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. 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-profits 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-profits 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 |
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 | The areas where the assumptions applied to estimate future amounts due to the policyholder 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 in 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 spread above risk free rate and the application of probability weights to determine plausible outcomes relevant to the valuation of notes backing residential ground rents that are subject to legislative uncertainty which potentially will result in restriction on future income generated from these assets based on information available as at the balance sheet date. As detailed in Note 38, in January 2026, the UK Government published the draft Commonhold and Leasehold Reform Bill which finalises proposals on the treatment of residential ground rent income and effectively results in materially capping the income that can be generated from the portfolio which is not reflected in the year end\u00a0valuation. | 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 |
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 and small changes can lead to material impacts to the valuation. | 1.5.13 | 17 |
Valuation of intangibles acquired at acquisition | Valuation of intangible assets acquired as part of a business combination are based on various assumptions around expected future economic benefit 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 |
2025 | 2024 | ||||
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) | 1.17 | 1.15 | 1.18 | 1.21 | |
Indian Rupee (INR) | 114.99 | 120.89 | 106.95 | 107.22 | |
Polish Z\u0142oty (PLN) | 4.95 | 4.84 | 5.09 | 5.17 | |
South African Rand (ZAR) | 23.56 | 22.29 | 23.42 | 23.63 | |
Swedish Krona (SEK) | 12.92 | 12.40 | 13.51 | 13.84 | |
Swiss Franc (CHF) | 1.09 | 1.07 | 1.13 | 1.14 | |
US Dollar (USD) | 1.32 | 1.35 | 1.28 | 1.25 |
Type of asset | Estimated useful lifei |
Group occupied property | 20\u201350 years |
Right of use asset | 2\u201350 years |
Other tangible assets | 2\u201340 years |
2025 | 2024 | ||||
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) | 1.17 | 1.15 | 1.18 | 1.21 | |
Indian Rupee (INR) | 114.99 | 120.89 | 106.95 | 107.22 | |
Polish Z\u0142oty (PLN) | 4.95 | 4.84 | 5.09 | 5.17 | |
South African Rand (ZAR) | 23.56 | 22.29 | 23.42 | 23.63 | |
Swedish Krona (SEK) | 12.92 | 12.40 | 13.51 | 13.84 | |
Swiss Franc (CHF) | 1.09 | 1.07 | 1.13 | 1.14 | |
US Dollar (USD) | 1.32 | 1.35 | 1.28 | 1.25 |
Type of asset | Estimated useful lifei |
Group occupied property | 20\u201350 years |
Right of use asset | 2\u201350 years |
Other tangible assets | 2\u201340 years |
Type of asset | Estimated useful lifei |
Group occupied property | 20\u201350 years |
Right of use asset | 2\u201350 years |
Other tangible assets | 2\u201340 years |
\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) |
Intangible assets and related deferred tax liability arising on acquisition: | |
Investment management agreements and co-investment contracts | 8 |
Segregated client mandates | 1 |
Deferred tax liability | (2) |
Goodwill | 13 |
\u00a3m | |
70% consideration | 90 |
Non-controlling interest | 9 |
Total consideration | 99 |
Net assets acquired: | |
Accrued investment income and other debtors | 31 |
Cash and cash equivalents | 17 |
Total assets | 48 |
Accruals, deferred income and other liabilities | (47) |
Total liabilities | (47) |
Intangible assets and related deferred tax liability arising on acquisition | |
Fund management agreements | 18 |
Customer relationships | 17 |
Deferred tax liability | (6) |
Goodwill | 69 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Investment properties | 387 | 468 |
Equity securities and pooled investment fundsi ,ii | 94 | 92 |
Loans | 929 | \u2014 |
Other assets (including cash and cash equivalents)iii | 939 | 906 |
Assets held for sale | 2,349 | 1,466 |
Other liabilitiesiii | 988 | 1,073 |
Liabilities held for sale | 988 | 1,073 |
2025 | 2024 | |
For the year ended 31 December | \u00a3m | \u00a3m |
Asset Management | 280 | 289 |
Life | 764 | 746 |
Corporate Centre | (206) | (198) |
Total segmented adjusted operating profit before tax | 838 | 837 |
Short-term fluctuations in investment returns i | (164) | (643) |
Mismatches arising on application of IFRS 17 ii | (106) | (333) |
Amortisation and impairment of intangible assets acquired in business combinations | (52) | (115) |
(Loss)/profit on disposal of business and corporate transactions | (5) | 11 |
Restructuring costs and other iii | (90) | (106) |
IFRS profit/(loss) before tax and non-controlling interests attributable to equity holders | 421 | (349) |
IFRS profit before tax attributable to non-controlling interests iv | 18 | 17 |
IFRS profit/(loss) before tax attributable to equity holders v | 439 | (332) |
Restatedi | ||
2025 | 2024 | |
For the year ended 31 December | \u00a3m | \u00a3m |
Life | 4,425 | 4,095 |
Total insurance revenue | 4,425 | 4,095 |
Asset Managementii | 899 | 864 |
Life | 165 | 165 |
Total fee income | 1,064 | 1,029 |
Total | 5,489 | 5,124 |
Restatedi | ||
2025 | 2024 | |
For the year ended 31 December | \u00a3m | \u00a3m |
United Kingdom: | ||
Insurance revenue | 4,277 | 3,965 |
Fee income | 438 | 442 |
Total United Kingdom | 4,715 | 4,407 |
Rest of the World: | ||
Insurance revenue | 148 | 130 |
Fee income | 626 | 587 |
Total Rest of the World | 774 | 717 |
Total: | ||
Insurance revenue | 4,425 | 4,095 |
Fee income | 1,064 | 1,029 |
Total | 5,489 | 5,124 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
UK | 12,270 | 12,503 |
Rest of the World | 5,539 | 5,553 |
Total | 17,809 | 18,056 |
2025 | ||||
With- profits | Unit- linked business | 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 | 1,556 | 32 | 1,240 | 2,828 |
Change in the risk adjustment for non-financial risk for the risk expired | 25 | 1 | 32 | 58 |
CSM recognised in profit or loss for the services provided | 626 | 14 | 190 | 830 |
Revenue recognised for incurred policyholder tax | 610 | 11 | \u2014 | 621 |
Amounts relating to the recovery of insurance acquisition cash flows: | ||||
Allocation of premium | 54 | \u2014 | 34 | 88 |
Total insurance revenue | 2,871 | 58 | 1,496 | 4,425 |
2024 | ||||
With- profits | Unit- linked business | 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 |
2025 | |||||
With- profits | Unit- linked business | 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 | 414 | 60 | 77 | 27 | 578 |
Interest revenue from financial assets measured at FVTPL | 2,293 | 148 | 587 | 23 | 3,051 |
Net change in investments contract liabilities without DPF | (141) | (694) | (16) | \u2014 | (851) |
Net credit impairment losses | (3) | \u2014 | \u2014 | \u2014 | (3) |
Other investment return: | |||||
Dividend income | 1,499 | 317 | 1 | 1 | 1,818 |
Net gains/(losses) on financial assets measured at FVTPL | 9,008 | 1,220 | (214) | 21 | 10,035 |
Rental income from investment properties | 828 | 16 | 68 | \u2014 | 912 |
Net gains on investment properties | 276 | 1 | 3 | \u2014 | 280 |
Foreign exchange (losses)/gains | (222) | (4) | 3 | 26 | (197) |
Total other investment return | 11,389 | 1,550 | (139) | 48 | 12,848 |
Total investment return | 13,952 | 1,064 | 509 | 98 | 15,623 |
Insurance finance income/(expenses) from insurance contracts\u00a0issued: | |||||
Due to changes in the value of underlying assets of contracts measured under the VFA | (12,308) | (538) | (31) | \u2014 | (12,877) |
Interest accreted to insurance contracts measured under GMM | (312) | \u2014 | (656) | \u2014 | (968) |
Due to changes in interest rates and other financial assumptions | (15) | \u2014 | (40) | \u2014 | (55) |
Net foreign exchange gains/(losses) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Total insurance finance income/(expenses) from insurance contracts issued | (12,635) | (538) | (727) | \u2014 | (13,900) |
Reinsurance finance income/(expenses) from reinsurance contracts\u00a0held: | |||||
Interest accreted to reinsurance contracts measured under GMM | \u2014 | (1) | (13) | \u2014 | (14) |
Due to changes in interest rates and other financial assumptions | \u2014 | 1 | 67 | \u2014 | 68 |
Total reinsurance finance income/(expenses) from reinsurance contracts held | \u2014 | \u2014 | 54 | \u2014 | 54 |
Total net investment return and insurance finance income/ (expenses) | 1,317 | 526 | (164) | 98 | 1,777 |
2024 | |||||
With- profits | Unit- linked business | 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 gains/(losses) | 9 | \u2014 | (2) | \u2014 | 7 |
Total insurance finance income/(expenses) from insurance contracts\u00a0issued | (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 |
2025 | ||||
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 | 73 | 73 |
Deposits with credit institutions | \u2014 | \u2014 | 505 | 505 |
\u2014 | \u2014 | 578 | 578 | |
Total interest revenue from financial assets measured at FVTPL: | ||||
Loans | \u2014 | 327 | \u2014 | 327 |
Debt securities | \u2014 | 2,724 | \u2014 | 2,724 |
\u2014 | 3,051 | \u2014 | 3,051 | |
Net change in investment contract liabilities without DPF | (851) | \u2014 | \u2014 | (851) |
Net credit impairment losses | \u2014 | \u2014 | (3) | (3) |
Dividend income | \u2014 | 1,818 | \u2014 | 1,818 |
Total net gains from financial assets measured at FVTPL: | ||||
Equity securities and pooled investment funds | \u2014 | 8,892 | \u2014 | 8,892 |
Loans | \u2014 | 64 | \u2014 | 64 |
Debt securities | \u2014 | 16 | \u2014 | 16 |
Derivatives | \u2014 | 1,063 | \u2014 | 1,063 |
\u2014 | 10,035 | \u2014 | 10,035 | |
Foreign exchange losses | \u2014 | \u2014 | (197) | (197) |
Total interest revenue and investment income from financial assets and liabilities | (851) | 14,904 | 378 | 14,431 |
2024 | ||||
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 | 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 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 |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Management fees | 896 | 876 |
Rebates | (15) | (18) |
Performance fees and carried interest | 18 | 6 |
Total Asset Management fee income | 899 | 864 |
Investment contracts without DPF | 31 | 37 |
Platform fees | 29 | 32 |
Advice fees | 105 | 96 |
Total Life fee income | 165 | 165 |
Total fee income | 1,064 | 1,029 |
2025 | ||||
With- profits | Unit- linked business | 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 | 1,556 | 32 | 1,240 | 2,828 |
Change in the risk adjustment for non-financial risk for the risk expired | 25 | 1 | 32 | 58 |
CSM recognised in profit or loss for the services provided | 626 | 14 | 190 | 830 |
Revenue recognised for incurred policyholder tax | 610 | 11 | \u2014 | 621 |
Amounts relating to the recovery of insurance acquisition cash flows: | ||||
Allocation of premium | 54 | \u2014 | 34 | 88 |
Total insurance revenue | 2,871 | 58 | 1,496 | 4,425 |
2024 | ||||
With- profits | Unit- linked business | 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 |
2025 | ||||
With- profits | Unit- linked business | 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 | 1,556 | 32 | 1,240 | 2,828 |
Change in the risk adjustment for non-financial risk for the risk expired | 25 | 1 | 32 | 58 |
CSM recognised in profit or loss for the services provided | 626 | 14 | 190 | 830 |
Revenue recognised for incurred policyholder tax | 610 | 11 | \u2014 | 621 |
Amounts relating to the recovery of insurance acquisition cash flows: | ||||
Allocation of premium | 54 | \u2014 | 34 | 88 |
Total insurance revenue | 2,871 | 58 | 1,496 | 4,425 |
2024 | ||||
With- profits | Unit- linked business | 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 |
2025 | |||||
With- profits | Unit- linked business | 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 | 414 | 60 | 77 | 27 | 578 |
Interest revenue from financial assets measured at FVTPL | 2,293 | 148 | 587 | 23 | 3,051 |
Net change in investments contract liabilities without DPF | (141) | (694) | (16) | \u2014 | (851) |
Net credit impairment losses | (3) | \u2014 | \u2014 | \u2014 | (3) |
Other investment return: | |||||
Dividend income | 1,499 | 317 | 1 | 1 | 1,818 |
Net gains/(losses) on financial assets measured at FVTPL | 9,008 | 1,220 | (214) | 21 | 10,035 |
Rental income from investment properties | 828 | 16 | 68 | \u2014 | 912 |
Net gains on investment properties | 276 | 1 | 3 | \u2014 | 280 |
Foreign exchange (losses)/gains | (222) | (4) | 3 | 26 | (197) |
Total other investment return | 11,389 | 1,550 | (139) | 48 | 12,848 |
Total investment return | 13,952 | 1,064 | 509 | 98 | 15,623 |
Insurance finance income/(expenses) from insurance contracts\u00a0issued: | |||||
Due to changes in the value of underlying assets of contracts measured under the VFA | (12,308) | (538) | (31) | \u2014 | (12,877) |
Interest accreted to insurance contracts measured under GMM | (312) | \u2014 | (656) | \u2014 | (968) |
Due to changes in interest rates and other financial assumptions | (15) | \u2014 | (40) | \u2014 | (55) |
Net foreign exchange gains/(losses) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Total insurance finance income/(expenses) from insurance contracts issued | (12,635) | (538) | (727) | \u2014 | (13,900) |
Reinsurance finance income/(expenses) from reinsurance contracts\u00a0held: | |||||
Interest accreted to reinsurance contracts measured under GMM | \u2014 | (1) | (13) | \u2014 | (14) |
Due to changes in interest rates and other financial assumptions | \u2014 | 1 | 67 | \u2014 | 68 |
Total reinsurance finance income/(expenses) from reinsurance contracts held | \u2014 | \u2014 | 54 | \u2014 | 54 |
Total net investment return and insurance finance income/ (expenses) | 1,317 | 526 | (164) | 98 | 1,777 |
2024 | |||||
With- profits | Unit- linked business | 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 gains/(losses) | 9 | \u2014 | (2) | \u2014 | 7 |
Total insurance finance income/(expenses) from insurance contracts\u00a0issued | (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 |
2025 | ||||
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 | 73 | 73 |
Deposits with credit institutions | \u2014 | \u2014 | 505 | 505 |
\u2014 | \u2014 | 578 | 578 | |
Total interest revenue from financial assets measured at FVTPL: | ||||
Loans | \u2014 | 327 | \u2014 | 327 |
Debt securities | \u2014 | 2,724 | \u2014 | 2,724 |
\u2014 | 3,051 | \u2014 | 3,051 | |
Net change in investment contract liabilities without DPF | (851) | \u2014 | \u2014 | (851) |
Net credit impairment losses | \u2014 | \u2014 | (3) | (3) |
Dividend income | \u2014 | 1,818 | \u2014 | 1,818 |
Total net gains from financial assets measured at FVTPL: | ||||
Equity securities and pooled investment funds | \u2014 | 8,892 | \u2014 | 8,892 |
Loans | \u2014 | 64 | \u2014 | 64 |
Debt securities | \u2014 | 16 | \u2014 | 16 |
Derivatives | \u2014 | 1,063 | \u2014 | 1,063 |
\u2014 | 10,035 | \u2014 | 10,035 | |
Foreign exchange losses | \u2014 | \u2014 | (197) | (197) |
Total interest revenue and investment income from financial assets and liabilities | (851) | 14,904 | 378 | 14,431 |
2024 | ||||
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 | 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 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 |
2025 | |||||
With- profits | Unit- linked business | 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 | 414 | 60 | 77 | 27 | 578 |
Interest revenue from financial assets measured at FVTPL | 2,293 | 148 | 587 | 23 | 3,051 |
Net change in investments contract liabilities without DPF | (141) | (694) | (16) | \u2014 | (851) |
Net credit impairment losses | (3) | \u2014 | \u2014 | \u2014 | (3) |
Other investment return: | |||||
Dividend income | 1,499 | 317 | 1 | 1 | 1,818 |
Net gains/(losses) on financial assets measured at FVTPL | 9,008 | 1,220 | (214) | 21 | 10,035 |
Rental income from investment properties | 828 | 16 | 68 | \u2014 | 912 |
Net gains on investment properties | 276 | 1 | 3 | \u2014 | 280 |
Foreign exchange (losses)/gains | (222) | (4) | 3 | 26 | (197) |
Total other investment return | 11,389 | 1,550 | (139) | 48 | 12,848 |
Total investment return | 13,952 | 1,064 | 509 | 98 | 15,623 |
Insurance finance income/(expenses) from insurance contracts\u00a0issued: | |||||
Due to changes in the value of underlying assets of contracts measured under the VFA | (12,308) | (538) | (31) | \u2014 | (12,877) |
Interest accreted to insurance contracts measured under GMM | (312) | \u2014 | (656) | \u2014 | (968) |
Due to changes in interest rates and other financial assumptions | (15) | \u2014 | (40) | \u2014 | (55) |
Net foreign exchange gains/(losses) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Total insurance finance income/(expenses) from insurance contracts issued | (12,635) | (538) | (727) | \u2014 | (13,900) |
Reinsurance finance income/(expenses) from reinsurance contracts\u00a0held: | |||||
Interest accreted to reinsurance contracts measured under GMM | \u2014 | (1) | (13) | \u2014 | (14) |
Due to changes in interest rates and other financial assumptions | \u2014 | 1 | 67 | \u2014 | 68 |
Total reinsurance finance income/(expenses) from reinsurance contracts held | \u2014 | \u2014 | 54 | \u2014 | 54 |
Total net investment return and insurance finance income/ (expenses) | 1,317 | 526 | (164) | 98 | 1,777 |
2024 | |||||
With- profits | Unit- linked business | 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 gains/(losses) | 9 | \u2014 | (2) | \u2014 | 7 |
Total insurance finance income/(expenses) from insurance contracts\u00a0issued | (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 |
2025 | ||||
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 | 73 | 73 |
Deposits with credit institutions | \u2014 | \u2014 | 505 | 505 |
\u2014 | \u2014 | 578 | 578 | |
Total interest revenue from financial assets measured at FVTPL: | ||||
Loans | \u2014 | 327 | \u2014 | 327 |
Debt securities | \u2014 | 2,724 | \u2014 | 2,724 |
\u2014 | 3,051 | \u2014 | 3,051 | |
Net change in investment contract liabilities without DPF | (851) | \u2014 | \u2014 | (851) |
Net credit impairment losses | \u2014 | \u2014 | (3) | (3) |
Dividend income | \u2014 | 1,818 | \u2014 | 1,818 |
Total net gains from financial assets measured at FVTPL: | ||||
Equity securities and pooled investment funds | \u2014 | 8,892 | \u2014 | 8,892 |
Loans | \u2014 | 64 | \u2014 | 64 |
Debt securities | \u2014 | 16 | \u2014 | 16 |
Derivatives | \u2014 | 1,063 | \u2014 | 1,063 |
\u2014 | 10,035 | \u2014 | 10,035 | |
Foreign exchange losses | \u2014 | \u2014 | (197) | (197) |
Total interest revenue and investment income from financial assets and liabilities | (851) | 14,904 | 378 | 14,431 |
2024 | ||||
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 | 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 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 |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Management fees | 896 | 876 |
Rebates | (15) | (18) |
Performance fees and carried interest | 18 | 6 |
Total Asset Management fee income | 899 | 864 |
Investment contracts without DPF | 31 | 37 |
Platform fees | 29 | 32 |
Advice fees | 105 | 96 |
Total Life fee income | 165 | 165 |
Total fee income | 1,064 | 1,029 |
2025 | 2024 | ||
For the year ended 31\u00a0December | Note | \u00a3m | \u00a3m |
Staff and employment costs | 8 | 923 | 939 |
Acquisition costs incurred: | |||
Investment contracts without DPF | 16 | 16 | |
Other contracts | 181 | 151 | |
Acquisition costs deferred: | |||
Other contracts | (16) | (7) | |
Amortisation of deferred acquisition costs: | |||
Investment contracts without DPF | 1 | 4 | |
Other contracts | 11 | 7 | |
Depreciation of property, plant and equipment | 15 | 139 | 164 |
Impairment of property, plant and equipment i | 15 | 316 | 76 |
Amortisation of intangible assets | 13 | 30 | 26 |
Impairment of goodwill and intangible assets ii | 13 | 82 | 149 |
Restructuring costs | 184 | 180 | |
Interest expense | 326 | 298 | |
Commission expense | 170 | 149 | |
Investment management fees | 106 | 141 | |
Property related costs | 246 | 222 | |
Other expenses | 831 | 852 | |
3,546 | 3,367 | ||
Less amounts directly attributable to insurance results: | |||
Expenses attributed to insurance acquisition cash flows incurred during the year | (192) | (140) | |
Other directly attributable expenses | (629) | (661) | |
Total administrative and other expenses | 2,725 | 2,566 |
For the year ended 31\u00a0December | 2025 | 2024 |
Average staff headcount i | 8,282 | 8,454 |
2025 | 2024 | ||
For the year ended 31\u00a0December | Note | \u00a3m | \u00a3m |
Wages and salaries | 752 | 792 | |
Social security costs | 97 | 90 | |
Share-based payments | 37 | 47 | 40 |
Pension costs: | |||
Defined benefit schemes | 17 | 24 | 31 |
Defined contribution schemes | 95 | 73 | |
Other staff costs | 57 | 57 | |
Total staff and employment costs | 1,072 | 1,083 |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Staff and employment costs | 923 | 939 |
Acquisition costs | 86 | 68 |
Restructuring costs | 55 | 66 |
Other expenses | 8 | 10 |
Total staff and employment costs | 1,072 | 1,083 |
2025 | 2024 | |
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 | 4.0 | 4.1 |
Audit of subsidiaries pursuant to legislation | 12.0 | 12.2 |
Audit-related assurance services | 2.4 | 2.4 |
Other assurance services | 1.0 | 1.0 |
Total fees payable to the auditor | 19.4 | 19.7 |
2025 | 2024 | ||
For the year ended 31\u00a0December | Note | \u00a3m | \u00a3m |
Staff and employment costs | 8 | 923 | 939 |
Acquisition costs incurred: | |||
Investment contracts without DPF | 16 | 16 | |
Other contracts | 181 | 151 | |
Acquisition costs deferred: | |||
Other contracts | (16) | (7) | |
Amortisation of deferred acquisition costs: | |||
Investment contracts without DPF | 1 | 4 | |
Other contracts | 11 | 7 | |
Depreciation of property, plant and equipment | 15 | 139 | 164 |
Impairment of property, plant and equipment i | 15 | 316 | 76 |
Amortisation of intangible assets | 13 | 30 | 26 |
Impairment of goodwill and intangible assets ii | 13 | 82 | 149 |
Restructuring costs | 184 | 180 | |
Interest expense | 326 | 298 | |
Commission expense | 170 | 149 | |
Investment management fees | 106 | 141 | |
Property related costs | 246 | 222 | |
Other expenses | 831 | 852 | |
3,546 | 3,367 | ||
Less amounts directly attributable to insurance results: | |||
Expenses attributed to insurance acquisition cash flows incurred during the year | (192) | (140) | |
Other directly attributable expenses | (629) | (661) | |
Total administrative and other expenses | 2,725 | 2,566 |
2025 | 2024 | ||
For the year ended 31\u00a0December | Note | \u00a3m | \u00a3m |
Staff and employment costs | 8 | 923 | 939 |
Acquisition costs incurred: | |||
Investment contracts without DPF | 16 | 16 | |
Other contracts | 181 | 151 | |
Acquisition costs deferred: | |||
Other contracts | (16) | (7) | |
Amortisation of deferred acquisition costs: | |||
Investment contracts without DPF | 1 | 4 | |
Other contracts | 11 | 7 | |
Depreciation of property, plant and equipment | 15 | 139 | 164 |
Impairment of property, plant and equipment i | 15 | 316 | 76 |
Amortisation of intangible assets | 13 | 30 | 26 |
Impairment of goodwill and intangible assets ii | 13 | 82 | 149 |
Restructuring costs | 184 | 180 | |
Interest expense | 326 | 298 | |
Commission expense | 170 | 149 | |
Investment management fees | 106 | 141 | |
Property related costs | 246 | 222 | |
Other expenses | 831 | 852 | |
3,546 | 3,367 | ||
Less amounts directly attributable to insurance results: | |||
Expenses attributed to insurance acquisition cash flows incurred during the year | (192) | (140) | |
Other directly attributable expenses | (629) | (661) | |
Total administrative and other expenses | 2,725 | 2,566 |
2025 | 2024 | ||
For the year ended 31\u00a0December | Note | \u00a3m | \u00a3m |
Staff and employment costs | 8 | 923 | 939 |
Acquisition costs incurred: | |||
Investment contracts without DPF | 16 | 16 | |
Other contracts | 181 | 151 | |
Acquisition costs deferred: | |||
Other contracts | (16) | (7) | |
Amortisation of deferred acquisition costs: | |||
Investment contracts without DPF | 1 | 4 | |
Other contracts | 11 | 7 | |
Depreciation of property, plant and equipment | 15 | 139 | 164 |
Impairment of property, plant and equipment i | 15 | 316 | 76 |
Amortisation of intangible assets | 13 | 30 | 26 |
Impairment of goodwill and intangible assets ii | 13 | 82 | 149 |
Restructuring costs | 184 | 180 | |
Interest expense | 326 | 298 | |
Commission expense | 170 | 149 | |
Investment management fees | 106 | 141 | |
Property related costs | 246 | 222 | |
Other expenses | 831 | 852 | |
3,546 | 3,367 | ||
Less amounts directly attributable to insurance results: | |||
Expenses attributed to insurance acquisition cash flows incurred during the year | (192) | (140) | |
Other directly attributable expenses | (629) | (661) | |
Total administrative and other expenses | 2,725 | 2,566 |
For the year ended 31\u00a0December | 2025 | 2024 |
Average staff headcount i | 8,282 | 8,454 |
2025 | 2024 | ||
For the year ended 31\u00a0December | Note | \u00a3m | \u00a3m |
Wages and salaries | 752 | 792 | |
Social security costs | 97 | 90 | |
Share-based payments | 37 | 47 | 40 |
Pension costs: | |||
Defined benefit schemes | 17 | 24 | 31 |
Defined contribution schemes | 95 | 73 | |
Other staff costs | 57 | 57 | |
Total staff and employment costs | 1,072 | 1,083 |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Staff and employment costs | 923 | 939 |
Acquisition costs | 86 | 68 |
Restructuring costs | 55 | 66 |
Other expenses | 8 | 10 |
Total staff and employment costs | 1,072 | 1,083 |
For the year ended 31\u00a0December | 2025 | 2024 |
Average staff headcount i | 8,282 | 8,454 |
2025 | 2024 | |
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 | 4.0 | 4.1 |
Audit of subsidiaries pursuant to legislation | 12.0 | 12.2 |
Audit-related assurance services | 2.4 | 2.4 |
Other assurance services | 1.0 | 1.0 |
Total fees payable to the auditor | 19.4 | 19.7 |
RestatedI | ||
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
The total tax charge comprises: | ||
Current tax: | ||
Current year i | 560 | 457 |
Adjustments in respect of prior years | 29 | 46 |
Current year amounts in respect of applicable Pillar Two regimes i | 2 | 1 |
Prior year amounts in respect of applicable Pillar Two regimes | 1 | \u2014 |
Total current tax chargeii | 592 | 504 |
Deferred tax: | ||
Origination and reversal of temporary differences in the year | 409 | 12 |
Adjustments in respect of prior years | (5) | (24) |
Total deferred tax charge/(credit) ii | 404 | (12) |
Total tax charge | 996 | 492 |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
UK tax | 794 | 336 |
Overseas tax | 202 | 156 |
Total tax charge | 996 | 492 |
2025 | 2024 | ||||||
Equity holders | Policyholders | Total | Equity holders | Policyholders | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Profit/(loss) before tax | 439 | 871 | 1,310 | (332) | 477 | 145 | |
Tax charge | (125) | (871) | (996) | (15) | (477) | (492) | |
Profit/(loss) for the year | 314 | \u2014 | 314 | (347) | \u2014 | (347) |
2025 | 2024 | ||||||
Equity holders | Policyholders | Total | Equity holders | Policyholders | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Profit/(loss) before tax | 439 | 871 | 1,310 | (332) | 477 | 145 | |
Tax charge/(credit) based on the standard UK corporation tax rate of 25.0% (2024: 25.0%) | 110 | 218 | 328 | (83) | 119 | 36 | |
Impact of profit or loss earned in jurisdictions with different statutory rates to the UK | (4) | \u2014 | (4) | (2) | \u2014 | (2) | |
Recurring items: | |||||||
Different basis of taxation - policyholders | \u2014 | 630 | 630 | \u2014 | 365 | 365 | |
Deductions not allowable for tax purposes i | 22 | \u2014 | 22 | 22 | \u2014 | 22 | |
Differences arising on rate of deferred tax compared to standard UK corporation tax rateii | 1 | \u2014 | 1 | 32 | \u2014 | 32 | |
Income and gains not taxable or taxable at concessionary rates iii | (7) | \u2014 | (7) | (5) | \u2014 | (5) | |
Items related to taxation of life insurance business iv | 8 | \u2014 | 8 | 10 | \u2014 | 10 | |
Changes in recognition of deferred tax and effect of unrecognised tax lossesv | (20) | \u2014 | (20) | (11) | \u2014 | (11) | |
Other | 6 | \u2014 | 6 | (3) | \u2014 | (3) | |
Non-recurring items: | |||||||
Adjustments in relation to prior periods vi | 2 | 23 | 25 | 29 | (7) | 22 | |
Impairment of goodwill | 7 | \u2014 | 7 | 26 | \u2014 | 26 | |
Tax charge | 125 | 871 | 996 | 15 | 477 | 492 |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
The tax (credit)/charge booked to other comprehensive income, current and deferred tax, comprises: | ||
Actuarial (losses)/gains on defined benefit pension schemes | (1) | 13 |
Total tax (credit)/charge to other comprehensive income | (1) | 13 |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
The tax credit booked to shareholders\u2019 equity, current and deferred tax, comprises: | ||
Share-based payments | (14) | (4) |
Total tax credit to equity | (14) | (4) |
2025 | |||||||||
For the year ended 31\u00a0December | Unrealised gains /(losses) on \u00a0investments i | Other short-term timing differences ii | Deferred acquisition costs iii | Defined benefit pensions | Capital allowances | Tax losses carried forward iv | Share-based payments | Balances relating to insurance and investment contractsv | Total |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets | 2 | 108 | 18 | \u2014 | 18 | 516 | 23 | 313 | 998 |
Liabilities | (699) | (29) | \u2014 | (28) | \u2014 | \u2014 | \u2014 | (460) | (1,216) |
As at 1 January 2025 | (697) | 79 | 18 | (28) | 18 | 516 | 23 | (147) | (218) |
Income statement | (347) | 6 | (7) | \u2014 | (3) | (13) | 4 | (41) | (401) |
Equity and other comprehensive income | \u2014 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | 7 | \u2014 | 8 |
Other movements/ foreign exchange | 15 | (21) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (1) | (7) |
As at 31 December 2025 | (1,029) | 64 | 11 | (27) | 15 | 503 | 34 | (189) | (618) |
Assets | 3 | 98 | 11 | \u2014 | 15 | 503 | 34 | 281 | 945 |
Liabilities | (1,032) | (34) | \u2014 | (27) | \u2014 | \u2014 | \u2014 | (470) | (1,563) |
As at 31 December 2025 | (1,029) | 64 | 11 | (27) | 15 | 503 | 34 | (189) | (618) |
2024 | |||||||||
For the year ended 31\u00a0December | Unrealised gains /(losses) on \u00a0investments i | Other short- term timing differences ii | Deferred acquisition costs iii | Defined benefit pensions | Capital allowances | Tax losses carried forward iv | Share-based payments | 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) |
Deferred tax assets | Deferred tax liabilities | ||||
2025 | 2024 | 2025 | 2024 | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
UK | 416 | 477 | (685) | (413) | |
Overseas | 6 | 10 | (355) | (292) | |
As at 31 December | 422 | 487 | (1,040) | (705) |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Net corporation tax liability as at 1 January | (16) | (30) |
Income statement | (594) | (504) |
Reserves movement for the period | 7 | 5 |
Corporation tax paid | 553 | 514 |
Other movements | 3 | (1) |
Net corporation tax liability as at 31 December | (47) | (16) |
Corporation tax assets: | ||
UK | 4 | 6 |
Overseas | 72 | 59 |
Corporation tax liabilities: | ||
UK | (62) | (34) |
Overseas | (61) | (47) |
Net corporation tax liability as at 31 December | (47) | (16) |
2025 | |||||||||
For the year ended 31\u00a0December | Unrealised gains /(losses) on \u00a0investments i | Other short-term timing differences ii | Deferred acquisition costs iii | Defined benefit pensions | Capital allowances | Tax losses carried forward iv | Share-based payments | Balances relating to insurance and investment contractsv | Total |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets | 2 | 108 | 18 | \u2014 | 18 | 516 | 23 | 313 | 998 |
Liabilities | (699) | (29) | \u2014 | (28) | \u2014 | \u2014 | \u2014 | (460) | (1,216) |
As at 1 January 2025 | (697) | 79 | 18 | (28) | 18 | 516 | 23 | (147) | (218) |
Income statement | (347) | 6 | (7) | \u2014 | (3) | (13) | 4 | (41) | (401) |
Equity and other comprehensive income | \u2014 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | 7 | \u2014 | 8 |
Other movements/ foreign exchange | 15 | (21) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (1) | (7) |
As at 31 December 2025 | (1,029) | 64 | 11 | (27) | 15 | 503 | 34 | (189) | (618) |
Assets | 3 | 98 | 11 | \u2014 | 15 | 503 | 34 | 281 | 945 |
Liabilities | (1,032) | (34) | \u2014 | (27) | \u2014 | \u2014 | \u2014 | (470) | (1,563) |
As at 31 December 2025 | (1,029) | 64 | 11 | (27) | 15 | 503 | 34 | (189) | (618) |
2024 | |||||||||
For the year ended 31\u00a0December | Unrealised gains /(losses) on \u00a0investments i | Other short- term timing differences ii | Deferred acquisition costs iii | Defined benefit pensions | Capital allowances | Tax losses carried forward iv | Share-based payments | 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) |
Deferred tax assets | Deferred tax liabilities | ||||
2025 | 2024 | 2025 | 2024 | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
UK | 416 | 477 | (685) | (413) | |
Overseas | 6 | 10 | (355) | (292) | |
As at 31 December | 422 | 487 | (1,040) | (705) |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Net corporation tax liability as at 1 January | (16) | (30) |
Income statement | (594) | (504) |
Reserves movement for the period | 7 | 5 |
Corporation tax paid | 553 | 514 |
Other movements | 3 | (1) |
Net corporation tax liability as at 31 December | (47) | (16) |
Corporation tax assets: | ||
UK | 4 | 6 |
Overseas | 72 | 59 |
Corporation tax liabilities: | ||
UK | (62) | (34) |
Overseas | (61) | (47) |
Net corporation tax liability as at 31 December | (47) | (16) |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Profit/(loss) attributable to equity holders of M&G plc | 302 | (360) |
2025 | 2024 | |
For the year ended 31\u00a0December | Millions | Millions |
Weighted average number of ordinary shares outstanding | 2,404 | 2,388 |
Dilutive effect of share options and awards | 56 | \u2014 |
Weighted average number of diluted ordinary shares outstanding | 2,460 | 2,388 |
2025 | 2024 | |
For the year ended 31\u00a0December | Pence per share | Pence per share |
Basic earnings/(loss) per share | 12.6 | (15.1) |
Diluted earnings/(loss) per share | 12.3 | (15.1) |
2025 | 2024 | ||||
For the year ended 31\u00a0December | Pence per share | \u00a3m | Pence per share | \u00a3m | |
Dividends relating to reporting period: | |||||
First interim dividend - Ordinary | 6.7 | 161 | 6.6 | 157 | |
Second interim dividend - Ordinary | 13.8 | 328 | 13.5 | 321 | |
Total | 20.5 | 489 | 20.1 | 478 | |
Dividends paid in reporting period: | |||||
Prior year\u2019s interim dividend - Ordinary | 13.5 | 321 | 13.2 | 311 | |
First interim dividend - Ordinary | 6.7 | 161 | 6.6 | 157 | |
Total | 20.2 | 482 | 19.8 | 468 |
2025 | 2024 | ||||||
Goodwill | Other Intangibles | Total | Goodwill | Other Intangibles | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | |||||||
At 1 January | 1,632 | 386 | 2,018 | 1,589 | 397 | 1,986 | |
Transfer to held for sale | \u2014 | (1) | (1) | (51) | (77) | (128) | |
Reclassification in statement of financial position | (7) | 9 | 2 | 22 | (34) | (12) | |
Additions: | |||||||
Arising on acquisitions | 69 | 35 | 104 | 62 | 8 | 70 | |
Other purchases | \u2014 | 44 | 44 | 16 | 94 | 110 | |
Disposals and transfers | \u2014 | (7) | (7) | \u2014 | (2) | (2) | |
Foreign exchange differences | 8 | 1 | 9 | (6) | \u2014 | (6) | |
At 31 December | 1,702 | 467 | 2,169 | 1,632 | 386 | 2,018 | |
Accumulated amortisation and impairment | |||||||
At 1 January | (174) | (130) | (304) | (70) | (101) | (171) | |
Transfer to/(from) held for sale | \u2014 | 1 | 1 | \u2014 | (1) | (1) | |
Reclassification in statement of financial position | \u2014 | \u2014 | \u2014 | \u2014 | (1) | (1) | |
Amortisation | \u2014 | (30) | (30) | \u2014 | (26) | (26) | |
Impairment | (82) | \u2014 | (82) | (106) | (5) | (111) | |
Disposals and transfers | \u2014 | 6 | 6 | \u2014 | 2 | 2 | |
Foreign exchange differences | (4) | (2) | (6) | 2 | 2 | 4 | |
At 31 December | (260) | (155) | (415) | (174) | (130) | (304) | |
Net book amount | 1,442 | 312 | 1,754 | 1,458 | 256 | 1,714 |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Goodwill comprises: | ||
Asset Management | 1,302 | 1,269 |
Other | 19 | 21 |
Subsidiaries held by the With-Profits Fund | 121 | 168 |
1,442 | 1,458 |
Acquisition | Intangible asset type | Average useful life at acquisition date | Acquisition date | Fair value on acquisition date \u00a3m | Carrying value \u00a3m |
P Capital Partners AB | Fund management agreements | 4 years | 3 June 2025 | 18 | 16 |
P Capital Partners AB | Customer relationships | 7 years | 3 June 2025 | 17 | 16 |
BauMont Real Estate Capital Limited | Investment management agreements and co- investment contracts | 5 years | 29 October 2024 | 8 | 6 |
BauMont Real Estate Capital Limited | Segregated client mandates | 6 years | 29 October 2024 | 1 | 1 |
2025 | 2024 | ||||||
Goodwill | Other Intangibles | Total | Goodwill | Other Intangibles | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | |||||||
At 1 January | 1,632 | 386 | 2,018 | 1,589 | 397 | 1,986 | |
Transfer to held for sale | \u2014 | (1) | (1) | (51) | (77) | (128) | |
Reclassification in statement of financial position | (7) | 9 | 2 | 22 | (34) | (12) | |
Additions: | |||||||
Arising on acquisitions | 69 | 35 | 104 | 62 | 8 | 70 | |
Other purchases | \u2014 | 44 | 44 | 16 | 94 | 110 | |
Disposals and transfers | \u2014 | (7) | (7) | \u2014 | (2) | (2) | |
Foreign exchange differences | 8 | 1 | 9 | (6) | \u2014 | (6) | |
At 31 December | 1,702 | 467 | 2,169 | 1,632 | 386 | 2,018 | |
Accumulated amortisation and impairment | |||||||
At 1 January | (174) | (130) | (304) | (70) | (101) | (171) | |
Transfer to/(from) held for sale | \u2014 | 1 | 1 | \u2014 | (1) | (1) | |
Reclassification in statement of financial position | \u2014 | \u2014 | \u2014 | \u2014 | (1) | (1) | |
Amortisation | \u2014 | (30) | (30) | \u2014 | (26) | (26) | |
Impairment | (82) | \u2014 | (82) | (106) | (5) | (111) | |
Disposals and transfers | \u2014 | 6 | 6 | \u2014 | 2 | 2 | |
Foreign exchange differences | (4) | (2) | (6) | 2 | 2 | 4 | |
At 31 December | (260) | (155) | (415) | (174) | (130) | (304) | |
Net book amount | 1,442 | 312 | 1,754 | 1,458 | 256 | 1,714 |
Acquisition | Intangible asset type | Average useful life at acquisition date | Acquisition date | Fair value on acquisition date \u00a3m | Carrying value \u00a3m |
P Capital Partners AB | Fund management agreements | 4 years | 3 June 2025 | 18 | 16 |
P Capital Partners AB | Customer relationships | 7 years | 3 June 2025 | 17 | 16 |
BauMont Real Estate Capital Limited | Investment management agreements and co- investment contracts | 5 years | 29 October 2024 | 8 | 6 |
BauMont Real Estate Capital Limited | Segregated client mandates | 6 years | 29 October 2024 | 1 | 1 |
2025 | 2024 | ||||||
Goodwill | Other Intangibles | Total | Goodwill | Other Intangibles | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | |||||||
