Closing rate at year end | Average rate for the year to date | |||
USD : local currency | 31 Dec 2024 | 31 Dec 2023 | 2024 | 2023 |
Chinese yuan (CNY) | 7.30 | 7.09 | 7.20 | 7.09 |
Hong Kong dollar (HKD) | 7.77 | 7.81 | 7.80 | 7.83 |
Indian rupee (INR) | 85.61 | 83.21 | 83.67 | 82.60 |
Indonesian rupiah (IDR) | 16,095.00 | 15,397.00 | 15,844.88 | 15,230.82 |
Malaysian ringgit (MYR) | 4.47 | 4.60 | 4.58 | 4.56 |
Singapore dollar (SGD) | 1.36 | 1.32 | 1.34 | 1.34 |
Taiwan dollar (TWD) | 32.78 | 30.69 | 32.12 | 31.17 |
Thai baht (THB) | 34.24 | 34.37 | 35.29 | 34.80 |
UK pound sterling (GBP) | 0.80 | 0.78 | 0.78 | 0.80 |
Vietnamese dong (VND) | 25,485.00 | 24,262.00 | 25,057.63 | 23,835.92 |
Closing rate at year end | Average rate for the year to date | |||
USD : local currency | 31 Dec 2024 | 31 Dec 2023 | 2024 | 2023 |
Chinese yuan (CNY) | 7.30 | 7.09 | 7.20 | 7.09 |
Hong Kong dollar (HKD) | 7.77 | 7.81 | 7.80 | 7.83 |
Indian rupee (INR) | 85.61 | 83.21 | 83.67 | 82.60 |
Indonesian rupiah (IDR) | 16,095.00 | 15,397.00 | 15,844.88 | 15,230.82 |
Malaysian ringgit (MYR) | 4.47 | 4.60 | 4.58 | 4.56 |
Singapore dollar (SGD) | 1.36 | 1.32 | 1.34 | 1.34 |
Taiwan dollar (TWD) | 32.78 | 30.69 | 32.12 | 31.17 |
Thai baht (THB) | 34.24 | 34.37 | 35.29 | 34.80 |
UK pound sterling (GBP) | 0.80 | 0.78 | 0.78 | 0.80 |
Vietnamese dong (VND) | 25,485.00 | 24,262.00 | 25,057.63 | 23,835.92 |
Estimates of future cash | The Group\u2019s process for estimating future cash flows incorporates, in an unbiased way, all reasonable and |
flows | supportable information that is available without undue cost or effort at the reporting date. This information |
includes both internal and external historical data about claims and other experience, updated to reflect current | |
expectations of future events. As this is a prediction of the future, significant judgement is applied in determining | |
the assumptions that underpin the estimation of future cash flows. These assumptions include, but are not | |
limited to, operating assumptions such as morbidity, mortality, persistency and expenses, and economic | |
assumptions such as risk-free rates and illiquidity premium. Granular assumptions are set at a business unit level. | |
The demographic assumptions are consistent with those used in other metrics such as EEV reporting. The Risk | |
Review included in this Annual Report discusses the insurance and market risks the Group faces and how these | |
risks are mitigated. | |
When estimating future cash flows, the Group takes into account current expectations of future events (other | |
than those from future legislation or regulatory changes that have not been substantively enacted) that might | |
affect those cash flows. | |
Cash flows within the boundary of a contract (the Group\u2019s accounting policy on contract boundary is given | |
below) relate directly to the fulfilment of the contract, including those for which the Group has discretion over the | |
amount or timing. These include future premium receipts, payments to (or on behalf of) policyholders, insurance | |
acquisition cash flows and other costs that are incurred in fulfilling contracts. | |
In relation to reinsurance contracts held, the probability weighted estimates of the present value of future cash | |
flows include the potential credit losses and losses from other disputes to reflect the non-performance risk of the | |
reinsurers. | |
The sensitivity of shareholder equity and CSM to insurance risks is set out in note C6.2. | |
Expense assumptions | Insurance acquisition cash flows (as discussed below) and other costs that are incurred in fulfilling contracts |
used in future cash flow | comprise both direct costs and an allocation of fixed and variable overheads incurred by the insurance entities. |
estimation | |
The Group projects estimates of future expenses relating to the fulfilment of contracts within the scope of | |
IFRS 17 using current expense levels adjusted for inflation. Costs that are incurred in fulfilling the contracts | |
include, but are not limited to, claims handling costs, policy administration expenses, investment management | |
expenses, income tax and other costs specifically chargeable to the policyholders under the terms of the | |
contracts. Expenses included in estimated future cash flows comprise expenses directly attributable to the groups | |
of contracts, including an allocation of fixed and variable overheads incurred by the insurance entities. | |
Investment management expenses in relation to the management of the assets backing policyholder liabilities | |
are included in the fulfilment cash flows for business using the variable fee approach (VFA) model, other | |
participating business using the general model and general model non-participating business where the Group | |
performs investment management activities to enhance benefits from insurance coverage for policyholders. The | |
future expenses of internal asset management and other services excludes the projected future profits or losses | |
generated by any non-insurance entities within the Group in providing those services (ie the IFRS results for the | |
life insurance operations in the consolidated financial statements assume that the cost of internal asset | |
management and other services will be that incurred by the Group as a whole, not the cost that will be borne by | |
the insurance business). | |
Most of the costs incurred by the insurance entities within the Group are considered to be incurred for the | |
purpose of selling and fulfilling insurance contracts and are hence treated as attributable expenses. Cash flows | |
that are not directly attributable to a portfolio of insurance contracts, such as some product development and | |
training costs, are recognised in other operating expenses as incurred. | |
Policyholder benefits | The assumptions used to project the cash flows also reflect the actions that management would take over the |
duration of the projection, the time it would take to implement these actions and any expenses incurred in taking | |
those actions. Management actions encompass, but are not confined to, investment allocation decisions, levels | |
of regular and final bonuses and crediting rates. | |
For participating contracts, estimated future claim payments include bonuses paid to policyholders determined | |
by reference to the relevant profit-sharing arrangement. For example, for the Group\u2019s with-profits business in | |
Hong Kong, Singapore and Malaysia, asset shares are used to determine payments to policyholders. | |
Where cash flows from one group of contracts affect, or are affected by, cash flows in other groups of contracts | |
(eg for with-profits business), the fulfilment cash flows for a group include payments arising from the terms of | |
existing contracts to policyholders in other groups and exclude payments to policyholders in the group that have | |
been included in the fulfilment cash flows of another group. |
Insurance acquisition | Insurance acquisition cash flows arise from the activities of selling, underwriting and starting a group of |
cash flows | insurance contracts that are directly attributable to the portfolio of contracts to which the group belongs. |
Insurance acquisition cash flows that are directly attributable to a group of contracts (eg non-refundable | |
commissions paid on issuance of a contract) are allocated to that group and to the groups that will include | |
renewals of those contracts. Bancassurance payments (eg upfront payments to sell insurance contracts to | |
distribution partners) are capitalised under IAS 38 as intangible assets and amortised on a basis to reflect the | |
pattern in which the future economic benefits are expected to be consumed by reference to new business | |
production levels. The amortisation of the bancassurance intangibles is considered to constitute insurance | |
acquisition cash flows. They generally form part of fulfilment cash flows and are amortised implicitly in line with | |
the coverage unit pattern. |
Determining the point of | The point of initial recognition of a group of contracts is the earliest of the premium due date, the date coverage |
recognition and the | starts and, for an onerous contract, the date the contract is signed and accepted by both parties. There is limited |
boundary of an | judgement involved in relation to most contracts issued by the Group as the coverage period generally starts |
insurance contract | from the premium due date. |
The contract boundary defines which future cash flows are included in the measurement of a contract. The | |
boundary of the fulfilment cash flows under IFRS 17 is considered to be the point at which the Group both no | |
longer has substantive rights and obligations under the insurance contract to provide services or compel the | |
policyholder to pay premiums. | |
The contract boundary is assessed at inception and then reassessed only when there are changes in features or | |
circumstances that alter the commercial substance of the contract or when there are changes in the products | |
within a portfolio. The reassessment of the contract boundary for any changes is performed at the end of each | |
reporting period. | |
For most contracts issued by the Group, there is little judgement involved in determining the contract boundary | |
as either a single premium is received for a contract that is expected to continue for a long period or a | |
guaranteed premium is received for regular premium contracts. | |
For certain contracts where the premiums are not guaranteed, more judgement is involved in assessing the | |
Group\u2019s substantive rights and obligations. When determining the boundary for these contracts various factors | |
are taken into consideration by the Group such as the Group\u2019s practical ability to terminate or refuse renewal of | |
a contract, the Group\u2019s ability to fully reprice at the individual contract level and whether the Group has the | |
ability to reassess risks at a portfolio level and set a price that fully reflects the risks of that portfolio. | |
The Group has some immaterial business that is general insurance in nature and which is considered to have a | |
boundary of one year. | |
Where riders attach to and are not separated from a base contract, the contract boundary is determined based | |
on the component of the contract that has the longest contract boundary. | |
Future cash flows relating to riders that are not purchased at the inception of the base contract, but are added at | |
a later date, are not included within the contract boundary at initial recognition. As the addition of these riders is | |
the exercise of an option under the contract, it is not considered a contract modification but is instead treated as | |
changes in fulfilment cash flows. | |
Similar considerations to those applying to underlying insurance contracts apply in determining the contract | |
boundary of groups of reinsurance contracts held. Further detail on reinsurance contracts, including on | |
recognition is set out in note C3.4. |
Discount rate and risk- | IFRS 17 enables discount rates to be calculated on a top-down or bottom-up basis. The Group elects to |
free rate | determine discount rates on a bottom-up basis, starting with a liquid risk-free yield curve and adding an illiquidity |
premium to reflect the characteristics of the insurance contracts. | |
Risk-free rates are based on government bond yields for all currencies except HKD where risk-free rates are based | |
on swap rates due to the higher liquidity of the HKD swap market. Government bond yields and swap rates are | |
obtained from publicly available data sources. Yield curves are constructed by using a market-observed curve up | |
to a last liquid point and then extrapolating to an ultimate forward rate. | |
Where cash flows vary based on the return on underlying items, the projected earned rate is set equal to the | |
discount rate. Where stochastic modelling techniques are used, the projected average investment returns are | |
calibrated to be equal to the deterministic discount rate (including the illiquidity premium). | |
The illiquidity premium is calculated as the yield-to-maturity on a reference portfolio of assets with similar | |
liquidity characteristics to the insurance contracts (in particular, corporate bonds) less the risk-free curve, and an | |
allowance for credit risk. | |
The allowance for credit risk includes a credit risk premium, which is derived through a lifetime projection of | |
expected bond cash flows, allowing for the cost of downgrades and defaults, a rebalancing rate of projected | |
downgrades and a recovery rate in the event of default. The allowance for credit risk varies by currency ranging | |
between 10 bps and 34 bps at 31 December 2024 (31 December 2023: between 20 bps and 56 bps). | |
A proportion of the reference portfolio\u2019s illiquidity premium (either 0%, 50% or 100%) is applied to portfolios of | |
insurance contracts reflecting the liquidity characteristics of the insurance contracts. The liquidity characteristics | |
are assessed from the policyholders\u2019 perspective. Consideration is given to the nature of premiums, the level of | |
underwriting, and the surrender and other benefit features of the portfolios. A product\u2019s illiquidity premium is | |
restricted to be no greater than reasonably expected to be earned on the assets backing the insurance contract | |
liabilities, over the duration of the insurance contracts. | |
The following tables set out the range of yield curves used to discount cash flows of insurance contracts for major | |
currencies. The range reflects the proportion of illiquidity premium applied by business unit and portfolio. |
| 31 Dec 2024 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 1.08 \u2013 1.51 | 1.42 \u2013 1.85 | 1.70 \u2013 2.13 | 1.92 \u2013 2.35 | 2.03 \u2013 2.46 |
Hong Kong dollar (HKD) | 4.32 \u2013 4.75 | 4.04 \u2013 4.47 | 4.09 \u2013 4.52 | 4.15 \u2013 4.58 | 4.19 \u2013 4.62 |
Indonesian rupiah (IDR) | 7.13 \u2013 7.51 | 7.13 \u2013 7.51 | 7.18 \u2013 7.56 | 7.27 \u2013 7.65 | 7.33 \u2013 7.71 |
Malaysian ringgit (MYR) | 3.43 \u2013 3.68 | 3.65 \u2013 3.90 | 3.87\u2013 4.12 | 4.06 \u2013 4.31 | 4.21 \u2013 4.46 |
Singapore dollar (SGD) | 2.76 \u2013 3.37 | 2.79 \u2013 3.40 | 2.89 \u2013 3.50 | 2.93 \u2013 3.54 | 2.84 \u2013 3.45 |
United States dollar (USD) | 4.20 \u2013 4.84 | 4.44 \u2013 5.08 | 4.66 \u2013 5.30 | 4.89 \u2013 5.53 | 5.02 \u2013 5.66 |
| 31 Dec 2023 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 2.07 \u2013 2.33 | 2.41 \u2013 2.67 | 2.59 \u2013 2.85 | 2.70 \u2013 2.96 | 2.76 \u2013 3.02 |
Hong Kong dollar (HKD) | 4.76 \u2013 5.23 | 3.75 \u2013 4.22 | 3.76 \u2013 4.23 | 3.89 \u2013 4.36 | 3.95 \u2013 4.42 |
Indonesian rupiah (IDR) | 6.47 \u2013 6.96 | 6.63 \u2013 7.12 | 6.73 \u2013 7.22 | 6.94 \u2013 7.43 | 7.03 \u2013 7.52 |
Malaysian ringgit (MYR) | 3.31 \u2013 3.56 | 3.67 \u2013 3.92 | 3.78 \u2013 4.03 | 4.09 \u2013 4.34 | 4.33 \u2013 4.58 |
Singapore dollar (SGD) | 3.62 \u2013 4.37 | 2.67 \u2013 3.42 | 2.71 \u2013 3.46 | 2.77 \u2013 3.52 | 2.74 \u2013 3.49 |
United States dollar (USD) | 4.81 \u2013 5.64 | 3.86 \u2013 4.69 | 3.90 \u2013 4.73 | 4.01 \u2013 4.84 | 4.36 \u2013 5.19 |
Determination of risk adjustment for non-financial risk | |
Risk adjustment for non- | The risk adjustment for non-financial risk reflects the compensation the Group requires for bearing the |
financial risk | uncertainty about the amount and timing of the cash flows from non-financial risk as the Group fulfils insurance |
contracts. | |
For reinsurance contracts held, the risk adjustment for non - financial risk represents the amount of risk being | |
transferred by the Group to the reinsurer. | |
The risk adjustment for non-financial risk is determined by the Group using a confidence level approach. This is | |
implemented through the use of provisions for adverse deviations (PADs) calibrated using non-financial risk | |
distributions and correlation assumptions. The PADs are applied to best estimate assumptions and hence the risk | |
adjustment is calculated on a contract by contract basis. | |
The Group\u2019s risk adjustment allows for all insurance, persistency and expense risks and operational risks specific | |
to uncertainty in the amount and timing of insurance contract cash flows. Reinsurance counterparty default risk | |
is excluded from the calculation. Diversification is included on a net of reinsurance basis within each insurance | |
entity of the Group. Diversification is not allowed for between entities. | |
By applying a confidence level technique, the Group estimates the probability distribution of the expected | |
present value of the future cash flows from insurance contracts at each reporting date and calculates the risk | |
adjustment for non-financial risk as the excess of the value at risk at the 75th percentile (the target confidence | |
level) over the expected present value of the future cash flows. The confidence level is calibrated over a one-year | |
period. | |
Determination of coverage units | |
Coverage units | The proportion of CSM recognised in profit or loss at the end of each period for a group of contracts is |
determined as the ratio of: | |
\u2013 the coverage units in the period; divided by | |
\u2013 the sum of the coverage units in the period and the present value of expected coverage units in future periods. | |
The total number of coverage units in a group reflects the quantity of service provided determined by | |
considering the quantity of benefits for each contract and its expected coverage period. The Group defines the | |
quantity of benefits for insurance services as the maximum amount that a policyholder receives when an insured | |
event takes place, for example the sum assured, the annual limit for a medical plan or the present value of a | |
stream of payments. The quantity of benefits is updated each period. Investment related and investment-return | |
services are assumed to be constant over time. | |
Where there are multiple different services in a group of contracts (for example, both insurance and investment | |
services are provided), the quantities of benefits for the different types of service are combined using weighting | |
factors. These weighting factors are defined as the present value of expected outflows for each type of service, | |
determined at a contract level. | |
The expected coverage period is the expected duration up to the contract boundary. The expected coverage | |
period of the contracts in a group and the calculation of future coverage units allows for expected decrements | |
(eg deaths and lapses) in each future period using current best estimate assumptions consistent with the best | |
estimate liabilities (BEL) calculation. | |
The Group elects to allow for the time value of money by discounting future coverage units in the determination | |
of the proportion of CSM recognised in profit or loss. | |
Determination of coverage units for groups of reinsurance contracts held follows the same principles as for | |
groups of underlying contracts. | |
Insurance finance income and expenses | |
Disaggregation between | IFRS 17 allows an accounting policy choice between: |
profit or loss and other | |
comprehensive income | \u2013 Including insurance finance income or expenses for the period in profit or loss; or |
\u2013 Disaggregating insurance finance income or expenses for the period to include in profit or loss an amount | |
| determined by a systematic allocation of the expected total insurance finance income or expenses over the | |
| duration of the group of contracts, with the balance being included in other comprehensive income. | |
The Group has not elected to disaggregate insurance finance income and expenses between profit or loss and | |
other comprehensive income. |
Risk mitigation | |
Risk mitigation option | IFRS 17 allows the option in certain circumstances to not recognise a change in the CSM to reflect some or all of |
the changes in the effect of the time value of money and financial risk on: | |
\u2013 the amount of the entity\u2019s share of the underlying items if the entity mitigates the effect of financial risk on | |
that amount using derivatives or reinsurance contracts held; and | |
\u2013 the fulfilment cash flows if the entity mitigates the effect of financial risk on those fulfilment cash flows using | |
derivatives, non-derivative financial instruments measured at fair value through profit or loss, or reinsurance | |
contracts held. | |
The Group does not utilise the risk mitigation option in its IFRS 17 VFA liability accounting except in connection | |
with a short-term premium prepayment option available on certain participating products in Hong Kong, | |
effective from 1 January 2024, which has had a minor effect on the 2024 income statement. |
The effect of accounting estimates made in interim financial statements | |
Effect of estimates | IFRS 17 allows an accounting policy choice as to whether to change the treatment of accounting estimates |
made in interim | made in previous interim financial statements when applying IFRS 17 in the annual reporting period. |
financial statements | |
The Group has elected to allow updates to accounting estimates made in interim financial statements when | |
applying IFRS 17 in the annual reporting period. |
Presentation of results before tax attributable to shareholders | |
Profit before tax is a significant IFRS | Total tax charge for the Group reflects tax that relates to shareholders\u2019 profit and also tax |
income statement item. The Group has | attributable to policyholders through the interest in with-profits or unit-linked funds. Reported IFRS |
chosen to present a measure of profit | profit before the tax measure is therefore not representative of pre-tax profit attributable to |
before tax attributable to shareholders | shareholders. Accordingly, in order to provide a measure of pre-tax profit attributable to |
that distinguishes between tax borne by | shareholders, the Group has chosen to adopt an income statement presentation of the tax charge |
shareholders and tax attributable to | and pre-tax results that distinguishes between policyholders\u2019 and shareholders\u2019 returns. |
policyholders to support understanding | |
of the performance of the Group. | |
Profit before tax attributable to | |
shareholders is $2,953 million and | |
compares to profit before tax of $3,239 | |
million as shown in the Consolidated | |
income statement. |
Segmental analysis of results and earnings attributable to shareholders | |
The Group uses adjusted operating | The basis of calculation of adjusted operating profit is provided in note B1.2. |
profit as the segmental measure of its | |
results. | The vast majority of the Group\u2019s investments are valued at fair value through profit and loss. Short- |
term fluctuations in the fair value of investments are only partially offset by the effect of economic | |
Total segmental adjusted operating | changes on insurance contract assets and liabilities and so affect the result for the year. The Group |
profit is $3,723 million as shown in note | therefore provides additional analysis of results before and after the effects of short-term interest |
B1.1. | rate and other market fluctuations, together with other items that are of a short-term, volatile or |
one-off nature. |
Definition of substantial | The term substantial is interpreted to mean greater than 50 per cent. |
Contractual terms | In some circumstances contractual terms are implied by customary |
business practices. | |
Granularity of assessment | The assessment has been carried out at a contract level. However, to |
the extent insurance contracts in a group affect the cash flows to | |
policyholders of contracts in other groups (referred to as | |
'mutualisation'), eligibility for the VFA has been assessed at the level | |
at which such mutualisation occurs (eg fund level). | |
Calculation basis | VFA eligibility assessments have been performed on a basis consistent |
with how the Group measures its realistic expectations, for example | |
when pricing, monitoring or setting returns to policyholders. |
The Group applies judgement to assess | Distribution rights relate to bancassurance partnership arrangements for the distribution of |
whether factors such as the financial | products for the term of the contractual agreement with the bank partner, for which an asset is |
performance of the distribution | recognised based on fees paid and fees payable not subject to performance conditions. |
arrangements, or changes in relevant | Distribution rights impairment testing is conducted when there is an indication of an impairment. |
legislation and regulatory requirements | |
indicate an impairment of intangible | To assess indicators of an impairment, the Group monitors a number of internal and external |
assets representing distribution rights. | factors, including indications that the financial performance of the arrangement is likely to be |
worse than expected and changes in relevant legislation and regulatory requirements that could | |
To determine the recoverable amount, | impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and |
the Group estimates the discounted | then applies judgement to assess whether these factors indicate that an impairment has occurred. |
future expected cash flows arising from | |
the cash generating units (CGUs) | If an impairment has occurred, a charge is recognised in the income statement for the difference |
containing the distribution rights. | between the carrying value and recoverable amount of the asset. The recoverable amount is the |
greater of fair value less costs to sell and value in use. Value in use is calculated as the present value | |
Impacts $3,559 million of assets as | of future expected cash flows from the asset or the CGUs to which it is allocated. |
shown in note C4.2. |
Financial investments \u2013 Valuation | |
Financial investments held at fair value, | The Group holds the majority of its financial investments at fair value through profit or loss. |
net of derivative liabilities, excluding | Financial investments held at amortised cost primarily comprise loans and deposits and certain |
those held by joint ventures and | debt securities held by Eastspring. |
associates is $153.9 billion as shown in | Determination of fair value |
note C2.2. | |
The fair values of the financial instruments for which fair valuation is required under IFRS Standards | |
Financial investments held at amortised | are determined by the use of quoted market prices for exchange-quoted investments or by using |
cost represent $5.6 billion of the | quotations from independent third parties such as brokers and pricing services or by using |
Group\u2019s total assets. | appropriate valuation techniques. Further details are included in note C2.1. |
The estimated fair value of derivative financial instruments reflects the estimated amount the | |
The Group estimates the fair value of | Group would receive or pay in an arm\u2019s-length transaction. This amount is determined using quoted |
financial investments that are not | prices if exchange listed, quotations from independent third parties or valued internally using |
actively traded using quotations from | standard market practices. |
independent third parties or internally | |
developed pricing models. | |
Quoted market prices are used to value investments having quoted prices. Actively traded | |
investments without quoted prices are valued using prices provided by third parties such as brokers | |
or pricing services. Financial investments measured at fair value are classified into a three-level | |
hierarchy as described in note C2.1. | |
If the market for a financial investment of the Group is not active, the Group establishes fair value | |
by using quotations from independent third parties, such as brokers or pricing services, or by using | |
internally developed pricing models. Priority is given to publicly available prices from independent | |
sources when available, but overall the source of pricing and/or the valuation technique is chosen | |
with the objective of arriving at a fair value measurement, which reflects the price at which an | |
orderly transaction would take place between market participants on the measurement date. | |
Changes in assumptions relating to these variables could positively or negatively impact the | |
reported fair value of these financial investments. Details of the financial investments classified as | |
\u2018level 3\u2019 to which valuation techniques are applied and the sensitivity of profit before tax to a | |
change in the valuation of these items, are presented in note C2.2. |
Estimates of future cash | The Group\u2019s process for estimating future cash flows incorporates, in an unbiased way, all reasonable and |
flows | supportable information that is available without undue cost or effort at the reporting date. This information |
includes both internal and external historical data about claims and other experience, updated to reflect current | |
expectations of future events. As this is a prediction of the future, significant judgement is applied in determining | |
the assumptions that underpin the estimation of future cash flows. These assumptions include, but are not | |
limited to, operating assumptions such as morbidity, mortality, persistency and expenses, and economic | |
assumptions such as risk-free rates and illiquidity premium. Granular assumptions are set at a business unit level. | |
The demographic assumptions are consistent with those used in other metrics such as EEV reporting. The Risk | |
Review included in this Annual Report discusses the insurance and market risks the Group faces and how these | |
risks are mitigated. | |
When estimating future cash flows, the Group takes into account current expectations of future events (other | |
than those from future legislation or regulatory changes that have not been substantively enacted) that might | |
affect those cash flows. | |
Cash flows within the boundary of a contract (the Group\u2019s accounting policy on contract boundary is given | |
below) relate directly to the fulfilment of the contract, including those for which the Group has discretion over the | |
amount or timing. These include future premium receipts, payments to (or on behalf of) policyholders, insurance | |
acquisition cash flows and other costs that are incurred in fulfilling contracts. | |
In relation to reinsurance contracts held, the probability weighted estimates of the present value of future cash | |
flows include the potential credit losses and losses from other disputes to reflect the non-performance risk of the | |
reinsurers. | |
The sensitivity of shareholder equity and CSM to insurance risks is set out in note C6.2. | |
Expense assumptions | Insurance acquisition cash flows (as discussed below) and other costs that are incurred in fulfilling contracts |
used in future cash flow | comprise both direct costs and an allocation of fixed and variable overheads incurred by the insurance entities. |
estimation | |
The Group projects estimates of future expenses relating to the fulfilment of contracts within the scope of | |
IFRS 17 using current expense levels adjusted for inflation. Costs that are incurred in fulfilling the contracts | |
include, but are not limited to, claims handling costs, policy administration expenses, investment management | |
expenses, income tax and other costs specifically chargeable to the policyholders under the terms of the | |
contracts. Expenses included in estimated future cash flows comprise expenses directly attributable to the groups | |
of contracts, including an allocation of fixed and variable overheads incurred by the insurance entities. | |
Investment management expenses in relation to the management of the assets backing policyholder liabilities | |
are included in the fulfilment cash flows for business using the variable fee approach (VFA) model, other | |
participating business using the general model and general model non-participating business where the Group | |
performs investment management activities to enhance benefits from insurance coverage for policyholders. The | |
future expenses of internal asset management and other services excludes the projected future profits or losses | |
generated by any non-insurance entities within the Group in providing those services (ie the IFRS results for the | |
life insurance operations in the consolidated financial statements assume that the cost of internal asset | |
management and other services will be that incurred by the Group as a whole, not the cost that will be borne by | |
the insurance business). | |
Most of the costs incurred by the insurance entities within the Group are considered to be incurred for the | |
purpose of selling and fulfilling insurance contracts and are hence treated as attributable expenses. Cash flows | |
that are not directly attributable to a portfolio of insurance contracts, such as some product development and | |
training costs, are recognised in other operating expenses as incurred. | |
Policyholder benefits | The assumptions used to project the cash flows also reflect the actions that management would take over the |
duration of the projection, the time it would take to implement these actions and any expenses incurred in taking | |
those actions. Management actions encompass, but are not confined to, investment allocation decisions, levels | |
of regular and final bonuses and crediting rates. | |
For participating contracts, estimated future claim payments include bonuses paid to policyholders determined | |
by reference to the relevant profit-sharing arrangement. For example, for the Group\u2019s with-profits business in | |
Hong Kong, Singapore and Malaysia, asset shares are used to determine payments to policyholders. | |
Where cash flows from one group of contracts affect, or are affected by, cash flows in other groups of contracts | |
(eg for with-profits business), the fulfilment cash flows for a group include payments arising from the terms of | |
existing contracts to policyholders in other groups and exclude payments to policyholders in the group that have | |
been included in the fulfilment cash flows of another group. |
Insurance acquisition | Insurance acquisition cash flows arise from the activities of selling, underwriting and starting a group of |
cash flows | insurance contracts that are directly attributable to the portfolio of contracts to which the group belongs. |
Insurance acquisition cash flows that are directly attributable to a group of contracts (eg non-refundable | |
commissions paid on issuance of a contract) are allocated to that group and to the groups that will include | |
renewals of those contracts. Bancassurance payments (eg upfront payments to sell insurance contracts to | |
distribution partners) are capitalised under IAS 38 as intangible assets and amortised on a basis to reflect the | |
pattern in which the future economic benefits are expected to be consumed by reference to new business | |
production levels. The amortisation of the bancassurance intangibles is considered to constitute insurance | |
acquisition cash flows. They generally form part of fulfilment cash flows and are amortised implicitly in line with | |
the coverage unit pattern. |
Determining the point of | The point of initial recognition of a group of contracts is the earliest of the premium due date, the date coverage |
