republic Plaza, 048619 | ||
responsAbility Singapore Pte Limited | OS | 100% |
138 Market Street, CapitaGreen #35-01, 048946 | ||
M&G Investments (Singapore) Pte Limited | OS | 100% |
M&G Real Estate Asia Holding Company Pte Limited | OS | 67% |
M&G Real Estate Asia Pte Limited | OS | 67% |
South Africa | ||
PO Box 44813, Claremont, Western Cape, Cape Town, 7735 | ||
M&G Pan African Bond Fund | U | 100% |
M&G SA Equity Fund | U | 94% |
Protea Place, 40 Dreyer Street, Claremont, 7708 | ||
MandG Investment Managers (Pty) Limited | OS | 100% |
MandG Investments Life South Africa (RF) Limited | OS | 100% |
MandG Investments Southern Africa (Pty) Limited | OS | 50% |
MandG Investments Unit Trusts South Africa (RF) Limited | OS | 100% |
Spain | ||
Calle Fortuny, 6 - 4 A, 28010, Madrid | ||
M&G RE Espana, 2016, S.L. | OS | 100% |
Switzerland | ||
Zollstrasse 17, Z\u00fcrich, ZH, 8005 | ||
M&G International Investments Switzerland AG | OS | 100% |
responsAbility\u00a0Investments\u00a0AG | OS | 100% |
responsAbility\u00a0Ventures\u00a0I\u00a0Services\u00a0AG | OS | 100% |
Name of entity | Share class | % held |
Taiwan | ||
Floor.33 (Unit B-1), No.7, Sec.5, Road.Xinyi,110, Taipei | ||
M&G Investments (Taiwan) Limited | OS | 100% |
Thailand | ||
62 Thaniya BTS Building, Silom Road, Suriyawongse, Bangrak, Bangkok, 10500 | ||
responsAbility\u00a0Thailand\u00a0Limited | OS | 100% |
United Kingdom | ||
1 Carter Lane, London, EC4V 5ER | ||
Silverfleet Capital II WPLF LP | LPI | 100% |
10 Fenchurch Avenue, London, EC3M 5AG | ||
Active Growth Logistics Partnership LP | LPI | 50% |
AGLP GP Limited | OS | 50% |
BWAT Retail Nominee (1) Limited | OS | 50% |
BWAT Retail Nominee (2) Limited | OS | 50% |
Canada Property Holdings Limited | OS | 100% |
Capacity (Dartford) Management Company Limited | OS | 100% |
Carraway Guildford General Partner Limited | OS | 100% |
Carraway Guildford Limited Partnership | LPI | 100% |
Cribbs Causeway JV Limited | OS | 100% |
Cribbs Mall Nominee (1) Limited | OS | 100% |
Cribbs Mall Nominee (2) Limited | OS | 100% |
Edger Investments Limited | OS | 100% |
EF IV Schoolhill GP Limited | OS | 100% |
Embankment GP Limited | OS | 100% |
Embankment Nominee 1 Limited | OS | 100% |
Embankment Nominee 2 Limited | OS | 100% |
Fundsdirect ISA Nominees Limited | OS | 100% |
Fundsdirect Nominees Limited | OS | 100% |
IFDL Personal Pensions Limited | OS | 100% |
Investment Funds Direct Group Limited | OS | 100% |
Investment Funds Direct Holdings Limited | OS | 100% |
Investment Funds Direct Limited | OS | 100% |
M&G (ACS) BlackRock Japan Equity Fund | U | 100% |
M&G (ACS) BlackRock UK All Share Equity Fund | U | 100% |
M&G (ACS) Blackrock US Equity (2) Fund | U | 99% |
M&G (ACS) BlackRock US Equity Fund | U | 99% |
M&G (ACS) Value Partners China Equity Fund | U | 100% |
M&G (ACS) China Fund | U | 98% |
M&G (ACS) Earnest Partners US Small Cap Value Fund | U | 99% |
M&G (ACS) Granahan US Small Cap Growth Fund | U | 99% |
M&G (ACS) Japan Equity Fund | U | 99% |
Name of entity | Share class | % held |
M&G (ACS) Japan Smaller Companies Fund | U | 98% |
M&G (ACS) Manulife US Equity Fund | U | 99% |
M&G (ACS) Matthews China Equity Fund | U | 98% |
M&G (ACS) MFS US Large Cap Equity Fund | U | 99% |
M&G (ACS) UK Listed Equity Fund | U | 97% |
M&G (ACS) UK Listed Mid Cap Equity Fund | U | 98% |
M&G (ACS) William Blair US Large Cap Equity Fund | U | 99% |
M&G Alternatives GP1 Limited | OS | 100% |
M&G Alternatives GP2 Limited | OS | 100% |
M&G Alternatives Investment Management Limited | OS | 100% |
M&G BlackRock Canada Equity Fund | U | 98% |
M&G BlackRock UK 200 Equity Fund | U | 99% |
M&G Corporate Services Limited | OS | 100% |
M&G Emerging Markets Monthly Income Fund | U | 93% |
M&G FA Limited | OS | 100% |
M&G Feeder of Property Portfolio | U | 69% |
M&G Financial Services Limited | OS | 100% |
M&G Fitzrovia GP Limited | OS | 50% |
M&G Fitzrovia Limited | OS | 100% |
M&G Fitzrovia Limited Partnership | LPI | 50% |
M&G Fitzrovia Nominee 1 Limited | OS | 50% |
M&G Fitzrovia Nominee 2 Limited | OS | 50% |
M&G Founders 1 Limited | OS | 100% |
M&G Funds (1) Artisan Part Emerging Market Debt Fund | U | 98% |
M&G Funds (1) Asia Pacific (ex Japan) Equity Fund | U | 96% |
M&G Funds (1) Blackrock Asia Pacific (ex Japan) Equity Fund | U | 100% |
M&G Funds (1) Blackrock Emerging Markets Equity Fund | U | 100% |
M&G Funds (1) Franklin Temp India Equity Fund | U | 98% |
M&G Funds (1) India Equity Fund | U | 74% |
M&G Funds (1) Lazard Emerging Market Debt Fund | U | 97% |
M&G Funds (1) Lazard Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) Manulife China Bond Fund | U | 100% |
M&G Funds (1) MFS Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) Sterling Investment Grade Corporate Bond Fund | U | 84% |
M&G Funds (1) UK Gilt | U | 100% |
Name of entity | Share class | % held |
M&G Funds (1) US Corporate Bond Fund | U | 99% |
M&G Funds (1) US Short Duration Corporate Bond Fund | U | 88% |
M&G Funds (1) Wellington Impact Bond Fund | U | 100% |
M&G Group Limited | OS | 100% |
M&G IMPPP 1 Limited | OS | 100% |
M&G International Investments Nominees Limited | OS | 100% |
M&G Investment Funds (1) - M&G European Sustain Paris Aligned Fund | U | 55% |
M&G Investment Funds (10) - M&G China Fund | U | 95% |
M&G Investment Funds (10) - M&G Global AI Themes Fund | U | 90% |
M&G Investment Funds (10) - M&G Global High Yield ESG Bond Fund | U | 61% |
M&G Investment Funds (10) - M&G Positive Impact Fund | U | 32% |
M&G Investment Funds (2) - M&G Gilt & Fixed Interest Income Fund | U | 52% |
M&G Investment Funds (2) - M&G Global High Yield Bond | U | 50% |
M&G Investment Funds (3) - M&G Dividend Fund | U | 48% |
M&G Investment Funds (4) - M&G Sustainable Multi Asset Balanced Fund | U | 31% |
M&G Investment Funds (4) - M&G Sustainable Multi Asset Cautious Fund | U | 49% |
M&G Investment Funds (4) - M&G Sustainable Multi Asset Growth Fund | U | 67% |
M&G Investment Funds (7) - M&G Global Convertibles Fund | U | 83% |
M&G Investment Management Limited | OS | 100% |
M&G Managed Growth Fund | U | 21% |
M&G Management Services Limited | OS | 100% |
M&G Nominees Limited | OS | 100% |
M&G PFI 2018 GP1 Limited | OS | 100% |
M&G PFI 2018 GP2 Limited | OS | 100% |
M&G Platform Nominees Limited | OS | 100% |
M&G Property Portfolio | U | 89% |
M&G RE UKEV (GP1) LLP | LPI | 100% |
M&G RE UKEV 1 Limited | OS | 100% |
M&G RE UKEV 1-A LP | LPI | 50% |
M&G Real Estate Limited | OS | 100% |
M&G Real Estate UKEV (GP) LLP | LPI | 100% |
M&G RPF GP Limited | OS | 100% |
M&G RPF Nominee 1 Limited | OS | 100% |
Name of entity | Share class | % held |
M&G RPF Nominee 2 Limited | OS | 100% |
M&G Securities Limited | OS | 100% |
M&G Shared Ownership LP | LPI | 48% |