At 1 January | 1,632 | 386 | 2,018 | 1,589 | 397 | 1,986 | |
Transfer to held for sale | \u2014 | (1) | (1) | (51) | (77) | (128) | |
Reclassification in statement of financial position | (7) | 9 | 2 | 22 | (34) | (12) | |
Additions: | |||||||
Arising on acquisitions | 69 | 35 | 104 | 62 | 8 | 70 | |
Other purchases | \u2014 | 44 | 44 | 16 | 94 | 110 | |
Disposals and transfers | \u2014 | (7) | (7) | \u2014 | (2) | (2) | |
Foreign exchange differences | 8 | 1 | 9 | (6) | \u2014 | (6) | |
At 31 December | 1,702 | 467 | 2,169 | 1,632 | 386 | 2,018 | |
Accumulated amortisation and impairment | |||||||
At 1 January | (174) | (130) | (304) | (70) | (101) | (171) | |
Transfer to/(from) held for sale | \u2014 | 1 | 1 | \u2014 | (1) | (1) | |
Reclassification in statement of financial position | \u2014 | \u2014 | \u2014 | \u2014 | (1) | (1) | |
Amortisation | \u2014 | (30) | (30) | \u2014 | (26) | (26) | |
Impairment | (82) | \u2014 | (82) | (106) | (5) | (111) | |
Disposals and transfers | \u2014 | 6 | 6 | \u2014 | 2 | 2 | |
Foreign exchange differences | (4) | (2) | (6) | 2 | 2 | 4 | |
At 31 December | (260) | (155) | (415) | (174) | (130) | (304) | |
Net book amount | 1,442 | 312 | 1,754 | 1,458 | 256 | 1,714 |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Goodwill comprises: | ||
Asset Management | 1,302 | 1,269 |
Other | 19 | 21 |
Subsidiaries held by the With-Profits Fund | 121 | 168 |
1,442 | 1,458 |
2025 | 2024 | ||||||
Goodwill | Other Intangibles | Total | Goodwill | Other Intangibles | Total | ||
For the year ended 31\u00a0December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost | |||||||
At 1 January | 1,632 | 386 | 2,018 | 1,589 | 397 | 1,986 | |
Transfer to held for sale | \u2014 | (1) | (1) | (51) | (77) | (128) | |
Reclassification in statement of financial position | (7) | 9 | 2 | 22 | (34) | (12) | |
Additions: | |||||||
Arising on acquisitions | 69 | 35 | 104 | 62 | 8 | 70 | |
Other purchases | \u2014 | 44 | 44 | 16 | 94 | 110 | |
Disposals and transfers | \u2014 | (7) | (7) | \u2014 | (2) | (2) | |
Foreign exchange differences | 8 | 1 | 9 | (6) | \u2014 | (6) | |
At 31 December | 1,702 | 467 | 2,169 | 1,632 | 386 | 2,018 | |
Accumulated amortisation and impairment | |||||||
At 1 January | (174) | (130) | (304) | (70) | (101) | (171) | |
Transfer to/(from) held for sale | \u2014 | 1 | 1 | \u2014 | (1) | (1) | |
Reclassification in statement of financial position | \u2014 | \u2014 | \u2014 | \u2014 | (1) | (1) | |
Amortisation | \u2014 | (30) | (30) | \u2014 | (26) | (26) | |
Impairment | (82) | \u2014 | (82) | (106) | (5) | (111) | |
Disposals and transfers | \u2014 | 6 | 6 | \u2014 | 2 | 2 | |
Foreign exchange differences | (4) | (2) | (6) | 2 | 2 | 4 | |
At 31 December | (260) | (155) | (415) | (174) | (130) | (304) | |
Net book amount | 1,442 | 312 | 1,754 | 1,458 | 256 | 1,714 |
Acquisition | Intangible asset type | Average useful life at acquisition date | Acquisition date | Fair value on acquisition date \u00a3m | Carrying value \u00a3m |
P Capital Partners AB | Fund management agreements | 4 years | 3 June 2025 | 18 | 16 |
P Capital Partners AB | Customer relationships | 7 years | 3 June 2025 | 17 | 16 |
BauMont Real Estate Capital Limited | Investment management agreements and co- investment contracts | 5 years | 29 October 2024 | 8 | 6 |
BauMont Real Estate Capital Limited | Segregated client mandates | 6 years | 29 October 2024 | 1 | 1 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Interests in joint ventures | 250 | 284 |
Investments in joint ventures accounted for using the equity method | 250 | 284 |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Share of profit from joint ventures | 17 | 24 |
Share of profit from joint ventures accounted for using the equity method | 17 | 24 |
Name of entity | Share class | % held |
Australia | ||
Suite 201, Level 2, 5 Blue Street, North Sydney, NSW 2060 | ||
PAP Trust | U | 100% |
M&G Investments (Australia) Pty Limited | OS | 100% |
Level 10, 50 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 | 100% |
GTA W21 LP | LPI | 90% |
180 Dundas Street West, Suite 1200, Toronto ON M5G 1 ZB | ||
Canada Property (Trustee) No 1 Limited | OS | 100% |
55 University Avenue, Suite 600, Toronto | ||
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, KY1-9005 | ||
Global Futures and Options Holdings Limited | OS | 30% |
M&G General Partner Inc. | OS | 100% |
Ugland House, PO Box 309, Grand Cayman, KY1-1104 | ||
NB Gemini Fund LP | LPI | 50% |
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% |
5, Rue du Helder, 75009 Paris | ||
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 | ||
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 | ||
Unit 1002, LHT Tower, 31 Queen's Road Central | ||
M&G Investments (Hong Kong) Limited | OS | 100% |
Gloucester Tower, 15 Queens Road | ||
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 Private 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 | 32% |
M&G UK Gilts Active UCITS ETF | U | 77% |
M&G US Treasury Bond Active UCITS ETF | U | 82% |
M&G UK Index-Linked Gilts Active UCITS ETF | U | 77% |
M&G Sustainable Loan Fund | U | 65% |
Specialist Investment Funds (2) ICAV - M&G Infrastructure & Real Assets Horizons Fund | U | 100% |
78 Sir John Rogerson's Quay, Dublin 2 | ||
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% |
Name of entity | Share class | % held |
Fourth Floor, 76 Baggot Street Lower, Dublin, D02 EK81 | ||
Debt Investments Opportunities IV | U | 27% |
Italy | ||
Via Alessandro Manzoni 38, Milan, 20121 | ||
Elle 14 Srl Company | OS | 50% |
MCF Srl | OS | 50% |
Japan | ||
3-1 Toranomon, 4 Chome Minato-ko, Tokyo | ||
M&G Investments Japan Co Limited | OS | 100% |
Shiroyama Trust Tower 9F, 4-3-1 Toranomon, Minato-ku, Tokyo 105-6009 | ||
M&G Real Estate Japan Co Limited | OS | 100% |
Jersey | ||
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% |
Two Rivers One Limited | OS | 100% |
Two Rivers Trust | U | 100% |
Two Rivers Two Limited | OS | 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% |
3rd Floor, Gaspe House, 66-72 Esplanade, St Helier, JE1 2LH | ||
BauMont Co-Invest General Partner Limited | OS | 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 | ||
Rue Hildegard von Bingen 1, L-1282 | ||
Prudential Loan Investments GP S.\u00e0 r.l. | OS | 100% |
3, Rue Gabriel Lippmann, L-5365 Munsbach | ||
Infracapital Partners IV SCSp | LPI | 51% |
M&G Real Estate Debt Fund SCSp, SICAV- RAIF - REDF 7 | LPI | 20% |
M&G Real Estate Debt Fund SCSp, SICAV- RAIF - REDF 8 | LPI | 71% |
M&G Real Estate Debt GP S.\u00e0 r.l | OS | 100% |
M&G Private Equity (GP) S.\u00e0 r.l. | OS | 100% |
M&G Catalyst Growth Equity Fund I | U | 100% |
M&G Real Estate Debt Carried Interest GP S.\u00e0 r.l | OS | 100% |
M&G Specialty Finance Fund 2 GBP SCSp | LPI | 47% |
M&G Specialty Finance Fund 3 (GBP) | U | 100% |
Prudential Loan Investments SCSp | LPI | 100% |
5, Heienhaff, Nidderaanwen, L-1736 | ||
Infracapital Partners IV G.P S.\u00e0\u00a0r.l. | OS | 100% |
Two Snowhill Birmingham S.\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 | LPI | 25% |
responsAbility\u00a0BOP\u00a0S.\u00e0 r.l. (In liquidation) | OS | 100% |
responsAbility Global Micro and SME Finance Fund | U | 31% |
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, L-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 Ignite GP S.\u00e0 r.l. | OS | 100% |
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 | 71% |
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% |
16, Boulevard Royal, L-2449 | ||
EUREV CI GP S.\u00e0 r.l. | OS | 100% |
Luxembourg Specialist Investment Funds (2) FCP - M&G Real Assets Fund | U | 100% |
M&G European Living Property Fund SCSp, SICAV-RAIF | LPI | 34% |
Name of entity | Share class | % held |
Luxembourg Specialist Investment Funds (2) FCP - M&G Private Equity Opportunities Fund | U | 99% |
Luxembourg Specialist Investment Funds (3) SICAV - M&G Global Private Equity Fund | U | 87% |
Luxembourg Specialist Investment Funds (3) SICAV - M&G Global Infrastructure & Real Assets Fund | U | 86% |
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) Asian Quality Income Fund | U | 99% |
M&G (Lux) Blackrock Europe ex UK Equity Fund | U | 99% |
M&G (Lux) Global Energy Opportunities Fund | U | 100% |
M&G (Lux) Global Funds - M&G (Lux) China Fund | U | 92% |
M&G (Lux) Europe ex UK Equity 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 | 66% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Hard Currency Bond Fund | U | 90% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Local Currency Bond Fund | U | 90% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Global Artificial Intelligence Fund | U | 93% |
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 | 55% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Sustainable Emerging Markets Corporate Bond Fund | U | 89% |
M&G (Lux) Managed Cautious (Euro) Fund | U | 100% |
M&G (Lux) Managed Growth (Euro) Fund | U | 100% |
M&G (Lux) Pan European Smaller Companies Fund | U | 100% |
M&G (Lux) Reserved Investment Funds (2) GP S.\u00e0 r.l. | OS | 100% |
M&G (Lux) Sterling Liquidity Fund | U | 85% |
M&G Real Estate Funds SCSP, SICAV-RAIF - M&G Asia Living Property Fund | U | 100% |
M&G Asia Property Fund SICAV-FIS | U | 41% |
M&G Catalyst Capital Fund | U | 100% |
M&G Catalyst Credit Fund | U | 100% |
M&G Corporate Credit Opportunities ELTIF | U | 86% |
M&G RE GP S.\u00e0 r.l. | OS | 100% |
M&G European Property Fund SICAV-FIS | U | 29% |
Name of entity | Share class | % held |
M&G Luxembourg S.A. | OS | 100% |
M&G Private Credit 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 Diversified Private Credit Fund | U | 98% |
M&G UK Mortgage Income Fund | U | 64% |
M&G UK Property Fund FCP-FIS | U | 98% |
M&G UK Residential Property Fund FCP FIS | U | 31% |
M&G\u00a0Corporate\u00a0Credit\u00a0Opportunities\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G Senior Direct Lending Fund I | U | 100% |
20, rue de la Poste L-2346 | ||
EUREV CI SCSp | OS | 100% |
M&G European Value Add Partnership SCSp | LPI | 67% |
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 | 100% |
BauMont Real Estate SEG SCSp | LPI | 100% |
BauMont General Partner Two S.\u00e0 r.l. | OS | 100% |
BauMont Real Estate Two SCSp (Luxembourg) SICAV-RAIF | U | 47% |
BauMont SEG GP S.\u00e0 r.l | OS | 100% |
49, Avenue J.F. Kennedy, L\u20131855 Luxembourg | ||
M&G (Lux) Sustainable Solutions Bond Fund | U | 77% |
51 Avenue J.F. Kennedy, L-1855 | ||
M&G SFF (CIP GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF (GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF\u00a02\u00a0(CIP\u00a0GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G SFF\u00a02\u00a0(GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
Name of entity | Share class | % held |
5, All\u00e9e Scheffer 2520 | ||
Amundi MSCI Brazil UCITS ETF Acc | U | 35% |
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 | 100% |
Peru | ||
Av. 28 de Julio 753, Miraflores, Provincia de Lima, 15074 | ||
responsAbility\u00a0America\u00a0Latina\u00a0SAC | OS | 100% |
Poland | ||
02-670 Warszawa, Pulawska 182 | ||
Prudential Polska sp. z.o.o | OS | 100% |
Republic of Korea | ||
Kyobo Building, 1 Jongno, Jongno-gu, Seoul, 110-714 | ||
M&G Real Estate Korea Co Limited | OS | 100% |
Twentieth\u00a0floor, 136, Sejong-daero, Jung-gu, Seoul | ||
LB Professional Investors Private Real Estate Fund No. 10 (Centropolis) | U | 25% |
17th Floor, Kyobo Building, 1 Jongno, Seoul 110-714, Korea | ||
M&G Investments (Hong Kong) Limited - Korea branch (PE) | OS | 100% |
Singapore | ||
80 Robinson Road 2-00 | ||
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 | 100% |
South Africa | ||
PO Box 44813, Claremont, Western Cape, Cape Town, 7735 | ||
M&G Bond Fund | U | 39% |
M&G Pan African Bond Fund | U | 100% |
M&G SA Equity Fund | U | 93% |
Name of entity | Share class | % held |
5th floor, Protea Place, 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% |
M&G SA Balanced Fund | U | 100% |
M&G\u00a0Global Property Feeder Fund | U | 51% |
M&G\u00a0UK Gilt Fund | U | 100% |
M&G 2.5% Target Inc Fund | U | 73% |
Spain | ||
Calle Fortuny, 6 - 4 A, 28010, Madrid | ||
M&G RE Espana, 2016, S.L. | OS | 100% |
Sweden | ||
Sturegatan 6, 114 35 Stockholm | ||
P Capital Partners AB | OS | 70% |
Switzerland | ||
Zollstrasse 17, Z\u00fcrich, ZH, 8005 | ||
responsAbility\u00a0Investments\u00a0AG | OS | 100% |
responsAbility\u00a0Ventures\u00a0I\u00a0Services\u00a0AG (In liquidation) | OS | 100% |
Bahnhofstrasse 100, Zurich | ||
M&G International Investments Switzerland AG | OS | 100% |
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\u00a0(Thailand)\u00a0Limited (In liquidation) | OS | 100% |
United Kingdom | ||
10 Fenchurch Avenue, London, EC3M 5AG | ||
Active Growth Logistics Partnership LP | LPI | 50% |
AGLP GP Limited | OS | 50% |
AGLP\u00a0Nominee\u00a01\u00a0Limited | OS | 50% |
AGLP\u00a0Nominee\u00a02\u00a0Limited | OS | 50% |
BWAT Retail Nominee (1) Limited | OS | 50% |
BWAT Retail Nominee (2) Limited | OS | 50% |
BauMont Real Estate Capital Limited | OS | 65% |
BREO Neptune GP LLP | LPI | 100% |
Canada Property Holdings Limited | OS | 100% |
Capacity (Dartford) Management Company Limited | OS | 100% |
Name of entity | Share class | % held |
Carraway Guildford General Partner Limited | OS | 100% |
Carraway Guildford Limited Partnership | LPI | 100% |
Condor F3 GP LLP | LPI | 100% |
Cribbs Causeway JV Limited | OS | 100% |
Cribbs Mall Nominee (1) Limited | OS | 100% |
Cribbs Mall Nominee (2) Limited | OS | 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% |
Edger Investments Limited | OS | 100% |
EF IV Schoolhill GP Limited | OS | 100% |
Fundsdirect ISA Nominees Limited | OS | 100% |
Fundsdirect Nominees Limited | OS | 100% |
Genny GP 1 LLP | LPI | 100% |
Haymarket Hotel GP Limited | OS | 100% |
Haymarket Hotel LP | 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% |
IFDL Personal Pensions Limited | OS | 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% |
Infracapital GP Limited | OS | 100% |
Infracapital Greenfield Partners I GP Limited | OS | 100% |
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 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 SLP Limited | OS | 100% |
Name of entity | Share class | % held |
Investment Funds Direct Group Limited | OS | 100% |
Investment Funds Direct Holdings Limited | OS | 100% |
Investment Funds Direct Limited | OS | 100% |
M&G (ACS) BlackRock Canada Equity Fund | U | 99% |
M&G (ACS) BlackRock UK 200 Equity Fund | U | 99% |
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 | 100% |
M&G (ACS) BlackRock US Equity Fund | U | 99% |
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% |
M&G (ACS) Japan Smaller Companies Fund | U | 100% |
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 | 99% |
M&G (ACS) William Blair US Large Cap Equity Fund | U | 99% |
M&G Advice Partners Limited | OS | 100% |
M&G Affordable Living GP Limited | OS | 100% |
M&G Alternatives GP1 Limited | OS | 100% |
M&G Alternatives GP2 Limited | OS | 100% |
M&G Alternatives Investment Management Limited | OS | 100% |
M&G Corporate Services Limited | OS | 100% |
M&G FA Limited | OS | 100% |
M&G Feeder of Property Portfolio | U | 80% |
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 EMsights Market Debt | 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% |
Name of entity | Share class | % held |
M&G Funds (1) Franklin Templeton India Equity Fund | U | 98% |
M&G Funds (1) GSAM Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) India Equity Fund | U | 86% |
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 | 97% |
M&G Funds (1) MFS Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) Sterling Investment Grade Corporate Bond Fund | U | 90% |
M&G Funds (1) UK Gilt Fund | U | 100% |
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 India Fund | U | 96% |
M&G International Investments Nominees Limited | OS | 100% |
M&G Investment Funds (1) - M&G European Sustain Paris Aligned Fund | U | 68% |
M&G Investment Funds (10) - M&G China Fund | U | 74% |
M&G Investment Funds (10) - M&G Global AI Themes Fund | U | 86% |
M&G Investment Funds (10) - M&G ESG Screened Global High Yield Bond Fund | U | 53% |
M&G Investment Funds (10) - M&G Positive Impact Fund | U | 52% |
M&G Investment Funds (2) - M&G Gilt & Fixed Interest Income Fund | U | 49% |
M&G Investment Funds (3) - M&G Dividend Fund | U | 46% |
M&G Investment Funds (7) - M&G Global Convertibles Fund | U | 85% |
M&G Investment Management Limited | OS | 100% |
M&G Investment Funds (4) - M&G Managed Growth Fund | U | 20% |
M&G Management Services Limited | OS | 100% |
M&G MFH General Partner Limited | OS | 100% |
M&G MFH Holding Company Limited | OS | 100% |
M&G MFH Limited Partnership | LPI | 50% |
M&G MFH Property Company Limited | OS | 100% |
M&G MFH RE Limited | OS | 100% |
Name of entity | Share class | % held |
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 Real Estate Limited | OS | 100% |
M&G RE UKEV 1-A LP | LPI | 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% |
M&G RPF Nominee 2 Limited | OS | 100% |
M&G Securities Limited | OS | 100% |
M&G Trustee Company Limited | OS | 100% |
M&G Affordable Living LP | LPI | 52% |
M&G UK Property GP Limited | OS | 100% |
M&G UK Property Nominee 1 Limited | OS | 100% |
M&G UK Property Nominee 2 Limited | OS | 100% |
M&G UK Social Investment GP LLP | LPI | 100% |
M&G UKEV (SLP) General Partner LLP | LPI | 100% |
M&G UKEV (SLP) LP | LPI | 80% |
M&G Wealth Advice Limited | OS | 100% |
M&G Wealth Holding Company Limited | OS | 100% |
M&G Wealth Investments LLP | OS | 100% |
M&G Wealth Solutions Limited | OS | 100% |
M&G\u00a0Social\u00a0Investment GP1\u00a0Limited | OS | 100% |
M&G Social Investment GP2 Limited | OS | 100% |
M&G\u00a0UK\u00a0Social\u00a0Investment\u00a0Partners\u00a0LP | LPI | 100% |
Manchester JV Limited | OS | 50% |
Manchester Nominee (1) Limited | OS | 100% |
Minster Court Estate Management Limited | OS | 56% |
N16 Stratford Student OpCo Limited | OS | 100% |
Pacus (UK) Limited | OS | 100% |
PGDS (UK One) Limited | OS | 100% |
Pilot Peak Capital Limited | OS | 100% |
PPM Capital (Holdings) Limited | OS | 100% |
PPMC First Nominees Limited | OS | 100% |
Prudential Greenfield GP LLP | LPI | 100% |
Prudential Greenfield LP | LPI | 100% |
Prudential Greenfield GP1 Limited | OS | 100% |
Prudential Greenfield GP2 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% |
Name of entity | Share class | % held |
Prudential Equity Release Mortgages 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% |
Prudential UK Real Estate Nominee 1 Limited | OS | 100% |
Prudential UK Real Estate Nominee 2 Limited | OS | 100% |
Prudential Unit Trusts 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 Project Hoxton LP | LPI | 100% |
The Prudential Assurance Company Limited | OS | 100% |
Two Rivers LP | LPI | 100% |
Vanquish Properties (UK) Limited Partnership | LPI | 100% |
Wessex Gate Limited | OS | 100% |
Westwacker Limited | OS | 100% |
Wrap IFA Services Limited | OS | 100% |
19 Canning Street, Edinburgh, EH3 8EH | ||
BauMont Core Plus General Partner One LLP | LPI | 100% |
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% |
Scottish Amicable Life Assurance Society | OS | 100% |
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ | ||
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% |
Name of entity | Share class | % held |
George Digital GP 2 Limited | OS | 100% |
George Digital GP Limited | OS | 100% |
GGE GP Limited | OS | 100% |
Green GP Limited | OS | 100% |
ICP TRINITY GP1 LLP | LPI | 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 (In liquidation) | 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 | 100% |
Infracapital Greenfield Partners I SLP EF GP LLP | LPI | 100% |
Infracapital Greenfield Partners I SLP LP | LPI | 100% |
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 | 100% |
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 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% |
M&G Alternatives GP LLP | LPI | 100% |
M&G Black Seed 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\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP\u00a0LLP | LPI | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP Member\u00a0No.1\u00a0Limited | OS | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP Member\u00a0No.2\u00a0Limited | OS | 100% |
M&G MFH Carry Limited Partnership | LPI | 100% |
M&G MFH Carry General Partner Limited | OS | 100% |
M&G MFH Feeder Limited Partnership | LPI | 100% |
M&G MFH Feeder General Partner Limited | OS | 100% |
Merlin D5 GP LLP | LPI | 100% |
Mole 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% |
The First British Fixed Trust Company Limited | OS | 100% |
Barratt House, Cartwright Way, Bardon Hill, Coalville, LE67 1UF | ||
Optimus Point Management Company Limited | OS | 52% |
Name of entity | Share class | % held |
Berkeley House, 19 Portsmouth Road, Surrey, KT11 1JG | ||
SEH Manager Limited | OS | 100% |
SEH Nominee Limited | OS | 100% |
SEH Partnership Freeholds Limited | OS | 100% |
SES Partnership Freeholds Limited | OS | 50% |
SES Manager Limited | OS | 50% |
SES Nominee Limited | OS | 100% |
St Edward Homes Limited | OS | 50% |
St Edward Homes Partnership | LPI | 50% |
St Edward Strand Partnership | LPI | 100% |
Clearwater Court, Vastern Road, Reading, RG1 8DB | ||
Foudry Properties Limited | OS | 50% |
First Floor, 85 Great Portland Street, London, W1W 7LT | ||
Aqua GP LLP | LPI | 100% |
Dudok\u00a0GP\u00a0LLP | LPI | 100% |
Dudok\u00a0GP1\u00a0Limited | OS | 100% |
Dudok\u00a0GP2\u00a0Limited | OS | 100% |
Infracapital Greenfield Partners I LP | LPI | 22% |
Infracapital Partners LP | LPI | 34% |
Infracapital Partners II LP | LPI | 26% |
Pesca\u00a0GP\u00a0LLP | LPI | 100% |
Radler GP LLP | LPI | 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% |
3rd Floor,Central Square,29 Wellington Street, Leeds, LS1 4DL | ||
WS Prudential Risk Managed Active 2 | U | 21% |
WS Prudential Risk Managed Active 3 | U | 22% |
WS Prudential Risk Managed Active 4 | U | 31% |
WS Prudential Risk Managed Active 5 | U | 29% |
WS Prudential Risk Managed Passive Fund 1 | U | 39% |
Management Offices, The Mall at Cribbs Causeway, Bristol, BS34 5DG | ||
Cribbs Causeway Merchants Association Limited | OS | 20% |
Kings Place, 90 York Way, London, N1 9GE | ||
Highcross Leicester (GP) Limited | OS | 50% |
Prydis Accounts Ltd, The Parade, Liskeard, Cornwall, England, PL14 6AF | ||
My Continuum Financial Limited | OS | 100% |
My Continuum Financial Nominee Limited | OS | 100% |
The Media Centre, 7 Northumberland Street, Huddersfield, HD1 1RL | ||
Sandringham\u00a0Financial\u00a0Partners\u00a0Limited | OS | 100% |
Name of entity | Share class | % held |
York House, 45 Seymour Street, London, W1H 7LX | ||
Fort Kinnaird GP Limited | OS | 50% |
Fort Kinnaird Limited Partnership | LPI | 100% |
Fort Kinnaird Nominee Limited | OS | 100% |
100 Victoria Street, London, SW1E 5JL | ||
Bluewater REIT | U | 25% |
United States of America | ||
7 St. Paul Street Suite 820 Baltimore Md 21202 | ||
NAPI REIT TRS, Inc | OS | 100% |
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% |
Sky Fund VI Onshore LP | LPI | 22% |
Garden State Plz Mall, Routes 4 & 17, Paramus, NJ 07652 | ||
Westland Garden State Plaza Limited Partnership | LPI | 50% |
1209 Orange Street, Wilmington, DE 19801 | ||
Aldwych LP | LPI | 100% |
Fashion Square ECO LP | LPI | 50% |
GSP Sponsor 1 LP | LPI | 50% |
SMLLC | LPI | 100% |
251 Little Falls Drive, Wilmington, DE 19801 | ||
GSP Sponsor 2 LP | LPI | 50% |
GSP Sponsor 3 LP | LPI | 50% |
GSP Sponsor 4 LP | LPI | 50% |
Nuveen Real Estate Medical Office (Sidecar LP) | LPI | 100% |
2711 Centerville Road, Suite 400, Wilmington, DE 19808 | ||
Old Kingsway LP | LPI | 100% |
Randolph Street LP | LPI | 100% |
SOFA Holding LP | LPI | 100% |
30 South Wacker Drive, Suite 3750, Chicago, IL 60606 | ||
M&G Investments (USA) Inc. | OS | 100% |
M&G Investments (Americas) Inc. | OS | 100% |
300 Atlantic Street, Suite 600, Stamford, CT 06901 | ||
HCR Canary Fund LP | LPI | 99% |
300 East Lombard Street, Baltimore, Maryland | ||
NAPI REIT, Inc. | OS | 99% |
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% |
2049 Century Park East, 42nd Floor, Los Angeles, CA 90067 | ||
GSP Mixed Use JV 2 | LPI | 100% |
GSP Mixed Use JV 3 | LPI | 100% |
GSP Mixed Use JV 4 | LPI | 100% |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Interests in joint ventures | 250 | 284 |
Investments in joint ventures accounted for using the equity method | 250 | 284 |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Share of profit from joint ventures | 17 | 24 |
Share of profit from joint ventures accounted for using the equity method | 17 | 24 |
Name of entity | Share class | % held |
Australia | ||
Suite 201, Level 2, 5 Blue Street, North Sydney, NSW 2060 | ||
PAP Trust | U | 100% |
M&G Investments (Australia) Pty Limited | OS | 100% |
Level 10, 50 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 | 100% |
GTA W21 LP | LPI | 90% |
180 Dundas Street West, Suite 1200, Toronto ON M5G 1 ZB | ||
Canada Property (Trustee) No 1 Limited | OS | 100% |
55 University Avenue, Suite 600, Toronto | ||
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, KY1-9005 | ||
Global Futures and Options Holdings Limited | OS | 30% |
M&G General Partner Inc. | OS | 100% |
Ugland House, PO Box 309, Grand Cayman, KY1-1104 | ||
NB Gemini Fund LP | LPI | 50% |
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% |
5, Rue du Helder, 75009 Paris | ||
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 | ||
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 | ||
Unit 1002, LHT Tower, 31 Queen's Road Central | ||
M&G Investments (Hong Kong) Limited | OS | 100% |
Gloucester Tower, 15 Queens Road | ||
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 Private 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 | 32% |
M&G UK Gilts Active UCITS ETF | U | 77% |
M&G US Treasury Bond Active UCITS ETF | U | 82% |
M&G UK Index-Linked Gilts Active UCITS ETF | U | 77% |
M&G Sustainable Loan Fund | U | 65% |
Specialist Investment Funds (2) ICAV - M&G Infrastructure & Real Assets Horizons Fund | U | 100% |
78 Sir John Rogerson's Quay, Dublin 2 | ||
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% |
Name of entity | Share class | % held |
Fourth Floor, 76 Baggot Street Lower, Dublin, D02 EK81 | ||
Debt Investments Opportunities IV | U | 27% |
Italy | ||
Via Alessandro Manzoni 38, Milan, 20121 | ||
Elle 14 Srl Company | OS | 50% |
MCF Srl | OS | 50% |
Japan | ||
3-1 Toranomon, 4 Chome Minato-ko, Tokyo | ||
M&G Investments Japan Co Limited | OS | 100% |
Shiroyama Trust Tower 9F, 4-3-1 Toranomon, Minato-ku, Tokyo 105-6009 | ||
M&G Real Estate Japan Co Limited | OS | 100% |
Jersey | ||
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% |
Two Rivers One Limited | OS | 100% |
Two Rivers Trust | U | 100% |
Two Rivers Two Limited | OS | 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% |
3rd Floor, Gaspe House, 66-72 Esplanade, St Helier, JE1 2LH | ||
BauMont Co-Invest General Partner Limited | OS | 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 | ||
Rue Hildegard von Bingen 1, L-1282 | ||
Prudential Loan Investments GP S.\u00e0 r.l. | OS | 100% |
3, Rue Gabriel Lippmann, L-5365 Munsbach | ||
Infracapital Partners IV SCSp | LPI | 51% |
M&G Real Estate Debt Fund SCSp, SICAV- RAIF - REDF 7 | LPI | 20% |
M&G Real Estate Debt Fund SCSp, SICAV- RAIF - REDF 8 | LPI | 71% |
M&G Real Estate Debt GP S.\u00e0 r.l | OS | 100% |
M&G Private Equity (GP) S.\u00e0 r.l. | OS | 100% |
M&G Catalyst Growth Equity Fund I | U | 100% |
M&G Real Estate Debt Carried Interest GP S.\u00e0 r.l | OS | 100% |
M&G Specialty Finance Fund 2 GBP SCSp | LPI | 47% |
M&G Specialty Finance Fund 3 (GBP) | U | 100% |
Prudential Loan Investments SCSp | LPI | 100% |
5, Heienhaff, Nidderaanwen, L-1736 | ||
Infracapital Partners IV G.P S.\u00e0\u00a0r.l. | OS | 100% |
Two Snowhill Birmingham S.\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 | LPI | 25% |
responsAbility\u00a0BOP\u00a0S.\u00e0 r.l. (In liquidation) | OS | 100% |
responsAbility Global Micro and SME Finance Fund | U | 31% |
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, L-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 Ignite GP S.\u00e0 r.l. | OS | 100% |
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 | 71% |
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% |
16, Boulevard Royal, L-2449 | ||
EUREV CI GP S.\u00e0 r.l. | OS | 100% |
Luxembourg Specialist Investment Funds (2) FCP - M&G Real Assets Fund | U | 100% |
M&G European Living Property Fund SCSp, SICAV-RAIF | LPI | 34% |
Name of entity | Share class | % held |
Luxembourg Specialist Investment Funds (2) FCP - M&G Private Equity Opportunities Fund | U | 99% |
Luxembourg Specialist Investment Funds (3) SICAV - M&G Global Private Equity Fund | U | 87% |
Luxembourg Specialist Investment Funds (3) SICAV - M&G Global Infrastructure & Real Assets Fund | U | 86% |
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) Asian Quality Income Fund | U | 99% |
M&G (Lux) Blackrock Europe ex UK Equity Fund | U | 99% |
M&G (Lux) Global Energy Opportunities Fund | U | 100% |
M&G (Lux) Global Funds - M&G (Lux) China Fund | U | 92% |
M&G (Lux) Europe ex UK Equity 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 | 66% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Hard Currency Bond Fund | U | 90% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Local Currency Bond Fund | U | 90% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Global Artificial Intelligence Fund | U | 93% |
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 | 55% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Sustainable Emerging Markets Corporate Bond Fund | U | 89% |
M&G (Lux) Managed Cautious (Euro) Fund | U | 100% |
M&G (Lux) Managed Growth (Euro) Fund | U | 100% |
M&G (Lux) Pan European Smaller Companies Fund | U | 100% |
M&G (Lux) Reserved Investment Funds (2) GP S.\u00e0 r.l. | OS | 100% |
M&G (Lux) Sterling Liquidity Fund | U | 85% |
M&G Real Estate Funds SCSP, SICAV-RAIF - M&G Asia Living Property Fund | U | 100% |
M&G Asia Property Fund SICAV-FIS | U | 41% |
M&G Catalyst Capital Fund | U | 100% |
M&G Catalyst Credit Fund | U | 100% |
M&G Corporate Credit Opportunities ELTIF | U | 86% |
M&G RE GP S.\u00e0 r.l. | OS | 100% |
M&G European Property Fund SICAV-FIS | U | 29% |
Name of entity | Share class | % held |
M&G Luxembourg S.A. | OS | 100% |
M&G Private Credit 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 Diversified Private Credit Fund | U | 98% |
M&G UK Mortgage Income Fund | U | 64% |
M&G UK Property Fund FCP-FIS | U | 98% |
M&G UK Residential Property Fund FCP FIS | U | 31% |
M&G\u00a0Corporate\u00a0Credit\u00a0Opportunities\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G Senior Direct Lending Fund I | U | 100% |
20, rue de la Poste L-2346 | ||
EUREV CI SCSp | OS | 100% |
M&G European Value Add Partnership SCSp | LPI | 67% |
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 | 100% |
BauMont Real Estate SEG SCSp | LPI | 100% |
BauMont General Partner Two S.\u00e0 r.l. | OS | 100% |
BauMont Real Estate Two SCSp (Luxembourg) SICAV-RAIF | U | 47% |
BauMont SEG GP S.\u00e0 r.l | OS | 100% |
49, Avenue J.F. Kennedy, L\u20131855 Luxembourg | ||
M&G (Lux) Sustainable Solutions Bond Fund | U | 77% |
51 Avenue J.F. Kennedy, L-1855 | ||
M&G SFF (CIP GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF (GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF\u00a02\u00a0(CIP\u00a0GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G SFF\u00a02\u00a0(GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
Name of entity | Share class | % held |
5, All\u00e9e Scheffer 2520 | ||
Amundi MSCI Brazil UCITS ETF Acc | U | 35% |
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 | 100% |
Peru | ||
Av. 28 de Julio 753, Miraflores, Provincia de Lima, 15074 | ||
responsAbility\u00a0America\u00a0Latina\u00a0SAC | OS | 100% |
Poland | ||
02-670 Warszawa, Pulawska 182 | ||
Prudential Polska sp. z.o.o | OS | 100% |
Republic of Korea | ||
Kyobo Building, 1 Jongno, Jongno-gu, Seoul, 110-714 | ||
M&G Real Estate Korea Co Limited | OS | 100% |
Twentieth\u00a0floor, 136, Sejong-daero, Jung-gu, Seoul | ||
LB Professional Investors Private Real Estate Fund No. 10 (Centropolis) | U | 25% |
17th Floor, Kyobo Building, 1 Jongno, Seoul 110-714, Korea | ||
M&G Investments (Hong Kong) Limited - Korea branch (PE) | OS | 100% |
Singapore | ||
80 Robinson Road 2-00 | ||
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 | 100% |
South Africa | ||
PO Box 44813, Claremont, Western Cape, Cape Town, 7735 | ||
M&G Bond Fund | U | 39% |
M&G Pan African Bond Fund | U | 100% |
M&G SA Equity Fund | U | 93% |
Name of entity | Share class | % held |
5th floor, Protea Place, 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% |
M&G SA Balanced Fund | U | 100% |
M&G\u00a0Global Property Feeder Fund | U | 51% |
M&G\u00a0UK Gilt Fund | U | 100% |
M&G 2.5% Target Inc Fund | U | 73% |
Spain | ||
Calle Fortuny, 6 - 4 A, 28010, Madrid | ||
M&G RE Espana, 2016, S.L. | OS | 100% |
Sweden | ||
Sturegatan 6, 114 35 Stockholm | ||
P Capital Partners AB | OS | 70% |
Switzerland | ||
Zollstrasse 17, Z\u00fcrich, ZH, 8005 | ||
responsAbility\u00a0Investments\u00a0AG | OS | 100% |
responsAbility\u00a0Ventures\u00a0I\u00a0Services\u00a0AG (In liquidation) | OS | 100% |
Bahnhofstrasse 100, Zurich | ||
M&G International Investments Switzerland AG | OS | 100% |
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\u00a0(Thailand)\u00a0Limited (In liquidation) | OS | 100% |
United Kingdom | ||
10 Fenchurch Avenue, London, EC3M 5AG | ||
Active Growth Logistics Partnership LP | LPI | 50% |
AGLP GP Limited | OS | 50% |
AGLP\u00a0Nominee\u00a01\u00a0Limited | OS | 50% |
AGLP\u00a0Nominee\u00a02\u00a0Limited | OS | 50% |
BWAT Retail Nominee (1) Limited | OS | 50% |
BWAT Retail Nominee (2) Limited | OS | 50% |
BauMont Real Estate Capital Limited | OS | 65% |
BREO Neptune GP LLP | LPI | 100% |
Canada Property Holdings Limited | OS | 100% |
Capacity (Dartford) Management Company Limited | OS | 100% |
Name of entity | Share class | % held |
Carraway Guildford General Partner Limited | OS | 100% |
Carraway Guildford Limited Partnership | LPI | 100% |
Condor F3 GP LLP | LPI | 100% |
Cribbs Causeway JV Limited | OS | 100% |
Cribbs Mall Nominee (1) Limited | OS | 100% |
Cribbs Mall Nominee (2) Limited | OS | 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% |
Edger Investments Limited | OS | 100% |
EF IV Schoolhill GP Limited | OS | 100% |
Fundsdirect ISA Nominees Limited | OS | 100% |
Fundsdirect Nominees Limited | OS | 100% |
Genny GP 1 LLP | LPI | 100% |
Haymarket Hotel GP Limited | OS | 100% |
Haymarket Hotel LP | 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% |
IFDL Personal Pensions Limited | OS | 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% |
Infracapital GP Limited | OS | 100% |
Infracapital Greenfield Partners I GP Limited | OS | 100% |
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 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 SLP Limited | OS | 100% |
Name of entity | Share class | % held |
Investment Funds Direct Group Limited | OS | 100% |
Investment Funds Direct Holdings Limited | OS | 100% |
Investment Funds Direct Limited | OS | 100% |
M&G (ACS) BlackRock Canada Equity Fund | U | 99% |
M&G (ACS) BlackRock UK 200 Equity Fund | U | 99% |
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 | 100% |
M&G (ACS) BlackRock US Equity Fund | U | 99% |
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% |
M&G (ACS) Japan Smaller Companies Fund | U | 100% |
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 | 99% |
M&G (ACS) William Blair US Large Cap Equity Fund | U | 99% |
M&G Advice Partners Limited | OS | 100% |
M&G Affordable Living GP Limited | OS | 100% |
M&G Alternatives GP1 Limited | OS | 100% |
M&G Alternatives GP2 Limited | OS | 100% |
M&G Alternatives Investment Management Limited | OS | 100% |
M&G Corporate Services Limited | OS | 100% |
M&G FA Limited | OS | 100% |
M&G Feeder of Property Portfolio | U | 80% |
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 EMsights Market Debt | 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% |
Name of entity | Share class | % held |
M&G Funds (1) Franklin Templeton India Equity Fund | U | 98% |
M&G Funds (1) GSAM Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) India Equity Fund | U | 86% |
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 | 97% |
M&G Funds (1) MFS Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) Sterling Investment Grade Corporate Bond Fund | U | 90% |
M&G Funds (1) UK Gilt Fund | U | 100% |
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 India Fund | U | 96% |
M&G International Investments Nominees Limited | OS | 100% |
M&G Investment Funds (1) - M&G European Sustain Paris Aligned Fund | U | 68% |
M&G Investment Funds (10) - M&G China Fund | U | 74% |
M&G Investment Funds (10) - M&G Global AI Themes Fund | U | 86% |
M&G Investment Funds (10) - M&G ESG Screened Global High Yield Bond Fund | U | 53% |
M&G Investment Funds (10) - M&G Positive Impact Fund | U | 52% |
M&G Investment Funds (2) - M&G Gilt & Fixed Interest Income Fund | U | 49% |
M&G Investment Funds (3) - M&G Dividend Fund | U | 46% |
M&G Investment Funds (7) - M&G Global Convertibles Fund | U | 85% |
M&G Investment Management Limited | OS | 100% |
M&G Investment Funds (4) - M&G Managed Growth Fund | U | 20% |
M&G Management Services Limited | OS | 100% |
M&G MFH General Partner Limited | OS | 100% |
M&G MFH Holding Company Limited | OS | 100% |
M&G MFH Limited Partnership | LPI | 50% |
M&G MFH Property Company Limited | OS | 100% |
M&G MFH RE Limited | OS | 100% |
Name of entity | Share class | % held |
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 Real Estate Limited | OS | 100% |
M&G RE UKEV 1-A LP | LPI | 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% |
M&G RPF Nominee 2 Limited | OS | 100% |
M&G Securities Limited | OS | 100% |
M&G Trustee Company Limited | OS | 100% |
M&G Affordable Living LP | LPI | 52% |
M&G UK Property GP Limited | OS | 100% |
M&G UK Property Nominee 1 Limited | OS | 100% |
M&G UK Property Nominee 2 Limited | OS | 100% |
M&G UK Social Investment GP LLP | LPI | 100% |
M&G UKEV (SLP) General Partner LLP | LPI | 100% |
M&G UKEV (SLP) LP | LPI | 80% |
M&G Wealth Advice Limited | OS | 100% |
M&G Wealth Holding Company Limited | OS | 100% |
M&G Wealth Investments LLP | OS | 100% |
M&G Wealth Solutions Limited | OS | 100% |
M&G\u00a0Social\u00a0Investment GP1\u00a0Limited | OS | 100% |
M&G Social Investment GP2 Limited | OS | 100% |
M&G\u00a0UK\u00a0Social\u00a0Investment\u00a0Partners\u00a0LP | LPI | 100% |
Manchester JV Limited | OS | 50% |
Manchester Nominee (1) Limited | OS | 100% |
Minster Court Estate Management Limited | OS | 56% |
N16 Stratford Student OpCo Limited | OS | 100% |
Pacus (UK) Limited | OS | 100% |
PGDS (UK One) Limited | OS | 100% |
Pilot Peak Capital Limited | OS | 100% |
PPM Capital (Holdings) Limited | OS | 100% |
PPMC First Nominees Limited | OS | 100% |
Prudential Greenfield GP LLP | LPI | 100% |
Prudential Greenfield LP | LPI | 100% |
Prudential Greenfield GP1 Limited | OS | 100% |