recognition and the | starts and, for an onerous contract, the date the contract is signed and accepted by both parties. There is limited |
boundary of an | judgement involved in relation to most contracts issued by the Group as the coverage period generally starts |
insurance contract | from the premium due date. |
The contract boundary defines which future cash flows are included in the measurement of a contract. The | |
boundary of the fulfilment cash flows under IFRS 17 is considered to be the point at which the Group both no | |
longer has substantive rights and obligations under the insurance contract to provide services or compel the | |
policyholder to pay premiums. | |
The contract boundary is assessed at inception and then reassessed only when there are changes in features or | |
circumstances that alter the commercial substance of the contract or when there are changes in the products | |
within a portfolio. The reassessment of the contract boundary for any changes is performed at the end of each | |
reporting period. | |
For most contracts issued by the Group, there is little judgement involved in determining the contract boundary | |
as either a single premium is received for a contract that is expected to continue for a long period or a | |
guaranteed premium is received for regular premium contracts. | |
For certain contracts where the premiums are not guaranteed, more judgement is involved in assessing the | |
Group\u2019s substantive rights and obligations. When determining the boundary for these contracts various factors | |
are taken into consideration by the Group such as the Group\u2019s practical ability to terminate or refuse renewal of | |
a contract, the Group\u2019s ability to fully reprice at the individual contract level and whether the Group has the | |
ability to reassess risks at a portfolio level and set a price that fully reflects the risks of that portfolio. | |
The Group has some immaterial business that is general insurance in nature and which is considered to have a | |
boundary of one year. | |
Where riders attach to and are not separated from a base contract, the contract boundary is determined based | |
on the component of the contract that has the longest contract boundary. | |
Future cash flows relating to riders that are not purchased at the inception of the base contract, but are added at | |
a later date, are not included within the contract boundary at initial recognition. As the addition of these riders is | |
the exercise of an option under the contract, it is not considered a contract modification but is instead treated as | |
changes in fulfilment cash flows. | |
Similar considerations to those applying to underlying insurance contracts apply in determining the contract | |
boundary of groups of reinsurance contracts held. Further detail on reinsurance contracts, including on | |
recognition is set out in note C3.4. |
Discount rate and risk- | IFRS 17 enables discount rates to be calculated on a top-down or bottom-up basis. The Group elects to |
free rate | determine discount rates on a bottom-up basis, starting with a liquid risk-free yield curve and adding an illiquidity |
premium to reflect the characteristics of the insurance contracts. | |
Risk-free rates are based on government bond yields for all currencies except HKD where risk-free rates are based | |
on swap rates due to the higher liquidity of the HKD swap market. Government bond yields and swap rates are | |
obtained from publicly available data sources. Yield curves are constructed by using a market-observed curve up | |
to a last liquid point and then extrapolating to an ultimate forward rate. | |
Where cash flows vary based on the return on underlying items, the projected earned rate is set equal to the | |
discount rate. Where stochastic modelling techniques are used, the projected average investment returns are | |
calibrated to be equal to the deterministic discount rate (including the illiquidity premium). | |
The illiquidity premium is calculated as the yield-to-maturity on a reference portfolio of assets with similar | |
liquidity characteristics to the insurance contracts (in particular, corporate bonds) less the risk-free curve, and an | |
allowance for credit risk. | |
The allowance for credit risk includes a credit risk premium, which is derived through a lifetime projection of | |
expected bond cash flows, allowing for the cost of downgrades and defaults, a rebalancing rate of projected | |
downgrades and a recovery rate in the event of default. The allowance for credit risk varies by currency ranging | |
between 10 bps and 34 bps at 31 December 2024 (31 December 2023: between 20 bps and 56 bps). | |
A proportion of the reference portfolio\u2019s illiquidity premium (either 0%, 50% or 100%) is applied to portfolios of | |
insurance contracts reflecting the liquidity characteristics of the insurance contracts. The liquidity characteristics | |
are assessed from the policyholders\u2019 perspective. Consideration is given to the nature of premiums, the level of | |
underwriting, and the surrender and other benefit features of the portfolios. A product\u2019s illiquidity premium is | |
restricted to be no greater than reasonably expected to be earned on the assets backing the insurance contract | |
liabilities, over the duration of the insurance contracts. | |
The following tables set out the range of yield curves used to discount cash flows of insurance contracts for major | |
currencies. The range reflects the proportion of illiquidity premium applied by business unit and portfolio. |
| 31 Dec 2024 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 1.08 \u2013 1.51 | 1.42 \u2013 1.85 | 1.70 \u2013 2.13 | 1.92 \u2013 2.35 | 2.03 \u2013 2.46 |
Hong Kong dollar (HKD) | 4.32 \u2013 4.75 | 4.04 \u2013 4.47 | 4.09 \u2013 4.52 | 4.15 \u2013 4.58 | 4.19 \u2013 4.62 |
Indonesian rupiah (IDR) | 7.13 \u2013 7.51 | 7.13 \u2013 7.51 | 7.18 \u2013 7.56 | 7.27 \u2013 7.65 | 7.33 \u2013 7.71 |
Malaysian ringgit (MYR) | 3.43 \u2013 3.68 | 3.65 \u2013 3.90 | 3.87\u2013 4.12 | 4.06 \u2013 4.31 | 4.21 \u2013 4.46 |
Singapore dollar (SGD) | 2.76 \u2013 3.37 | 2.79 \u2013 3.40 | 2.89 \u2013 3.50 | 2.93 \u2013 3.54 | 2.84 \u2013 3.45 |
United States dollar (USD) | 4.20 \u2013 4.84 | 4.44 \u2013 5.08 | 4.66 \u2013 5.30 | 4.89 \u2013 5.53 | 5.02 \u2013 5.66 |
| 31 Dec 2023 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 2.07 \u2013 2.33 | 2.41 \u2013 2.67 | 2.59 \u2013 2.85 | 2.70 \u2013 2.96 | 2.76 \u2013 3.02 |
Hong Kong dollar (HKD) | 4.76 \u2013 5.23 | 3.75 \u2013 4.22 | 3.76 \u2013 4.23 | 3.89 \u2013 4.36 | 3.95 \u2013 4.42 |
Indonesian rupiah (IDR) | 6.47 \u2013 6.96 | 6.63 \u2013 7.12 | 6.73 \u2013 7.22 | 6.94 \u2013 7.43 | 7.03 \u2013 7.52 |
Malaysian ringgit (MYR) | 3.31 \u2013 3.56 | 3.67 \u2013 3.92 | 3.78 \u2013 4.03 | 4.09 \u2013 4.34 | 4.33 \u2013 4.58 |
Singapore dollar (SGD) | 3.62 \u2013 4.37 | 2.67 \u2013 3.42 | 2.71 \u2013 3.46 | 2.77 \u2013 3.52 | 2.74 \u2013 3.49 |
United States dollar (USD) | 4.81 \u2013 5.64 | 3.86 \u2013 4.69 | 3.90 \u2013 4.73 | 4.01 \u2013 4.84 | 4.36 \u2013 5.19 |
Determination of risk adjustment for non-financial risk | |
Risk adjustment for non- | The risk adjustment for non-financial risk reflects the compensation the Group requires for bearing the |
financial risk | uncertainty about the amount and timing of the cash flows from non-financial risk as the Group fulfils insurance |
contracts. | |
For reinsurance contracts held, the risk adjustment for non - financial risk represents the amount of risk being | |
transferred by the Group to the reinsurer. | |
The risk adjustment for non-financial risk is determined by the Group using a confidence level approach. This is | |
implemented through the use of provisions for adverse deviations (PADs) calibrated using non-financial risk | |
distributions and correlation assumptions. The PADs are applied to best estimate assumptions and hence the risk | |
adjustment is calculated on a contract by contract basis. | |
The Group\u2019s risk adjustment allows for all insurance, persistency and expense risks and operational risks specific | |
to uncertainty in the amount and timing of insurance contract cash flows. Reinsurance counterparty default risk | |
is excluded from the calculation. Diversification is included on a net of reinsurance basis within each insurance | |
entity of the Group. Diversification is not allowed for between entities. | |
By applying a confidence level technique, the Group estimates the probability distribution of the expected | |
present value of the future cash flows from insurance contracts at each reporting date and calculates the risk | |
adjustment for non-financial risk as the excess of the value at risk at the 75th percentile (the target confidence | |
level) over the expected present value of the future cash flows. The confidence level is calibrated over a one-year | |
period. | |
Determination of coverage units | |
Coverage units | The proportion of CSM recognised in profit or loss at the end of each period for a group of contracts is |
determined as the ratio of: | |
\u2013 the coverage units in the period; divided by | |
\u2013 the sum of the coverage units in the period and the present value of expected coverage units in future periods. | |
The total number of coverage units in a group reflects the quantity of service provided determined by | |
considering the quantity of benefits for each contract and its expected coverage period. The Group defines the | |
quantity of benefits for insurance services as the maximum amount that a policyholder receives when an insured | |
event takes place, for example the sum assured, the annual limit for a medical plan or the present value of a | |
stream of payments. The quantity of benefits is updated each period. Investment related and investment-return | |
services are assumed to be constant over time. | |
Where there are multiple different services in a group of contracts (for example, both insurance and investment | |
services are provided), the quantities of benefits for the different types of service are combined using weighting | |
factors. These weighting factors are defined as the present value of expected outflows for each type of service, | |
determined at a contract level. | |
The expected coverage period is the expected duration up to the contract boundary. The expected coverage | |
period of the contracts in a group and the calculation of future coverage units allows for expected decrements | |
(eg deaths and lapses) in each future period using current best estimate assumptions consistent with the best | |
estimate liabilities (BEL) calculation. | |
The Group elects to allow for the time value of money by discounting future coverage units in the determination | |
of the proportion of CSM recognised in profit or loss. | |
Determination of coverage units for groups of reinsurance contracts held follows the same principles as for | |
groups of underlying contracts. | |
Insurance finance income and expenses | |
Disaggregation between | IFRS 17 allows an accounting policy choice between: |
profit or loss and other | |
comprehensive income | \u2013 Including insurance finance income or expenses for the period in profit or loss; or |
\u2013 Disaggregating insurance finance income or expenses for the period to include in profit or loss an amount | |
| determined by a systematic allocation of the expected total insurance finance income or expenses over the | |
| duration of the group of contracts, with the balance being included in other comprehensive income. | |
The Group has not elected to disaggregate insurance finance income and expenses between profit or loss and | |
other comprehensive income. |
Risk mitigation | |
Risk mitigation option | IFRS 17 allows the option in certain circumstances to not recognise a change in the CSM to reflect some or all of |
the changes in the effect of the time value of money and financial risk on: | |
\u2013 the amount of the entity\u2019s share of the underlying items if the entity mitigates the effect of financial risk on | |
that amount using derivatives or reinsurance contracts held; and | |
\u2013 the fulfilment cash flows if the entity mitigates the effect of financial risk on those fulfilment cash flows using | |
derivatives, non-derivative financial instruments measured at fair value through profit or loss, or reinsurance | |
contracts held. | |
The Group does not utilise the risk mitigation option in its IFRS 17 VFA liability accounting except in connection | |
with a short-term premium prepayment option available on certain participating products in Hong Kong, | |
effective from 1 January 2024, which has had a minor effect on the 2024 income statement. |
The effect of accounting estimates made in interim financial statements | |
Effect of estimates | IFRS 17 allows an accounting policy choice as to whether to change the treatment of accounting estimates |
made in interim | made in previous interim financial statements when applying IFRS 17 in the annual reporting period. |
financial statements | |
The Group has elected to allow updates to accounting estimates made in interim financial statements when | |
applying IFRS 17 in the annual reporting period. |
Presentation of results before tax attributable to shareholders | |
Profit before tax is a significant IFRS | Total tax charge for the Group reflects tax that relates to shareholders\u2019 profit and also tax |
income statement item. The Group has | attributable to policyholders through the interest in with-profits or unit-linked funds. Reported IFRS |
chosen to present a measure of profit | profit before the tax measure is therefore not representative of pre-tax profit attributable to |
before tax attributable to shareholders | shareholders. Accordingly, in order to provide a measure of pre-tax profit attributable to |
that distinguishes between tax borne by | shareholders, the Group has chosen to adopt an income statement presentation of the tax charge |
shareholders and tax attributable to | and pre-tax results that distinguishes between policyholders\u2019 and shareholders\u2019 returns. |
policyholders to support understanding | |
of the performance of the Group. | |
Profit before tax attributable to | |
shareholders is $2,953 million and | |
compares to profit before tax of $3,239 | |
million as shown in the Consolidated | |
income statement. |
Segmental analysis of results and earnings attributable to shareholders | |
The Group uses adjusted operating | The basis of calculation of adjusted operating profit is provided in note B1.2. |
profit as the segmental measure of its | |
results. | The vast majority of the Group\u2019s investments are valued at fair value through profit and loss. Short- |
term fluctuations in the fair value of investments are only partially offset by the effect of economic | |
Total segmental adjusted operating | changes on insurance contract assets and liabilities and so affect the result for the year. The Group |
profit is $3,723 million as shown in note | therefore provides additional analysis of results before and after the effects of short-term interest |
B1.1. | rate and other market fluctuations, together with other items that are of a short-term, volatile or |
one-off nature. |
Definition of substantial | The term substantial is interpreted to mean greater than 50 per cent. |
Contractual terms | In some circumstances contractual terms are implied by customary |
business practices. | |
Granularity of assessment | The assessment has been carried out at a contract level. However, to |
the extent insurance contracts in a group affect the cash flows to | |
policyholders of contracts in other groups (referred to as | |
'mutualisation'), eligibility for the VFA has been assessed at the level | |
at which such mutualisation occurs (eg fund level). | |
Calculation basis | VFA eligibility assessments have been performed on a basis consistent |
with how the Group measures its realistic expectations, for example | |
when pricing, monitoring or setting returns to policyholders. |
The Group applies judgement to assess | Distribution rights relate to bancassurance partnership arrangements for the distribution of |
whether factors such as the financial | products for the term of the contractual agreement with the bank partner, for which an asset is |
performance of the distribution | recognised based on fees paid and fees payable not subject to performance conditions. |
arrangements, or changes in relevant | Distribution rights impairment testing is conducted when there is an indication of an impairment. |
legislation and regulatory requirements | |
indicate an impairment of intangible | To assess indicators of an impairment, the Group monitors a number of internal and external |
assets representing distribution rights. | factors, including indications that the financial performance of the arrangement is likely to be |
worse than expected and changes in relevant legislation and regulatory requirements that could | |
To determine the recoverable amount, | impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and |
the Group estimates the discounted | then applies judgement to assess whether these factors indicate that an impairment has occurred. |
future expected cash flows arising from | |
the cash generating units (CGUs) | If an impairment has occurred, a charge is recognised in the income statement for the difference |
containing the distribution rights. | between the carrying value and recoverable amount of the asset. The recoverable amount is the |
greater of fair value less costs to sell and value in use. Value in use is calculated as the present value | |
Impacts $3,559 million of assets as | of future expected cash flows from the asset or the CGUs to which it is allocated. |
shown in note C4.2. |
Financial investments \u2013 Valuation | |
Financial investments held at fair value, | The Group holds the majority of its financial investments at fair value through profit or loss. |
net of derivative liabilities, excluding | Financial investments held at amortised cost primarily comprise loans and deposits and certain |
those held by joint ventures and | debt securities held by Eastspring. |
associates is $153.9 billion as shown in | Determination of fair value |
note C2.2. | |
The fair values of the financial instruments for which fair valuation is required under IFRS Standards | |
Financial investments held at amortised | are determined by the use of quoted market prices for exchange-quoted investments or by using |
cost represent $5.6 billion of the | quotations from independent third parties such as brokers and pricing services or by using |
Group\u2019s total assets. | appropriate valuation techniques. Further details are included in note C2.1. |
The estimated fair value of derivative financial instruments reflects the estimated amount the | |
The Group estimates the fair value of | Group would receive or pay in an arm\u2019s-length transaction. This amount is determined using quoted |
financial investments that are not | prices if exchange listed, quotations from independent third parties or valued internally using |
actively traded using quotations from | standard market practices. |
independent third parties or internally | |
developed pricing models. | |
Quoted market prices are used to value investments having quoted prices. Actively traded | |
investments without quoted prices are valued using prices provided by third parties such as brokers | |
or pricing services. Financial investments measured at fair value are classified into a three-level | |
hierarchy as described in note C2.1. | |
If the market for a financial investment of the Group is not active, the Group establishes fair value | |
by using quotations from independent third parties, such as brokers or pricing services, or by using | |
internally developed pricing models. Priority is given to publicly available prices from independent | |
sources when available, but overall the source of pricing and/or the valuation technique is chosen | |
with the objective of arriving at a fair value measurement, which reflects the price at which an | |
orderly transaction would take place between market participants on the measurement date. | |
Changes in assumptions relating to these variables could positively or negatively impact the | |
reported fair value of these financial investments. Details of the financial investments classified as | |
\u2018level 3\u2019 to which valuation techniques are applied and the sensitivity of profit before tax to a | |
change in the valuation of these items, are presented in note C2.2. |
Estimates of future cash | The Group\u2019s process for estimating future cash flows incorporates, in an unbiased way, all reasonable and |
flows | supportable information that is available without undue cost or effort at the reporting date. This information |
includes both internal and external historical data about claims and other experience, updated to reflect current | |
expectations of future events. As this is a prediction of the future, significant judgement is applied in determining | |
the assumptions that underpin the estimation of future cash flows. These assumptions include, but are not | |
limited to, operating assumptions such as morbidity, mortality, persistency and expenses, and economic | |
assumptions such as risk-free rates and illiquidity premium. Granular assumptions are set at a business unit level. | |
The demographic assumptions are consistent with those used in other metrics such as EEV reporting. The Risk | |
Review included in this Annual Report discusses the insurance and market risks the Group faces and how these | |
risks are mitigated. | |
When estimating future cash flows, the Group takes into account current expectations of future events (other | |
than those from future legislation or regulatory changes that have not been substantively enacted) that might | |
affect those cash flows. | |
Cash flows within the boundary of a contract (the Group\u2019s accounting policy on contract boundary is given | |
below) relate directly to the fulfilment of the contract, including those for which the Group has discretion over the | |
amount or timing. These include future premium receipts, payments to (or on behalf of) policyholders, insurance | |
acquisition cash flows and other costs that are incurred in fulfilling contracts. | |
In relation to reinsurance contracts held, the probability weighted estimates of the present value of future cash | |
flows include the potential credit losses and losses from other disputes to reflect the non-performance risk of the | |
reinsurers. | |
The sensitivity of shareholder equity and CSM to insurance risks is set out in note C6.2. | |
Expense assumptions | Insurance acquisition cash flows (as discussed below) and other costs that are incurred in fulfilling contracts |
used in future cash flow | comprise both direct costs and an allocation of fixed and variable overheads incurred by the insurance entities. |
estimation | |
The Group projects estimates of future expenses relating to the fulfilment of contracts within the scope of | |
IFRS 17 using current expense levels adjusted for inflation. Costs that are incurred in fulfilling the contracts | |
include, but are not limited to, claims handling costs, policy administration expenses, investment management | |
expenses, income tax and other costs specifically chargeable to the policyholders under the terms of the | |
contracts. Expenses included in estimated future cash flows comprise expenses directly attributable to the groups | |
of contracts, including an allocation of fixed and variable overheads incurred by the insurance entities. | |
Investment management expenses in relation to the management of the assets backing policyholder liabilities | |
are included in the fulfilment cash flows for business using the variable fee approach (VFA) model, other | |
participating business using the general model and general model non-participating business where the Group | |
performs investment management activities to enhance benefits from insurance coverage for policyholders. The | |
future expenses of internal asset management and other services excludes the projected future profits or losses | |
generated by any non-insurance entities within the Group in providing those services (ie the IFRS results for the | |
life insurance operations in the consolidated financial statements assume that the cost of internal asset | |
management and other services will be that incurred by the Group as a whole, not the cost that will be borne by | |
the insurance business). | |
Most of the costs incurred by the insurance entities within the Group are considered to be incurred for the | |
purpose of selling and fulfilling insurance contracts and are hence treated as attributable expenses. Cash flows | |
that are not directly attributable to a portfolio of insurance contracts, such as some product development and | |
training costs, are recognised in other operating expenses as incurred. | |
Policyholder benefits | The assumptions used to project the cash flows also reflect the actions that management would take over the |
duration of the projection, the time it would take to implement these actions and any expenses incurred in taking | |
those actions. Management actions encompass, but are not confined to, investment allocation decisions, levels | |
of regular and final bonuses and crediting rates. | |
For participating contracts, estimated future claim payments include bonuses paid to policyholders determined | |
by reference to the relevant profit-sharing arrangement. For example, for the Group\u2019s with-profits business in | |
Hong Kong, Singapore and Malaysia, asset shares are used to determine payments to policyholders. | |
Where cash flows from one group of contracts affect, or are affected by, cash flows in other groups of contracts | |
(eg for with-profits business), the fulfilment cash flows for a group include payments arising from the terms of | |
existing contracts to policyholders in other groups and exclude payments to policyholders in the group that have | |
been included in the fulfilment cash flows of another group. |
Insurance acquisition | Insurance acquisition cash flows arise from the activities of selling, underwriting and starting a group of |
cash flows | insurance contracts that are directly attributable to the portfolio of contracts to which the group belongs. |
Insurance acquisition cash flows that are directly attributable to a group of contracts (eg non-refundable | |
commissions paid on issuance of a contract) are allocated to that group and to the groups that will include | |
renewals of those contracts. Bancassurance payments (eg upfront payments to sell insurance contracts to | |
distribution partners) are capitalised under IAS 38 as intangible assets and amortised on a basis to reflect the | |
pattern in which the future economic benefits are expected to be consumed by reference to new business | |
production levels. The amortisation of the bancassurance intangibles is considered to constitute insurance | |
acquisition cash flows. They generally form part of fulfilment cash flows and are amortised implicitly in line with | |
the coverage unit pattern. |
Determining the point of | The point of initial recognition of a group of contracts is the earliest of the premium due date, the date coverage |
recognition and the | starts and, for an onerous contract, the date the contract is signed and accepted by both parties. There is limited |
boundary of an | judgement involved in relation to most contracts issued by the Group as the coverage period generally starts |
insurance contract | from the premium due date. |
The contract boundary defines which future cash flows are included in the measurement of a contract. The | |
boundary of the fulfilment cash flows under IFRS 17 is considered to be the point at which the Group both no | |
longer has substantive rights and obligations under the insurance contract to provide services or compel the | |
policyholder to pay premiums. | |
The contract boundary is assessed at inception and then reassessed only when there are changes in features or | |
circumstances that alter the commercial substance of the contract or when there are changes in the products | |
within a portfolio. The reassessment of the contract boundary for any changes is performed at the end of each | |
reporting period. | |
For most contracts issued by the Group, there is little judgement involved in determining the contract boundary | |
as either a single premium is received for a contract that is expected to continue for a long period or a | |
guaranteed premium is received for regular premium contracts. | |
For certain contracts where the premiums are not guaranteed, more judgement is involved in assessing the | |
Group\u2019s substantive rights and obligations. When determining the boundary for these contracts various factors | |
are taken into consideration by the Group such as the Group\u2019s practical ability to terminate or refuse renewal of | |
a contract, the Group\u2019s ability to fully reprice at the individual contract level and whether the Group has the | |
ability to reassess risks at a portfolio level and set a price that fully reflects the risks of that portfolio. | |
The Group has some immaterial business that is general insurance in nature and which is considered to have a | |
boundary of one year. | |
Where riders attach to and are not separated from a base contract, the contract boundary is determined based | |
on the component of the contract that has the longest contract boundary. | |
Future cash flows relating to riders that are not purchased at the inception of the base contract, but are added at | |
a later date, are not included within the contract boundary at initial recognition. As the addition of these riders is | |
the exercise of an option under the contract, it is not considered a contract modification but is instead treated as | |
changes in fulfilment cash flows. | |
Similar considerations to those applying to underlying insurance contracts apply in determining the contract | |
boundary of groups of reinsurance contracts held. Further detail on reinsurance contracts, including on | |
recognition is set out in note C3.4. |
Discount rate and risk- | IFRS 17 enables discount rates to be calculated on a top-down or bottom-up basis. The Group elects to |
free rate | determine discount rates on a bottom-up basis, starting with a liquid risk-free yield curve and adding an illiquidity |
premium to reflect the characteristics of the insurance contracts. | |
Risk-free rates are based on government bond yields for all currencies except HKD where risk-free rates are based | |
on swap rates due to the higher liquidity of the HKD swap market. Government bond yields and swap rates are | |
obtained from publicly available data sources. Yield curves are constructed by using a market-observed curve up | |
to a last liquid point and then extrapolating to an ultimate forward rate. | |
Where cash flows vary based on the return on underlying items, the projected earned rate is set equal to the | |
discount rate. Where stochastic modelling techniques are used, the projected average investment returns are | |
calibrated to be equal to the deterministic discount rate (including the illiquidity premium). | |
The illiquidity premium is calculated as the yield-to-maturity on a reference portfolio of assets with similar | |
liquidity characteristics to the insurance contracts (in particular, corporate bonds) less the risk-free curve, and an | |
allowance for credit risk. | |
The allowance for credit risk includes a credit risk premium, which is derived through a lifetime projection of | |
expected bond cash flows, allowing for the cost of downgrades and defaults, a rebalancing rate of projected | |
downgrades and a recovery rate in the event of default. The allowance for credit risk varies by currency ranging | |
between 10 bps and 34 bps at 31 December 2024 (31 December 2023: between 20 bps and 56 bps). | |
A proportion of the reference portfolio\u2019s illiquidity premium (either 0%, 50% or 100%) is applied to portfolios of | |
insurance contracts reflecting the liquidity characteristics of the insurance contracts. The liquidity characteristics | |
are assessed from the policyholders\u2019 perspective. Consideration is given to the nature of premiums, the level of | |
underwriting, and the surrender and other benefit features of the portfolios. A product\u2019s illiquidity premium is | |
restricted to be no greater than reasonably expected to be earned on the assets backing the insurance contract | |
liabilities, over the duration of the insurance contracts. | |
The following tables set out the range of yield curves used to discount cash flows of insurance contracts for major | |
currencies. The range reflects the proportion of illiquidity premium applied by business unit and portfolio. |
| 31 Dec 2024 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 1.08 \u2013 1.51 | 1.42 \u2013 1.85 | 1.70 \u2013 2.13 | 1.92 \u2013 2.35 | 2.03 \u2013 2.46 |
Hong Kong dollar (HKD) | 4.32 \u2013 4.75 | 4.04 \u2013 4.47 | 4.09 \u2013 4.52 | 4.15 \u2013 4.58 | 4.19 \u2013 4.62 |
Indonesian rupiah (IDR) | 7.13 \u2013 7.51 | 7.13 \u2013 7.51 | 7.18 \u2013 7.56 | 7.27 \u2013 7.65 | 7.33 \u2013 7.71 |
Malaysian ringgit (MYR) | 3.43 \u2013 3.68 | 3.65 \u2013 3.90 | 3.87\u2013 4.12 | 4.06 \u2013 4.31 | 4.21 \u2013 4.46 |
Singapore dollar (SGD) | 2.76 \u2013 3.37 | 2.79 \u2013 3.40 | 2.89 \u2013 3.50 | 2.93 \u2013 3.54 | 2.84 \u2013 3.45 |
United States dollar (USD) | 4.20 \u2013 4.84 | 4.44 \u2013 5.08 | 4.66 \u2013 5.30 | 4.89 \u2013 5.53 | 5.02 \u2013 5.66 |
| 31 Dec 2023 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 2.07 \u2013 2.33 | 2.41 \u2013 2.67 | 2.59 \u2013 2.85 | 2.70 \u2013 2.96 | 2.76 \u2013 3.02 |
Hong Kong dollar (HKD) | 4.76 \u2013 5.23 | 3.75 \u2013 4.22 | 3.76 \u2013 4.23 | 3.89 \u2013 4.36 | 3.95 \u2013 4.42 |
Indonesian rupiah (IDR) | 6.47 \u2013 6.96 | 6.63 \u2013 7.12 | 6.73 \u2013 7.22 | 6.94 \u2013 7.43 | 7.03 \u2013 7.52 |
Malaysian ringgit (MYR) | 3.31 \u2013 3.56 | 3.67 \u2013 3.92 | 3.78 \u2013 4.03 | 4.09 \u2013 4.34 | 4.33 \u2013 4.58 |
Singapore dollar (SGD) | 3.62 \u2013 4.37 | 2.67 \u2013 3.42 | 2.71 \u2013 3.46 | 2.77 \u2013 3.52 | 2.74 \u2013 3.49 |
United States dollar (USD) | 4.81 \u2013 5.64 | 3.86 \u2013 4.69 | 3.90 \u2013 4.73 | 4.01 \u2013 4.84 | 4.36 \u2013 5.19 |
Determination of risk adjustment for non-financial risk | |
Risk adjustment for non- | The risk adjustment for non-financial risk reflects the compensation the Group requires for bearing the |
financial risk | uncertainty about the amount and timing of the cash flows from non-financial risk as the Group fulfils insurance |
contracts. | |
For reinsurance contracts held, the risk adjustment for non - financial risk represents the amount of risk being | |
transferred by the Group to the reinsurer. | |
The risk adjustment for non-financial risk is determined by the Group using a confidence level approach. This is | |
implemented through the use of provisions for adverse deviations (PADs) calibrated using non-financial risk | |
distributions and correlation assumptions. The PADs are applied to best estimate assumptions and hence the risk | |
adjustment is calculated on a contract by contract basis. | |
The Group\u2019s risk adjustment allows for all insurance, persistency and expense risks and operational risks specific | |