M&G Social Investment GP1 Limited | OS | 100% |
M&G Social Investment GP2 Limited | OS | 100% |
M&G Trustee Company Limited | OS | 100% |
M&G UK Property GP Limited | OS | 100% |
M&G UK Property Limited Partnership | LPI | 100% |
M&G UK Property Nominee 1 Limited | OS | 100% |
M&G UK Property Nominee 2 Limited | OS | 100% |
M&G UK Shared Ownership Limited | OS | 100% |
M&G UK Social Investment GP LLP | LPI | 100% |
M&G UKEV (SLP) General Partner LLP | LPI | 100% |
M&G Wealth Advice Limited | OS | 100% |
M&G Wealth Holding Company Limited | OS | 100% |
M&G\u00a0Social\u00a0Investment GP1\u00a0Limited | OS | 100% |
M&G\u00a0UK\u00a0Social\u00a0Investment\u00a0InfraCap\u00a0Limited | OS | 100% |
M&G\u00a0UK\u00a0Social\u00a0Investment\u00a0Partners\u00a0LP | LPI | 100% |
M&G\u00a0Wealth\u00a0Investments\u00a0LLP | LPI | 100% |
M&G\u00a0Wealth\u00a0Solutions\u00a0Limited | OS | 100% |
Manchester JV Limited | OS | 50% |
Manchester Nominee (1) Limited | OS | 100% |
MEVA UK Propco 1 Limited | OS | 100% |
Minster Court Estate Management Limited | OS | 56% |
Pacus (UK) Limited | OS | 100% |
PGDS (UK One) Limited | OS | 100% |
PPM Capital (Holdings) Limited | OS | 100% |
PPMC First Nominees Limited | OS | 100% |
Property Partners (Two Rivers) Limited | OS | 100% |
Pru Limited | OS | 100% |
Prudence Limited | OS | 100% |
Prudential Corporate Pensions Trustee Limited | OS | 100% |
Prudential Equity Release Mortgages Limited | OS | 100% |
Prudential Financial Planning Limited | OS | 100% |
Prudential Pensions Limited | OS | 100% |
Prudential Portfolio Management Group Limited | OS | 100% |
Prudential Real Estate Investments 1 Limited | OS | 100% |
Prudential Real Estate Investments 2 Limited | OS | 100% |
Prudential Real Estate Investments 3 Limited | OS | 100% |
Prudential Staff Pensions Limited | OS | 100% |
Prudential UK Real Estate General Partner Limited | OS | 100% |
Prudential UK Real Estate Limited Partnership | LPI | 100% |
Name of entity | Share class | % held |
Prudential UK Real Estate Nominee 1 Limited | OS | 100% |
Prudential UK Real Estate Nominee 2 Limited | OS | 100% |
Prudential Unit Trusts Limited | OS | 100% |
Prutec Limited | OS | 100% |
PVM Partnerships Limited | OS | 100% |
RD Park (Hoddesdon Phase 1) Management Company Limited | OS | 64% |
Selly Oak Shopping Park (General Partner) Limited | OS | 100% |
Selly Oak Shopping Park (Nominee 1) Limited | OS | 100% |
Selly Oak Shopping Park (Nominee 2) Limited | OS | 100% |
Selly Oak Shopping Park Limited Partnership | LPI | 63% |
Smithfield Limited | OS | 100% |
Stableview Limited | OS | 100% |
The First British Fixed Trust Company Limited | OS | 100% |
The Project Hoxton LP | LPI | 100% |
The Prudential Assurance Company Limited | OS | 100% |
Vanquish Properties (UK) Limited Partnership | LPI | 100% |
Wessex Gate Limited | OS | 100% |
Westwacker Limited | OS | 100% |
Wrap IFA Services Limited | OS | 100% |
12 Conduit Street, London, W1S 2XH | ||
BauMont Real Estate Capital Limited | OS | 65% |
BREO Neptune GP LLP | LPI | 100% |
Pilot Peak Capital Limited | OS | 100% |
19 Canning Street, Edinburgh, EH3 8EH | ||
BauMont Co-Invest General Partner Limited | OS | 100% |
BauMont Core Plus General Partner One LLP | LPI | 100% |
29 Wellington Street, Leeds, LS1 4DL | ||
M&G Credit Income Investment Trust plc | OS | 22% |
36-38 Botolph Lane, London, EC3R 8DE | ||
Global Futures and Options Holdings Limited | OS | 23% |
5 Central Way, Kildean Business Park, Stirling, FK8 1FT | ||
Prudential Distribution Limited | OS | 100% |
Prudential GP Limited | OS | 100% |
Prudential Lifetime Mortgages Limited | OS | 100% |
Prudential UK Services Limited | OS | 100% |
ScotAm Pension Trustees Limited | OS | 100% |
5 Westgate, North Cave, Brough, HU15 2NG | ||
Regenerate European Sustainable Agriculture LP | LPI | 100% |
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ |
Name of entity | Share class | % held |
Condor F3 GP LLP | LPI | 100% |
Digital Infrastructure Investment Partners SLP GP LLP | LPI | 100% |
Genny GP 2 Limited | OS | 100% |
Genny GP Limited | OS | 100% |
George Digital GP 1 LLP | LPI | 100% |
George Digital GP 2 Limited | OS | 100% |
George Digital GP Limited | OS | 100% |
GGE GP Limited | OS | 100% |
Green GP Limited | OS | 100% |
Infracapital (AIRI) GP Limited | OS | 100% |
Infracapital (Belmond) GP Limited | OS | 100% |
Infracapital (GC) GP Limited | OS | 100% |
Infracapital (Gigaclear) GP 1 Limited | OS | 100% |
Infracapital (Gigaclear) GP 2 Limited | OS | 100% |
Infracapital (Gigaclear) GP LLP | LPI | 100% |
Infracapital (IT PPP) GP Limited | OS | 100% |
Infracapital (Leo) GP Limited | OS | 100% |
Infracapital (Novos) GP Limited | OS | 100% |
Infracapital (Sense) GP Limited | OS | 100% |
Infracapital (TLSB) GP Limited | OS | 100% |
Infracapital DF II GP LLP | LPI | 100% |
Infracapital DF II Limited | OS | 100% |
Infracapital Employee Feeder GP 1 LLP | LPI | 100% |
Infracapital Employee Feeder GP Limited | OS | 100% |
Infracapital Greenfield DF GP LLP | LPI | 100% |
Infracapital Greenfield Partners 1 SLP GP1 Limited | OS | 100% |
Infracapital Greenfield Partners 1 SLP GP2 Limited | OS | 100% |
Infracapital Greenfield Partners I Employee Feeder LP | LPI | 76% |
Infracapital Greenfield Partners I SLP EF GP LLP | LPI | 100% |
Infracapital Greenfield Partners I SLP LP | LPI | 36% |
Infracapital Greenfield Partners I SLP2 LP | LPI | 100% |
Infracapital Greenfield Partners I Subholdings GP Limited | OS | 100% |
Infracapital Partners II Subholdings GP Limited | OS | 100% |
Infracapital Partners IV Subholdings GP LLP | LPI | 100% |
Infracapital Partners IV Subholdings GP1 Limited | OS | 100% |
Infracapital Partners IV Subholdings GP2 Limited | OS | 100% |
Infracapital Partners IV Subholdings Nominee Limited | OS | 100% |
Infracapital Partners IV Subholdings SLP LP | LPI | 100% |
Infracapital SLP II LP | LPI | 40% |
Kestrel F4 GP LLP | LPI | 100% |
London Fenchurch Employee Feeder F4 SP LP | LPI | 100% |
Name of entity | Share class | % held |
London Fenchurch F4 Employee Feeder SP GP LLP | LPI | 100% |
London Fenchurch GP1 Limited | OS | 100% |
London Fenchurch GP2 Limited | OS | 100% |
London Fenchurch SLP LP | LPI | 100% |
London Green Investments II SLP GP1 Limited | OS | 100% |
London Green Investments II SLP GP2 Limited | OS | 100% |
London Green Investments II SLP1 Employee Feeder GP LLP | LPI | 100% |
London Green Investments II SLP2 GP Limited | OS | 100% |
London Green Investments II SLP GP1 Limited | OS | 100% |
London Green Investments SLP GP2 Limited | OS | 100% |
London Stone Investments F3 Employee Feeder GP LLP | LPI | 100% |
London Stone Investments F3 I Limited | OS | 100% |
London Stone Investments F3 II Limited | OS | 100% |