Prudential Greenfield GP2 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% |
Name of entity | Share class | % held |
Prudential Equity Release Mortgages 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% |
Prudential UK Real Estate Nominee 1 Limited | OS | 100% |
Prudential UK Real Estate Nominee 2 Limited | OS | 100% |
Prudential Unit Trusts 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 Project Hoxton LP | LPI | 100% |
The Prudential Assurance Company Limited | OS | 100% |
Two Rivers LP | LPI | 100% |
Vanquish Properties (UK) Limited Partnership | LPI | 100% |
Wessex Gate Limited | OS | 100% |
Westwacker Limited | OS | 100% |
Wrap IFA Services Limited | OS | 100% |
19 Canning Street, Edinburgh, EH3 8EH | ||
BauMont Core Plus General Partner One LLP | LPI | 100% |
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% |
Scottish Amicable Life Assurance Society | OS | 100% |
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ | ||
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% |
Name of entity | Share class | % held |
George Digital GP 2 Limited | OS | 100% |
George Digital GP Limited | OS | 100% |
GGE GP Limited | OS | 100% |
Green GP Limited | OS | 100% |
ICP TRINITY GP1 LLP | LPI | 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 (In liquidation) | 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 | 100% |
Infracapital Greenfield Partners I SLP EF GP LLP | LPI | 100% |
Infracapital Greenfield Partners I SLP LP | LPI | 100% |
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 | 100% |
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 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% |
M&G Alternatives GP LLP | LPI | 100% |
M&G Black Seed 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\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP\u00a0LLP | LPI | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP Member\u00a0No.1\u00a0Limited | OS | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP Member\u00a0No.2\u00a0Limited | OS | 100% |
M&G MFH Carry Limited Partnership | LPI | 100% |
M&G MFH Carry General Partner Limited | OS | 100% |
M&G MFH Feeder Limited Partnership | LPI | 100% |
M&G MFH Feeder General Partner Limited | OS | 100% |
Merlin D5 GP LLP | LPI | 100% |
Mole 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% |
The First British Fixed Trust Company Limited | OS | 100% |
Barratt House, Cartwright Way, Bardon Hill, Coalville, LE67 1UF | ||
Optimus Point Management Company Limited | OS | 52% |
Name of entity | Share class | % held |
Berkeley House, 19 Portsmouth Road, Surrey, KT11 1JG | ||
SEH Manager Limited | OS | 100% |
SEH Nominee Limited | OS | 100% |
SEH Partnership Freeholds Limited | OS | 100% |
SES Partnership Freeholds Limited | OS | 50% |
SES Manager Limited | OS | 50% |
SES Nominee Limited | OS | 100% |
St Edward Homes Limited | OS | 50% |
St Edward Homes Partnership | LPI | 50% |
St Edward Strand Partnership | LPI | 100% |
Clearwater Court, Vastern Road, Reading, RG1 8DB | ||
Foudry Properties Limited | OS | 50% |
First Floor, 85 Great Portland Street, London, W1W 7LT | ||
Aqua GP LLP | LPI | 100% |
Dudok\u00a0GP\u00a0LLP | LPI | 100% |
Dudok\u00a0GP1\u00a0Limited | OS | 100% |
Dudok\u00a0GP2\u00a0Limited | OS | 100% |
Infracapital Greenfield Partners I LP | LPI | 22% |
Infracapital Partners LP | LPI | 34% |
Infracapital Partners II LP | LPI | 26% |
Pesca\u00a0GP\u00a0LLP | LPI | 100% |
Radler GP LLP | LPI | 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% |
3rd Floor,Central Square,29 Wellington Street, Leeds, LS1 4DL | ||
WS Prudential Risk Managed Active 2 | U | 21% |
WS Prudential Risk Managed Active 3 | U | 22% |
WS Prudential Risk Managed Active 4 | U | 31% |
WS Prudential Risk Managed Active 5 | U | 29% |
WS Prudential Risk Managed Passive Fund 1 | U | 39% |
Management Offices, The Mall at Cribbs Causeway, Bristol, BS34 5DG | ||
Cribbs Causeway Merchants Association Limited | OS | 20% |
Kings Place, 90 York Way, London, N1 9GE | ||
Highcross Leicester (GP) Limited | OS | 50% |
Prydis Accounts Ltd, The Parade, Liskeard, Cornwall, England, PL14 6AF | ||
My Continuum Financial Limited | OS | 100% |
My Continuum Financial Nominee Limited | OS | 100% |
The Media Centre, 7 Northumberland Street, Huddersfield, HD1 1RL | ||
Sandringham\u00a0Financial\u00a0Partners\u00a0Limited | OS | 100% |
Name of entity | Share class | % held |
York House, 45 Seymour Street, London, W1H 7LX | ||
Fort Kinnaird GP Limited | OS | 50% |
Fort Kinnaird Limited Partnership | LPI | 100% |
Fort Kinnaird Nominee Limited | OS | 100% |
100 Victoria Street, London, SW1E 5JL | ||
Bluewater REIT | U | 25% |
United States of America | ||
7 St. Paul Street Suite 820 Baltimore Md 21202 | ||
NAPI REIT TRS, Inc | OS | 100% |
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% |
Sky Fund VI Onshore LP | LPI | 22% |
Garden State Plz Mall, Routes 4 & 17, Paramus, NJ 07652 | ||
Westland Garden State Plaza Limited Partnership | LPI | 50% |
1209 Orange Street, Wilmington, DE 19801 | ||
Aldwych LP | LPI | 100% |
Fashion Square ECO LP | LPI | 50% |
GSP Sponsor 1 LP | LPI | 50% |
SMLLC | LPI | 100% |
251 Little Falls Drive, Wilmington, DE 19801 | ||
GSP Sponsor 2 LP | LPI | 50% |
GSP Sponsor 3 LP | LPI | 50% |
GSP Sponsor 4 LP | LPI | 50% |
Nuveen Real Estate Medical Office (Sidecar LP) | LPI | 100% |
2711 Centerville Road, Suite 400, Wilmington, DE 19808 | ||
Old Kingsway LP | LPI | 100% |
Randolph Street LP | LPI | 100% |
SOFA Holding LP | LPI | 100% |
30 South Wacker Drive, Suite 3750, Chicago, IL 60606 | ||
M&G Investments (USA) Inc. | OS | 100% |
M&G Investments (Americas) Inc. | OS | 100% |
300 Atlantic Street, Suite 600, Stamford, CT 06901 | ||
HCR Canary Fund LP | LPI | 99% |
300 East Lombard Street, Baltimore, Maryland | ||
NAPI REIT, Inc. | OS | 99% |
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% |
2049 Century Park East, 42nd Floor, Los Angeles, CA 90067 | ||
GSP Mixed Use JV 2 | LPI | 100% |
GSP Mixed Use JV 3 | LPI | 100% |
GSP Mixed Use JV 4 | LPI | 100% |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Interests in joint ventures | 250 | 284 |
Investments in joint ventures accounted for using the equity method | 250 | 284 |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
Share of profit from joint ventures | 17 | 24 |
Share of profit from joint ventures accounted for using the equity method | 17 | 24 |
Name of entity | Share class | % held |
Australia | ||
Suite 201, Level 2, 5 Blue Street, North Sydney, NSW 2060 | ||
PAP Trust | U | 100% |
M&G Investments (Australia) Pty Limited | OS | 100% |
Level 10, 50 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 | 100% |
GTA W21 LP | LPI | 90% |
180 Dundas Street West, Suite 1200, Toronto ON M5G 1 ZB | ||
Canada Property (Trustee) No 1 Limited | OS | 100% |
55 University Avenue, Suite 600, Toronto | ||
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, KY1-9005 | ||
Global Futures and Options Holdings Limited | OS | 30% |
M&G General Partner Inc. | OS | 100% |
Ugland House, PO Box 309, Grand Cayman, KY1-1104 | ||
NB Gemini Fund LP | LPI | 50% |
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% |
5, Rue du Helder, 75009 Paris | ||
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 | ||
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 | ||
Unit 1002, LHT Tower, 31 Queen's Road Central | ||
M&G Investments (Hong Kong) Limited | OS | 100% |
Gloucester Tower, 15 Queens Road | ||
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 Private 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 | 32% |
M&G UK Gilts Active UCITS ETF | U | 77% |
M&G US Treasury Bond Active UCITS ETF | U | 82% |
M&G UK Index-Linked Gilts Active UCITS ETF | U | 77% |
M&G Sustainable Loan Fund | U | 65% |
Specialist Investment Funds (2) ICAV - M&G Infrastructure & Real Assets Horizons Fund | U | 100% |
78 Sir John Rogerson's Quay, Dublin 2 | ||
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% |
Name of entity | Share class | % held |
Fourth Floor, 76 Baggot Street Lower, Dublin, D02 EK81 | ||
Debt Investments Opportunities IV | U | 27% |
Italy | ||
Via Alessandro Manzoni 38, Milan, 20121 | ||
Elle 14 Srl Company | OS | 50% |
MCF Srl | OS | 50% |
Japan | ||
3-1 Toranomon, 4 Chome Minato-ko, Tokyo | ||
M&G Investments Japan Co Limited | OS | 100% |
Shiroyama Trust Tower 9F, 4-3-1 Toranomon, Minato-ku, Tokyo 105-6009 | ||
M&G Real Estate Japan Co Limited | OS | 100% |
Jersey | ||
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% |
Two Rivers One Limited | OS | 100% |
Two Rivers Trust | U | 100% |
Two Rivers Two Limited | OS | 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% |
3rd Floor, Gaspe House, 66-72 Esplanade, St Helier, JE1 2LH | ||
BauMont Co-Invest General Partner Limited | OS | 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 | ||
Rue Hildegard von Bingen 1, L-1282 | ||
Prudential Loan Investments GP S.\u00e0 r.l. | OS | 100% |
3, Rue Gabriel Lippmann, L-5365 Munsbach | ||
Infracapital Partners IV SCSp | LPI | 51% |
M&G Real Estate Debt Fund SCSp, SICAV- RAIF - REDF 7 | LPI | 20% |
M&G Real Estate Debt Fund SCSp, SICAV- RAIF - REDF 8 | LPI | 71% |
M&G Real Estate Debt GP S.\u00e0 r.l | OS | 100% |
M&G Private Equity (GP) S.\u00e0 r.l. | OS | 100% |
M&G Catalyst Growth Equity Fund I | U | 100% |
M&G Real Estate Debt Carried Interest GP S.\u00e0 r.l | OS | 100% |
M&G Specialty Finance Fund 2 GBP SCSp | LPI | 47% |
M&G Specialty Finance Fund 3 (GBP) | U | 100% |
Prudential Loan Investments SCSp | LPI | 100% |
5, Heienhaff, Nidderaanwen, L-1736 | ||
Infracapital Partners IV G.P S.\u00e0\u00a0r.l. | OS | 100% |
Two Snowhill Birmingham S.\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 | LPI | 25% |
responsAbility\u00a0BOP\u00a0S.\u00e0 r.l. (In liquidation) | OS | 100% |
responsAbility Global Micro and SME Finance Fund | U | 31% |
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, L-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 Ignite GP S.\u00e0 r.l. | OS | 100% |
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 | 71% |
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% |
16, Boulevard Royal, L-2449 | ||
EUREV CI GP S.\u00e0 r.l. | OS | 100% |
Luxembourg Specialist Investment Funds (2) FCP - M&G Real Assets Fund | U | 100% |
M&G European Living Property Fund SCSp, SICAV-RAIF | LPI | 34% |
Name of entity | Share class | % held |
Luxembourg Specialist Investment Funds (2) FCP - M&G Private Equity Opportunities Fund | U | 99% |
Luxembourg Specialist Investment Funds (3) SICAV - M&G Global Private Equity Fund | U | 87% |
Luxembourg Specialist Investment Funds (3) SICAV - M&G Global Infrastructure & Real Assets Fund | U | 86% |
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) Asian Quality Income Fund | U | 99% |
M&G (Lux) Blackrock Europe ex UK Equity Fund | U | 99% |
M&G (Lux) Global Energy Opportunities Fund | U | 100% |
M&G (Lux) Global Funds - M&G (Lux) China Fund | U | 92% |
M&G (Lux) Europe ex UK Equity 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 | 66% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Hard Currency Bond Fund | U | 90% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Local Currency Bond Fund | U | 90% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Global Artificial Intelligence Fund | U | 93% |
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 | 55% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Sustainable Emerging Markets Corporate Bond Fund | U | 89% |
M&G (Lux) Managed Cautious (Euro) Fund | U | 100% |
M&G (Lux) Managed Growth (Euro) Fund | U | 100% |
M&G (Lux) Pan European Smaller Companies Fund | U | 100% |
M&G (Lux) Reserved Investment Funds (2) GP S.\u00e0 r.l. | OS | 100% |
M&G (Lux) Sterling Liquidity Fund | U | 85% |
M&G Real Estate Funds SCSP, SICAV-RAIF - M&G Asia Living Property Fund | U | 100% |
M&G Asia Property Fund SICAV-FIS | U | 41% |
M&G Catalyst Capital Fund | U | 100% |
M&G Catalyst Credit Fund | U | 100% |
M&G Corporate Credit Opportunities ELTIF | U | 86% |
M&G RE GP S.\u00e0 r.l. | OS | 100% |
M&G European Property Fund SICAV-FIS | U | 29% |
Name of entity | Share class | % held |
M&G Luxembourg S.A. | OS | 100% |
M&G Private Credit 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 Diversified Private Credit Fund | U | 98% |
M&G UK Mortgage Income Fund | U | 64% |
M&G UK Property Fund FCP-FIS | U | 98% |
M&G UK Residential Property Fund FCP FIS | U | 31% |
M&G\u00a0Corporate\u00a0Credit\u00a0Opportunities\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G Senior Direct Lending Fund I | U | 100% |
20, rue de la Poste L-2346 | ||
EUREV CI SCSp | OS | 100% |
M&G European Value Add Partnership SCSp | LPI | 67% |
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 | 100% |
BauMont Real Estate SEG SCSp | LPI | 100% |
BauMont General Partner Two S.\u00e0 r.l. | OS | 100% |
BauMont Real Estate Two SCSp (Luxembourg) SICAV-RAIF | U | 47% |
BauMont SEG GP S.\u00e0 r.l | OS | 100% |
49, Avenue J.F. Kennedy, L\u20131855 Luxembourg | ||
M&G (Lux) Sustainable Solutions Bond Fund | U | 77% |
51 Avenue J.F. Kennedy, L-1855 | ||
M&G SFF (CIP GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF (GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF\u00a02\u00a0(CIP\u00a0GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G SFF\u00a02\u00a0(GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
Name of entity | Share class | % held |
5, All\u00e9e Scheffer 2520 | ||
Amundi MSCI Brazil UCITS ETF Acc | U | 35% |
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 | 100% |
Peru | ||
Av. 28 de Julio 753, Miraflores, Provincia de Lima, 15074 | ||
responsAbility\u00a0America\u00a0Latina\u00a0SAC | OS | 100% |
Poland | ||
02-670 Warszawa, Pulawska 182 | ||
Prudential Polska sp. z.o.o | OS | 100% |
Republic of Korea | ||
Kyobo Building, 1 Jongno, Jongno-gu, Seoul, 110-714 | ||
M&G Real Estate Korea Co Limited | OS | 100% |
Twentieth\u00a0floor, 136, Sejong-daero, Jung-gu, Seoul | ||
LB Professional Investors Private Real Estate Fund No. 10 (Centropolis) | U | 25% |
17th Floor, Kyobo Building, 1 Jongno, Seoul 110-714, Korea | ||
M&G Investments (Hong Kong) Limited - Korea branch (PE) | OS | 100% |
Singapore | ||
80 Robinson Road 2-00 | ||
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 | 100% |
South Africa | ||
PO Box 44813, Claremont, Western Cape, Cape Town, 7735 | ||
M&G Bond Fund | U | 39% |
M&G Pan African Bond Fund | U | 100% |
M&G SA Equity Fund | U | 93% |
Name of entity | Share class | % held |
5th floor, Protea Place, 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% |
M&G SA Balanced Fund | U | 100% |
M&G\u00a0Global Property Feeder Fund | U | 51% |
M&G\u00a0UK Gilt Fund | U | 100% |
M&G 2.5% Target Inc Fund | U | 73% |
Spain | ||
Calle Fortuny, 6 - 4 A, 28010, Madrid | ||
M&G RE Espana, 2016, S.L. | OS | 100% |
Sweden | ||
Sturegatan 6, 114 35 Stockholm | ||
P Capital Partners AB | OS | 70% |
Switzerland | ||
Zollstrasse 17, Z\u00fcrich, ZH, 8005 | ||
responsAbility\u00a0Investments\u00a0AG | OS | 100% |
responsAbility\u00a0Ventures\u00a0I\u00a0Services\u00a0AG (In liquidation) | OS | 100% |
Bahnhofstrasse 100, Zurich | ||
M&G International Investments Switzerland AG | OS | 100% |
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\u00a0(Thailand)\u00a0Limited (In liquidation) | OS | 100% |
United Kingdom | ||
10 Fenchurch Avenue, London, EC3M 5AG | ||
Active Growth Logistics Partnership LP | LPI | 50% |
AGLP GP Limited | OS | 50% |
AGLP\u00a0Nominee\u00a01\u00a0Limited | OS | 50% |
AGLP\u00a0Nominee\u00a02\u00a0Limited | OS | 50% |
BWAT Retail Nominee (1) Limited | OS | 50% |
BWAT Retail Nominee (2) Limited | OS | 50% |
BauMont Real Estate Capital Limited | OS | 65% |
BREO Neptune GP LLP | LPI | 100% |
Canada Property Holdings Limited | OS | 100% |
Capacity (Dartford) Management Company Limited | OS | 100% |
Name of entity | Share class | % held |
Carraway Guildford General Partner Limited | OS | 100% |
Carraway Guildford Limited Partnership | LPI | 100% |
Condor F3 GP LLP | LPI | 100% |
Cribbs Causeway JV Limited | OS | 100% |
Cribbs Mall Nominee (1) Limited | OS | 100% |
Cribbs Mall Nominee (2) Limited | OS | 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% |
Edger Investments Limited | OS | 100% |
EF IV Schoolhill GP Limited | OS | 100% |
Fundsdirect ISA Nominees Limited | OS | 100% |
Fundsdirect Nominees Limited | OS | 100% |
Genny GP 1 LLP | LPI | 100% |
Haymarket Hotel GP Limited | OS | 100% |
Haymarket Hotel LP | 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% |
IFDL Personal Pensions Limited | OS | 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% |
Infracapital GP Limited | OS | 100% |
Infracapital Greenfield Partners I GP Limited | OS | 100% |
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 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 SLP Limited | OS | 100% |
Name of entity | Share class | % held |
Investment Funds Direct Group Limited | OS | 100% |
Investment Funds Direct Holdings Limited | OS | 100% |
Investment Funds Direct Limited | OS | 100% |
M&G (ACS) BlackRock Canada Equity Fund | U | 99% |
M&G (ACS) BlackRock UK 200 Equity Fund | U | 99% |
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 | 100% |
M&G (ACS) BlackRock US Equity Fund | U | 99% |
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% |
M&G (ACS) Japan Smaller Companies Fund | U | 100% |
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 | 99% |
M&G (ACS) William Blair US Large Cap Equity Fund | U | 99% |
M&G Advice Partners Limited | OS | 100% |
M&G Affordable Living GP Limited | OS | 100% |
M&G Alternatives GP1 Limited | OS | 100% |
M&G Alternatives GP2 Limited | OS | 100% |
M&G Alternatives Investment Management Limited | OS | 100% |
M&G Corporate Services Limited | OS | 100% |
M&G FA Limited | OS | 100% |
M&G Feeder of Property Portfolio | U | 80% |
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 EMsights Market Debt | 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% |
Name of entity | Share class | % held |
M&G Funds (1) Franklin Templeton India Equity Fund | U | 98% |
M&G Funds (1) GSAM Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) India Equity Fund | U | 86% |
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 | 97% |
M&G Funds (1) MFS Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) Sterling Investment Grade Corporate Bond Fund | U | 90% |
M&G Funds (1) UK Gilt Fund | U | 100% |
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 India Fund | U | 96% |
M&G International Investments Nominees Limited | OS | 100% |
M&G Investment Funds (1) - M&G European Sustain Paris Aligned Fund | U | 68% |
M&G Investment Funds (10) - M&G China Fund | U | 74% |
M&G Investment Funds (10) - M&G Global AI Themes Fund | U | 86% |
M&G Investment Funds (10) - M&G ESG Screened Global High Yield Bond Fund | U | 53% |
M&G Investment Funds (10) - M&G Positive Impact Fund | U | 52% |
M&G Investment Funds (2) - M&G Gilt & Fixed Interest Income Fund | U | 49% |
M&G Investment Funds (3) - M&G Dividend Fund | U | 46% |
M&G Investment Funds (7) - M&G Global Convertibles Fund | U | 85% |
M&G Investment Management Limited | OS | 100% |
M&G Investment Funds (4) - M&G Managed Growth Fund | U | 20% |
M&G Management Services Limited | OS | 100% |
M&G MFH General Partner Limited | OS | 100% |
M&G MFH Holding Company Limited | OS | 100% |
M&G MFH Limited Partnership | LPI | 50% |
M&G MFH Property Company Limited | OS | 100% |
M&G MFH RE Limited | OS | 100% |
Name of entity | Share class | % held |
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 Real Estate Limited | OS | 100% |
M&G RE UKEV 1-A LP | LPI | 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% |
M&G RPF Nominee 2 Limited | OS | 100% |
M&G Securities Limited | OS | 100% |
M&G Trustee Company Limited | OS | 100% |
M&G Affordable Living LP | LPI | 52% |
M&G UK Property GP Limited | OS | 100% |
M&G UK Property Nominee 1 Limited | OS | 100% |
M&G UK Property Nominee 2 Limited | OS | 100% |
M&G UK Social Investment GP LLP | LPI | 100% |
M&G UKEV (SLP) General Partner LLP | LPI | 100% |
M&G UKEV (SLP) LP | LPI | 80% |
M&G Wealth Advice Limited | OS | 100% |
M&G Wealth Holding Company Limited | OS | 100% |
M&G Wealth Investments LLP | OS | 100% |
M&G Wealth Solutions Limited | OS | 100% |
M&G\u00a0Social\u00a0Investment GP1\u00a0Limited | OS | 100% |
M&G Social Investment GP2 Limited | OS | 100% |
M&G\u00a0UK\u00a0Social\u00a0Investment\u00a0Partners\u00a0LP | LPI | 100% |
Manchester JV Limited | OS | 50% |
Manchester Nominee (1) Limited | OS | 100% |
Minster Court Estate Management Limited | OS | 56% |
N16 Stratford Student OpCo Limited | OS | 100% |
Pacus (UK) Limited | OS | 100% |
PGDS (UK One) Limited | OS | 100% |
Pilot Peak Capital Limited | OS | 100% |
PPM Capital (Holdings) Limited | OS | 100% |
PPMC First Nominees Limited | OS | 100% |
Prudential Greenfield GP LLP | LPI | 100% |
Prudential Greenfield LP | LPI | 100% |
Prudential Greenfield GP1 Limited | OS | 100% |
Prudential Greenfield GP2 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% |
Name of entity | Share class | % held |
Prudential Equity Release Mortgages 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% |
Prudential UK Real Estate Nominee 1 Limited | OS | 100% |
Prudential UK Real Estate Nominee 2 Limited | OS | 100% |
Prudential Unit Trusts 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 Project Hoxton LP | LPI | 100% |
The Prudential Assurance Company Limited | OS | 100% |
Two Rivers LP | LPI | 100% |
Vanquish Properties (UK) Limited Partnership | LPI | 100% |
Wessex Gate Limited | OS | 100% |
Westwacker Limited | OS | 100% |
Wrap IFA Services Limited | OS | 100% |
19 Canning Street, Edinburgh, EH3 8EH | ||
BauMont Core Plus General Partner One LLP | LPI | 100% |
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% |
Scottish Amicable Life Assurance Society | OS | 100% |
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ | ||
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% |
Name of entity | Share class | % held |
George Digital GP 2 Limited | OS | 100% |
George Digital GP Limited | OS | 100% |
GGE GP Limited | OS | 100% |
Green GP Limited | OS | 100% |
ICP TRINITY GP1 LLP | LPI | 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 (In liquidation) | 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 | 100% |
Infracapital Greenfield Partners I SLP EF GP LLP | LPI | 100% |
Infracapital Greenfield Partners I SLP LP | LPI | 100% |
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 | 100% |
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 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% |
M&G Alternatives GP LLP | LPI | 100% |
M&G Black Seed 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\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP\u00a0LLP | LPI | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP Member\u00a0No.1\u00a0Limited | OS | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP Member\u00a0No.2\u00a0Limited | OS | 100% |
M&G MFH Carry Limited Partnership | LPI | 100% |
M&G MFH Carry General Partner Limited | OS | 100% |
M&G MFH Feeder Limited Partnership | LPI | 100% |
M&G MFH Feeder General Partner Limited | OS | 100% |
Merlin D5 GP LLP | LPI | 100% |
Mole 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% |
The First British Fixed Trust Company Limited | OS | 100% |
Barratt House, Cartwright Way, Bardon Hill, Coalville, LE67 1UF | ||
Optimus Point Management Company Limited | OS | 52% |
Name of entity | Share class | % held |
Berkeley House, 19 Portsmouth Road, Surrey, KT11 1JG | ||
SEH Manager Limited | OS | 100% |
SEH Nominee Limited | OS | 100% |
SEH Partnership Freeholds Limited | OS | 100% |
SES Partnership Freeholds Limited | OS | 50% |
SES Manager Limited | OS | 50% |
SES Nominee Limited | OS | 100% |
St Edward Homes Limited | OS | 50% |
St Edward Homes Partnership | LPI | 50% |
St Edward Strand Partnership | LPI | 100% |
Clearwater Court, Vastern Road, Reading, RG1 8DB | ||
Foudry Properties Limited | OS | 50% |
First Floor, 85 Great Portland Street, London, W1W 7LT | ||
Aqua GP LLP | LPI | 100% |
Dudok\u00a0GP\u00a0LLP | LPI | 100% |
Dudok\u00a0GP1\u00a0Limited | OS | 100% |
Dudok\u00a0GP2\u00a0Limited | OS | 100% |
Infracapital Greenfield Partners I LP | LPI | 22% |
Infracapital Partners LP | LPI | 34% |
Infracapital Partners II LP | LPI | 26% |
Pesca\u00a0GP\u00a0LLP | LPI | 100% |
Radler GP LLP | LPI | 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% |
3rd Floor,Central Square,29 Wellington Street, Leeds, LS1 4DL | ||
WS Prudential Risk Managed Active 2 | U | 21% |
WS Prudential Risk Managed Active 3 | U | 22% |
WS Prudential Risk Managed Active 4 | U | 31% |
WS Prudential Risk Managed Active 5 | U | 29% |
WS Prudential Risk Managed Passive Fund 1 | U | 39% |
Management Offices, The Mall at Cribbs Causeway, Bristol, BS34 5DG | ||
Cribbs Causeway Merchants Association Limited | OS | 20% |
Kings Place, 90 York Way, London, N1 9GE | ||
Highcross Leicester (GP) Limited | OS | 50% |
Prydis Accounts Ltd, The Parade, Liskeard, Cornwall, England, PL14 6AF | ||
My Continuum Financial Limited | OS | 100% |
My Continuum Financial Nominee Limited | OS | 100% |
The Media Centre, 7 Northumberland Street, Huddersfield, HD1 1RL | ||
Sandringham\u00a0Financial\u00a0Partners\u00a0Limited | OS | 100% |
Name of entity | Share class | % held |
York House, 45 Seymour Street, London, W1H 7LX | ||
Fort Kinnaird GP Limited | OS | 50% |
Fort Kinnaird Limited Partnership | LPI | 100% |
Fort Kinnaird Nominee Limited | OS | 100% |
100 Victoria Street, London, SW1E 5JL | ||
Bluewater REIT | U | 25% |
United States of America | ||
7 St. Paul Street Suite 820 Baltimore Md 21202 | ||
NAPI REIT TRS, Inc | OS | 100% |
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% |
Sky Fund VI Onshore LP | LPI | 22% |
Garden State Plz Mall, Routes 4 & 17, Paramus, NJ 07652 | ||
Westland Garden State Plaza Limited Partnership | LPI | 50% |
1209 Orange Street, Wilmington, DE 19801 | ||
Aldwych LP | LPI | 100% |
Fashion Square ECO LP | LPI | 50% |
GSP Sponsor 1 LP | LPI | 50% |
SMLLC | LPI | 100% |
251 Little Falls Drive, Wilmington, DE 19801 | ||
GSP Sponsor 2 LP | LPI | 50% |
GSP Sponsor 3 LP | LPI | 50% |
GSP Sponsor 4 LP | LPI | 50% |
Nuveen Real Estate Medical Office (Sidecar LP) | LPI | 100% |
2711 Centerville Road, Suite 400, Wilmington, DE 19808 | ||
Old Kingsway LP | LPI | 100% |
Randolph Street LP | LPI | 100% |
SOFA Holding LP | LPI | 100% |
30 South Wacker Drive, Suite 3750, Chicago, IL 60606 | ||
M&G Investments (USA) Inc. | OS | 100% |
M&G Investments (Americas) Inc. | OS | 100% |
300 Atlantic Street, Suite 600, Stamford, CT 06901 | ||
HCR Canary Fund LP | LPI | 99% |
300 East Lombard Street, Baltimore, Maryland | ||
NAPI REIT, Inc. | OS | 99% |
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% |
2049 Century Park East, 42nd Floor, Los Angeles, CA 90067 | ||
GSP Mixed Use JV 2 | LPI | 100% |
GSP Mixed Use JV 3 | LPI | 100% |
GSP Mixed Use JV 4 | LPI | 100% |
2025 | 2024 | ||||||||
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 | 314 | 43 | 2,499 | 2,856 | 294 | 12 | 2,545 | 2,851 | |
Transfer (to)/from held for sale | \u2014 | \u2014 | (260) | (260) | 82 | 40 | (219) | (97) | |
Additions | 11 | \u2014 | 175 | 186 | 16 | \u2014 | 289 | 305 | |
Disposals and transfers | (16) | \u2014 | (108) | (124) | (73) | (7) | (59) | (139) | |
Foreign exchange differences | 9 | 4 | 51 | 64 | (5) | (2) | (57) | (64) | |
At 31 December | 318 | 47 | 2,357 | 2,722 | 314 | 43 | 2,499 | 2,856 | |
Accumulated depreciation and impairment | |||||||||
At 1 January | (89) | (32) | (1,081) | (1,202) | (124) | \u2014 | (662) | (786) | |
Transfer to/(from) held for sale | \u2014 | \u2014 | 92 | 92 | (16) | (33) | (353) | (402) | |
Depreciation charge for the year | (26) | (1) | (112) | (139) | (25) | (1) | (138) | (164) | |
Impairment | \u2014 | \u2014 | (12) | (12) | \u2014 | \u2014 | \u2014 | \u2014 | |
Disposals and transfers | 15 | \u2014 | 91 | 106 | 73 | 1 | 46 | 120 | |
Foreign exchange differences | 3 | (1) | (32) | (30) | 3 | 1 | 26 | 30 | |
At 31 December | (97) | (34) | (1,054) | (1,185) | (89) | (32) | (1,081) | (1,202) | |
Net book amount | 221 | 13 | 1,303 | 1,537 | 225 | 11 | 1,418 | 1,654 |
2025 | 2024 | ||||||||
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 | 314 | 43 | 2,499 | 2,856 | 294 | 12 | 2,545 | 2,851 | |
Transfer (to)/from held for sale | \u2014 | \u2014 | (260) | (260) | 82 | 40 | (219) | (97) | |
Additions | 11 | \u2014 | 175 | 186 | 16 | \u2014 | 289 | 305 | |
Disposals and transfers | (16) | \u2014 | (108) | (124) | (73) | (7) | (59) | (139) | |
Foreign exchange differences | 9 | 4 | 51 | 64 | (5) | (2) | (57) | (64) | |
At 31 December | 318 | 47 | 2,357 | 2,722 | 314 | 43 | 2,499 | 2,856 | |
Accumulated depreciation and impairment | |||||||||
At 1 January | (89) | (32) | (1,081) | (1,202) | (124) | \u2014 | (662) | (786) | |
Transfer to/(from) held for sale | \u2014 | \u2014 | 92 | 92 | (16) | (33) | (353) | (402) | |
Depreciation charge for the year | (26) | (1) | (112) | (139) | (25) | (1) | (138) | (164) | |
Impairment | \u2014 | \u2014 | (12) | (12) | \u2014 | \u2014 | \u2014 | \u2014 | |
Disposals and transfers | 15 | \u2014 | 91 | 106 | 73 | 1 | 46 | 120 | |
Foreign exchange differences | 3 | (1) | (32) | (30) | 3 | 1 | 26 | 30 | |
At 31 December | (97) | (34) | (1,054) | (1,185) | (89) | (32) | (1,081) | (1,202) | |
Net book amount | 221 | 13 | 1,303 | 1,537 | 225 | 11 | 1,418 | 1,654 |
2025 | 2024 | |
For the year ended 31\u00a0December | \u00a3m | \u00a3m |
At 1 January | 14,385 | 15,422 |
Transfer to held for sale | (181) | (482) |
Additions: | ||
Resulting from property acquisitions | 607 | 705 |
Resulting from expenditure capitalised | 286 | 272 |
Arising on acquisition of subsidiaries | \u2014 | 106 |
Disposals and other | (1,015) | (1,320) |
Net fair value gains/(losses) | 280 | (340) |
Foreign exchange differences | (119) | 22 |
At 31 December | 14,243 | 14,385 |
2025 | Restated i 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Less than 1 year | 621 | 631 |
After 1 year to 2 years | 536 | 521 |
After 2 years to 3 years | 498 | 447 |
After 3 years to 4 years | 445 | 400 |
After 4 years to 5 years | 392 | 352 |
Over 5 years | 2,690 | 2,574 |
Total minimum future rental income | 5,182 | 4,925 |
2025 | ||||
PSPS | SASPS | M&GGPS | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Fair value of plan assets | 3,938 | 519 | 277 | 4,734 |
Present value of defined benefit obligation | (3,595) | (481) | (262) | (4,338) |
Effect of restriction on surplus | (338) | \u2014 | \u2014 | (338) |
Net economic pension surplus i | 5 | 38 | 15 | 58 |
Non-qualifying insurance policies | \u2014 | \u2014 | (14) | (14) |
Elimination of reimbursement right asset on consolidation | \u2014 | \u2014 | (262) | (262) |
Net total pension surplus/(deficit) | 5 | 38 | (261) | (218) |
2025 | ||||
PSPS | SASPS | M&GGPS | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Attributable to: | ||||
Shareholder\u2011backed business | 2 | 23 | (261) | (236) |
With-Profits Fund | 3 | 15 | \u2014 | 18 |
Net total pension surplus/(deficit) | 5 | 38 | (261) | (218) |
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 surplus i | 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\u2011Profits Fund | 4 | 15 | \u2014 | 19 |
Net total pension surplus/(deficit) | 7 | 38 | (258) | (213) |
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 model i | Expectation of life from retirement at\u00a0aged 60 | |||
Male currently aged 60 | Male currently aged 40 | Female currently aged 60 | Female currently aged 40 | ||||
31 December 2025 | PSPS | S3PMA/S3PFA Middle for males/ females | CMI 2023 | 26.2 | 28.5 | 27.9 | 30.1 |
SASPS | S3PMA/S3PFA for males/ females | CMI 2023 | 26.7 | 28.8 | 28.8 | 30.7 | |
M&GGPS | S3PMA/S3PFA Light for males/ females | CMI 2023 | 27.9 | 30.1 | 29.8 | 31.8 | |
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 |
2025 | 2024 | ||||||
For the year ended 31\u00a0December | PSPS | SASPS | M&GGPS | PSPS | SASPS | M&GGPS | |
Discount ratei | 5.5% | 5.6% | 5.7% | 5.4% | 5.5% | 5.5% | |
Salary inflationii | 3.1% | 3.1% | N/A | 3.5% | 3.2% | N/A | |
Retail prices index (RPI) | 3.1% | 3.1% | 3.1% | 3.1% | 3.0% | 2.9% | |
Consumer prices index (CPI) | 2.8% | 2.6% | 2.9% | 2.8% | 2.7% | 2.7% | |
Rate of increase of pensions in payment for inflation iii | |||||||
CPI (maximum 5%) | 2.9% | N/A | N/A | 2.8% | N/A | N/A | |
CPI (maximum 2.5%) | 2.3% | N/A | N/A | 2.5% | N/A | N/A | |
Discretionary | 2.6% | N/A | N/A | 2.8% | N/A | N/A | |
RPI (maximum 5%) | N/A | 3.1% | 3.1% | N/A | 3.0% | 2.9% | |
RPI (maximum 2.5%) | N/A | 2.5% | 2.5% | N/A | 2.5% | 2.5% | |
Inflation volatility assumptions iv | |||||||
RPI (pre-reform) | 1.5% | 1.5% | 1.5% | N/A | N/A | N/A | |
CPI | 1.3% | 1.3% | 1.3% | N/A | N/A | N/A | |
CPIH/Post reform RPI | 1.1% | 1.1% | 1.1% | N/A | N/A | N/A |
2025 | |||||
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 | 3,595 | 481 | 262 | 4,338 |
Discount rate | Decrease by 0.5% | 190 | 34 | 21 | 245 |
Increase by 0.5% | (174) | (31) | (19) | (224) | |
Rate of inflation with consequent reduction in salary increases (where applicable) | Decrease by 0.2% (with consequent reduction in salary increases) | (50) | (8) | (7) | (65) |
Mortality rate | Increase in life expectancy by 1 year | 119 | 13 | 5 | 137 |
2024 | |||||
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 | 3,725 | 486 | 261 | 4,472 |
Discount rate | 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 |
2025 | 2024 | ||||||||
PSPS | Other schemes | Total | PSPS | Other schemes | Total | ||||
As at 31 December | \u00a3m | \u00a3m | \u00a3m | % | \u00a3m | \u00a3m | \u00a3m | % | |
Equities: | |||||||||
UK | 22 | \u2014 | 22 | 1% | 26 | \u2014 | 26 | 1% | |
Overseas | 6 | 41 | 47 | 1% | 13 | 38 | 51 | 1% | |
Bonds i: | |||||||||
Government | 2,659 | 455 | 3,114 | 66% | 2,824 | 423 | 3,247 | 67% | |
Corporate | 1,040 | 2 | 1,042 | 22% | 1,037 | 2 | 1,039 | 22% | |
Asset-backed securities | 343 | 82 | 425 | 9% | 332 | 81 | 413 | 9% | |
Derivativesii | (689) | (145) | (834) | (18)% | (689) | (128) | (817) | (17)% | |
Properties | 226 | 95 | 321 | 7% | 233 | 119 | 352 | 7% | |
Other assets | 331 | 4 | 335 | 6% | 258 | 2 | 260 | 5% | |
Reimbursement right assetiii | \u2014 | 262 | 262 | 6% | \u2014 | 261 | 261 | 5% | |
Total value of assets | 3,938 | 796 | 4,734 | 100% | 4,034 | 798 | 4,832 | 100% |
2025 | 2024 | ||||||||
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 | 22 | 22 | 1% | \u2014 | 26 | 26 | 1% | |
Overseas | \u2014 | 47 | 47 | 1% | \u2014 | 51 | 51 | 1% | |
Bonds i: | |||||||||
Government | 3,109 | 5 | 3,114 | 66% | 3,242 | 5 | 3,247 | 67% | |
Corporate | 836 | 206 | 1,042 | 22% | 799 | 240 | 1,039 | 22% | |
Asset-backed securities | 319 | 106 | 425 | 9% | 316 | 97 | 413 | 9% | |
Derivativesii | (778) | (56) | (834) | (18)% | (755) | (62) | (817) | (17)% | |
Properties | \u2014 | 321 | 321 | 7% | \u2014 | 352 | 352 | 7% | |
Other assets | 239 | 96 | 335 | 6% | 66 | 194 | 260 | 5% | |
Reimbursement right assetiii | \u2014 | 262 | 262 | 6% | \u2014 | 261 | 261 | 5% | |
Total value of assets | 3,725 | 1,009 | 4,734 | 100% | 3,668 | 1,164 | 4,832 | 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 2025 | 4,832 | (4,472) | (302) | 58 | (271) | (213) |
Total income/(expense) recognised in the income statementi | ||||||
Current service cost | \u2014 | (5) | \u2014 | (5) | \u2014 | (5) |
Net interest income/(expense) | 255 | (235) | (16) | 4 | (14) | (10) |
Administration expenses | (9) | \u2014 | \u2014 | (9) | \u2014 | (9) |
246 | (240) | (16) | (10) | (14) | (24) | |
Remeasurement (losses)/gains ii | ||||||
Return on the scheme assets less amount included in interest income | (71) | \u2014 | \u2014 | (71) | 1 | (70) |
Gains on changes in demographic assumptions | \u2014 | 28 | \u2014 | 28 | \u2014 | 28 |
Gains on changes in financial assumptions | \u2014 | 78 | \u2014 | 78 | \u2014 | 78 |
Losses on scheme liabilities | \u2014 | (18) | \u2014 | (18) | \u2014 | (18) |
Unrecognisable surplus | \u2014 | \u2014 | (20) | (20) | \u2014 | (20) |
(71) | 88 | (20) | (3) | 1 | (2) | |
Benefit payments | (286) | 286 | \u2014 | \u2014 | 11 | 11 |
Employers\u2019 contributions | 13 | \u2014 | \u2014 | 13 | \u2014 | 13 |
Divestment from non-qualifying insurance policies | \u2014 | \u2014 | \u2014 | \u2014 | (3) | (3) |
Net defined benefit pension asset/(liability) at 31 December 2025 | 4,734 | (4,338) | (338) | 58 | (276) | (218) |
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 | 245 | (228) | (15) | 2 | (17) | (15) |
Administration expenses | (9) | \u2014 | \u2014 | (9) | \u2014 | (9) |
236 | (235) | (15) | (14) | (17) | (31) | |
Remeasurement (losses)/gains ii | ||||||
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 |
Losses on changes in financial assumptions | \u2014 | 501 | \u2014 | 501 | \u2014 | 501 |
Experience 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 |
Divestment 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) |
All schemes | |||||||
1 year or less | 1 to 5 years | 5 to 10 years | 10 to 15 years | 15 to 20 years | Over 20 years | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
As at 31 December 2025 | 280 | 1,169 | 1,479 | 1,425 | 1,293 | 3,865 | 9,511 |
As at 31 December 2024 | 275 | 1,168 | 1,506 | 1,473 | 1,350 | 4,125 | 9,897 |
PSPS | SASPS | M&GGPS | |
As at 31 December 2025 | 11 | 14 | 16 |
As at 31 December 2024 | 11 | 14 | 15 |
2025 | |||||
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 | 70,749 | \u2014 | 70,749 |
Loans i | \u2014 | 4,011 | \u2014 | 4,011 | |
Debt securities | 31 | \u2014 | 66,908 | \u2014 | 66,908 |
Derivative assets | 31 | \u2014 | 1,258 | \u2014 | 1,258 |
Deposits | 32 | \u2014 | \u2014 | 17,648 | 17,648 |
Accrued investment income and other debtors | 19 | \u2014 | \u2014 | 3,268 | 3,268 |
Cash and cash equivalents | 20 | \u2014 | \u2014 | 4,904 | 4,904 |
Total financial assets | \u2014 | 142,926 | 25,820 | 168,746 |
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 |
Loans i | \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 |
2025 | |||||
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 | 11,507 | \u2014 | \u2014 | 11,507 |
Third party interest in consolidated funds | 31 | 10,346 | \u2014 | \u2014 | 10,346 |
Subordinated liabilities and other borrowings | 26 | \u2014 | \u2014 | 6,519 | 6,519 |
Derivative liabilities | 31 | \u2014 | 2,471 | \u2014 | 2,471 |
Other financial liabilities | \u2014 | \u2014 | 1,101 | 1,101 | |
Accruals, deferred income and other liabilities | 218 | \u2014 | 4,326 | 4,544 | |
Total financial liabilities | 22,071 | 2,471 | 11,946 | 36,488 |
2024 | |||||
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 | 12,144 | \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 |
2025 | 2024 | ||
With-Profits Fund | With-Profits Fund | ||
As at 31 December | \u00a3m | \u00a3m | |
Investment properties | 4,793 | 4,979 | |
Equity securities and pooled investment funds | 86,264 | 81,194 | |
Loans | 419 | 456 | |
Debt securities | 41,420 | 41,437 | |
Derivative assets | 874 | 603 | |
Derivative liabilities | (684) | (1,272) | |
Cash, cash equivalents and other receivables | 1,854 | 1,488 | |
Total assets | 134,940 | 128,885 | |
Non-profit business in the With-Profits Fund | (5,777) | (6,223) | |
Other liabilities | (4,916) | (5,610) | |