to uncertainty in the amount and timing of insurance contract cash flows. Reinsurance counterparty default risk | |
is excluded from the calculation. Diversification is included on a net of reinsurance basis within each insurance | |
entity of the Group. Diversification is not allowed for between entities. | |
By applying a confidence level technique, the Group estimates the probability distribution of the expected | |
present value of the future cash flows from insurance contracts at each reporting date and calculates the risk | |
adjustment for non-financial risk as the excess of the value at risk at the 75th percentile (the target confidence | |
level) over the expected present value of the future cash flows. The confidence level is calibrated over a one-year | |
period. | |
Determination of coverage units | |
Coverage units | The proportion of CSM recognised in profit or loss at the end of each period for a group of contracts is |
determined as the ratio of: | |
\u2013 the coverage units in the period; divided by | |
\u2013 the sum of the coverage units in the period and the present value of expected coverage units in future periods. | |
The total number of coverage units in a group reflects the quantity of service provided determined by | |
considering the quantity of benefits for each contract and its expected coverage period. The Group defines the | |
quantity of benefits for insurance services as the maximum amount that a policyholder receives when an insured | |
event takes place, for example the sum assured, the annual limit for a medical plan or the present value of a | |
stream of payments. The quantity of benefits is updated each period. Investment related and investment-return | |
services are assumed to be constant over time. | |
Where there are multiple different services in a group of contracts (for example, both insurance and investment | |
services are provided), the quantities of benefits for the different types of service are combined using weighting | |
factors. These weighting factors are defined as the present value of expected outflows for each type of service, | |
determined at a contract level. | |
The expected coverage period is the expected duration up to the contract boundary. The expected coverage | |
period of the contracts in a group and the calculation of future coverage units allows for expected decrements | |
(eg deaths and lapses) in each future period using current best estimate assumptions consistent with the best | |
estimate liabilities (BEL) calculation. | |
The Group elects to allow for the time value of money by discounting future coverage units in the determination | |
of the proportion of CSM recognised in profit or loss. | |
Determination of coverage units for groups of reinsurance contracts held follows the same principles as for | |
groups of underlying contracts. | |
Insurance finance income and expenses | |
Disaggregation between | IFRS 17 allows an accounting policy choice between: |
profit or loss and other | |
comprehensive income | \u2013 Including insurance finance income or expenses for the period in profit or loss; or |
\u2013 Disaggregating insurance finance income or expenses for the period to include in profit or loss an amount | |
| determined by a systematic allocation of the expected total insurance finance income or expenses over the | |
| duration of the group of contracts, with the balance being included in other comprehensive income. | |
The Group has not elected to disaggregate insurance finance income and expenses between profit or loss and | |
other comprehensive income. |
Risk mitigation | |
Risk mitigation option | IFRS 17 allows the option in certain circumstances to not recognise a change in the CSM to reflect some or all of |
the changes in the effect of the time value of money and financial risk on: | |
\u2013 the amount of the entity\u2019s share of the underlying items if the entity mitigates the effect of financial risk on | |
that amount using derivatives or reinsurance contracts held; and | |
\u2013 the fulfilment cash flows if the entity mitigates the effect of financial risk on those fulfilment cash flows using | |
derivatives, non-derivative financial instruments measured at fair value through profit or loss, or reinsurance | |
contracts held. | |
The Group does not utilise the risk mitigation option in its IFRS 17 VFA liability accounting except in connection | |
with a short-term premium prepayment option available on certain participating products in Hong Kong, | |
effective from 1 January 2024, which has had a minor effect on the 2024 income statement. |
The effect of accounting estimates made in interim financial statements | |
Effect of estimates | IFRS 17 allows an accounting policy choice as to whether to change the treatment of accounting estimates |
made in interim | made in previous interim financial statements when applying IFRS 17 in the annual reporting period. |
financial statements | |
The Group has elected to allow updates to accounting estimates made in interim financial statements when | |
applying IFRS 17 in the annual reporting period. |
Presentation of results before tax attributable to shareholders | |
Profit before tax is a significant IFRS | Total tax charge for the Group reflects tax that relates to shareholders\u2019 profit and also tax |
income statement item. The Group has | attributable to policyholders through the interest in with-profits or unit-linked funds. Reported IFRS |
chosen to present a measure of profit | profit before the tax measure is therefore not representative of pre-tax profit attributable to |
before tax attributable to shareholders | shareholders. Accordingly, in order to provide a measure of pre-tax profit attributable to |
that distinguishes between tax borne by | shareholders, the Group has chosen to adopt an income statement presentation of the tax charge |
shareholders and tax attributable to | and pre-tax results that distinguishes between policyholders\u2019 and shareholders\u2019 returns. |
policyholders to support understanding | |
of the performance of the Group. | |
Profit before tax attributable to | |
shareholders is $2,953 million and | |
compares to profit before tax of $3,239 | |
million as shown in the Consolidated | |
income statement. |
Segmental analysis of results and earnings attributable to shareholders | |
The Group uses adjusted operating | The basis of calculation of adjusted operating profit is provided in note B1.2. |
profit as the segmental measure of its | |
results. | The vast majority of the Group\u2019s investments are valued at fair value through profit and loss. Short- |
term fluctuations in the fair value of investments are only partially offset by the effect of economic | |
Total segmental adjusted operating | changes on insurance contract assets and liabilities and so affect the result for the year. The Group |
profit is $3,723 million as shown in note | therefore provides additional analysis of results before and after the effects of short-term interest |
B1.1. | rate and other market fluctuations, together with other items that are of a short-term, volatile or |
one-off nature. |
Definition of substantial | The term substantial is interpreted to mean greater than 50 per cent. |
Contractual terms | In some circumstances contractual terms are implied by customary |
business practices. | |
Granularity of assessment | The assessment has been carried out at a contract level. However, to |
the extent insurance contracts in a group affect the cash flows to | |
policyholders of contracts in other groups (referred to as | |
'mutualisation'), eligibility for the VFA has been assessed at the level | |
at which such mutualisation occurs (eg fund level). | |
Calculation basis | VFA eligibility assessments have been performed on a basis consistent |
with how the Group measures its realistic expectations, for example | |
when pricing, monitoring or setting returns to policyholders. |
The Group applies judgement to assess | Distribution rights relate to bancassurance partnership arrangements for the distribution of |
whether factors such as the financial | products for the term of the contractual agreement with the bank partner, for which an asset is |
performance of the distribution | recognised based on fees paid and fees payable not subject to performance conditions. |
arrangements, or changes in relevant | Distribution rights impairment testing is conducted when there is an indication of an impairment. |
legislation and regulatory requirements | |
indicate an impairment of intangible | To assess indicators of an impairment, the Group monitors a number of internal and external |
assets representing distribution rights. | factors, including indications that the financial performance of the arrangement is likely to be |
worse than expected and changes in relevant legislation and regulatory requirements that could | |
To determine the recoverable amount, | impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and |
the Group estimates the discounted | then applies judgement to assess whether these factors indicate that an impairment has occurred. |
future expected cash flows arising from | |
the cash generating units (CGUs) | If an impairment has occurred, a charge is recognised in the income statement for the difference |
containing the distribution rights. | between the carrying value and recoverable amount of the asset. The recoverable amount is the |
greater of fair value less costs to sell and value in use. Value in use is calculated as the present value | |
Impacts $3,559 million of assets as | of future expected cash flows from the asset or the CGUs to which it is allocated. |
shown in note C4.2. |
Financial investments \u2013 Valuation | |
Financial investments held at fair value, | The Group holds the majority of its financial investments at fair value through profit or loss. |
net of derivative liabilities, excluding | Financial investments held at amortised cost primarily comprise loans and deposits and certain |
those held by joint ventures and | debt securities held by Eastspring. |
associates is $153.9 billion as shown in | Determination of fair value |
note C2.2. | |
The fair values of the financial instruments for which fair valuation is required under IFRS Standards | |
Financial investments held at amortised | are determined by the use of quoted market prices for exchange-quoted investments or by using |
cost represent $5.6 billion of the | quotations from independent third parties such as brokers and pricing services or by using |
Group\u2019s total assets. | appropriate valuation techniques. Further details are included in note C2.1. |
The estimated fair value of derivative financial instruments reflects the estimated amount the | |
The Group estimates the fair value of | Group would receive or pay in an arm\u2019s-length transaction. This amount is determined using quoted |
financial investments that are not | prices if exchange listed, quotations from independent third parties or valued internally using |
actively traded using quotations from | standard market practices. |
independent third parties or internally | |
developed pricing models. | |
Quoted market prices are used to value investments having quoted prices. Actively traded | |
investments without quoted prices are valued using prices provided by third parties such as brokers | |
or pricing services. Financial investments measured at fair value are classified into a three-level | |
hierarchy as described in note C2.1. | |
If the market for a financial investment of the Group is not active, the Group establishes fair value | |
by using quotations from independent third parties, such as brokers or pricing services, or by using | |
internally developed pricing models. Priority is given to publicly available prices from independent | |
sources when available, but overall the source of pricing and/or the valuation technique is chosen | |
with the objective of arriving at a fair value measurement, which reflects the price at which an | |
orderly transaction would take place between market participants on the measurement date. | |
Changes in assumptions relating to these variables could positively or negatively impact the | |
reported fair value of these financial investments. Details of the financial investments classified as | |
\u2018level 3\u2019 to which valuation techniques are applied and the sensitivity of profit before tax to a | |
change in the valuation of these items, are presented in note C2.2. |
Estimates of future cash | The Group\u2019s process for estimating future cash flows incorporates, in an unbiased way, all reasonable and |
flows | supportable information that is available without undue cost or effort at the reporting date. This information |
includes both internal and external historical data about claims and other experience, updated to reflect current | |
expectations of future events. As this is a prediction of the future, significant judgement is applied in determining | |
the assumptions that underpin the estimation of future cash flows. These assumptions include, but are not | |
limited to, operating assumptions such as morbidity, mortality, persistency and expenses, and economic | |
assumptions such as risk-free rates and illiquidity premium. Granular assumptions are set at a business unit level. | |
The demographic assumptions are consistent with those used in other metrics such as EEV reporting. The Risk | |
Review included in this Annual Report discusses the insurance and market risks the Group faces and how these | |
risks are mitigated. | |
When estimating future cash flows, the Group takes into account current expectations of future events (other | |
than those from future legislation or regulatory changes that have not been substantively enacted) that might | |
affect those cash flows. | |
Cash flows within the boundary of a contract (the Group\u2019s accounting policy on contract boundary is given | |
below) relate directly to the fulfilment of the contract, including those for which the Group has discretion over the | |
amount or timing. These include future premium receipts, payments to (or on behalf of) policyholders, insurance | |
acquisition cash flows and other costs that are incurred in fulfilling contracts. | |
In relation to reinsurance contracts held, the probability weighted estimates of the present value of future cash | |
flows include the potential credit losses and losses from other disputes to reflect the non-performance risk of the | |
reinsurers. | |
The sensitivity of shareholder equity and CSM to insurance risks is set out in note C6.2. | |
Expense assumptions | Insurance acquisition cash flows (as discussed below) and other costs that are incurred in fulfilling contracts |
used in future cash flow | comprise both direct costs and an allocation of fixed and variable overheads incurred by the insurance entities. |
estimation | |
The Group projects estimates of future expenses relating to the fulfilment of contracts within the scope of | |
IFRS 17 using current expense levels adjusted for inflation. Costs that are incurred in fulfilling the contracts | |
include, but are not limited to, claims handling costs, policy administration expenses, investment management | |
expenses, income tax and other costs specifically chargeable to the policyholders under the terms of the | |
contracts. Expenses included in estimated future cash flows comprise expenses directly attributable to the groups | |
of contracts, including an allocation of fixed and variable overheads incurred by the insurance entities. | |
Investment management expenses in relation to the management of the assets backing policyholder liabilities | |
are included in the fulfilment cash flows for business using the variable fee approach (VFA) model, other | |
participating business using the general model and general model non-participating business where the Group | |
performs investment management activities to enhance benefits from insurance coverage for policyholders. The | |
future expenses of internal asset management and other services excludes the projected future profits or losses | |
generated by any non-insurance entities within the Group in providing those services (ie the IFRS results for the | |
life insurance operations in the consolidated financial statements assume that the cost of internal asset | |
management and other services will be that incurred by the Group as a whole, not the cost that will be borne by | |
the insurance business). | |
Most of the costs incurred by the insurance entities within the Group are considered to be incurred for the | |
purpose of selling and fulfilling insurance contracts and are hence treated as attributable expenses. Cash flows | |
that are not directly attributable to a portfolio of insurance contracts, such as some product development and | |
training costs, are recognised in other operating expenses as incurred. | |
Policyholder benefits | The assumptions used to project the cash flows also reflect the actions that management would take over the |
duration of the projection, the time it would take to implement these actions and any expenses incurred in taking | |
those actions. Management actions encompass, but are not confined to, investment allocation decisions, levels | |
of regular and final bonuses and crediting rates. | |
For participating contracts, estimated future claim payments include bonuses paid to policyholders determined | |
by reference to the relevant profit-sharing arrangement. For example, for the Group\u2019s with-profits business in | |
Hong Kong, Singapore and Malaysia, asset shares are used to determine payments to policyholders. | |
Where cash flows from one group of contracts affect, or are affected by, cash flows in other groups of contracts | |
(eg for with-profits business), the fulfilment cash flows for a group include payments arising from the terms of | |
existing contracts to policyholders in other groups and exclude payments to policyholders in the group that have | |
been included in the fulfilment cash flows of another group. |
Insurance acquisition | Insurance acquisition cash flows arise from the activities of selling, underwriting and starting a group of |
cash flows | insurance contracts that are directly attributable to the portfolio of contracts to which the group belongs. |
Insurance acquisition cash flows that are directly attributable to a group of contracts (eg non-refundable | |
commissions paid on issuance of a contract) are allocated to that group and to the groups that will include | |
renewals of those contracts. Bancassurance payments (eg upfront payments to sell insurance contracts to | |
distribution partners) are capitalised under IAS 38 as intangible assets and amortised on a basis to reflect the | |
pattern in which the future economic benefits are expected to be consumed by reference to new business | |
production levels. The amortisation of the bancassurance intangibles is considered to constitute insurance | |
acquisition cash flows. They generally form part of fulfilment cash flows and are amortised implicitly in line with | |
the coverage unit pattern. |
Determining the point of | The point of initial recognition of a group of contracts is the earliest of the premium due date, the date coverage |
recognition and the | starts and, for an onerous contract, the date the contract is signed and accepted by both parties. There is limited |
boundary of an | judgement involved in relation to most contracts issued by the Group as the coverage period generally starts |
insurance contract | from the premium due date. |
The contract boundary defines which future cash flows are included in the measurement of a contract. The | |
boundary of the fulfilment cash flows under IFRS 17 is considered to be the point at which the Group both no | |
longer has substantive rights and obligations under the insurance contract to provide services or compel the | |
policyholder to pay premiums. | |
The contract boundary is assessed at inception and then reassessed only when there are changes in features or | |
circumstances that alter the commercial substance of the contract or when there are changes in the products | |
within a portfolio. The reassessment of the contract boundary for any changes is performed at the end of each | |
reporting period. | |
For most contracts issued by the Group, there is little judgement involved in determining the contract boundary | |
as either a single premium is received for a contract that is expected to continue for a long period or a | |
guaranteed premium is received for regular premium contracts. | |
For certain contracts where the premiums are not guaranteed, more judgement is involved in assessing the | |
Group\u2019s substantive rights and obligations. When determining the boundary for these contracts various factors | |
are taken into consideration by the Group such as the Group\u2019s practical ability to terminate or refuse renewal of | |
a contract, the Group\u2019s ability to fully reprice at the individual contract level and whether the Group has the | |
ability to reassess risks at a portfolio level and set a price that fully reflects the risks of that portfolio. | |
The Group has some immaterial business that is general insurance in nature and which is considered to have a | |
boundary of one year. | |
Where riders attach to and are not separated from a base contract, the contract boundary is determined based | |
on the component of the contract that has the longest contract boundary. | |
Future cash flows relating to riders that are not purchased at the inception of the base contract, but are added at | |
a later date, are not included within the contract boundary at initial recognition. As the addition of these riders is | |
the exercise of an option under the contract, it is not considered a contract modification but is instead treated as | |
changes in fulfilment cash flows. | |
Similar considerations to those applying to underlying insurance contracts apply in determining the contract | |
boundary of groups of reinsurance contracts held. Further detail on reinsurance contracts, including on | |
recognition is set out in note C3.4. |
Discount rate and risk- | IFRS 17 enables discount rates to be calculated on a top-down or bottom-up basis. The Group elects to |
free rate | determine discount rates on a bottom-up basis, starting with a liquid risk-free yield curve and adding an illiquidity |
premium to reflect the characteristics of the insurance contracts. | |
Risk-free rates are based on government bond yields for all currencies except HKD where risk-free rates are based | |
on swap rates due to the higher liquidity of the HKD swap market. Government bond yields and swap rates are | |
obtained from publicly available data sources. Yield curves are constructed by using a market-observed curve up | |
to a last liquid point and then extrapolating to an ultimate forward rate. | |
Where cash flows vary based on the return on underlying items, the projected earned rate is set equal to the | |
discount rate. Where stochastic modelling techniques are used, the projected average investment returns are | |
calibrated to be equal to the deterministic discount rate (including the illiquidity premium). | |
The illiquidity premium is calculated as the yield-to-maturity on a reference portfolio of assets with similar | |
liquidity characteristics to the insurance contracts (in particular, corporate bonds) less the risk-free curve, and an | |
allowance for credit risk. | |
The allowance for credit risk includes a credit risk premium, which is derived through a lifetime projection of | |
expected bond cash flows, allowing for the cost of downgrades and defaults, a rebalancing rate of projected | |
downgrades and a recovery rate in the event of default. The allowance for credit risk varies by currency ranging | |
between 10 bps and 34 bps at 31 December 2024 (31 December 2023: between 20 bps and 56 bps). | |
A proportion of the reference portfolio\u2019s illiquidity premium (either 0%, 50% or 100%) is applied to portfolios of | |
insurance contracts reflecting the liquidity characteristics of the insurance contracts. The liquidity characteristics | |
are assessed from the policyholders\u2019 perspective. Consideration is given to the nature of premiums, the level of | |
underwriting, and the surrender and other benefit features of the portfolios. A product\u2019s illiquidity premium is | |
restricted to be no greater than reasonably expected to be earned on the assets backing the insurance contract | |
liabilities, over the duration of the insurance contracts. | |
The following tables set out the range of yield curves used to discount cash flows of insurance contracts for major | |
currencies. The range reflects the proportion of illiquidity premium applied by business unit and portfolio. |
| 31 Dec 2024 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 1.08 \u2013 1.51 | 1.42 \u2013 1.85 | 1.70 \u2013 2.13 | 1.92 \u2013 2.35 | 2.03 \u2013 2.46 |
Hong Kong dollar (HKD) | 4.32 \u2013 4.75 | 4.04 \u2013 4.47 | 4.09 \u2013 4.52 | 4.15 \u2013 4.58 | 4.19 \u2013 4.62 |
Indonesian rupiah (IDR) | 7.13 \u2013 7.51 | 7.13 \u2013 7.51 | 7.18 \u2013 7.56 | 7.27 \u2013 7.65 | 7.33 \u2013 7.71 |
Malaysian ringgit (MYR) | 3.43 \u2013 3.68 | 3.65 \u2013 3.90 | 3.87\u2013 4.12 | 4.06 \u2013 4.31 | 4.21 \u2013 4.46 |
Singapore dollar (SGD) | 2.76 \u2013 3.37 | 2.79 \u2013 3.40 | 2.89 \u2013 3.50 | 2.93 \u2013 3.54 | 2.84 \u2013 3.45 |
United States dollar (USD) | 4.20 \u2013 4.84 | 4.44 \u2013 5.08 | 4.66 \u2013 5.30 | 4.89 \u2013 5.53 | 5.02 \u2013 5.66 |
| 31 Dec 2023 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 2.07 \u2013 2.33 | 2.41 \u2013 2.67 | 2.59 \u2013 2.85 | 2.70 \u2013 2.96 | 2.76 \u2013 3.02 |
Hong Kong dollar (HKD) | 4.76 \u2013 5.23 | 3.75 \u2013 4.22 | 3.76 \u2013 4.23 | 3.89 \u2013 4.36 | 3.95 \u2013 4.42 |
Indonesian rupiah (IDR) | 6.47 \u2013 6.96 | 6.63 \u2013 7.12 | 6.73 \u2013 7.22 | 6.94 \u2013 7.43 | 7.03 \u2013 7.52 |
Malaysian ringgit (MYR) | 3.31 \u2013 3.56 | 3.67 \u2013 3.92 | 3.78 \u2013 4.03 | 4.09 \u2013 4.34 | 4.33 \u2013 4.58 |
Singapore dollar (SGD) | 3.62 \u2013 4.37 | 2.67 \u2013 3.42 | 2.71 \u2013 3.46 | 2.77 \u2013 3.52 | 2.74 \u2013 3.49 |
United States dollar (USD) | 4.81 \u2013 5.64 | 3.86 \u2013 4.69 | 3.90 \u2013 4.73 | 4.01 \u2013 4.84 | 4.36 \u2013 5.19 |
Determination of risk adjustment for non-financial risk | |
Risk adjustment for non- | The risk adjustment for non-financial risk reflects the compensation the Group requires for bearing the |
financial risk | uncertainty about the amount and timing of the cash flows from non-financial risk as the Group fulfils insurance |
contracts. | |
For reinsurance contracts held, the risk adjustment for non - financial risk represents the amount of risk being | |
transferred by the Group to the reinsurer. | |
The risk adjustment for non-financial risk is determined by the Group using a confidence level approach. This is | |
implemented through the use of provisions for adverse deviations (PADs) calibrated using non-financial risk | |
distributions and correlation assumptions. The PADs are applied to best estimate assumptions and hence the risk | |
adjustment is calculated on a contract by contract basis. | |
The Group\u2019s risk adjustment allows for all insurance, persistency and expense risks and operational risks specific | |
to uncertainty in the amount and timing of insurance contract cash flows. Reinsurance counterparty default risk | |
is excluded from the calculation. Diversification is included on a net of reinsurance basis within each insurance | |
entity of the Group. Diversification is not allowed for between entities. | |
By applying a confidence level technique, the Group estimates the probability distribution of the expected | |
present value of the future cash flows from insurance contracts at each reporting date and calculates the risk | |
adjustment for non-financial risk as the excess of the value at risk at the 75th percentile (the target confidence | |
level) over the expected present value of the future cash flows. The confidence level is calibrated over a one-year | |
period. | |
Determination of coverage units | |
Coverage units | The proportion of CSM recognised in profit or loss at the end of each period for a group of contracts is |
determined as the ratio of: | |
\u2013 the coverage units in the period; divided by | |
\u2013 the sum of the coverage units in the period and the present value of expected coverage units in future periods. | |
The total number of coverage units in a group reflects the quantity of service provided determined by | |
considering the quantity of benefits for each contract and its expected coverage period. The Group defines the | |
quantity of benefits for insurance services as the maximum amount that a policyholder receives when an insured | |
event takes place, for example the sum assured, the annual limit for a medical plan or the present value of a | |
stream of payments. The quantity of benefits is updated each period. Investment related and investment-return | |
services are assumed to be constant over time. | |
Where there are multiple different services in a group of contracts (for example, both insurance and investment | |
services are provided), the quantities of benefits for the different types of service are combined using weighting | |
factors. These weighting factors are defined as the present value of expected outflows for each type of service, | |
determined at a contract level. | |
The expected coverage period is the expected duration up to the contract boundary. The expected coverage | |
period of the contracts in a group and the calculation of future coverage units allows for expected decrements | |
(eg deaths and lapses) in each future period using current best estimate assumptions consistent with the best | |
estimate liabilities (BEL) calculation. | |
The Group elects to allow for the time value of money by discounting future coverage units in the determination | |
of the proportion of CSM recognised in profit or loss. | |
Determination of coverage units for groups of reinsurance contracts held follows the same principles as for | |
groups of underlying contracts. | |
Insurance finance income and expenses | |
Disaggregation between | IFRS 17 allows an accounting policy choice between: |
profit or loss and other | |
comprehensive income | \u2013 Including insurance finance income or expenses for the period in profit or loss; or |
\u2013 Disaggregating insurance finance income or expenses for the period to include in profit or loss an amount | |
| determined by a systematic allocation of the expected total insurance finance income or expenses over the | |
| duration of the group of contracts, with the balance being included in other comprehensive income. | |
The Group has not elected to disaggregate insurance finance income and expenses between profit or loss and | |
other comprehensive income. |
Risk mitigation | |
Risk mitigation option | IFRS 17 allows the option in certain circumstances to not recognise a change in the CSM to reflect some or all of |
the changes in the effect of the time value of money and financial risk on: | |
\u2013 the amount of the entity\u2019s share of the underlying items if the entity mitigates the effect of financial risk on | |
that amount using derivatives or reinsurance contracts held; and | |
\u2013 the fulfilment cash flows if the entity mitigates the effect of financial risk on those fulfilment cash flows using | |
derivatives, non-derivative financial instruments measured at fair value through profit or loss, or reinsurance | |
contracts held. | |
The Group does not utilise the risk mitigation option in its IFRS 17 VFA liability accounting except in connection | |
with a short-term premium prepayment option available on certain participating products in Hong Kong, | |
effective from 1 January 2024, which has had a minor effect on the 2024 income statement. |
The effect of accounting estimates made in interim financial statements | |
Effect of estimates | IFRS 17 allows an accounting policy choice as to whether to change the treatment of accounting estimates |
made in interim | made in previous interim financial statements when applying IFRS 17 in the annual reporting period. |
financial statements | |
The Group has elected to allow updates to accounting estimates made in interim financial statements when | |
applying IFRS 17 in the annual reporting period. |
Estimates of future cash | The Group\u2019s process for estimating future cash flows incorporates, in an unbiased way, all reasonable and |
flows | supportable information that is available without undue cost or effort at the reporting date. This information |
includes both internal and external historical data about claims and other experience, updated to reflect current | |
expectations of future events. As this is a prediction of the future, significant judgement is applied in determining | |
the assumptions that underpin the estimation of future cash flows. These assumptions include, but are not | |
limited to, operating assumptions such as morbidity, mortality, persistency and expenses, and economic | |
assumptions such as risk-free rates and illiquidity premium. Granular assumptions are set at a business unit level. | |
The demographic assumptions are consistent with those used in other metrics such as EEV reporting. The Risk | |
Review included in this Annual Report discusses the insurance and market risks the Group faces and how these | |
risks are mitigated. | |
When estimating future cash flows, the Group takes into account current expectations of future events (other | |
than those from future legislation or regulatory changes that have not been substantively enacted) that might | |
affect those cash flows. | |
Cash flows within the boundary of a contract (the Group\u2019s accounting policy on contract boundary is given | |
below) relate directly to the fulfilment of the contract, including those for which the Group has discretion over the | |
amount or timing. These include future premium receipts, payments to (or on behalf of) policyholders, insurance | |
acquisition cash flows and other costs that are incurred in fulfilling contracts. | |
In relation to reinsurance contracts held, the probability weighted estimates of the present value of future cash | |
flows include the potential credit losses and losses from other disputes to reflect the non-performance risk of the | |
reinsurers. | |
The sensitivity of shareholder equity and CSM to insurance risks is set out in note C6.2. | |
Expense assumptions | Insurance acquisition cash flows (as discussed below) and other costs that are incurred in fulfilling contracts |
used in future cash flow | comprise both direct costs and an allocation of fixed and variable overheads incurred by the insurance entities. |
estimation | |
The Group projects estimates of future expenses relating to the fulfilment of contracts within the scope of | |
IFRS 17 using current expense levels adjusted for inflation. Costs that are incurred in fulfilling the contracts | |
include, but are not limited to, claims handling costs, policy administration expenses, investment management | |
expenses, income tax and other costs specifically chargeable to the policyholders under the terms of the | |
contracts. Expenses included in estimated future cash flows comprise expenses directly attributable to the groups | |
of contracts, including an allocation of fixed and variable overheads incurred by the insurance entities. | |