London Stone Investments F3 SP GP LLP | LPI | 100% |
London\u00a0Fenchurch\u00a0F4 Employee\u00a0Feeder\u00a0SP\u00a0GP LLP | LPI | 100% |
M&G Alternatives GP LLP | LPI | 100% |
M&G Black Seed GP LLP | LPI | 100% |
M&G Catalyst Sustainable Agriculture GP LLP | LPI | 100% |
M&G PFI 2018 GP LLP | LPI | 100% |
M&G PFI Carry Partnership 2016 LP | LPI | 100% |
M&G Real Estate UK Enhanced Value LP | LPI | 50% |
M&G RED II Employee Feeder GP Limited (In liquidation) | OS | 100% |
M&G RED III SLP GP Limited (In liquidation) | OS | 100% |
M&G UKEV (SLP) LP | LPI | 80% |
M&G\u00a0Black\u00a0Seed\u00a0GP\u00a0LLP | LPI | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP\u00a0LLP | LPI | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP\u00a0Mem ber\u00a0No.1\u00a0Limited | OS | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP\u00a0Mem ber\u00a0No.2\u00a0Limited | OS | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0LP | LPI | 100% |
Marble SLP LP | LPI | 100% |
Merlin D5 GP LLP | LPI | 100% |
Mole GP1 Limited | OS | 100% |
Mole GP2 Limited | OS | 100% |
Ox GP1 Limited | OS | 100% |
Ox\u00a0GP\u00a0LLP | LPI | 100% |
PPM Managers GP Limited | OS | 100% |
PPM Managers Partnership CI VII (A) LP | LPI | 100% |
Rads Omega Limited | OS | 100% |
Rads\u00a0Gamma\u00a0Limited | OS | 100% |
Stein LP | LPI | 100% |
Name of entity | Share class | % held |
7 Albemarle Street, London, W1S 4HQ | ||
Cathedral Approach Estate Management Company Limited | OS | 50% |
Barratt House, Cartwright Way, Bardon Hill, Coalville, LE67 1UF | ||
Optimus Point Management Company Limited | OS | 52% |
Berkeley House, 19 Portsmouth Road, Surrey, KT11 1JG | ||
St Edward Homes Limited | OS | 50% |
St Edward Homes Partnership | LPI | 50% |
St Edward Strand Partnership | LPI | 50% |
Bow Bells House, 1 Bread Street, London, EC4M 9HH | ||
Two Rivers LP | LPI | 100% |
Buckingham Corporate Services Limited, First Floor, 85 Great Portland Street, London, W1W\u00a07LT | ||
Prudential Greenfield GP LLP | LPI | 100% |
Prudential Greenfield GP1 Limited | OS | 100% |
Prudential Greenfield GP2 Limited | OS | 100% |
Clearwater Court, Vastern Road, Reading, RG1 8DB | ||
Foudry Properties Limited | OS | 50% |
C/O Regenerate Group, 2nd Floor Marshalls Mill, Marshall Street, Leeds, LS11 9YJ | ||
RESA Holdings (UK) Ltd | OS | 100% |
First Floor, 85 Great Portland Street, London, W1W 7LT | ||
Aqua GP LLP | LPI | 100% |
Digital Infrastructure Investment Partners GP LLP | LPI | 65% |
Digital Infrastructure Investment Partners GP1 Limited | OS | 100% |
Digital Infrastructure Investment Partners SLP GP1 Limited | OS | 100% |
Digital Infrastructure Investment Partners SLP GP2 Limited | OS | 100% |
Dudok\u00a0GP\u00a0LLP | LPI | 100% |
Dudok\u00a0GP1\u00a0Limited | OS | 100% |
Dudok\u00a0GP2\u00a0Limited | OS | 100% |
Genny GP 1 LLP | LPI | 100% |
ICP\u00a0(Finch)\u00a0GP\u00a01\u00a0Limited | OS | 100% |
ICP\u00a0(Finch)\u00a0GP\u00a02\u00a0Limited | OS | 100% |
ICP\u00a0(Finch)\u00a0GP\u00a0LLP | LPI | 100% |
Infracapital (Churchill) GP 1 Limited | OS | 100% |
Infracapital (Churchill) GP LLP | LPI | 100% |
Infracapital F1 GP2 Limited | OS | 100% |
Infracapital F2 GP Limited | OS | 100% |
Infracapital F2 GP1 Limited | OS | 100% |
Infracapital GP 1 LLP | LPI | 100% |
Name of entity | Share class | % held |
Infracapital GP Limited | OS | 100% |
Infracapital Greenfield Partners I GP Limited | OS | 100% |
Infracapital Greenfield Partners I LP | LPI | 22% |
Infracapital Greenfield Partners II Subholdings (Euro) GP LLP | LPI | 100% |
Infracapital Greenfield Partners II Subholdings (Sterling) GP LLP | LPI | 100% |
Infracapital Greenfield Partners II Subholdings GP1 Limited | OS | 100% |
Infracapital Greenfield Partners II Subholdings GP2 Limited | OS | 100% |
Infracapital Partners II LP | LPI | 26% |
Infracapital Partners III Subholdings (Euro) GP LLP | LPI | 100% |
Infracapital Partners III Subholdings (Sterling) GP LLP | LPI | 100% |
Infracapital Partners III Subholdings GP1 Limited | OS | 100% |
Infracapital Partners III Subholdings GP2 Limited | OS | 100% |
Infracapital Partners LP | LPI | 33% |
Infracapital SLP Limited | OS | 100% |
Pesca\u00a0GP\u00a0LLP | LPI | 100% |
Prudential Greenfield LP | LPI | 100% |
Radler GP LLP | LPI | 100% |
Radler GP1 Limited (In liquidation) | OS | 100% |
Radler GP2 Limited (In liquidation) | OS | 100% |
First Floor, Boundary House, 91-93 Charterhouse Street, London, EC1M 6HR | ||
Innisfree M&G PPP LLP | LPI | 35% |
Falcon House, Eagle Road, Plymouth, Devon, PL7 5JY | ||
My Continuum Wealth Limited | OS | 100% |
Continuum (Financial Services) LLP | LPI | 100% |
Management Offices, The Mall at Cribbs Causeway, Bristol, BS34 5DG | ||
Cribbs Causeway Merchants Association Limited | OS | 20% |
Marble Arch House, 66 Seymour Street, London, W1H 5BX | ||
Highcross Leicester (GP) Limited | OS | 50% |
Prydis Accounts Ltd, The Parade, Liskeard, Cornwall, England, PL14 6AF | ||
My Continuum Financial Limited | OS | 75% |
My Continuum Financial Nominee Limited | OS | 100% |
Name of entity | Share class | % held |
Sixth Floor, 65, Gresham Street, London, EC2V 7NQ | ||
WS Prudential Risk Managed Active 2 | U | 21% |
WS Prudential Risk Managed Active 3 | U | 23% |
WS Prudential Risk Managed Active 4 | U | 32% |
WS Prudential Risk Managed Active 5 | U | 30% |
WS Prudential Risk Managed Passive Fund 1 | U | 41% |
The Media Centre, 7 Northumberland Street, Huddersfield, HD1 1RL | ||
Sandringham\u00a0Financial\u00a0Partners\u00a0Limited | OS | 100% |
Sandringham\u00a0Financial\u00a0Partners\u00a0Limited | PS | 39% |
York House, 45 Seymour Street, London, W1H 7LX | ||
Fort Kinnaird GP Limited | OS | 50% |
Fort Kinnaird Limited Partnership | LPI | 50% |
100 Victoria Street, London, SW1E 5JL | ||
Bluewater REIT | U | 25% |
United States of America | ||
14006 Riverside Dr Ste 17 Sherman Oaks, CA, 91423-1944 | ||
Sherman Oaks Fashion Associates LP | LPI | 50% |
559 Pacific Avenue, San Francisco, CA 94133 | ||
Sky Fund V Onshore LP | LPI | 26% |
300 Atlantic Street, Suite 600, Stamford, CT 06901 | ||
HCR Canary Fund LP | LPI | 99% |
1209 Orange Street, Wilmington, DE 19801 | ||
Fashion Square ECO LP | LPI | 50% |
Westland Garden State Plaza Sponsor 1 LP | LPI | 50% |
251 Little Falls Drive, Wilmington, DE 19801 | ||
M&G Investments (Americas) Inc. | OS | 100% |
M&G Investments (USA) Inc. | OS | 100% |
2711 Centerville Road, Suite 400, Wilmington, DE 19808 | ||
Aldwych LP | LPI | 100% |
Old Kingsway LP | LPI | 100% |
Randolph Street LP | LPI | 100% |
SMLLC | LPI | 100% |
SOFA Holding LP | LPI | 100% |
874 Walker Road, Suite C, Dover, DE 19904 | ||
PPM America Private Equity Fund III LP | LPI | 50% |
PPM America Private Equity Fund IV LP | LPI | 50% |