Total fair value of VFA underlying items | 124,247 | 117,052 |
2025 | |||||
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 | 70,749 | \u2014 | 70,749 |
Loans i | \u2014 | 4,011 | \u2014 | 4,011 | |
Debt securities | 31 | \u2014 | 66,908 | \u2014 | 66,908 |
Derivative assets | 31 | \u2014 | 1,258 | \u2014 | 1,258 |
Deposits | 32 | \u2014 | \u2014 | 17,648 | 17,648 |
Accrued investment income and other debtors | 19 | \u2014 | \u2014 | 3,268 | 3,268 |
Cash and cash equivalents | 20 | \u2014 | \u2014 | 4,904 | 4,904 |
Total financial assets | \u2014 | 142,926 | 25,820 | 168,746 |
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 |
Loans i | \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 |
2025 | |||||
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 | 11,507 | \u2014 | \u2014 | 11,507 |
Third party interest in consolidated funds | 31 | 10,346 | \u2014 | \u2014 | 10,346 |
Subordinated liabilities and other borrowings | 26 | \u2014 | \u2014 | 6,519 | 6,519 |
Derivative liabilities | 31 | \u2014 | 2,471 | \u2014 | 2,471 |
Other financial liabilities | \u2014 | \u2014 | 1,101 | 1,101 | |
Accruals, deferred income and other liabilities | 218 | \u2014 | 4,326 | 4,544 | |
Total financial liabilities | 22,071 | 2,471 | 11,946 | 36,488 |
2024 | |||||
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 | 12,144 | \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 |
2025 | 2024 | ||
With-Profits Fund | With-Profits Fund | ||
As at 31 December | \u00a3m | \u00a3m | |
Investment properties | 4,793 | 4,979 | |
Equity securities and pooled investment funds | 86,264 | 81,194 | |
Loans | 419 | 456 | |
Debt securities | 41,420 | 41,437 | |
Derivative assets | 874 | 603 | |
Derivative liabilities | (684) | (1,272) | |
Cash, cash equivalents and other receivables | 1,854 | 1,488 | |
Total assets | 134,940 | 128,885 | |
Non-profit business in the With-Profits Fund | (5,777) | (6,223) | |
Other liabilities | (4,916) | (5,610) | |
Total fair value of VFA underlying items | 124,247 | 117,052 |
2025 | |||||
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 | 70,749 | \u2014 | 70,749 |
Loans i | \u2014 | 4,011 | \u2014 | 4,011 | |
Debt securities | 31 | \u2014 | 66,908 | \u2014 | 66,908 |
Derivative assets | 31 | \u2014 | 1,258 | \u2014 | 1,258 |
Deposits | 32 | \u2014 | \u2014 | 17,648 | 17,648 |
Accrued investment income and other debtors | 19 | \u2014 | \u2014 | 3,268 | 3,268 |
Cash and cash equivalents | 20 | \u2014 | \u2014 | 4,904 | 4,904 |
Total financial assets | \u2014 | 142,926 | 25,820 | 168,746 |
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 |
Loans i | \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 |
2025 | |||||
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 | 11,507 | \u2014 | \u2014 | 11,507 |
Third party interest in consolidated funds | 31 | 10,346 | \u2014 | \u2014 | 10,346 |
Subordinated liabilities and other borrowings | 26 | \u2014 | \u2014 | 6,519 | 6,519 |
Derivative liabilities | 31 | \u2014 | 2,471 | \u2014 | 2,471 |
Other financial liabilities | \u2014 | \u2014 | 1,101 | 1,101 | |
Accruals, deferred income and other liabilities | 218 | \u2014 | 4,326 | 4,544 | |
Total financial liabilities | 22,071 | 2,471 | 11,946 | 36,488 |
2024 | |||||
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 | 12,144 | \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 |
2025 | 2024 | ||
With-Profits Fund | With-Profits Fund | ||
As at 31 December | \u00a3m | \u00a3m | |
Investment properties | 4,793 | 4,979 | |
Equity securities and pooled investment funds | 86,264 | 81,194 | |
Loans | 419 | 456 | |
Debt securities | 41,420 | 41,437 | |
Derivative assets | 874 | 603 | |
Derivative liabilities | (684) | (1,272) | |
Cash, cash equivalents and other receivables | 1,854 | 1,488 | |
Total assets | 134,940 | 128,885 | |
Non-profit business in the With-Profits Fund | (5,777) | (6,223) | |
Other liabilities | (4,916) | (5,610) | |
Total fair value of VFA underlying items | 124,247 | 117,052 |
2025 | |||||
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 | 70,749 | \u2014 | 70,749 |
Loans i | \u2014 | 4,011 | \u2014 | 4,011 | |
Debt securities | 31 | \u2014 | 66,908 | \u2014 | 66,908 |
Derivative assets | 31 | \u2014 | 1,258 | \u2014 | 1,258 |
Deposits | 32 | \u2014 | \u2014 | 17,648 | 17,648 |
Accrued investment income and other debtors | 19 | \u2014 | \u2014 | 3,268 | 3,268 |
Cash and cash equivalents | 20 | \u2014 | \u2014 | 4,904 | 4,904 |
Total financial assets | \u2014 | 142,926 | 25,820 | 168,746 |
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 |
Loans i | \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 |
2025 | |||||
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 | 11,507 | \u2014 | \u2014 | 11,507 |
Third party interest in consolidated funds | 31 | 10,346 | \u2014 | \u2014 | 10,346 |
Subordinated liabilities and other borrowings | 26 | \u2014 | \u2014 | 6,519 | 6,519 |
Derivative liabilities | 31 | \u2014 | 2,471 | \u2014 | 2,471 |
Other financial liabilities | \u2014 | \u2014 | 1,101 | 1,101 | |
Accruals, deferred income and other liabilities | 218 | \u2014 | 4,326 | 4,544 | |
Total financial liabilities | 22,071 | 2,471 | 11,946 | 36,488 |
2024 | |||||
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 | 12,144 | \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 |
2025 | 2024 | ||
With-Profits Fund | With-Profits Fund | ||
As at 31 December | \u00a3m | \u00a3m | |
Investment properties | 4,793 | 4,979 | |
Equity securities and pooled investment funds | 86,264 | 81,194 | |
Loans | 419 | 456 | |
Debt securities | 41,420 | 41,437 | |
Derivative assets | 874 | 603 | |
Derivative liabilities | (684) | (1,272) | |
Cash, cash equivalents and other receivables | 1,854 | 1,488 | |
Total assets | 134,940 | 128,885 | |
Non-profit business in the With-Profits Fund | (5,777) | (6,223) | |
Other liabilities | (4,916) | (5,610) | |
Total fair value of VFA underlying items | 124,247 | 117,052 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Interest receivable | 909 | 907 |
Other accrued investment income and prepayments | 336 | 314 |
Total interest receivable, accrued investment income and prepayments | 1,245 | 1,221 |
Other debtors: | ||
Outstanding sales of investment securities | 635 | 117 |
Investment management fee debtors | 142 | 124 |
Property related debtors | 366 | 283 |
Cancellation of units awaiting settlement | 17 | 18 |
Finance leases | 426 | 183 |
Other | 477 | 560 |
Total accrued investment income and other debtors | 3,308 | 2,506 |
Analysed as: | ||
Expected to be settled within one year | 2,526 | 1,973 |
Expected to be settled after one year | 782 | 533 |
Total accrued investment income and other debtors | 3,308 | 2,506 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Less than 1 year | 14 | 8 |
After 1 year to 2 years | 15 | 15 |
After 2 years to 3 years | 15 | 14 |
After 3 years to 4 years | 16 | 15 |
After 4 years to 5 years | 18 | 15 |
Over 5 years | 699 | 475 |
777 | 542 | |
Unearned finance income | (351) | (359) |
Net investment in finance leases | 426 | 183 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Interest receivable | 909 | 907 |
Other accrued investment income and prepayments | 336 | 314 |
Total interest receivable, accrued investment income and prepayments | 1,245 | 1,221 |
Other debtors: | ||
Outstanding sales of investment securities | 635 | 117 |
Investment management fee debtors | 142 | 124 |
Property related debtors | 366 | 283 |
Cancellation of units awaiting settlement | 17 | 18 |
Finance leases | 426 | 183 |
Other | 477 | 560 |
Total accrued investment income and other debtors | 3,308 | 2,506 |
Analysed as: | ||
Expected to be settled within one year | 2,526 | 1,973 |
Expected to be settled after one year | 782 | 533 |
Total accrued investment income and other debtors | 3,308 | 2,506 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Less than 1 year | 14 | 8 |
After 1 year to 2 years | 15 | 15 |
After 2 years to 3 years | 15 | 14 |
After 3 years to 4 years | 16 | 15 |
After 4 years to 5 years | 18 | 15 |
Over 5 years | 699 | 475 |
777 | 542 | |
Unearned finance income | (351) | (359) |
Net investment in finance leases | 426 | 183 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Cash | 3,088 | 3,220 |
Cash equivalents | 1,816 | 1,618 |
Total cash and cash equivalents | 4,904 | 4,838 |
2025 | 2024 | ||||||
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 | 2,407,168,284 | 120 | 383 | 2,382,058,117 | 119 | 379 | |
Shares issued to settle employee share option schemes | 5,355,726 | 1 | 8 | 3,110,167 | \u2014 | 4 | |
Shares issued to employee benefit trusts | \u2014 | \u2014 | \u2014 | 22,000,000 | 1 | \u2014 | |
At 31 December | 2,412,524,010 | 121 | 391 | 2,407,168,284 | 120 | 383 |
2025 | 2024 | |
For the year ended 31 December | Number of shares | Number of shares |
At 1 January | 36,597,947 | 21,496,591 |
Shares acquired and transferred from treasury shares during the period | 22,806,664 | 15,281,422 |
Newly issued shares acquired | \u2014 | 22,000,000 |
Shares awarded during the period | (31,760,527) | (22,180,066) |
At 31 December | 27,644,084 | 36,597,947 |
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 2025 | 95 | (11,732) | (16) | 11 | (11,642) |
Exchange movements arising on foreign operations | \u2014 | \u2014 | 14 | \u2014 | 14 |
Total items recognised in comprehensive income | \u2014 | \u2014 | 14 | \u2014 | 14 |
Exercised employee share-based payments | (34) | \u2014 | \u2014 | \u2014 | (34) |
Expense recognised in respect of share- based payments | 47 | \u2014 | \u2014 | \u2014 | 47 |
Tax effect of items recognised directly in equity | 7 | \u2014 | \u2014 | \u2014 | 7 |
Net increase in equity | 20 | \u2014 | 14 | \u2014 | 34 |
As at 31 December 2025 | 115 | (11,732) | (2) | 11 | (11,608) |
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) |
Exercised 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) |
2025 | 2024 | ||||||
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 | 2,407,168,284 | 120 | 383 | 2,382,058,117 | 119 | 379 | |
Shares issued to settle employee share option schemes | 5,355,726 | 1 | 8 | 3,110,167 | \u2014 | 4 | |
Shares issued to employee benefit trusts | \u2014 | \u2014 | \u2014 | 22,000,000 | 1 | \u2014 | |
At 31 December | 2,412,524,010 | 121 | 391 | 2,407,168,284 | 120 | 383 |
2025 | 2024 | |
For the year ended 31 December | Number of shares | Number of shares |
At 1 January | 36,597,947 | 21,496,591 |
Shares acquired and transferred from treasury shares during the period | 22,806,664 | 15,281,422 |
Newly issued shares acquired | \u2014 | 22,000,000 |
Shares awarded during the period | (31,760,527) | (22,180,066) |
At 31 December | 27,644,084 | 36,597,947 |
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 2025 | 95 | (11,732) | (16) | 11 | (11,642) |
Exchange movements arising on foreign operations | \u2014 | \u2014 | 14 | \u2014 | 14 |
Total items recognised in comprehensive income | \u2014 | \u2014 | 14 | \u2014 | 14 |
Exercised employee share-based payments | (34) | \u2014 | \u2014 | \u2014 | (34) |
Expense recognised in respect of share- based payments | 47 | \u2014 | \u2014 | \u2014 | 47 |
Tax effect of items recognised directly in equity | 7 | \u2014 | \u2014 | \u2014 | 7 |
Net increase in equity | 20 | \u2014 | 14 | \u2014 | 34 |
As at 31 December 2025 | 115 | (11,732) | (2) | 11 | (11,608) |
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) |
Exercised 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) |
2025 | ||||
Shareholder-backed funds | ||||
With-profits i | Unit-linked business | Annuity and other long-term business | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Insurance contract liabilities | ||||
Insurance contract liabilities | 28,209 | 4,257 | 14,653 | 47,119 |
Investment contracts with DPF liabilities | 100,207 | \u2014 | 219 | 100,426 |
128,416 | 4,257 | 14,872 | 147,545 | |
Insurance contract assets | ||||
Insurance contract assets | \u2014 | \u2014 | 49 | 49 |
\u2014 | \u2014 | 49 | 49 | |
Reinsurance contracts | ||||
Reinsurance contract assets | 19 | 3 | 1,045 | 1,067 |
Reinsurance contract liabilities | 1 | 22 | 237 | 260 |
2024 | ||||
Shareholder-backed funds | ||||
With-profits i | Unit-linked business | 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 |
1 year | 5 years | 10 years | 15 years | 20 years | 25 years | 30 years | |
With-profits contracts | 3.91% | 4.03% | 4.41% | 4.73% | 4.90% | 4.97% | 4.96% |
Unit-linked contracts | 3.54% | 3.67% | 4.04% | 4.36% | 4.54% | 4.60% | 4.59% |
Non-profit annuities \u2013 shareholder-backed | 4.87% | 5.00% | 5.38% | 5.69% | 5.87% | 5.94% | 5.92% |
Non-profit annuities \u2013 in the With-Profits Fund | 5.00% | 5.12% | 5.50% | 5.82% | 5.99% | 6.06% | 6.05% |
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% |
Shareholder-backed annuities | Annuities in the With-Profits Fund | |
Credit risk allowance | 54 bps | 62 bps |
Credit risk allowance as proportion of spread over swaps | 28.17% | 26.92% |
Net of reinsurance credit reserve (\u00a3m) | 511 | 150 |
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 |
31 December 2025 | 31 December 2024 | |
With-profits contracts | 0% - 30% | 0% - 30% |
Unit-linked contractsi | 2.5% - 9.5% | 2.5% - 9.5% |
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 2025 | 31 December 2024 | |
\u00a3 pa | \u00a3 pa | |
With-profits contracts | 7 - 265 | 8 - 199 |
Unit-linked contracts i,ii | 64 - 186 | 70 - 170 |
Non-profit annuities \u2013 shareholder-backed | 35 - 74 | 36 - 68 |
Non-profit annuities \u2013 in the With-Profits Fund | 35 | 37 |
As at 31 December | ||
2025 | 2024 | |
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 2025 | CMI 2023 | For males: 1.60% pa For females: 1.60% pa | For males: 7.25 For females: 7.25 |
31 December 2024 | CMI 2022 | For males: 1.60% pa For females: 1.60% pa | For males: 7.25 For females: 7.25 |
Total insurance contracts | 2025 | 2024 | |||||||
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 | 140,213 | 107 | 944 | 141,264 | 141,007 | 80 | 1,048 | 142,135 | |
Opening insurance contract assets | (46) | \u2014 | 7 | (39) | (50) | \u2014 | 6 | (44) | |
Net opening balance | 140,167 | 107 | 951 | 141,225 | 140,957 | 80 | 1,054 | 142,091 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | (1,442) | \u2014 | \u2014 | (1,442) | (692) | \u2014 | \u2014 | (692) | |
Contracts under the fair value transition approach | (2,649) | \u2014 | \u2014 | (2,649) | (3,216) | \u2014 | \u2014 | (3,216) | |
New contracts and contracts under the fully retrospective transition approach | (334) | \u2014 | \u2014 | (334) | (187) | \u2014 | \u2014 | (187) | |
(4,425) | \u2014 | \u2014 | (4,425) | (4,095) | \u2014 | \u2014 | (4,095) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | (6) | 2,817 | 2,811 | \u2014 | (5) | 2,862 | 2,857 | |
Amortisation of insurance acquisition cash flows | 88 | \u2014 | \u2014 | 88 | 73 | \u2014 | \u2014 | 73 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | 4 | 4 | \u2014 | \u2014 | 3 | 3 | |
Losses and reversals of losses on onerous contracts | \u2014 | 32 | \u2014 | 32 | \u2014 | 38 | \u2014 | 38 | |
88 | 26 | 2,821 | 2,935 | 73 | 33 | 2,865 | 2,971 | ||
Insurance service result | (4,337) | 26 | 2,821 | (1,490) | (4,022) | 33 | 2,865 | (1,124) | |
Finance expense/(income) from insurance contracts issued | 13,904 | (4) | \u2014 | 13,900 | 8,432 | (6) | \u2014 | 8,426 | |
Total changes in income statement | 9,567 | 22 | 2,821 | 12,410 | 4,410 | 27 | 2,865 | 7,302 | |
Investment components and premium refunds | (11,554) | \u2014 | 11,554 | \u2014 | (12,023) | \u2014 | 12,023 | \u2014 | |
Cash flows | |||||||||
Premiums received | 8,321 | \u2014 | \u2014 | 8,321 | 6,988 | \u2014 | \u2014 | 6,988 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (14,255) | (14,255) | \u2014 | \u2014 | (14,991) | (14,991) | |
Insurance acquisition cash flows | (205) | \u2014 | \u2014 | (205) | (165) | \u2014 | \u2014 | (165) | |
Total cash flows | 8,116 | \u2014 | (14,255) | (6,139) | 6,823 | \u2014 | (14,991) | (8,168) | |
Net closing balance | 146,296 | 129 | 1,071 | 147,496 | 140,167 | 107 | 951 | 141,225 | |
Closing insurance contract liabilities | 146,352 | 129 | 1,064 | 147,545 | 140,213 | 107 | 944 | 141,264 | |
Closing insurance contract assets | (56) | \u2014 | 7 | (49) | (46) | \u2014 | 7 | (39) | |
Net closing balance | 146,296 | 129 | 1,071 | 147,496 | 140,167 | 107 | 951 | 141,225 |
Total insurance contracts | 2025 | ||||||
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 | 134,216 | 613 | 1,908 | 3,943 | 584 | 6,435 | 141,264 |
Opening insurance contract assets | (94) | 4 | \u2014 | 14 | 37 | 51 | (39) |
Net opening balance | 134,122 | 617 | 1,908 | 3,957 | 621 | 6,486 | 141,225 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (242) | (503) | (85) | (830) | (830) |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | (58) | \u2014 | \u2014 | \u2014 | \u2014 | (58) |
Revenue recognised for incurred policyholder tax | (621) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (621) |
Experience adjustments | (16) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (16) |
(637) | (58) | (242) | (503) | (85) | (830) | (1,525) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (224) | 50 | \u2014 | \u2014 | 174 | 174 | \u2014 |
Changes in estimates reflected in the CSM | (867) | (145) | 221 | 734 | 57 | 1,012 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | 32 | (1) | \u2014 | \u2014 | \u2014 | \u2014 | 31 |
(1,059) | (96) | 221 | 734 | 231 | 1,186 | 31 | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 | |
Insurance service result | (1,692) | (154) | (21) | 231 | 146 | 356 | (1,490) |
Finance expense/(income) from insurance contracts issued | 13,498 | 107 | 108 | 137 | 50 | 295 | 13,900 |
Total changes in income statement | 11,806 | (47) | 87 | 368 | 196 | 651 | 12,410 |
Cash flows | |||||||
Premiums received | 8,321 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 8,321 |
Incurred claims paid and other insurance service expenses paid including investment component | (14,255) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (14,255) |
Insurance acquisition cash flows | (205) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (205) |
Total cash flows | (6,139) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (6,139) |
Net closing balance | 139,789 | 570 | 1,995 | 4,325 | 817 | 7,137 | 147,496 |
Closing insurance contract liabilities | 139,900 | 565 | 1,995 | 4,311 | 774 | 7,080 | 147,545 |
Closing insurance contract assets | (111) | 5 | \u2014 | 14 | 43 | 57 | (49) |
Net closing balance | 139,789 | 570 | 1,995 | 4,325 | 817 | 7,137 | 147,496 |
Total insurance contracts | 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 |
Reinsurance contracts | 2025 | 2024 | |||||||
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 | 290 | \u2014 | (10) | 280 | 369 | \u2014 | (12) | 357 | |
Opening reinsurance contract assets | (922) | (60) | (61) | (1,043) | (999) | (41) | (59) | (1,099) | |
Net opening balance | (632) | (60) | (71) | (763) | (630) | (41) | (71) | (742) | |
Net expenses from reinsurance contracts held | |||||||||
Allocation of reinsurance premiums paid | 514 | \u2014 | \u2014 | 514 | 516 | \u2014 | \u2014 | 516 | |
Amounts recoverable from reinsurers: | |||||||||
Recoveries of incurred claims and other insurance service expenses | \u2014 | \u2014 | (466) | (466) | \u2014 | \u2014 | (466) | (466) | |
Recoveries and reversals of recoveries of losses on onerous underlying contracts | \u2014 | (19) | \u2014 | (19) | \u2014 | (19) | \u2014 | (19) | |
Adjustments to assets for incurred claims | \u2014 | \u2014 | (5) | (5) | \u2014 | \u2014 | (3) | (3) | |
\u2014 | (19) | (471) | (490) | \u2014 | (19) | (469) | (488) | ||
Effect of changes in the risk of reinsurers non-performance | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
514 | (19) | (471) | 24 | 516 | (19) | (469) | 28 | ||
Finance expenses/(income) from reinsurance contracts held | (54) | \u2014 | \u2014 | (54) | 10 | \u2014 | \u2014 | 10 | |
Total changes in income statement | 460 | (19) | (471) | (30) | 526 | (19) | (469) | 38 | |
Cash flows | |||||||||
Premiums and similar expenses paid | (494) | \u2014 | \u2014 | (494) | (528) | \u2014 | \u2014 | (528) | |
Amounts recovered | \u2014 | \u2014 | 480 | 480 | \u2014 | \u2014 | 469 | 469 | |
Total cash flows | (494) | \u2014 | 480 | (14) | (528) | \u2014 | 469 | (59) | |
Net closing balance | (666) | (79) | (62) | (807) | (632) | (60) | (71) | (763) | |
Closing reinsurance contract liabilities | 263 | \u2014 | (3) | 260 | 290 | \u2014 | (10) | 280 | |
Closing reinsurance contract assets | (929) | (79) | (59) | (1,067) | (922) | (60) | (61) | (1,043) | |
Net closing balance | (666) | (79) | (62) | (807) | (632) | (60) | (71) | (763) |
Reinsurance contracts | 2025 | ||||||
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 | 621 | (94) | \u2014 | (232) | (15) | (247) | 280 |
Opening reinsurance contract assets | (793) | (44) | (5) | (14) | (187) | (206) | (1,043) |
Net opening balance | (172) | (138) | (5) | (246) | (202) | (453) | (763) |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services received | \u2014 | \u2014 | 1 | 30 | 9 | 40 | 40 |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | 11 | \u2014 | \u2014 | \u2014 | \u2014 | 11 |
Experience adjustments | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 |
2 | 11 | 1 | 30 | 9 | 40 | 53 | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | 14 | (18) | \u2014 | \u2014 | 4 | 4 | \u2014 |
Changes in estimates reflected in the CSM | 95 | 32 | \u2014 | (92) | (35) | (127) | \u2014 |
Changes in the fulfilment cash flows that do not adjust the CSM for the group of underlying contracts | (24) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (24) |
85 | 14 | \u2014 | (92) | (31) | (123) | (24) | |
Changes that relate to past services | |||||||
Asset for incurred claims | (5) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (5) |
(5) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (5) | |
Insurance service result | 82 | 25 | 1 | (62) | (22) | (83) | 24 |
Net finance income from reinsurance contracts | (25) | (17) | \u2014 | (7) | (5) | (12) | (54) |
Total changes in the income statement | 57 | 8 | 1 | (69) | (27) | (95) | (30) |
Cash flows | |||||||
Premiums and similar expenses paid | (494) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (494) |
Amounts recovered | 480 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 480 |
Total cash flows | (14) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (14) |
Net closing balance | (129) | (130) | (4) | (315) | (229) | (548) | (807) |
Closing reinsurance contract liabilities | 673 | (100) | \u2014 | (298) | (15) | (313) | 260 |
Closing reinsurance contract assets | (802) | (30) | (4) | (17) | (214) | (235) | (1,067) |
Net closing balance | (129) | (130) | (4) | (315) | (229) | (548) | (807) |
Reinsurance contracts | 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) |
With-profits business | 2025 | 2024 | |||||||
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 | 122,859 | 9 | 376 | 123,244 | 123,197 | 11 | 388 | 123,596 | |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net opening balance | 122,859 | 9 | 376 | 123,244 | 123,197 | 11 | 388 | 123,596 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | (1,436) | \u2014 | \u2014 | (1,436) | (686) | \u2014 | \u2014 | (686) | |
Contracts under the fair value transition approach | (1,281) | \u2014 | \u2014 | (1,281) | (1,866) | \u2014 | \u2014 | (1,866) | |
New contracts and contracts under the fully retrospective transition approach | (154) | \u2014 | \u2014 | (154) | (63) | \u2014 | \u2014 | (63) | |
(2,871) | \u2014 | \u2014 | (2,871) | (2,615) | \u2014 | \u2014 | (2,615) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | (1) | 1,559 | 1,558 | \u2014 | (1) | 1,630 | 1,629 | |
Amortisation of insurance acquisition cash flows | 54 | \u2014 | \u2014 | 54 | 43 | \u2014 | \u2014 | 43 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Losses and reversals of losses on onerous contracts | \u2014 | (7) | \u2014 | (7) | \u2014 | (1) | \u2014 | (1) | |
54 | (8) | 1,559 | 1,605 | 43 | (2) | 1,630 | 1,671 | ||
Insurance service result | (2,817) | (8) | 1,559 | (1,266) | (2,572) | (2) | 1,630 | (944) | |
Finance expense/(income) from insurance contracts issued | 12,635 | \u2014 | \u2014 | 12,635 | 8,019 | \u2014 | \u2014 | 8,019 | |
Total changes in income statement | 9,818 | (8) | 1,559 | 11,369 | 5,447 | (2) | 1,630 | 7,075 | |
Investment components and premium refunds | (11,053) | \u2014 | 11,053 | \u2014 | (11,459) | \u2014 | 11,459 | \u2014 | |
Cash flows | |||||||||
Premiums received | 6,551 | \u2014 | \u2014 | 6,551 | 5,803 | \u2014 | \u2014 | 5,803 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (12,587) | (12,587) | \u2014 | \u2014 | (13,101) | (13,101) | |
Insurance acquisition cash flows | (161) | \u2014 | \u2014 | (161) | (129) | \u2014 | \u2014 | (129) | |
Total cash flows | 6,390 | \u2014 | (12,587) | (6,197) | 5,674 | \u2014 | (13,101) | (7,427) | |
Net closing balance | 128,014 | 1 | 401 | 128,416 | 122,859 | 9 | 376 | 123,244 | |
Closing insurance contract liabilities | 128,014 | 1 | 401 | 128,416 | 122,859 | 9 | 376 | 123,244 | |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net closing balance | 128,014 | 1 | 401 | 128,416 | 122,859 | 9 | 376 | 123,244 |
With-profits business | 2025 | ||||||
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 | 118,686 | 218 | 1,908 | 1,990 | 442 | 4,340 | 123,244 |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net opening balance | 118,686 | 218 | 1,908 | 1,990 | 442 | 4,340 | 123,244 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (242) | (317) | (67) | (626) | (626) |
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 | (610) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (610) |
Experience adjustments | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 |
(608) | (25) | (242) | (317) | (67) | (626) | (1,259) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (134) | 6 | \u2014 | \u2014 | 128 | 128 | \u2014 |
Changes in estimates reflected in the CSM | (663) | (51) | 221 | 429 | 64 | 714 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | (7) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (7) |
(804) | (45) | 221 | 429 | 192 | 842 | (7) | |
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 | (1,412) | (70) | (21) | 112 | 125 | 216 | (1,266) |
Finance expense/(income) from insurance contracts issued | 12,307 | 45 | 108 | 135 | 40 | 283 | 12,635 |
Total changes in income statement | 10,895 | (25) | 87 | 247 | 165 | 499 | 11,369 |
Cash flows | |||||||
Premiums received | 6,551 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6,551 |
Incurred claims paid and other insurance service expenses paid including investment component | (12,587) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (12,587) |
Insurance acquisition cash flows | (161) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (161) |
Total cash flows | (6,197) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (6,197) |
Net closing balance | 123,384 | 193 | 1,995 | 2,237 | 607 | 4,839 | 128,416 |
Closing insurance contract liabilities | 123,384 | 193 | 1,995 | 2,237 | 607 | 4,839 | 128,416 |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net closing balance | 123,384 | 193 | 1,995 | 2,237 | 607 | 4,839 | 128,416 |
With-profits business | 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 |
Unit-linked business | 2025 | 2024 | |||||||
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 | 3,694 | (1) | 415 | 4,108 | 3,909 | \u2014 | 495 | 4,404 | |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net opening balance | 3,694 | (1) | 415 | 4,108 | 3,909 | \u2014 | 495 | 4,404 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Contracts under the fair value transition approach | (58) | \u2014 | \u2014 | (58) | (49) | \u2014 | \u2014 | (49) | |
New contracts and contracts under the fully retrospective transition approach | \u2014 | \u2014 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | 1 | |
(58) | \u2014 | \u2014 | (58) | (48) | \u2014 | \u2014 | (48) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | \u2014 | 48 | 48 | \u2014 | \u2014 | 52 | 52 | |
Amortisation of insurance acquisition cash flows | \u2014 | \u2014 | \u2014 | \u2014 | (1) | \u2014 | \u2014 | (1) | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | (1) | (1) | \u2014 | \u2014 | \u2014 | \u2014 | |
Losses and reversals of losses on onerous contracts | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (1) | \u2014 | (1) | |
\u2014 | \u2014 | 47 | 47 | (1) | (1) | 52 | 50 | ||
Insurance service result | (58) | \u2014 | 47 | (11) | (49) | (1) | 52 | 2 | |
Finance expense/(income) from insurance contracts issued | 538 | \u2014 | \u2014 | 538 | 255 | \u2014 | \u2014 | 255 | |
Total changes in income statement | 480 | \u2014 | 47 | 527 | 206 | (1) | 52 | 257 | |
Investment components and premium refunds | (437) | \u2014 | 437 | \u2014 | (489) | \u2014 | 489 | \u2014 | |
Cash flows | |||||||||
Premiums received | 21 | \u2014 | \u2014 | 21 | 68 | \u2014 | \u2014 | 68 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (399) | (399) | \u2014 | \u2014 | (621) | (621) | |
Insurance acquisition cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Total cash flows | 21 | \u2014 | (399) | (378) | 68 | \u2014 | (621) | (553) | |
Net closing balance | 3,758 | (1) | 500 | 4,257 | 3,694 | (1) | 415 | 4,108 | |
Closing insurance contract liabilities | 3,758 | (1) | 500 | 4,257 | 3,694 | (1) | 415 | 4,108 | |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net closing balance | 3,758 | (1) | 500 | 4,257 | 3,694 | (1) | 415 | 4,108 |
Unit-linked business | 2025 | ||||||
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 | 4,049 | 12 | \u2014 | 47 | \u2014 | 47 | 4,108 |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net opening balance | 4,049 | 12 | \u2014 | 47 | \u2014 | 47 | 4,108 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | \u2014 | (14) | \u2014 | (14) | (14) |
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 | (11) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (11) |
Experience adjustments | 17 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 17 |
6 | (1) | \u2014 | (14) | \u2014 | (14) | (9) | |
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 | (29) | \u2014 | \u2014 | 29 | \u2014 | 29 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
(29) | \u2014 | \u2014 | 29 | \u2014 | 29 | \u2014 | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | (2) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (2) |
(2) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (2) | |
Insurance service result | (25) | (1) | \u2014 | 15 | \u2014 | 15 | (11) |
Finance expense/(income) from insurance contracts issued | 535 | \u2014 | \u2014 | 3 | \u2014 | 3 | 538 |
Total changes in income statement | 510 | (1) | \u2014 | 18 | \u2014 | 18 | 527 |
Cash flows | |||||||
Premiums received | 21 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 21 |
Incurred claims paid and other insurance service expenses paid including investment component | (399) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (399) |
Insurance acquisition cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Total cash flows | (378) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (378) |
Net closing balance | 4,181 | 11 | \u2014 | 65 | \u2014 | 65 | 4,257 |
Closing insurance contract liabilities | 4,181 | 11 | \u2014 | 65 | \u2014 | 65 | 4,257 |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net closing balance | 4,181 | 11 | \u2014 | 65 | \u2014 | 65 | 4,257 |
Unit-linked business | 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 |
Annuity and other long-term business | 2025 | 2024 | |||||||
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 | 13,660 | 99 | 153 | 13,912 | 13,901 | 69 | 165 | 14,135 | |
Opening insurance contract assets | (46) | \u2014 | 7 | (39) | (50) | \u2014 | 6 | (44) | |
Net opening balance | 13,614 | 99 | 160 | 13,873 | 13,851 | 69 | 171 | 14,091 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | (6) | \u2014 | \u2014 | (6) | (6) | \u2014 | \u2014 | (6) | |
Contracts under the fair value transition approach | (1,310) | \u2014 | \u2014 | (1,310) | (1,301) | \u2014 | \u2014 | (1,301) | |
New contracts and contracts under the fully retrospective transition approach | (180) | \u2014 | \u2014 | (180) | (125) | \u2014 | \u2014 | (125) | |
(1,496) | \u2014 | \u2014 | (1,496) | (1,432) | \u2014 | \u2014 | (1,432) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | (5) | 1,210 | 1,205 | \u2014 | (4) | 1,180 | 1,176 | |
Amortisation of insurance acquisition cash flows | 34 | \u2014 | \u2014 | 34 | 31 | \u2014 | \u2014 | 31 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | 5 | 5 | \u2014 | \u2014 | 3 | 3 | |
Losses and reversals of losses on onerous contracts | \u2014 | 39 | \u2014 | 39 | \u2014 | 40 | \u2014 | 40 | |
34 | 34 | 1,215 | 1,283 | 31 | 36 | 1,183 | 1,250 | ||
Insurance service result | (1,462) | 34 | 1,215 | (213) | (1,401) | 36 | 1,183 | (182) | |
Finance expense/(income) from insurance contracts issued | 731 | (4) | \u2014 | 727 | 158 | (6) | \u2014 | 152 | |
Total changes in income statement | (731) | 30 | 1,215 | 514 | (1,243) | 30 | 1,183 | (30) | |
Investment components and premium refunds | (64) | \u2014 | 64 | \u2014 | (75) | \u2014 | 75 | \u2014 | |
Cash flows | |||||||||
Premiums received | 1,749 | \u2014 | \u2014 | 1,749 | 1,117 | \u2014 | \u2014 | 1,117 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (1,269) | (1,269) | \u2014 | \u2014 | (1,269) | (1,269) | |
Insurance acquisition cash flows | (44) | \u2014 | \u2014 | (44) | (36) | \u2014 | \u2014 | (36) | |
Total cash flows | 1,705 | \u2014 | (1,269) | 436 | 1,081 | \u2014 | (1,269) | (188) | |
Net closing balance | 14,524 | 129 | 170 | 14,823 | 13,614 | 99 | 160 | 13,873 | |
Closing insurance contract liabilities | 14,580 | 129 | 163 | 14,872 | 13,660 | 99 | 153 | 13,912 | |
Closing insurance contract assets | (56) | \u2014 | 7 | (49) | (46) | \u2014 | 7 | (39) | |
Net closing balance | 14,524 | 129 | 170 | 14,823 | 13,614 | 99 | 160 | 13,873 |
Annuity and other long-term business | 2025 | ||||||
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 | 11,481 | 383 | \u2014 | 1,906 | 142 | 2,048 | 13,912 |
Opening insurance contract assets | (94) | 4 | \u2014 | 14 | 37 | 51 | (39) |
Net opening balance | 11,387 | 387 | \u2014 | 1,920 | 179 | 2,099 | 13,873 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | \u2014 | (172) | (18) | (190) | (190) |
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 | (172) | (18) | (190) | (257) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (90) | 44 | \u2014 | \u2014 | 46 | 46 | \u2014 |
Changes in estimates reflected in the CSM | (175) | (94) | \u2014 | 276 | (7) | 269 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | 39 | (1) | \u2014 | \u2014 | \u2014 | \u2014 | 38 |
(226) | (51) | \u2014 | 276 | 39 | 315 | 38 | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6 |
6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6 | |
Insurance service result | (255) | (83) | \u2014 | 104 | 21 | 125 | (213) |
Finance expense/(income) from insurance contracts issued | 656 | 62 | \u2014 | (1) | 10 | 9 | 727 |
Total changes in income statement | 401 | (21) | \u2014 | 103 | 31 | 134 | 514 |
Cash flows | |||||||
Premiums received | 1,749 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,749 |
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 | (44) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (44) |
Total cash flows | 436 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 436 |
Net closing balance | 12,224 | 366 | \u2014 | 2,023 | 210 | 2,233 | 14,823 |
Closing insurance contract liabilities | 12,335 | 361 | \u2014 | 2,009 | 167 | 2,176 | 14,872 |
Closing insurance contract assets | (111) | 5 | \u2014 | 14 | 43 | 57 | (49) |
Net closing balance | 12,224 | 366 | \u2014 | 2,023 | 210 | 2,233 | 14,823 |
Annuity and other long-term business | 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 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Insurance contract assets | 56 | 46 |
Insurance contract liabilities | (41,347) | (40,986) |
Investment contracts with DPF liabilities | (90,192) | (85,132) |
Reinsurance contract assets | 1,005 | 1,008 |
Reinsurance contract liabilities | (295) | (312) |
2025 | 2024 | ||
Profitable contracts issued | Profitable contracts issued | ||
For the year ended 31 December | \u00a3m | \u00a3m | |
With-profits: | |||
Contracts initially recognised in current year | |||
Claims and other insurance service expenses payable | 5,825 | 4,896 | |
Insurance acquisition cash flows | 132 | 129 | |
Estimates of the present value of future cash outflows | 5,957 | 5,025 | |
Estimates of the present value of future cash inflows | (6,091) | (5,121) | |
Risk adjustment for non-financial risk | 6 | 4 | |
CSM | 128 | 92 | |
Losses recognised on initial recognition | \u2014 | \u2014 | |
Unit-linked liabilities: | |||
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 | 1,491 | 888 | |
Insurance acquisition cash flows | 36 | 14 | |
Estimates of the present value of future cash outflows | 1,527 | 902 | |
Estimates of the present value of future cash inflows | (1,617) | (992) | |
Risk adjustment for non-financial risk | 44 | 27 | |
CSM | 46 | 63 | |
Losses recognised on initial recognition | \u2014 | \u2014 | |
Total: | |||
Contracts initially recognised in current year | |||
Claims and other insurance service expenses payable | 7,316 | 5,784 | |
Insurance acquisition cash flows | 168 | 143 | |
Estimates of the present value of future cash outflows | 7,484 | 5,927 | |
Estimates of the present value of future cash inflows | (7,708) | (6,113) | |
Risk adjustment for non-financial risk | 50 | 31 | |
CSM | 174 | 155 | |
Losses recognised on initial recognition | \u2014 | \u2014 |
2025 | 2024 | ||||||||
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 | 575 | 10 | 149 | 734 | 502 | 7 | 133 | 642 | |
1 to 2 years | 509 | 8 | 144 | 661 | 441 | 6 | 129 | 576 | |
2 to 3 years | 458 | 7 | 138 | 603 | 398 | 5 | 125 | 528 | |
3 to 4 years | 409 | 6 | 133 | 548 | 357 | 5 | 120 | 482 | |
4 to 5 years | 364 | 5 | 127 | 496 | 319 | 4 | 116 | 439 | |
5 to 10 years | 1,273 | 17 | 547 | 1,837 | 1,135 | 12 | 505 | 1,652 | |
10 to 15 years | 648 | 7 | 396 | 1,051 | 602 | 5 | 377 | 984 | |
15 to 20 years | 310 | 3 | 256 | 569 | 300 | 2 | 252 | 554 | |
20 to 25 years | 149 | 1 | 152 | 302 | 146 | 1 | 152 | 299 | |
Over 25 years | 144 | 1 | 191 | 336 | 140 | \u2014 | 190 | 330 | |
Total | 4,839 | 65 | 2,233 | 7,137 | 4,340 | 47 | 2,099 | 6,486 |
2025 | 2024 | ||
Reinsurance contracts held | Reinsurance contracts held | ||
As at 31 December | \u00a3m | \u00a3m | |
Number of years until expected to be recognised: | |||
0 to 1 year | (33) | (25) | |
1 to 2 years | (31) | (24) | |
2 to 3 years | (31) | (23) | |
3 to 4 years | (30) | (23) | |
4 to 5 years | (28) | (22) | |
5 to 10 years | (124) | (100) | |
10 to 15 years | (93) | (79) | |
15 to 20 years | (65) | (57) | |
20 to 25 years | (43) | (38) | |
Over 25 years | (70) | (62) | |
Total | (548) | (453) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