Investment management expenses in relation to the management of the assets backing policyholder liabilities | |
are included in the fulfilment cash flows for business using the variable fee approach (VFA) model, other | |
participating business using the general model and general model non-participating business where the Group | |
performs investment management activities to enhance benefits from insurance coverage for policyholders. The | |
future expenses of internal asset management and other services excludes the projected future profits or losses | |
generated by any non-insurance entities within the Group in providing those services (ie the IFRS results for the | |
life insurance operations in the consolidated financial statements assume that the cost of internal asset | |
management and other services will be that incurred by the Group as a whole, not the cost that will be borne by | |
the insurance business). | |
Most of the costs incurred by the insurance entities within the Group are considered to be incurred for the | |
purpose of selling and fulfilling insurance contracts and are hence treated as attributable expenses. Cash flows | |
that are not directly attributable to a portfolio of insurance contracts, such as some product development and | |
training costs, are recognised in other operating expenses as incurred. | |
Policyholder benefits | The assumptions used to project the cash flows also reflect the actions that management would take over the |
duration of the projection, the time it would take to implement these actions and any expenses incurred in taking | |
those actions. Management actions encompass, but are not confined to, investment allocation decisions, levels | |
of regular and final bonuses and crediting rates. | |
For participating contracts, estimated future claim payments include bonuses paid to policyholders determined | |
by reference to the relevant profit-sharing arrangement. For example, for the Group\u2019s with-profits business in | |
Hong Kong, Singapore and Malaysia, asset shares are used to determine payments to policyholders. | |
Where cash flows from one group of contracts affect, or are affected by, cash flows in other groups of contracts | |
(eg for with-profits business), the fulfilment cash flows for a group include payments arising from the terms of | |
existing contracts to policyholders in other groups and exclude payments to policyholders in the group that have | |
been included in the fulfilment cash flows of another group. |
Insurance acquisition | Insurance acquisition cash flows arise from the activities of selling, underwriting and starting a group of |
cash flows | insurance contracts that are directly attributable to the portfolio of contracts to which the group belongs. |
Insurance acquisition cash flows that are directly attributable to a group of contracts (eg non-refundable | |
commissions paid on issuance of a contract) are allocated to that group and to the groups that will include | |
renewals of those contracts. Bancassurance payments (eg upfront payments to sell insurance contracts to | |
distribution partners) are capitalised under IAS 38 as intangible assets and amortised on a basis to reflect the | |
pattern in which the future economic benefits are expected to be consumed by reference to new business | |
production levels. The amortisation of the bancassurance intangibles is considered to constitute insurance | |
acquisition cash flows. They generally form part of fulfilment cash flows and are amortised implicitly in line with | |
the coverage unit pattern. |
Determining the point of | The point of initial recognition of a group of contracts is the earliest of the premium due date, the date coverage |
recognition and the | starts and, for an onerous contract, the date the contract is signed and accepted by both parties. There is limited |
boundary of an | judgement involved in relation to most contracts issued by the Group as the coverage period generally starts |
insurance contract | from the premium due date. |
The contract boundary defines which future cash flows are included in the measurement of a contract. The | |
boundary of the fulfilment cash flows under IFRS 17 is considered to be the point at which the Group both no | |
longer has substantive rights and obligations under the insurance contract to provide services or compel the | |
policyholder to pay premiums. | |
The contract boundary is assessed at inception and then reassessed only when there are changes in features or | |
circumstances that alter the commercial substance of the contract or when there are changes in the products | |
within a portfolio. The reassessment of the contract boundary for any changes is performed at the end of each | |
reporting period. | |
For most contracts issued by the Group, there is little judgement involved in determining the contract boundary | |
as either a single premium is received for a contract that is expected to continue for a long period or a | |
guaranteed premium is received for regular premium contracts. | |
For certain contracts where the premiums are not guaranteed, more judgement is involved in assessing the | |
Group\u2019s substantive rights and obligations. When determining the boundary for these contracts various factors | |
are taken into consideration by the Group such as the Group\u2019s practical ability to terminate or refuse renewal of | |
a contract, the Group\u2019s ability to fully reprice at the individual contract level and whether the Group has the | |
ability to reassess risks at a portfolio level and set a price that fully reflects the risks of that portfolio. | |
The Group has some immaterial business that is general insurance in nature and which is considered to have a | |
boundary of one year. | |
Where riders attach to and are not separated from a base contract, the contract boundary is determined based | |
on the component of the contract that has the longest contract boundary. | |
Future cash flows relating to riders that are not purchased at the inception of the base contract, but are added at | |
a later date, are not included within the contract boundary at initial recognition. As the addition of these riders is | |
the exercise of an option under the contract, it is not considered a contract modification but is instead treated as | |
changes in fulfilment cash flows. | |
Similar considerations to those applying to underlying insurance contracts apply in determining the contract | |
boundary of groups of reinsurance contracts held. Further detail on reinsurance contracts, including on | |
recognition is set out in note C3.4. |
Discount rate and risk- | IFRS 17 enables discount rates to be calculated on a top-down or bottom-up basis. The Group elects to |
free rate | determine discount rates on a bottom-up basis, starting with a liquid risk-free yield curve and adding an illiquidity |
premium to reflect the characteristics of the insurance contracts. | |
Risk-free rates are based on government bond yields for all currencies except HKD where risk-free rates are based | |
on swap rates due to the higher liquidity of the HKD swap market. Government bond yields and swap rates are | |
obtained from publicly available data sources. Yield curves are constructed by using a market-observed curve up | |
to a last liquid point and then extrapolating to an ultimate forward rate. | |
Where cash flows vary based on the return on underlying items, the projected earned rate is set equal to the | |
discount rate. Where stochastic modelling techniques are used, the projected average investment returns are | |
calibrated to be equal to the deterministic discount rate (including the illiquidity premium). | |
The illiquidity premium is calculated as the yield-to-maturity on a reference portfolio of assets with similar | |
liquidity characteristics to the insurance contracts (in particular, corporate bonds) less the risk-free curve, and an | |
allowance for credit risk. | |
The allowance for credit risk includes a credit risk premium, which is derived through a lifetime projection of | |
expected bond cash flows, allowing for the cost of downgrades and defaults, a rebalancing rate of projected | |
downgrades and a recovery rate in the event of default. The allowance for credit risk varies by currency ranging | |
between 10 bps and 34 bps at 31 December 2024 (31 December 2023: between 20 bps and 56 bps). | |
A proportion of the reference portfolio\u2019s illiquidity premium (either 0%, 50% or 100%) is applied to portfolios of | |
insurance contracts reflecting the liquidity characteristics of the insurance contracts. The liquidity characteristics | |
are assessed from the policyholders\u2019 perspective. Consideration is given to the nature of premiums, the level of | |
underwriting, and the surrender and other benefit features of the portfolios. A product\u2019s illiquidity premium is | |
restricted to be no greater than reasonably expected to be earned on the assets backing the insurance contract | |
liabilities, over the duration of the insurance contracts. | |
The following tables set out the range of yield curves used to discount cash flows of insurance contracts for major | |
currencies. The range reflects the proportion of illiquidity premium applied by business unit and portfolio. |
| 31 Dec 2024 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 1.08 \u2013 1.51 | 1.42 \u2013 1.85 | 1.70 \u2013 2.13 | 1.92 \u2013 2.35 | 2.03 \u2013 2.46 |
Hong Kong dollar (HKD) | 4.32 \u2013 4.75 | 4.04 \u2013 4.47 | 4.09 \u2013 4.52 | 4.15 \u2013 4.58 | 4.19 \u2013 4.62 |
Indonesian rupiah (IDR) | 7.13 \u2013 7.51 | 7.13 \u2013 7.51 | 7.18 \u2013 7.56 | 7.27 \u2013 7.65 | 7.33 \u2013 7.71 |
Malaysian ringgit (MYR) | 3.43 \u2013 3.68 | 3.65 \u2013 3.90 | 3.87\u2013 4.12 | 4.06 \u2013 4.31 | 4.21 \u2013 4.46 |
Singapore dollar (SGD) | 2.76 \u2013 3.37 | 2.79 \u2013 3.40 | 2.89 \u2013 3.50 | 2.93 \u2013 3.54 | 2.84 \u2013 3.45 |
United States dollar (USD) | 4.20 \u2013 4.84 | 4.44 \u2013 5.08 | 4.66 \u2013 5.30 | 4.89 \u2013 5.53 | 5.02 \u2013 5.66 |
| 31 Dec 2023 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 2.07 \u2013 2.33 | 2.41 \u2013 2.67 | 2.59 \u2013 2.85 | 2.70 \u2013 2.96 | 2.76 \u2013 3.02 |
Hong Kong dollar (HKD) | 4.76 \u2013 5.23 | 3.75 \u2013 4.22 | 3.76 \u2013 4.23 | 3.89 \u2013 4.36 | 3.95 \u2013 4.42 |
Indonesian rupiah (IDR) | 6.47 \u2013 6.96 | 6.63 \u2013 7.12 | 6.73 \u2013 7.22 | 6.94 \u2013 7.43 | 7.03 \u2013 7.52 |
Malaysian ringgit (MYR) | 3.31 \u2013 3.56 | 3.67 \u2013 3.92 | 3.78 \u2013 4.03 | 4.09 \u2013 4.34 | 4.33 \u2013 4.58 |
Singapore dollar (SGD) | 3.62 \u2013 4.37 | 2.67 \u2013 3.42 | 2.71 \u2013 3.46 | 2.77 \u2013 3.52 | 2.74 \u2013 3.49 |
United States dollar (USD) | 4.81 \u2013 5.64 | 3.86 \u2013 4.69 | 3.90 \u2013 4.73 | 4.01 \u2013 4.84 | 4.36 \u2013 5.19 |
Determination of risk adjustment for non-financial risk | |
Risk adjustment for non- | The risk adjustment for non-financial risk reflects the compensation the Group requires for bearing the |
financial risk | uncertainty about the amount and timing of the cash flows from non-financial risk as the Group fulfils insurance |
contracts. | |
For reinsurance contracts held, the risk adjustment for non - financial risk represents the amount of risk being | |
transferred by the Group to the reinsurer. | |
The risk adjustment for non-financial risk is determined by the Group using a confidence level approach. This is | |
implemented through the use of provisions for adverse deviations (PADs) calibrated using non-financial risk | |
distributions and correlation assumptions. The PADs are applied to best estimate assumptions and hence the risk | |
adjustment is calculated on a contract by contract basis. | |
The Group\u2019s risk adjustment allows for all insurance, persistency and expense risks and operational risks specific | |
to uncertainty in the amount and timing of insurance contract cash flows. Reinsurance counterparty default risk | |
is excluded from the calculation. Diversification is included on a net of reinsurance basis within each insurance | |
entity of the Group. Diversification is not allowed for between entities. | |
By applying a confidence level technique, the Group estimates the probability distribution of the expected | |
present value of the future cash flows from insurance contracts at each reporting date and calculates the risk | |
adjustment for non-financial risk as the excess of the value at risk at the 75th percentile (the target confidence | |
level) over the expected present value of the future cash flows. The confidence level is calibrated over a one-year | |
period. | |
Determination of coverage units | |
Coverage units | The proportion of CSM recognised in profit or loss at the end of each period for a group of contracts is |
determined as the ratio of: | |
\u2013 the coverage units in the period; divided by | |
\u2013 the sum of the coverage units in the period and the present value of expected coverage units in future periods. | |
The total number of coverage units in a group reflects the quantity of service provided determined by | |
considering the quantity of benefits for each contract and its expected coverage period. The Group defines the | |
quantity of benefits for insurance services as the maximum amount that a policyholder receives when an insured | |
event takes place, for example the sum assured, the annual limit for a medical plan or the present value of a | |
stream of payments. The quantity of benefits is updated each period. Investment related and investment-return | |
services are assumed to be constant over time. | |
Where there are multiple different services in a group of contracts (for example, both insurance and investment | |
services are provided), the quantities of benefits for the different types of service are combined using weighting | |
factors. These weighting factors are defined as the present value of expected outflows for each type of service, | |
determined at a contract level. | |
The expected coverage period is the expected duration up to the contract boundary. The expected coverage | |
period of the contracts in a group and the calculation of future coverage units allows for expected decrements | |
(eg deaths and lapses) in each future period using current best estimate assumptions consistent with the best | |
estimate liabilities (BEL) calculation. | |
The Group elects to allow for the time value of money by discounting future coverage units in the determination | |
of the proportion of CSM recognised in profit or loss. | |
Determination of coverage units for groups of reinsurance contracts held follows the same principles as for | |
groups of underlying contracts. | |
Insurance finance income and expenses | |
Disaggregation between | IFRS 17 allows an accounting policy choice between: |
profit or loss and other | |
comprehensive income | \u2013 Including insurance finance income or expenses for the period in profit or loss; or |
\u2013 Disaggregating insurance finance income or expenses for the period to include in profit or loss an amount | |
| determined by a systematic allocation of the expected total insurance finance income or expenses over the | |
| duration of the group of contracts, with the balance being included in other comprehensive income. | |
The Group has not elected to disaggregate insurance finance income and expenses between profit or loss and | |
other comprehensive income. |
Risk mitigation | |
Risk mitigation option | IFRS 17 allows the option in certain circumstances to not recognise a change in the CSM to reflect some or all of |
the changes in the effect of the time value of money and financial risk on: | |
\u2013 the amount of the entity\u2019s share of the underlying items if the entity mitigates the effect of financial risk on | |
that amount using derivatives or reinsurance contracts held; and | |
\u2013 the fulfilment cash flows if the entity mitigates the effect of financial risk on those fulfilment cash flows using | |
derivatives, non-derivative financial instruments measured at fair value through profit or loss, or reinsurance | |
contracts held. | |
The Group does not utilise the risk mitigation option in its IFRS 17 VFA liability accounting except in connection | |
with a short-term premium prepayment option available on certain participating products in Hong Kong, | |
effective from 1 January 2024, which has had a minor effect on the 2024 income statement. |
The effect of accounting estimates made in interim financial statements | |
Effect of estimates | IFRS 17 allows an accounting policy choice as to whether to change the treatment of accounting estimates |
made in interim | made in previous interim financial statements when applying IFRS 17 in the annual reporting period. |
financial statements | |
The Group has elected to allow updates to accounting estimates made in interim financial statements when | |
applying IFRS 17 in the annual reporting period. |
The Group applies judgement to assess | Distribution rights relate to bancassurance partnership arrangements for the distribution of |
whether factors such as the financial | products for the term of the contractual agreement with the bank partner, for which an asset is |
performance of the distribution | recognised based on fees paid and fees payable not subject to performance conditions. |
arrangements, or changes in relevant | Distribution rights impairment testing is conducted when there is an indication of an impairment. |
legislation and regulatory requirements | |
indicate an impairment of intangible | To assess indicators of an impairment, the Group monitors a number of internal and external |
assets representing distribution rights. | factors, including indications that the financial performance of the arrangement is likely to be |
worse than expected and changes in relevant legislation and regulatory requirements that could | |
To determine the recoverable amount, | impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and |
the Group estimates the discounted | then applies judgement to assess whether these factors indicate that an impairment has occurred. |
future expected cash flows arising from | |
the cash generating units (CGUs) | If an impairment has occurred, a charge is recognised in the income statement for the difference |
containing the distribution rights. | between the carrying value and recoverable amount of the asset. The recoverable amount is the |
greater of fair value less costs to sell and value in use. Value in use is calculated as the present value | |
Impacts $3,559 million of assets as | of future expected cash flows from the asset or the CGUs to which it is allocated. |
shown in note C4.2. |
The Group applies judgement to assess | Distribution rights relate to bancassurance partnership arrangements for the distribution of |
whether factors such as the financial | products for the term of the contractual agreement with the bank partner, for which an asset is |
performance of the distribution | recognised based on fees paid and fees payable not subject to performance conditions. |
arrangements, or changes in relevant | Distribution rights impairment testing is conducted when there is an indication of an impairment. |
legislation and regulatory requirements | |
indicate an impairment of intangible | To assess indicators of an impairment, the Group monitors a number of internal and external |
assets representing distribution rights. | factors, including indications that the financial performance of the arrangement is likely to be |
worse than expected and changes in relevant legislation and regulatory requirements that could | |
To determine the recoverable amount, | impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and |
the Group estimates the discounted | then applies judgement to assess whether these factors indicate that an impairment has occurred. |
future expected cash flows arising from | |
the cash generating units (CGUs) | If an impairment has occurred, a charge is recognised in the income statement for the difference |
containing the distribution rights. | between the carrying value and recoverable amount of the asset. The recoverable amount is the |
greater of fair value less costs to sell and value in use. Value in use is calculated as the present value | |
Impacts $3,559 million of assets as | of future expected cash flows from the asset or the CGUs to which it is allocated. |
shown in note C4.2. |
The Group applies judgement to assess | Distribution rights relate to bancassurance partnership arrangements for the distribution of |
whether factors such as the financial | products for the term of the contractual agreement with the bank partner, for which an asset is |
performance of the distribution | recognised based on fees paid and fees payable not subject to performance conditions. |
arrangements, or changes in relevant | Distribution rights impairment testing is conducted when there is an indication of an impairment. |
legislation and regulatory requirements | |
indicate an impairment of intangible | To assess indicators of an impairment, the Group monitors a number of internal and external |
assets representing distribution rights. | factors, including indications that the financial performance of the arrangement is likely to be |
worse than expected and changes in relevant legislation and regulatory requirements that could | |
To determine the recoverable amount, | impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and |
the Group estimates the discounted | then applies judgement to assess whether these factors indicate that an impairment has occurred. |
future expected cash flows arising from | |
the cash generating units (CGUs) | If an impairment has occurred, a charge is recognised in the income statement for the difference |
containing the distribution rights. | between the carrying value and recoverable amount of the asset. The recoverable amount is the |
greater of fair value less costs to sell and value in use. Value in use is calculated as the present value | |
Impacts $3,559 million of assets as | of future expected cash flows from the asset or the CGUs to which it is allocated. |
shown in note C4.2. |
The Group applies judgement to assess | Distribution rights relate to bancassurance partnership arrangements for the distribution of |
whether factors such as the financial | products for the term of the contractual agreement with the bank partner, for which an asset is |
performance of the distribution | recognised based on fees paid and fees payable not subject to performance conditions. |
arrangements, or changes in relevant | Distribution rights impairment testing is conducted when there is an indication of an impairment. |
legislation and regulatory requirements | |
indicate an impairment of intangible | To assess indicators of an impairment, the Group monitors a number of internal and external |
assets representing distribution rights. | factors, including indications that the financial performance of the arrangement is likely to be |
worse than expected and changes in relevant legislation and regulatory requirements that could | |
To determine the recoverable amount, | impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and |
the Group estimates the discounted | then applies judgement to assess whether these factors indicate that an impairment has occurred. |
future expected cash flows arising from | |
the cash generating units (CGUs) | If an impairment has occurred, a charge is recognised in the income statement for the difference |
containing the distribution rights. | between the carrying value and recoverable amount of the asset. The recoverable amount is the |
greater of fair value less costs to sell and value in use. Value in use is calculated as the present value | |
Impacts $3,559 million of assets as | of future expected cash flows from the asset or the CGUs to which it is allocated. |
shown in note C4.2. |
Financial investments \u2013 Valuation | |
Financial investments held at fair value, | The Group holds the majority of its financial investments at fair value through profit or loss. |
net of derivative liabilities, excluding | Financial investments held at amortised cost primarily comprise loans and deposits and certain |
those held by joint ventures and | debt securities held by Eastspring. |
associates is $153.9 billion as shown in | Determination of fair value |
note C2.2. | |
The fair values of the financial instruments for which fair valuation is required under IFRS Standards | |
Financial investments held at amortised | are determined by the use of quoted market prices for exchange-quoted investments or by using |
cost represent $5.6 billion of the | quotations from independent third parties such as brokers and pricing services or by using |
Group\u2019s total assets. | appropriate valuation techniques. Further details are included in note C2.1. |
The estimated fair value of derivative financial instruments reflects the estimated amount the | |
The Group estimates the fair value of | Group would receive or pay in an arm\u2019s-length transaction. This amount is determined using quoted |
financial investments that are not | prices if exchange listed, quotations from independent third parties or valued internally using |
actively traded using quotations from | standard market practices. |
independent third parties or internally | |
developed pricing models. | |
Quoted market prices are used to value investments having quoted prices. Actively traded | |
investments without quoted prices are valued using prices provided by third parties such as brokers | |
or pricing services. Financial investments measured at fair value are classified into a three-level | |
hierarchy as described in note C2.1. | |
If the market for a financial investment of the Group is not active, the Group establishes fair value | |
by using quotations from independent third parties, such as brokers or pricing services, or by using | |
internally developed pricing models. Priority is given to publicly available prices from independent | |
sources when available, but overall the source of pricing and/or the valuation technique is chosen | |
with the objective of arriving at a fair value measurement, which reflects the price at which an | |
orderly transaction would take place between market participants on the measurement date. | |
Changes in assumptions relating to these variables could positively or negatively impact the | |
reported fair value of these financial investments. Details of the financial investments classified as | |
\u2018level 3\u2019 to which valuation techniques are applied and the sensitivity of profit before tax to a | |
change in the valuation of these items, are presented in note C2.2. |
2024 $m | 2023 $m | 2024 vs 2023 % | ||||
AER | CER | AER | CER | |||
Note | note (i) | note (i) | note (i) | note (i) | note (i) | |
Mainland China note (ii) | 363 | 368 | 362 | (1)% | 0 % | |
Hong Kong | 1,069 | 1,013 | 1,018 | 6 % | 5 % | |
Indonesia | 268 | 221 | 212 | 21 % | 26 % | |
Malaysia | 338 | 305 | 304 | 11 % | 11 % | |
Singapore | 693 | 584 | 587 | 19 % | 18 % | |
Growth markets and other note (iii) | 688 | 746 | 713 | (8)% | (4)% | |
Eastspring | 304 | 280 | 277 | 9 % | 10 % | |
Total segment profit | 3,723 | 3,517 | 3,473 | 6 % | 7 % | |
Other income and expenditure unallocated to a | ||||||
segment: | ||||||
Net investment return and other items note (iv) | 21 | (21) | (21) | n/a | n/a | |
Interest payable on core structural borrowings | (171) | (172) | (172) | 1 % | 1 % | |
Corporate expenditure note (v) | (237) | (230) | (230) | (3)% | (3)% | |
Total other expenditure | (387) | (423) | (423) | 9 % | 9 % | |
Restructuring and IFRS 17 implementation costs note (vi) | (207) | (201) | (201) | (3)% | (3)% | |
Adjusted operating profit | B1.3 | 3,129 | 2,893 | 2,849 | 8 % | 10 % |
Short-term interest rate and other market fluctuations | (105) | (774) | (756) | 86 % | 86 % | |
Loss attaching to corporate transactions note (vii) | (71) | (22) | (22) | n/a | n/a | |
Profit before tax attributable to shareholders | 2,953 | 2,097 | 2,071 | 41 % | 43 % | |
Tax charge attributable to shareholders' returns | B3.2 | (538) | (385) | (380) | (40)% | (42)% |
Profit for the year | B1.6 | 2,415 | 1,712 | 1,691 | 41 % | 43 % |
Attributable to: | ||||||
Equity holders of the Company | 2,285 | 1,701 | 1,682 | 34 % | 36 % | |
Non-controlling interests | 130 | 11 | 9 | n/a | n/a | |
Profit for the year | 2,415 | 1,712 | 1,691 | 41 % | 43 % |
Basic earnings per share (in cents) | 2024 | 2023 | 2024 vs 2023 % | |||
AER | CER | AER | CER | |||
Note | note (i) | note (i) | note (i) | note (i) | note (i) | |
Based on adjusted operating profit, net of tax and non- | ||||||
controlling interest | B4 | 89.7\u00a2 | 89.0\u00a2 | 87.8\u00a2 | 1 % | 2 % |
Based on profit for the year, net of non-controlling | ||||||
interest | B4 | 84.1\u00a2 | 62.1\u00a2 | 61.5\u00a2 | 35 % | 37 % |
2024 $m | 2023 $m | 2024 vs 2023 % | |||
AER | CER | AER | CER | ||
Adjusted release of CSM note (i) | 2,333 | 2,205 | 2,177 | 6 % | 7 % |
Release of risk adjustment | 268 | 218 | 215 | 23 % | 25 % |
Experience variances | (81) | (118) | (115) | 31 % | 30 % |
Other insurance service result | (68) | (109) | (108) | 38 % | 37 % |
Adjusted insurance service result note (ii) | 2,452 | 2,196 | 2,169 | 12 % | 13 % |
Net investment result on longer-term basis note (iii) | 1,146 | 1,241 | 1,224 | (8)% | (6)% |
Other insurance income and expenditure | (89) | (122) | (120) | 27 % | 26 % |
Share of related tax charges from joint ventures and associates | (90) | (78) | (77) | (15)% | (17)% |
Insurance business | 3,419 | 3,237 | 3,196 | 6 % | 7 % |
Eastspring | 304 | 280 | 277 | 9 % | 10 % |
Other income and expenditure | (387) | (423) | (424) | 9 % | 9 % |
Restructuring and IFRS 17 implementation costs | (207) | (201) | (200) | (3)% | (3)% |
Adjusted operating profit, as reconciled to profit for the | |||||
year in note B1.1 | 3,129 | 2,893 | 2,849 | 8 % | 10 % |
2024 $m | 2023 $m | |
Release of CSM, net of reinsurance as included within Insurance service result on the consolidated income statement and | ||
note C3.2 | ||
Insurance | 2,286 | 2,193 |
Reinsurance | (159) | (203) |
2,127 | 1,990 | |
Add amounts relating to the Group\u2019s life joint ventures and associates that are accounted for on equity method | 225 | 218 |
Release of CSM, net of reinsurance as shown in note C3.3 | ||
Insurance | 2,511 | 2,414 |
Reinsurance | (159) | (206) |
2,352 | 2,208 | |
Adjustment to release of CSM for the treatment adopted for adjusted operating profit purposes of combining losses on onerous | ||
contracts and gains on profitable contracts that can be shared across more than one annual cohort | (19) | (3) |
Adjusted release of CSM as shown above | 2,333 | 2,205 |
2024 $m | 2023 $m | |
Insurance service result as shown in the consolidated income statement and note C3.2 | 2,293 | 2,087 |
Add amounts relating to the Group\u2019s life joint ventures and associates that are accounted for on equity method | 187 | 148 |
Insurance service result as shown in note C3.3 | ||
Insurance | 2,786 | 2,424 |
Reinsurance | (306) | (189) |
2,480 | 2,235 | |
Removal of losses or gains from reversal of losses on those onerous contracts that meet the criteria in note B1.2 less the adjustment | ||
to the release of CSM shown above | 46 | 68 |
Other items including policyholder tax* | (74) | (107) |
Adjusted insurance service result as shown above | 2,452 | 2,196 |
2024 $m | 2023 $m | |
Net investment result as shown in the consolidated income statement | 1,332 | 1,091 |
Remove investment return of non-insurance entities | (448) | (142) |
Remove short-term interest rate and other market fluctuations included in non-operating profit excluding non-insurance entities* | 334 | 774 |
Other items* | (72) | (482) |
Net investment result on longer-term basis as shown above | 1,146 | 1,241 |
| 2024 $m | ||||||||||
| Insurance operations note (i) | ||||||||||
Unallocated | ||||||||||
Growth | Inter- | to a segment | ||||||||
markets | segment | Total | (central | |||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | elimination | segment | operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for | ||||||||||
remaining coverage: | ||||||||||
Expected claims and other directly | ||||||||||
attributable expenses | 1,195 | 670 | 740 | 1,121 | 715 | \u2013 | \u2013 | 4,441 | \u2013 | 4,441 |
Change in risk adjustment for non-financial | ||||||||||
risk | 68 | 37 | 26 | 64 | 62 | \u2013 | \u2013 | 257 | \u2013 | 257 |
Release of CSM for services provided | 908 | 146 | 206 | 521 | 505 | \u2013 | \u2013 | 2,286 | \u2013 | 2,286 |
Other adjustments note (ii) | 88 | 31 | 50 | 32 | 16 | \u2013 | \u2013 | 217 | \u2013 | 217 |
Recovery of insurance acquisition cash flows | 1,445 | 293 | 268 | 513 | 638 | \u2013 | \u2013 | 3,157 | \u2013 | 3,157 |
3,704 | 1,177 | 1,290 | 2,251 | 1,936 | \u2013 | \u2013 | 10,358 | \u2013 | 10,358 | |
Other revenue note (iii) | 24 | 2 | \u2013 | 2 | 21 | 333 | \u2013 | 382 | \u2013 | 382 |
Total revenue from external customers note (iv) | 3,728 | 1,179 | 1,290 | 2,253 | 1,957 | 333 | \u2013 | 10,740 | \u2013 | 10,740 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 221 | (221) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,077 | 101 | 216 | 797 | 688 | 7 | \u2013 | 2,886 | 209 | 3,095 |
Dividend and other investment income | 1,279 | 105 | 181 | 651 | 164 | 3 | \u2013 | 2,383 | \u2013 | 2,383 |
Investment appreciation (depreciation) | (3,317) | (86) | 736 | 2,275 | 604 | 1 | \u2013 | 213 | 228 | 441 |
(961) | 120 | 1,133 | 3,723 | 1,456 | 11 | \u2013 | 5,482 | 437 | 5,919 | |
Total revenue | 2,767 | 1,299 | 2,423 | 5,976 | 3,413 | 565 | (221) | 16,222 | 437 | 16,659 |
| 2023 $m | ||||||||||
| Insurance operations note (i) | ||||||||||
Unallocated | ||||||||||
Growth | Inter- | to a segment | ||||||||
markets | segment | Total | (central | |||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | elimination | segment | operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for | ||||||||||
remaining coverage: | ||||||||||
Expected claims and other directly attributable | ||||||||||
expenses | 1,089 | 582 | 642 | 970 | 670 | \u2013 | \u2013 | 3,953 | \u2013 | 3,953 |
Change in risk adjustment for non-financial | ||||||||||
risk | 73 | 35 | 24 | 55 | 41 | \u2013 | \u2013 | 228 | \u2013 | 228 |
Release of CSM for services provided | 787 | 187 | 203 | 478 | 538 | \u2013 | \u2013 | 2,193 | \u2013 | 2,193 |
Other adjustments note (ii) | 73 | 32 | 31 | 45 | 71 | \u2013 | \u2013 | 252 | \u2013 | 252 |
Recovery of insurance acquisition cash flows | 1,207 | 306 | 234 | 435 | 563 | \u2013 | \u2013 | 2,745 | \u2013 | 2,745 |
3,229 | 1,142 | 1,134 | 1,983 | 1,883 | \u2013 | \u2013 | 9,371 | \u2013 | 9,371 | |
Other revenue note (iii) | 22 | 4 | 4 | \u2013 | 39 | 299 | \u2013 | 368 | 1 | 369 |
Total revenue from external customers note (iv) | 3,251 | 1,146 | 1,138 | 1,983 | 1,922 | 299 | \u2013 | 9,739 | 1 | 9,740 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 184 | (184) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,033 | 92 | 239 | 785 | 627 | 7 | \u2013 | 2,783 | 164 | 2,947 |
Dividend and other investment income | 775 | 93 | 151 | 528 | 117 | 3 | \u2013 | 1,667 | 7 | 1,674 |
Investment appreciation (depreciation) | 2,155 | 50 | 177 | 1,490 | 1,309 | 4 | \u2013 | 5,185 | (43) | 5,142 |
3,963 | 235 | 567 | 2,803 | 2,053 | 14 | \u2013 | 9,635 | 128 | 9,763 | |
Total revenue | 7,214 | 1,381 | 1,705 | 4,786 | 3,975 | 497 | (184) | 19,374 | 129 | 19,503 |
2024 $m | 2023 $m | |
Mainland China note | 159 | (577) |
Hong Kong | 851 | 976 |