PPM America Private Equity Fund V LP | LPI | 50% |
PPM America Private Equity Fund VI LP | LPI | 40% |
PPM America Private Equity Fund VII LP | LPI | 46% |
300 E Lombard Street, Baltimore, MD 21202 | ||
NAPI REIT, Inc. | OS | 99% |
Garden State Plz Mall, Routes 4 &17, Paramus, NJ 07652 | ||
Westland Garden State Plaza LP | LPI | 50% |
Name of entity | Share class | % held |
10 Fenchurch Avenue, London, EC3M 5AG, UK | ||
M&G Group Regulated Entity Holding Company Limited | OS | 100% |
M&G Corporate Holdings Limited | OS | 100% |
Prudential Capital Holding Company Limited (In liquidation) | OS | 100% |
Name of entity | Share class | % held |
Prudential Capital Public Limited Company | OS | 100% |
Prudential Financial Services Limited | OS | 100% |
Name of entity | Share class | % held |
Australia | ||
Level 6, 60 Martin Place, Sydney NSW 2000 | ||
M&G Investments (Australia) Pty Limited | OS | 100% |
Suite 201, Level 2, 5 Berry Street, North Sydney NSW 2060 | ||
PAP Trusty Pty Limited | OS | 100% |
Canada | ||
22 Adelaide Street West, Suite 2600, Toronto, Ontario, M5H 4E3 | ||
GTA W21 GP Inc. | OS | 50% |
GTA W21 Inc. | OS | 50% |
GTA W21 LP | LPI | 90% |
180 Dundas Street West, Toronto, M5G 1Z8 | ||
Canada Property (Trustee) No 1 Limited | OS | 100% |
CJPT Real Estate Inc. | OS | 100% |
CJPT Real Estate No. 1 Trust | U | 100% |
CJPT Real Estate No. 2 Trust | U | 100% |
Name of entity | Share class | % held |
Cayman Islands | ||
190 Elgin Avenue, George Town, Grand Cayman, KYI-9005 | ||
M&G General Partner Inc. | OS | 100% |
NB Gemini Fund LP | LPI | 99% |
StepStone Scorpio Infrastructure Opportunities Fund LP | LPI | 100% |
France | ||
8 Avenue Hoche, 75008, Paris | ||
M&G Real Estate France SAS | OS | 100% |
West\u00a0Station\u00a01\u00a0SCI | OS | 100% |
West\u00a0Station\u00a02\u00a0SCI | OS | 100% |
West\u00a0Station\u00a0SAS | OS | 100% |
8 Rue Lamennais, Paris, D\u00e9partement de Paris, IDF, 75008 | ||
responsAbility\u00a0France\u00a0SAS | OS | 100% |
11 Av. Myron Herrick 75008, Paris | ||
BauMont Real Estate France SAS | OS | 100% |
Georgia | ||
4 Tamar Chovelidze Street, Tbilisi, 0108 | ||
responsAbility\u00a0Georgia\u00a0LLC | OS | 100% |
Name of entity | Share class | % held |
Guernsey | ||
1 Royal Plaza, Royal Avenue, St Peter Port, GY1 2HT | ||
M&G RED II GP Limited (In liquidation) | OS | 100% |
M&G RED II SLP GP Limited (In liquidation) | OS | 100% |
M&G RED III Employee Feeder GP Limited (In liquidation) | OS | 100% |
M&G RED III GP Limited (In liquidation) | OS | 100% |
Silverfleet Capital 2004 LP | LPI | 100% |
Silverfleet Capital 2009 LP | LPI | 100% |
Silverfleet Capital 2011/12 LP | LPI | 100% |
Dorey Court, Admiral Park, St Peter Port, GY1 2HT | ||
M&G (Guernsey) Limited | OS | 100% |
The Car Auction Unit Trust | U | 50% |
PO Box 155, Mill Court, La, Charroterie, St Peter Port, GY1 4ET | ||
M&G Group PCC Limited | OS | 100% |
Hong Kong | ||
6th Floor, Alexander House, 18 Chater Road, Central | ||
M&G Investments (Hong Kong) Limited | OS | 100% |
13/F, One International Finance Centre, 1 Harbour View Street, Central | ||
PPM Ventures (Asia) Limited (In liquidation) | OS | 100% |
India | ||
First floor Prudential House, Central Avenue, Hiranandani Business Park, Mumbai-400076 | ||
M&G Global Services Private Limited | OS | 100% |
31 Green Acre, Union Park Road Number 5, Mumbai, Mumbai Suburban, MH, 400052 | ||
responsAbility\u00a0India\u00a0Business\u00a0Advisors\u00a0Pvt Limited | OS | 100% |
Ireland | ||
Fitzwilliam Court, Leeson CI, Dublin 2, Dublin, D02 TC95 | ||
Prudential International Assurance plc | OS | 100% |
Prudential International Management Services Limited | OS | 100% |
Fourth floor, 35 Shelbourne Road, Ballsbridge, Dublin D04 A4EO | ||
Lion Credit Opportunity Fund plc - Credit Opportunity Fund XV | U | 100% |
Lion Credit Opportunity Fund Public Limited Company - M&G SRT Fund II | U | 37% |
M&G Sustainable Loan Fund | OS | 62% |
M&G (South Africa) Global Funds ICAV - M&G Worldwide Managed Fund | U | 22% |
Specialist Investment Funds (2) ICAV - M&G Real Impact Fund | U | 100% |
Name of entity | Share class | % held |
IPC House, 35 Shelbourne Road, Dublin, D04 A4E0 | ||
M&G SIF Management Company (Ireland) Limited | OS | 100% |
Second Floor, Block 5 Irish Life Centre, Abbey Street Lower, Dublin 1, D01 P767 | ||
Folios III Designated Activity Company | U | 49% |
Folios IV Designated Activity Company | U | 65% |
Fourth Floor, 76 Baggot Street Lower, Dublin, D02 EK81 | ||
Debt Investments Opportunities IV | U | 25% |
Italy | ||
Via Alessandro Manzoni 38, Milan, 20121 | ||
Elle 14 S.\u00e0 r.l. Company | OS | 50% |
MCF S.r.l. | OS | 50% |
Japan | ||
Tokyo Toranomon Global Square 13F, 1-3-1 Toranomon, Minatoku, Tokyo 105-0001 | ||
M&G Investments Japan Co Limited | OS | 100% |
M&G Real Estate Japan Co Limited | OS | 67% |
Jersey | ||
Level 1 LFC1, Esplanade, St Helier, JE2 3BX | ||
Two Rivers One Limited | OS | 100% |
Two Rivers Two Limited | OS | 100% |
28 Esplanade, St Helier, JE2 3QA | ||
The Strand Property Unit Trust | U | 50% |
IFC 5, St Helier, JE1 1ST | ||
Belside Limited | OS | 100% |
Carraway Guildford (Nominee A) Limited | OS | 100% |
Carraway Guildford (Nominee B) Limited | OS | 100% |
Leadenhall Unit Trust | U | 100% |
Vanquish I Unit Trust | U | 100% |
Vanquish II Unit Trust | U | 100% |
Vanquish Properties GP Limited | OS | 100% |
Vanquish Properties GP Nominee 1 Limited | OS | 100% |
Vanquish Properties GP Nominee 2 Limited | OS | 100% |
Vanquish Properties GP Nominee 3 Limited | OS | 100% |
Vanquish Properties GP Nominee 4 Limited | OS | 100% |
Vanquish Properties GP Nominee A Limited | OS | 100% |
Vanquish Properties LP Limited | OS | 100% |
Liberte House, 19-23 La Motte Street, St Helier, JE1 4BP | ||
The Two Rivers Trust | U | 100% |
Kenya | ||
Merchant Square, Block D, 5th Floor, Riverside Drive, Westlands, P.O. 29300623 Nairobi | ||
responsAbility\u00a0Africa\u00a0Limited | OS | 100% |
Name of entity | Share class | % held |
Luxembourg | ||
1, Rue Hildegard von Bingen L-1282 | ||
Prudential Loan Investments 1 S.\u00e0 r.l. | OS | 100% |
3, Rue Gabriel Lippmann, L-5365 Munsbach | ||
M&G Real Estate Debt Fund SCSp, SICAV- RAIF \u2013 REDF 8 | LPI | 71% |
M&G REDF 8 S.\u00e0.r.l\u00a0 | OS | 100% |
M&G REDF 9 S.\u00e0.r.l\u00a0 | OS | 100% |
M&G Specialty Finance Fund 2 GBP SCSp | LPI | 47% |
Prudential Loan Investments SCSp | LPI | 100% |
Two Snowhill Birmingham S.\u00e0 r.l. | OS | 100% |
5, Heienhaff, Nidderaanwen, 1736 | ||
Infracapital Partners IV G.P S.\u00e0\u00a0r.l. | OS | 100% |
Infracapital Partners IV SCSp | LPI | 51% |
M&G Real Estate Debt Carried Interest GP S.\u00e0 r.l | OS | 100% |
M&G REDF 7 S.\u00e0.r.l\u00a0 | OS | 100% |