As at 1 January | 12,144 | 12,535 |
Premiums | 576 | 382 |
Surrenders | (2,153) | (1,144) |
Maturities/deaths | (98) | (138) |
Total net flows | (1,675) | (900) |
Switches | 28 | 11 |
Investment-related items and other movements i | 953 | 519 |
Foreign exchange differences | 57 | (21) |
As at 31 December | 11,507 | 12,144 |
2025 | ||||
Shareholder-backed funds | ||||
With-profits i | Unit-linked business | Annuity and other long-term business | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Insurance contract liabilities | ||||
Insurance contract liabilities | 28,209 | 4,257 | 14,653 | 47,119 |
Investment contracts with DPF liabilities | 100,207 | \u2014 | 219 | 100,426 |
128,416 | 4,257 | 14,872 | 147,545 | |
Insurance contract assets | ||||
Insurance contract assets | \u2014 | \u2014 | 49 | 49 |
\u2014 | \u2014 | 49 | 49 | |
Reinsurance contracts | ||||
Reinsurance contract assets | 19 | 3 | 1,045 | 1,067 |
Reinsurance contract liabilities | 1 | 22 | 237 | 260 |
2024 | ||||
Shareholder-backed funds | ||||
With-profits i | Unit-linked business | 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 |
1 year | 5 years | 10 years | 15 years | 20 years | 25 years | 30 years | |
With-profits contracts | 3.91% | 4.03% | 4.41% | 4.73% | 4.90% | 4.97% | 4.96% |
Unit-linked contracts | 3.54% | 3.67% | 4.04% | 4.36% | 4.54% | 4.60% | 4.59% |
Non-profit annuities \u2013 shareholder-backed | 4.87% | 5.00% | 5.38% | 5.69% | 5.87% | 5.94% | 5.92% |
Non-profit annuities \u2013 in the With-Profits Fund | 5.00% | 5.12% | 5.50% | 5.82% | 5.99% | 6.06% | 6.05% |
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% |
Shareholder-backed annuities | Annuities in the With-Profits Fund | |
Credit risk allowance | 54 bps | 62 bps |
Credit risk allowance as proportion of spread over swaps | 28.17% | 26.92% |
Net of reinsurance credit reserve (\u00a3m) | 511 | 150 |
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 |
31 December 2025 | 31 December 2024 | |
With-profits contracts | 0% - 30% | 0% - 30% |
Unit-linked contractsi | 2.5% - 9.5% | 2.5% - 9.5% |
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 2025 | 31 December 2024 | |
\u00a3 pa | \u00a3 pa | |
With-profits contracts | 7 - 265 | 8 - 199 |
Unit-linked contracts i,ii | 64 - 186 | 70 - 170 |
Non-profit annuities \u2013 shareholder-backed | 35 - 74 | 36 - 68 |
Non-profit annuities \u2013 in the With-Profits Fund | 35 | 37 |
As at 31 December | ||
2025 | 2024 | |
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 2025 | CMI 2023 | For males: 1.60% pa For females: 1.60% pa | For males: 7.25 For females: 7.25 |
31 December 2024 | CMI 2022 | For males: 1.60% pa For females: 1.60% pa | For males: 7.25 For females: 7.25 |
Total insurance contracts | 2025 | 2024 | |||||||
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 | 140,213 | 107 | 944 | 141,264 | 141,007 | 80 | 1,048 | 142,135 | |
Opening insurance contract assets | (46) | \u2014 | 7 | (39) | (50) | \u2014 | 6 | (44) | |
Net opening balance | 140,167 | 107 | 951 | 141,225 | 140,957 | 80 | 1,054 | 142,091 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | (1,442) | \u2014 | \u2014 | (1,442) | (692) | \u2014 | \u2014 | (692) | |
Contracts under the fair value transition approach | (2,649) | \u2014 | \u2014 | (2,649) | (3,216) | \u2014 | \u2014 | (3,216) | |
New contracts and contracts under the fully retrospective transition approach | (334) | \u2014 | \u2014 | (334) | (187) | \u2014 | \u2014 | (187) | |
(4,425) | \u2014 | \u2014 | (4,425) | (4,095) | \u2014 | \u2014 | (4,095) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | (6) | 2,817 | 2,811 | \u2014 | (5) | 2,862 | 2,857 | |
Amortisation of insurance acquisition cash flows | 88 | \u2014 | \u2014 | 88 | 73 | \u2014 | \u2014 | 73 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | 4 | 4 | \u2014 | \u2014 | 3 | 3 | |
Losses and reversals of losses on onerous contracts | \u2014 | 32 | \u2014 | 32 | \u2014 | 38 | \u2014 | 38 | |
88 | 26 | 2,821 | 2,935 | 73 | 33 | 2,865 | 2,971 | ||
Insurance service result | (4,337) | 26 | 2,821 | (1,490) | (4,022) | 33 | 2,865 | (1,124) | |
Finance expense/(income) from insurance contracts issued | 13,904 | (4) | \u2014 | 13,900 | 8,432 | (6) | \u2014 | 8,426 | |
Total changes in income statement | 9,567 | 22 | 2,821 | 12,410 | 4,410 | 27 | 2,865 | 7,302 | |
Investment components and premium refunds | (11,554) | \u2014 | 11,554 | \u2014 | (12,023) | \u2014 | 12,023 | \u2014 | |
Cash flows | |||||||||
Premiums received | 8,321 | \u2014 | \u2014 | 8,321 | 6,988 | \u2014 | \u2014 | 6,988 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (14,255) | (14,255) | \u2014 | \u2014 | (14,991) | (14,991) | |
Insurance acquisition cash flows | (205) | \u2014 | \u2014 | (205) | (165) | \u2014 | \u2014 | (165) | |
Total cash flows | 8,116 | \u2014 | (14,255) | (6,139) | 6,823 | \u2014 | (14,991) | (8,168) | |
Net closing balance | 146,296 | 129 | 1,071 | 147,496 | 140,167 | 107 | 951 | 141,225 | |
Closing insurance contract liabilities | 146,352 | 129 | 1,064 | 147,545 | 140,213 | 107 | 944 | 141,264 | |
Closing insurance contract assets | (56) | \u2014 | 7 | (49) | (46) | \u2014 | 7 | (39) | |
Net closing balance | 146,296 | 129 | 1,071 | 147,496 | 140,167 | 107 | 951 | 141,225 |
Total insurance contracts | 2025 | ||||||
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 | 134,216 | 613 | 1,908 | 3,943 | 584 | 6,435 | 141,264 |
Opening insurance contract assets | (94) | 4 | \u2014 | 14 | 37 | 51 | (39) |
Net opening balance | 134,122 | 617 | 1,908 | 3,957 | 621 | 6,486 | 141,225 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (242) | (503) | (85) | (830) | (830) |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | (58) | \u2014 | \u2014 | \u2014 | \u2014 | (58) |
Revenue recognised for incurred policyholder tax | (621) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (621) |
Experience adjustments | (16) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (16) |
(637) | (58) | (242) | (503) | (85) | (830) | (1,525) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (224) | 50 | \u2014 | \u2014 | 174 | 174 | \u2014 |
Changes in estimates reflected in the CSM | (867) | (145) | 221 | 734 | 57 | 1,012 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | 32 | (1) | \u2014 | \u2014 | \u2014 | \u2014 | 31 |
(1,059) | (96) | 221 | 734 | 231 | 1,186 | 31 | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 | |
Insurance service result | (1,692) | (154) | (21) | 231 | 146 | 356 | (1,490) |
Finance expense/(income) from insurance contracts issued | 13,498 | 107 | 108 | 137 | 50 | 295 | 13,900 |
Total changes in income statement | 11,806 | (47) | 87 | 368 | 196 | 651 | 12,410 |
Cash flows | |||||||
Premiums received | 8,321 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 8,321 |
Incurred claims paid and other insurance service expenses paid including investment component | (14,255) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (14,255) |
Insurance acquisition cash flows | (205) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (205) |
Total cash flows | (6,139) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (6,139) |
Net closing balance | 139,789 | 570 | 1,995 | 4,325 | 817 | 7,137 | 147,496 |
Closing insurance contract liabilities | 139,900 | 565 | 1,995 | 4,311 | 774 | 7,080 | 147,545 |
Closing insurance contract assets | (111) | 5 | \u2014 | 14 | 43 | 57 | (49) |
Net closing balance | 139,789 | 570 | 1,995 | 4,325 | 817 | 7,137 | 147,496 |
Total insurance contracts | 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 |
Reinsurance contracts | 2025 | 2024 | |||||||
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 | 290 | \u2014 | (10) | 280 | 369 | \u2014 | (12) | 357 | |
Opening reinsurance contract assets | (922) | (60) | (61) | (1,043) | (999) | (41) | (59) | (1,099) | |
Net opening balance | (632) | (60) | (71) | (763) | (630) | (41) | (71) | (742) | |
Net expenses from reinsurance contracts held | |||||||||
Allocation of reinsurance premiums paid | 514 | \u2014 | \u2014 | 514 | 516 | \u2014 | \u2014 | 516 | |
Amounts recoverable from reinsurers: | |||||||||
Recoveries of incurred claims and other insurance service expenses | \u2014 | \u2014 | (466) | (466) | \u2014 | \u2014 | (466) | (466) | |
Recoveries and reversals of recoveries of losses on onerous underlying contracts | \u2014 | (19) | \u2014 | (19) | \u2014 | (19) | \u2014 | (19) | |
Adjustments to assets for incurred claims | \u2014 | \u2014 | (5) | (5) | \u2014 | \u2014 | (3) | (3) | |
\u2014 | (19) | (471) | (490) | \u2014 | (19) | (469) | (488) | ||
Effect of changes in the risk of reinsurers non-performance | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
514 | (19) | (471) | 24 | 516 | (19) | (469) | 28 | ||
Finance expenses/(income) from reinsurance contracts held | (54) | \u2014 | \u2014 | (54) | 10 | \u2014 | \u2014 | 10 | |
Total changes in income statement | 460 | (19) | (471) | (30) | 526 | (19) | (469) | 38 | |
Cash flows | |||||||||
Premiums and similar expenses paid | (494) | \u2014 | \u2014 | (494) | (528) | \u2014 | \u2014 | (528) | |
Amounts recovered | \u2014 | \u2014 | 480 | 480 | \u2014 | \u2014 | 469 | 469 | |
Total cash flows | (494) | \u2014 | 480 | (14) | (528) | \u2014 | 469 | (59) | |
Net closing balance | (666) | (79) | (62) | (807) | (632) | (60) | (71) | (763) | |
Closing reinsurance contract liabilities | 263 | \u2014 | (3) | 260 | 290 | \u2014 | (10) | 280 | |
Closing reinsurance contract assets | (929) | (79) | (59) | (1,067) | (922) | (60) | (61) | (1,043) | |
Net closing balance | (666) | (79) | (62) | (807) | (632) | (60) | (71) | (763) |
Reinsurance contracts | 2025 | ||||||
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 | 621 | (94) | \u2014 | (232) | (15) | (247) | 280 |
Opening reinsurance contract assets | (793) | (44) | (5) | (14) | (187) | (206) | (1,043) |
Net opening balance | (172) | (138) | (5) | (246) | (202) | (453) | (763) |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services received | \u2014 | \u2014 | 1 | 30 | 9 | 40 | 40 |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | 11 | \u2014 | \u2014 | \u2014 | \u2014 | 11 |
Experience adjustments | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 |
2 | 11 | 1 | 30 | 9 | 40 | 53 | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | 14 | (18) | \u2014 | \u2014 | 4 | 4 | \u2014 |
Changes in estimates reflected in the CSM | 95 | 32 | \u2014 | (92) | (35) | (127) | \u2014 |
Changes in the fulfilment cash flows that do not adjust the CSM for the group of underlying contracts | (24) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (24) |
85 | 14 | \u2014 | (92) | (31) | (123) | (24) | |
Changes that relate to past services | |||||||
Asset for incurred claims | (5) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (5) |
(5) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (5) | |
Insurance service result | 82 | 25 | 1 | (62) | (22) | (83) | 24 |
Net finance income from reinsurance contracts | (25) | (17) | \u2014 | (7) | (5) | (12) | (54) |
Total changes in the income statement | 57 | 8 | 1 | (69) | (27) | (95) | (30) |
Cash flows | |||||||
Premiums and similar expenses paid | (494) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (494) |
Amounts recovered | 480 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 480 |
Total cash flows | (14) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (14) |
Net closing balance | (129) | (130) | (4) | (315) | (229) | (548) | (807) |
Closing reinsurance contract liabilities | 673 | (100) | \u2014 | (298) | (15) | (313) | 260 |
Closing reinsurance contract assets | (802) | (30) | (4) | (17) | (214) | (235) | (1,067) |
Net closing balance | (129) | (130) | (4) | (315) | (229) | (548) | (807) |
Reinsurance contracts | 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) |
With-profits business | 2025 | 2024 | |||||||
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 | 122,859 | 9 | 376 | 123,244 | 123,197 | 11 | 388 | 123,596 | |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net opening balance | 122,859 | 9 | 376 | 123,244 | 123,197 | 11 | 388 | 123,596 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | (1,436) | \u2014 | \u2014 | (1,436) | (686) | \u2014 | \u2014 | (686) | |
Contracts under the fair value transition approach | (1,281) | \u2014 | \u2014 | (1,281) | (1,866) | \u2014 | \u2014 | (1,866) | |
New contracts and contracts under the fully retrospective transition approach | (154) | \u2014 | \u2014 | (154) | (63) | \u2014 | \u2014 | (63) | |
(2,871) | \u2014 | \u2014 | (2,871) | (2,615) | \u2014 | \u2014 | (2,615) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | (1) | 1,559 | 1,558 | \u2014 | (1) | 1,630 | 1,629 | |
Amortisation of insurance acquisition cash flows | 54 | \u2014 | \u2014 | 54 | 43 | \u2014 | \u2014 | 43 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Losses and reversals of losses on onerous contracts | \u2014 | (7) | \u2014 | (7) | \u2014 | (1) | \u2014 | (1) | |
54 | (8) | 1,559 | 1,605 | 43 | (2) | 1,630 | 1,671 | ||
Insurance service result | (2,817) | (8) | 1,559 | (1,266) | (2,572) | (2) | 1,630 | (944) | |
Finance expense/(income) from insurance contracts issued | 12,635 | \u2014 | \u2014 | 12,635 | 8,019 | \u2014 | \u2014 | 8,019 | |
Total changes in income statement | 9,818 | (8) | 1,559 | 11,369 | 5,447 | (2) | 1,630 | 7,075 | |
Investment components and premium refunds | (11,053) | \u2014 | 11,053 | \u2014 | (11,459) | \u2014 | 11,459 | \u2014 | |
Cash flows | |||||||||
Premiums received | 6,551 | \u2014 | \u2014 | 6,551 | 5,803 | \u2014 | \u2014 | 5,803 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (12,587) | (12,587) | \u2014 | \u2014 | (13,101) | (13,101) | |
Insurance acquisition cash flows | (161) | \u2014 | \u2014 | (161) | (129) | \u2014 | \u2014 | (129) | |
Total cash flows | 6,390 | \u2014 | (12,587) | (6,197) | 5,674 | \u2014 | (13,101) | (7,427) | |
Net closing balance | 128,014 | 1 | 401 | 128,416 | 122,859 | 9 | 376 | 123,244 | |
Closing insurance contract liabilities | 128,014 | 1 | 401 | 128,416 | 122,859 | 9 | 376 | 123,244 | |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net closing balance | 128,014 | 1 | 401 | 128,416 | 122,859 | 9 | 376 | 123,244 |
With-profits business | 2025 | ||||||
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 | 118,686 | 218 | 1,908 | 1,990 | 442 | 4,340 | 123,244 |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net opening balance | 118,686 | 218 | 1,908 | 1,990 | 442 | 4,340 | 123,244 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (242) | (317) | (67) | (626) | (626) |
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 | (610) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (610) |
Experience adjustments | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 |
(608) | (25) | (242) | (317) | (67) | (626) | (1,259) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (134) | 6 | \u2014 | \u2014 | 128 | 128 | \u2014 |
Changes in estimates reflected in the CSM | (663) | (51) | 221 | 429 | 64 | 714 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | (7) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (7) |
(804) | (45) | 221 | 429 | 192 | 842 | (7) | |
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 | (1,412) | (70) | (21) | 112 | 125 | 216 | (1,266) |
Finance expense/(income) from insurance contracts issued | 12,307 | 45 | 108 | 135 | 40 | 283 | 12,635 |
Total changes in income statement | 10,895 | (25) | 87 | 247 | 165 | 499 | 11,369 |
Cash flows | |||||||
Premiums received | 6,551 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6,551 |
Incurred claims paid and other insurance service expenses paid including investment component | (12,587) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (12,587) |
Insurance acquisition cash flows | (161) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (161) |
Total cash flows | (6,197) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (6,197) |
Net closing balance | 123,384 | 193 | 1,995 | 2,237 | 607 | 4,839 | 128,416 |
Closing insurance contract liabilities | 123,384 | 193 | 1,995 | 2,237 | 607 | 4,839 | 128,416 |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net closing balance | 123,384 | 193 | 1,995 | 2,237 | 607 | 4,839 | 128,416 |
With-profits business | 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 |
Unit-linked business | 2025 | 2024 | |||||||
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 | 3,694 | (1) | 415 | 4,108 | 3,909 | \u2014 | 495 | 4,404 | |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net opening balance | 3,694 | (1) | 415 | 4,108 | 3,909 | \u2014 | 495 | 4,404 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Contracts under the fair value transition approach | (58) | \u2014 | \u2014 | (58) | (49) | \u2014 | \u2014 | (49) | |
New contracts and contracts under the fully retrospective transition approach | \u2014 | \u2014 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | 1 | |
(58) | \u2014 | \u2014 | (58) | (48) | \u2014 | \u2014 | (48) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | \u2014 | 48 | 48 | \u2014 | \u2014 | 52 | 52 | |
Amortisation of insurance acquisition cash flows | \u2014 | \u2014 | \u2014 | \u2014 | (1) | \u2014 | \u2014 | (1) | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | (1) | (1) | \u2014 | \u2014 | \u2014 | \u2014 | |
Losses and reversals of losses on onerous contracts | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (1) | \u2014 | (1) | |
\u2014 | \u2014 | 47 | 47 | (1) | (1) | 52 | 50 | ||
Insurance service result | (58) | \u2014 | 47 | (11) | (49) | (1) | 52 | 2 | |
Finance expense/(income) from insurance contracts issued | 538 | \u2014 | \u2014 | 538 | 255 | \u2014 | \u2014 | 255 | |
Total changes in income statement | 480 | \u2014 | 47 | 527 | 206 | (1) | 52 | 257 | |
Investment components and premium refunds | (437) | \u2014 | 437 | \u2014 | (489) | \u2014 | 489 | \u2014 | |
Cash flows | |||||||||
Premiums received | 21 | \u2014 | \u2014 | 21 | 68 | \u2014 | \u2014 | 68 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (399) | (399) | \u2014 | \u2014 | (621) | (621) | |
Insurance acquisition cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Total cash flows | 21 | \u2014 | (399) | (378) | 68 | \u2014 | (621) | (553) | |
Net closing balance | 3,758 | (1) | 500 | 4,257 | 3,694 | (1) | 415 | 4,108 | |
Closing insurance contract liabilities | 3,758 | (1) | 500 | 4,257 | 3,694 | (1) | 415 | 4,108 | |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Net closing balance | 3,758 | (1) | 500 | 4,257 | 3,694 | (1) | 415 | 4,108 |
Unit-linked business | 2025 | ||||||
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 | 4,049 | 12 | \u2014 | 47 | \u2014 | 47 | 4,108 |
Opening insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net opening balance | 4,049 | 12 | \u2014 | 47 | \u2014 | 47 | 4,108 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | \u2014 | (14) | \u2014 | (14) | (14) |
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 | (11) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (11) |
Experience adjustments | 17 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 17 |
6 | (1) | \u2014 | (14) | \u2014 | (14) | (9) | |
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 | (29) | \u2014 | \u2014 | 29 | \u2014 | 29 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
(29) | \u2014 | \u2014 | 29 | \u2014 | 29 | \u2014 | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | (2) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (2) |
(2) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (2) | |
Insurance service result | (25) | (1) | \u2014 | 15 | \u2014 | 15 | (11) |
Finance expense/(income) from insurance contracts issued | 535 | \u2014 | \u2014 | 3 | \u2014 | 3 | 538 |
Total changes in income statement | 510 | (1) | \u2014 | 18 | \u2014 | 18 | 527 |
Cash flows | |||||||
Premiums received | 21 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 21 |
Incurred claims paid and other insurance service expenses paid including investment component | (399) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (399) |
Insurance acquisition cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Total cash flows | (378) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (378) |
Net closing balance | 4,181 | 11 | \u2014 | 65 | \u2014 | 65 | 4,257 |
Closing insurance contract liabilities | 4,181 | 11 | \u2014 | 65 | \u2014 | 65 | 4,257 |
Closing insurance contract assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Net closing balance | 4,181 | 11 | \u2014 | 65 | \u2014 | 65 | 4,257 |
Unit-linked business | 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 |
Annuity and other long-term business | 2025 | 2024 | |||||||
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 | 13,660 | 99 | 153 | 13,912 | 13,901 | 69 | 165 | 14,135 | |
Opening insurance contract assets | (46) | \u2014 | 7 | (39) | (50) | \u2014 | 6 | (44) | |
Net opening balance | 13,614 | 99 | 160 | 13,873 | 13,851 | 69 | 171 | 14,091 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | (6) | \u2014 | \u2014 | (6) | (6) | \u2014 | \u2014 | (6) | |
Contracts under the fair value transition approach | (1,310) | \u2014 | \u2014 | (1,310) | (1,301) | \u2014 | \u2014 | (1,301) | |
New contracts and contracts under the fully retrospective transition approach | (180) | \u2014 | \u2014 | (180) | (125) | \u2014 | \u2014 | (125) | |
(1,496) | \u2014 | \u2014 | (1,496) | (1,432) | \u2014 | \u2014 | (1,432) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | (5) | 1,210 | 1,205 | \u2014 | (4) | 1,180 | 1,176 | |
Amortisation of insurance acquisition cash flows | 34 | \u2014 | \u2014 | 34 | 31 | \u2014 | \u2014 | 31 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | 5 | 5 | \u2014 | \u2014 | 3 | 3 | |
Losses and reversals of losses on onerous contracts | \u2014 | 39 | \u2014 | 39 | \u2014 | 40 | \u2014 | 40 | |
34 | 34 | 1,215 | 1,283 | 31 | 36 | 1,183 | 1,250 | ||
Insurance service result | (1,462) | 34 | 1,215 | (213) | (1,401) | 36 | 1,183 | (182) | |
Finance expense/(income) from insurance contracts issued | 731 | (4) | \u2014 | 727 | 158 | (6) | \u2014 | 152 | |
Total changes in income statement | (731) | 30 | 1,215 | 514 | (1,243) | 30 | 1,183 | (30) | |
Investment components and premium refunds | (64) | \u2014 | 64 | \u2014 | (75) | \u2014 | 75 | \u2014 | |
Cash flows | |||||||||
Premiums received | 1,749 | \u2014 | \u2014 | 1,749 | 1,117 | \u2014 | \u2014 | 1,117 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (1,269) | (1,269) | \u2014 | \u2014 | (1,269) | (1,269) | |
Insurance acquisition cash flows | (44) | \u2014 | \u2014 | (44) | (36) | \u2014 | \u2014 | (36) | |
Total cash flows | 1,705 | \u2014 | (1,269) | 436 | 1,081 | \u2014 | (1,269) | (188) | |
Net closing balance | 14,524 | 129 | 170 | 14,823 | 13,614 | 99 | 160 | 13,873 | |
Closing insurance contract liabilities | 14,580 | 129 | 163 | 14,872 | 13,660 | 99 | 153 | 13,912 | |
Closing insurance contract assets | (56) | \u2014 | 7 | (49) | (46) | \u2014 | 7 | (39) | |
Net closing balance | 14,524 | 129 | 170 | 14,823 | 13,614 | 99 | 160 | 13,873 |
Annuity and other long-term business | 2025 | ||||||
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 | 11,481 | 383 | \u2014 | 1,906 | 142 | 2,048 | 13,912 |
Opening insurance contract assets | (94) | 4 | \u2014 | 14 | 37 | 51 | (39) |
Net opening balance | 11,387 | 387 | \u2014 | 1,920 | 179 | 2,099 | 13,873 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | \u2014 | (172) | (18) | (190) | (190) |
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 | (172) | (18) | (190) | (257) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (90) | 44 | \u2014 | \u2014 | 46 | 46 | \u2014 |
Changes in estimates reflected in the CSM | (175) | (94) | \u2014 | 276 | (7) | 269 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | 39 | (1) | \u2014 | \u2014 | \u2014 | \u2014 | 38 |
(226) | (51) | \u2014 | 276 | 39 | 315 | 38 | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | 6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6 |
6 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6 | |
Insurance service result | (255) | (83) | \u2014 | 104 | 21 | 125 | (213) |
Finance expense/(income) from insurance contracts issued | 656 | 62 | \u2014 | (1) | 10 | 9 | 727 |
Total changes in income statement | 401 | (21) | \u2014 | 103 | 31 | 134 | 514 |
Cash flows | |||||||
Premiums received | 1,749 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,749 |
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 | (44) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (44) |
Total cash flows | 436 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 436 |
Net closing balance | 12,224 | 366 | \u2014 | 2,023 | 210 | 2,233 | 14,823 |
Closing insurance contract liabilities | 12,335 | 361 | \u2014 | 2,009 | 167 | 2,176 | 14,872 |
Closing insurance contract assets | (111) | 5 | \u2014 | 14 | 43 | 57 | (49) |
Net closing balance | 12,224 | 366 | \u2014 | 2,023 | 210 | 2,233 | 14,823 |
Annuity and other long-term business | 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 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Insurance contract assets | 56 | 46 |
Insurance contract liabilities | (41,347) | (40,986) |
Investment contracts with DPF liabilities | (90,192) | (85,132) |
Reinsurance contract assets | 1,005 | 1,008 |
Reinsurance contract liabilities | (295) | (312) |
2025 | 2024 | ||
Profitable contracts issued | Profitable contracts issued | ||
For the year ended 31 December | \u00a3m | \u00a3m | |
With-profits: | |||
Contracts initially recognised in current year | |||
Claims and other insurance service expenses payable | 5,825 | 4,896 | |
Insurance acquisition cash flows | 132 | 129 | |
Estimates of the present value of future cash outflows | 5,957 | 5,025 | |
Estimates of the present value of future cash inflows | (6,091) | (5,121) | |
Risk adjustment for non-financial risk | 6 | 4 | |
CSM | 128 | 92 | |
Losses recognised on initial recognition | \u2014 | \u2014 | |
Unit-linked liabilities: | |||
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 | 1,491 | 888 | |
Insurance acquisition cash flows | 36 | 14 | |
Estimates of the present value of future cash outflows | 1,527 | 902 | |
Estimates of the present value of future cash inflows | (1,617) | (992) | |
Risk adjustment for non-financial risk | 44 | 27 | |
CSM | 46 | 63 | |
Losses recognised on initial recognition | \u2014 | \u2014 | |
Total: | |||
Contracts initially recognised in current year | |||
Claims and other insurance service expenses payable | 7,316 | 5,784 | |
Insurance acquisition cash flows | 168 | 143 | |
Estimates of the present value of future cash outflows | 7,484 | 5,927 | |
Estimates of the present value of future cash inflows | (7,708) | (6,113) | |
Risk adjustment for non-financial risk | 50 | 31 | |
CSM | 174 | 155 | |
Losses recognised on initial recognition | \u2014 | \u2014 |
2025 | 2024 | ||||||||
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 | 575 | 10 | 149 | 734 | 502 | 7 | 133 | 642 | |
1 to 2 years | 509 | 8 | 144 | 661 | 441 | 6 | 129 | 576 | |
2 to 3 years | 458 | 7 | 138 | 603 | 398 | 5 | 125 | 528 | |
3 to 4 years | 409 | 6 | 133 | 548 | 357 | 5 | 120 | 482 | |
4 to 5 years | 364 | 5 | 127 | 496 | 319 | 4 | 116 | 439 | |
5 to 10 years | 1,273 | 17 | 547 | 1,837 | 1,135 | 12 | 505 | 1,652 | |
10 to 15 years | 648 | 7 | 396 | 1,051 | 602 | 5 | 377 | 984 | |
15 to 20 years | 310 | 3 | 256 | 569 | 300 | 2 | 252 | 554 | |
20 to 25 years | 149 | 1 | 152 | 302 | 146 | 1 | 152 | 299 | |
Over 25 years | 144 | 1 | 191 | 336 | 140 | \u2014 | 190 | 330 | |
Total | 4,839 | 65 | 2,233 | 7,137 | 4,340 | 47 | 2,099 | 6,486 |
2025 | 2024 | ||
Reinsurance contracts held | Reinsurance contracts held | ||
As at 31 December | \u00a3m | \u00a3m | |
Number of years until expected to be recognised: | |||
0 to 1 year | (33) | (25) | |
1 to 2 years | (31) | (24) | |
2 to 3 years | (31) | (23) | |
3 to 4 years | (30) | (23) | |
4 to 5 years | (28) | (22) | |
5 to 10 years | (124) | (100) | |
10 to 15 years | (93) | (79) | |
15 to 20 years | (65) | (57) | |
20 to 25 years | (43) | (38) | |
Over 25 years | (70) | (62) | |
Total | (548) | (453) |
Total insurance contracts | 2025 | 2024 | |||||||
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 | 140,213 | 107 | 944 | 141,264 | 141,007 | 80 | 1,048 | 142,135 | |
Opening insurance contract assets | (46) | \u2014 | 7 | (39) | (50) | \u2014 | 6 | (44) | |
Net opening balance | 140,167 | 107 | 951 | 141,225 | 140,957 | 80 | 1,054 | 142,091 | |
Insurance revenue | |||||||||
Contracts under the modified retrospective transition approach | (1,442) | \u2014 | \u2014 | (1,442) | (692) | \u2014 | \u2014 | (692) | |
Contracts under the fair value transition approach | (2,649) | \u2014 | \u2014 | (2,649) | (3,216) | \u2014 | \u2014 | (3,216) | |
New contracts and contracts under the fully retrospective transition approach | (334) | \u2014 | \u2014 | (334) | (187) | \u2014 | \u2014 | (187) | |
(4,425) | \u2014 | \u2014 | (4,425) | (4,095) | \u2014 | \u2014 | (4,095) | ||
Insurance service expenses | |||||||||
Incurred claims and other insurance service expenses | \u2014 | (6) | 2,817 | 2,811 | \u2014 | (5) | 2,862 | 2,857 | |
Amortisation of insurance acquisition cash flows | 88 | \u2014 | \u2014 | 88 | 73 | \u2014 | \u2014 | 73 | |
Adjustments to liability for incurred claims | \u2014 | \u2014 | 4 | 4 | \u2014 | \u2014 | 3 | 3 | |
Losses and reversals of losses on onerous contracts | \u2014 | 32 | \u2014 | 32 | \u2014 | 38 | \u2014 | 38 | |
88 | 26 | 2,821 | 2,935 | 73 | 33 | 2,865 | 2,971 | ||
Insurance service result | (4,337) | 26 | 2,821 | (1,490) | (4,022) | 33 | 2,865 | (1,124) | |
Finance expense/(income) from insurance contracts issued | 13,904 | (4) | \u2014 | 13,900 | 8,432 | (6) | \u2014 | 8,426 | |
Total changes in income statement | 9,567 | 22 | 2,821 | 12,410 | 4,410 | 27 | 2,865 | 7,302 | |
Investment components and premium refunds | (11,554) | \u2014 | 11,554 | \u2014 | (12,023) | \u2014 | 12,023 | \u2014 | |
Cash flows | |||||||||
Premiums received | 8,321 | \u2014 | \u2014 | 8,321 | 6,988 | \u2014 | \u2014 | 6,988 | |
Incurred claims paid and other insurance service expenses paid including investment component | \u2014 | \u2014 | (14,255) | (14,255) | \u2014 | \u2014 | (14,991) | (14,991) | |
Insurance acquisition cash flows | (205) | \u2014 | \u2014 | (205) | (165) | \u2014 | \u2014 | (165) | |
Total cash flows | 8,116 | \u2014 | (14,255) | (6,139) | 6,823 | \u2014 | (14,991) | (8,168) | |
Net closing balance | 146,296 | 129 | 1,071 | 147,496 | 140,167 | 107 | 951 | 141,225 | |
Closing insurance contract liabilities | 146,352 | 129 | 1,064 | 147,545 | 140,213 | 107 | 944 | 141,264 | |
Closing insurance contract assets | (56) | \u2014 | 7 | (49) | (46) | \u2014 | 7 | (39) | |
Net closing balance | 146,296 | 129 | 1,071 | 147,496 | 140,167 | 107 | 951 | 141,225 |
Total insurance contracts | 2025 | ||||||
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 | 134,216 | 613 | 1,908 | 3,943 | 584 | 6,435 | 141,264 |
Opening insurance contract assets | (94) | 4 | \u2014 | 14 | 37 | 51 | (39) |
Net opening balance | 134,122 | 617 | 1,908 | 3,957 | 621 | 6,486 | 141,225 |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services provided | \u2014 | \u2014 | (242) | (503) | (85) | (830) | (830) |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | (58) | \u2014 | \u2014 | \u2014 | \u2014 | (58) |
Revenue recognised for incurred policyholder tax | (621) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (621) |
Experience adjustments | (16) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (16) |
(637) | (58) | (242) | (503) | (85) | (830) | (1,525) | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | (224) | 50 | \u2014 | \u2014 | 174 | 174 | \u2014 |
Changes in estimates reflected in the CSM | (867) | (145) | 221 | 734 | 57 | 1,012 | \u2014 |
Changes in estimates that result in onerous contract losses or reversal of those losses | 32 | (1) | \u2014 | \u2014 | \u2014 | \u2014 | 31 |
(1,059) | (96) | 221 | 734 | 231 | 1,186 | 31 | |
Changes that relate to past services | |||||||
Adjustments to liabilities for incurred claims | 4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 |
4 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 | |
Insurance service result | (1,692) | (154) | (21) | 231 | 146 | 356 | (1,490) |
Finance expense/(income) from insurance contracts issued | 13,498 | 107 | 108 | 137 | 50 | 295 | 13,900 |
Total changes in income statement | 11,806 | (47) | 87 | 368 | 196 | 651 | 12,410 |
Cash flows | |||||||
Premiums received | 8,321 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 8,321 |
Incurred claims paid and other insurance service expenses paid including investment component | (14,255) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (14,255) |
Insurance acquisition cash flows | (205) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (205) |
Total cash flows | (6,139) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (6,139) |
Net closing balance | 139,789 | 570 | 1,995 | 4,325 | 817 | 7,137 | 147,496 |
Closing insurance contract liabilities | 139,900 | 565 | 1,995 | 4,311 | 774 | 7,080 | 147,545 |
Closing insurance contract assets | (111) | 5 | \u2014 | 14 | 43 | 57 | (49) |
Net closing balance | 139,789 | 570 | 1,995 | 4,325 | 817 | 7,137 | 147,496 |
Total insurance contracts | 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 |
Reinsurance contracts | 2025 | 2024 | |||||||
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 | 290 | \u2014 | (10) | 280 | 369 | \u2014 | (12) | 357 | |
Opening reinsurance contract assets | (922) | (60) | (61) | (1,043) | (999) | (41) | (59) | (1,099) | |
Net opening balance | (632) | (60) | (71) | (763) | (630) | (41) | (71) | (742) | |
Net expenses from reinsurance contracts held | |||||||||
Allocation of reinsurance premiums paid | 514 | \u2014 | \u2014 | 514 | 516 | \u2014 | \u2014 | 516 | |
Amounts recoverable from reinsurers: | |||||||||
Recoveries of incurred claims and other insurance service expenses | \u2014 | \u2014 | (466) | (466) | \u2014 | \u2014 | (466) | (466) | |
Recoveries and reversals of recoveries of losses on onerous underlying contracts | \u2014 | (19) | \u2014 | (19) | \u2014 | (19) | \u2014 | (19) | |
Adjustments to assets for incurred claims | \u2014 | \u2014 | (5) | (5) | \u2014 | \u2014 | (3) | (3) | |
\u2014 | (19) | (471) | (490) | \u2014 | (19) | (469) | (488) | ||
Effect of changes in the risk of reinsurers non-performance | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
514 | (19) | (471) | 24 | 516 | (19) | (469) | 28 | ||
Finance expenses/(income) from reinsurance contracts held | (54) | \u2014 | \u2014 | (54) | 10 | \u2014 | \u2014 | 10 | |
Total changes in income statement | 460 | (19) | (471) | (30) | 526 | (19) | (469) | 38 | |
Cash flows | |||||||||
Premiums and similar expenses paid | (494) | \u2014 | \u2014 | (494) | (528) | \u2014 | \u2014 | (528) | |
Amounts recovered | \u2014 | \u2014 | 480 | 480 | \u2014 | \u2014 | 469 | 469 | |
Total cash flows | (494) | \u2014 | 480 | (14) | (528) | \u2014 | 469 | (59) | |
Net closing balance | (666) | (79) | (62) | (807) | (632) | (60) | (71) | (763) | |
Closing reinsurance contract liabilities | 263 | \u2014 | (3) | 260 | 290 | \u2014 | (10) | 280 | |
Closing reinsurance contract assets | (929) | (79) | (59) | (1,067) | (922) | (60) | (61) | (1,043) | |
Net closing balance | (666) | (79) | (62) | (807) | (632) | (60) | (71) | (763) |
Reinsurance contracts | 2025 | ||||||
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 | 621 | (94) | \u2014 | (232) | (15) | (247) | 280 |
Opening reinsurance contract assets | (793) | (44) | (5) | (14) | (187) | (206) | (1,043) |
Net opening balance | (172) | (138) | (5) | (246) | (202) | (453) | (763) |
Changes that relate to current services | |||||||
CSM recognised in profit or loss for the services received | \u2014 | \u2014 | 1 | 30 | 9 | 40 | 40 |
Change in the risk adjustment for non- financial risk for the risk expired | \u2014 | 11 | \u2014 | \u2014 | \u2014 | \u2014 | 11 |
Experience adjustments | 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 |
2 | 11 | 1 | 30 | 9 | 40 | 53 | |
Changes that relate to future services | |||||||
Contracts initially recognised in the period | 14 | (18) | \u2014 | \u2014 | 4 | 4 | \u2014 |
Changes in estimates reflected in the CSM | 95 | 32 | \u2014 | (92) | (35) | (127) | \u2014 |
Changes in the fulfilment cash flows that do not adjust the CSM for the group of underlying contracts | (24) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (24) |
85 | 14 | \u2014 | (92) | (31) | (123) | (24) | |
Changes that relate to past services | |||||||
Asset for incurred claims | (5) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (5) |
(5) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (5) | |
Insurance service result | 82 | 25 | 1 | (62) | (22) | (83) | 24 |
Net finance income from reinsurance contracts | (25) | (17) | \u2014 | (7) | (5) | (12) | (54) |
Total changes in the income statement | 57 | 8 | 1 | (69) | (27) | (95) | (30) |
Cash flows | |||||||
Premiums and similar expenses paid | (494) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (494) |
Amounts recovered | 480 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 480 |
Total cash flows | (14) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (14) |
Net closing balance | (129) | (130) | (4) | (315) | (229) | (548) | (807) |
Closing reinsurance contract liabilities | 673 | (100) | \u2014 | (298) | (15) | (313) | 260 |
Closing reinsurance contract assets | (802) | (30) | (4) | (17) | (214) | (235) | (1,067) |
Net closing balance | (129) | (130) | (4) | (315) | (229) | (548) | (807) |
Reinsurance contracts | 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) |
2025 | 2024 | |
\u00a3m | \u00a3m | |
As at 1 January | 12,144 | 12,535 |
Premiums | 576 | 382 |
Surrenders | (2,153) | (1,144) |
Maturities/deaths | (98) | (138) |
Total net flows | (1,675) | (900) |
Switches | 28 | 11 |
Investment-related items and other movements i | 953 | 519 |
Foreign exchange differences | 57 | (21) |
As at 31 December | 11,507 | 12,144 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Subordinated liabilities | 3,118 | 3,176 |
Operational borrowings | 45 | 2 |
Borrowings attributable to the With-Profits Fund | 3,356 | 3,308 |
Total subordinated liabilities and other borrowings | 6,519 | 6,486 |
2025 | 2024 | ||||
Principal amount | Carrying value | Principal amount | Carrying value | ||
As at 31 December | \u00a3m | \u00a3m | |||
5.625% sterling fixed rate due 20 October 2051 | \u00a3750m | 812 | \u00a3750m | 823 | |
6.25% sterling fixed rate due 20 October 2068 | \u00a3500m | 597 | \u00a3500m | 600 | |
6.50% US dollar fixed rate due 20 October 2048 | $500m | 396 | $500m | 433 | |
6.34% sterling fixed rate due 19 December 2063 | \u00a3700m | 832 | \u00a3700m | 836 | |
5.56% sterling fixed rate due 20 July 2055 | \u00a3439m | 481 | \u00a3439m | 484 | |
Total subordinated liabilities | 3,118 | 3,176 |
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 | \u00a3439m i |
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 |
2025 | 2024 | |
For the year ended 31 December | \u00a3m | \u00a3m |