Indonesia | 181 | 156 |
Malaysia note | 296 | 257 |
Singapore | 566 | 512 |
Growth markets and other note | 503 | 775 |
Eastspring | 264 | 254 |
Total segment | 2,820 | 2,353 |
Unallocated to a segment (central operations) | (405) | (641) |
Total profit after tax | 2,415 | 1,712 |
2024 $m | 2023 $m | |
Hong Kong | 51 | 42 |
Indonesia | 12 | 11 |
Malaysia | 22 | 21 |
Singapore | 36 | 36 |
Growth markets and other | 372 | 369 |
Eastspring | 13 | 12 |
Total segment | 506 | 491 |
Unallocated to a segment (central operations) | 17 | 33 |
Total depreciation and amortisation | 523 | 524 |
2024 $m | 2023 $m | |
Hong Kong | (229) | (129) |
Indonesia | (37) | (43) |
Malaysia | (155) | (98) |
Singapore | (176) | (174) |
Growth markets and other | (158) | (103) |
Eastspring | (29) | (26) |
Total segment note (i) | (784) | (573) |
Unallocated to a segment (central operations) | (40) | 13 |
Total tax charge notes (i)(ii) | (824) | (560) |
| 2024 % | ||||||||
Growth | Other | Total | ||||||
markets | (central) | attributable to | ||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | operations | shareholders | |
Tax rate on adjusted operating profit | 9 % | 19 % | 22 % | 14 % | 23 % | 10 % | (7)% | 17 % |
Tax rate on profit before tax | 10 % | 18 % | 22 % | 14 % | 23 % | 10 % | (11)% | 18 % |
| 2023 % | ||||||||
Growth | Other | Total | ||||||
markets | (central) | attributable to | ||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | operations | shareholders | |
Tax rate on adjusted operating profit | 7 % | 22 % | 22 % | 16 % | 20 % | 9 % | 2 % | 15 % |
Tax rate on profit before tax | 7 % | 22 % | 20 % | 16 % | 11 % | 9 % | 2 % | 18 % |
FRA | MRA | FVA | |
Cohort | Cohort | Cohort | |
Mainland China | n/a | 2016 \u2013 2021 | Pre-2016 |
Hong Kong | 2010 \u2013 2021 | n/a | Pre-2010 |
Singapore | 2009 \u2013 2021 | n/a | Pre-2009 |
Malaysia | 2010 \u2013 2021 | 2000 \u2013 2009 | Pre-1999 |
(Unit-linked) | (Unit-linked) | (Unit-linked) | |
2010 \u2013 2021 | Pre-2009 | ||
(Non- | (Non-participating) | ||
participating) | Pre-2021 | ||
(Other) | |||
Indonesia note (i) | 2010 \u2013 2021 | 2007 \u2013 2009 | Pre-2007 |
Growth markets and other | See note (ii) | See note (ii) | See note (ii) |
| Insurance $m | Reinsurance $m | |||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | |
As at 31 Dec 2024 | ||||||||
Mainland China | 14,033 | 168 | 1,484 15,685 | 3 | (3) | (22) | (22) | |
Hong Kong | 63,056 | 698 | 8,840 72,594 | (1,220) | (84) | (738) | (2,042) | |
Indonesia | 1,839 | 189 | 622 | 2,650 | 11 | (8) | 12 | 15 |
Malaysia | 7,032 | 418 | 2,135 | 9,585 | 15 | (12) | 14 | 17 |
Singapore | 34,235 | 815 | 5,160 40,210 | (1,169) | (15) | 267 | (917) | |
Growth markets and other | 23,873 | 455 | 4,220 28,548 | 38 | (53) | (34) | (49) | |
Total insurance segments | 144,068 | 2,743 22,461 169,272 | (2,322) | (175) | (501) | (2,998) | ||
As at 31 Dec 2023 | ||||||||
Mainland China | 13,029 | 152 | 1,652 | 14,833 | 4 | (3) | (22) | (21) |
Hong Kong | 60,761 | 776 | 8,536 | 70,073 | (44) | 84 | (1,429) | (1,389) |
Indonesia | 2,197 | 206 | 739 | 3,142 | 22 | (7) | (6) | 9 |
Malaysia | 5,910 | 357 | 2,127 | 8,394 | 26 | (7) | 6 | 25 |
Singapore | 31,770 | 687 | 4,962 | 37,419 | (146) | 3 | 149 | 6 |
Growth markets and other | 22,008 | 421 | 4,336 | 26,765 | 45 | (27) | (38) | (20) |
Total insurance segments | 135,675 | 2,599 | 22,352 160,626 | (93) | 43 | (1,340) | (1,390) |
| Insurance $m | |||||||
Growth | Total | ||||||
Mainland | markets and | insurance | |||||
China | Hong Kong | Indonesia | Malaysia | Singapore | other | segments | |
Net (assets) liabilities at 1 Jan 2023 | 12,837 | 62,686 | 3,277 | 8,027 | 33,903 | 23,473 144,203 | |
Insurance service result | (98) | (755) | (146) | (254) | (598) | (573) | (2,424) |
Net finance (income) expenses from insurance contracts | |||||||
Accretion of interest on GMM contracts | 227 | (1) | 43 | 100 | 6 | 142 | 517 |
Other net finance expense | 692 | 3,646 | 145 | 498 | 2,657 | 2,709 | 10,347 |
919 | 3,645 | 188 | 598 | 2,663 | 2,851 | 10,864 | |
Total amount recognised in income statement | 821 | 2,890 | 42 | 344 | 2,065 | 2,278 | 8,440 |
Effect of movements in exchange rates | (259) | (11) | 46 | (336) | 621 | (175) | (114) |
Total amount recognised in comprehensive income | 562 | 2,879 | 88 | 8 | 2,686 | 2,103 | 8,326 |
Total cash flows | 1,434 | 4,509 | (186) | 364 | 884 | 1,273 | 8,278 |
Other changes | \u2013 | (1) | (37) | (5) | (54) | (84) | (181) |
Net (assets) liabilities at 31 Dec 2023 / 1 Jan 2024 | 14,833 70,073 | 3,142 | 8,394 | 37,419 | 26,765 160,626 | ||
Insurance service result | (104) | (971) | (213) | (290) | (683) | (525) | (2,786) |
Net finance (income) expenses from insurance contracts | |||||||
Accretion of interest on GMM contracts | 286 | 2 | 48 | 94 | 7 | 212 | 649 |
Other net finance (income) expense | 811 | (1,792) | 54 | 857 | 3,672 | 1,800 | 5,402 |
1,097 | (1,790) | 102 | 951 | 3,679 | 2,012 | 6,051 | |
Total amount recognised in income statement | 993 | (2,761) | (111) | 661 | 2,996 | 1,487 | 3,265 |
Effect of movements in exchange rates | (439) | 376 | (134) | 252 | (1,321) | (1,129) | (2,395) |
Total amount recognised in comprehensive income | 554 | (2,385) | (245) | 913 | 1,675 | 358 | 870 |
Total cash flows | 298 | 4,907 | (245) | 279 | 1,170 | 1,661 | 8,070 |
Other changes | \u2013 | (1) | (2) | (1) | (54) | (236) | (294) |
Net (assets) liabilities at 31 Dec 2024 | 15,685 72,594 | 2,650 | 9,585 | 40,210 | 28,548 169,272 |
| Reinsurance $m | |||||||
Growth | Total | ||||||
Mainland | markets and | insurance | |||||
China | Hong Kong | Indonesia | Malaysia | Singapore | other | segments | |
Net (assets) liabilities at 1 Jan 2023 | (22) | (923) | 5 | 22 | 178 | (60) | (800) |
Insurance service result | 8 | 135 | 2 | 9 | 17 | 18 | 189 |
Net finance (income) expenses from reinsurance | |||||||
contracts | |||||||
Accretion of interest on GMM contracts | (1) | (38) | \u2013 | 1 | (8) | (7) | (53) |
Other net finance (income) expense | \u2013 | (154) | (6) | \u2013 | 1 | 13 | (146) |
(1) | (192) | (6) | 1 | (7) | 6 | (199) | |
Total amount recognised in income statement | 7 | (57) | (4) | 10 | 10 | 24 | (10) |
Effect of movements in exchange rates | 3 | (2) | (1) | (1) | (1) | 5 | 3 |
Total amount recognised in comprehensive income | 10 | (59) | (5) | 9 | 9 | 29 | (7) |
Total cash flows | (9) | (407) | 9 | (6) | (181) | 11 | (583) |
Other changes | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Net (assets) liabilities at 31 Dec 2023 / 1 Jan 2024 | (21) | (1,389) | 9 | 25 | 6 | (20) | (1,390) |
Insurance service result | 5 | 279 | 8 | 12 | (11) | 13 | 306 |
Net finance (income) expenses from reinsurance | |||||||
contracts | |||||||
Accretion of interest on GMM contracts | (1) | (79) | \u2013 | 1 | (32) | (5) | (116) |
Other net finance (income) expense | 1 | 472 | (1) | \u2013 | (23) | (6) | 443 |
\u2013 | 393 | (1) | 1 | (55) | (11) | 327 | |
Total amount recognised in income statement | 5 | 672 | 7 | 13 | (66) | 2 | 633 |
Effect of movements in exchange rates | 2 | (11) | (1) | 1 | 18 | 1 | 10 |
Total amount recognised in comprehensive income | 7 | 661 | 6 | 14 | (48) | 3 | 643 |
Total cash flows | (8) | (1,314) | \u2013 | (22) | (875) | (29) | (2,248) |
Other changes | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (3) | (3) |
Net (assets) liabilities at 31 Dec 2024 | (22) | (2,042) | 15 | 17 | (917) | (49) | (2,998) |
2024 $m | 2023 $m | |
Hong Kong | 41 | 22 |
Indonesia | 4 | \u2013 |
Malaysia | 2 | 1 |
Singapore | 24 | 2 |
Growth markets and other | 21 | 15 |
Eastspring | 7 | 4 |
Total segment | 99 | 44 |
Unallocated to a segment (central operations) | 2 | \u2013 |
Total capital expenditure on property, plant and equipment | 101 | 44 |
2024 $m | 2023 $m | |
Mainland China | 159 | (577) |
Malaysia | 21 | 18 |
Growth markets and other note | 104 | 310 |
Insurance operations | 284 | (249) |
Eastspring | 193 | 158 |
Total segment and Group total | 477 | (91) |
2024 $m | 2023 $m | 2024 vs 2023 % | ||||
AER | CER | AER | CER | |||
Note | note (i) | note (i) | note (i) | note (i) | note (i) | |
Mainland China note (ii) | 363 | 368 | 362 | (1)% | 0 % | |
Hong Kong | 1,069 | 1,013 | 1,018 | 6 % | 5 % | |
Indonesia | 268 | 221 | 212 | 21 % | 26 % | |
Malaysia | 338 | 305 | 304 | 11 % | 11 % | |
Singapore | 693 | 584 | 587 | 19 % | 18 % | |
Growth markets and other note (iii) | 688 | 746 | 713 | (8)% | (4)% | |
Eastspring | 304 | 280 | 277 | 9 % | 10 % | |
Total segment profit | 3,723 | 3,517 | 3,473 | 6 % | 7 % | |
Other income and expenditure unallocated to a | ||||||
segment: | ||||||
Net investment return and other items note (iv) | 21 | (21) | (21) | n/a | n/a | |
Interest payable on core structural borrowings | (171) | (172) | (172) | 1 % | 1 % | |
Corporate expenditure note (v) | (237) | (230) | (230) | (3)% | (3)% | |
Total other expenditure | (387) | (423) | (423) | 9 % | 9 % | |
Restructuring and IFRS 17 implementation costs note (vi) | (207) | (201) | (201) | (3)% | (3)% | |
Adjusted operating profit | B1.3 | 3,129 | 2,893 | 2,849 | 8 % | 10 % |
Short-term interest rate and other market fluctuations | (105) | (774) | (756) | 86 % | 86 % | |
Loss attaching to corporate transactions note (vii) | (71) | (22) | (22) | n/a | n/a | |
Profit before tax attributable to shareholders | 2,953 | 2,097 | 2,071 | 41 % | 43 % | |
Tax charge attributable to shareholders' returns | B3.2 | (538) | (385) | (380) | (40)% | (42)% |
Profit for the year | B1.6 | 2,415 | 1,712 | 1,691 | 41 % | 43 % |
Attributable to: | ||||||
Equity holders of the Company | 2,285 | 1,701 | 1,682 | 34 % | 36 % | |
Non-controlling interests | 130 | 11 | 9 | n/a | n/a | |
Profit for the year | 2,415 | 1,712 | 1,691 | 41 % | 43 % |
Basic earnings per share (in cents) | 2024 | 2023 | 2024 vs 2023 % | |||
AER | CER | AER | CER | |||
Note | note (i) | note (i) | note (i) | note (i) | note (i) | |
Based on adjusted operating profit, net of tax and non- | ||||||
controlling interest | B4 | 89.7\u00a2 | 89.0\u00a2 | 87.8\u00a2 | 1 % | 2 % |
Based on profit for the year, net of non-controlling | ||||||
interest | B4 | 84.1\u00a2 | 62.1\u00a2 | 61.5\u00a2 | 35 % | 37 % |
2024 $m | 2023 $m | 2024 vs 2023 % | |||
AER | CER | AER | CER | ||
Adjusted release of CSM note (i) | 2,333 | 2,205 | 2,177 | 6 % | 7 % |
Release of risk adjustment | 268 | 218 | 215 | 23 % | 25 % |
Experience variances | (81) | (118) | (115) | 31 % | 30 % |
Other insurance service result | (68) | (109) | (108) | 38 % | 37 % |
Adjusted insurance service result note (ii) | 2,452 | 2,196 | 2,169 | 12 % | 13 % |
Net investment result on longer-term basis note (iii) | 1,146 | 1,241 | 1,224 | (8)% | (6)% |
Other insurance income and expenditure | (89) | (122) | (120) | 27 % | 26 % |
Share of related tax charges from joint ventures and associates | (90) | (78) | (77) | (15)% | (17)% |
Insurance business | 3,419 | 3,237 | 3,196 | 6 % | 7 % |
Eastspring | 304 | 280 | 277 | 9 % | 10 % |
Other income and expenditure | (387) | (423) | (424) | 9 % | 9 % |
Restructuring and IFRS 17 implementation costs | (207) | (201) | (200) | (3)% | (3)% |
Adjusted operating profit, as reconciled to profit for the | |||||
year in note B1.1 | 3,129 | 2,893 | 2,849 | 8 % | 10 % |
2024 $m | 2023 $m | |
Release of CSM, net of reinsurance as included within Insurance service result on the consolidated income statement and | ||
note C3.2 | ||
Insurance | 2,286 | 2,193 |
Reinsurance | (159) | (203) |
2,127 | 1,990 | |
Add amounts relating to the Group\u2019s life joint ventures and associates that are accounted for on equity method | 225 | 218 |
Release of CSM, net of reinsurance as shown in note C3.3 | ||
Insurance | 2,511 | 2,414 |
Reinsurance | (159) | (206) |
2,352 | 2,208 | |
Adjustment to release of CSM for the treatment adopted for adjusted operating profit purposes of combining losses on onerous | ||
contracts and gains on profitable contracts that can be shared across more than one annual cohort | (19) | (3) |
Adjusted release of CSM as shown above | 2,333 | 2,205 |
2024 $m | 2023 $m | |
Insurance service result as shown in the consolidated income statement and note C3.2 | 2,293 | 2,087 |
Add amounts relating to the Group\u2019s life joint ventures and associates that are accounted for on equity method | 187 | 148 |
Insurance service result as shown in note C3.3 | ||
Insurance | 2,786 | 2,424 |
Reinsurance | (306) | (189) |
2,480 | 2,235 | |
Removal of losses or gains from reversal of losses on those onerous contracts that meet the criteria in note B1.2 less the adjustment | ||
to the release of CSM shown above | 46 | 68 |
Other items including policyholder tax* | (74) | (107) |
Adjusted insurance service result as shown above | 2,452 | 2,196 |
2024 $m | 2023 $m | |
Net investment result as shown in the consolidated income statement | 1,332 | 1,091 |
Remove investment return of non-insurance entities | (448) | (142) |
Remove short-term interest rate and other market fluctuations included in non-operating profit excluding non-insurance entities* | 334 | 774 |
Other items* | (72) | (482) |
Net investment result on longer-term basis as shown above | 1,146 | 1,241 |
| 31 Dec 2024 $m | |||||||
| Asia and Africa | |||||||
| Insurance | |||||||
Funds with | |||||||
policyholder | Unit-linked | Unallocated | Group | ||||
participation | funds | Other | Eastspring | Total | to a segment | total | |
note (i) | |||||||
Debt securities | |||||||
Sovereign debt | |||||||
Indonesia | 453 | 573 | 642 | \u2013 | 1,668 | \u2013 | 1,668 |
Singapore | 2,265 | 738 | 932 | \u2013 | 3,935 | \u2013 | 3,935 |
Thailand | 3 | 3 | 2,580 | \u2013 | 2,586 | \u2013 | 2,586 |
United States | 14,851 | 71 | 433 | \u2013 | 15,355 | \u2013 | 15,355 |
Vietnam | 2,885 | 17 | 139 | \u2013 | 3,041 | \u2013 | 3,041 |
Other (predominantly Asia) | 4,192 | 685 | 1,589 | 2 | 6,468 | \u2013 | 6,468 |
Subtotal | 24,649 | 2,087 | 6,315 | 2 | 33,053 | \u2013 | 33,053 |
Other government bonds | |||||||
AAA | 1,617 | 119 | 112 | \u2013 | 1,848 | \u2013 | 1,848 |
AA+ to AA- | 124 | 16 | 23 | \u2013 | 163 | \u2013 | 163 |
A+ to A- | 643 | 82 | 268 | \u2013 | 993 | \u2013 | 993 |
BBB+ to BBB- | 189 | 45 | 80 | \u2013 | 314 | \u2013 | 314 |
Below BBB- and unrated | 354 | 6 | 48 | \u2013 | 408 | \u2013 | 408 |
Subtotal | 2,927 | 268 | 531 | \u2013 | 3,726 | \u2013 | 3,726 |
Corporate bonds | |||||||
AAA | 1,400 | 158 | 280 | \u2013 | 1,838 | \u2013 | 1,838 |
AA+ to AA- | 3,567 | 486 | 851 | \u2013 | 4,904 | \u2013 | 4,904 |
A+ to A- | 13,451 | 491 | 1,629 | \u2013 | 15,571 | 1 | 15,572 |
BBB+ to BBB- | 9,753 | 661 | 1,784 | \u2013 | 12,198 | 1 | 12,199 |
Below BBB- and unrated | 1,477 | 477 | 342 | \u2013 | 2,296 | \u2013 | 2,296 |
Subtotal | 29,648 | 2,273 | 4,886 | \u2013 | 36,807 | 2 | 36,809 |
Asset-backed securities | |||||||
AAA | 129 | 3 | 34 | \u2013 | 166 | \u2013 | 166 |
AA+ to AA- | 4 | \u2013 | 1 | \u2013 | 5 | \u2013 | 5 |
A+ to A- | 28 | \u2013 | 3 | \u2013 | 31 | \u2013 | 31 |
BBB+ to BBB- | 2 | \u2013 | 1 | \u2013 | 3 | \u2013 | 3 |
Below BBB- and unrated | 2 | 1 | 8 | \u2013 | 11 | \u2013 | 11 |
Subtotal | 165 | 4 | 47 | \u2013 | 216 | \u2013 | 216 |
Total debt securities notes (ii)(v) | 57,389 | 4,632 | 11,779 | 2 | 73,802 | 2 | 73,804 |
Loans | |||||||
Mortgage loans | 51 | \u2013 | 102 | \u2013 | 153 | \u2013 | 153 |
Other loans | 364 | \u2013 | \u2013 | \u2013 | 364 | \u2013 | 364 |
Total loans | 415 | \u2013 | 102 | \u2013 | 517 | \u2013 | 517 |
Equity securities and holdings in | |||||||
collective investment schemes | |||||||
Direct equities | 19,487 | 13,465 | 254 | 95 | 33,301 | \u2013 | 33,301 |
Collective investment schemes | 37,652 | 8,338 | 1,698 | 13 | 47,701 | \u2013 | 47,701 |
Total equity securities and holdings in | |||||||
collective investment schemes | 57,139 | 21,803 | 1,952 | 108 | 81,002 | \u2013 | 81,002 |
Other financial investments note (iii) | 2,240 | 260 | 2,118 | 93 | 4,711 | 1,150 | 5,861 |
Total financial investments note (iv) | 117,183 | 26,695 | 15,951 | 203 | 160,032 | 1,152 | 161,184 |
Investment properties | \u2013 | \u2013 | 3 | \u2013 | 3 | \u2013 | 3 |
Cash and cash equivalents | 1,396 | 564 | 1,225 | 142 | 3,327 | 2,445 | 5,772 |
Total investments | 118,579 | 27,259 | 17,179 | 345 | 163,362 | 3,597 | 166,959 |
| 31 Dec 2023 $m | |||||||
| Asia and Africa | |||||||
| Insurance | |||||||
Funds with | |||||||
policyholder | Unallocated | Group | |||||
participation | Unit-linked funds | Other | Eastspring | Total | to a segment | total | |
note (i) | |||||||
Debt securities | |||||||
Sovereign debt | |||||||
Indonesia | 393 | 611 | 525 | \u2013 | 1,529 | \u2013 | 1,529 |
Singapore | 3,006 | 607 | 929 | \u2013 | 4,542 | \u2013 | 4,542 |
Thailand | 2 | 4 | 1,957 | \u2013 | 1,963 | \u2013 | 1,963 |
United States | 23,552 | 84 | 2,351 | \u2013 | 25,987 | \u2013 | 25,987 |
Vietnam | 3,143 | 30 | 173 | \u2013 | 3,346 | \u2013 | 3,346 |
Other (predominantly Asia) | 4,375 | 669 | 1,819 | 28 | 6,891 | \u2013 | 6,891 |
Subtotal | 34,471 | 2,005 | 7,754 | 28 | 44,258 | \u2013 | 44,258 |
Other government bonds | |||||||
AAA | 1,533 | 94 | 119 | \u2013 | 1,746 | \u2013 | 1,746 |
AA+ to AA- | 120 | 17 | 29 | \u2013 | 166 | \u2013 | 166 |
A+ to A- | 689 | 95 | 239 | \u2013 | 1,023 | \u2013 | 1,023 |
BBB+ to BBB- | 271 | 57 | 56 | \u2013 | 384 | \u2013 | 384 |
Below BBB- and unrated | 502 | 11 | 63 | 2 | 578 | \u2013 | 578 |
Subtotal | 3,115 | 274 | 506 | 2 | 3,897 | \u2013 | 3,897 |
Corporate bonds | |||||||
AAA | 1,214 | 147 | 243 | \u2013 | 1,604 | \u2013 | 1,604 |
AA+ to AA- | 2,716 | 440 | 934 | \u2013 | 4,090 | \u2013 | 4,090 |
A+ to A- | 10,918 | 460 | 2,179 | \u2013 | 13,557 | 1 | 13,558 |
BBB+ to BBB- | 9,466 | 714 | 2,055 | \u2013 | 12,235 | 1 | 12,236 |
Below BBB- and unrated | 2,280 | 500 | 356 | \u2013 | 3,136 | \u2013 | 3,136 |
Subtotal | 26,594 | 2,261 | 5,767 | \u2013 | 34,622 | 2 | 34,624 |
Asset-backed securities | |||||||
AAA | 174 | 2 | 54 | \u2013 | 230 | \u2013 | 230 |
AA+ to AA- | 6 | \u2013 | 2 | \u2013 | 8 | \u2013 | 8 |
A+ to A- | 30 | \u2013 | 7 | \u2013 | 37 | \u2013 | 37 |
BBB+ to BBB- | 7 | \u2013 | 2 | \u2013 | 9 | \u2013 | 9 |
Below BBB- and unrated | \u2013 | 1 | \u2013 | \u2013 | 1 | \u2013 | 1 |
Subtotal | 217 | 3 | 65 | \u2013 | 285 | \u2013 | 285 |
Total debt securities notes (ii)(v) | 64,397 | 4,543 | 14,092 | 30 | 83,062 | 2 | 83,064 |
Loans | |||||||
Mortgage loans | 65 | \u2013 | 83 | \u2013 | 148 | \u2013 | 148 |
Other loans | 430 | \u2013 | \u2013 | \u2013 | 430 | \u2013 | 430 |
Total loans | 495 | \u2013 | 83 | \u2013 | 578 | \u2013 | 578 |
Equity securities and holdings in collective | |||||||
investment schemes | |||||||
Direct equities | 18,711 | 12,075 | 182 | 128 | 31,096 | \u2013 | 31,096 |
Collective investment schemes | 24,529 | 7,546 | 1,580 | 2 | 33,657 | \u2013 | 33,657 |
Total equity securities and holdings in collective | |||||||
investment schemes | 43,240 | 19,621 | 1,762 | 130 | 64,753 | \u2013 | 64,753 |
Other financial investments note (iii) | 2,893 | 396 | 1,707 | 101 | 5,097 | 2,628 | 7,725 |
Total financial investments note (iv) | 111,025 | 24,560 | 17,644 | 261 | 153,490 | 2,630 | 156,120 |
Investment properties | \u2013 | \u2013 | 39 | \u2013 | 39 | \u2013 | 39 |
Cash and cash equivalents | 1,054 | 647 | 1,287 | 173 | 3,161 | 1,590 | 4,751 |
Total investments | 112,079 | 25,207 | 18,970 | 434 | 156,690 | 4,220 | 160,910 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Debt securities held by consolidated investment funds | 10,409 | 11,116 |
| 2024 $m | ||||||||||
| Insurance operations note (i) | ||||||||||
Unallocated | ||||||||||
Growth | Inter- | to a segment | ||||||||
markets | segment | Total | (central | |||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | elimination | segment | operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for | ||||||||||
remaining coverage: | ||||||||||
Expected claims and other directly | ||||||||||
attributable expenses | 1,195 | 670 | 740 | 1,121 | 715 | \u2013 | \u2013 | 4,441 | \u2013 | 4,441 |
Change in risk adjustment for non-financial | ||||||||||
risk | 68 | 37 | 26 | 64 | 62 | \u2013 | \u2013 | 257 | \u2013 | 257 |
Release of CSM for services provided | 908 | 146 | 206 | 521 | 505 | \u2013 | \u2013 | 2,286 | \u2013 | 2,286 |
Other adjustments note (ii) | 88 | 31 | 50 | 32 | 16 | \u2013 | \u2013 | 217 | \u2013 | 217 |
Recovery of insurance acquisition cash flows | 1,445 | 293 | 268 | 513 | 638 | \u2013 | \u2013 | 3,157 | \u2013 | 3,157 |
3,704 | 1,177 | 1,290 | 2,251 | 1,936 | \u2013 | \u2013 | 10,358 | \u2013 | 10,358 | |
Other revenue note (iii) | 24 | 2 | \u2013 | 2 | 21 | 333 | \u2013 | 382 | \u2013 | 382 |
Total revenue from external customers note (iv) | 3,728 | 1,179 | 1,290 | 2,253 | 1,957 | 333 | \u2013 | 10,740 | \u2013 | 10,740 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 221 | (221) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,077 | 101 | 216 | 797 | 688 | 7 | \u2013 | 2,886 | 209 | 3,095 |
Dividend and other investment income | 1,279 | 105 | 181 | 651 | 164 | 3 | \u2013 | 2,383 | \u2013 | 2,383 |
Investment appreciation (depreciation) | (3,317) | (86) | 736 | 2,275 | 604 | 1 | \u2013 | 213 | 228 | 441 |
(961) | 120 | 1,133 | 3,723 | 1,456 | 11 | \u2013 | 5,482 | 437 | 5,919 | |
Total revenue | 2,767 | 1,299 | 2,423 | 5,976 | 3,413 | 565 | (221) | 16,222 | 437 | 16,659 |
| 2023 $m | ||||||||||
| Insurance operations note (i) | ||||||||||
Unallocated | ||||||||||
Growth | Inter- | to a segment | ||||||||
markets | segment | Total | (central | |||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | elimination | segment | operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for | ||||||||||
remaining coverage: | ||||||||||
Expected claims and other directly attributable | ||||||||||
expenses | 1,089 | 582 | 642 | 970 | 670 | \u2013 | \u2013 | 3,953 | \u2013 | 3,953 |
Change in risk adjustment for non-financial | ||||||||||
risk | 73 | 35 | 24 | 55 | 41 | \u2013 | \u2013 | 228 | \u2013 | 228 |
Release of CSM for services provided | 787 | 187 | 203 | 478 | 538 | \u2013 | \u2013 | 2,193 | \u2013 | 2,193 |
Other adjustments note (ii) | 73 | 32 | 31 | 45 | 71 | \u2013 | \u2013 | 252 | \u2013 | 252 |
Recovery of insurance acquisition cash flows | 1,207 | 306 | 234 | 435 | 563 | \u2013 | \u2013 | 2,745 | \u2013 | 2,745 |
3,229 | 1,142 | 1,134 | 1,983 | 1,883 | \u2013 | \u2013 | 9,371 | \u2013 | 9,371 | |
Other revenue note (iii) | 22 | 4 | 4 | \u2013 | 39 | 299 | \u2013 | 368 | 1 | 369 |
Total revenue from external customers note (iv) | 3,251 | 1,146 | 1,138 | 1,983 | 1,922 | 299 | \u2013 | 9,739 | 1 | 9,740 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 184 | (184) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,033 | 92 | 239 | 785 | 627 | 7 | \u2013 | 2,783 | 164 | 2,947 |
Dividend and other investment income | 775 | 93 | 151 | 528 | 117 | 3 | \u2013 | 1,667 | 7 | 1,674 |
Investment appreciation (depreciation) | 2,155 | 50 | 177 | 1,490 | 1,309 | 4 | \u2013 | 5,185 | (43) | 5,142 |
3,963 | 235 | 567 | 2,803 | 2,053 | 14 | \u2013 | 9,635 | 128 | 9,763 | |
Total revenue | 7,214 | 1,381 | 1,705 | 4,786 | 3,975 | 497 | (184) | 19,374 | 129 | 19,503 |
2024 $m | 2023 $m | |
Interest income calculated using the effective interest method | 477 | 340 |
Net gains on financial instruments at FVTPL note | 5,250 | 9,400 |
Dividend income from Jackson shares designated at FVOCI recognised in the income statement | \u2013 | 7 |
Other investment returns (including foreign exchange gains and losses) | 363 | 267 |
Movement in amounts attributable to external unit holders of consolidated investment funds | (171) | (251) |
Investment return recognised in the income statement | 5,919 | 9,763 |
Valuation movements in Jackson shares recognised in other comprehensive income | \u2013 | 8 |
Total investment return recognised in the income statement and other comprehensive income | 5,919 | 9,771 |
| 2024 $m | ||||||||||
| Insurance operations note (i) | ||||||||||
Unallocated | ||||||||||
Growth | Inter- | to a segment | ||||||||
markets | segment | Total | (central | |||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | elimination | segment | operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for | ||||||||||
remaining coverage: | ||||||||||
Expected claims and other directly | ||||||||||
attributable expenses | 1,195 | 670 | 740 | 1,121 | 715 | \u2013 | \u2013 | 4,441 | \u2013 | 4,441 |
Change in risk adjustment for non-financial | ||||||||||
risk | 68 | 37 | 26 | 64 | 62 | \u2013 | \u2013 | 257 | \u2013 | 257 |
Release of CSM for services provided | 908 | 146 | 206 | 521 | 505 | \u2013 | \u2013 | 2,286 | \u2013 | 2,286 |
Other adjustments note (ii) | 88 | 31 | 50 | 32 | 16 | \u2013 | \u2013 | 217 | \u2013 | 217 |
Recovery of insurance acquisition cash flows | 1,445 | 293 | 268 | 513 | 638 | \u2013 | \u2013 | 3,157 | \u2013 | 3,157 |
3,704 | 1,177 | 1,290 | 2,251 | 1,936 | \u2013 | \u2013 | 10,358 | \u2013 | 10,358 | |
Other revenue note (iii) | 24 | 2 | \u2013 | 2 | 21 | 333 | \u2013 | 382 | \u2013 | 382 |
Total revenue from external customers note (iv) | 3,728 | 1,179 | 1,290 | 2,253 | 1,957 | 333 | \u2013 | 10,740 | \u2013 | 10,740 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 221 | (221) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,077 | 101 | 216 | 797 | 688 | 7 | \u2013 | 2,886 | 209 | 3,095 |
Dividend and other investment income | 1,279 | 105 | 181 | 651 | 164 | 3 | \u2013 | 2,383 | \u2013 | 2,383 |
Investment appreciation (depreciation) | (3,317) | (86) | 736 | 2,275 | 604 | 1 | \u2013 | 213 | 228 | 441 |
(961) | 120 | 1,133 | 3,723 | 1,456 | 11 | \u2013 | 5,482 | 437 | 5,919 | |
Total revenue | 2,767 | 1,299 | 2,423 | 5,976 | 3,413 | 565 | (221) | 16,222 | 437 | 16,659 |
| 2023 $m | ||||||||||
| Insurance operations note (i) | ||||||||||
Unallocated | ||||||||||
Growth | Inter- | to a segment | ||||||||
markets | segment | Total | (central | |||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | elimination | segment | operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for | ||||||||||
remaining coverage: | ||||||||||
Expected claims and other directly attributable | ||||||||||
expenses | 1,089 | 582 | 642 | 970 | 670 | \u2013 | \u2013 | 3,953 | \u2013 | 3,953 |
Change in risk adjustment for non-financial | ||||||||||
risk | 73 | 35 | 24 | 55 | 41 | \u2013 | \u2013 | 228 | \u2013 | 228 |
Release of CSM for services provided | 787 | 187 | 203 | 478 | 538 | \u2013 | \u2013 | 2,193 | \u2013 | 2,193 |
Other adjustments note (ii) | 73 | 32 | 31 | 45 | 71 | \u2013 | \u2013 | 252 | \u2013 | 252 |
Recovery of insurance acquisition cash flows | 1,207 | 306 | 234 | 435 | 563 | \u2013 | \u2013 | 2,745 | \u2013 | 2,745 |
3,229 | 1,142 | 1,134 | 1,983 | 1,883 | \u2013 | \u2013 | 9,371 | \u2013 | 9,371 | |
Other revenue note (iii) | 22 | 4 | 4 | \u2013 | 39 | 299 | \u2013 | 368 | 1 | 369 |
Total revenue from external customers note (iv) | 3,251 | 1,146 | 1,138 | 1,983 | 1,922 | 299 | \u2013 | 9,739 | 1 | 9,740 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 184 | (184) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,033 | 92 | 239 | 785 | 627 | 7 | \u2013 | 2,783 | 164 | 2,947 |
Dividend and other investment income | 775 | 93 | 151 | 528 | 117 | 3 | \u2013 | 1,667 | 7 | 1,674 |
Investment appreciation (depreciation) | 2,155 | 50 | 177 | 1,490 | 1,309 | 4 | \u2013 | 5,185 | (43) | 5,142 |
3,963 | 235 | 567 | 2,803 | 2,053 | 14 | \u2013 | 9,635 | 128 | 9,763 | |
Total revenue | 7,214 | 1,381 | 1,705 | 4,786 | 3,975 | 497 | (184) | 19,374 | 129 | 19,503 |
| 2024 $m | ||||||||||
| Insurance operations note (i) | ||||||||||
Unallocated | ||||||||||
Growth | Inter- | to a segment | ||||||||
markets | segment | Total | (central | |||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | elimination | segment | operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for | ||||||||||
remaining coverage: | ||||||||||
Expected claims and other directly | ||||||||||
attributable expenses | 1,195 | 670 | 740 | 1,121 | 715 | \u2013 | \u2013 | 4,441 | \u2013 | 4,441 |
Change in risk adjustment for non-financial | ||||||||||
risk | 68 | 37 | 26 | 64 | 62 | \u2013 | \u2013 | 257 | \u2013 | 257 |
Release of CSM for services provided | 908 | 146 | 206 | 521 | 505 | \u2013 | \u2013 | 2,286 | \u2013 | 2,286 |
Other adjustments note (ii) | 88 | 31 | 50 | 32 | 16 | \u2013 | \u2013 | 217 | \u2013 | 217 |
Recovery of insurance acquisition cash flows | 1,445 | 293 | 268 | 513 | 638 | \u2013 | \u2013 | 3,157 | \u2013 | 3,157 |
3,704 | 1,177 | 1,290 | 2,251 | 1,936 | \u2013 | \u2013 | 10,358 | \u2013 | 10,358 | |
Other revenue note (iii) | 24 | 2 | \u2013 | 2 | 21 | 333 | \u2013 | 382 | \u2013 | 382 |
Total revenue from external customers note (iv) | 3,728 | 1,179 | 1,290 | 2,253 | 1,957 | 333 | \u2013 | 10,740 | \u2013 | 10,740 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 221 | (221) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,077 | 101 | 216 | 797 | 688 | 7 | \u2013 | 2,886 | 209 | 3,095 |
Dividend and other investment income | 1,279 | 105 | 181 | 651 | 164 | 3 | \u2013 | 2,383 | \u2013 | 2,383 |
Investment appreciation (depreciation) | (3,317) | (86) | 736 | 2,275 | 604 | 1 | \u2013 | 213 | 228 | 441 |
(961) | 120 | 1,133 | 3,723 | 1,456 | 11 | \u2013 | 5,482 | 437 | 5,919 | |
Total revenue | 2,767 | 1,299 | 2,423 | 5,976 | 3,413 | 565 | (221) | 16,222 | 437 | 16,659 |
| 2023 $m | ||||||||||
| Insurance operations note (i) | ||||||||||
Unallocated | ||||||||||
Growth | Inter- | to a segment | ||||||||
markets | segment | Total | (central | |||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | elimination | segment | operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for | ||||||||||
remaining coverage: | ||||||||||
Expected claims and other directly attributable | ||||||||||
expenses | 1,089 | 582 | 642 | 970 | 670 | \u2013 | \u2013 | 3,953 | \u2013 | 3,953 |
Change in risk adjustment for non-financial | ||||||||||
risk | 73 | 35 | 24 | 55 | 41 | \u2013 | \u2013 | 228 | \u2013 | 228 |
Release of CSM for services provided | 787 | 187 | 203 | 478 | 538 | \u2013 | \u2013 | 2,193 | \u2013 | 2,193 |
Other adjustments note (ii) | 73 | 32 | 31 | 45 | 71 | \u2013 | \u2013 | 252 | \u2013 | 252 |
Recovery of insurance acquisition cash flows | 1,207 | 306 | 234 | 435 | 563 | \u2013 | \u2013 | 2,745 | \u2013 | 2,745 |
3,229 | 1,142 | 1,134 | 1,983 | 1,883 | \u2013 | \u2013 | 9,371 | \u2013 | 9,371 | |
Other revenue note (iii) | 22 | 4 | 4 | \u2013 | 39 | 299 | \u2013 | 368 | 1 | 369 |
Total revenue from external customers note (iv) | 3,251 | 1,146 | 1,138 | 1,983 | 1,922 | 299 | \u2013 | 9,739 | 1 | 9,740 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 184 | (184) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,033 | 92 | 239 | 785 | 627 | 7 | \u2013 | 2,783 | 164 | 2,947 |
Dividend and other investment income | 775 | 93 | 151 | 528 | 117 | 3 | \u2013 | 1,667 | 7 | 1,674 |
Investment appreciation (depreciation) | 2,155 | 50 | 177 | 1,490 | 1,309 | 4 | \u2013 | 5,185 | (43) | 5,142 |
3,963 | 235 | 567 | 2,803 | 2,053 | 14 | \u2013 | 9,635 | 128 | 9,763 | |
Total revenue | 7,214 | 1,381 | 1,705 | 4,786 | 3,975 | 497 | (184) | 19,374 | 129 | 19,503 |
2024 $m | 2023 $m | |
Interest income calculated using the effective interest method | 477 | 340 |
Net gains on financial instruments at FVTPL note | 5,250 | 9,400 |
Dividend income from Jackson shares designated at FVOCI recognised in the income statement | \u2013 | 7 |
Other investment returns (including foreign exchange gains and losses) | 363 | 267 |
Movement in amounts attributable to external unit holders of consolidated investment funds | (171) | (251) |
Investment return recognised in the income statement | 5,919 | 9,763 |
Valuation movements in Jackson shares recognised in other comprehensive income | \u2013 | 8 |
Total investment return recognised in the income statement and other comprehensive income | 5,919 | 9,771 |
| 2024 $m | ||||||||||
| Insurance operations note (i) | ||||||||||
Unallocated | ||||||||||
Growth | Inter- | to a segment | ||||||||
markets | segment | Total | (central | |||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | elimination | segment | operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for | ||||||||||
remaining coverage: | ||||||||||
Expected claims and other directly | ||||||||||
attributable expenses | 1,195 | 670 | 740 | 1,121 | 715 | \u2013 | \u2013 | 4,441 | \u2013 | 4,441 |
Change in risk adjustment for non-financial | ||||||||||
risk | 68 | 37 | 26 | 64 | 62 | \u2013 | \u2013 | 257 | \u2013 | 257 |
Release of CSM for services provided | 908 | 146 | 206 | 521 | 505 | \u2013 | \u2013 | 2,286 | \u2013 | 2,286 |
Other adjustments note (ii) | 88 | 31 | 50 | 32 | 16 | \u2013 | \u2013 | 217 | \u2013 | 217 |
Recovery of insurance acquisition cash flows | 1,445 | 293 | 268 | 513 | 638 | \u2013 | \u2013 | 3,157 | \u2013 | 3,157 |
3,704 | 1,177 | 1,290 | 2,251 | 1,936 | \u2013 | \u2013 | 10,358 | \u2013 | 10,358 | |
Other revenue note (iii) | 24 | 2 | \u2013 | 2 | 21 | 333 | \u2013 | 382 | \u2013 | 382 |
Total revenue from external customers note (iv) | 3,728 | 1,179 | 1,290 | 2,253 | 1,957 | 333 | \u2013 | 10,740 | \u2013 | 10,740 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 221 | (221) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,077 | 101 | 216 | 797 | 688 | 7 | \u2013 | 2,886 | 209 | 3,095 |
Dividend and other investment income | 1,279 | 105 | 181 | 651 | 164 | 3 | \u2013 | 2,383 | \u2013 | 2,383 |
Investment appreciation (depreciation) | (3,317) | (86) | 736 | 2,275 | 604 | 1 | \u2013 | 213 | 228 | 441 |
(961) | 120 | 1,133 | 3,723 | 1,456 | 11 | \u2013 | 5,482 | 437 | 5,919 | |
Total revenue | 2,767 | 1,299 | 2,423 | 5,976 | 3,413 | 565 | (221) | 16,222 | 437 | 16,659 |
| 2023 $m | ||||||||||
| Insurance operations note (i) | ||||||||||
Unallocated | ||||||||||
Growth | Inter- | to a segment | ||||||||
markets | segment | Total | (central | |||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | elimination | segment | operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for | ||||||||||
remaining coverage: | ||||||||||
Expected claims and other directly attributable | ||||||||||
expenses | 1,089 | 582 | 642 | 970 | 670 | \u2013 | \u2013 | 3,953 | \u2013 | 3,953 |
Change in risk adjustment for non-financial | ||||||||||
risk | 73 | 35 | 24 | 55 | 41 | \u2013 | \u2013 | 228 | \u2013 | 228 |
Release of CSM for services provided | 787 | 187 | 203 | 478 | 538 | \u2013 | \u2013 | 2,193 | \u2013 | 2,193 |
Other adjustments note (ii) | 73 | 32 | 31 | 45 | 71 | \u2013 | \u2013 | 252 | \u2013 | 252 |
Recovery of insurance acquisition cash flows | 1,207 | 306 | 234 | 435 | 563 | \u2013 | \u2013 | 2,745 | \u2013 | 2,745 |
3,229 | 1,142 | 1,134 | 1,983 | 1,883 | \u2013 | \u2013 | 9,371 | \u2013 | 9,371 | |
Other revenue note (iii) | 22 | 4 | 4 | \u2013 | 39 | 299 | \u2013 | 368 | 1 | 369 |
Total revenue from external customers note (iv) | 3,251 | 1,146 | 1,138 | 1,983 | 1,922 | 299 | \u2013 | 9,739 | 1 | 9,740 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 184 | (184) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,033 | 92 | 239 | 785 | 627 | 7 | \u2013 | 2,783 | 164 | 2,947 |
Dividend and other investment income | 775 | 93 | 151 | 528 | 117 | 3 | \u2013 | 1,667 | 7 | 1,674 |
Investment appreciation (depreciation) | 2,155 | 50 | 177 | 1,490 | 1,309 | 4 | \u2013 | 5,185 | (43) | 5,142 |
3,963 | 235 | 567 | 2,803 | 2,053 | 14 | \u2013 | 9,635 | 128 | 9,763 | |
Total revenue | 7,214 | 1,381 | 1,705 | 4,786 | 3,975 | 497 | (184) | 19,374 | 129 | 19,503 |
| 2024 $m | ||||||||||
| Insurance operations note (i) | ||||||||||
Unallocated | ||||||||||
Growth | Inter- | to a segment | ||||||||