M&G SFF (CIP GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF (GP) S.\u00e0 r.l. | OS | 100% |
M&G\u00a0SFF\u00a02\u00a0(CIP\u00a0GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G\u00a0SFF\u00a02\u00a0(GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
Prudential Loan Investments GP S.\u00e0 r.l. | OS | 100% |
responsAbility\u00a0BOP\u00a0S.\u00e0 r.l. | OS | 100% |
Three Snowhill Birmingham S.\u00e0 r.l. | OS | 100% |
5, Rue Jean Monnet, L-2180 | ||
responsAbility Asia Climate Fund, SICAV-RAIF | OS | 48% |
responsAbility Global Micro and SME Finance Fund | U | 29% |
6, Rue Eug\u00e8ne Ruppert, L-2453 | ||
Infracapital Greenfield Partners II GP S.\u00e0 r.l | OS | 100% |
Infracapital Partners III GP S.\u00e0 r.l | OS | 100% |
8, Rue Lou Hemmer, 1748 Senningerberg Niederanven | ||
M&G Alternatives CV SCSp | LPI | 100% |
M&G Alternatives GP S.\u00e0 r.l. | OS | 100% |
15, Boulevard F.W. Raiffeisen, L-2411 | ||
responsAbility Agriculture Partners SLP | LPI | 61% |
responsAbility Sustainable Food - Asia II (GP), S.\u00e0 r.l. | OS | 100% |
responsAbility Sustainable Food - Asia II, SLP | LPI | 85% |
responsAbility Sustainable Food - Latam I (GP), S.\u00e0 r.l. | OS | 100% |
responsAbility Sustainable Food - Latam I, SLP | LPI | 73% |
responsAbility Sustainable Food Asia - II Partners, SLP | LPI | 94% |
responsAbility Sustainable Food Latam - I Partners, SLP | LPI | 94% |
responsAbility\u00a0Agriculture\u00a0(GP),\u00a0S.\u00e0 r.l. | OS | 100% |
Name of entity | Share class | % held |
16, Boulevard Royal, L-2449 | ||
Luxembourg Specialist Investment Funds (2) FCP - M&G Real Assets Fund | U | 100% |
Luxembourg Specialist Investment Funds (2) FCP - M&G Private Equity Opportunities Fund | U | 100% |
M&G (Lux) Asian Bond Allocation EUR Fund | U | 100% |
M&G (Lux) Asian Bond Allocation GBP Fund | U | 100% |
M&G (Lux) Asian Bond Allocation USD Fund | U | 100% |
M&G (Lux) Emerging Markets Corporate ESG Bond Fund | U | 57% |
M&G (Lux) Blackrock Europe ex UK Equity Fund | U | 99% |
M&G (Lux) Europe ex UK Equity Fund | U | 100% |
M&G (Lux) Global Enhanced Equity Premia Fund | U | 99% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Better Health Solutions Fund | U | 100% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Diversity and Inclusion Fund | U | 68% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Hard Currency Bond Fund | U | 85% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Global Artificial Intelligence Fund | U | 97% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Nature and Biodiversity Solutions Fund | U | 96% |
M&G (Lux) Investment Funds 1 - M&G (Lux) US Corporate Bond Fund | U | 100% |
M&G (Lux) Investment Funds 1 - M&G (Lux) US High Yield Bond Fund | U | 100% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Bond Fund | U | 63% |
M&G (Lux) Managed Cautious (Euro) Fund | U | 100% |
M&G (Lux) Managed Growth (Euro) Fund | U | 100% |
M&G (Lux) Pan European Smaller Comp Fund | U | 98% |
M&G (Lux) Reserved Investment Fund (2), SCA SICAV-RAIF | U | 100% |
M&G (Lux) Reserved Investment Funds (2) GP S.\u00e0 r.l. | OS | 100% |
M&G (Lux) Sterling Liquidity Fund | U | 83% |
M&G (Lux) Sustainable Emerging Markets Corporate Bond Fund | U | 21% |
M&G (Lux) Sustainable Optimal Income Bond Fund | U | 98% |
M&G Asia Living Property Fund | LPI | 100% |
M&G Asia Property Fund | U | 43% |
M&G Catalyst Capital Fund | U | 100% |
Name of entity | Share class | % held |
M&G Catalyst Credit Fund | U | 100% |
M&G Corporate Credit Opportunities ELTIF | U | 100% |
M&G European Living Property Fund (GP) S.\u00e0.r.l\u00a0 | OS | 100% |
M&G European Living Property Fund SCSp, SICAV-RAIF | LPI | 45% |
M&G European Property Fund SICAV-FIS | U | 29% |
M&G European Secured Property Income Fund FCP\u2010FIS | OS | 100% |
M&G European Value Add GP S.\u00e0 r.l. | OS | 100% |
M&G Funds (1) GSAM Global Emerging Market Equity Fund | U | 99% |
M&G Luxembourg S.A. | OS | 100% |
M&G Private Credit GP S.\u00e0.r.l. | OS | 100% |
M&G Private Credit SCSp SICAV-RAIF | U | 100% |
M&G Real Estate Debt GP S.\u00e0 r.l. | OS | 100% |
M&G Real Estate Funds GP S.\u00e0 r.l. | OS | 100% |
M&G Real Estate Funds Management S.\u00e0 r.l. | OS | 100% |
M&G Real Estate Funds SCSp, SICAV-RAIF | U | 99% |
M&G Secure Income S.\u00e0 r.l. | OS | 100% |
M&G UK Mortgage Income Fund | U | 64% |
M&G UK Property Fund | U | 98% |
M&G UK Residential Property Fund | U | 30% |
M&G\u00a0Corporate\u00a0Credit\u00a0Opportunities\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G\u00a0Real\u00a0Estate\u00a0Debt\u00a0Carried\u00a0Interest\u00a0 GP\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
20, Rue de la Poste\u00a0, 2346 Ville-Haute | ||
EUREV CI GP S.\u00e0 r.l. | OS | 100% |
M&G European Value Add Hold Co S.\u00e0 r.l. | OS | 100% |
M&G\u00a0European\u00a0Value\u00a0Add\u00a0Partnership\u00a0SCSp | LPI | 100% |
Prudential Investment (Luxembourg) 2 S.\u00e0.r.l. | OS | 100% |
Schoolhill S.\u00e0 r.l. | OS | 100% |
26, Boulevard Royal, L-2449 | ||
Eastspring Investments SICAV-FIS Africa Equity Fund | U | 100% |
39, Avenue John F. Kennedy, L-1855 | ||
responsAbility Management Company S.A. (In liquidation) | OS | 80% |
42-44, Avenue de la Gare L - 1610 | ||
BauMont General Partner S.\u00e0 r.l. | OS | 65% |
BauMont General Partner Two S.\u00e0 r.l. | OS | 100% |
BauMont Real Estate Two SCSp (Luxembourg) SICAV-RAIF | U | 44% |
Namibia | ||
Unit 3, 2nd Floor, Ausspann Plaza, Dr Agostinho Neto Road, Private Bag 12012, Ausspannplatz, Windhoek | ||
MandG Investments (Namibia) (Pty) Limited | OS | 75% |
MandG Investments Unit Trusts (Namibia) Limited | OS | 75% |
Name of entity | Share class | % held |
Peru | ||
Av. 28 de Julio 753, Miraflores, Provincia de Lima, 15074 | ||
responsAbility\u00a0America\u00a0Latina\u00a0SAC | OS | 100% |
Portugal | ||
Rua Latino Coelho, 87 1050-134, Lisbon | ||
Regen Blue, Unipessoal LDA | OS | 89% |
Rua Do Paco, No 37 - Pacos dos Negros, 2080-500 Fazendas de Almeirim | ||
AG-Horti-Investments-Investimentos EM Portugal, LDA | OS | 100% |
AG-Management, LDA | OS | 99% |
Poland | ||
02-670 Warszawa, Pulawska 182 | ||
Prudential Polska sp. z.o.o | OS | 100% |
Republic of Korea | ||
Jongno 1-ga, Kyobo Building, Seoul | ||
M&G Real Estate Korea Co Limited | OS | 67% |
Twentieth\u00a0floor, 136, Sejong-daero, Jung-gu, Seoul | ||
LB Professional Investors Private Real Estate Fund No. 10 (Centropolis) | U | 34% |
Singapore | ||
9 Raffles Place, #26-01 Republic Plaza, 048619 | ||
responsAbility Singapore Pte Limited | OS | 100% |
138 Market Street, CapitaGreen #35-01, 048946 | ||
M&G Investments (Singapore) Pte Limited | OS | 100% |
M&G Real Estate Asia Holding Company Pte Limited | OS | 67% |
M&G Real Estate Asia Pte Limited | OS | 67% |
South Africa | ||