At 1 January | 3,176 | 3,676 |
Amortisation i | (28) | (58) |
Foreign exchange movements | (30) | 8 |
Repurchases and redemptions | \u2014 | (450) |
At 31 December | 3,118 | 3,176 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Subordinated liabilities | 3,118 | 3,176 |
Operational borrowings | 45 | 2 |
Borrowings attributable to the With-Profits Fund | 3,356 | 3,308 |
Total subordinated liabilities and other borrowings | 6,519 | 6,486 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Non-recourse borrowings held through consolidated investment funds i | 3,355 | 3,300 |
Bank loans and overdrafts | 1 | 8 |
Total | 3,356 | 3,308 |
Operational borrowings | ||||||||
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 2025 | 17 | 5 | 13 | 7 | 2 | \u2014 | 1 | 45 |
As at 31 December 2024 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 2 |
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 2025 | 539 | 446 | 915 | 370 | 1,065 | 20 | 1 | 3,356 |
As at 31 December 2024 | 617 | 312 | 463 | 354 | 388 | 1,173 | 1 | 3,308 |
2025 | 2024 | |
For the year ended 31 December | \u00a3m | \u00a3m |
At 1 January | 425 | 387 |
Transfers i | \u2014 | 64 |
Additions | 14 | 14 |
Disposals and other | (19) | (5) |
Interest expense | 14 | 15 |
Foreign exchange differences | 5 | (5) |
Lease repaymentsii | (46) | (45) |
At 31 December | 393 | 425 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Expected to be settled within one year | 40 | 50 |
Expected to be settled after one year | 353 | 375 |
Total lease liabilities | 393 | 425 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Less than 1 year | 48 | 51 |
1 to 5 years | 168 | 178 |
Over 5 years | 479 | 705 |
2025 | 2024 | |
\u00a3m | \u00a3m | |
Regulatory | 10 | 10 |
Staff benefits | 54 | 53 |
Other | 26 | 51 |
Total provisions | 90 | 114 |
2025 | 2024 | |
For the year ended 31 December | \u00a3m | \u00a3m |
At 1 January | 114 | 82 |
Charged to consolidated income statement: | ||
Additional provisions | 8 | 29 |
Unused amounts released | (6) | (1) |
Used during the year | (27) | (6) |
Foreign exchange difference | 1 | \u2014 |
Transfer from held for sale | \u2014 | 10 |
At 31 December | 90 | 114 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Outstanding purchases of investment securities | 2,739 | 2,409 |
Accruals and deferred income | 889 | 929 |
Deferred consideration | 218 | 221 |
Interest payable | 108 | 50 |
Creation of units awaiting settlement | 89 | 35 |
Property related creditors | 29 | 26 |
Other | 697 | 697 |
Total accruals, deferred income and other liabilities | 4,769 | 4,367 |
Analysed as: | ||
Expected to be settled within one year | 4,490 | 4,153 |
Expected to be settled after one year | 279 | 214 |
Total accruals, deferred income and other liabilities | 4,769 | 4,367 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Outstanding purchases of investment securities | 2,739 | 2,409 |
Accruals and deferred income | 889 | 929 |
Deferred consideration | 218 | 221 |
Interest payable | 108 | 50 |
Creation of units awaiting settlement | 89 | 35 |
Property related creditors | 29 | 26 |
Other | 697 | 697 |
Total accruals, deferred income and other liabilities | 4,769 | 4,367 |
Analysed as: | ||
Expected to be settled within one year | 4,490 | 4,153 |
Expected to be settled after one year | 279 | 214 |
Total accruals, deferred income and other liabilities | 4,769 | 4,367 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Outstanding purchases of investment securities | 2,739 | 2,409 |
Accruals and deferred income | 889 | 929 |
Deferred consideration | 218 | 221 |
Interest payable | 108 | 50 |
Creation of units awaiting settlement | 89 | 35 |
Property related creditors | 29 | 26 |
Other | 697 | 697 |
Total accruals, deferred income and other liabilities | 4,769 | 4,367 |
Analysed as: | ||
Expected to be settled within one year | 4,490 | 4,153 |
Expected to be settled after one year | 279 | 214 |
Total accruals, deferred income and other liabilities | 4,769 | 4,367 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Equity securities and pooled investment funds | 11,715 | 10,284 |
Debt securities | 2,367 | 2,132 |
Total | 14,082 | 12,416 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Equity securities and pooled investment funds | 11,715 | 10,284 |
Debt securities | 2,367 | 2,132 |
Total | 14,082 | 12,416 |
Name of entity | Share class | % held |
Australia | ||
Suite 201, Level 2, 5 Blue Street, North Sydney, NSW 2060 | ||
PAP Trust | U | 100% |
M&G Investments (Australia) Pty Limited | OS | 100% |
Level 10, 50 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 | 100% |
GTA W21 LP | LPI | 90% |
180 Dundas Street West, Suite 1200, Toronto ON M5G 1 ZB | ||
Canada Property (Trustee) No 1 Limited | OS | 100% |
55 University Avenue, Suite 600, Toronto | ||
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, KY1-9005 | ||
Global Futures and Options Holdings Limited | OS | 30% |
M&G General Partner Inc. | OS | 100% |
Ugland House, PO Box 309, Grand Cayman, KY1-1104 | ||
NB Gemini Fund LP | LPI | 50% |
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% |
5, Rue du Helder, 75009 Paris | ||
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 | ||
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 | ||
Unit 1002, LHT Tower, 31 Queen's Road Central | ||
M&G Investments (Hong Kong) Limited | OS | 100% |
Gloucester Tower, 15 Queens Road | ||
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 Private 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 | 32% |
M&G UK Gilts Active UCITS ETF | U | 77% |
M&G US Treasury Bond Active UCITS ETF | U | 82% |
M&G UK Index-Linked Gilts Active UCITS ETF | U | 77% |
M&G Sustainable Loan Fund | U | 65% |
Specialist Investment Funds (2) ICAV - M&G Infrastructure & Real Assets Horizons Fund | U | 100% |
78 Sir John Rogerson's Quay, Dublin 2 | ||
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% |
Name of entity | Share class | % held |
Fourth Floor, 76 Baggot Street Lower, Dublin, D02 EK81 | ||
Debt Investments Opportunities IV | U | 27% |
Italy | ||
Via Alessandro Manzoni 38, Milan, 20121 | ||
Elle 14 Srl Company | OS | 50% |
MCF Srl | OS | 50% |
Japan | ||
3-1 Toranomon, 4 Chome Minato-ko, Tokyo | ||
M&G Investments Japan Co Limited | OS | 100% |
Shiroyama Trust Tower 9F, 4-3-1 Toranomon, Minato-ku, Tokyo 105-6009 | ||
M&G Real Estate Japan Co Limited | OS | 100% |
Jersey | ||
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% |
Two Rivers One Limited | OS | 100% |
Two Rivers Trust | U | 100% |
Two Rivers Two Limited | OS | 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% |
3rd Floor, Gaspe House, 66-72 Esplanade, St Helier, JE1 2LH | ||
BauMont Co-Invest General Partner Limited | OS | 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 | ||
Rue Hildegard von Bingen 1, L-1282 | ||
Prudential Loan Investments GP S.\u00e0 r.l. | OS | 100% |
3, Rue Gabriel Lippmann, L-5365 Munsbach | ||
Infracapital Partners IV SCSp | LPI | 51% |
M&G Real Estate Debt Fund SCSp, SICAV- RAIF - REDF 7 | LPI | 20% |
M&G Real Estate Debt Fund SCSp, SICAV- RAIF - REDF 8 | LPI | 71% |
M&G Real Estate Debt GP S.\u00e0 r.l | OS | 100% |
M&G Private Equity (GP) S.\u00e0 r.l. | OS | 100% |
M&G Catalyst Growth Equity Fund I | U | 100% |
M&G Real Estate Debt Carried Interest GP S.\u00e0 r.l | OS | 100% |
M&G Specialty Finance Fund 2 GBP SCSp | LPI | 47% |
M&G Specialty Finance Fund 3 (GBP) | U | 100% |
Prudential Loan Investments SCSp | LPI | 100% |
5, Heienhaff, Nidderaanwen, L-1736 | ||
Infracapital Partners IV G.P S.\u00e0\u00a0r.l. | OS | 100% |
Two Snowhill Birmingham S.\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 | LPI | 25% |
responsAbility\u00a0BOP\u00a0S.\u00e0 r.l. (In liquidation) | OS | 100% |
responsAbility Global Micro and SME Finance Fund | U | 31% |
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, L-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 Ignite GP S.\u00e0 r.l. | OS | 100% |
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 | 71% |
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% |
16, Boulevard Royal, L-2449 | ||
EUREV CI GP S.\u00e0 r.l. | OS | 100% |
Luxembourg Specialist Investment Funds (2) FCP - M&G Real Assets Fund | U | 100% |
M&G European Living Property Fund SCSp, SICAV-RAIF | LPI | 34% |
Name of entity | Share class | % held |
Luxembourg Specialist Investment Funds (2) FCP - M&G Private Equity Opportunities Fund | U | 99% |
Luxembourg Specialist Investment Funds (3) SICAV - M&G Global Private Equity Fund | U | 87% |
Luxembourg Specialist Investment Funds (3) SICAV - M&G Global Infrastructure & Real Assets Fund | U | 86% |
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) Asian Quality Income Fund | U | 99% |
M&G (Lux) Blackrock Europe ex UK Equity Fund | U | 99% |
M&G (Lux) Global Energy Opportunities Fund | U | 100% |
M&G (Lux) Global Funds - M&G (Lux) China Fund | U | 92% |
M&G (Lux) Europe ex UK Equity 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 | 66% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Hard Currency Bond Fund | U | 90% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Local Currency Bond Fund | U | 90% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Global Artificial Intelligence Fund | U | 93% |
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 | 55% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Sustainable Emerging Markets Corporate Bond Fund | U | 89% |
M&G (Lux) Managed Cautious (Euro) Fund | U | 100% |
M&G (Lux) Managed Growth (Euro) Fund | U | 100% |
M&G (Lux) Pan European Smaller Companies Fund | U | 100% |
M&G (Lux) Reserved Investment Funds (2) GP S.\u00e0 r.l. | OS | 100% |
M&G (Lux) Sterling Liquidity Fund | U | 85% |
M&G Real Estate Funds SCSP, SICAV-RAIF - M&G Asia Living Property Fund | U | 100% |
M&G Asia Property Fund SICAV-FIS | U | 41% |
M&G Catalyst Capital Fund | U | 100% |
M&G Catalyst Credit Fund | U | 100% |
M&G Corporate Credit Opportunities ELTIF | U | 86% |
M&G RE GP S.\u00e0 r.l. | OS | 100% |
M&G European Property Fund SICAV-FIS | U | 29% |
Name of entity | Share class | % held |
M&G Luxembourg S.A. | OS | 100% |
M&G Private Credit 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 Diversified Private Credit Fund | U | 98% |
M&G UK Mortgage Income Fund | U | 64% |
M&G UK Property Fund FCP-FIS | U | 98% |
M&G UK Residential Property Fund FCP FIS | U | 31% |
M&G\u00a0Corporate\u00a0Credit\u00a0Opportunities\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G Senior Direct Lending Fund I | U | 100% |
20, rue de la Poste L-2346 | ||
EUREV CI SCSp | OS | 100% |
M&G European Value Add Partnership SCSp | LPI | 67% |
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 | 100% |
BauMont Real Estate SEG SCSp | LPI | 100% |
BauMont General Partner Two S.\u00e0 r.l. | OS | 100% |
BauMont Real Estate Two SCSp (Luxembourg) SICAV-RAIF | U | 47% |
BauMont SEG GP S.\u00e0 r.l | OS | 100% |
49, Avenue J.F. Kennedy, L\u20131855 Luxembourg | ||
M&G (Lux) Sustainable Solutions Bond Fund | U | 77% |
51 Avenue J.F. Kennedy, L-1855 | ||
M&G SFF (CIP GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF (GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF\u00a02\u00a0(CIP\u00a0GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G SFF\u00a02\u00a0(GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
Name of entity | Share class | % held |
5, All\u00e9e Scheffer 2520 | ||
Amundi MSCI Brazil UCITS ETF Acc | U | 35% |
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 | 100% |
Peru | ||
Av. 28 de Julio 753, Miraflores, Provincia de Lima, 15074 | ||
responsAbility\u00a0America\u00a0Latina\u00a0SAC | OS | 100% |
Poland | ||
02-670 Warszawa, Pulawska 182 | ||
Prudential Polska sp. z.o.o | OS | 100% |
Republic of Korea | ||
Kyobo Building, 1 Jongno, Jongno-gu, Seoul, 110-714 | ||
M&G Real Estate Korea Co Limited | OS | 100% |
Twentieth\u00a0floor, 136, Sejong-daero, Jung-gu, Seoul | ||
LB Professional Investors Private Real Estate Fund No. 10 (Centropolis) | U | 25% |
17th Floor, Kyobo Building, 1 Jongno, Seoul 110-714, Korea | ||
M&G Investments (Hong Kong) Limited - Korea branch (PE) | OS | 100% |
Singapore | ||
80 Robinson Road 2-00 | ||
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 | 100% |
South Africa | ||
PO Box 44813, Claremont, Western Cape, Cape Town, 7735 | ||
M&G Bond Fund | U | 39% |
M&G Pan African Bond Fund | U | 100% |
M&G SA Equity Fund | U | 93% |
Name of entity | Share class | % held |
5th floor, Protea Place, 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% |
M&G SA Balanced Fund | U | 100% |
M&G\u00a0Global Property Feeder Fund | U | 51% |
M&G\u00a0UK Gilt Fund | U | 100% |
M&G 2.5% Target Inc Fund | U | 73% |
Spain | ||
Calle Fortuny, 6 - 4 A, 28010, Madrid | ||
M&G RE Espana, 2016, S.L. | OS | 100% |
Sweden | ||
Sturegatan 6, 114 35 Stockholm | ||
P Capital Partners AB | OS | 70% |
Switzerland | ||
Zollstrasse 17, Z\u00fcrich, ZH, 8005 | ||
responsAbility\u00a0Investments\u00a0AG | OS | 100% |
responsAbility\u00a0Ventures\u00a0I\u00a0Services\u00a0AG (In liquidation) | OS | 100% |
Bahnhofstrasse 100, Zurich | ||
M&G International Investments Switzerland AG | OS | 100% |
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\u00a0(Thailand)\u00a0Limited (In liquidation) | OS | 100% |
United Kingdom | ||
10 Fenchurch Avenue, London, EC3M 5AG | ||
Active Growth Logistics Partnership LP | LPI | 50% |
AGLP GP Limited | OS | 50% |
AGLP\u00a0Nominee\u00a01\u00a0Limited | OS | 50% |
AGLP\u00a0Nominee\u00a02\u00a0Limited | OS | 50% |
BWAT Retail Nominee (1) Limited | OS | 50% |
BWAT Retail Nominee (2) Limited | OS | 50% |
BauMont Real Estate Capital Limited | OS | 65% |
BREO Neptune GP LLP | LPI | 100% |
Canada Property Holdings Limited | OS | 100% |
Capacity (Dartford) Management Company Limited | OS | 100% |
Name of entity | Share class | % held |
Carraway Guildford General Partner Limited | OS | 100% |
Carraway Guildford Limited Partnership | LPI | 100% |
Condor F3 GP LLP | LPI | 100% |
Cribbs Causeway JV Limited | OS | 100% |
Cribbs Mall Nominee (1) Limited | OS | 100% |
Cribbs Mall Nominee (2) Limited | OS | 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% |
Edger Investments Limited | OS | 100% |
EF IV Schoolhill GP Limited | OS | 100% |
Fundsdirect ISA Nominees Limited | OS | 100% |
Fundsdirect Nominees Limited | OS | 100% |
Genny GP 1 LLP | LPI | 100% |
Haymarket Hotel GP Limited | OS | 100% |
Haymarket Hotel LP | 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% |
IFDL Personal Pensions Limited | OS | 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% |
Infracapital GP Limited | OS | 100% |
Infracapital Greenfield Partners I GP Limited | OS | 100% |
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 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 SLP Limited | OS | 100% |
Name of entity | Share class | % held |
Investment Funds Direct Group Limited | OS | 100% |
Investment Funds Direct Holdings Limited | OS | 100% |
Investment Funds Direct Limited | OS | 100% |
M&G (ACS) BlackRock Canada Equity Fund | U | 99% |
M&G (ACS) BlackRock UK 200 Equity Fund | U | 99% |
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 | 100% |
M&G (ACS) BlackRock US Equity Fund | U | 99% |
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% |
M&G (ACS) Japan Smaller Companies Fund | U | 100% |
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 | 99% |
M&G (ACS) William Blair US Large Cap Equity Fund | U | 99% |
M&G Advice Partners Limited | OS | 100% |
M&G Affordable Living GP Limited | OS | 100% |
M&G Alternatives GP1 Limited | OS | 100% |
M&G Alternatives GP2 Limited | OS | 100% |
M&G Alternatives Investment Management Limited | OS | 100% |
M&G Corporate Services Limited | OS | 100% |
M&G FA Limited | OS | 100% |
M&G Feeder of Property Portfolio | U | 80% |
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 EMsights Market Debt | 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% |
Name of entity | Share class | % held |
M&G Funds (1) Franklin Templeton India Equity Fund | U | 98% |
M&G Funds (1) GSAM Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) India Equity Fund | U | 86% |
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 | 97% |
M&G Funds (1) MFS Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) Sterling Investment Grade Corporate Bond Fund | U | 90% |
M&G Funds (1) UK Gilt Fund | U | 100% |
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 India Fund | U | 96% |
M&G International Investments Nominees Limited | OS | 100% |
M&G Investment Funds (1) - M&G European Sustain Paris Aligned Fund | U | 68% |
M&G Investment Funds (10) - M&G China Fund | U | 74% |
M&G Investment Funds (10) - M&G Global AI Themes Fund | U | 86% |
M&G Investment Funds (10) - M&G ESG Screened Global High Yield Bond Fund | U | 53% |
M&G Investment Funds (10) - M&G Positive Impact Fund | U | 52% |
M&G Investment Funds (2) - M&G Gilt & Fixed Interest Income Fund | U | 49% |
M&G Investment Funds (3) - M&G Dividend Fund | U | 46% |
M&G Investment Funds (7) - M&G Global Convertibles Fund | U | 85% |
M&G Investment Management Limited | OS | 100% |
M&G Investment Funds (4) - M&G Managed Growth Fund | U | 20% |
M&G Management Services Limited | OS | 100% |
M&G MFH General Partner Limited | OS | 100% |
M&G MFH Holding Company Limited | OS | 100% |
M&G MFH Limited Partnership | LPI | 50% |
M&G MFH Property Company Limited | OS | 100% |
M&G MFH RE Limited | OS | 100% |
Name of entity | Share class | % held |
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 Real Estate Limited | OS | 100% |
M&G RE UKEV 1-A LP | LPI | 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% |
M&G RPF Nominee 2 Limited | OS | 100% |
M&G Securities Limited | OS | 100% |
M&G Trustee Company Limited | OS | 100% |
M&G Affordable Living LP | LPI | 52% |
M&G UK Property GP Limited | OS | 100% |
M&G UK Property Nominee 1 Limited | OS | 100% |
M&G UK Property Nominee 2 Limited | OS | 100% |
M&G UK Social Investment GP LLP | LPI | 100% |
M&G UKEV (SLP) General Partner LLP | LPI | 100% |
M&G UKEV (SLP) LP | LPI | 80% |
M&G Wealth Advice Limited | OS | 100% |
M&G Wealth Holding Company Limited | OS | 100% |
M&G Wealth Investments LLP | OS | 100% |
M&G Wealth Solutions Limited | OS | 100% |
M&G\u00a0Social\u00a0Investment GP1\u00a0Limited | OS | 100% |
M&G Social Investment GP2 Limited | OS | 100% |
M&G\u00a0UK\u00a0Social\u00a0Investment\u00a0Partners\u00a0LP | LPI | 100% |
Manchester JV Limited | OS | 50% |
Manchester Nominee (1) Limited | OS | 100% |
Minster Court Estate Management Limited | OS | 56% |
N16 Stratford Student OpCo Limited | OS | 100% |
Pacus (UK) Limited | OS | 100% |
PGDS (UK One) Limited | OS | 100% |
Pilot Peak Capital Limited | OS | 100% |
PPM Capital (Holdings) Limited | OS | 100% |
PPMC First Nominees Limited | OS | 100% |
Prudential Greenfield GP LLP | LPI | 100% |
Prudential Greenfield LP | LPI | 100% |
Prudential Greenfield GP1 Limited | OS | 100% |
Prudential Greenfield GP2 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% |
Name of entity | Share class | % held |
Prudential Equity Release Mortgages 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% |
Prudential UK Real Estate Nominee 1 Limited | OS | 100% |
Prudential UK Real Estate Nominee 2 Limited | OS | 100% |
Prudential Unit Trusts 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 Project Hoxton LP | LPI | 100% |
The Prudential Assurance Company Limited | OS | 100% |
Two Rivers LP | LPI | 100% |
Vanquish Properties (UK) Limited Partnership | LPI | 100% |
Wessex Gate Limited | OS | 100% |
Westwacker Limited | OS | 100% |
Wrap IFA Services Limited | OS | 100% |
19 Canning Street, Edinburgh, EH3 8EH | ||
BauMont Core Plus General Partner One LLP | LPI | 100% |
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% |
Scottish Amicable Life Assurance Society | OS | 100% |
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ | ||
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% |
Name of entity | Share class | % held |
George Digital GP 2 Limited | OS | 100% |
George Digital GP Limited | OS | 100% |
GGE GP Limited | OS | 100% |
Green GP Limited | OS | 100% |
ICP TRINITY GP1 LLP | LPI | 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 (In liquidation) | 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 | 100% |
Infracapital Greenfield Partners I SLP EF GP LLP | LPI | 100% |
Infracapital Greenfield Partners I SLP LP | LPI | 100% |
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 | 100% |
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 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% |
M&G Alternatives GP LLP | LPI | 100% |
M&G Black Seed 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\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP\u00a0LLP | LPI | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP Member\u00a0No.1\u00a0Limited | OS | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP Member\u00a0No.2\u00a0Limited | OS | 100% |
M&G MFH Carry Limited Partnership | LPI | 100% |
M&G MFH Carry General Partner Limited | OS | 100% |
M&G MFH Feeder Limited Partnership | LPI | 100% |
M&G MFH Feeder General Partner Limited | OS | 100% |
Merlin D5 GP LLP | LPI | 100% |
Mole 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% |
The First British Fixed Trust Company Limited | OS | 100% |
Barratt House, Cartwright Way, Bardon Hill, Coalville, LE67 1UF | ||
Optimus Point Management Company Limited | OS | 52% |
Name of entity | Share class | % held |
Berkeley House, 19 Portsmouth Road, Surrey, KT11 1JG | ||
SEH Manager Limited | OS | 100% |
SEH Nominee Limited | OS | 100% |
SEH Partnership Freeholds Limited | OS | 100% |
SES Partnership Freeholds Limited | OS | 50% |
SES Manager Limited | OS | 50% |
SES Nominee Limited | OS | 100% |
St Edward Homes Limited | OS | 50% |
St Edward Homes Partnership | LPI | 50% |
St Edward Strand Partnership | LPI | 100% |
Clearwater Court, Vastern Road, Reading, RG1 8DB | ||
Foudry Properties Limited | OS | 50% |
First Floor, 85 Great Portland Street, London, W1W 7LT | ||
Aqua GP LLP | LPI | 100% |
Dudok\u00a0GP\u00a0LLP | LPI | 100% |
Dudok\u00a0GP1\u00a0Limited | OS | 100% |
Dudok\u00a0GP2\u00a0Limited | OS | 100% |
Infracapital Greenfield Partners I LP | LPI | 22% |
Infracapital Partners LP | LPI | 34% |
Infracapital Partners II LP | LPI | 26% |
Pesca\u00a0GP\u00a0LLP | LPI | 100% |
Radler GP LLP | LPI | 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% |
3rd Floor,Central Square,29 Wellington Street, Leeds, LS1 4DL | ||
WS Prudential Risk Managed Active 2 | U | 21% |
WS Prudential Risk Managed Active 3 | U | 22% |
WS Prudential Risk Managed Active 4 | U | 31% |
WS Prudential Risk Managed Active 5 | U | 29% |
WS Prudential Risk Managed Passive Fund 1 | U | 39% |
Management Offices, The Mall at Cribbs Causeway, Bristol, BS34 5DG | ||
Cribbs Causeway Merchants Association Limited | OS | 20% |
Kings Place, 90 York Way, London, N1 9GE | ||
Highcross Leicester (GP) Limited | OS | 50% |
Prydis Accounts Ltd, The Parade, Liskeard, Cornwall, England, PL14 6AF | ||
My Continuum Financial Limited | OS | 100% |
My Continuum Financial Nominee Limited | OS | 100% |
The Media Centre, 7 Northumberland Street, Huddersfield, HD1 1RL | ||
Sandringham\u00a0Financial\u00a0Partners\u00a0Limited | OS | 100% |
Name of entity | Share class | % held |
York House, 45 Seymour Street, London, W1H 7LX | ||
Fort Kinnaird GP Limited | OS | 50% |
Fort Kinnaird Limited Partnership | LPI | 100% |
Fort Kinnaird Nominee Limited | OS | 100% |
100 Victoria Street, London, SW1E 5JL | ||
Bluewater REIT | U | 25% |
United States of America | ||
7 St. Paul Street Suite 820 Baltimore Md 21202 | ||
NAPI REIT TRS, Inc | OS | 100% |
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% |
Sky Fund VI Onshore LP | LPI | 22% |
Garden State Plz Mall, Routes 4 & 17, Paramus, NJ 07652 | ||
Westland Garden State Plaza Limited Partnership | LPI | 50% |
1209 Orange Street, Wilmington, DE 19801 | ||
Aldwych LP | LPI | 100% |
Fashion Square ECO LP | LPI | 50% |
GSP Sponsor 1 LP | LPI | 50% |
SMLLC | LPI | 100% |
251 Little Falls Drive, Wilmington, DE 19801 | ||
GSP Sponsor 2 LP | LPI | 50% |
GSP Sponsor 3 LP | LPI | 50% |
GSP Sponsor 4 LP | LPI | 50% |
Nuveen Real Estate Medical Office (Sidecar LP) | LPI | 100% |
2711 Centerville Road, Suite 400, Wilmington, DE 19808 | ||
Old Kingsway LP | LPI | 100% |
Randolph Street LP | LPI | 100% |
SOFA Holding LP | LPI | 100% |
30 South Wacker Drive, Suite 3750, Chicago, IL 60606 | ||
M&G Investments (USA) Inc. | OS | 100% |
M&G Investments (Americas) Inc. | OS | 100% |
300 Atlantic Street, Suite 600, Stamford, CT 06901 | ||
HCR Canary Fund LP | LPI | 99% |
300 East Lombard Street, Baltimore, Maryland | ||
NAPI REIT, Inc. | OS | 99% |
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% |
2049 Century Park East, 42nd Floor, Los Angeles, CA 90067 | ||
GSP Mixed Use JV 2 | LPI | 100% |
GSP Mixed Use JV 3 | LPI | 100% |
GSP Mixed Use JV 4 | LPI | 100% |
2025 | |||||
Level 1 | Level 2 | Level 3 | Total | ||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
With-profits: | |||||
Investment property | \u2014 | \u2014 | 13,434 | 13,434 | |
Equity securities and pooled investment funds | 42,439 | 916 | 15,057 | 58,412 | |
Loans | \u2014 | 2,254 | 1,484 | 3,738 | |
Debt securities | 25,765 | 19,175 | 4,314 | 49,254 | |
Derivative assets | 38 | 894 | \u2014 | 932 | |
Total with-profits | 68,242 | 23,239 | 34,289 | 125,770 | |
Unit-linked: | |||||
Investment property | \u2014 | \u2014 | 159 | 159 | |
Equity securities and pooled investment funds | 11,342 | 456 | 70 | 11,868 | |
Debt securities | 1,791 | 1,674 | 8 | 3,473 | |
Derivative assets | \u2014 | 7 | \u2014 | 7 | |
Total unit-linked | 13,133 | 2,137 | 237 | 15,507 | |
Annuity and other long-term business: | |||||
Investment property | \u2014 | \u2014 | 650 | 650 | |
Equity securities and pooled investment funds | 192 | 80 | 2 | 274 | |
Loans | \u2014 | \u2014 | 273 | 273 | |
Debt securities | 4,302 | 5,036 | 4,037 | 13,375 | |
Derivative assets | \u2014 | 170 | 25 | 195 | |
Total annuity and other long-term business | 4,494 | 5,286 | 4,987 | 14,767 | |
Other: | |||||
Equity securities and pooled investment funds | 127 | \u2014 | 68 | 195 | |
Debt securities | 642 | 164 | \u2014 | 806 | |
Derivative assets | \u2014 | 124 | \u2014 | 124 | |
Total other | 769 | 288 | 68 | 1,125 | |
Group: | |||||
Investment property | 32 | \u2014 | \u2014 | 14,243 | 14,243 |
Equity securities and pooled investment funds | 32 | 54,100 | 1,452 | 15,197 | 70,749 |
Loans | 32 | \u2014 | 2,254 | 1,757 | 4,011 |
Debt securities | 32 | 32,500 | 26,049 | 8,359 | 66,908 |
Derivative assets | 32 | 38 | 1,195 | 25 | 1,258 |
Total assets at fair value | 86,638 | 30,950 | 39,581 | 157,169 |
Restatedi | |||||
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 | 1,372 | 1,501 | 2,873 | |
Debt securities | 23,432 | 24,231 | 4,484 | 52,147 | |
Derivative assets | 47 | 707 | \u2014 | 754 | |
Total with-profits | 59,145 | 27,683 | 36,066 | 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 | 1,372 | 2,763 | 4,135 |
Debt securities | 32 | 29,657 | 31,798 | 8,320 | 69,775 |
Derivative assets | 32 | 47 | 1,012 | 26 | 1,085 |
Total assets at fair value | 76,230 | 36,076 | 41,964 | 154,270 |
2025 | ||||
Level 1 | Level 2 | Level 3 | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | \u2014 | 11,507 | \u2014 | 11,507 |
Third party interest in consolidated funds | 4,499 | 223 | 5,624 | 10,346 |
Derivative liabilities | 52 | 2,410 | 9 | 2,471 |
Accruals, deferred income and other liabilities | \u2014 | \u2014 | 218 | 218 |
Total liabilities at fair value | 4,551 | 14,140 | 5,851 | 24,542 |
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 |
2025 | ||||
Transfers between levels | ||||
Equity securities and pooled investment funds | Loans | Debt securitiesi | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
From level 1 to level 2 iii | \u2014 | \u2014 | 2,397 | 2,397 |
From level 2 to level 1 iii | 1,295 | \u2014 | 5,329 | 6,624 |
From level 2 to level 3 | 137 | 2 | 26 | 165 |
From level 3 to level 1 | 106 | \u2014 | \u2014 | 106 |
From level 3 to level 2 | \u2014 | 49 | 225 | 274 |
Restatedii | ||||
2024 | ||||
Transfers between levels | ||||
Equity securities and pooled investment funds | Loans | Debt securitiesi | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
From level 1 to level 2 ii, iii | 70 | \u2014 | 2,826 | 2,896 |
From level 1 to level 3 | 15 | \u2014 | 90 | 105 |
From level 2 to level 1 iii | 148 | \u2014 | 10,136 | 10,284 |
From level 2 to level 3 | 85 | 5 | 606 | 696 |
From level 3 to level 2 | 2 | 26 | 768 | 796 |
2025 | |||||||||||
At 1 Jan | Total gains/ (losses) recorded in income statement | Foreign exchange | Purchases /other | Sales /other | Transfer to held for sale | Settled | Issued | Transfer into level 3 | Transfer out of level 3 | At 31 Dec | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Level 3 assets: | |||||||||||
Investment property | 14,385 | 280 | (119) | 893 | (1,015) | (181) | \u2014 | \u2014 | \u2014 | \u2014 | 14,243 |
Equity securities and pooled investment funds | 16,470 | 204 | (588) | 1,968 | (2,773) | (115) | \u2014 | \u2014 | 137 | (106) | 15,197 |
Loans | 2,763 | 18 | (13) | 468 | (502) | (930) | \u2014 | \u2014 | 2 | (49) | 1,757 |
Debt securities | 8,320 | (162) | (42) | 1,234 | (671) | (121) | \u2014 | \u2014 | 26 | (225) | 8,359 |
Derivative assets | 26 | 2 | \u2014 | \u2014 | \u2014 | \u2014 | (3) | \u2014 | \u2014 | \u2014 | 25 |
Total level 3 assets | 41,964 | 342 | (762) | 4,563 | (4,961) | (1,347) | (3) | \u2014 | 165 | (380) | 39,581 |
Level 3 liabilities: | |||||||||||
Third party interest in consolidated funds | 5,013 | (305) | (197) | \u2014 | 23 | \u2014 | (295) | 1,373 | 12 | \u2014 | 5,624 |
Derivative liabilities | 12 | (3) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 9 |
Other financial liabilities | 221 | 9 | \u2014 | \u2014 | \u2014 | \u2014 | (12) | \u2014 | \u2014 | \u2014 | 218 |
Total level 3 liabilities | 5,246 | (299) | (197) | \u2014 | 23 | \u2014 | (307) | 1,373 | 12 | \u2014 | 5,851 |
Restatedi | |||||||||||
2024 | |||||||||||
At 1 Jan | Total gains/ (losses) recorded in income statement | Foreign exchange | Purchases /other | Sales /other | Transfer to held for sale | Settled | Issued | Transfer into level 3 | Transfer out of level\u00a03 | 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 | 2,820 | (57) | 7 | 499 | (485) | \u2014 | \u2014 | \u2014 | 5 | (26) | 2,763 |
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 | 42,134 | (870) | 106 | 4,779 | (3,705) | (482) | (3) | \u2014 | 801 | (796) | 41,964 |
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 |
As at 31 December | Unobservable input | 2025 | 2024 |
Retail income strips | Discount rate | 2.22% to 6.67% | 2.11% to 6.41% |
Equity release mortgages i | Illiquidity premium | 3.00% | 2.76% |
Total portfolio property value | \u00a32.6bn | \u00a32.8bn | |
Assumed property growth rate | Risk free + 1.45% | Risk free + 1.10% | |
Private placement loans ii | Credit risk premium: | ||
AAA to BBB+ | 0.49% to 3.06% | 0.32% to 3.07% | |
BBB to BB | 0.45% to 5.66% | 0.45% to 6.11% | |
Infrastructure fund investments | Discount rate | 12.00% | 9.3% to 12.00% |
2025 | |||||||
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 equityi | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Investment property | |||||||
Property in use | 14,017 | 808 | Income capitalisation and other ii | Equivalent yield | Increase by 50bps | (1,248) | (54) |
Decrease by 50bps | 1,509 | 55 | |||||
Estimated rental value | Increase by 10% | 1,265 | 55 | ||||
Decrease by 10% | (1,221) | (53) | |||||
Property under development | 226 | 1 | Development cost | Increase by 10% | 23 | \u2014 | |
Decrease by 10% | (23) | \u2014 | |||||
Loans | |||||||
Other mortgages and retail loans | 723 | \u2014 | Broker quotes iii | Broker quotes | Increase by 10% | 72 | \u2014 |
Decrease by 10% | (72) | \u2014 | |||||
Other commercial loans | 1,034 | 274 | Broker quotes iii | Broker quotes | Increase by 10% | 103 | 21 |
Decrease by 10% | (103) | (21) | |||||
Equity securities and pooled investment funds | 15,136 | 140 | Net asset statements | Net asset value | Increase by 10% | 1,514 | 10 |
Decrease by 10% | (1,514) | (10) | |||||
Infrastructure fund investments iv | 61 | \u2014 | Discounted cash flow iv | Discount rate | Increase by 10% | (6) | \u2014 |
Decrease by 10% | 6 | \u2014 | |||||
Debt securities | |||||||
Private placement loans v | 4,852 | 2,876 | Discounted cash flow vi | Discount rate | Increase by 50bps | (219) | (97) |
Decrease by 50bps | 215 | 96 | |||||
Retail income strips | 298 | 264 | Discounted cash flow vi | Discount rate | Increase by 50bps | (17) | (11) |
Decrease by 50bps | 20 | 13 | |||||
Unquoted corporate bonds | 3,209 | 904 | Broker quotes iii, enterprise valuation, estimated recovery | Broker quotes | Increase by 10% | 321 | 68 |
Decrease by 10% | (321) | (68) | |||||
Derivative assets | 25 | 25 | Discounted cash flow | Discount rate | Increase by 50bps | 1 | \u2014 |
Decrease by 50bps | (1) | \u2014 | |||||
Total level 3 | 39,581 | 5,292 |
Restated | |||||||
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 equity i | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | ||||
Investment property viii | |||||||
Property in use (restated) | 14,199 | 647 | Income capitalisation and other ii | 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 (restated) | 186 | \u2014 | Development cost | Increase by 10% | 19 | \u2014 | |
Decrease by 10% | (19) | \u2014 | |||||
Loans | |||||||
Equity release mortgages ix | 952 | 952 | Discounted cash flow x | 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 quotes iii | Broker quotes | Increase by 10% | 83 | \u2014 |
Decrease by 10% | (83) | \u2014 | |||||
Other commercial loans (restated) vii | 985 | 311 | Broker quotes iii | Broker quotes | Increase by 10% | 98 | 23 |
Decrease by 10% | (98) | (23) | |||||
Equity securities and pooled investment funds | 16,359 | 127 | Net asset statements | Net asset value | Increase by 10% | 1,636 | 10 |
Decrease by 10% | (1,636) | (10) | |||||
Infrastructure fund investments iv | 275 | \u2014 | Discounted cash flow iv | Discount rate | Increase by 10% | (26) | \u2014 |
Decrease by 10% | 31 | \u2014 | |||||
Debt securities | |||||||
Private placement loans v | 4,942 | 2,912 | Discounted cash flow vi | Discount rate | Increase by 50bps | (242) | (107) |
Decrease by 50bps | 302 | 133 | |||||
Retail income strips | 263 | 227 | Discounted cash flow vi | Discount rate | Increase by 50bps | (12) | (8) |
Decrease by 50bps | 14 | 9 | |||||
Unquoted corporate bonds | 2,951 | 696 | Broker quotes iii, 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 | 41,964 | 5,898 |
2025 | Restated i 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Investment property | 191 | (317) |
Equity securities and pooled investment funds | 603 | 219 |
Loans | 33 | (56) |
Debt securities | (75) | (581) |
Third party interest in consolidated funds | 305 | 371 |
Derivatives | 2 | (5) |
Other financial liabilities | (9) | 5 |
Total | 1,050 | (364) |
2025 | |||||
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 | 5,821 | 312 | 6,133 | 6,519 |
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 |
2025 | |||||
Level 1 | Level 2 | Level 3 | Total | ||
As at 31 December | Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
With-profits: | |||||
Investment property | \u2014 | \u2014 | 13,434 | 13,434 | |
Equity securities and pooled investment funds | 42,439 | 916 | 15,057 | 58,412 | |
Loans | \u2014 | 2,254 | 1,484 | 3,738 | |
Debt securities | 25,765 | 19,175 | 4,314 | 49,254 | |
Derivative assets | 38 | 894 | \u2014 | 932 | |
Total with-profits | 68,242 | 23,239 | 34,289 | 125,770 | |
Unit-linked: | |||||
Investment property | \u2014 | \u2014 | 159 | 159 | |
Equity securities and pooled investment funds | 11,342 | 456 | 70 | 11,868 | |
Debt securities | 1,791 | 1,674 | 8 | 3,473 | |
Derivative assets | \u2014 | 7 | \u2014 | 7 | |
Total unit-linked | 13,133 | 2,137 | 237 | 15,507 | |
Annuity and other long-term business: | |||||
Investment property | \u2014 | \u2014 | 650 | 650 | |
Equity securities and pooled investment funds | 192 | 80 | 2 | 274 | |
Loans | \u2014 | \u2014 | 273 | 273 | |
Debt securities | 4,302 | 5,036 | 4,037 | 13,375 | |
Derivative assets | \u2014 | 170 | 25 | 195 | |
Total annuity and other long-term business | 4,494 | 5,286 | 4,987 | 14,767 | |
Other: | |||||
Equity securities and pooled investment funds | 127 | \u2014 | 68 | 195 | |
Debt securities | 642 | 164 | \u2014 | 806 | |
Derivative assets | \u2014 | 124 | \u2014 | 124 | |
Total other | 769 | 288 | 68 | 1,125 | |
Group: | |||||
Investment property | 32 | \u2014 | \u2014 | 14,243 | 14,243 |
Equity securities and pooled investment funds | 32 | 54,100 | 1,452 | 15,197 | 70,749 |
Loans | 32 | \u2014 | 2,254 | 1,757 | 4,011 |
Debt securities | 32 | 32,500 | 26,049 | 8,359 | 66,908 |
Derivative assets | 32 | 38 | 1,195 | 25 | 1,258 |
Total assets at fair value | 86,638 | 30,950 | 39,581 | 157,169 |
Restatedi | |||||
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 | 1,372 | 1,501 | 2,873 | |
Debt securities | 23,432 | 24,231 | 4,484 | 52,147 | |
Derivative assets | 47 | 707 | \u2014 | 754 | |
Total with-profits | 59,145 | 27,683 | 36,066 | 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 | 1,372 | 2,763 | 4,135 |
Debt securities | 32 | 29,657 | 31,798 | 8,320 | 69,775 |
Derivative assets | 32 | 47 | 1,012 | 26 | 1,085 |
Total assets at fair value | 76,230 | 36,076 | 41,964 | 154,270 |
2025 | ||||
Level 1 | Level 2 | Level 3 | Total | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Investment contract liabilities without DPF | \u2014 | 11,507 | \u2014 | 11,507 |
Third party interest in consolidated funds | 4,499 | 223 | 5,624 | 10,346 |
Derivative liabilities | 52 | 2,410 | 9 | 2,471 |
Accruals, deferred income and other liabilities | \u2014 | \u2014 | 218 | 218 |
Total liabilities at fair value | 4,551 | 14,140 | 5,851 | 24,542 |
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 |
2025 | ||||
Transfers between levels | ||||
Equity securities and pooled investment funds | Loans | Debt securitiesi | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
From level 1 to level 2 iii | \u2014 | \u2014 | 2,397 | 2,397 |
From level 2 to level 1 iii | 1,295 | \u2014 | 5,329 | 6,624 |
From level 2 to level 3 | 137 | 2 | 26 | 165 |
From level 3 to level 1 | 106 | \u2014 | \u2014 | 106 |
From level 3 to level 2 | \u2014 | 49 | 225 | 274 |
Restatedii | ||||
2024 | ||||
Transfers between levels | ||||
Equity securities and pooled investment funds | Loans | Debt securitiesi | Total | |
For the year ended 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
From level 1 to level 2 ii, iii | 70 | \u2014 | 2,826 | 2,896 |
From level 1 to level 3 | 15 | \u2014 | 90 | 105 |
From level 2 to level 1 iii | 148 | \u2014 | 10,136 | 10,284 |
From level 2 to level 3 | 85 | 5 | 606 | 696 |
From level 3 to level 2 | 2 | 26 | 768 | 796 |
2025 | |||||||||||
At 1 Jan | Total gains/ (losses) recorded in income statement | Foreign exchange | Purchases /other | Sales /other | Transfer to held for sale | Settled | Issued | Transfer into level 3 | Transfer out of level 3 | At 31 Dec | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Level 3 assets: | |||||||||||