markets | segment | Total | (central | |||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | elimination | segment | operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for | ||||||||||
remaining coverage: | ||||||||||
Expected claims and other directly | ||||||||||
attributable expenses | 1,195 | 670 | 740 | 1,121 | 715 | \u2013 | \u2013 | 4,441 | \u2013 | 4,441 |
Change in risk adjustment for non-financial | ||||||||||
risk | 68 | 37 | 26 | 64 | 62 | \u2013 | \u2013 | 257 | \u2013 | 257 |
Release of CSM for services provided | 908 | 146 | 206 | 521 | 505 | \u2013 | \u2013 | 2,286 | \u2013 | 2,286 |
Other adjustments note (ii) | 88 | 31 | 50 | 32 | 16 | \u2013 | \u2013 | 217 | \u2013 | 217 |
Recovery of insurance acquisition cash flows | 1,445 | 293 | 268 | 513 | 638 | \u2013 | \u2013 | 3,157 | \u2013 | 3,157 |
3,704 | 1,177 | 1,290 | 2,251 | 1,936 | \u2013 | \u2013 | 10,358 | \u2013 | 10,358 | |
Other revenue note (iii) | 24 | 2 | \u2013 | 2 | 21 | 333 | \u2013 | 382 | \u2013 | 382 |
Total revenue from external customers note (iv) | 3,728 | 1,179 | 1,290 | 2,253 | 1,957 | 333 | \u2013 | 10,740 | \u2013 | 10,740 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 221 | (221) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,077 | 101 | 216 | 797 | 688 | 7 | \u2013 | 2,886 | 209 | 3,095 |
Dividend and other investment income | 1,279 | 105 | 181 | 651 | 164 | 3 | \u2013 | 2,383 | \u2013 | 2,383 |
Investment appreciation (depreciation) | (3,317) | (86) | 736 | 2,275 | 604 | 1 | \u2013 | 213 | 228 | 441 |
(961) | 120 | 1,133 | 3,723 | 1,456 | 11 | \u2013 | 5,482 | 437 | 5,919 | |
Total revenue | 2,767 | 1,299 | 2,423 | 5,976 | 3,413 | 565 | (221) | 16,222 | 437 | 16,659 |
| 2023 $m | ||||||||||
| Insurance operations note (i) | ||||||||||
Unallocated | ||||||||||
Growth | Inter- | to a segment | ||||||||
markets | segment | Total | (central | |||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | elimination | segment | operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for | ||||||||||
remaining coverage: | ||||||||||
Expected claims and other directly attributable | ||||||||||
expenses | 1,089 | 582 | 642 | 970 | 670 | \u2013 | \u2013 | 3,953 | \u2013 | 3,953 |
Change in risk adjustment for non-financial | ||||||||||
risk | 73 | 35 | 24 | 55 | 41 | \u2013 | \u2013 | 228 | \u2013 | 228 |
Release of CSM for services provided | 787 | 187 | 203 | 478 | 538 | \u2013 | \u2013 | 2,193 | \u2013 | 2,193 |
Other adjustments note (ii) | 73 | 32 | 31 | 45 | 71 | \u2013 | \u2013 | 252 | \u2013 | 252 |
Recovery of insurance acquisition cash flows | 1,207 | 306 | 234 | 435 | 563 | \u2013 | \u2013 | 2,745 | \u2013 | 2,745 |
3,229 | 1,142 | 1,134 | 1,983 | 1,883 | \u2013 | \u2013 | 9,371 | \u2013 | 9,371 | |
Other revenue note (iii) | 22 | 4 | 4 | \u2013 | 39 | 299 | \u2013 | 368 | 1 | 369 |
Total revenue from external customers note (iv) | 3,251 | 1,146 | 1,138 | 1,983 | 1,922 | 299 | \u2013 | 9,739 | 1 | 9,740 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 184 | (184) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,033 | 92 | 239 | 785 | 627 | 7 | \u2013 | 2,783 | 164 | 2,947 |
Dividend and other investment income | 775 | 93 | 151 | 528 | 117 | 3 | \u2013 | 1,667 | 7 | 1,674 |
Investment appreciation (depreciation) | 2,155 | 50 | 177 | 1,490 | 1,309 | 4 | \u2013 | 5,185 | (43) | 5,142 |
3,963 | 235 | 567 | 2,803 | 2,053 | 14 | \u2013 | 9,635 | 128 | 9,763 | |
Total revenue | 7,214 | 1,381 | 1,705 | 4,786 | 3,975 | 497 | (184) | 19,374 | 129 | 19,503 |
2024 $m | 2023 $m | |
Interest income calculated using the effective interest method | 477 | 340 |
Net gains on financial instruments at FVTPL note | 5,250 | 9,400 |
Dividend income from Jackson shares designated at FVOCI recognised in the income statement | \u2013 | 7 |
Other investment returns (including foreign exchange gains and losses) | 363 | 267 |
Movement in amounts attributable to external unit holders of consolidated investment funds | (171) | (251) |
Investment return recognised in the income statement | 5,919 | 9,763 |
Valuation movements in Jackson shares recognised in other comprehensive income | \u2013 | 8 |
Total investment return recognised in the income statement and other comprehensive income | 5,919 | 9,771 |
2024 $m | 2023 $m | |
Net finance (expense) income from insurance contracts notes (i)(ii) | ||
Accretion of interest on GMM contracts | (295) | (233) |
Changes in fair value of underlying assets and other adjustments relating to VFA contracts | (3,258) | (8,162) |
Effect of changes in interest rates and other financial assumptions | (491) | (276) |
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates | 5 | 43 |
Net foreign exchange gain | 21 | 12 |
Other finance expense from insurance contracts note (iii) | (136) | (223) |
(4,154) | (8,839) | |
Net finance income (expense) from reinsurance contracts held notes (i)(ii) | ||
Accretion of interest on GMM contracts | 109 | 45 |
Effect of changes in interest rates and other financial assumptions | (467) | 168 |
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates | (23) | (11) |
Net foreign exchange gain (loss) | 19 | (8) |
Other finance income (expense) from reinsurance contracts note (iv) | 24 | (3) |
(338) | 191 |
2024 $m | 2023 $m | |
Net finance (expense) income from insurance contracts notes (i)(ii) | ||
Accretion of interest on GMM contracts | (295) | (233) |
Changes in fair value of underlying assets and other adjustments relating to VFA contracts | (3,258) | (8,162) |
Effect of changes in interest rates and other financial assumptions | (491) | (276) |
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates | 5 | 43 |
Net foreign exchange gain | 21 | 12 |
Other finance expense from insurance contracts note (iii) | (136) | (223) |
(4,154) | (8,839) | |
Net finance income (expense) from reinsurance contracts held notes (i)(ii) | ||
Accretion of interest on GMM contracts | 109 | 45 |
Effect of changes in interest rates and other financial assumptions | (467) | 168 |
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates | (23) | (11) |
Net foreign exchange gain (loss) | 19 | (8) |
Other finance income (expense) from reinsurance contracts note (iv) | 24 | (3) |
(338) | 191 |
2024 $m | 2023 $m | |
Net finance (expense) income from insurance contracts notes (i)(ii) | ||
Accretion of interest on GMM contracts | (295) | (233) |
Changes in fair value of underlying assets and other adjustments relating to VFA contracts | (3,258) | (8,162) |
Effect of changes in interest rates and other financial assumptions | (491) | (276) |
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates | 5 | 43 |
Net foreign exchange gain | 21 | 12 |
Other finance expense from insurance contracts note (iii) | (136) | (223) |
(4,154) | (8,839) | |
Net finance income (expense) from reinsurance contracts held notes (i)(ii) | ||
Accretion of interest on GMM contracts | 109 | 45 |
Effect of changes in interest rates and other financial assumptions | (467) | 168 |
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates | (23) | (11) |
Net foreign exchange gain (loss) | 19 | (8) |
Other finance income (expense) from reinsurance contracts note (iv) | 24 | (3) |
(338) | 191 |
2024 $m | 2023 $m | |
Expenses attributed to insurance acquisition cash flows note (i) | 4,987 | 4,833 |
Other directly attributable expenses note (ii) | 1,328 | 1,258 |
Other expenditure note (iii) | 1,003 | 990 |
Total expenses | 7,318 | 7,081 |
2024 $m | 2023 $m | |
Hong Kong | 51 | 42 |
Indonesia | 12 | 11 |
Malaysia | 22 | 21 |
Singapore | 36 | 36 |
Growth markets and other | 372 | 369 |
Eastspring | 13 | 12 |
Total segment | 506 | 491 |
Unallocated to a segment (central operations) | 17 | 33 |
Total depreciation and amortisation | 523 | 524 |
2024 $m | 2023 $m | |
Wages and salaries | 1,119 | 1,079 |
Social security costs | 37 | 37 |
Defined contribution pension schemes | 54 | 46 |
Total Group | 1,210 | 1,162 |
2024 | 2023 | |
Asia and Africa operations note | 14,851 | 14,479 |
Head office function | 561 | 551 |
Total Group | 15,412 | 15,030 |
Share scheme | Description |
Prudential Global Long Term | The PG LTIP provides eligible employees with conditional awards. Awards are discretionary and vest |
Incentive Plan (PG LTIP) | after one, two or three years subject to the employee being in employment. Vesting of awards may |
also be subject to performance conditions. All awards are made in Prudential shares. In countries | |
where share awards are not feasible for reasons including securities and/or tax considerations, awards | |
will be replaced by the cash value of the shares that would otherwise have vested. | |
Prudential Agency Long-Term | Certain agents are eligible to be granted awards in Prudential shares under the Prudential Agency |
Incentive Plan (LTIP) | LTIP. These awards are structured in a similar way to the PG LTIP described above, with most awards |
granted with a three-year vesting period. | |
Restricted Share Plan (RSP) | The Company operates the RSP for certain employees. Awards under this plan are discretionary, and |
the vesting of awards may be subject to performance conditions. | |
Deferred bonus plans | The Company operates a number of deferred bonus plans including the Group Deferred Bonus Plan |
(GDBP) and the Prudential Deferred Bonus Plan. There are no performance conditions attached to | |
deferred share awards made under these arrangements. | |
Savings-related share option | Eligible agents in certain business units are able to participate in the International Savings-Related |
schemes | Share Option Scheme for Non-Employees. The plan is similar to the HMRC-approved Save As You Earn |
(SAYE) share option scheme in the UK which is open to eligible employees. | |
Share purchase plans | Eligible employees in the UK are invited to participate in the Company\u2019s HMRC-approved UK Share |
Incentive Plan. The plan allows the purchase of Prudential plc shares each month. Staff based in Asia | |
and Africa are eligible to participate in the Prudential All Employee Share Purchase Plan which is run in | |
a similar way. |
Awards outstanding under incentive | ||||||
Options outstanding under Sharesave and ISSOSNE schemes | plans | |||||
2024 | 2023 | 2024 | 2023 | |||
Weighted | Weighted | |||||
average | average | |||||
Number | exercise | Number | exercise | |||
of options | price | of options | price | Number of awards | ||
millions | \u00a3 | millions | \u00a3 | millions | ||
Balance at beginning of year | 1.7 | 9.5 | 1.9 | 10.4 | 14.3 | 21.0 |
Granted | 0.6 | 5.3 | 0.4 | 7.8 | 10.9 | 6.3 |
Exercised | (0.1) | 7.4 | (0.3) | 11.6 | (6.6) | (10.1) |
Forfeited | \u2013 | 7.6 | \u2013 | 7.8 | (0.5) | (1.7) |
Cancelled | (0.5) | 10.2 | (0.3) | 12.0 | \u2013 | (0.1) |
Lapsed/expired | \u2013 | 9.4 | \u2013 | 10.4 | (0.6) | (1.1) |
Balance at end of year | 1.7 | 7.8 | 1.7 | 9.5 | 17.5 | 14.3 |
Options immediately exercisable at end of year | 0.2 | 11.6 | 0.2 | 10.8 |
| Outstanding | Exercisable | |||||||||
Weighted average | ||||||||||
remaining | Weighted average | Weighted average | ||||||||
Number outstanding | contractual life | exercise prices | Number exercisable | exercise prices | ||||||
millions | years | \u00a3 | millions | \u00a3 | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Between \u00a35 and \u00a36 | 0.5 | \u2013 | 4.3 | \u2013 | 5.24 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Between \u00a37 and \u00a38 | 0.7 | 0.7 | 2.7 | 3.7 | 7.55 | 7.55 | \u2013 | \u2013 | \u2013 | \u2013 |
Between \u00a39 and \u00a310 | 0.1 | 0.3 | 1.4 | 1.4 | 9.64 | 9.64 | \u2013 | 0.1 | \u2013 | 9.64 |
Between \u00a311 and \u00a312 | 0.4 | 0.6 | 1.3 | 2.0 | 11.70 | 11.59 | 0.2 | \u2013 | 11.57 | \u2013 |
Between \u00a312 and \u00a313 | \u2013 | \u2013 | 0.6 | \u2013 | 12.02 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Between \u00a313 and \u00a314 | \u2013 | 0.1 | \u2013 | 0.4 | \u2013 | 13.94 | \u2013 | 0.1 | \u2013 | 13.94 |
Total | 1.7 | 1.7 | 2.8 | 2.6 | 7.84 | 9.50 | 0.2 | 0.2 | 11.57 | 10.82 |
| 2024 | 2023 | |||||
Sharesave and | Sharesave and | |||||
ISSOSNE | Prudential | Other | ISSOSNE | Prudential | Other | |
options | LTIP (TSR) | awards | options | LTIP (TSR) | awards | |
Dividend yield (%) | 2.08 | \u2013 | \u2013 | 1.38 | \u2013 | \u2013 |
Expected volatility (%) | 28.17 | 28.45 | \u2013 | 30.02 | 31.50 | \u2013 |
Risk-free interest rate (%) | 3.57 | 4.39 | \u2013 | 4.55 | 4.34 | \u2013 |
Expected option life (years) | 4.03 | \u2013 | \u2013 | 3.95 | \u2013 | \u2013 |
Weighted average exercise price (\u00a3) | \u00a35.24 | \u2013 | \u2013 | \u00a37.75 | \u2013 | \u2013 |
Weighted average share price at grant date (\u00a3/HKD) | \u00a37.16 | HKD 75.10 | \u2013 | \u00a38.89 | HKD 112.76 | \u2013 |
Weighted average fair value at grant date (\u00a3/HKD) | \u00a32.50 | HKD 29.29 | HKD 72.58 | \u00a32.85 | HKD 49.60 | HKD 111.97 |
2024 $m | 2023 $m | |
Salaries and short-term benefits (including fees paid to non-executive directors) | 24.6 | 27.0 |
Post-employment benefits | 1.3 | 1.0 |
Share-based payments note | 23.6 | 22.2 |
Total key management remuneration | 49.5 | 50.2 |
2024 $m | 2023 $m | |
Audit of the Company\u2019s annual accounts | 5.3 | 5.8 |
Audit of subsidiaries pursuant to legislation | 6.0 | 8.1 |
Audit fees payable to the auditor | 11.3 | 13.9 |
Audit-related assurance services note | 5.2 | 4.0 |
Other assurance services | 1.2 | 0.9 |
Non-audit fees payable to the auditor | 6.4 | 4.9 |
Total fees payable to the auditor | 17.7 | 18.8 |
2024 $m | 2023 $m | |
Hong Kong | (229) | (129) |
Indonesia | (37) | (43) |
Malaysia | (155) | (98) |
Singapore | (176) | (174) |
Growth markets and other | (158) | (103) |
Eastspring | (29) | (26) |
Total segment note (i) | (784) | (573) |
Unallocated to a segment (central operations) | (40) | 13 |
Total tax charge notes (i)(ii) | (824) | (560) |
2024 $m | 2023 $m | |
Current tax arising from: | ||
Corporation tax | (520) | (457) |
Adjustments in respect of prior years | (1) | 1 |
Pillar Two income taxes | \u2013 | \u2013 |
Total current tax charge | (521) | (456) |
Deferred tax arising from: | ||
Origination and reversal of temporary differences | (319) | (135) |
Adjustment in respect of a tax loss, tax credit or temporary difference from a prior year | 16 | 31 |
Total deferred tax charge | (303) | (104) |
Total tax charge | (824) | (560) |
2024 | 2023 | |||
$m | ETR % | $m | ETR % | |
Profit before tax (being tax attributable to shareholders\u2019 and policyholders\u2019 | ||||
returns) | 3,239 | 2,272 | ||
Tax charge attributable to policyholders\u2019 returns note (i) | (286) | (175) | ||
Profit before tax attributable to shareholders' returns | 2,953 | 2,097 | ||
Tax charge at the expected rate | (585) | 20 % | (399) | 19 % |
Effects of recurring tax reconciliation items: | ||||
Income not taxable or taxable at concessionary rates note (ii) | 96 | (3) % | 80 | (4) % |
Deductions and losses not allowable for tax purposes note (iii) | (164) | 5 % | (136) | 6 % |
Items related to taxation of life insurance businesses note (iv) | 94 | (3) % | 137 | (7) % |
Deferred tax adjustments including unrecognised tax losses | 4 | 0 % | 13 | (1) % |
Effect of results of joint ventures and associates note (v) | 100 | (3) % | (38) | 2 % |
Irrecoverable withholding taxes note (vi) | (61) | 2 % | (63) | 3 % |
Other | 1 | 0 % | (2) | 1 % |
Total credit (charge) on recurring items | 70 | (2) % | (9) | 0 % |
Effects of non-recurring tax reconciliation items: | ||||
Adjustments to tax charge in relation to prior years | 7 | 0 % | 42 | (2) % |
Movements in provisions for open tax matters note (vii) | (8) | 0 % | (15) | 1 % |
Adjustments in relation to business disposals and corporate transactions | (22) | 0 % | (4) | 0 % |
Total (charge) credit on non-recurring items | (23) | 0 % | 23 | (1) % |
Tax charge attributable to shareholders' returns | (538) | (385) | ||
Tax charge attributable to policyholders\u2019 returns note (i) | (286) | (175) | ||
Tax charge attributable to shareholders' and policyholders' returns | (824) | (560) | ||
Profit before tax attributable to shareholders\u2019 returns analysed into: | ||||
Adjusted operating profit | 3,129 | 2,893 | ||
Non-operating result note (viii) | (176) | (796) | ||
Profit before tax attributable to shareholders' returns | 2,953 | 2,097 | ||
Tax charge attributable to shareholders' returns analysed into: | ||||
Tax charge on adjusted operating profit | (547) | (444) | ||
Tax credit on non-operating result note (viii) | 9 | 59 | ||
Tax charge attributable to shareholders' returns | (538) | (385) | ||
Actual tax rate on: | ||||
Adjusted operating profit: | ||||
Including non-recurring tax reconciling items note (ix) | 17 % | 15 % | ||
Excluding non-recurring tax reconciling items | 17 % | 16 % | ||
Profit before tax attributable to shareholders' returns note (ix) | 18 % | 18 % |
2024 $m | |
Balance at 1 Jan | (93) |
Movements in the current year included in tax charge attributable to shareholders | (8) |
Provisions utilised in the year | 13 |
Other movements (including interest arising on open tax matters and amounts included in the Group\u2019s share of profits from | |
joint ventures and associates, net of related tax) | (7) |
Balance at 31 Dec | (95) |
| 2024 % | ||||||||
Growth | Other | Total | ||||||
markets | (central) | attributable to | ||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | operations | shareholders | |
Tax rate on adjusted operating profit | 9 % | 19 % | 22 % | 14 % | 23 % | 10 % | (7)% | 17 % |
Tax rate on profit before tax | 10 % | 18 % | 22 % | 14 % | 23 % | 10 % | (11)% | 18 % |
| 2023 % | ||||||||
Growth | Other | Total | ||||||
markets | (central) | attributable to | ||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | operations | shareholders | |
Tax rate on adjusted operating profit | 7 % | 22 % | 22 % | 16 % | 20 % | 9 % | 2 % | 15 % |
Tax rate on profit before tax | 7 % | 22 % | 20 % | 16 % | 11 % | 9 % | 2 % | 18 % |
2024 $m | 2023 $m | |
Expenses attributed to insurance acquisition cash flows note (i) | 4,987 | 4,833 |
Other directly attributable expenses note (ii) | 1,328 | 1,258 |
Other expenditure note (iii) | 1,003 | 990 |
Total expenses | 7,318 | 7,081 |
2024 $m | 2023 $m | |
Hong Kong | 51 | 42 |
Indonesia | 12 | 11 |
Malaysia | 22 | 21 |
Singapore | 36 | 36 |
Growth markets and other | 372 | 369 |
Eastspring | 13 | 12 |
Total segment | 506 | 491 |
Unallocated to a segment (central operations) | 17 | 33 |
Total depreciation and amortisation | 523 | 524 |
2024 $m | 2023 $m | |
Wages and salaries | 1,119 | 1,079 |
Social security costs | 37 | 37 |
Defined contribution pension schemes | 54 | 46 |
Total Group | 1,210 | 1,162 |
2024 | 2023 | |
Asia and Africa operations note | 14,851 | 14,479 |
Head office function | 561 | 551 |
Total Group | 15,412 | 15,030 |
Share scheme | Description |
Prudential Global Long Term | The PG LTIP provides eligible employees with conditional awards. Awards are discretionary and vest |
Incentive Plan (PG LTIP) | after one, two or three years subject to the employee being in employment. Vesting of awards may |
also be subject to performance conditions. All awards are made in Prudential shares. In countries | |
where share awards are not feasible for reasons including securities and/or tax considerations, awards | |
will be replaced by the cash value of the shares that would otherwise have vested. | |
Prudential Agency Long-Term | Certain agents are eligible to be granted awards in Prudential shares under the Prudential Agency |
Incentive Plan (LTIP) | LTIP. These awards are structured in a similar way to the PG LTIP described above, with most awards |
granted with a three-year vesting period. | |
Restricted Share Plan (RSP) | The Company operates the RSP for certain employees. Awards under this plan are discretionary, and |
the vesting of awards may be subject to performance conditions. | |
Deferred bonus plans | The Company operates a number of deferred bonus plans including the Group Deferred Bonus Plan |
(GDBP) and the Prudential Deferred Bonus Plan. There are no performance conditions attached to | |
deferred share awards made under these arrangements. | |
Savings-related share option | Eligible agents in certain business units are able to participate in the International Savings-Related |
schemes | Share Option Scheme for Non-Employees. The plan is similar to the HMRC-approved Save As You Earn |
(SAYE) share option scheme in the UK which is open to eligible employees. | |
Share purchase plans | Eligible employees in the UK are invited to participate in the Company\u2019s HMRC-approved UK Share |
Incentive Plan. The plan allows the purchase of Prudential plc shares each month. Staff based in Asia | |
and Africa are eligible to participate in the Prudential All Employee Share Purchase Plan which is run in | |
a similar way. |
Awards outstanding under incentive | ||||||
Options outstanding under Sharesave and ISSOSNE schemes | plans | |||||
2024 | 2023 | 2024 | 2023 | |||
Weighted | Weighted | |||||
average | average | |||||
Number | exercise | Number | exercise | |||
of options | price | of options | price | Number of awards | ||
millions | \u00a3 | millions | \u00a3 | millions | ||
Balance at beginning of year | 1.7 | 9.5 | 1.9 | 10.4 | 14.3 | 21.0 |
Granted | 0.6 | 5.3 | 0.4 | 7.8 | 10.9 | 6.3 |
Exercised | (0.1) | 7.4 | (0.3) | 11.6 | (6.6) | (10.1) |
Forfeited | \u2013 | 7.6 | \u2013 | 7.8 | (0.5) | (1.7) |
Cancelled | (0.5) | 10.2 | (0.3) | 12.0 | \u2013 | (0.1) |
Lapsed/expired | \u2013 | 9.4 | \u2013 | 10.4 | (0.6) | (1.1) |
Balance at end of year | 1.7 | 7.8 | 1.7 | 9.5 | 17.5 | 14.3 |
Options immediately exercisable at end of year | 0.2 | 11.6 | 0.2 | 10.8 |
| Outstanding | Exercisable | |||||||||
Weighted average | ||||||||||
remaining | Weighted average | Weighted average | ||||||||
Number outstanding | contractual life | exercise prices | Number exercisable | exercise prices | ||||||
millions | years | \u00a3 | millions | \u00a3 | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Between \u00a35 and \u00a36 | 0.5 | \u2013 | 4.3 | \u2013 | 5.24 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Between \u00a37 and \u00a38 | 0.7 | 0.7 | 2.7 | 3.7 | 7.55 | 7.55 | \u2013 | \u2013 | \u2013 | \u2013 |
Between \u00a39 and \u00a310 | 0.1 | 0.3 | 1.4 | 1.4 | 9.64 | 9.64 | \u2013 | 0.1 | \u2013 | 9.64 |
Between \u00a311 and \u00a312 | 0.4 | 0.6 | 1.3 | 2.0 | 11.70 | 11.59 | 0.2 | \u2013 | 11.57 | \u2013 |
Between \u00a312 and \u00a313 | \u2013 | \u2013 | 0.6 | \u2013 | 12.02 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Between \u00a313 and \u00a314 | \u2013 | 0.1 | \u2013 | 0.4 | \u2013 | 13.94 | \u2013 | 0.1 | \u2013 | 13.94 |
Total | 1.7 | 1.7 | 2.8 | 2.6 | 7.84 | 9.50 | 0.2 | 0.2 | 11.57 | 10.82 |
| 2024 | 2023 | |||||
Sharesave and | Sharesave and | |||||
ISSOSNE | Prudential | Other | ISSOSNE | Prudential | Other | |
options | LTIP (TSR) | awards | options | LTIP (TSR) | awards | |
Dividend yield (%) | 2.08 | \u2013 | \u2013 | 1.38 | \u2013 | \u2013 |
Expected volatility (%) | 28.17 | 28.45 | \u2013 | 30.02 | 31.50 | \u2013 |
Risk-free interest rate (%) | 3.57 | 4.39 | \u2013 | 4.55 | 4.34 | \u2013 |
Expected option life (years) | 4.03 | \u2013 | \u2013 | 3.95 | \u2013 | \u2013 |
Weighted average exercise price (\u00a3) | \u00a35.24 | \u2013 | \u2013 | \u00a37.75 | \u2013 | \u2013 |
Weighted average share price at grant date (\u00a3/HKD) | \u00a37.16 | HKD 75.10 | \u2013 | \u00a38.89 | HKD 112.76 | \u2013 |
Weighted average fair value at grant date (\u00a3/HKD) | \u00a32.50 | HKD 29.29 | HKD 72.58 | \u00a32.85 | HKD 49.60 | HKD 111.97 |
2024 $m | 2023 $m | |
Salaries and short-term benefits (including fees paid to non-executive directors) | 24.6 | 27.0 |
Post-employment benefits | 1.3 | 1.0 |
Share-based payments note | 23.6 | 22.2 |
Total key management remuneration | 49.5 | 50.2 |
2024 $m | 2023 $m | |
Audit of the Company\u2019s annual accounts | 5.3 | 5.8 |
Audit of subsidiaries pursuant to legislation | 6.0 | 8.1 |
Audit fees payable to the auditor | 11.3 | 13.9 |
Audit-related assurance services note | 5.2 | 4.0 |
Other assurance services | 1.2 | 0.9 |
Non-audit fees payable to the auditor | 6.4 | 4.9 |
Total fees payable to the auditor | 17.7 | 18.8 |
2024 $m | 2023 $m | |
Hong Kong | (229) | (129) |
Indonesia | (37) | (43) |
Malaysia | (155) | (98) |
Singapore | (176) | (174) |
Growth markets and other | (158) | (103) |
Eastspring | (29) | (26) |
Total segment note (i) | (784) | (573) |
Unallocated to a segment (central operations) | (40) | 13 |
Total tax charge notes (i)(ii) | (824) | (560) |
2024 $m | 2023 $m | |
Current tax arising from: | ||
Corporation tax | (520) | (457) |
Adjustments in respect of prior years | (1) | 1 |
Pillar Two income taxes | \u2013 | \u2013 |
Total current tax charge | (521) | (456) |
Deferred tax arising from: | ||
Origination and reversal of temporary differences | (319) | (135) |
Adjustment in respect of a tax loss, tax credit or temporary difference from a prior year | 16 | 31 |
Total deferred tax charge | (303) | (104) |
Total tax charge | (824) | (560) |
2024 | 2023 | |||
$m | ETR % | $m | ETR % | |
Profit before tax (being tax attributable to shareholders\u2019 and policyholders\u2019 | ||||
returns) | 3,239 | 2,272 | ||
Tax charge attributable to policyholders\u2019 returns note (i) | (286) | (175) | ||
Profit before tax attributable to shareholders' returns | 2,953 | 2,097 | ||
Tax charge at the expected rate | (585) | 20 % | (399) | 19 % |
Effects of recurring tax reconciliation items: | ||||
Income not taxable or taxable at concessionary rates note (ii) | 96 | (3) % | 80 | (4) % |
Deductions and losses not allowable for tax purposes note (iii) | (164) | 5 % | (136) | 6 % |
Items related to taxation of life insurance businesses note (iv) | 94 | (3) % | 137 | (7) % |
Deferred tax adjustments including unrecognised tax losses | 4 | 0 % | 13 | (1) % |
Effect of results of joint ventures and associates note (v) | 100 | (3) % | (38) | 2 % |
Irrecoverable withholding taxes note (vi) | (61) | 2 % | (63) | 3 % |
Other | 1 | 0 % | (2) | 1 % |
Total credit (charge) on recurring items | 70 | (2) % | (9) | 0 % |
Effects of non-recurring tax reconciliation items: | ||||
Adjustments to tax charge in relation to prior years | 7 | 0 % | 42 | (2) % |
Movements in provisions for open tax matters note (vii) | (8) | 0 % | (15) | 1 % |
Adjustments in relation to business disposals and corporate transactions | (22) | 0 % | (4) | 0 % |
Total (charge) credit on non-recurring items | (23) | 0 % | 23 | (1) % |
Tax charge attributable to shareholders' returns | (538) | (385) | ||
Tax charge attributable to policyholders\u2019 returns note (i) | (286) | (175) | ||
Tax charge attributable to shareholders' and policyholders' returns | (824) | (560) | ||
Profit before tax attributable to shareholders\u2019 returns analysed into: | ||||
Adjusted operating profit | 3,129 | 2,893 | ||
Non-operating result note (viii) | (176) | (796) | ||
Profit before tax attributable to shareholders' returns | 2,953 | 2,097 | ||
Tax charge attributable to shareholders' returns analysed into: | ||||
Tax charge on adjusted operating profit | (547) | (444) | ||
Tax credit on non-operating result note (viii) | 9 | 59 | ||
Tax charge attributable to shareholders' returns | (538) | (385) | ||
Actual tax rate on: | ||||
Adjusted operating profit: | ||||
Including non-recurring tax reconciling items note (ix) | 17 % | 15 % | ||
Excluding non-recurring tax reconciling items | 17 % | 16 % | ||
Profit before tax attributable to shareholders' returns note (ix) | 18 % | 18 % |
2024 $m | |
Balance at 1 Jan | (93) |
Movements in the current year included in tax charge attributable to shareholders | (8) |
Provisions utilised in the year | 13 |
Other movements (including interest arising on open tax matters and amounts included in the Group\u2019s share of profits from | |
joint ventures and associates, net of related tax) | (7) |
Balance at 31 Dec | (95) |
| 2024 % | ||||||||
Growth | Other | Total | ||||||
markets | (central) | attributable to | ||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | operations | shareholders | |
Tax rate on adjusted operating profit | 9 % | 19 % | 22 % | 14 % | 23 % | 10 % | (7)% | 17 % |
Tax rate on profit before tax | 10 % | 18 % | 22 % | 14 % | 23 % | 10 % | (11)% | 18 % |
| 2023 % | ||||||||
Growth | Other | Total | ||||||
markets | (central) | attributable to | ||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | operations | shareholders | |
Tax rate on adjusted operating profit | 7 % | 22 % | 22 % | 16 % | 20 % | 9 % | 2 % | 15 % |
Tax rate on profit before tax | 7 % | 22 % | 20 % | 16 % | 11 % | 9 % | 2 % | 18 % |
2024 $m | 2023 $m | |
Hong Kong | 51 | 42 |
Indonesia | 12 | 11 |
Malaysia | 22 | 21 |
Singapore | 36 | 36 |
Growth markets and other | 372 | 369 |
Eastspring | 13 | 12 |
Total segment | 506 | 491 |
Unallocated to a segment (central operations) | 17 | 33 |
Total depreciation and amortisation | 523 | 524 |
2024 $m | 2023 $m | |
Wages and salaries | 1,119 | 1,079 |
Social security costs | 37 | 37 |
Defined contribution pension schemes | 54 | 46 |
Total Group | 1,210 | 1,162 |
2024 | 2023 | |
Asia and Africa operations note | 14,851 | 14,479 |
Head office function | 561 | 551 |
Total Group | 15,412 | 15,030 |
Share scheme | Description |
Prudential Global Long Term | The PG LTIP provides eligible employees with conditional awards. Awards are discretionary and vest |
Incentive Plan (PG LTIP) | after one, two or three years subject to the employee being in employment. Vesting of awards may |
also be subject to performance conditions. All awards are made in Prudential shares. In countries | |
where share awards are not feasible for reasons including securities and/or tax considerations, awards | |
will be replaced by the cash value of the shares that would otherwise have vested. | |
Prudential Agency Long-Term | Certain agents are eligible to be granted awards in Prudential shares under the Prudential Agency |
Incentive Plan (LTIP) | LTIP. These awards are structured in a similar way to the PG LTIP described above, with most awards |
granted with a three-year vesting period. | |
Restricted Share Plan (RSP) | The Company operates the RSP for certain employees. Awards under this plan are discretionary, and |
the vesting of awards may be subject to performance conditions. | |
Deferred bonus plans | The Company operates a number of deferred bonus plans including the Group Deferred Bonus Plan |
(GDBP) and the Prudential Deferred Bonus Plan. There are no performance conditions attached to | |
deferred share awards made under these arrangements. | |
Savings-related share option | Eligible agents in certain business units are able to participate in the International Savings-Related |
schemes | Share Option Scheme for Non-Employees. The plan is similar to the HMRC-approved Save As You Earn |
(SAYE) share option scheme in the UK which is open to eligible employees. | |
Share purchase plans | Eligible employees in the UK are invited to participate in the Company\u2019s HMRC-approved UK Share |
Incentive Plan. The plan allows the purchase of Prudential plc shares each month. Staff based in Asia | |
and Africa are eligible to participate in the Prudential All Employee Share Purchase Plan which is run in | |
a similar way. |
Awards outstanding under incentive | ||||||
Options outstanding under Sharesave and ISSOSNE schemes | plans | |||||
2024 | 2023 | 2024 | 2023 | |||
Weighted | Weighted | |||||
average | average | |||||
Number | exercise | Number | exercise | |||
of options | price | of options | price | Number of awards | ||
millions | \u00a3 | millions | \u00a3 | millions | ||
Balance at beginning of year | 1.7 | 9.5 | 1.9 | 10.4 | 14.3 | 21.0 |
Granted | 0.6 | 5.3 | 0.4 | 7.8 | 10.9 | 6.3 |
Exercised | (0.1) | 7.4 | (0.3) | 11.6 | (6.6) | (10.1) |
Forfeited | \u2013 | 7.6 | \u2013 | 7.8 | (0.5) | (1.7) |
Cancelled | (0.5) | 10.2 | (0.3) | 12.0 | \u2013 | (0.1) |
Lapsed/expired | \u2013 | 9.4 | \u2013 | 10.4 | (0.6) | (1.1) |
Balance at end of year | 1.7 | 7.8 | 1.7 | 9.5 | 17.5 | 14.3 |
Options immediately exercisable at end of year | 0.2 | 11.6 | 0.2 | 10.8 |
| Outstanding | Exercisable | |||||||||
Weighted average | ||||||||||
remaining | Weighted average | Weighted average | ||||||||
Number outstanding | contractual life | exercise prices | Number exercisable | exercise prices | ||||||
millions | years | \u00a3 | millions | \u00a3 | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Between \u00a35 and \u00a36 | 0.5 | \u2013 | 4.3 | \u2013 | 5.24 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Between \u00a37 and \u00a38 | 0.7 | 0.7 | 2.7 | 3.7 | 7.55 | 7.55 | \u2013 | \u2013 | \u2013 | \u2013 |
Between \u00a39 and \u00a310 | 0.1 | 0.3 | 1.4 | 1.4 | 9.64 | 9.64 | \u2013 | 0.1 | \u2013 | 9.64 |
Between \u00a311 and \u00a312 | 0.4 | 0.6 | 1.3 | 2.0 | 11.70 | 11.59 | 0.2 | \u2013 | 11.57 | \u2013 |
Between \u00a312 and \u00a313 | \u2013 | \u2013 | 0.6 | \u2013 | 12.02 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Between \u00a313 and \u00a314 | \u2013 | 0.1 | \u2013 | 0.4 | \u2013 | 13.94 | \u2013 | 0.1 | \u2013 | 13.94 |
Total | 1.7 | 1.7 | 2.8 | 2.6 | 7.84 | 9.50 | 0.2 | 0.2 | 11.57 | 10.82 |
| 2024 | 2023 | |||||
Sharesave and | Sharesave and | |||||
ISSOSNE | Prudential | Other | ISSOSNE | Prudential | Other | |
options | LTIP (TSR) | awards | options | LTIP (TSR) | awards | |
Dividend yield (%) | 2.08 | \u2013 | \u2013 | 1.38 | \u2013 | \u2013 |
Expected volatility (%) | 28.17 | 28.45 | \u2013 | 30.02 | 31.50 | \u2013 |
Risk-free interest rate (%) | 3.57 | 4.39 | \u2013 | 4.55 | 4.34 | \u2013 |
Expected option life (years) | 4.03 | \u2013 | \u2013 | 3.95 | \u2013 | \u2013 |
Weighted average exercise price (\u00a3) | \u00a35.24 | \u2013 | \u2013 | \u00a37.75 | \u2013 | \u2013 |
Weighted average share price at grant date (\u00a3/HKD) | \u00a37.16 | HKD 75.10 | \u2013 | \u00a38.89 | HKD 112.76 | \u2013 |
Weighted average fair value at grant date (\u00a3/HKD) | \u00a32.50 | HKD 29.29 | HKD 72.58 | \u00a32.85 | HKD 49.60 | HKD 111.97 |
2024 $m | 2023 $m | |
Salaries and short-term benefits (including fees paid to non-executive directors) | 24.6 | 27.0 |
Post-employment benefits | 1.3 | 1.0 |
Share-based payments note | 23.6 | 22.2 |
Total key management remuneration | 49.5 | 50.2 |
2024 $m | 2023 $m | |
Wages and salaries | 1,119 | 1,079 |
Social security costs | 37 | 37 |
Defined contribution pension schemes | 54 | 46 |
Total Group | 1,210 | 1,162 |
2024 | 2023 | |
Asia and Africa operations note | 14,851 | 14,479 |
Head office function | 561 | 551 |
Total Group | 15,412 | 15,030 |
Share scheme | Description |
Prudential Global Long Term | The PG LTIP provides eligible employees with conditional awards. Awards are discretionary and vest |
Incentive Plan (PG LTIP) | after one, two or three years subject to the employee being in employment. Vesting of awards may |
also be subject to performance conditions. All awards are made in Prudential shares. In countries | |
where share awards are not feasible for reasons including securities and/or tax considerations, awards | |
will be replaced by the cash value of the shares that would otherwise have vested. | |
Prudential Agency Long-Term | Certain agents are eligible to be granted awards in Prudential shares under the Prudential Agency |
Incentive Plan (LTIP) | LTIP. These awards are structured in a similar way to the PG LTIP described above, with most awards |
granted with a three-year vesting period. | |
Restricted Share Plan (RSP) | The Company operates the RSP for certain employees. Awards under this plan are discretionary, and |