PO Box 44813, Claremont, Western Cape, Cape Town, 7735 | ||
M&G Pan African Bond Fund | U | 100% |
M&G SA Equity Fund | U | 94% |
Protea Place, 40 Dreyer Street, Claremont, 7708 | ||
MandG Investment Managers (Pty) Limited | OS | 100% |
MandG Investments Life South Africa (RF) Limited | OS | 100% |
MandG Investments Southern Africa (Pty) Limited | OS | 50% |
MandG Investments Unit Trusts South Africa (RF) Limited | OS | 100% |
Spain | ||
Calle Fortuny, 6 - 4 A, 28010, Madrid | ||
M&G RE Espana, 2016, S.L. | OS | 100% |
Switzerland | ||
Zollstrasse 17, Z\u00fcrich, ZH, 8005 | ||
M&G International Investments Switzerland AG | OS | 100% |
responsAbility\u00a0Investments\u00a0AG | OS | 100% |
responsAbility\u00a0Ventures\u00a0I\u00a0Services\u00a0AG | OS | 100% |
Name of entity | Share class | % held |
Taiwan | ||
Floor.33 (Unit B-1), No.7, Sec.5, Road.Xinyi,110, Taipei | ||
M&G Investments (Taiwan) Limited | OS | 100% |
Thailand | ||
62 Thaniya BTS Building, Silom Road, Suriyawongse, Bangrak, Bangkok, 10500 | ||
responsAbility\u00a0Thailand\u00a0Limited | OS | 100% |
United Kingdom | ||
1 Carter Lane, London, EC4V 5ER | ||
Silverfleet Capital II WPLF LP | LPI | 100% |
10 Fenchurch Avenue, London, EC3M 5AG | ||
Active Growth Logistics Partnership LP | LPI | 50% |
AGLP GP Limited | OS | 50% |
BWAT Retail Nominee (1) Limited | OS | 50% |
BWAT Retail Nominee (2) Limited | OS | 50% |
Canada Property Holdings Limited | OS | 100% |
Capacity (Dartford) Management Company Limited | OS | 100% |
Carraway Guildford General Partner Limited | OS | 100% |
Carraway Guildford Limited Partnership | LPI | 100% |
Cribbs Causeway JV Limited | OS | 100% |
Cribbs Mall Nominee (1) Limited | OS | 100% |
Cribbs Mall Nominee (2) Limited | OS | 100% |
Edger Investments Limited | OS | 100% |
EF IV Schoolhill GP Limited | OS | 100% |
Embankment GP Limited | OS | 100% |
Embankment Nominee 1 Limited | OS | 100% |
Embankment Nominee 2 Limited | OS | 100% |
Fundsdirect ISA Nominees Limited | OS | 100% |
Fundsdirect Nominees Limited | OS | 100% |
IFDL Personal Pensions Limited | OS | 100% |
Investment Funds Direct Group Limited | OS | 100% |
Investment Funds Direct Holdings Limited | OS | 100% |
Investment Funds Direct Limited | OS | 100% |
M&G (ACS) BlackRock Japan Equity Fund | U | 100% |
M&G (ACS) BlackRock UK All Share Equity Fund | U | 100% |
M&G (ACS) Blackrock US Equity (2) Fund | U | 99% |
M&G (ACS) BlackRock US Equity Fund | U | 99% |
M&G (ACS) Value Partners China Equity Fund | U | 100% |
M&G (ACS) China Fund | U | 98% |
M&G (ACS) Earnest Partners US Small Cap Value Fund | U | 99% |
M&G (ACS) Granahan US Small Cap Growth Fund | U | 99% |
M&G (ACS) Japan Equity Fund | U | 99% |
Name of entity | Share class | % held |
M&G (ACS) Japan Smaller Companies Fund | U | 98% |
M&G (ACS) Manulife US Equity Fund | U | 99% |
M&G (ACS) Matthews China Equity Fund | U | 98% |
M&G (ACS) MFS US Large Cap Equity Fund | U | 99% |
M&G (ACS) UK Listed Equity Fund | U | 97% |
M&G (ACS) UK Listed Mid Cap Equity Fund | U | 98% |
M&G (ACS) William Blair US Large Cap Equity Fund | U | 99% |
M&G Alternatives GP1 Limited | OS | 100% |
M&G Alternatives GP2 Limited | OS | 100% |
M&G Alternatives Investment Management Limited | OS | 100% |
M&G BlackRock Canada Equity Fund | U | 98% |
M&G BlackRock UK 200 Equity Fund | U | 99% |
M&G Corporate Services Limited | OS | 100% |
M&G Emerging Markets Monthly Income Fund | U | 93% |
M&G FA Limited | OS | 100% |
M&G Feeder of Property Portfolio | U | 69% |
M&G Financial Services Limited | OS | 100% |
M&G Fitzrovia GP Limited | OS | 50% |
M&G Fitzrovia Limited | OS | 100% |
M&G Fitzrovia Limited Partnership | LPI | 50% |
M&G Fitzrovia Nominee 1 Limited | OS | 50% |
M&G Fitzrovia Nominee 2 Limited | OS | 50% |
M&G Founders 1 Limited | OS | 100% |
M&G Funds (1) Artisan Part Emerging Market Debt Fund | U | 98% |
M&G Funds (1) Asia Pacific (ex Japan) Equity Fund | U | 96% |
M&G Funds (1) Blackrock Asia Pacific (ex Japan) Equity Fund | U | 100% |
M&G Funds (1) Blackrock Emerging Markets Equity Fund | U | 100% |
M&G Funds (1) Franklin Temp India Equity Fund | U | 98% |
M&G Funds (1) India Equity Fund | U | 74% |
M&G Funds (1) Lazard Emerging Market Debt Fund | U | 97% |
M&G Funds (1) Lazard Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) Manulife China Bond Fund | U | 100% |
M&G Funds (1) MFS Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) Sterling Investment Grade Corporate Bond Fund | U | 84% |
M&G Funds (1) UK Gilt | U | 100% |
Name of entity | Share class | % held |
M&G Funds (1) US Corporate Bond Fund | U | 99% |
M&G Funds (1) US Short Duration Corporate Bond Fund | U | 88% |
M&G Funds (1) Wellington Impact Bond Fund | U | 100% |
M&G Group Limited | OS | 100% |
M&G IMPPP 1 Limited | OS | 100% |
M&G International Investments Nominees Limited | OS | 100% |
M&G Investment Funds (1) - M&G European Sustain Paris Aligned Fund | U | 55% |
M&G Investment Funds (10) - M&G China Fund | U | 95% |
M&G Investment Funds (10) - M&G Global AI Themes Fund | U | 90% |
M&G Investment Funds (10) - M&G Global High Yield ESG Bond Fund | U | 61% |
M&G Investment Funds (10) - M&G Positive Impact Fund | U | 32% |
M&G Investment Funds (2) - M&G Gilt & Fixed Interest Income Fund | U | 52% |
M&G Investment Funds (2) - M&G Global High Yield Bond | U | 50% |
M&G Investment Funds (3) - M&G Dividend Fund | U | 48% |
M&G Investment Funds (4) - M&G Sustainable Multi Asset Balanced Fund | U | 31% |
M&G Investment Funds (4) - M&G Sustainable Multi Asset Cautious Fund | U | 49% |
M&G Investment Funds (4) - M&G Sustainable Multi Asset Growth Fund | U | 67% |
M&G Investment Funds (7) - M&G Global Convertibles Fund | U | 83% |
M&G Investment Management Limited | OS | 100% |
M&G Managed Growth Fund | U | 21% |
M&G Management Services Limited | OS | 100% |
M&G Nominees Limited | OS | 100% |
M&G PFI 2018 GP1 Limited | OS | 100% |
M&G PFI 2018 GP2 Limited | OS | 100% |
M&G Platform Nominees Limited | OS | 100% |
M&G Property Portfolio | U | 89% |
M&G RE UKEV (GP1) LLP | LPI | 100% |
M&G RE UKEV 1 Limited | OS | 100% |
M&G RE UKEV 1-A LP | LPI | 50% |
M&G Real Estate Limited | OS | 100% |
M&G Real Estate UKEV (GP) LLP | LPI | 100% |
M&G RPF GP Limited | OS | 100% |
M&G RPF Nominee 1 Limited | OS | 100% |
Name of entity | Share class | % held |
M&G RPF Nominee 2 Limited | OS | 100% |
M&G Securities Limited | OS | 100% |
M&G Shared Ownership LP | LPI | 48% |
M&G Social Investment GP1 Limited | OS | 100% |
M&G Social Investment GP2 Limited | OS | 100% |
M&G Trustee Company Limited | OS | 100% |
M&G UK Property GP Limited | OS | 100% |
M&G UK Property Limited Partnership | LPI | 100% |
M&G UK Property Nominee 1 Limited | OS | 100% |
M&G UK Property Nominee 2 Limited | OS | 100% |