Investment property | 14,385 | 280 | (119) | 893 | (1,015) | (181) | \u2014 | \u2014 | \u2014 | \u2014 | 14,243 |
Equity securities and pooled investment funds | 16,470 | 204 | (588) | 1,968 | (2,773) | (115) | \u2014 | \u2014 | 137 | (106) | 15,197 |
Loans | 2,763 | 18 | (13) | 468 | (502) | (930) | \u2014 | \u2014 | 2 | (49) | 1,757 |
Debt securities | 8,320 | (162) | (42) | 1,234 | (671) | (121) | \u2014 | \u2014 | 26 | (225) | 8,359 |
Derivative assets | 26 | 2 | \u2014 | \u2014 | \u2014 | \u2014 | (3) | \u2014 | \u2014 | \u2014 | 25 |
Total level 3 assets | 41,964 | 342 | (762) | 4,563 | (4,961) | (1,347) | (3) | \u2014 | 165 | (380) | 39,581 |
Level 3 liabilities: | |||||||||||
Third party interest in consolidated funds | 5,013 | (305) | (197) | \u2014 | 23 | \u2014 | (295) | 1,373 | 12 | \u2014 | 5,624 |
Derivative liabilities | 12 | (3) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 9 |
Other financial liabilities | 221 | 9 | \u2014 | \u2014 | \u2014 | \u2014 | (12) | \u2014 | \u2014 | \u2014 | 218 |
Total level 3 liabilities | 5,246 | (299) | (197) | \u2014 | 23 | \u2014 | (307) | 1,373 | 12 | \u2014 | 5,851 |
Restatedi | |||||||||||
2024 | |||||||||||
At 1 Jan | Total gains/ (losses) recorded in income statement | Foreign exchange | Purchases /other | Sales /other | Transfer to held for sale | Settled | Issued | Transfer into level 3 | Transfer out of level\u00a03 | 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 | 2,820 | (57) | 7 | 499 | (485) | \u2014 | \u2014 | \u2014 | 5 | (26) | 2,763 |
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 | 42,134 | (870) | 106 | 4,779 | (3,705) | (482) | (3) | \u2014 | 801 | (796) | 41,964 |
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 |
As at 31 December | Unobservable input | 2025 | 2024 |
Retail income strips | Discount rate | 2.22% to 6.67% | 2.11% to 6.41% |
Equity release mortgages i | Illiquidity premium | 3.00% | 2.76% |
Total portfolio property value | \u00a32.6bn | \u00a32.8bn | |
Assumed property growth rate | Risk free + 1.45% | Risk free + 1.10% | |
Private placement loans ii | Credit risk premium: | ||
AAA to BBB+ | 0.49% to 3.06% | 0.32% to 3.07% | |
BBB to BB | 0.45% to 5.66% | 0.45% to 6.11% | |
Infrastructure fund investments | Discount rate | 12.00% | 9.3% to 12.00% |
2025 | |||||||
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 equityi | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |||
Investment property | |||||||
Property in use | 14,017 | 808 | Income capitalisation and other ii | Equivalent yield | Increase by 50bps | (1,248) | (54) |
Decrease by 50bps | 1,509 | 55 | |||||
Estimated rental value | Increase by 10% | 1,265 | 55 | ||||
Decrease by 10% | (1,221) | (53) | |||||
Property under development | 226 | 1 | Development cost | Increase by 10% | 23 | \u2014 | |
Decrease by 10% | (23) | \u2014 | |||||
Loans | |||||||
Other mortgages and retail loans | 723 | \u2014 | Broker quotes iii | Broker quotes | Increase by 10% | 72 | \u2014 |
Decrease by 10% | (72) | \u2014 | |||||
Other commercial loans | 1,034 | 274 | Broker quotes iii | Broker quotes | Increase by 10% | 103 | 21 |
Decrease by 10% | (103) | (21) | |||||
Equity securities and pooled investment funds | 15,136 | 140 | Net asset statements | Net asset value | Increase by 10% | 1,514 | 10 |
Decrease by 10% | (1,514) | (10) | |||||
Infrastructure fund investments iv | 61 | \u2014 | Discounted cash flow iv | Discount rate | Increase by 10% | (6) | \u2014 |
Decrease by 10% | 6 | \u2014 | |||||
Debt securities | |||||||
Private placement loans v | 4,852 | 2,876 | Discounted cash flow vi | Discount rate | Increase by 50bps | (219) | (97) |
Decrease by 50bps | 215 | 96 | |||||
Retail income strips | 298 | 264 | Discounted cash flow vi | Discount rate | Increase by 50bps | (17) | (11) |
Decrease by 50bps | 20 | 13 | |||||
Unquoted corporate bonds | 3,209 | 904 | Broker quotes iii, enterprise valuation, estimated recovery | Broker quotes | Increase by 10% | 321 | 68 |
Decrease by 10% | (321) | (68) | |||||
Derivative assets | 25 | 25 | Discounted cash flow | Discount rate | Increase by 50bps | 1 | \u2014 |
Decrease by 50bps | (1) | \u2014 | |||||
Total level 3 | 39,581 | 5,292 |
Restated | |||||||
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 equity i | |
As at 31 December | \u00a3m | \u00a3m | \u00a3m | ||||
Investment property viii | |||||||
Property in use (restated) | 14,199 | 647 | Income capitalisation and other ii | 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 (restated) | 186 | \u2014 | Development cost | Increase by 10% | 19 | \u2014 | |
Decrease by 10% | (19) | \u2014 | |||||
Loans | |||||||
Equity release mortgages ix | 952 | 952 | Discounted cash flow x | 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 quotes iii | Broker quotes | Increase by 10% | 83 | \u2014 |
Decrease by 10% | (83) | \u2014 | |||||
Other commercial loans (restated) vii | 985 | 311 | Broker quotes iii | Broker quotes | Increase by 10% | 98 | 23 |
Decrease by 10% | (98) | (23) | |||||
Equity securities and pooled investment funds | 16,359 | 127 | Net asset statements | Net asset value | Increase by 10% | 1,636 | 10 |
Decrease by 10% | (1,636) | (10) | |||||
Infrastructure fund investments iv | 275 | \u2014 | Discounted cash flow iv | Discount rate | Increase by 10% | (26) | \u2014 |
Decrease by 10% | 31 | \u2014 | |||||
Debt securities | |||||||
Private placement loans v | 4,942 | 2,912 | Discounted cash flow vi | Discount rate | Increase by 50bps | (242) | (107) |
Decrease by 50bps | 302 | 133 | |||||
Retail income strips | 263 | 227 | Discounted cash flow vi | Discount rate | Increase by 50bps | (12) | (8) |
Decrease by 50bps | 14 | 9 | |||||
Unquoted corporate bonds | 2,951 | 696 | Broker quotes iii, 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 | 41,964 | 5,898 |
2025 | Restated i 2024 | |
As at 31 December | \u00a3m | \u00a3m |
Investment property | 191 | (317) |
Equity securities and pooled investment funds | 603 | 219 |
Loans | 33 | (56) |
Debt securities | (75) | (581) |
Third party interest in consolidated funds | 305 | 371 |
Derivatives | 2 | (5) |
Other financial liabilities | (9) | 5 |
Total | 1,050 | (364) |
2025 | |||||
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 | 5,821 | 312 | 6,133 | 6,519 |
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 |
Risk type | Definition | |
Market risk | The risk of loss or adverse change in the financial health of the business resulting 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 mortality, longevity, morbidity, persistency and expense experience. | |
Liquidity risk | The risk that the Group and/or its businesses 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. |
2025 | |||||
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 | 298 | \u2014 | 3 | 1,453 | 1,754 |
Deferred acquisition costs | \u2014 | \u2014 | 4 | 21 | 25 |
Defined benefit pension asset | 18 | \u2014 | 23 | 2 | 43 |
Investment in joint ventures accounted for using the\u00a0equity method | 250 | \u2014 | \u2014 | \u2014 | 250 |
Property, plant and equipment | 1,331 | \u2014 | 9 | 197 | 1,537 |
Investment property | 13,434 | 159 | 650 | \u2014 | 14,243 |
Deferred tax assets | 19 | 1 | 231 | 171 | 422 |
Insurance contract assets | \u2014 | \u2014 | 49 | \u2014 | 49 |
Reinsurance contract assets | 19 | 3 | 1,045 | \u2014 | 1,067 |
Equity securities and pooled investment funds | 58,412 | 11,868 | 274 | 195 | 70,749 |
Loans | 3,738 | \u2014 | 273 | \u2014 | 4,011 |
Debt securities | 49,254 | 3,473 | 13,375 | 806 | 66,908 |
Derivative assets | 932 | 7 | 195 | 124 | 1,258 |
Deposits | 14,903 | 1,174 | 1,393 | 178 | 17,648 |
Current tax assets | 24 | 5 | 11 | 36 | 76 |
Accrued investment income and other debtors | 2,389 | 166 | 247 | 506 | 3,308 |
Assets held for sale | 1,324 | 56 | 929 | 40 | 2,349 |
Cash and cash equivalents | 3,269 | 384 | 575 | 676 | 4,904 |
Total assets | 149,614 | 17,296 | 19,286 | 4,405 | 190,601 |
Liabilities: | |||||
Insurance contract liabilities | 128,416 | 4,257 | 14,872 | \u2014 | 147,545 |
Reinsurance contract liabilities | 1 | 22 | 237 | \u2014 | 260 |
Investment contract liabilities without DPF | 2,119 | 9,375 | 13 | \u2014 | 11,507 |
Third party interest in consolidated funds | 8,242 | 2,086 | \u2014 | 18 | 10,346 |
Subordinated liabilities and other borrowings | 3,356 | 42 | 3 | 3,118 | 6,519 |
Defined benefit pension liability | \u2014 | \u2014 | \u2014 | 261 | 261 |
Deferred tax liabilities | 910 | 68 | 44 | 18 | 1,040 |
Lease liabilities | 110 | \u2014 | 7 | 276 | 393 |
Current tax liabilities | 73 | 15 | 31 | 4 | 123 |
Derivative liabilities | 747 | 3 | 1,502 | 219 | 2,471 |
Other financial liabilities | 829 | 1 | 190 | 81 | 1,101 |
Provisions | 13 | 3 | 6 | 68 | 90 |
Accruals, deferred income and other liabilities | 2,952 | 340 | 866 | 611 | 4,769 |
Liabilities held for sale | 978 | 10 | \u2014 | \u2014 | 988 |
Total liabilities | 148,746 | 16,222 | 17,771 | 4,674 | 187,413 |
Total equity | 3,188 | ||||
Total equity and liabilities | 190,601 |
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 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 |
2025 | |||||||
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 | 69 | 887 | 1 | \u2014 | 110 | 1,067 |
Loans | \u2014 | \u2014 | \u2014 | 23 | 1,925 | 2,063 | 4,011 |
Debt securities | 4,383 | 19,674 | 13,075 | 14,968 | 4,647 | 10,161 | 66,908 |
Deposits | 50 | 2,204 | 12,429 | 1,254 | 23 | 1,688 | 17,648 |
Accrued investment income and other debtors | 43 | 168 | 173 | 199 | 70 | 2,655 | 3,308 |
Cash and cash equivalents | 646 | 696 | 3,344 | 65 | 115 | 38 | 4,904 |
Total financial assets | 5,122 | 22,811 | 29,908 | 16,510 | 6,780 | 16,715 | 97,846 |
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 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
AAA | 130 | 100 |
AA+ to AA- | 901 | 900 |
A+ to A- | 3,508 | 3,626 |
BBB+ to BBB- | 2,240 | 2,391 |
Below BBB- | 1,704 | 1,096 |
Unrated | 1,678 | 1,751 |
Total | 10,161 | 9,864 |
2025 | |||||||
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 | 3,137 | 14,792 | 2,128 | 2,892 | 1,697 | 115 | 24,761 |
With-profits | 2,573 | 10,243 | 1,930 | 2,621 | 1,660 | \u2014 | 19,027 |
Unit-linked | 59 | 1,178 | 175 | 243 | 37 | 114 | 1,806 |
Annuity and other long-term business | 500 | 2,799 | 23 | 28 | \u2014 | \u2014 | 3,350 |
Other | 5 | 572 | \u2014 | \u2014 | \u2014 | 1 | 578 |
Quasi-sovereign and Public sector debt | 171 | 1,252 | 234 | 543 | 621 | 220 | 3,041 |
With-profits | 167 | 616 | 168 | 522 | 617 | 134 | 2,224 |
Unit-linked | 2 | 29 | 10 | 21 | 4 | 6 | 72 |
Annuity and other long-term business | 2 | 607 | 56 | \u2014 | \u2014 | 80 | 745 |
Corporate debt | 900 | 3,346 | 10,446 | 11,193 | 2,167 | 7,938 | 35,990 |
With-profits | 548 | 2,185 | 8,271 | 8,506 | 1,945 | 4,013 | 25,468 |
Unit-linked | 25 | 110 | 514 | 629 | 149 | 141 | 1,568 |
Annuity and other long-term business | 203 | 1,018 | 1,640 | 2,039 | 66 | 3,772 | 8,738 |
Other | 124 | 33 | 21 | 19 | 7 | 12 | 216 |
Asset-backed securities | 175 | 284 | 267 | 340 | 159 | 1,818 | 3,043 |
With-profits | 83 | 172 | 125 | 263 | 159 | 1,691 | 2,493 |
Unit-linked | 4 | 11 | 2 | 7 | \u2014 | 1 | 25 |
Annuity and other long-term business | 76 | 101 | 140 | 70 | \u2014 | 126 | 513 |
Other | 12 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 12 |
Structured notes | \u2014 | \u2014 | \u2014 | \u2014 | 3 | 70 | 73 |
With-profits | \u2014 | \u2014 | \u2014 | \u2014 | 3 | 39 | 42 |
Unit-linked | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 2 |
Annuity and other long-term business | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 29 | 29 |
Total debt securities | 4,383 | 19,674 | 13,075 | 14,968 | 4,647 | 10,161 | 66,908 |
With-profits | 3,371 | 13,216 | 10,494 | 11,912 | 4,384 | 5,877 | 49,254 |
Unit-linked | 90 | 1,328 | 701 | 900 | 190 | 264 | 3,473 |
Annuity and other long-term business | 781 | 4,525 | 1,859 | 2,137 | 66 | 4,007 | 13,375 |
Other | 141 | 605 | 21 | 19 | 7 | 13 | 806 |
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 |
2025 | |||||
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 | 5,980 | 989 | 2,802 | 527 | 10,298 |
Germany | 632 | 39 | 79 | \u2014 | 750 |
Other European countries | 1,096 | 47 | 420 | \u2014 | 1,563 |
Total Europe | 7,708 | 1,075 | 3,301 | 527 | 12,611 |
United States | 3,241 | 197 | \u2014 | \u2014 | 3,438 |
Latin America countries | 711 | 24 | 29 | \u2014 | 764 |
South Africa | 1,012 | 116 | \u2014 | 1 | 1,129 |
South Korea | 845 | 52 | \u2014 | \u2014 | 897 |
Indonesia | 752 | 42 | \u2014 | \u2014 | 794 |
Malaysia | 941 | 53 | \u2014 | \u2014 | 994 |
Singapore | 273 | 17 | \u2014 | \u2014 | 290 |
Philippines | 566 | 34 | \u2014 | \u2014 | 600 |
Thailand | 473 | 29 | \u2014 | \u2014 | 502 |
India | 868 | 54 | \u2014 | \u2014 | 922 |
Other | 1,637 | 113 | 20 | 50 | 1,820 |
Total | 19,027 | 1,806 | 3,350 | 578 | 24,761 |
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 |
2025 | |||||
Related amounts not offset on the consolidated statement\u00a0of\u00a0financial position | |||||
Gross and net 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 | 1,162 | (858) | (212) | \u2014 | 92 |
Reverse repurchase agreements | 14,523 | \u2014 | \u2014 | (12,581) | 1,942 |
Total financial assets | 15,685 | (858) | (212) | (12,581) | 2,034 |
Financial liabilities: | |||||
Derivative liabilities | 2,359 | (858) | (16) | (1,454) | 31 |
Securities lending and repurchase agreements | 841 | \u2014 | \u2014 | (841) | \u2014 |
Total financial liabilities | 3,200 | (858) | (16) | (2,295) | 31 |
Restated i 2024 | |||||
Related amounts not offset on the consolidated statement\u00a0of\u00a0financial position | |||||
Gross and net 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 agreementsi | 12,853 | \u2014 | \u2014 | (11,231) | 1,622 |
Total financial assets | 13,693 | (754) | (77) | (11,235) | 1,627 |
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 |
2025 | 2024 | ||||
Carrying amount | Related ECL allowance | Carrying amount | Related ECL allowance | ||
Balance as at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Deposits | 17,648 | 3 | 15,794 | 2 | |
Accrued investment income and other debtors | 3,308 | 29 | 2,506 | 31 |
2025 | 2024 | ||||||
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 | (119,926) | (8,490) | (128,416) | (115,559) | (7,685) | (123,244) | |
Reinsurance | 17 | 1 | 18 | 14 | \u2014 | 14 | |
Net | (119,909) | (8,489) | (128,398) | (115,545) | (7,685) | (123,230) | |
Unit-linked: | |||||||
Insurance contract assets and liabilities | (3,780) | (477) | (4,257) | (3,664) | (444) | (4,108) | |
Reinsurance | 3 | (22) | (19) | 4 | (22) | (18) | |
Net | (3,777) | (499) | (4,276) | (3,660) | (466) | (4,126) | |
Annuity and other long-term business: | |||||||
Insurance contract assets and liabilities | (14,653) | (170) | (14,823) | (13,689) | (184) | (13,873) | |
Reinsurance | 807 | 1 | 808 | 766 | 1 | 767 | |
Net | (13,846) | (169) | (14,015) | (12,923) | (183) | (13,106) | |
Total: | |||||||
Insurance contract assets and liabilities | (138,359) | (9,137) | (147,496) | (132,912) | (8,313) | (141,225) | |
Reinsurance | 827 | (20) | 807 | 784 | (21) | 763 | |
Net | (137,532) | (9,157) | (146,689) | (132,128) | (8,334) | (140,462) |
2025 | |||||||||
Total carrying value | 1 year or less | 1 to 5 years | 5 to 10 years | 10 to 15 years | 15 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 | 11,507 | 11,507 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 11,507 |
Third party interest in consolidated funds | 10,346 | 65 | 68 | 101 | 1,301 | \u2014 | 116 | 8,695 | 10,346 |
Subordinated liabilities and other borrowings | 6,519 | 451 | 3,845 | 852 | 831 | 832 | 4,848 | 2 | 11,661 |
Other financial liabilities | 1,101 | 813 | 4 | \u2014 | \u2014 | \u2014 | \u2014 | 284 | 1,101 |
Accruals, deferred income and other liabilities | 4,544 | 4,593 | 117 | 99 | 118 | 100 | 133 | \u2014 | 5,160 |
Total | 34,017 | 17,429 | 4,034 | 1,052 | 2,250 | 932 | 5,097 | 8,981 | 39,775 |
2024 | |||||||||
Total carrying value | 1 year or less | 1 to 5 years | 5 to 10 years | 10 to 15 years | 15 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 |
2025 | |||||||||
Total carrying value | 1 year or less | 1 to 5 years | 5 to 10 years | 10 to 15 years | 15 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 | 1,258 | 690 | 558 | 126 | 51 | 52 | 389 | \u2014 | 1,866 |
Derivative liabilities | 2,471 | 352 | 2,480 | 309 | 137 | 189 | 1,058 | \u2014 | 4,525 |
Net derivative position | (1,213) | 338 | (1,922) | (183) | (86) | (137) | (669) | \u2014 | (2,659) |
2024 | |||||||||
Total carrying value | 1 year or less | 1 to 5 years | 5 to 10 years | 10 to 15 years | 15 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) |
Insurance contractsi | 2025 | |||
As at 31 December | With- profits | Unit-linked insurance | Annuity and other long- term business | Total |
0 to 1 year | 12% | 13% | 10% | 12% |
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% | 28% | 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 | 3% | 1% | 4% | 3% |
Total | 100% | 100% | 100% | 100% |
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% |
Reinsurance contracts | 2025 | 2024 |
As at 31 December | Total | Total |
0 to 1 year | 10% | 11% |
1 to 2 years | 9% | 10% |
2 to 3 years | 8% | 9% |
3 to 4 years | 8% | 8% |
4 to 5 years | 7% | 7% |
5 to 10 years | 27% | 28% |
10 to 15 years | 15% | 15% |
15 to 20 years | 8% | 7% |
20 to 25 years | 4% | 3% |
Over 25 years | 4% | 2% |
Total | 100% | 100% |
As at 31 December | 2025 | 2024 | ||||
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 | 220 | 315 |
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. |
2025 | 2024 | ||||
Profit | CSM | Profit | CSM | ||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | ||
Economic sensitivities | |||||
50bps increase in interest rates | (139) | 61 | (154) | 83 | |
50bps decrease in interest rates | 148 | (65) | 164 | (89) | |
10% fall in equity and property markets | (13) | (604) | (5) | (587) | |
10% rise in equity and property markets | 27 | 602 | (3) | 584 | |
5bps increase in with-profits illiquidity premium | 1 | 14 | 1 | 16 | |
5bps increase in annuity credit default/downgrade assumptions | (40) | \u2014 | (34) | \u2014 | |
Non-economic sensitivities | |||||
5% increase in renewal expense assumptions | 8 | (41) | 9 | (41) | |
5% decrease in renewal expense assumptions | (8) | 41 | (9) | 41 | |
10% increase in persistency assumptions | (5) | (76) | (5) | (76) | |
10% decrease in persistency assumptions | 6 | 82 | 6 | 83 | |
1% increase in base mortality assumptions | (35) | 73 | (39) | 73 | |
1% decrease in base mortality assumptions | 36 | (74) | 39 | (74) | |
0.25% increase in mortality improvements | 90 | (194) | 102 | (197) |
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 2025 | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Economic sensitivities | |||||||
50 bps increase in interest rates | (1,902) | 61 | (1,841) | (6) | \u2014 | (6) | |
50 bps decrease in interest rates | 2,045 | (65) | 1,980 | 6 | \u2014 | 6 | |
10% fall in equity and property markets | (6,221) | (604) | (6,825) | \u2014 | \u2014 | \u2014 | |
10% rise in equity and property markets | 6,223 | 602 | 6,825 | \u2014 | \u2014 | \u2014 | |
5 bps increase in with-profits illiquidity premium | (16) | 14 | (2) | \u2014 | \u2014 | \u2014 | |
5 bps increase in annuity credit default/ downgrade assumptions | 53 | \u2014 | 53 | 1 | \u2014 | 1 | |
Non-economic sensitivities | |||||||
5% increase in renewal expense assumptions | 31 | (41) | (10) | \u2014 | \u2014 | \u2014 | |
5% decrease in renewal expense assumptions | (31) | 41 | 10 | \u2014 | \u2014 | \u2014 | |
10% increase in persistency assumptions | 82 | (76) | 6 | \u2014 | \u2014 | \u2014 | |
10% decrease in persistency assumptions | (89) | 82 | (7) | \u2014 | \u2014 | \u2014 | |
1% increase in base mortality assumptions | (42) | 94 | 52 | (14) | 21 | 7 | |
1% decrease in base mortality assumptions | 43 | (96) | (53) | 14 | (22) | (8) | |
0.25% increase in mortality improvements | 109 | (250) | (141) | 28 | (56) | (28) |
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) |
Risk type | Definition | |
Market risk | The risk of loss or adverse change in the financial health of the business resulting 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 mortality, longevity, morbidity, persistency and expense experience. | |
Liquidity risk | The risk that the Group and/or its businesses 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. |
Risk type | Definition | |
Market risk | The risk of loss or adverse change in the financial health of the business resulting 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 mortality, longevity, morbidity, persistency and expense experience. | |
Liquidity risk | The risk that the Group and/or its businesses 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. |
2025 | |||||||||
Total carrying value | 1 year or less | 1 to 5 years | 5 to 10 years | 10 to 15 years | 15 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 | 11,507 | 11,507 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 11,507 |
Third party interest in consolidated funds | 10,346 | 65 | 68 | 101 | 1,301 | \u2014 | 116 | 8,695 | 10,346 |
Subordinated liabilities and other borrowings | 6,519 | 451 | 3,845 | 852 | 831 | 832 | 4,848 | 2 | 11,661 |
Other financial liabilities | 1,101 | 813 | 4 | \u2014 | \u2014 | \u2014 | \u2014 | 284 | 1,101 |
Accruals, deferred income and other liabilities | 4,544 | 4,593 | 117 | 99 | 118 | 100 | 133 | \u2014 | 5,160 |
Total | 34,017 | 17,429 | 4,034 | 1,052 | 2,250 | 932 | 5,097 | 8,981 | 39,775 |
2024 | |||||||||
Total carrying value | 1 year or less | 1 to 5 years | 5 to 10 years | 10 to 15 years | 15 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 |
2025 | |||||||||
Total carrying value | 1 year or less | 1 to 5 years | 5 to 10 years | 10 to 15 years | 15 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 | 1,258 | 690 | 558 | 126 | 51 | 52 | 389 | \u2014 | 1,866 |
Derivative liabilities | 2,471 | 352 | 2,480 | 309 | 137 | 189 | 1,058 | \u2014 | 4,525 |
Net derivative position | (1,213) | 338 | (1,922) | (183) | (86) | (137) | (669) | \u2014 | (2,659) |
2024 | |||||||||
Total carrying value | 1 year or less | 1 to 5 years | 5 to 10 years | 10 to 15 years | 15 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) |
Insurance contractsi | 2025 | |||
As at 31 December | With- profits | Unit-linked insurance | Annuity and other long- term business | Total |
0 to 1 year | 12% | 13% | 10% | 12% |
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% | 28% | 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 | 3% | 1% | 4% | 3% |
Total | 100% | 100% | 100% | 100% |
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% |
Reinsurance contracts | 2025 | 2024 |
As at 31 December | Total | Total |
0 to 1 year | 10% | 11% |
1 to 2 years | 9% | 10% |
2 to 3 years | 8% | 9% |
3 to 4 years | 8% | 8% |
4 to 5 years | 7% | 7% |
5 to 10 years | 27% | 28% |
10 to 15 years | 15% | 15% |
15 to 20 years | 8% | 7% |
20 to 25 years | 4% | 3% |
Over 25 years | 4% | 2% |
Total | 100% | 100% |
Risk type | Definition | |
Market risk | The risk of loss or adverse change in the financial health of the business resulting 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 mortality, longevity, morbidity, persistency and expense experience. | |
Liquidity risk | The risk that the Group and/or its businesses 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. |
2025 | |||||||
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 | 69 | 887 | 1 | \u2014 | 110 | 1,067 |
Loans | \u2014 | \u2014 | \u2014 | 23 | 1,925 | 2,063 | 4,011 |
Debt securities | 4,383 | 19,674 | 13,075 | 14,968 | 4,647 | 10,161 | 66,908 |
Deposits | 50 | 2,204 | 12,429 | 1,254 | 23 | 1,688 | 17,648 |
Accrued investment income and other debtors | 43 | 168 | 173 | 199 | 70 | 2,655 | 3,308 |
Cash and cash equivalents | 646 | 696 | 3,344 | 65 | 115 | 38 | 4,904 |
Total financial assets | 5,122 | 22,811 | 29,908 | 16,510 | 6,780 | 16,715 | 97,846 |
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 |
2025 | 2024 | |
As at 31 December | \u00a3m | \u00a3m |
AAA | 130 | 100 |
AA+ to AA- | 901 | 900 |
A+ to A- | 3,508 | 3,626 |
BBB+ to BBB- | 2,240 | 2,391 |
Below BBB- | 1,704 | 1,096 |
Unrated | 1,678 | 1,751 |
Total | 10,161 | 9,864 |
2025 | |||||||
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 | 3,137 | 14,792 | 2,128 | 2,892 | 1,697 | 115 | 24,761 |
With-profits | 2,573 | 10,243 | 1,930 | 2,621 | 1,660 | \u2014 | 19,027 |
Unit-linked | 59 | 1,178 | 175 | 243 | 37 | 114 | 1,806 |
Annuity and other long-term business | 500 | 2,799 | 23 | 28 | \u2014 | \u2014 | 3,350 |
Other | 5 | 572 | \u2014 | \u2014 | \u2014 | 1 | 578 |
Quasi-sovereign and Public sector debt | 171 | 1,252 | 234 | 543 | 621 | 220 | 3,041 |
With-profits | 167 | 616 | 168 | 522 | 617 | 134 | 2,224 |
Unit-linked | 2 | 29 | 10 | 21 | 4 | 6 | 72 |
Annuity and other long-term business | 2 | 607 | 56 | \u2014 | \u2014 | 80 | 745 |
Corporate debt | 900 | 3,346 | 10,446 | 11,193 | 2,167 | 7,938 | 35,990 |
With-profits | 548 | 2,185 | 8,271 | 8,506 | 1,945 | 4,013 | 25,468 |
Unit-linked | 25 | 110 | 514 | 629 | 149 | 141 | 1,568 |
Annuity and other long-term business | 203 | 1,018 | 1,640 | 2,039 | 66 | 3,772 | 8,738 |
Other | 124 | 33 | 21 | 19 | 7 | 12 | 216 |
Asset-backed securities | 175 | 284 | 267 | 340 | 159 | 1,818 | 3,043 |
With-profits | 83 | 172 | 125 | 263 | 159 | 1,691 | 2,493 |
Unit-linked | 4 | 11 | 2 | 7 | \u2014 | 1 | 25 |
Annuity and other long-term business | 76 | 101 | 140 | 70 | \u2014 | 126 | 513 |
Other | 12 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 12 |
Structured notes | \u2014 | \u2014 | \u2014 | \u2014 | 3 | 70 | 73 |
With-profits | \u2014 | \u2014 | \u2014 | \u2014 | 3 | 39 | 42 |
Unit-linked | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 2 |
Annuity and other long-term business | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 29 | 29 |
Total debt securities | 4,383 | 19,674 | 13,075 | 14,968 | 4,647 | 10,161 | 66,908 |
With-profits | 3,371 | 13,216 | 10,494 | 11,912 | 4,384 | 5,877 | 49,254 |
Unit-linked | 90 | 1,328 | 701 | 900 | 190 | 264 | 3,473 |
Annuity and other long-term business | 781 | 4,525 | 1,859 | 2,137 | 66 | 4,007 | 13,375 |
Other | 141 | 605 | 21 | 19 | 7 | 13 | 806 |
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 |
2025 | |||||
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 | 5,980 | 989 | 2,802 | 527 | 10,298 |
Germany | 632 | 39 | 79 | \u2014 | 750 |
Other European countries | 1,096 | 47 | 420 | \u2014 | 1,563 |
Total Europe | 7,708 | 1,075 | 3,301 | 527 | 12,611 |
United States | 3,241 | 197 | \u2014 | \u2014 | 3,438 |
Latin America countries | 711 | 24 | 29 | \u2014 | 764 |
South Africa | 1,012 | 116 | \u2014 | 1 | 1,129 |
South Korea | 845 | 52 | \u2014 | \u2014 | 897 |
Indonesia | 752 | 42 | \u2014 | \u2014 | 794 |
Malaysia | 941 | 53 | \u2014 | \u2014 | 994 |
Singapore | 273 | 17 | \u2014 | \u2014 | 290 |
Philippines | 566 | 34 | \u2014 | \u2014 | 600 |
Thailand | 473 | 29 | \u2014 | \u2014 | 502 |
India | 868 | 54 | \u2014 | \u2014 | 922 |
Other | 1,637 | 113 | 20 | 50 | 1,820 |
Total | 19,027 | 1,806 | 3,350 | 578 | 24,761 |
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 |
2025 | |||||
Related amounts not offset on the consolidated statement\u00a0of\u00a0financial position | |||||
Gross and net 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 | 1,162 | (858) | (212) | \u2014 | 92 |
Reverse repurchase agreements | 14,523 | \u2014 | \u2014 | (12,581) | 1,942 |
Total financial assets | 15,685 | (858) | (212) | (12,581) | 2,034 |
Financial liabilities: | |||||
Derivative liabilities | 2,359 | (858) | (16) | (1,454) | 31 |
Securities lending and repurchase agreements | 841 | \u2014 | \u2014 | (841) | \u2014 |
Total financial liabilities | 3,200 | (858) | (16) | (2,295) | 31 |
Restated i 2024 | |||||
Related amounts not offset on the consolidated statement\u00a0of\u00a0financial position | |||||
Gross and net 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 agreementsi | 12,853 | \u2014 | \u2014 | (11,231) | 1,622 |
Total financial assets | 13,693 | (754) | (77) | (11,235) | 1,627 |
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 |
2025 | 2024 | ||||
Carrying amount | Related ECL allowance | Carrying amount | Related ECL allowance | ||
Balance as at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Deposits | 17,648 | 3 | 15,794 | 2 | |
Accrued investment income and other debtors | 3,308 | 29 | 2,506 | 31 |
2025 | |||||||
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 | 3,137 | 14,792 | 2,128 | 2,892 | 1,697 | 115 | 24,761 |
With-profits | 2,573 | 10,243 | 1,930 | 2,621 | 1,660 | \u2014 | 19,027 |
Unit-linked | 59 | 1,178 | 175 | 243 | 37 | 114 | 1,806 |
Annuity and other long-term business | 500 | 2,799 | 23 | 28 | \u2014 | \u2014 | 3,350 |
Other | 5 | 572 | \u2014 | \u2014 | \u2014 | 1 | 578 |
Quasi-sovereign and Public sector debt | 171 | 1,252 | 234 | 543 | 621 | 220 | 3,041 |
With-profits | 167 | 616 | 168 | 522 | 617 | 134 | 2,224 |
Unit-linked | 2 | 29 | 10 | 21 | 4 | 6 | 72 |
Annuity and other long-term business | 2 | 607 | 56 | \u2014 | \u2014 | 80 | 745 |
Corporate debt | 900 | 3,346 | 10,446 | 11,193 | 2,167 | 7,938 | 35,990 |
With-profits | 548 | 2,185 | 8,271 | 8,506 | 1,945 | 4,013 | 25,468 |
Unit-linked | 25 | 110 | 514 | 629 | 149 | 141 | 1,568 |
Annuity and other long-term business | 203 | 1,018 | 1,640 | 2,039 | 66 | 3,772 | 8,738 |
Other | 124 | 33 | 21 | 19 | 7 | 12 | 216 |
Asset-backed securities | 175 | 284 | 267 | 340 | 159 | 1,818 | 3,043 |
With-profits | 83 | 172 | 125 | 263 | 159 | 1,691 | 2,493 |
Unit-linked | 4 | 11 | 2 | 7 | \u2014 | 1 | 25 |
Annuity and other long-term business | 76 | 101 | 140 | 70 | \u2014 | 126 | 513 |
Other | 12 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 12 |
Structured notes | \u2014 | \u2014 | \u2014 | \u2014 | 3 | 70 | 73 |
With-profits | \u2014 | \u2014 | \u2014 | \u2014 | 3 | 39 | 42 |
Unit-linked | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 2 |
Annuity and other long-term business | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 29 | 29 |
Total debt securities | 4,383 | 19,674 | 13,075 | 14,968 | 4,647 | 10,161 | 66,908 |
With-profits | 3,371 | 13,216 | 10,494 | 11,912 | 4,384 | 5,877 | 49,254 |
Unit-linked | 90 | 1,328 | 701 | 900 | 190 | 264 | 3,473 |
Annuity and other long-term business | 781 | 4,525 | 1,859 | 2,137 | 66 | 4,007 | 13,375 |
Other | 141 | 605 | 21 | 19 | 7 | 13 | 806 |
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 |
2025 | |||||
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 | 5,980 | 989 | 2,802 | 527 | 10,298 |
Germany | 632 | 39 | 79 | \u2014 | 750 |
Other European countries | 1,096 | 47 | 420 | \u2014 | 1,563 |
Total Europe | 7,708 | 1,075 | 3,301 | 527 | 12,611 |
United States | 3,241 | 197 | \u2014 | \u2014 | 3,438 |
Latin America countries | 711 | 24 | 29 | \u2014 | 764 |
South Africa | 1,012 | 116 | \u2014 | 1 | 1,129 |
South Korea | 845 | 52 | \u2014 | \u2014 | 897 |
Indonesia | 752 | 42 | \u2014 | \u2014 | 794 |
Malaysia | 941 | 53 | \u2014 | \u2014 | 994 |
Singapore | 273 | 17 | \u2014 | \u2014 | 290 |
Philippines | 566 | 34 | \u2014 | \u2014 | 600 |
Thailand | 473 | 29 | \u2014 | \u2014 | 502 |
India | 868 | 54 | \u2014 | \u2014 | 922 |
Other | 1,637 | 113 | 20 | 50 | 1,820 |
Total | 19,027 | 1,806 | 3,350 | 578 | 24,761 |
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 |
2025 | |||||
Related amounts not offset on the consolidated statement\u00a0of\u00a0financial position | |||||
Gross and net 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 | 1,162 | (858) | (212) | \u2014 | 92 |
Reverse repurchase agreements | 14,523 | \u2014 | \u2014 | (12,581) | 1,942 |
Total financial assets | 15,685 | (858) | (212) | (12,581) | 2,034 |
Financial liabilities: | |||||
Derivative liabilities | 2,359 | (858) | (16) | (1,454) | 31 |
Securities lending and repurchase agreements | 841 | \u2014 | \u2014 | (841) | \u2014 |
Total financial liabilities | 3,200 | (858) | (16) | (2,295) | 31 |
Restated i 2024 | |||||
Related amounts not offset on the consolidated statement\u00a0of\u00a0financial position | |||||
Gross and net 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 agreementsi | 12,853 | \u2014 | \u2014 | (11,231) | 1,622 |
Total financial assets | 13,693 | (754) | (77) | (11,235) | 1,627 |
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 |
2025 | |||||
Related amounts not offset on the consolidated statement\u00a0of\u00a0financial position | |||||
Gross and net 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 | 1,162 | (858) | (212) | \u2014 | 92 |
Reverse repurchase agreements | 14,523 | \u2014 | \u2014 | (12,581) | 1,942 |
Total financial assets | 15,685 | (858) | (212) | (12,581) | 2,034 |
Financial liabilities: | |||||
Derivative liabilities | 2,359 | (858) | (16) | (1,454) | 31 |
Securities lending and repurchase agreements | 841 | \u2014 | \u2014 | (841) | \u2014 |
Total financial liabilities | 3,200 | (858) | (16) | (2,295) | 31 |
Restated i 2024 | |||||
Related amounts not offset on the consolidated statement\u00a0of\u00a0financial position | |||||
Gross and net 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 agreementsi | 12,853 | \u2014 | \u2014 | (11,231) | 1,622 |
Total financial assets | 13,693 | (754) | (77) | (11,235) | 1,627 |
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 |
2025 | 2024 | ||||
Carrying amount | Related ECL allowance | Carrying amount | Related ECL allowance | ||
Balance as at 31 December | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Deposits | 17,648 | 3 | 15,794 | 2 | |
Accrued investment income and other debtors | 3,308 | 29 | 2,506 | 31 |
As at 31 December | 2025 | 2024 | ||||
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 | 220 | 315 |
Change in assumption | 2025 | 2024 | |
Assumption | \u00a3m | \u00a3m | |
Average cost of redress | increase/decrease by 10% | +/-5 | +/-5 |
Reserve rate | increase/decrease by 10% | +/-31 | +/-31 |
2025 | 2024 | |
For the year ended 31 December | \u00a3m | \u00a3m |
Salaries and short-term benefits | 12.2 | 11.8 |
Post-employment benefits | 0.6 | 0.5 |
Share-based payments | 5.6 | 1.5 |
Total | 18.4 | 13.8 |
2025 | 2024 | |
For the year ended 31 December | \u00a3m | \u00a3m |
Salaries and short-term benefits | 12.2 | 11.8 |
Post-employment benefits | 0.6 | 0.5 |
Share-based payments | 5.6 | 1.5 |
Total | 18.4 | 13.8 |
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 | IFPR ii |
Investment Funds Direct Limited | Investment services | IFPR ii |
2025 | 2024 | |
As at 31 December | \u00a3bn | \u00a3bn |
Solvency II eligible own funds | 11.4 | 11.6 |
Solvency II SCR | (6.4) | (6.9) |
Solvency II surplus | 5.0 | 4.7 |
Solvency II coverage ratio i | 178% | 168% |
2025 | 2024 | |
As at 31 December | \u00a3bn | \u00a3bn |
Shareholder Solvency II eligible own funds | 8.5 | 8.5 |
Shareholder Solvency II SCR | (3.5) | (3.8) |
Solvency II surplus | 5.0 | 4.7 |
Shareholder Solvency II coverage ratio i | 242% | 223% |
Scheme | Description |
Performance Share Plan (PSP) | The PSP is the Group\u2019s long term incentive 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) | The DIP is part of the Group\u2019s short-term incentive plan, whereby 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. |
2025 | |||
Outstanding options under SAYE schemes | Awards outstanding under discretionary schemes | Awards outstanding under share incentive plans | |
Outstanding as at 1 January | 18,686,491 | 77,814,527 | 10,525,208 |
Granted | 3,311,181 | 36,332,267 | 2,418,754 |
Exercised | (5,535,932) | (28,925,322) | (2,098,848) |
Forfeited/Expired | (1,129,898) | (3,426,188) | (64,712) |
Outstanding at 31 December | 15,331,842 | 81,795,284 | 10,780,402 |
Awards immediately exercisable at 31 December | 1,167,335 | 6,684,298 | 7,087,322 |
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 |
2025 i | |||||
As at 31 December | Exercise price | Number outstanding | Weighted average remaining contractual life (years) | Weighted average exercise price (\u00a3) | Number exercisable |
SAYE options | Between \u00a31.29 and \u00a32.04 | 15,331,842 | 1.64 | 1.71 | 1,167,335 |
Discretionary option awards | \u00a3nil | 81,795,284 | 1.60 | \u00a3nil | 6,684,298 |
2024 i | |||||
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 |
Awards granted in | |||||
2025 | 2024 | ||||
As at 31 December | PSP TSR award | SAYE options | PSP TSR award | SAYE options | |
Dividend yield (%) | N/A | 7.92 | N/A | 9.67 | |
Expected pay-off (%) | 41.67 | N/A | 41.67 | N/A | |
Expected volatility (%) | N/A | 17.97 | N/A | 19.33 | |
Risk-free interest rate (%) | N/A | 3.92 | N/A | 3.92 | |
Expected option life (years) | N/A | 3.67 | N/A | 3.53 | |
Weighted average exercise price (\u00a3) | N/A | 2.04 | N/A | 1.67 | |
Weighted average share price at grant date (\u00a3) | 2.03 | 2.55 | 2.35 | 2.05 | |
Weighted average fair value at grant date (\u00a3) | 1.77 | 0.34 | 1.89 | 0.22 |
Name of entity | Share class | % held |
10 Fenchurch Avenue, London, EC3M 5AG, UK | ||
M&G Corporate Holdings Limited | OS | 100% |
M&G Group Regulated Entity Holding Company Limited | 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 | ||
Suite 201, Level 2, 5 Blue Street, North Sydney, NSW 2060 | ||
PAP Trust | U | 100% |
M&G Investments (Australia) Pty Limited | OS | 100% |
Level 10, 50 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 | 100% |
GTA W21 LP | LPI | 90% |
180 Dundas Street West, Suite 1200, Toronto ON M5G 1 ZB | ||
Canada Property (Trustee) No 1 Limited | OS | 100% |
55 University Avenue, Suite 600, Toronto | ||
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, KY1-9005 | ||
Global Futures and Options Holdings Limited | OS | 30% |
M&G General Partner Inc. | OS | 100% |
Ugland House, PO Box 309, Grand Cayman, KY1-1104 | ||
NB Gemini Fund LP | LPI | 50% |
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% |
5, Rue du Helder, 75009 Paris | ||
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 | ||
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 | ||
Unit 1002, LHT Tower, 31 Queen's Road Central | ||
M&G Investments (Hong Kong) Limited | OS | 100% |
Gloucester Tower, 15 Queens Road | ||
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 Private 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 | 32% |
M&G UK Gilts Active UCITS ETF | U | 77% |
M&G US Treasury Bond Active UCITS ETF | U | 82% |
M&G UK Index-Linked Gilts Active UCITS ETF | U | 77% |
M&G Sustainable Loan Fund | U | 65% |
Specialist Investment Funds (2) ICAV - M&G Infrastructure & Real Assets Horizons Fund | U | 100% |
78 Sir John Rogerson's Quay, Dublin 2 | ||
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% |
Name of entity | Share class | % held |
Fourth Floor, 76 Baggot Street Lower, Dublin, D02 EK81 | ||
Debt Investments Opportunities IV | U | 27% |
Italy | ||
Via Alessandro Manzoni 38, Milan, 20121 | ||
Elle 14 Srl Company | OS | 50% |
MCF Srl | OS | 50% |
Japan | ||
3-1 Toranomon, 4 Chome Minato-ko, Tokyo | ||
M&G Investments Japan Co Limited | OS | 100% |
Shiroyama Trust Tower 9F, 4-3-1 Toranomon, Minato-ku, Tokyo 105-6009 | ||
M&G Real Estate Japan Co Limited | OS | 100% |