the vesting of awards may be subject to performance conditions. | |
Deferred bonus plans | The Company operates a number of deferred bonus plans including the Group Deferred Bonus Plan |
(GDBP) and the Prudential Deferred Bonus Plan. There are no performance conditions attached to | |
deferred share awards made under these arrangements. | |
Savings-related share option | Eligible agents in certain business units are able to participate in the International Savings-Related |
schemes | Share Option Scheme for Non-Employees. The plan is similar to the HMRC-approved Save As You Earn |
(SAYE) share option scheme in the UK which is open to eligible employees. | |
Share purchase plans | Eligible employees in the UK are invited to participate in the Company\u2019s HMRC-approved UK Share |
Incentive Plan. The plan allows the purchase of Prudential plc shares each month. Staff based in Asia | |
and Africa are eligible to participate in the Prudential All Employee Share Purchase Plan which is run in | |
a similar way. |
Awards outstanding under incentive | ||||||
Options outstanding under Sharesave and ISSOSNE schemes | plans | |||||
2024 | 2023 | 2024 | 2023 | |||
Weighted | Weighted | |||||
average | average | |||||
Number | exercise | Number | exercise | |||
of options | price | of options | price | Number of awards | ||
millions | \u00a3 | millions | \u00a3 | millions | ||
Balance at beginning of year | 1.7 | 9.5 | 1.9 | 10.4 | 14.3 | 21.0 |
Granted | 0.6 | 5.3 | 0.4 | 7.8 | 10.9 | 6.3 |
Exercised | (0.1) | 7.4 | (0.3) | 11.6 | (6.6) | (10.1) |
Forfeited | \u2013 | 7.6 | \u2013 | 7.8 | (0.5) | (1.7) |
Cancelled | (0.5) | 10.2 | (0.3) | 12.0 | \u2013 | (0.1) |
Lapsed/expired | \u2013 | 9.4 | \u2013 | 10.4 | (0.6) | (1.1) |
Balance at end of year | 1.7 | 7.8 | 1.7 | 9.5 | 17.5 | 14.3 |
Options immediately exercisable at end of year | 0.2 | 11.6 | 0.2 | 10.8 |
| Outstanding | Exercisable | |||||||||
Weighted average | ||||||||||
remaining | Weighted average | Weighted average | ||||||||
Number outstanding | contractual life | exercise prices | Number exercisable | exercise prices | ||||||
millions | years | \u00a3 | millions | \u00a3 | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Between \u00a35 and \u00a36 | 0.5 | \u2013 | 4.3 | \u2013 | 5.24 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Between \u00a37 and \u00a38 | 0.7 | 0.7 | 2.7 | 3.7 | 7.55 | 7.55 | \u2013 | \u2013 | \u2013 | \u2013 |
Between \u00a39 and \u00a310 | 0.1 | 0.3 | 1.4 | 1.4 | 9.64 | 9.64 | \u2013 | 0.1 | \u2013 | 9.64 |
Between \u00a311 and \u00a312 | 0.4 | 0.6 | 1.3 | 2.0 | 11.70 | 11.59 | 0.2 | \u2013 | 11.57 | \u2013 |
Between \u00a312 and \u00a313 | \u2013 | \u2013 | 0.6 | \u2013 | 12.02 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Between \u00a313 and \u00a314 | \u2013 | 0.1 | \u2013 | 0.4 | \u2013 | 13.94 | \u2013 | 0.1 | \u2013 | 13.94 |
Total | 1.7 | 1.7 | 2.8 | 2.6 | 7.84 | 9.50 | 0.2 | 0.2 | 11.57 | 10.82 |
| 2024 | 2023 | |||||
Sharesave and | Sharesave and | |||||
ISSOSNE | Prudential | Other | ISSOSNE | Prudential | Other | |
options | LTIP (TSR) | awards | options | LTIP (TSR) | awards | |
Dividend yield (%) | 2.08 | \u2013 | \u2013 | 1.38 | \u2013 | \u2013 |
Expected volatility (%) | 28.17 | 28.45 | \u2013 | 30.02 | 31.50 | \u2013 |
Risk-free interest rate (%) | 3.57 | 4.39 | \u2013 | 4.55 | 4.34 | \u2013 |
Expected option life (years) | 4.03 | \u2013 | \u2013 | 3.95 | \u2013 | \u2013 |
Weighted average exercise price (\u00a3) | \u00a35.24 | \u2013 | \u2013 | \u00a37.75 | \u2013 | \u2013 |
Weighted average share price at grant date (\u00a3/HKD) | \u00a37.16 | HKD 75.10 | \u2013 | \u00a38.89 | HKD 112.76 | \u2013 |
Weighted average fair value at grant date (\u00a3/HKD) | \u00a32.50 | HKD 29.29 | HKD 72.58 | \u00a32.85 | HKD 49.60 | HKD 111.97 |
2024 $m | 2023 $m | |
Salaries and short-term benefits (including fees paid to non-executive directors) | 24.6 | 27.0 |
Post-employment benefits | 1.3 | 1.0 |
Share-based payments note | 23.6 | 22.2 |
Total key management remuneration | 49.5 | 50.2 |
2024 $m | 2023 $m | |
Salaries and short-term benefits (including fees paid to non-executive directors) | 24.6 | 27.0 |
Post-employment benefits | 1.3 | 1.0 |
Share-based payments note | 23.6 | 22.2 |
Total key management remuneration | 49.5 | 50.2 |
2024 $m | 2023 $m | |
Audit of the Company\u2019s annual accounts | 5.3 | 5.8 |
Audit of subsidiaries pursuant to legislation | 6.0 | 8.1 |
Audit fees payable to the auditor | 11.3 | 13.9 |
Audit-related assurance services note | 5.2 | 4.0 |
Other assurance services | 1.2 | 0.9 |
Non-audit fees payable to the auditor | 6.4 | 4.9 |
Total fees payable to the auditor | 17.7 | 18.8 |
2024 $m | 2023 $m | |
Hong Kong | (229) | (129) |
Indonesia | (37) | (43) |
Malaysia | (155) | (98) |
Singapore | (176) | (174) |
Growth markets and other | (158) | (103) |
Eastspring | (29) | (26) |
Total segment note (i) | (784) | (573) |
Unallocated to a segment (central operations) | (40) | 13 |
Total tax charge notes (i)(ii) | (824) | (560) |
2024 $m | 2023 $m | |
Current tax arising from: | ||
Corporation tax | (520) | (457) |
Adjustments in respect of prior years | (1) | 1 |
Pillar Two income taxes | \u2013 | \u2013 |
Total current tax charge | (521) | (456) |
Deferred tax arising from: | ||
Origination and reversal of temporary differences | (319) | (135) |
Adjustment in respect of a tax loss, tax credit or temporary difference from a prior year | 16 | 31 |
Total deferred tax charge | (303) | (104) |
Total tax charge | (824) | (560) |
2024 | 2023 | |||
$m | ETR % | $m | ETR % | |
Profit before tax (being tax attributable to shareholders\u2019 and policyholders\u2019 | ||||
returns) | 3,239 | 2,272 | ||
Tax charge attributable to policyholders\u2019 returns note (i) | (286) | (175) | ||
Profit before tax attributable to shareholders' returns | 2,953 | 2,097 | ||
Tax charge at the expected rate | (585) | 20 % | (399) | 19 % |
Effects of recurring tax reconciliation items: | ||||
Income not taxable or taxable at concessionary rates note (ii) | 96 | (3) % | 80 | (4) % |
Deductions and losses not allowable for tax purposes note (iii) | (164) | 5 % | (136) | 6 % |
Items related to taxation of life insurance businesses note (iv) | 94 | (3) % | 137 | (7) % |
Deferred tax adjustments including unrecognised tax losses | 4 | 0 % | 13 | (1) % |
Effect of results of joint ventures and associates note (v) | 100 | (3) % | (38) | 2 % |
Irrecoverable withholding taxes note (vi) | (61) | 2 % | (63) | 3 % |
Other | 1 | 0 % | (2) | 1 % |
Total credit (charge) on recurring items | 70 | (2) % | (9) | 0 % |
Effects of non-recurring tax reconciliation items: | ||||
Adjustments to tax charge in relation to prior years | 7 | 0 % | 42 | (2) % |
Movements in provisions for open tax matters note (vii) | (8) | 0 % | (15) | 1 % |
Adjustments in relation to business disposals and corporate transactions | (22) | 0 % | (4) | 0 % |
Total (charge) credit on non-recurring items | (23) | 0 % | 23 | (1) % |
Tax charge attributable to shareholders' returns | (538) | (385) | ||
Tax charge attributable to policyholders\u2019 returns note (i) | (286) | (175) | ||
Tax charge attributable to shareholders' and policyholders' returns | (824) | (560) | ||
Profit before tax attributable to shareholders\u2019 returns analysed into: | ||||
Adjusted operating profit | 3,129 | 2,893 | ||
Non-operating result note (viii) | (176) | (796) | ||
Profit before tax attributable to shareholders' returns | 2,953 | 2,097 | ||
Tax charge attributable to shareholders' returns analysed into: | ||||
Tax charge on adjusted operating profit | (547) | (444) | ||
Tax credit on non-operating result note (viii) | 9 | 59 | ||
Tax charge attributable to shareholders' returns | (538) | (385) | ||
Actual tax rate on: | ||||
Adjusted operating profit: | ||||
Including non-recurring tax reconciling items note (ix) | 17 % | 15 % | ||
Excluding non-recurring tax reconciling items | 17 % | 16 % | ||
Profit before tax attributable to shareholders' returns note (ix) | 18 % | 18 % |
2024 $m | |
Balance at 1 Jan | (93) |
Movements in the current year included in tax charge attributable to shareholders | (8) |
Provisions utilised in the year | 13 |
Other movements (including interest arising on open tax matters and amounts included in the Group\u2019s share of profits from | |
joint ventures and associates, net of related tax) | (7) |
Balance at 31 Dec | (95) |
| 2024 % | ||||||||
Growth | Other | Total | ||||||
markets | (central) | attributable to | ||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | operations | shareholders | |
Tax rate on adjusted operating profit | 9 % | 19 % | 22 % | 14 % | 23 % | 10 % | (7)% | 17 % |
Tax rate on profit before tax | 10 % | 18 % | 22 % | 14 % | 23 % | 10 % | (11)% | 18 % |
| 2023 % | ||||||||
Growth | Other | Total | ||||||
markets | (central) | attributable to | ||||||
Hong Kong | Indonesia | Malaysia | Singapore | and other | Eastspring | operations | shareholders | |
Tax rate on adjusted operating profit | 7 % | 22 % | 22 % | 16 % | 20 % | 9 % | 2 % | 15 % |
Tax rate on profit before tax | 7 % | 22 % | 20 % | 16 % | 11 % | 9 % | 2 % | 18 % |
| 2024 $m | ||||
Other | ||||
movements | ||||
Net deferred tax | including | |||
(assets) liabilities | Movement in | foreign | Net deferred tax | |
at | income | exchange | (assets) liabilities | |
1 Jan | statement | movements | at 31 Dec | |
Unrealised losses or gains on investments | 129 | 32 | (13) | 148 |
Balances relating to insurance and reinsurance contracts | 1,170 | 260 | (22) | 1,408 |
Short-term temporary differences | (94) | 28 | 6 | (60) |
Unused tax losses | (111) | (17) | 4 | (124) |
Net deferred tax liabilities | 1,094 | 303 | (25) | 1,372 |
| 2023 $m | ||||
Other | ||||
movements | ||||
including | ||||
Net deferred tax | Movement in | foreign | Net deferred tax | |
(assets) liabilities | income | exchange | (assets) liabilities | |
at 1 Jan | statement | movements | at 31 Dec | |
Unrealised losses or gains on investments | (129) | 268 | (10) | 129 |
Balances relating to insurance and reinsurance contracts | 1,255 | (87) | 2 | 1,170 |
Short-term temporary differences | (96) | 2 | \u2013 | (94) |
Unused tax losses | (31) | (79) | (1) | (111) |
Net deferred tax liabilities | 999 | 104 | (9) | 1,094 |
| 2024 | ||||||
Net of tax | ||||||
and non- | Basic | Diluted | ||||
Before | Non-controlling | controlling | earnings | earnings | ||
tax | Tax | interests | interests | per share | per share | |
$m | $m | $m | $m | cents | cents | |
Based on adjusted operating profit | 3,129 | (547) | (146) | 2,436 | 89.7\u00a2 | 89.6\u00a2 |
Short-term interest rate and other market fluctuations | (105) | 9 | (10) | (106) | (3.9)\u00a2 | (3.9)\u00a2 |
Loss attaching to corporate transactions | (71) | \u2013 | 26 | (45) | (1.7)\u00a2 | (1.7)\u00a2 |
Based on profit for the year | 2,953 | (538) | (130) | 2,285 | 84.1\u00a2 | 84.0\u00a2 |
| 2023 | ||||||
Net of tax | ||||||
and non- | Basic | Diluted | ||||
Before | Non-controlling | controlling | earnings | earnings | ||
tax | Tax | interests | interests | per share | per share | |
$m | $m | $m | $m | cents | cents | |
Based on adjusted operating profit | 2,893 | (444) | (11) | 2,438 | 89.0\u00a2 | 88.7\u00a2 |
Short-term interest rate and other market | ||||||
fluctuations | (774) | 59 | \u2013 | (715) | (26.1)\u00a2 | (26.0)\u00a2 |
Loss attaching to corporate transactions | (22) | \u2013 | \u2013 | (22) | (0.8)\u00a2 | (0.8)\u00a2 |
Based on profit for the year | 2,097 | (385) | (11) | 1,701 | 62.1\u00a2 | 61.9\u00a2 |
2024 | 2023 | |||
Cents per share | $m | Cents per share | $m | |
Dividends relating to reporting year: | ||||
First interim dividend | 6.84\u00a2 | 185 | 6.26\u00a2 | 172 |
Second interim dividend | 16.29\u00a2 | 433 * | 14.21\u00a2 | 392 |
Total relating to reporting year | 23.13\u00a2 | 618 | 20.47\u00a2 | 564 |
Dividends paid in reporting year: | ||||
Current year first interim dividend | 6.84\u00a2 | 185 | 6.26\u00a2 | 172 |
Second interim dividend for prior year | 14.21\u00a2 | 390 | 13.04\u00a2 | 361 |
Total paid in reporting year | 21.05\u00a2 | 575 | 19.30\u00a2 | 533 |
| 31 Dec 2024 $m | |||||||
| Asia and Africa | |||||||
| Insurance | |||||||
Funds with | |||||||
policyholder | Unit-linked | Unallocated | Group | ||||
participation | funds | Other | Eastspring | Total | to a segment | total | |
note (i) | |||||||
Debt securities | |||||||
Sovereign debt | |||||||
Indonesia | 453 | 573 | 642 | \u2013 | 1,668 | \u2013 | 1,668 |
Singapore | 2,265 | 738 | 932 | \u2013 | 3,935 | \u2013 | 3,935 |
Thailand | 3 | 3 | 2,580 | \u2013 | 2,586 | \u2013 | 2,586 |
United States | 14,851 | 71 | 433 | \u2013 | 15,355 | \u2013 | 15,355 |
Vietnam | 2,885 | 17 | 139 | \u2013 | 3,041 | \u2013 | 3,041 |
Other (predominantly Asia) | 4,192 | 685 | 1,589 | 2 | 6,468 | \u2013 | 6,468 |
Subtotal | 24,649 | 2,087 | 6,315 | 2 | 33,053 | \u2013 | 33,053 |
Other government bonds | |||||||
AAA | 1,617 | 119 | 112 | \u2013 | 1,848 | \u2013 | 1,848 |
AA+ to AA- | 124 | 16 | 23 | \u2013 | 163 | \u2013 | 163 |
A+ to A- | 643 | 82 | 268 | \u2013 | 993 | \u2013 | 993 |
BBB+ to BBB- | 189 | 45 | 80 | \u2013 | 314 | \u2013 | 314 |
Below BBB- and unrated | 354 | 6 | 48 | \u2013 | 408 | \u2013 | 408 |
Subtotal | 2,927 | 268 | 531 | \u2013 | 3,726 | \u2013 | 3,726 |
Corporate bonds | |||||||
AAA | 1,400 | 158 | 280 | \u2013 | 1,838 | \u2013 | 1,838 |
AA+ to AA- | 3,567 | 486 | 851 | \u2013 | 4,904 | \u2013 | 4,904 |
A+ to A- | 13,451 | 491 | 1,629 | \u2013 | 15,571 | 1 | 15,572 |
BBB+ to BBB- | 9,753 | 661 | 1,784 | \u2013 | 12,198 | 1 | 12,199 |
Below BBB- and unrated | 1,477 | 477 | 342 | \u2013 | 2,296 | \u2013 | 2,296 |
Subtotal | 29,648 | 2,273 | 4,886 | \u2013 | 36,807 | 2 | 36,809 |
Asset-backed securities | |||||||
AAA | 129 | 3 | 34 | \u2013 | 166 | \u2013 | 166 |
AA+ to AA- | 4 | \u2013 | 1 | \u2013 | 5 | \u2013 | 5 |
A+ to A- | 28 | \u2013 | 3 | \u2013 | 31 | \u2013 | 31 |
BBB+ to BBB- | 2 | \u2013 | 1 | \u2013 | 3 | \u2013 | 3 |
Below BBB- and unrated | 2 | 1 | 8 | \u2013 | 11 | \u2013 | 11 |
Subtotal | 165 | 4 | 47 | \u2013 | 216 | \u2013 | 216 |
Total debt securities notes (ii)(v) | 57,389 | 4,632 | 11,779 | 2 | 73,802 | 2 | 73,804 |
Loans | |||||||
Mortgage loans | 51 | \u2013 | 102 | \u2013 | 153 | \u2013 | 153 |
Other loans | 364 | \u2013 | \u2013 | \u2013 | 364 | \u2013 | 364 |
Total loans | 415 | \u2013 | 102 | \u2013 | 517 | \u2013 | 517 |
Equity securities and holdings in | |||||||
collective investment schemes | |||||||
Direct equities | 19,487 | 13,465 | 254 | 95 | 33,301 | \u2013 | 33,301 |
Collective investment schemes | 37,652 | 8,338 | 1,698 | 13 | 47,701 | \u2013 | 47,701 |
Total equity securities and holdings in | |||||||
collective investment schemes | 57,139 | 21,803 | 1,952 | 108 | 81,002 | \u2013 | 81,002 |
Other financial investments note (iii) | 2,240 | 260 | 2,118 | 93 | 4,711 | 1,150 | 5,861 |
Total financial investments note (iv) | 117,183 | 26,695 | 15,951 | 203 | 160,032 | 1,152 | 161,184 |
Investment properties | \u2013 | \u2013 | 3 | \u2013 | 3 | \u2013 | 3 |
Cash and cash equivalents | 1,396 | 564 | 1,225 | 142 | 3,327 | 2,445 | 5,772 |
Total investments | 118,579 | 27,259 | 17,179 | 345 | 163,362 | 3,597 | 166,959 |
| 31 Dec 2023 $m | |||||||
| Asia and Africa | |||||||
| Insurance | |||||||
Funds with | |||||||
policyholder | Unallocated | Group | |||||
participation | Unit-linked funds | Other | Eastspring | Total | to a segment | total | |
note (i) | |||||||
Debt securities | |||||||
Sovereign debt | |||||||
Indonesia | 393 | 611 | 525 | \u2013 | 1,529 | \u2013 | 1,529 |
Singapore | 3,006 | 607 | 929 | \u2013 | 4,542 | \u2013 | 4,542 |
Thailand | 2 | 4 | 1,957 | \u2013 | 1,963 | \u2013 | 1,963 |
United States | 23,552 | 84 | 2,351 | \u2013 | 25,987 | \u2013 | 25,987 |
Vietnam | 3,143 | 30 | 173 | \u2013 | 3,346 | \u2013 | 3,346 |
Other (predominantly Asia) | 4,375 | 669 | 1,819 | 28 | 6,891 | \u2013 | 6,891 |
Subtotal | 34,471 | 2,005 | 7,754 | 28 | 44,258 | \u2013 | 44,258 |
Other government bonds | |||||||
AAA | 1,533 | 94 | 119 | \u2013 | 1,746 | \u2013 | 1,746 |
AA+ to AA- | 120 | 17 | 29 | \u2013 | 166 | \u2013 | 166 |
A+ to A- | 689 | 95 | 239 | \u2013 | 1,023 | \u2013 | 1,023 |
BBB+ to BBB- | 271 | 57 | 56 | \u2013 | 384 | \u2013 | 384 |
Below BBB- and unrated | 502 | 11 | 63 | 2 | 578 | \u2013 | 578 |
Subtotal | 3,115 | 274 | 506 | 2 | 3,897 | \u2013 | 3,897 |
Corporate bonds | |||||||
AAA | 1,214 | 147 | 243 | \u2013 | 1,604 | \u2013 | 1,604 |
AA+ to AA- | 2,716 | 440 | 934 | \u2013 | 4,090 | \u2013 | 4,090 |
A+ to A- | 10,918 | 460 | 2,179 | \u2013 | 13,557 | 1 | 13,558 |
BBB+ to BBB- | 9,466 | 714 | 2,055 | \u2013 | 12,235 | 1 | 12,236 |
Below BBB- and unrated | 2,280 | 500 | 356 | \u2013 | 3,136 | \u2013 | 3,136 |
Subtotal | 26,594 | 2,261 | 5,767 | \u2013 | 34,622 | 2 | 34,624 |
Asset-backed securities | |||||||
AAA | 174 | 2 | 54 | \u2013 | 230 | \u2013 | 230 |
AA+ to AA- | 6 | \u2013 | 2 | \u2013 | 8 | \u2013 | 8 |
A+ to A- | 30 | \u2013 | 7 | \u2013 | 37 | \u2013 | 37 |
BBB+ to BBB- | 7 | \u2013 | 2 | \u2013 | 9 | \u2013 | 9 |
Below BBB- and unrated | \u2013 | 1 | \u2013 | \u2013 | 1 | \u2013 | 1 |
Subtotal | 217 | 3 | 65 | \u2013 | 285 | \u2013 | 285 |
Total debt securities notes (ii)(v) | 64,397 | 4,543 | 14,092 | 30 | 83,062 | 2 | 83,064 |
Loans | |||||||
Mortgage loans | 65 | \u2013 | 83 | \u2013 | 148 | \u2013 | 148 |
Other loans | 430 | \u2013 | \u2013 | \u2013 | 430 | \u2013 | 430 |
Total loans | 495 | \u2013 | 83 | \u2013 | 578 | \u2013 | 578 |
Equity securities and holdings in collective | |||||||
investment schemes | |||||||
Direct equities | 18,711 | 12,075 | 182 | 128 | 31,096 | \u2013 | 31,096 |
Collective investment schemes | 24,529 | 7,546 | 1,580 | 2 | 33,657 | \u2013 | 33,657 |
Total equity securities and holdings in collective | |||||||
investment schemes | 43,240 | 19,621 | 1,762 | 130 | 64,753 | \u2013 | 64,753 |
Other financial investments note (iii) | 2,893 | 396 | 1,707 | 101 | 5,097 | 2,628 | 7,725 |
Total financial investments note (iv) | 111,025 | 24,560 | 17,644 | 261 | 153,490 | 2,630 | 156,120 |
Investment properties | \u2013 | \u2013 | 39 | \u2013 | 39 | \u2013 | 39 |
Cash and cash equivalents | 1,054 | 647 | 1,287 | 173 | 3,161 | 1,590 | 4,751 |
Total investments | 112,079 | 25,207 | 18,970 | 434 | 156,690 | 4,220 | 160,910 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Debt securities held by consolidated investment funds | 10,409 | 11,116 |
| 31 Dec 2024 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Valuation based | Valuation based | |||
Quoted prices | on significant | on significant | ||
(unadjusted) | observable | unobservable | ||
in active markets | market inputs | market inputs | Total | |
note (iii) | ||||
Loans | \u2013 | 364 | \u2013 | 364 |
Equity securities and holdings in collective investment schemes | 72,574 | 5,311 | 3,117 | 81,002 |
Debt securities note (i) | 56,147 | 17,620 | 37 | 73,804 |
Derivative assets | 17 | 378 | \u2013 | 395 |
Derivative liabilities | (493) | (1,124) | \u2013 | (1,617) |
Total financial investments, net of derivative liabilities | 128,245 | 22,549 | 3,154 | 153,948 |
Investment contract liabilities without DPF note (ii) | \u2013 | (748) | \u2013 | (748) |
Net asset value attributable to unit holders of consolidated investment funds | (2,679) | \u2013 | \u2013 | (2,679) |
Total financial instruments at fair value | 125,566 | 21,801 | 3,154 | 150,521 |
Percentage of total (%) | 83 % | 15 % | 2 % | 100 % |
| 31 Dec 2023 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Valuation | Valuation | |||
based | based | |||
Quoted prices | on significant | on significant | ||
(unadjusted) | observable | unobservable | ||
in active markets | market inputs | market inputs | Total | |
note (iii) | ||||
Loans | \u2013 | 430 | \u2013 | 430 |
Equity securities and holdings in collective investment schemes | 56,327 | 5,562 | 2,864 | 64,753 |
Debt securities note (i) | 64,004 | 19,020 | 40 | 83,064 |
Derivative assets | 1,460 | 395 | \u2013 | 1,855 |
Derivative liabilities | (58) | (180) | \u2013 | (238) |
Total financial investments, net of derivative liabilities | 121,733 | 25,227 | 2,904 | 149,864 |
Investment contract liabilities without DPF note (ii) | \u2013 | (769) | \u2013 | (769) |
Net asset value attributable to unit holders of consolidated investment funds | (2,711) | \u2013 | \u2013 | (2,711) |
Total financial instruments at fair value | 119,022 | 24,458 | 2,904 | 146,384 |
Percentage of total (%) | 81% | 17% | 2% | 100% |
| 2024 $m | ||||
Equity securities | ||||
and holdings in | ||||
collective | ||||
investment | Debt | |||
Loans | schemes | securities | Group total | |
Balance at 1 Jan | \u2013 | 2,864 | 40 | 2,904 |
Total gain (loss) in income statement note | \u2013 | (84) | 3 | (81) |
Total loss recorded in other comprehensive income | \u2013 | (31) | (1) | (32) |
Purchases and other additions | \u2013 | 462 | 2 | 464 |
Sales | \u2013 | (94) | (7) | (101) |
Balance at 31 Dec | \u2013 | 3,117 | 37 | 3,154 |
| 2023 $m | ||||
Equity securities | ||||
and holdings in | ||||
collective | ||||
investment | Debt | |||
Loans | schemes | securities | Group total | |
Balance at 1 Jan | 3 | 824 | 38 | 865 |
Total gains in income statement note | \u2013 | 25 | 2 | 27 |
Total gains recorded in other comprehensive income | \u2013 | 6 | \u2013 | 6 |
Purchases and other additions | \u2013 | 524 | \u2013 | 524 |
Sales | (3) | (4) | \u2013 | (7) |
Transfers into level 3 | \u2013 | 1,489 | \u2013 | 1,489 |
Balance at 31 Dec | \u2013 | 2,864 | 40 | 2,904 |
2024 $m | 2023 $m | |
Equity securities and holdings in collective investment schemes | (146) | 27 |
Debt securities | 3 | 2 |
Net unrealised (loss) gains of financial instruments still held at the end of the year | (143) | 29 |
31 Dec 2024 $m | 31 Dec 2023 $m | |||
Carrying | Fair | Carrying | Fair | |
value | value | value | value | |
note (iii) | note (iii) | |||
Financial assets | ||||
Loans note (i) | 153 | 163 | 148 | 179 |
Financial liabilities | ||||
Core structural borrowings of shareholder-financed businesses note (ii) | (3,925) | (3,694) | (3,933) | (3,659) |
Operational borrowings (excluding lease liabilities) note (i) | (540) | (540) | (707) | (707) |
Obligations under funding, securities lending and sale and repurchase | ||||
agreements note (i) | (272) | (272) | (716) | (716) |
Net financial liabilities at amortised cost | (4,584) | (4,343) | (5,208) | (4,903) |
Financial instruments | Classification under IFRS 9 |
Financial assets | |
Loans | Amortised cost (31 Dec 2024: $153 million; 31 Dec 2023: $148 million) |
Mandatorily at FVTPL (31 Dec 2024: $364 million; 31 Dec 2023: | |
$430 million) | |
Equity securities and portfolio holdings in collective investment | Mandatorily at FVTPL |
schemes | |
Debt securities | Mandatorily at FVTPL |
Derivative assets | Mandatorily at FVTPL |
Accrued investment income | Amortised cost |
Deposits | Amortised cost |
Cash and cash equivalents | Amortised cost |
Other debtors | Amortised cost |
Financial liabilities | |
Investment contract liabilities without DPF | Mandatorily at FVTPL |
Derivative liabilities | Mandatorily at FVTPL |
Core structural borrowings of shareholder-financed businesses | Amortised cost |
Operational borrowings | Amortised cost |
Obligations under funding, securities lending and sale and | Amortised cost |
repurchase agreements | |
Net asset value attributable to unit holders of consolidated | Designated at FVTPL |
investment funds note | |
Other liabilities | Amortised cost |
| 31 Dec 2024 $m | ||||||||||
| Contractual maturity profile for financial liabilities | ||||||||||
Total | Total | |||||||||
carrying | 1 year | 1-2 | 2-5 | 5-10 | 10-15 | 15-20 | Over 20 | No stated | undiscounted | |
value | or less | years | years | years | years | years | years | maturity | cash flows | |
Investment contracts without DPF note | 748 | 186 | 9 | 69 | 114 | 19 | 7 | 4 | 360 | 768 |
Core structural borrowings of | ||||||||||
shareholder-financed businesses | 3,925 | 125 | 125 | 678 | 3,111 | \u2013 | \u2013 | \u2013 | 750 | 4,789 |
Lease liabilities under IFRS 16 | 257 | 84 | 71 | 111 | 18 | \u2013 | \u2013 | \u2013 | \u2013 | 284 |
Other operational borrowings | 540 | 540 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 540 |
Obligations under funding, securities | ||||||||||
lending and sale and repurchase | ||||||||||
agreements | 272 | 272 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 272 |
Accruals, deferred income and other | ||||||||||
liabilities | 2,848 | 2,641 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 265 | 2,906 |
Net asset value attributable to unit | ||||||||||
holders of consolidated investment | ||||||||||
funds | 2,679 | 2,679 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,679 |
Total non-derivative financial | ||||||||||
liabilities | 11,269 | 6,527 | 205 | 858 | 3,243 | 19 | 7 | 4 | 1,375 | 12,238 |
| 31 Dec 2023 $m | ||||||||||
| Contractual maturity profile for financial liabilities | ||||||||||
Total | Total | |||||||||
carrying | 1 year | 1-2 | 2-5 | 5-10 | 10-15 | 15-20 | Over 20 | No stated | undiscounted | |
value | or less | years | years | years | years | years | years | maturity | cash flows | |
Investment contracts without DPF note | 769 | 155 | 169 | 68 | 149 | 24 | 9 | 5 | 273 | 852 |
Core structural borrowings of | ||||||||||
shareholder-financed businesses | 3,933 | 126 | 126 | 379 | 3,555 | \u2013 | \u2013 | \u2013 | 750 | 4,936 |
Lease liabilities under IFRS 16 | 234 | 76 | 62 | 86 | 25 | 2 | \u2013 | \u2013 | \u2013 | 251 |
Other operational borrowings | 707 | 707 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 707 |
Obligations under funding, securities | ||||||||||
lending and sale and repurchase | ||||||||||
agreements | 716 | 716 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 716 |
Accruals, deferred income and other | ||||||||||
liabilities | 4,035 | 3,845 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 190 | 4,035 |
Net asset value attributable to unit | ||||||||||
holders of consolidated investment | ||||||||||
funds | 2,711 | 2,711 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,711 |
Total non-derivative financial | ||||||||||
liabilities | 13,105 | 8,336 | 357 | 533 | 3,729 | 26 | 9 | 5 | 1,213 | 14,208 |
Carrying value of net derivatives $m | |||
Net | |||
Derivative | Derivative | derivative | |
assets | liabilities | position | |
31 Dec 2024 | 395 | (1,617) | (1,222) |
31 Dec 2023 | 1,855 | (238) | 1,617 |
| 31 Dec 2024 $m | |||||
Related amounts not offset in the balance sheet | |||||
Gross amount | Net amount | ||||
included in the | Financial | Securities | included in the | ||
balance sheet | instruments | Cash collateral | collateral | balance sheet | |
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 376 | (106) | (267) | \u2013 | 3 |
Reverse repurchase agreements | 2,868 | \u2013 | \u2013 | (2,868) | \u2013 |
Total financial assets | 3,244 | (106) | (267) | (2,868) | 3 |
Derivative liabilities | (1,597) | 106 | 512 | 927 | (52) |
Securities lending and repurchase agreements | (272) | \u2013 | 43 | 228 | (1) |
Total financial liabilities | (1,869) | 106 | 555 | 1,155 | (53) |
| 31 Dec 2023 $m | |||||
Related amounts not offset in the balance sheet | |||||
Gross amount | Net amount | ||||
included in the | Financial | Securities | included in the | ||
balance sheet | instruments | Cash collateral | collateral | balance sheet | |
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 1,820 | (138) | (1,529) | (11) | 142 |
Reverse repurchase agreements | 3,616 | (12) | \u2013 | (3,604) | \u2013 |
Total financial assets | 5,436 | (150) | (1,529) | (3,615) | 142 |
Derivative liabilities | (225) | 138 | 57 | \u2013 | (30) |
Securities lending and repurchase agreements | (713) | \u2013 | (18) | 730 | (1) |
Total financial liabilities | (938) | 138 | 39 | 730 | (31) |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Total accrued investment income, primarily interest receivable | 902 | 1,003 |
Other debtors | 1,310 | 1,161 |
Total accrued investment income and other debtors | 2,212 | 2,164 |
Analysed as: | ||
Expected to be settled within one year | 2,162 | 2,048 |
Expected to be settled beyond one year | 50 | 116 |
Total accrued investment income and other debtors | 2,212 | 2,164 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Total accrued investment income, primarily interest receivable | 902 | 1,003 |
Other debtors | 1,310 | 1,161 |
Total accrued investment income and other debtors | 2,212 | 2,164 |
Analysed as: | ||
Expected to be settled within one year | 2,162 | 2,048 |
Expected to be settled beyond one year | 50 | 116 |
Total accrued investment income and other debtors | 2,212 | 2,164 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Accruals and deferred income | 238 | 244 |
Interest payable | 35 | 35 |
Other creditors | 2,575 | 3,756 |
Total accruals, deferred income and other creditors | 2,848 | 4,035 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Accruals and deferred income | 238 | 244 |
Interest payable | 35 | 35 |
Other creditors | 2,575 | 3,756 |
Total accruals, deferred income and other creditors | 2,848 | 4,035 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Accruals and deferred income | 238 | 244 |
Interest payable | 35 | 35 |
Other creditors | 2,575 | 3,756 |
Total accruals, deferred income and other creditors | 2,848 | 4,035 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Cash | 1,923 | 1,964 |
Cash equivalents | 3,849 | 2,787 |
Total cash and cash equivalents | 5,772 | 4,751 |
Analysed as: | ||
Held by the Group\u2019s holding and non-regulated entities and available for general use | 2,445 | 1,590 |
Other funds not available for general use by the Group, including funds held for the benefit of policyholders | 3,327 | 3,161 |
Total cash and cash equivalents | 5,772 | 4,751 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Cash | 1,923 | 1,964 |
Cash equivalents | 3,849 | 2,787 |
Total cash and cash equivalents | 5,772 | 4,751 |
Analysed as: | ||
Held by the Group\u2019s holding and non-regulated entities and available for general use | 2,445 | 1,590 |
Other funds not available for general use by the Group, including funds held for the benefit of policyholders | 3,327 | 3,161 |
Total cash and cash equivalents | 5,772 | 4,751 |
2024 $m | 2023 $m | |
Balance at 1 Jan | 224 | 206 |
Charge (credit) to income statement: | ||
Additional provisions | 136 | 198 |
Unused amounts released | (4) | (10) |
Utilisation during the year | (133) | (172) |
Exchange differences | (5) | 2 |
Balance at 31 Dec | 218 | 224 |
| 31 Dec 2024 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Valuation based | Valuation based | |||
Quoted prices | on significant | on significant | ||
(unadjusted) | observable | unobservable | ||
in active markets | market inputs | market inputs | Total | |
note (iii) | ||||
Loans | \u2013 | 364 | \u2013 | 364 |
Equity securities and holdings in collective investment schemes | 72,574 | 5,311 | 3,117 | 81,002 |
Debt securities note (i) | 56,147 | 17,620 | 37 | 73,804 |
Derivative assets | 17 | 378 | \u2013 | 395 |
Derivative liabilities | (493) | (1,124) | \u2013 | (1,617) |
Total financial investments, net of derivative liabilities | 128,245 | 22,549 | 3,154 | 153,948 |
Investment contract liabilities without DPF note (ii) | \u2013 | (748) | \u2013 | (748) |
Net asset value attributable to unit holders of consolidated investment funds | (2,679) | \u2013 | \u2013 | (2,679) |
Total financial instruments at fair value | 125,566 | 21,801 | 3,154 | 150,521 |
Percentage of total (%) | 83 % | 15 % | 2 % | 100 % |
| 31 Dec 2023 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Valuation | Valuation | |||
based | based | |||
Quoted prices | on significant | on significant | ||
(unadjusted) | observable | unobservable | ||
in active markets | market inputs | market inputs | Total | |
note (iii) | ||||
Loans | \u2013 | 430 | \u2013 | 430 |
Equity securities and holdings in collective investment schemes | 56,327 | 5,562 | 2,864 | 64,753 |
Debt securities note (i) | 64,004 | 19,020 | 40 | 83,064 |
Derivative assets | 1,460 | 395 | \u2013 | 1,855 |
Derivative liabilities | (58) | (180) | \u2013 | (238) |
Total financial investments, net of derivative liabilities | 121,733 | 25,227 | 2,904 | 149,864 |
Investment contract liabilities without DPF note (ii) | \u2013 | (769) | \u2013 | (769) |
Net asset value attributable to unit holders of consolidated investment funds | (2,711) | \u2013 | \u2013 | (2,711) |
Total financial instruments at fair value | 119,022 | 24,458 | 2,904 | 146,384 |
Percentage of total (%) | 81% | 17% | 2% | 100% |
| 2024 $m | ||||
Equity securities | ||||
and holdings in | ||||
collective | ||||
investment | Debt | |||
Loans | schemes | securities | Group total | |
Balance at 1 Jan | \u2013 | 2,864 | 40 | 2,904 |
Total gain (loss) in income statement note | \u2013 | (84) | 3 | (81) |
Total loss recorded in other comprehensive income | \u2013 | (31) | (1) | (32) |
Purchases and other additions | \u2013 | 462 | 2 | 464 |
Sales | \u2013 | (94) | (7) | (101) |
Balance at 31 Dec | \u2013 | 3,117 | 37 | 3,154 |
| 2023 $m | ||||
Equity securities | ||||
and holdings in | ||||
collective | ||||
investment | Debt | |||
Loans | schemes | securities | Group total | |
Balance at 1 Jan | 3 | 824 | 38 | 865 |
Total gains in income statement note | \u2013 | 25 | 2 | 27 |
Total gains recorded in other comprehensive income | \u2013 | 6 | \u2013 | 6 |
Purchases and other additions | \u2013 | 524 | \u2013 | 524 |
Sales | (3) | (4) | \u2013 | (7) |
Transfers into level 3 | \u2013 | 1,489 | \u2013 | 1,489 |
Balance at 31 Dec | \u2013 | 2,864 | 40 | 2,904 |
2024 $m | 2023 $m | |
Equity securities and holdings in collective investment schemes | (146) | 27 |
Debt securities | 3 | 2 |
Net unrealised (loss) gains of financial instruments still held at the end of the year | (143) | 29 |
31 Dec 2024 $m | 31 Dec 2023 $m | |||
Carrying | Fair | Carrying | Fair | |
value | value | value | value | |
note (iii) | note (iii) | |||
Financial assets | ||||
Loans note (i) | 153 | 163 | 148 | 179 |
Financial liabilities | ||||
Core structural borrowings of shareholder-financed businesses note (ii) | (3,925) | (3,694) | (3,933) | (3,659) |
Operational borrowings (excluding lease liabilities) note (i) | (540) | (540) | (707) | (707) |
Obligations under funding, securities lending and sale and repurchase | ||||
agreements note (i) | (272) | (272) | (716) | (716) |
Net financial liabilities at amortised cost | (4,584) | (4,343) | (5,208) | (4,903) |
Financial instruments | Classification under IFRS 9 |
Financial assets | |
Loans | Amortised cost (31 Dec 2024: $153 million; 31 Dec 2023: $148 million) |
Mandatorily at FVTPL (31 Dec 2024: $364 million; 31 Dec 2023: | |
$430 million) | |
Equity securities and portfolio holdings in collective investment | Mandatorily at FVTPL |
schemes | |
Debt securities | Mandatorily at FVTPL |
Derivative assets | Mandatorily at FVTPL |
Accrued investment income | Amortised cost |
Deposits | Amortised cost |
Cash and cash equivalents | Amortised cost |
Other debtors | Amortised cost |
Financial liabilities | |
Investment contract liabilities without DPF | Mandatorily at FVTPL |
Derivative liabilities | Mandatorily at FVTPL |
Core structural borrowings of shareholder-financed businesses | Amortised cost |
Operational borrowings | Amortised cost |
Obligations under funding, securities lending and sale and | Amortised cost |
repurchase agreements | |
Net asset value attributable to unit holders of consolidated | Designated at FVTPL |
investment funds note | |
Other liabilities | Amortised cost |
| 31 Dec 2024 $m | ||||||||||