M&G UK Shared Ownership Limited | OS | 100% |
M&G UK Social Investment GP LLP | LPI | 100% |
M&G UKEV (SLP) General Partner LLP | LPI | 100% |
M&G Wealth Advice Limited | OS | 100% |
M&G Wealth Holding Company Limited | OS | 100% |
M&G\u00a0Social\u00a0Investment GP1\u00a0Limited | OS | 100% |
M&G\u00a0UK\u00a0Social\u00a0Investment\u00a0InfraCap\u00a0Limited | OS | 100% |
M&G\u00a0UK\u00a0Social\u00a0Investment\u00a0Partners\u00a0LP | LPI | 100% |
M&G\u00a0Wealth\u00a0Investments\u00a0LLP | LPI | 100% |
M&G\u00a0Wealth\u00a0Solutions\u00a0Limited | OS | 100% |
Manchester JV Limited | OS | 50% |
Manchester Nominee (1) Limited | OS | 100% |
MEVA UK Propco 1 Limited | OS | 100% |
Minster Court Estate Management Limited | OS | 56% |
Pacus (UK) Limited | OS | 100% |
PGDS (UK One) Limited | OS | 100% |
PPM Capital (Holdings) Limited | OS | 100% |
PPMC First Nominees Limited | OS | 100% |
Property Partners (Two Rivers) Limited | OS | 100% |
Pru Limited | OS | 100% |
Prudence Limited | OS | 100% |
Prudential Corporate Pensions Trustee Limited | OS | 100% |
Prudential Equity Release Mortgages Limited | OS | 100% |
Prudential Financial Planning Limited | OS | 100% |
Prudential Pensions Limited | OS | 100% |
Prudential Portfolio Management Group Limited | OS | 100% |
Prudential Real Estate Investments 1 Limited | OS | 100% |
Prudential Real Estate Investments 2 Limited | OS | 100% |
Prudential Real Estate Investments 3 Limited | OS | 100% |
Prudential Staff Pensions Limited | OS | 100% |
Prudential UK Real Estate General Partner Limited | OS | 100% |
Prudential UK Real Estate Limited Partnership | LPI | 100% |
Name of entity | Share class | % held |
Prudential UK Real Estate Nominee 1 Limited | OS | 100% |
Prudential UK Real Estate Nominee 2 Limited | OS | 100% |
Prudential Unit Trusts Limited | OS | 100% |
Prutec Limited | OS | 100% |
PVM Partnerships Limited | OS | 100% |
RD Park (Hoddesdon Phase 1) Management Company Limited | OS | 64% |
Selly Oak Shopping Park (General Partner) Limited | OS | 100% |
Selly Oak Shopping Park (Nominee 1) Limited | OS | 100% |
Selly Oak Shopping Park (Nominee 2) Limited | OS | 100% |
Selly Oak Shopping Park Limited Partnership | LPI | 63% |
Smithfield Limited | OS | 100% |
Stableview Limited | OS | 100% |
The First British Fixed Trust Company Limited | OS | 100% |
The Project Hoxton LP | LPI | 100% |
The Prudential Assurance Company Limited | OS | 100% |
Vanquish Properties (UK) Limited Partnership | LPI | 100% |
Wessex Gate Limited | OS | 100% |
Westwacker Limited | OS | 100% |
Wrap IFA Services Limited | OS | 100% |
12 Conduit Street, London, W1S 2XH | ||
BauMont Real Estate Capital Limited | OS | 65% |
BREO Neptune GP LLP | LPI | 100% |
Pilot Peak Capital Limited | OS | 100% |
19 Canning Street, Edinburgh, EH3 8EH | ||
BauMont Co-Invest General Partner Limited | OS | 100% |
BauMont Core Plus General Partner One LLP | LPI | 100% |
29 Wellington Street, Leeds, LS1 4DL | ||
M&G Credit Income Investment Trust plc | OS | 22% |
36-38 Botolph Lane, London, EC3R 8DE | ||
Global Futures and Options Holdings Limited | OS | 23% |
5 Central Way, Kildean Business Park, Stirling, FK8 1FT | ||
Prudential Distribution Limited | OS | 100% |
Prudential GP Limited | OS | 100% |
Prudential Lifetime Mortgages Limited | OS | 100% |
Prudential UK Services Limited | OS | 100% |
ScotAm Pension Trustees Limited | OS | 100% |
5 Westgate, North Cave, Brough, HU15 2NG | ||
Regenerate European Sustainable Agriculture LP | LPI | 100% |
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ |
Name of entity | Share class | % held |
Condor F3 GP LLP | LPI | 100% |
Digital Infrastructure Investment Partners SLP GP LLP | LPI | 100% |
Genny GP 2 Limited | OS | 100% |
Genny GP Limited | OS | 100% |
George Digital GP 1 LLP | LPI | 100% |
George Digital GP 2 Limited | OS | 100% |
George Digital GP Limited | OS | 100% |
GGE GP Limited | OS | 100% |
Green GP Limited | OS | 100% |
Infracapital (AIRI) GP Limited | OS | 100% |
Infracapital (Belmond) GP Limited | OS | 100% |
Infracapital (GC) GP Limited | OS | 100% |
Infracapital (Gigaclear) GP 1 Limited | OS | 100% |
Infracapital (Gigaclear) GP 2 Limited | OS | 100% |
Infracapital (Gigaclear) GP LLP | LPI | 100% |
Infracapital (IT PPP) GP Limited | OS | 100% |
Infracapital (Leo) GP Limited | OS | 100% |
Infracapital (Novos) GP Limited | OS | 100% |
Infracapital (Sense) GP Limited | OS | 100% |
Infracapital (TLSB) GP Limited | OS | 100% |
Infracapital DF II GP LLP | LPI | 100% |
Infracapital DF II Limited | OS | 100% |
Infracapital Employee Feeder GP 1 LLP | LPI | 100% |
Infracapital Employee Feeder GP Limited | OS | 100% |
Infracapital Greenfield DF GP LLP | LPI | 100% |
Infracapital Greenfield Partners 1 SLP GP1 Limited | OS | 100% |
Infracapital Greenfield Partners 1 SLP GP2 Limited | OS | 100% |
Infracapital Greenfield Partners I Employee Feeder LP | LPI | 76% |
Infracapital Greenfield Partners I SLP EF GP LLP | LPI | 100% |
Infracapital Greenfield Partners I SLP LP | LPI | 36% |
Infracapital Greenfield Partners I SLP2 LP | LPI | 100% |
Infracapital Greenfield Partners I Subholdings GP Limited | OS | 100% |
Infracapital Partners II Subholdings GP Limited | OS | 100% |
Infracapital Partners IV Subholdings GP LLP | LPI | 100% |
Infracapital Partners IV Subholdings GP1 Limited | OS | 100% |
Infracapital Partners IV Subholdings GP2 Limited | OS | 100% |
Infracapital Partners IV Subholdings Nominee Limited | OS | 100% |
Infracapital Partners IV Subholdings SLP LP | LPI | 100% |
Infracapital SLP II LP | LPI | 40% |
Kestrel F4 GP LLP | LPI | 100% |
London Fenchurch Employee Feeder F4 SP LP | LPI | 100% |
Name of entity | Share class | % held |
London Fenchurch F4 Employee Feeder SP GP LLP | LPI | 100% |
London Fenchurch GP1 Limited | OS | 100% |
London Fenchurch GP2 Limited | OS | 100% |
London Fenchurch SLP LP | LPI | 100% |
London Green Investments II SLP GP1 Limited | OS | 100% |
London Green Investments II SLP GP2 Limited | OS | 100% |
London Green Investments II SLP1 Employee Feeder GP LLP | LPI | 100% |
London Green Investments II SLP2 GP Limited | OS | 100% |
London Green Investments II SLP GP1 Limited | OS | 100% |
London Green Investments SLP GP2 Limited | OS | 100% |
London Stone Investments F3 Employee Feeder GP LLP | LPI | 100% |
London Stone Investments F3 I Limited | OS | 100% |
London Stone Investments F3 II Limited | OS | 100% |
London Stone Investments F3 SP GP LLP | LPI | 100% |
London\u00a0Fenchurch\u00a0F4 Employee\u00a0Feeder\u00a0SP\u00a0GP LLP | LPI | 100% |
M&G Alternatives GP LLP | LPI | 100% |
M&G Black Seed GP LLP | LPI | 100% |
M&G Catalyst Sustainable Agriculture GP LLP | LPI | 100% |
M&G PFI 2018 GP LLP | LPI | 100% |