Jersey | ||
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% |
Two Rivers One Limited | OS | 100% |
Two Rivers Trust | U | 100% |
Two Rivers Two Limited | OS | 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% |
3rd Floor, Gaspe House, 66-72 Esplanade, St Helier, JE1 2LH | ||
BauMont Co-Invest General Partner Limited | OS | 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 | ||
Rue Hildegard von Bingen 1, L-1282 | ||
Prudential Loan Investments GP S.\u00e0 r.l. | OS | 100% |
3, Rue Gabriel Lippmann, L-5365 Munsbach | ||
Infracapital Partners IV SCSp | LPI | 51% |
M&G Real Estate Debt Fund SCSp, SICAV- RAIF - REDF 7 | LPI | 20% |
M&G Real Estate Debt Fund SCSp, SICAV- RAIF - REDF 8 | LPI | 71% |
M&G Real Estate Debt GP S.\u00e0 r.l | OS | 100% |
M&G Private Equity (GP) S.\u00e0 r.l. | OS | 100% |
M&G Catalyst Growth Equity Fund I | U | 100% |
M&G Real Estate Debt Carried Interest GP S.\u00e0 r.l | OS | 100% |
M&G Specialty Finance Fund 2 GBP SCSp | LPI | 47% |
M&G Specialty Finance Fund 3 (GBP) | U | 100% |
Prudential Loan Investments SCSp | LPI | 100% |
5, Heienhaff, Nidderaanwen, L-1736 | ||
Infracapital Partners IV G.P S.\u00e0\u00a0r.l. | OS | 100% |
Two Snowhill Birmingham S.\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 | LPI | 25% |
responsAbility\u00a0BOP\u00a0S.\u00e0 r.l. (In liquidation) | OS | 100% |
responsAbility Global Micro and SME Finance Fund | U | 31% |
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, L-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 Ignite GP S.\u00e0 r.l. | OS | 100% |
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 | 71% |
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% |
16, Boulevard Royal, L-2449 | ||
EUREV CI GP S.\u00e0 r.l. | OS | 100% |
Luxembourg Specialist Investment Funds (2) FCP - M&G Real Assets Fund | U | 100% |
M&G European Living Property Fund SCSp, SICAV-RAIF | LPI | 34% |
Name of entity | Share class | % held |
Luxembourg Specialist Investment Funds (2) FCP - M&G Private Equity Opportunities Fund | U | 99% |
Luxembourg Specialist Investment Funds (3) SICAV - M&G Global Private Equity Fund | U | 87% |
Luxembourg Specialist Investment Funds (3) SICAV - M&G Global Infrastructure & Real Assets Fund | U | 86% |
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) Asian Quality Income Fund | U | 99% |
M&G (Lux) Blackrock Europe ex UK Equity Fund | U | 99% |
M&G (Lux) Global Energy Opportunities Fund | U | 100% |
M&G (Lux) Global Funds - M&G (Lux) China Fund | U | 92% |
M&G (Lux) Europe ex UK Equity 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 | 66% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Hard Currency Bond Fund | U | 90% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Local Currency Bond Fund | U | 90% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Global Artificial Intelligence Fund | U | 93% |
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 | 55% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Sustainable Emerging Markets Corporate Bond Fund | U | 89% |
M&G (Lux) Managed Cautious (Euro) Fund | U | 100% |
M&G (Lux) Managed Growth (Euro) Fund | U | 100% |
M&G (Lux) Pan European Smaller Companies Fund | U | 100% |
M&G (Lux) Reserved Investment Funds (2) GP S.\u00e0 r.l. | OS | 100% |
M&G (Lux) Sterling Liquidity Fund | U | 85% |
M&G Real Estate Funds SCSP, SICAV-RAIF - M&G Asia Living Property Fund | U | 100% |
M&G Asia Property Fund SICAV-FIS | U | 41% |
M&G Catalyst Capital Fund | U | 100% |
M&G Catalyst Credit Fund | U | 100% |
M&G Corporate Credit Opportunities ELTIF | U | 86% |
M&G RE GP S.\u00e0 r.l. | OS | 100% |
M&G European Property Fund SICAV-FIS | U | 29% |
Name of entity | Share class | % held |
M&G Luxembourg S.A. | OS | 100% |
M&G Private Credit 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 Diversified Private Credit Fund | U | 98% |
M&G UK Mortgage Income Fund | U | 64% |
M&G UK Property Fund FCP-FIS | U | 98% |
M&G UK Residential Property Fund FCP FIS | U | 31% |
M&G\u00a0Corporate\u00a0Credit\u00a0Opportunities\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G Senior Direct Lending Fund I | U | 100% |
20, rue de la Poste L-2346 | ||
EUREV CI SCSp | OS | 100% |
M&G European Value Add Partnership SCSp | LPI | 67% |
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 | 100% |
BauMont Real Estate SEG SCSp | LPI | 100% |
BauMont General Partner Two S.\u00e0 r.l. | OS | 100% |
BauMont Real Estate Two SCSp (Luxembourg) SICAV-RAIF | U | 47% |
BauMont SEG GP S.\u00e0 r.l | OS | 100% |
49, Avenue J.F. Kennedy, L\u20131855 Luxembourg | ||
M&G (Lux) Sustainable Solutions Bond Fund | U | 77% |
51 Avenue J.F. Kennedy, L-1855 | ||
M&G SFF (CIP GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF (GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF\u00a02\u00a0(CIP\u00a0GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G SFF\u00a02\u00a0(GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
Name of entity | Share class | % held |
5, All\u00e9e Scheffer 2520 | ||
Amundi MSCI Brazil UCITS ETF Acc | U | 35% |
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 | 100% |
Peru | ||
Av. 28 de Julio 753, Miraflores, Provincia de Lima, 15074 | ||
responsAbility\u00a0America\u00a0Latina\u00a0SAC | OS | 100% |
Poland | ||
02-670 Warszawa, Pulawska 182 | ||
Prudential Polska sp. z.o.o | OS | 100% |
Republic of Korea | ||
Kyobo Building, 1 Jongno, Jongno-gu, Seoul, 110-714 | ||
M&G Real Estate Korea Co Limited | OS | 100% |
Twentieth\u00a0floor, 136, Sejong-daero, Jung-gu, Seoul | ||
LB Professional Investors Private Real Estate Fund No. 10 (Centropolis) | U | 25% |
17th Floor, Kyobo Building, 1 Jongno, Seoul 110-714, Korea | ||
M&G Investments (Hong Kong) Limited - Korea branch (PE) | OS | 100% |
Singapore | ||
80 Robinson Road 2-00 | ||
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 | 100% |
South Africa | ||
PO Box 44813, Claremont, Western Cape, Cape Town, 7735 | ||
M&G Bond Fund | U | 39% |
M&G Pan African Bond Fund | U | 100% |
M&G SA Equity Fund | U | 93% |
Name of entity | Share class | % held |
5th floor, Protea Place, 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% |
M&G SA Balanced Fund | U | 100% |
M&G\u00a0Global Property Feeder Fund | U | 51% |
M&G\u00a0UK Gilt Fund | U | 100% |
M&G 2.5% Target Inc Fund | U | 73% |
Spain | ||
Calle Fortuny, 6 - 4 A, 28010, Madrid | ||
M&G RE Espana, 2016, S.L. | OS | 100% |
Sweden | ||
Sturegatan 6, 114 35 Stockholm | ||
P Capital Partners AB | OS | 70% |
Switzerland | ||
Zollstrasse 17, Z\u00fcrich, ZH, 8005 | ||
responsAbility\u00a0Investments\u00a0AG | OS | 100% |
responsAbility\u00a0Ventures\u00a0I\u00a0Services\u00a0AG (In liquidation) | OS | 100% |
Bahnhofstrasse 100, Zurich | ||
M&G International Investments Switzerland AG | OS | 100% |
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\u00a0(Thailand)\u00a0Limited (In liquidation) | OS | 100% |
United Kingdom | ||
10 Fenchurch Avenue, London, EC3M 5AG | ||
Active Growth Logistics Partnership LP | LPI | 50% |
AGLP GP Limited | OS | 50% |
AGLP\u00a0Nominee\u00a01\u00a0Limited | OS | 50% |
AGLP\u00a0Nominee\u00a02\u00a0Limited | OS | 50% |
BWAT Retail Nominee (1) Limited | OS | 50% |
BWAT Retail Nominee (2) Limited | OS | 50% |
BauMont Real Estate Capital Limited | OS | 65% |
BREO Neptune GP LLP | LPI | 100% |
Canada Property Holdings Limited | OS | 100% |
Capacity (Dartford) Management Company Limited | OS | 100% |
Name of entity | Share class | % held |
Carraway Guildford General Partner Limited | OS | 100% |
Carraway Guildford Limited Partnership | LPI | 100% |
Condor F3 GP LLP | LPI | 100% |
Cribbs Causeway JV Limited | OS | 100% |
Cribbs Mall Nominee (1) Limited | OS | 100% |
Cribbs Mall Nominee (2) Limited | OS | 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% |
Edger Investments Limited | OS | 100% |
EF IV Schoolhill GP Limited | OS | 100% |
Fundsdirect ISA Nominees Limited | OS | 100% |
Fundsdirect Nominees Limited | OS | 100% |
Genny GP 1 LLP | LPI | 100% |
Haymarket Hotel GP Limited | OS | 100% |
Haymarket Hotel LP | 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% |
IFDL Personal Pensions Limited | OS | 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% |
Infracapital GP Limited | OS | 100% |
Infracapital Greenfield Partners I GP Limited | OS | 100% |
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 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 SLP Limited | OS | 100% |
Name of entity | Share class | % held |
Investment Funds Direct Group Limited | OS | 100% |
Investment Funds Direct Holdings Limited | OS | 100% |
Investment Funds Direct Limited | OS | 100% |
M&G (ACS) BlackRock Canada Equity Fund | U | 99% |
M&G (ACS) BlackRock UK 200 Equity Fund | U | 99% |
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 | 100% |
M&G (ACS) BlackRock US Equity Fund | U | 99% |
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% |
M&G (ACS) Japan Smaller Companies Fund | U | 100% |
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 | 99% |
M&G (ACS) William Blair US Large Cap Equity Fund | U | 99% |
M&G Advice Partners Limited | OS | 100% |
M&G Affordable Living GP Limited | OS | 100% |
M&G Alternatives GP1 Limited | OS | 100% |
M&G Alternatives GP2 Limited | OS | 100% |
M&G Alternatives Investment Management Limited | OS | 100% |
M&G Corporate Services Limited | OS | 100% |
M&G FA Limited | OS | 100% |
M&G Feeder of Property Portfolio | U | 80% |
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 EMsights Market Debt | 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% |
Name of entity | Share class | % held |
M&G Funds (1) Franklin Templeton India Equity Fund | U | 98% |
M&G Funds (1) GSAM Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) India Equity Fund | U | 86% |
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 | 97% |
M&G Funds (1) MFS Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) Sterling Investment Grade Corporate Bond Fund | U | 90% |
M&G Funds (1) UK Gilt Fund | U | 100% |
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 India Fund | U | 96% |
M&G International Investments Nominees Limited | OS | 100% |
M&G Investment Funds (1) - M&G European Sustain Paris Aligned Fund | U | 68% |
M&G Investment Funds (10) - M&G China Fund | U | 74% |
M&G Investment Funds (10) - M&G Global AI Themes Fund | U | 86% |
M&G Investment Funds (10) - M&G ESG Screened Global High Yield Bond Fund | U | 53% |
M&G Investment Funds (10) - M&G Positive Impact Fund | U | 52% |
M&G Investment Funds (2) - M&G Gilt & Fixed Interest Income Fund | U | 49% |
M&G Investment Funds (3) - M&G Dividend Fund | U | 46% |
M&G Investment Funds (7) - M&G Global Convertibles Fund | U | 85% |
M&G Investment Management Limited | OS | 100% |
M&G Investment Funds (4) - M&G Managed Growth Fund | U | 20% |
M&G Management Services Limited | OS | 100% |
M&G MFH General Partner Limited | OS | 100% |
M&G MFH Holding Company Limited | OS | 100% |
M&G MFH Limited Partnership | LPI | 50% |
M&G MFH Property Company Limited | OS | 100% |
M&G MFH RE Limited | OS | 100% |
Name of entity | Share class | % held |
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 Real Estate Limited | OS | 100% |
M&G RE UKEV 1-A LP | LPI | 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% |
M&G RPF Nominee 2 Limited | OS | 100% |
M&G Securities Limited | OS | 100% |
M&G Trustee Company Limited | OS | 100% |
M&G Affordable Living LP | LPI | 52% |
M&G UK Property GP Limited | OS | 100% |
M&G UK Property Nominee 1 Limited | OS | 100% |
M&G UK Property Nominee 2 Limited | OS | 100% |
M&G UK Social Investment GP LLP | LPI | 100% |
M&G UKEV (SLP) General Partner LLP | LPI | 100% |
M&G UKEV (SLP) LP | LPI | 80% |
M&G Wealth Advice Limited | OS | 100% |
M&G Wealth Holding Company Limited | OS | 100% |
M&G Wealth Investments LLP | OS | 100% |
M&G Wealth Solutions Limited | OS | 100% |
M&G\u00a0Social\u00a0Investment GP1\u00a0Limited | OS | 100% |
M&G Social Investment GP2 Limited | OS | 100% |
M&G\u00a0UK\u00a0Social\u00a0Investment\u00a0Partners\u00a0LP | LPI | 100% |
Manchester JV Limited | OS | 50% |
Manchester Nominee (1) Limited | OS | 100% |
Minster Court Estate Management Limited | OS | 56% |
N16 Stratford Student OpCo Limited | OS | 100% |
Pacus (UK) Limited | OS | 100% |
PGDS (UK One) Limited | OS | 100% |
Pilot Peak Capital Limited | OS | 100% |
PPM Capital (Holdings) Limited | OS | 100% |
PPMC First Nominees Limited | OS | 100% |
Prudential Greenfield GP LLP | LPI | 100% |
Prudential Greenfield LP | LPI | 100% |
Prudential Greenfield GP1 Limited | OS | 100% |
Prudential Greenfield GP2 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% |
Name of entity | Share class | % held |
Prudential Equity Release Mortgages 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% |
Prudential UK Real Estate Nominee 1 Limited | OS | 100% |
Prudential UK Real Estate Nominee 2 Limited | OS | 100% |
Prudential Unit Trusts 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 Project Hoxton LP | LPI | 100% |
The Prudential Assurance Company Limited | OS | 100% |
Two Rivers LP | LPI | 100% |
Vanquish Properties (UK) Limited Partnership | LPI | 100% |
Wessex Gate Limited | OS | 100% |
Westwacker Limited | OS | 100% |
Wrap IFA Services Limited | OS | 100% |
19 Canning Street, Edinburgh, EH3 8EH | ||
BauMont Core Plus General Partner One LLP | LPI | 100% |
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% |
Scottish Amicable Life Assurance Society | OS | 100% |
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ | ||
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% |
Name of entity | Share class | % held |
George Digital GP 2 Limited | OS | 100% |
George Digital GP Limited | OS | 100% |
GGE GP Limited | OS | 100% |
Green GP Limited | OS | 100% |
ICP TRINITY GP1 LLP | LPI | 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 (In liquidation) | 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 | 100% |
Infracapital Greenfield Partners I SLP EF GP LLP | LPI | 100% |
Infracapital Greenfield Partners I SLP LP | LPI | 100% |
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 | 100% |
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 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% |
M&G Alternatives GP LLP | LPI | 100% |
M&G Black Seed 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\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP\u00a0LLP | LPI | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP Member\u00a0No.1\u00a0Limited | OS | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP Member\u00a0No.2\u00a0Limited | OS | 100% |
M&G MFH Carry Limited Partnership | LPI | 100% |
M&G MFH Carry General Partner Limited | OS | 100% |
M&G MFH Feeder Limited Partnership | LPI | 100% |
M&G MFH Feeder General Partner Limited | OS | 100% |
Merlin D5 GP LLP | LPI | 100% |
Mole 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% |
The First British Fixed Trust Company Limited | OS | 100% |
Barratt House, Cartwright Way, Bardon Hill, Coalville, LE67 1UF | ||
Optimus Point Management Company Limited | OS | 52% |
Name of entity | Share class | % held |
Berkeley House, 19 Portsmouth Road, Surrey, KT11 1JG | ||
SEH Manager Limited | OS | 100% |
SEH Nominee Limited | OS | 100% |
SEH Partnership Freeholds Limited | OS | 100% |
SES Partnership Freeholds Limited | OS | 50% |
SES Manager Limited | OS | 50% |
SES Nominee Limited | OS | 100% |
St Edward Homes Limited | OS | 50% |
St Edward Homes Partnership | LPI | 50% |
St Edward Strand Partnership | LPI | 100% |
Clearwater Court, Vastern Road, Reading, RG1 8DB | ||
Foudry Properties Limited | OS | 50% |
First Floor, 85 Great Portland Street, London, W1W 7LT | ||
Aqua GP LLP | LPI | 100% |
Dudok\u00a0GP\u00a0LLP | LPI | 100% |
Dudok\u00a0GP1\u00a0Limited | OS | 100% |
Dudok\u00a0GP2\u00a0Limited | OS | 100% |
Infracapital Greenfield Partners I LP | LPI | 22% |
Infracapital Partners LP | LPI | 34% |
Infracapital Partners II LP | LPI | 26% |
Pesca\u00a0GP\u00a0LLP | LPI | 100% |
Radler GP LLP | LPI | 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% |
3rd Floor,Central Square,29 Wellington Street, Leeds, LS1 4DL | ||
WS Prudential Risk Managed Active 2 | U | 21% |
WS Prudential Risk Managed Active 3 | U | 22% |
WS Prudential Risk Managed Active 4 | U | 31% |
WS Prudential Risk Managed Active 5 | U | 29% |
WS Prudential Risk Managed Passive Fund 1 | U | 39% |
Management Offices, The Mall at Cribbs Causeway, Bristol, BS34 5DG | ||
Cribbs Causeway Merchants Association Limited | OS | 20% |
Kings Place, 90 York Way, London, N1 9GE | ||
Highcross Leicester (GP) Limited | OS | 50% |
Prydis Accounts Ltd, The Parade, Liskeard, Cornwall, England, PL14 6AF | ||
My Continuum Financial Limited | OS | 100% |
My Continuum Financial Nominee Limited | OS | 100% |
The Media Centre, 7 Northumberland Street, Huddersfield, HD1 1RL | ||
Sandringham\u00a0Financial\u00a0Partners\u00a0Limited | OS | 100% |
Name of entity | Share class | % held |
York House, 45 Seymour Street, London, W1H 7LX | ||
Fort Kinnaird GP Limited | OS | 50% |
Fort Kinnaird Limited Partnership | LPI | 100% |
Fort Kinnaird Nominee Limited | OS | 100% |
100 Victoria Street, London, SW1E 5JL | ||
Bluewater REIT | U | 25% |
United States of America | ||
7 St. Paul Street Suite 820 Baltimore Md 21202 | ||
NAPI REIT TRS, Inc | OS | 100% |
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% |
Sky Fund VI Onshore LP | LPI | 22% |
Garden State Plz Mall, Routes 4 & 17, Paramus, NJ 07652 | ||
Westland Garden State Plaza Limited Partnership | LPI | 50% |
1209 Orange Street, Wilmington, DE 19801 | ||
Aldwych LP | LPI | 100% |
Fashion Square ECO LP | LPI | 50% |
GSP Sponsor 1 LP | LPI | 50% |
SMLLC | LPI | 100% |
251 Little Falls Drive, Wilmington, DE 19801 | ||
GSP Sponsor 2 LP | LPI | 50% |
GSP Sponsor 3 LP | LPI | 50% |
GSP Sponsor 4 LP | LPI | 50% |
Nuveen Real Estate Medical Office (Sidecar LP) | LPI | 100% |
2711 Centerville Road, Suite 400, Wilmington, DE 19808 | ||
Old Kingsway LP | LPI | 100% |
Randolph Street LP | LPI | 100% |
SOFA Holding LP | LPI | 100% |
30 South Wacker Drive, Suite 3750, Chicago, IL 60606 | ||
M&G Investments (USA) Inc. | OS | 100% |
M&G Investments (Americas) Inc. | OS | 100% |
300 Atlantic Street, Suite 600, Stamford, CT 06901 | ||
HCR Canary Fund LP | LPI | 99% |
300 East Lombard Street, Baltimore, Maryland | ||
NAPI REIT, Inc. | OS | 99% |
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% |
2049 Century Park East, 42nd Floor, Los Angeles, CA 90067 | ||
GSP Mixed Use JV 2 | LPI | 100% |
GSP Mixed Use JV 3 | LPI | 100% |
GSP Mixed Use JV 4 | LPI | 100% |
Name of entity | Share class | % held |
10 Fenchurch Avenue, London, EC3M 5AG, UK | ||
M&G Corporate Holdings Limited | OS | 100% |
M&G Group Regulated Entity Holding Company Limited | 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 | ||
Suite 201, Level 2, 5 Blue Street, North Sydney, NSW 2060 | ||
PAP Trust | U | 100% |
M&G Investments (Australia) Pty Limited | OS | 100% |
Level 10, 50 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 | 100% |
GTA W21 LP | LPI | 90% |
180 Dundas Street West, Suite 1200, Toronto ON M5G 1 ZB | ||
Canada Property (Trustee) No 1 Limited | OS | 100% |
55 University Avenue, Suite 600, Toronto | ||
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, KY1-9005 | ||
Global Futures and Options Holdings Limited | OS | 30% |
M&G General Partner Inc. | OS | 100% |
Ugland House, PO Box 309, Grand Cayman, KY1-1104 | ||
NB Gemini Fund LP | LPI | 50% |
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% |
5, Rue du Helder, 75009 Paris | ||
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 | ||
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 | ||
Unit 1002, LHT Tower, 31 Queen's Road Central | ||
M&G Investments (Hong Kong) Limited | OS | 100% |
Gloucester Tower, 15 Queens Road | ||
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 Private 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 | 32% |
M&G UK Gilts Active UCITS ETF | U | 77% |
M&G US Treasury Bond Active UCITS ETF | U | 82% |
M&G UK Index-Linked Gilts Active UCITS ETF | U | 77% |
M&G Sustainable Loan Fund | U | 65% |
Specialist Investment Funds (2) ICAV - M&G Infrastructure & Real Assets Horizons Fund | U | 100% |
78 Sir John Rogerson's Quay, Dublin 2 | ||
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% |
Name of entity | Share class | % held |
Fourth Floor, 76 Baggot Street Lower, Dublin, D02 EK81 | ||
Debt Investments Opportunities IV | U | 27% |
Italy | ||
Via Alessandro Manzoni 38, Milan, 20121 | ||
Elle 14 Srl Company | OS | 50% |
MCF Srl | OS | 50% |
Japan | ||
3-1 Toranomon, 4 Chome Minato-ko, Tokyo | ||
M&G Investments Japan Co Limited | OS | 100% |
Shiroyama Trust Tower 9F, 4-3-1 Toranomon, Minato-ku, Tokyo 105-6009 | ||
M&G Real Estate Japan Co Limited | OS | 100% |
Jersey | ||
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% |
Two Rivers One Limited | OS | 100% |
Two Rivers Trust | U | 100% |
Two Rivers Two Limited | OS | 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% |
3rd Floor, Gaspe House, 66-72 Esplanade, St Helier, JE1 2LH | ||
BauMont Co-Invest General Partner Limited | OS | 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 | ||
Rue Hildegard von Bingen 1, L-1282 | ||
Prudential Loan Investments GP S.\u00e0 r.l. | OS | 100% |
3, Rue Gabriel Lippmann, L-5365 Munsbach | ||
Infracapital Partners IV SCSp | LPI | 51% |
M&G Real Estate Debt Fund SCSp, SICAV- RAIF - REDF 7 | LPI | 20% |
M&G Real Estate Debt Fund SCSp, SICAV- RAIF - REDF 8 | LPI | 71% |
M&G Real Estate Debt GP S.\u00e0 r.l | OS | 100% |
M&G Private Equity (GP) S.\u00e0 r.l. | OS | 100% |
M&G Catalyst Growth Equity Fund I | U | 100% |
M&G Real Estate Debt Carried Interest GP S.\u00e0 r.l | OS | 100% |
M&G Specialty Finance Fund 2 GBP SCSp | LPI | 47% |
M&G Specialty Finance Fund 3 (GBP) | U | 100% |
Prudential Loan Investments SCSp | LPI | 100% |
5, Heienhaff, Nidderaanwen, L-1736 | ||
Infracapital Partners IV G.P S.\u00e0\u00a0r.l. | OS | 100% |
Two Snowhill Birmingham S.\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 | LPI | 25% |
responsAbility\u00a0BOP\u00a0S.\u00e0 r.l. (In liquidation) | OS | 100% |
responsAbility Global Micro and SME Finance Fund | U | 31% |
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, L-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 Ignite GP S.\u00e0 r.l. | OS | 100% |
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 | 71% |
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% |
16, Boulevard Royal, L-2449 | ||
EUREV CI GP S.\u00e0 r.l. | OS | 100% |
Luxembourg Specialist Investment Funds (2) FCP - M&G Real Assets Fund | U | 100% |
M&G European Living Property Fund SCSp, SICAV-RAIF | LPI | 34% |
Name of entity | Share class | % held |
Luxembourg Specialist Investment Funds (2) FCP - M&G Private Equity Opportunities Fund | U | 99% |
Luxembourg Specialist Investment Funds (3) SICAV - M&G Global Private Equity Fund | U | 87% |
Luxembourg Specialist Investment Funds (3) SICAV - M&G Global Infrastructure & Real Assets Fund | U | 86% |
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) Asian Quality Income Fund | U | 99% |
M&G (Lux) Blackrock Europe ex UK Equity Fund | U | 99% |
M&G (Lux) Global Energy Opportunities Fund | U | 100% |
M&G (Lux) Global Funds - M&G (Lux) China Fund | U | 92% |
M&G (Lux) Europe ex UK Equity 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 | 66% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Hard Currency Bond Fund | U | 90% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Emerging Markets Local Currency Bond Fund | U | 90% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Global Artificial Intelligence Fund | U | 93% |
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 | 55% |
M&G (Lux) Investment Funds 1 - M&G (Lux) Sustainable Emerging Markets Corporate Bond Fund | U | 89% |
M&G (Lux) Managed Cautious (Euro) Fund | U | 100% |
M&G (Lux) Managed Growth (Euro) Fund | U | 100% |
M&G (Lux) Pan European Smaller Companies Fund | U | 100% |
M&G (Lux) Reserved Investment Funds (2) GP S.\u00e0 r.l. | OS | 100% |
M&G (Lux) Sterling Liquidity Fund | U | 85% |
M&G Real Estate Funds SCSP, SICAV-RAIF - M&G Asia Living Property Fund | U | 100% |
M&G Asia Property Fund SICAV-FIS | U | 41% |
M&G Catalyst Capital Fund | U | 100% |
M&G Catalyst Credit Fund | U | 100% |
M&G Corporate Credit Opportunities ELTIF | U | 86% |
M&G RE GP S.\u00e0 r.l. | OS | 100% |
M&G European Property Fund SICAV-FIS | U | 29% |
Name of entity | Share class | % held |
M&G Luxembourg S.A. | OS | 100% |
M&G Private Credit 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 Diversified Private Credit Fund | U | 98% |
M&G UK Mortgage Income Fund | U | 64% |
M&G UK Property Fund FCP-FIS | U | 98% |
M&G UK Residential Property Fund FCP FIS | U | 31% |
M&G\u00a0Corporate\u00a0Credit\u00a0Opportunities\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G Senior Direct Lending Fund I | U | 100% |
20, rue de la Poste L-2346 | ||
EUREV CI SCSp | OS | 100% |
M&G European Value Add Partnership SCSp | LPI | 67% |
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 | 100% |
BauMont Real Estate SEG SCSp | LPI | 100% |
BauMont General Partner Two S.\u00e0 r.l. | OS | 100% |
BauMont Real Estate Two SCSp (Luxembourg) SICAV-RAIF | U | 47% |
BauMont SEG GP S.\u00e0 r.l | OS | 100% |
49, Avenue J.F. Kennedy, L\u20131855 Luxembourg | ||
M&G (Lux) Sustainable Solutions Bond Fund | U | 77% |
51 Avenue J.F. Kennedy, L-1855 | ||
M&G SFF (CIP GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF (GP) S.\u00e0 r.l. | OS | 100% |
M&G SFF\u00a02\u00a0(CIP\u00a0GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
M&G SFF\u00a02\u00a0(GP)\u00a0S.\u00e0\u00a0r.l. | OS | 100% |
Name of entity | Share class | % held |
5, All\u00e9e Scheffer 2520 | ||
Amundi MSCI Brazil UCITS ETF Acc | U | 35% |
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 | 100% |
Peru | ||
Av. 28 de Julio 753, Miraflores, Provincia de Lima, 15074 | ||
responsAbility\u00a0America\u00a0Latina\u00a0SAC | OS | 100% |
Poland | ||
02-670 Warszawa, Pulawska 182 | ||
Prudential Polska sp. z.o.o | OS | 100% |
Republic of Korea | ||
Kyobo Building, 1 Jongno, Jongno-gu, Seoul, 110-714 | ||
M&G Real Estate Korea Co Limited | OS | 100% |
Twentieth\u00a0floor, 136, Sejong-daero, Jung-gu, Seoul | ||
LB Professional Investors Private Real Estate Fund No. 10 (Centropolis) | U | 25% |
17th Floor, Kyobo Building, 1 Jongno, Seoul 110-714, Korea | ||
M&G Investments (Hong Kong) Limited - Korea branch (PE) | OS | 100% |
Singapore | ||
80 Robinson Road 2-00 | ||
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 | 100% |
South Africa | ||
PO Box 44813, Claremont, Western Cape, Cape Town, 7735 | ||
M&G Bond Fund | U | 39% |
M&G Pan African Bond Fund | U | 100% |
M&G SA Equity Fund | U | 93% |
Name of entity | Share class | % held |
5th floor, Protea Place, 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% |
M&G SA Balanced Fund | U | 100% |
M&G\u00a0Global Property Feeder Fund | U | 51% |
M&G\u00a0UK Gilt Fund | U | 100% |
M&G 2.5% Target Inc Fund | U | 73% |
Spain | ||
Calle Fortuny, 6 - 4 A, 28010, Madrid | ||
M&G RE Espana, 2016, S.L. | OS | 100% |
Sweden | ||
Sturegatan 6, 114 35 Stockholm | ||
P Capital Partners AB | OS | 70% |
Switzerland | ||
Zollstrasse 17, Z\u00fcrich, ZH, 8005 | ||
responsAbility\u00a0Investments\u00a0AG | OS | 100% |
responsAbility\u00a0Ventures\u00a0I\u00a0Services\u00a0AG (In liquidation) | OS | 100% |
Bahnhofstrasse 100, Zurich | ||
M&G International Investments Switzerland AG | OS | 100% |
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\u00a0(Thailand)\u00a0Limited (In liquidation) | OS | 100% |
United Kingdom | ||
10 Fenchurch Avenue, London, EC3M 5AG | ||
Active Growth Logistics Partnership LP | LPI | 50% |
AGLP GP Limited | OS | 50% |
AGLP\u00a0Nominee\u00a01\u00a0Limited | OS | 50% |
AGLP\u00a0Nominee\u00a02\u00a0Limited | OS | 50% |
BWAT Retail Nominee (1) Limited | OS | 50% |
BWAT Retail Nominee (2) Limited | OS | 50% |
BauMont Real Estate Capital Limited | OS | 65% |
BREO Neptune GP LLP | LPI | 100% |
Canada Property Holdings Limited | OS | 100% |
Capacity (Dartford) Management Company Limited | OS | 100% |
Name of entity | Share class | % held |
Carraway Guildford General Partner Limited | OS | 100% |
Carraway Guildford Limited Partnership | LPI | 100% |
Condor F3 GP LLP | LPI | 100% |
Cribbs Causeway JV Limited | OS | 100% |
Cribbs Mall Nominee (1) Limited | OS | 100% |
Cribbs Mall Nominee (2) Limited | OS | 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% |
Edger Investments Limited | OS | 100% |
EF IV Schoolhill GP Limited | OS | 100% |
Fundsdirect ISA Nominees Limited | OS | 100% |
Fundsdirect Nominees Limited | OS | 100% |
Genny GP 1 LLP | LPI | 100% |
Haymarket Hotel GP Limited | OS | 100% |
Haymarket Hotel LP | 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% |
IFDL Personal Pensions Limited | OS | 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% |
Infracapital GP Limited | OS | 100% |
Infracapital Greenfield Partners I GP Limited | OS | 100% |
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 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 SLP Limited | OS | 100% |
Name of entity | Share class | % held |
Investment Funds Direct Group Limited | OS | 100% |
Investment Funds Direct Holdings Limited | OS | 100% |
Investment Funds Direct Limited | OS | 100% |
M&G (ACS) BlackRock Canada Equity Fund | U | 99% |
M&G (ACS) BlackRock UK 200 Equity Fund | U | 99% |
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 | 100% |
M&G (ACS) BlackRock US Equity Fund | U | 99% |
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% |
M&G (ACS) Japan Smaller Companies Fund | U | 100% |
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 | 99% |
M&G (ACS) William Blair US Large Cap Equity Fund | U | 99% |
M&G Advice Partners Limited | OS | 100% |
M&G Affordable Living GP Limited | OS | 100% |
M&G Alternatives GP1 Limited | OS | 100% |
M&G Alternatives GP2 Limited | OS | 100% |
M&G Alternatives Investment Management Limited | OS | 100% |
M&G Corporate Services Limited | OS | 100% |
M&G FA Limited | OS | 100% |
M&G Feeder of Property Portfolio | U | 80% |
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 EMsights Market Debt | 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% |
Name of entity | Share class | % held |
M&G Funds (1) Franklin Templeton India Equity Fund | U | 98% |
M&G Funds (1) GSAM Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) India Equity Fund | U | 86% |
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 | 97% |
M&G Funds (1) MFS Global Emerging Markets Equity Fund | U | 99% |
M&G Funds (1) Sterling Investment Grade Corporate Bond Fund | U | 90% |
M&G Funds (1) UK Gilt Fund | U | 100% |
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 India Fund | U | 96% |
M&G International Investments Nominees Limited | OS | 100% |
M&G Investment Funds (1) - M&G European Sustain Paris Aligned Fund | U | 68% |
M&G Investment Funds (10) - M&G China Fund | U | 74% |
M&G Investment Funds (10) - M&G Global AI Themes Fund | U | 86% |
M&G Investment Funds (10) - M&G ESG Screened Global High Yield Bond Fund | U | 53% |
M&G Investment Funds (10) - M&G Positive Impact Fund | U | 52% |
M&G Investment Funds (2) - M&G Gilt & Fixed Interest Income Fund | U | 49% |
M&G Investment Funds (3) - M&G Dividend Fund | U | 46% |
M&G Investment Funds (7) - M&G Global Convertibles Fund | U | 85% |
M&G Investment Management Limited | OS | 100% |
M&G Investment Funds (4) - M&G Managed Growth Fund | U | 20% |
M&G Management Services Limited | OS | 100% |
M&G MFH General Partner Limited | OS | 100% |
M&G MFH Holding Company Limited | OS | 100% |
M&G MFH Limited Partnership | LPI | 50% |
M&G MFH Property Company Limited | OS | 100% |
M&G MFH RE Limited | OS | 100% |
Name of entity | Share class | % held |
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 Real Estate Limited | OS | 100% |
M&G RE UKEV 1-A LP | LPI | 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% |
M&G RPF Nominee 2 Limited | OS | 100% |
M&G Securities Limited | OS | 100% |
M&G Trustee Company Limited | OS | 100% |
M&G Affordable Living LP | LPI | 52% |
M&G UK Property GP Limited | OS | 100% |
M&G UK Property Nominee 1 Limited | OS | 100% |
M&G UK Property Nominee 2 Limited | OS | 100% |
M&G UK Social Investment GP LLP | LPI | 100% |
M&G UKEV (SLP) General Partner LLP | LPI | 100% |
M&G UKEV (SLP) LP | LPI | 80% |
M&G Wealth Advice Limited | OS | 100% |
M&G Wealth Holding Company Limited | OS | 100% |
M&G Wealth Investments LLP | OS | 100% |
M&G Wealth Solutions Limited | OS | 100% |
M&G\u00a0Social\u00a0Investment GP1\u00a0Limited | OS | 100% |
M&G Social Investment GP2 Limited | OS | 100% |
M&G\u00a0UK\u00a0Social\u00a0Investment\u00a0Partners\u00a0LP | LPI | 100% |
Manchester JV Limited | OS | 50% |
Manchester Nominee (1) Limited | OS | 100% |
Minster Court Estate Management Limited | OS | 56% |
N16 Stratford Student OpCo Limited | OS | 100% |
Pacus (UK) Limited | OS | 100% |
PGDS (UK One) Limited | OS | 100% |
Pilot Peak Capital Limited | OS | 100% |
PPM Capital (Holdings) Limited | OS | 100% |
PPMC First Nominees Limited | OS | 100% |
Prudential Greenfield GP LLP | LPI | 100% |
Prudential Greenfield LP | LPI | 100% |
Prudential Greenfield GP1 Limited | OS | 100% |
Prudential Greenfield GP2 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% |
Name of entity | Share class | % held |
Prudential Equity Release Mortgages 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% |
Prudential UK Real Estate Nominee 1 Limited | OS | 100% |
Prudential UK Real Estate Nominee 2 Limited | OS | 100% |
Prudential Unit Trusts 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 Project Hoxton LP | LPI | 100% |
The Prudential Assurance Company Limited | OS | 100% |
Two Rivers LP | LPI | 100% |
Vanquish Properties (UK) Limited Partnership | LPI | 100% |
Wessex Gate Limited | OS | 100% |
Westwacker Limited | OS | 100% |
Wrap IFA Services Limited | OS | 100% |
19 Canning Street, Edinburgh, EH3 8EH | ||
BauMont Core Plus General Partner One LLP | LPI | 100% |
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% |
Scottish Amicable Life Assurance Society | OS | 100% |
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ | ||
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% |
Name of entity | Share class | % held |
George Digital GP 2 Limited | OS | 100% |
George Digital GP Limited | OS | 100% |
GGE GP Limited | OS | 100% |
Green GP Limited | OS | 100% |
ICP TRINITY GP1 LLP | LPI | 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 (In liquidation) | 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 | 100% |
Infracapital Greenfield Partners I SLP EF GP LLP | LPI | 100% |
Infracapital Greenfield Partners I SLP LP | LPI | 100% |
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 | 100% |
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 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% |
M&G Alternatives GP LLP | LPI | 100% |
M&G Black Seed 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\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP\u00a0LLP | LPI | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP Member\u00a0No.1\u00a0Limited | OS | 100% |
M&G\u00a0Catalyst\u00a0Sustainable\u00a0Agriculture\u00a0GP Member\u00a0No.2\u00a0Limited | OS | 100% |
M&G MFH Carry Limited Partnership | LPI | 100% |
M&G MFH Carry General Partner Limited | OS | 100% |
M&G MFH Feeder Limited Partnership | LPI | 100% |
M&G MFH Feeder General Partner Limited | OS | 100% |
Merlin D5 GP LLP | LPI | 100% |
Mole 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% |
The First British Fixed Trust Company Limited | OS | 100% |
Barratt House, Cartwright Way, Bardon Hill, Coalville, LE67 1UF | ||
Optimus Point Management Company Limited | OS | 52% |
Name of entity | Share class | % held |
Berkeley House, 19 Portsmouth Road, Surrey, KT11 1JG | ||
SEH Manager Limited | OS | 100% |
SEH Nominee Limited | OS | 100% |
SEH Partnership Freeholds Limited | OS | 100% |
SES Partnership Freeholds Limited | OS | 50% |
SES Manager Limited | OS | 50% |
SES Nominee Limited | OS | 100% |
St Edward Homes Limited | OS | 50% |
St Edward Homes Partnership | LPI | 50% |
St Edward Strand Partnership | LPI | 100% |
Clearwater Court, Vastern Road, Reading, RG1 8DB | ||
Foudry Properties Limited | OS | 50% |
First Floor, 85 Great Portland Street, London, W1W 7LT | ||
Aqua GP LLP | LPI | 100% |
Dudok\u00a0GP\u00a0LLP | LPI | 100% |
Dudok\u00a0GP1\u00a0Limited | OS | 100% |
Dudok\u00a0GP2\u00a0Limited | OS | 100% |
Infracapital Greenfield Partners I LP | LPI | 22% |
Infracapital Partners LP | LPI | 34% |
Infracapital Partners II LP | LPI | 26% |
Pesca\u00a0GP\u00a0LLP | LPI | 100% |
Radler GP LLP | LPI | 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% |
3rd Floor,Central Square,29 Wellington Street, Leeds, LS1 4DL | ||
WS Prudential Risk Managed Active 2 | U | 21% |
WS Prudential Risk Managed Active 3 | U | 22% |
WS Prudential Risk Managed Active 4 | U | 31% |
WS Prudential Risk Managed Active 5 | U | 29% |
WS Prudential Risk Managed Passive Fund 1 | U | 39% |
Management Offices, The Mall at Cribbs Causeway, Bristol, BS34 5DG | ||
Cribbs Causeway Merchants Association Limited | OS | 20% |
Kings Place, 90 York Way, London, N1 9GE | ||
Highcross Leicester (GP) Limited | OS | 50% |
Prydis Accounts Ltd, The Parade, Liskeard, Cornwall, England, PL14 6AF | ||
My Continuum Financial Limited | OS | 100% |
My Continuum Financial Nominee Limited | OS | 100% |
The Media Centre, 7 Northumberland Street, Huddersfield, HD1 1RL | ||
Sandringham\u00a0Financial\u00a0Partners\u00a0Limited | OS | 100% |
Name of entity | Share class | % held |
York House, 45 Seymour Street, London, W1H 7LX | ||
Fort Kinnaird GP Limited | OS | 50% |
Fort Kinnaird Limited Partnership | LPI | 100% |
Fort Kinnaird Nominee Limited | OS | 100% |
100 Victoria Street, London, SW1E 5JL | ||
Bluewater REIT | U | 25% |
United States of America | ||
7 St. Paul Street Suite 820 Baltimore Md 21202 | ||
NAPI REIT TRS, Inc | OS | 100% |
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% |
Sky Fund VI Onshore LP | LPI | 22% |
Garden State Plz Mall, Routes 4 & 17, Paramus, NJ 07652 | ||
Westland Garden State Plaza Limited Partnership | LPI | 50% |
1209 Orange Street, Wilmington, DE 19801 | ||
Aldwych LP | LPI | 100% |
Fashion Square ECO LP | LPI | 50% |
GSP Sponsor 1 LP | LPI | 50% |
SMLLC | LPI | 100% |
251 Little Falls Drive, Wilmington, DE 19801 | ||
GSP Sponsor 2 LP | LPI | 50% |
GSP Sponsor 3 LP | LPI | 50% |
GSP Sponsor 4 LP | LPI | 50% |
Nuveen Real Estate Medical Office (Sidecar LP) | LPI | 100% |
2711 Centerville Road, Suite 400, Wilmington, DE 19808 | ||
Old Kingsway LP | LPI | 100% |
Randolph Street LP | LPI | 100% |
SOFA Holding LP | LPI | 100% |
30 South Wacker Drive, Suite 3750, Chicago, IL 60606 | ||
M&G Investments (USA) Inc. | OS | 100% |
M&G Investments (Americas) Inc. | OS | 100% |
300 Atlantic Street, Suite 600, Stamford, CT 06901 | ||
HCR Canary Fund LP | LPI | 99% |
300 East Lombard Street, Baltimore, Maryland | ||
NAPI REIT, Inc. | OS | 99% |
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% |
2049 Century Park East, 42nd Floor, Los Angeles, CA 90067 | ||
GSP Mixed Use JV 2 | LPI | 100% |
GSP Mixed Use JV 3 | LPI | 100% |
GSP Mixed Use JV 4 | LPI | 100% |