M&G PFI Carry Partnership 2016 LP | LPI | 100% |
M&G Real Estate UK Enhanced Value LP | LPI | 50% |
M&G RED II Employee Feeder GP Limited (In liquidation) | OS | 100% |
M&G RED III SLP GP Limited (In liquidation) | OS | 100% |
M&G UKEV (SLP) LP | LPI | 80% |
M&G\u00a0Black\u00a0Seed\u00a0GP\u00a0LLP | LPI | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP\u00a0LLP | LPI | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP\u00a0Mem ber\u00a0No.1\u00a0Limited | OS | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP\u00a0Mem ber\u00a0No.2\u00a0Limited | OS | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0LP | LPI | 100% |
Marble SLP LP | LPI | 100% |
Merlin D5 GP LLP | LPI | 100% |
Mole GP1 Limited | OS | 100% |
Mole GP2 Limited | OS | 100% |
Ox GP1 Limited | OS | 100% |
Ox\u00a0GP\u00a0LLP | LPI | 100% |
PPM Managers GP Limited | OS | 100% |
PPM Managers Partnership CI VII (A) LP | LPI | 100% |
Rads Omega Limited | OS | 100% |
Rads\u00a0Gamma\u00a0Limited | OS | 100% |
Stein LP | LPI | 100% |
Name of entity | Share class | % held |
7 Albemarle Street, London, W1S 4HQ | ||
Cathedral Approach Estate Management Company Limited | OS | 50% |
Barratt House, Cartwright Way, Bardon Hill, Coalville, LE67 1UF | ||
Optimus Point Management Company Limited | OS | 52% |
Berkeley House, 19 Portsmouth Road, Surrey, KT11 1JG | ||
St Edward Homes Limited | OS | 50% |
St Edward Homes Partnership | LPI | 50% |
St Edward Strand Partnership | LPI | 50% |
Bow Bells House, 1 Bread Street, London, EC4M 9HH | ||
Two Rivers LP | LPI | 100% |
Buckingham Corporate Services Limited, First Floor, 85 Great Portland Street, London, W1W\u00a07LT | ||
Prudential Greenfield GP LLP | LPI | 100% |
Prudential Greenfield GP1 Limited | OS | 100% |
Prudential Greenfield GP2 Limited | OS | 100% |
Clearwater Court, Vastern Road, Reading, RG1 8DB | ||
Foudry Properties Limited | OS | 50% |
C/O Regenerate Group, 2nd Floor Marshalls Mill, Marshall Street, Leeds, LS11 9YJ | ||
RESA Holdings (UK) Ltd | OS | 100% |
First Floor, 85 Great Portland Street, London, W1W 7LT | ||
Aqua GP LLP | LPI | 100% |
Digital Infrastructure Investment Partners GP LLP | LPI | 65% |
Digital Infrastructure Investment Partners GP1 Limited | OS | 100% |
Digital Infrastructure Investment Partners SLP GP1 Limited | OS | 100% |
Digital Infrastructure Investment Partners SLP GP2 Limited | OS | 100% |
Dudok\u00a0GP\u00a0LLP | LPI | 100% |
Dudok\u00a0GP1\u00a0Limited | OS | 100% |
Dudok\u00a0GP2\u00a0Limited | OS | 100% |
Genny GP 1 LLP | LPI | 100% |
ICP\u00a0(Finch)\u00a0GP\u00a01\u00a0Limited | OS | 100% |
ICP\u00a0(Finch)\u00a0GP\u00a02\u00a0Limited | OS | 100% |
ICP\u00a0(Finch)\u00a0GP\u00a0LLP | LPI | 100% |
Infracapital (Churchill) GP 1 Limited | OS | 100% |
Infracapital (Churchill) GP LLP | LPI | 100% |
Infracapital F1 GP2 Limited | OS | 100% |
Infracapital F2 GP Limited | OS | 100% |
Infracapital F2 GP1 Limited | OS | 100% |
Infracapital GP 1 LLP | LPI | 100% |
Name of entity | Share class | % held |
Infracapital GP Limited | OS | 100% |
Infracapital Greenfield Partners I GP Limited | OS | 100% |
Infracapital Greenfield Partners I LP | LPI | 22% |
Infracapital Greenfield Partners II Subholdings (Euro) GP LLP | LPI | 100% |
Infracapital Greenfield Partners II Subholdings (Sterling) GP LLP | LPI | 100% |
Infracapital Greenfield Partners II Subholdings GP1 Limited | OS | 100% |
Infracapital Greenfield Partners II Subholdings GP2 Limited | OS | 100% |
Infracapital Partners II LP | LPI | 26% |
Infracapital Partners III Subholdings (Euro) GP LLP | LPI | 100% |
Infracapital Partners III Subholdings (Sterling) GP LLP | LPI | 100% |
Infracapital Partners III Subholdings GP1 Limited | OS | 100% |
Infracapital Partners III Subholdings GP2 Limited | OS | 100% |
Infracapital Partners LP | LPI | 33% |
Infracapital SLP Limited | OS | 100% |
Pesca\u00a0GP\u00a0LLP | LPI | 100% |
Prudential Greenfield LP | LPI | 100% |
Radler GP LLP | LPI | 100% |
Radler GP1 Limited (In liquidation) | OS | 100% |
Radler GP2 Limited (In liquidation) | OS | 100% |
First Floor, Boundary House, 91-93 Charterhouse Street, London, EC1M 6HR | ||
Innisfree M&G PPP LLP | LPI | 35% |
Falcon House, Eagle Road, Plymouth, Devon, PL7 5JY | ||
My Continuum Wealth Limited | OS | 100% |
Continuum (Financial Services) LLP | LPI | 100% |
Management Offices, The Mall at Cribbs Causeway, Bristol, BS34 5DG | ||
Cribbs Causeway Merchants Association Limited | OS | 20% |
Marble Arch House, 66 Seymour Street, London, W1H 5BX | ||
Highcross Leicester (GP) Limited | OS | 50% |
Prydis Accounts Ltd, The Parade, Liskeard, Cornwall, England, PL14 6AF | ||
My Continuum Financial Limited | OS | 75% |
My Continuum Financial Nominee Limited | OS | 100% |
Name of entity | Share class | % held |
Sixth Floor, 65, Gresham Street, London, EC2V 7NQ | ||
WS Prudential Risk Managed Active 2 | U | 21% |
WS Prudential Risk Managed Active 3 | U | 23% |
WS Prudential Risk Managed Active 4 | U | 32% |
WS Prudential Risk Managed Active 5 | U | 30% |
WS Prudential Risk Managed Passive Fund 1 | U | 41% |
The Media Centre, 7 Northumberland Street, Huddersfield, HD1 1RL | ||
Sandringham\u00a0Financial\u00a0Partners\u00a0Limited | OS | 100% |
Sandringham\u00a0Financial\u00a0Partners\u00a0Limited | PS | 39% |
York House, 45 Seymour Street, London, W1H 7LX | ||
Fort Kinnaird GP Limited | OS | 50% |
Fort Kinnaird Limited Partnership | LPI | 50% |
100 Victoria Street, London, SW1E 5JL | ||
Bluewater REIT | U | 25% |
United States of America | ||
14006 Riverside Dr Ste 17 Sherman Oaks, CA, 91423-1944 | ||
Sherman Oaks Fashion Associates LP | LPI | 50% |
559 Pacific Avenue, San Francisco, CA 94133 | ||
Sky Fund V Onshore LP | LPI | 26% |
300 Atlantic Street, Suite 600, Stamford, CT 06901 | ||
HCR Canary Fund LP | LPI | 99% |
1209 Orange Street, Wilmington, DE 19801 | ||
Fashion Square ECO LP | LPI | 50% |
Westland Garden State Plaza Sponsor 1 LP | LPI | 50% |
251 Little Falls Drive, Wilmington, DE 19801 | ||
M&G Investments (Americas) Inc. | OS | 100% |
M&G Investments (USA) Inc. | OS | 100% |
2711 Centerville Road, Suite 400, Wilmington, DE 19808 | ||
Aldwych LP | LPI | 100% |
Old Kingsway LP | LPI | 100% |
Randolph Street LP | LPI | 100% |
SMLLC | LPI | 100% |
SOFA Holding LP | LPI | 100% |
874 Walker Road, Suite C, Dover, DE 19904 | ||
PPM America Private Equity Fund III LP | LPI | 50% |
PPM America Private Equity Fund IV LP | LPI | 50% |
PPM America Private Equity Fund V LP | LPI | 50% |
PPM America Private Equity Fund VI LP | LPI | 40% |
PPM America Private Equity Fund VII LP | LPI | 46% |
300 E Lombard Street, Baltimore, MD 21202 | ||
NAPI REIT, Inc. | OS | 99% |
Garden State Plz Mall, Routes 4 &17, Paramus, NJ 07652 | ||
Westland Garden State Plaza LP | LPI | 50% |