| Contractual maturity profile for financial liabilities | ||||||||||
Total | Total | |||||||||
carrying | 1 year | 1-2 | 2-5 | 5-10 | 10-15 | 15-20 | Over 20 | No stated | undiscounted | |
value | or less | years | years | years | years | years | years | maturity | cash flows | |
Investment contracts without DPF note | 748 | 186 | 9 | 69 | 114 | 19 | 7 | 4 | 360 | 768 |
Core structural borrowings of | ||||||||||
shareholder-financed businesses | 3,925 | 125 | 125 | 678 | 3,111 | \u2013 | \u2013 | \u2013 | 750 | 4,789 |
Lease liabilities under IFRS 16 | 257 | 84 | 71 | 111 | 18 | \u2013 | \u2013 | \u2013 | \u2013 | 284 |
Other operational borrowings | 540 | 540 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 540 |
Obligations under funding, securities | ||||||||||
lending and sale and repurchase | ||||||||||
agreements | 272 | 272 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 272 |
Accruals, deferred income and other | ||||||||||
liabilities | 2,848 | 2,641 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 265 | 2,906 |
Net asset value attributable to unit | ||||||||||
holders of consolidated investment | ||||||||||
funds | 2,679 | 2,679 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,679 |
Total non-derivative financial | ||||||||||
liabilities | 11,269 | 6,527 | 205 | 858 | 3,243 | 19 | 7 | 4 | 1,375 | 12,238 |
| 31 Dec 2023 $m | ||||||||||
| Contractual maturity profile for financial liabilities | ||||||||||
Total | Total | |||||||||
carrying | 1 year | 1-2 | 2-5 | 5-10 | 10-15 | 15-20 | Over 20 | No stated | undiscounted | |
value | or less | years | years | years | years | years | years | maturity | cash flows | |
Investment contracts without DPF note | 769 | 155 | 169 | 68 | 149 | 24 | 9 | 5 | 273 | 852 |
Core structural borrowings of | ||||||||||
shareholder-financed businesses | 3,933 | 126 | 126 | 379 | 3,555 | \u2013 | \u2013 | \u2013 | 750 | 4,936 |
Lease liabilities under IFRS 16 | 234 | 76 | 62 | 86 | 25 | 2 | \u2013 | \u2013 | \u2013 | 251 |
Other operational borrowings | 707 | 707 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 707 |
Obligations under funding, securities | ||||||||||
lending and sale and repurchase | ||||||||||
agreements | 716 | 716 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 716 |
Accruals, deferred income and other | ||||||||||
liabilities | 4,035 | 3,845 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 190 | 4,035 |
Net asset value attributable to unit | ||||||||||
holders of consolidated investment | ||||||||||
funds | 2,711 | 2,711 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,711 |
Total non-derivative financial | ||||||||||
liabilities | 13,105 | 8,336 | 357 | 533 | 3,729 | 26 | 9 | 5 | 1,213 | 14,208 |
Carrying value of net derivatives $m | |||
Net | |||
Derivative | Derivative | derivative | |
assets | liabilities | position | |
31 Dec 2024 | 395 | (1,617) | (1,222) |
31 Dec 2023 | 1,855 | (238) | 1,617 |
| 31 Dec 2024 $m | |||||
Related amounts not offset in the balance sheet | |||||
Gross amount | Net amount | ||||
included in the | Financial | Securities | included in the | ||
balance sheet | instruments | Cash collateral | collateral | balance sheet | |
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 376 | (106) | (267) | \u2013 | 3 |
Reverse repurchase agreements | 2,868 | \u2013 | \u2013 | (2,868) | \u2013 |
Total financial assets | 3,244 | (106) | (267) | (2,868) | 3 |
Derivative liabilities | (1,597) | 106 | 512 | 927 | (52) |
Securities lending and repurchase agreements | (272) | \u2013 | 43 | 228 | (1) |
Total financial liabilities | (1,869) | 106 | 555 | 1,155 | (53) |
| 31 Dec 2023 $m | |||||
Related amounts not offset in the balance sheet | |||||
Gross amount | Net amount | ||||
included in the | Financial | Securities | included in the | ||
balance sheet | instruments | Cash collateral | collateral | balance sheet | |
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 1,820 | (138) | (1,529) | (11) | 142 |
Reverse repurchase agreements | 3,616 | (12) | \u2013 | (3,604) | \u2013 |
Total financial assets | 5,436 | (150) | (1,529) | (3,615) | 142 |
Derivative liabilities | (225) | 138 | 57 | \u2013 | (30) |
Securities lending and repurchase agreements | (713) | \u2013 | (18) | 730 | (1) |
Total financial liabilities | (938) | 138 | 39 | 730 | (31) |
| 31 Dec 2024 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Valuation based | Valuation based | |||
Quoted prices | on significant | on significant | ||
(unadjusted) | observable | unobservable | ||
in active markets | market inputs | market inputs | Total | |
note (iii) | ||||
Loans | \u2013 | 364 | \u2013 | 364 |
Equity securities and holdings in collective investment schemes | 72,574 | 5,311 | 3,117 | 81,002 |
Debt securities note (i) | 56,147 | 17,620 | 37 | 73,804 |
Derivative assets | 17 | 378 | \u2013 | 395 |
Derivative liabilities | (493) | (1,124) | \u2013 | (1,617) |
Total financial investments, net of derivative liabilities | 128,245 | 22,549 | 3,154 | 153,948 |
Investment contract liabilities without DPF note (ii) | \u2013 | (748) | \u2013 | (748) |
Net asset value attributable to unit holders of consolidated investment funds | (2,679) | \u2013 | \u2013 | (2,679) |
Total financial instruments at fair value | 125,566 | 21,801 | 3,154 | 150,521 |
Percentage of total (%) | 83 % | 15 % | 2 % | 100 % |
| 31 Dec 2023 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Valuation | Valuation | |||
based | based | |||
Quoted prices | on significant | on significant | ||
(unadjusted) | observable | unobservable | ||
in active markets | market inputs | market inputs | Total | |
note (iii) | ||||
Loans | \u2013 | 430 | \u2013 | 430 |
Equity securities and holdings in collective investment schemes | 56,327 | 5,562 | 2,864 | 64,753 |
Debt securities note (i) | 64,004 | 19,020 | 40 | 83,064 |
Derivative assets | 1,460 | 395 | \u2013 | 1,855 |
Derivative liabilities | (58) | (180) | \u2013 | (238) |
Total financial investments, net of derivative liabilities | 121,733 | 25,227 | 2,904 | 149,864 |
Investment contract liabilities without DPF note (ii) | \u2013 | (769) | \u2013 | (769) |
Net asset value attributable to unit holders of consolidated investment funds | (2,711) | \u2013 | \u2013 | (2,711) |
Total financial instruments at fair value | 119,022 | 24,458 | 2,904 | 146,384 |
Percentage of total (%) | 81% | 17% | 2% | 100% |
| 2024 $m | ||||
Equity securities | ||||
and holdings in | ||||
collective | ||||
investment | Debt | |||
Loans | schemes | securities | Group total | |
Balance at 1 Jan | \u2013 | 2,864 | 40 | 2,904 |
Total gain (loss) in income statement note | \u2013 | (84) | 3 | (81) |
Total loss recorded in other comprehensive income | \u2013 | (31) | (1) | (32) |
Purchases and other additions | \u2013 | 462 | 2 | 464 |
Sales | \u2013 | (94) | (7) | (101) |
Balance at 31 Dec | \u2013 | 3,117 | 37 | 3,154 |
| 2023 $m | ||||
Equity securities | ||||
and holdings in | ||||
collective | ||||
investment | Debt | |||
Loans | schemes | securities | Group total | |
Balance at 1 Jan | 3 | 824 | 38 | 865 |
Total gains in income statement note | \u2013 | 25 | 2 | 27 |
Total gains recorded in other comprehensive income | \u2013 | 6 | \u2013 | 6 |
Purchases and other additions | \u2013 | 524 | \u2013 | 524 |
Sales | (3) | (4) | \u2013 | (7) |
Transfers into level 3 | \u2013 | 1,489 | \u2013 | 1,489 |
Balance at 31 Dec | \u2013 | 2,864 | 40 | 2,904 |
2024 $m | 2023 $m | |
Equity securities and holdings in collective investment schemes | (146) | 27 |
Debt securities | 3 | 2 |
Net unrealised (loss) gains of financial instruments still held at the end of the year | (143) | 29 |
31 Dec 2024 $m | 31 Dec 2023 $m | |||
Carrying | Fair | Carrying | Fair | |
value | value | value | value | |
note (iii) | note (iii) | |||
Financial assets | ||||
Loans note (i) | 153 | 163 | 148 | 179 |
Financial liabilities | ||||
Core structural borrowings of shareholder-financed businesses note (ii) | (3,925) | (3,694) | (3,933) | (3,659) |
Operational borrowings (excluding lease liabilities) note (i) | (540) | (540) | (707) | (707) |
Obligations under funding, securities lending and sale and repurchase | ||||
agreements note (i) | (272) | (272) | (716) | (716) |
Net financial liabilities at amortised cost | (4,584) | (4,343) | (5,208) | (4,903) |
Financial instruments | Classification under IFRS 9 |
Financial assets | |
Loans | Amortised cost (31 Dec 2024: $153 million; 31 Dec 2023: $148 million) |
Mandatorily at FVTPL (31 Dec 2024: $364 million; 31 Dec 2023: | |
$430 million) | |
Equity securities and portfolio holdings in collective investment | Mandatorily at FVTPL |
schemes | |
Debt securities | Mandatorily at FVTPL |
Derivative assets | Mandatorily at FVTPL |
Accrued investment income | Amortised cost |
Deposits | Amortised cost |
Cash and cash equivalents | Amortised cost |
Other debtors | Amortised cost |
Financial liabilities | |
Investment contract liabilities without DPF | Mandatorily at FVTPL |
Derivative liabilities | Mandatorily at FVTPL |
Core structural borrowings of shareholder-financed businesses | Amortised cost |
Operational borrowings | Amortised cost |
Obligations under funding, securities lending and sale and | Amortised cost |
repurchase agreements | |
Net asset value attributable to unit holders of consolidated | Designated at FVTPL |
investment funds note | |
Other liabilities | Amortised cost |
| 31 Dec 2024 $m | ||||||||||
| Contractual maturity profile for financial liabilities | ||||||||||
Total | Total | |||||||||
carrying | 1 year | 1-2 | 2-5 | 5-10 | 10-15 | 15-20 | Over 20 | No stated | undiscounted | |
value | or less | years | years | years | years | years | years | maturity | cash flows | |
Investment contracts without DPF note | 748 | 186 | 9 | 69 | 114 | 19 | 7 | 4 | 360 | 768 |
Core structural borrowings of | ||||||||||
shareholder-financed businesses | 3,925 | 125 | 125 | 678 | 3,111 | \u2013 | \u2013 | \u2013 | 750 | 4,789 |
Lease liabilities under IFRS 16 | 257 | 84 | 71 | 111 | 18 | \u2013 | \u2013 | \u2013 | \u2013 | 284 |
Other operational borrowings | 540 | 540 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 540 |
Obligations under funding, securities | ||||||||||
lending and sale and repurchase | ||||||||||
agreements | 272 | 272 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 272 |
Accruals, deferred income and other | ||||||||||
liabilities | 2,848 | 2,641 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 265 | 2,906 |
Net asset value attributable to unit | ||||||||||
holders of consolidated investment | ||||||||||
funds | 2,679 | 2,679 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,679 |
Total non-derivative financial | ||||||||||
liabilities | 11,269 | 6,527 | 205 | 858 | 3,243 | 19 | 7 | 4 | 1,375 | 12,238 |
| 31 Dec 2023 $m | ||||||||||
| Contractual maturity profile for financial liabilities | ||||||||||
Total | Total | |||||||||
carrying | 1 year | 1-2 | 2-5 | 5-10 | 10-15 | 15-20 | Over 20 | No stated | undiscounted | |
value | or less | years | years | years | years | years | years | maturity | cash flows | |
Investment contracts without DPF note | 769 | 155 | 169 | 68 | 149 | 24 | 9 | 5 | 273 | 852 |
Core structural borrowings of | ||||||||||
shareholder-financed businesses | 3,933 | 126 | 126 | 379 | 3,555 | \u2013 | \u2013 | \u2013 | 750 | 4,936 |
Lease liabilities under IFRS 16 | 234 | 76 | 62 | 86 | 25 | 2 | \u2013 | \u2013 | \u2013 | 251 |
Other operational borrowings | 707 | 707 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 707 |
Obligations under funding, securities | ||||||||||
lending and sale and repurchase | ||||||||||
agreements | 716 | 716 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 716 |
Accruals, deferred income and other | ||||||||||
liabilities | 4,035 | 3,845 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 190 | 4,035 |
Net asset value attributable to unit | ||||||||||
holders of consolidated investment | ||||||||||
funds | 2,711 | 2,711 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,711 |
Total non-derivative financial | ||||||||||
liabilities | 13,105 | 8,336 | 357 | 533 | 3,729 | 26 | 9 | 5 | 1,213 | 14,208 |
Carrying value of net derivatives $m | |||
Net | |||
Derivative | Derivative | derivative | |
assets | liabilities | position | |
31 Dec 2024 | 395 | (1,617) | (1,222) |
31 Dec 2023 | 1,855 | (238) | 1,617 |
| 31 Dec 2024 $m | |||||
Related amounts not offset in the balance sheet | |||||
Gross amount | Net amount | ||||
included in the | Financial | Securities | included in the | ||
balance sheet | instruments | Cash collateral | collateral | balance sheet | |
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 376 | (106) | (267) | \u2013 | 3 |
Reverse repurchase agreements | 2,868 | \u2013 | \u2013 | (2,868) | \u2013 |
Total financial assets | 3,244 | (106) | (267) | (2,868) | 3 |
Derivative liabilities | (1,597) | 106 | 512 | 927 | (52) |
Securities lending and repurchase agreements | (272) | \u2013 | 43 | 228 | (1) |
Total financial liabilities | (1,869) | 106 | 555 | 1,155 | (53) |
| 31 Dec 2023 $m | |||||
Related amounts not offset in the balance sheet | |||||
Gross amount | Net amount | ||||
included in the | Financial | Securities | included in the | ||
balance sheet | instruments | Cash collateral | collateral | balance sheet | |
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 1,820 | (138) | (1,529) | (11) | 142 |
Reverse repurchase agreements | 3,616 | (12) | \u2013 | (3,604) | \u2013 |
Total financial assets | 5,436 | (150) | (1,529) | (3,615) | 142 |
Derivative liabilities | (225) | 138 | 57 | \u2013 | (30) |
Securities lending and repurchase agreements | (713) | \u2013 | (18) | 730 | (1) |
Total financial liabilities | (938) | 138 | 39 | 730 | (31) |
| 31 Dec 2024 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Valuation based | Valuation based | |||
Quoted prices | on significant | on significant | ||
(unadjusted) | observable | unobservable | ||
in active markets | market inputs | market inputs | Total | |
note (iii) | ||||
Loans | \u2013 | 364 | \u2013 | 364 |
Equity securities and holdings in collective investment schemes | 72,574 | 5,311 | 3,117 | 81,002 |
Debt securities note (i) | 56,147 | 17,620 | 37 | 73,804 |
Derivative assets | 17 | 378 | \u2013 | 395 |
Derivative liabilities | (493) | (1,124) | \u2013 | (1,617) |
Total financial investments, net of derivative liabilities | 128,245 | 22,549 | 3,154 | 153,948 |
Investment contract liabilities without DPF note (ii) | \u2013 | (748) | \u2013 | (748) |
Net asset value attributable to unit holders of consolidated investment funds | (2,679) | \u2013 | \u2013 | (2,679) |
Total financial instruments at fair value | 125,566 | 21,801 | 3,154 | 150,521 |
Percentage of total (%) | 83 % | 15 % | 2 % | 100 % |
| 31 Dec 2023 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Valuation | Valuation | |||
based | based | |||
Quoted prices | on significant | on significant | ||
(unadjusted) | observable | unobservable | ||
in active markets | market inputs | market inputs | Total | |
note (iii) | ||||
Loans | \u2013 | 430 | \u2013 | 430 |
Equity securities and holdings in collective investment schemes | 56,327 | 5,562 | 2,864 | 64,753 |
Debt securities note (i) | 64,004 | 19,020 | 40 | 83,064 |
Derivative assets | 1,460 | 395 | \u2013 | 1,855 |
Derivative liabilities | (58) | (180) | \u2013 | (238) |
Total financial investments, net of derivative liabilities | 121,733 | 25,227 | 2,904 | 149,864 |
Investment contract liabilities without DPF note (ii) | \u2013 | (769) | \u2013 | (769) |
Net asset value attributable to unit holders of consolidated investment funds | (2,711) | \u2013 | \u2013 | (2,711) |
Total financial instruments at fair value | 119,022 | 24,458 | 2,904 | 146,384 |
Percentage of total (%) | 81% | 17% | 2% | 100% |
Carrying value of net derivatives $m | |||
Net | |||
Derivative | Derivative | derivative | |
assets | liabilities | position | |
31 Dec 2024 | 395 | (1,617) | (1,222) |
31 Dec 2023 | 1,855 | (238) | 1,617 |
| 31 Dec 2024 $m | |||||
Related amounts not offset in the balance sheet | |||||
Gross amount | Net amount | ||||
included in the | Financial | Securities | included in the | ||
balance sheet | instruments | Cash collateral | collateral | balance sheet | |
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 376 | (106) | (267) | \u2013 | 3 |
Reverse repurchase agreements | 2,868 | \u2013 | \u2013 | (2,868) | \u2013 |
Total financial assets | 3,244 | (106) | (267) | (2,868) | 3 |
Derivative liabilities | (1,597) | 106 | 512 | 927 | (52) |
Securities lending and repurchase agreements | (272) | \u2013 | 43 | 228 | (1) |
Total financial liabilities | (1,869) | 106 | 555 | 1,155 | (53) |
| 31 Dec 2023 $m | |||||
Related amounts not offset in the balance sheet | |||||
Gross amount | Net amount | ||||
included in the | Financial | Securities | included in the | ||
balance sheet | instruments | Cash collateral | collateral | balance sheet | |
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 1,820 | (138) | (1,529) | (11) | 142 |
Reverse repurchase agreements | 3,616 | (12) | \u2013 | (3,604) | \u2013 |
Total financial assets | 5,436 | (150) | (1,529) | (3,615) | 142 |
Derivative liabilities | (225) | 138 | 57 | \u2013 | (30) |
Securities lending and repurchase agreements | (713) | \u2013 | (18) | 730 | (1) |
Total financial liabilities | (938) | 138 | 39 | 730 | (31) |
| 31 Dec 2024 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Valuation based | Valuation based | |||
Quoted prices | on significant | on significant | ||
(unadjusted) | observable | unobservable | ||
in active markets | market inputs | market inputs | Total | |
note (iii) | ||||
Loans | \u2013 | 364 | \u2013 | 364 |
Equity securities and holdings in collective investment schemes | 72,574 | 5,311 | 3,117 | 81,002 |
Debt securities note (i) | 56,147 | 17,620 | 37 | 73,804 |
Derivative assets | 17 | 378 | \u2013 | 395 |
Derivative liabilities | (493) | (1,124) | \u2013 | (1,617) |
Total financial investments, net of derivative liabilities | 128,245 | 22,549 | 3,154 | 153,948 |
Investment contract liabilities without DPF note (ii) | \u2013 | (748) | \u2013 | (748) |
Net asset value attributable to unit holders of consolidated investment funds | (2,679) | \u2013 | \u2013 | (2,679) |
Total financial instruments at fair value | 125,566 | 21,801 | 3,154 | 150,521 |
Percentage of total (%) | 83 % | 15 % | 2 % | 100 % |
| 31 Dec 2023 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Valuation | Valuation | |||
based | based | |||
Quoted prices | on significant | on significant | ||
(unadjusted) | observable | unobservable | ||
in active markets | market inputs | market inputs | Total | |
note (iii) | ||||
Loans | \u2013 | 430 | \u2013 | 430 |
Equity securities and holdings in collective investment schemes | 56,327 | 5,562 | 2,864 | 64,753 |
Debt securities note (i) | 64,004 | 19,020 | 40 | 83,064 |
Derivative assets | 1,460 | 395 | \u2013 | 1,855 |
Derivative liabilities | (58) | (180) | \u2013 | (238) |
Total financial investments, net of derivative liabilities | 121,733 | 25,227 | 2,904 | 149,864 |
Investment contract liabilities without DPF note (ii) | \u2013 | (769) | \u2013 | (769) |
Net asset value attributable to unit holders of consolidated investment funds | (2,711) | \u2013 | \u2013 | (2,711) |
Total financial instruments at fair value | 119,022 | 24,458 | 2,904 | 146,384 |
Percentage of total (%) | 81% | 17% | 2% | 100% |
Carrying value of net derivatives $m | |||
Net | |||
Derivative | Derivative | derivative | |
assets | liabilities | position | |
31 Dec 2024 | 395 | (1,617) | (1,222) |
31 Dec 2023 | 1,855 | (238) | 1,617 |
| 31 Dec 2024 $m | |||||
Related amounts not offset in the balance sheet | |||||
Gross amount | Net amount | ||||
included in the | Financial | Securities | included in the | ||
balance sheet | instruments | Cash collateral | collateral | balance sheet | |
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 376 | (106) | (267) | \u2013 | 3 |
Reverse repurchase agreements | 2,868 | \u2013 | \u2013 | (2,868) | \u2013 |
Total financial assets | 3,244 | (106) | (267) | (2,868) | 3 |
Derivative liabilities | (1,597) | 106 | 512 | 927 | (52) |
Securities lending and repurchase agreements | (272) | \u2013 | 43 | 228 | (1) |
Total financial liabilities | (1,869) | 106 | 555 | 1,155 | (53) |
| 31 Dec 2023 $m | |||||
Related amounts not offset in the balance sheet | |||||
Gross amount | Net amount | ||||
included in the | Financial | Securities | included in the | ||
balance sheet | instruments | Cash collateral | collateral | balance sheet | |
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 1,820 | (138) | (1,529) | (11) | 142 |
Reverse repurchase agreements | 3,616 | (12) | \u2013 | (3,604) | \u2013 |
Total financial assets | 5,436 | (150) | (1,529) | (3,615) | 142 |
Derivative liabilities | (225) | 138 | 57 | \u2013 | (30) |
Securities lending and repurchase agreements | (713) | \u2013 | (18) | 730 | (1) |
Total financial liabilities | (938) | 138 | 39 | 730 | (31) |
| 31 Dec 2024 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Valuation based | Valuation based | |||
Quoted prices | on significant | on significant | ||
(unadjusted) | observable | unobservable | ||
in active markets | market inputs | market inputs | Total | |
note (iii) | ||||
Loans | \u2013 | 364 | \u2013 | 364 |
Equity securities and holdings in collective investment schemes | 72,574 | 5,311 | 3,117 | 81,002 |
Debt securities note (i) | 56,147 | 17,620 | 37 | 73,804 |
Derivative assets | 17 | 378 | \u2013 | 395 |
Derivative liabilities | (493) | (1,124) | \u2013 | (1,617) |
Total financial investments, net of derivative liabilities | 128,245 | 22,549 | 3,154 | 153,948 |
Investment contract liabilities without DPF note (ii) | \u2013 | (748) | \u2013 | (748) |
Net asset value attributable to unit holders of consolidated investment funds | (2,679) | \u2013 | \u2013 | (2,679) |
Total financial instruments at fair value | 125,566 | 21,801 | 3,154 | 150,521 |
Percentage of total (%) | 83 % | 15 % | 2 % | 100 % |
| 31 Dec 2023 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Valuation | Valuation | |||
based | based | |||
Quoted prices | on significant | on significant | ||
(unadjusted) | observable | unobservable | ||
in active markets | market inputs | market inputs | Total | |
note (iii) | ||||
Loans | \u2013 | 430 | \u2013 | 430 |
Equity securities and holdings in collective investment schemes | 56,327 | 5,562 | 2,864 | 64,753 |
Debt securities note (i) | 64,004 | 19,020 | 40 | 83,064 |
Derivative assets | 1,460 | 395 | \u2013 | 1,855 |
Derivative liabilities | (58) | (180) | \u2013 | (238) |
Total financial investments, net of derivative liabilities | 121,733 | 25,227 | 2,904 | 149,864 |
Investment contract liabilities without DPF note (ii) | \u2013 | (769) | \u2013 | (769) |
Net asset value attributable to unit holders of consolidated investment funds | (2,711) | \u2013 | \u2013 | (2,711) |
Total financial instruments at fair value | 119,022 | 24,458 | 2,904 | 146,384 |
Percentage of total (%) | 81% | 17% | 2% | 100% |
| 31 Dec 2024 $m | ||||||||||
| Contractual maturity profile for financial liabilities | ||||||||||
Total | Total | |||||||||
carrying | 1 year | 1-2 | 2-5 | 5-10 | 10-15 | 15-20 | Over 20 | No stated | undiscounted | |
value | or less | years | years | years | years | years | years | maturity | cash flows | |
Investment contracts without DPF note | 748 | 186 | 9 | 69 | 114 | 19 | 7 | 4 | 360 | 768 |
Core structural borrowings of | ||||||||||
shareholder-financed businesses | 3,925 | 125 | 125 | 678 | 3,111 | \u2013 | \u2013 | \u2013 | 750 | 4,789 |
Lease liabilities under IFRS 16 | 257 | 84 | 71 | 111 | 18 | \u2013 | \u2013 | \u2013 | \u2013 | 284 |
Other operational borrowings | 540 | 540 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 540 |
Obligations under funding, securities | ||||||||||
lending and sale and repurchase | ||||||||||
agreements | 272 | 272 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 272 |
Accruals, deferred income and other | ||||||||||
liabilities | 2,848 | 2,641 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 265 | 2,906 |
Net asset value attributable to unit | ||||||||||
holders of consolidated investment | ||||||||||
funds | 2,679 | 2,679 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,679 |
Total non-derivative financial | ||||||||||
liabilities | 11,269 | 6,527 | 205 | 858 | 3,243 | 19 | 7 | 4 | 1,375 | 12,238 |
| 31 Dec 2023 $m | ||||||||||
| Contractual maturity profile for financial liabilities | ||||||||||
Total | Total | |||||||||
carrying | 1 year | 1-2 | 2-5 | 5-10 | 10-15 | 15-20 | Over 20 | No stated | undiscounted | |
value | or less | years | years | years | years | years | years | maturity | cash flows | |
Investment contracts without DPF note | 769 | 155 | 169 | 68 | 149 | 24 | 9 | 5 | 273 | 852 |
Core structural borrowings of | ||||||||||
shareholder-financed businesses | 3,933 | 126 | 126 | 379 | 3,555 | \u2013 | \u2013 | \u2013 | 750 | 4,936 |
Lease liabilities under IFRS 16 | 234 | 76 | 62 | 86 | 25 | 2 | \u2013 | \u2013 | \u2013 | 251 |
Other operational borrowings | 707 | 707 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 707 |
Obligations under funding, securities | ||||||||||
lending and sale and repurchase | ||||||||||
agreements | 716 | 716 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 716 |
Accruals, deferred income and other | ||||||||||
liabilities | 4,035 | 3,845 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 190 | 4,035 |
Net asset value attributable to unit | ||||||||||
holders of consolidated investment | ||||||||||
funds | 2,711 | 2,711 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,711 |
Total non-derivative financial | ||||||||||
liabilities | 13,105 | 8,336 | 357 | 533 | 3,729 | 26 | 9 | 5 | 1,213 | 14,208 |
| 31 Dec 2024 $m | ||||||||||
| Contractual maturity profile for financial liabilities | ||||||||||
Total | Total | |||||||||
carrying | 1 year | 1-2 | 2-5 | 5-10 | 10-15 | 15-20 | Over 20 | No stated | undiscounted | |
value | or less | years | years | years | years | years | years | maturity | cash flows | |
Investment contracts without DPF note | 748 | 186 | 9 | 69 | 114 | 19 | 7 | 4 | 360 | 768 |
Core structural borrowings of | ||||||||||
shareholder-financed businesses | 3,925 | 125 | 125 | 678 | 3,111 | \u2013 | \u2013 | \u2013 | 750 | 4,789 |
Lease liabilities under IFRS 16 | 257 | 84 | 71 | 111 | 18 | \u2013 | \u2013 | \u2013 | \u2013 | 284 |
Other operational borrowings | 540 | 540 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 540 |
Obligations under funding, securities | ||||||||||
lending and sale and repurchase | ||||||||||
agreements | 272 | 272 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 272 |
Accruals, deferred income and other | ||||||||||
liabilities | 2,848 | 2,641 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 265 | 2,906 |
Net asset value attributable to unit | ||||||||||
holders of consolidated investment | ||||||||||
funds | 2,679 | 2,679 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,679 |
Total non-derivative financial | ||||||||||
liabilities | 11,269 | 6,527 | 205 | 858 | 3,243 | 19 | 7 | 4 | 1,375 | 12,238 |
| 31 Dec 2023 $m | ||||||||||
| Contractual maturity profile for financial liabilities | ||||||||||
Total | Total | |||||||||
carrying | 1 year | 1-2 | 2-5 | 5-10 | 10-15 | 15-20 | Over 20 | No stated | undiscounted | |
value | or less | years | years | years | years | years | years | maturity | cash flows | |
Investment contracts without DPF note | 769 | 155 | 169 | 68 | 149 | 24 | 9 | 5 | 273 | 852 |
Core structural borrowings of | ||||||||||
shareholder-financed businesses | 3,933 | 126 | 126 | 379 | 3,555 | \u2013 | \u2013 | \u2013 | 750 | 4,936 |
Lease liabilities under IFRS 16 | 234 | 76 | 62 | 86 | 25 | 2 | \u2013 | \u2013 | \u2013 | 251 |
Other operational borrowings | 707 | 707 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 707 |
Obligations under funding, securities | ||||||||||
lending and sale and repurchase | ||||||||||
agreements | 716 | 716 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 716 |
Accruals, deferred income and other | ||||||||||
liabilities | 4,035 | 3,845 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 190 | 4,035 |
Net asset value attributable to unit | ||||||||||
holders of consolidated investment | ||||||||||
funds | 2,711 | 2,711 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,711 |
Total non-derivative financial | ||||||||||
liabilities | 13,105 | 8,336 | 357 | 533 | 3,729 | 26 | 9 | 5 | 1,213 | 14,208 |
Carrying value of net derivatives $m | |||
Net | |||
Derivative | Derivative | derivative | |
assets | liabilities | position | |
31 Dec 2024 | 395 | (1,617) | (1,222) |
31 Dec 2023 | 1,855 | (238) | 1,617 |
| 31 Dec 2024 $m | ||||||||||
| Contractual maturity profile for financial liabilities | ||||||||||
Total | Total | |||||||||
carrying | 1 year | 1-2 | 2-5 | 5-10 | 10-15 | 15-20 | Over 20 | No stated | undiscounted | |
value | or less | years | years | years | years | years | years | maturity | cash flows | |
Investment contracts without DPF note | 748 | 186 | 9 | 69 | 114 | 19 | 7 | 4 | 360 | 768 |
Core structural borrowings of | ||||||||||
shareholder-financed businesses | 3,925 | 125 | 125 | 678 | 3,111 | \u2013 | \u2013 | \u2013 | 750 | 4,789 |
Lease liabilities under IFRS 16 | 257 | 84 | 71 | 111 | 18 | \u2013 | \u2013 | \u2013 | \u2013 | 284 |
Other operational borrowings | 540 | 540 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 540 |
Obligations under funding, securities | ||||||||||
lending and sale and repurchase | ||||||||||
agreements | 272 | 272 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 272 |
Accruals, deferred income and other | ||||||||||
liabilities | 2,848 | 2,641 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 265 | 2,906 |
Net asset value attributable to unit | ||||||||||
holders of consolidated investment | ||||||||||
funds | 2,679 | 2,679 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,679 |
Total non-derivative financial | ||||||||||
liabilities | 11,269 | 6,527 | 205 | 858 | 3,243 | 19 | 7 | 4 | 1,375 | 12,238 |
| 31 Dec 2023 $m | ||||||||||
| Contractual maturity profile for financial liabilities | ||||||||||
Total | Total | |||||||||
carrying | 1 year | 1-2 | 2-5 | 5-10 | 10-15 | 15-20 | Over 20 | No stated | undiscounted | |
value | or less | years | years | years | years | years | years | maturity | cash flows | |
Investment contracts without DPF note | 769 | 155 | 169 | 68 | 149 | 24 | 9 | 5 | 273 | 852 |
Core structural borrowings of | ||||||||||
shareholder-financed businesses | 3,933 | 126 | 126 | 379 | 3,555 | \u2013 | \u2013 | \u2013 | 750 | 4,936 |
Lease liabilities under IFRS 16 | 234 | 76 | 62 | 86 | 25 | 2 | \u2013 | \u2013 | \u2013 | 251 |
Other operational borrowings | 707 | 707 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 707 |
Obligations under funding, securities | ||||||||||
lending and sale and repurchase | ||||||||||
agreements | 716 | 716 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 716 |
Accruals, deferred income and other | ||||||||||
liabilities | 4,035 | 3,845 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 190 | 4,035 |
Net asset value attributable to unit | ||||||||||
holders of consolidated investment | ||||||||||
funds | 2,711 | 2,711 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,711 |
Total non-derivative financial | ||||||||||
liabilities | 13,105 | 8,336 | 357 | 533 | 3,729 | 26 | 9 | 5 | 1,213 | 14,208 |
31 Dec 2024 $m | 31 Dec 2023 $m | |||
Change in local currency to $ exchange rates | Decrease of 5% | Increase of 5% | Decrease of 5% | Increase of 5% |
Profit after tax for the year | 102 | (92) | 72 | (65) |
Shareholders\u2019 equity | 624 | (565) | 595 | (538) |
Base values | 2024 $m | 2023 $m |
Profit after tax for the year for the Group | 2,415 | 1,712 |
Group shareholders\u2019 equity as at 31 Dec | 17,492 | 17,823 |
CSM as at 31 Dec including JVs and associates | 21,960 | 21,012 |
31 Dec 2024 $m | 31 Dec 2023 $m | |||
Interest rates and consequential effects | Decrease of 0.5% | Increase of 1% | Decrease of 0.5% | Increase of 1% |
Increase (decrease) to shareholders\u2019 equity: | ||||
Financial assets note | 7,690 | (13,462) | 6,815 | (12,004) |
Net insurance contract liabilities (including CSM) note | (7,324) | 12,474 | (7,332) | 12,191 |
Net effect on shareholders' equity | 348 | (878) | (328) | 24 |
Increase (decrease) to profit after tax: | ||||
Net effect on profit after tax | 380 | (940) | (328) | 24 |
Increase (decrease) to CSM liability: | ||||
CSM note | 395 | (975) | 358 | (880) |
31 Dec 2024 $m | 31 Dec 2023 $m | |||
Equity/property market values | Decrease of 20% | Increase of 10% | Decrease of 20% | Increase of 10% |
Increase (decrease) to shareholders\u2019 equity: | ||||
Financial assets note | (14,133) | 7,075 | (13,359) | 6,681 |
Net insurance contract liabilities (including CSM) note | 13,132 | (6,628) | 12,288 | (6,254) |
Net effect on shareholders' equity | (689) | 302 | (822) | 327 |
Increase (decrease) to profit after tax: | ||||
Net effect on profit after tax | (738) | 325 | (822) | 327 |
Increase (decrease) to CSM liability: | ||||
CSM note | (1,479) | 651 | (1,392) | 618 |
| 2024 $m | ||||
Net effect on shareholders\u2019 equity | ||||
and profit after tax attributable to | ||||
equity holders | Net effect on CSM | |||
Gross of | Net of | Gross of | Net of | |
Sensitivity to insurance risk: | reinsurance | reinsurance | reinsurance | reinsurance |
Maintenance expenses \u2013 10% increase | (73) | (72) | (422) | (424) |
Lapse rates \u2013 10% increase | (97) | (72) | (1,435) | (1,593) |
Mortality and morbidity \u2013 5% increase | (110) | (108) | (689) | (269) |
| 2023 $m | ||||
Net effect on shareholders\u2019 equity | ||||
and profit after tax attributable to | ||||
equity holders | Net effect on CSM | |||
Gross of | Net of | Gross of | Net of | |
Sensitivity to insurance risk: | reinsurance | reinsurance | reinsurance | reinsurance |
Maintenance expenses \u2013 10% increase | (77) | (71) | (420) | (427) |
Lapse rates \u2013 10% increase | (88) | (76) | (1,363) | (1,496) |
Mortality and morbidity \u2013 5% increase | (131) | (96) | (638) | (261) |
| Excluding JVs and associates $m | Including JVs and associates $m | |||||||||||
Assets | Liabilities | Net liabilities (assets) | Assets | Liabilities | Net liabilities (assets) | |||||||
Insurance | RI | Insurance | RI | Insurance | RI | Insurance | RI | Insurance | RI | Insurance | RI | |
note (i) | note (i) | note (i) | note (i) | note (ii) | note (i) | note (i) | note (i) | note (i) | note (ii) | |||
As at 31 Dec 2024 | ||||||||||||
Best estimate liabilities (BEL) | 4,566 | 2,624 127,942 | 423 123,376 | (2,201) | 4,799 | 2,783 148,867 | 461 144,068 | (2,322) | ||||
Risk adjustment for non- | ||||||||||||
financial risk (RA) | (791) | 99 | 1,655 | (44) | 2,446 | (143) | (803) | 128 | 1,940 | (47) | 2,743 | (175) |
Contractual service margin | ||||||||||||
(CSM) | (2,462) | 667 | 17,968 | 157 | 20,430 | (510) | (2,599) | 645 | 19,862 | 144 | 22,461 | (501) |
Insurance contract balances notes | ||||||||||||
C3.2 C3.3 | 1,313 | 3,390 147,565 | 536 146,252 | (2,854) | 1,397 | 3,556 170,669 | 558 169,272 | (2,998) | ||||
Assets for insurance acquisition | ||||||||||||
cash flows | 32 | \u2013 | 1 | \u2013 | (31) | \u2013 | 32 | \u2013 | 1 | \u2013 | (31) | \u2013 |
Insurance and reinsurance | ||||||||||||
contract (assets) liabilities | 1,345 | 3,390 147,566 | 536 146,221 | (2,854) | 1,429 | 3,556 170,670 | 558 169,241 | (2,998) | ||||
As at 31 Dec 2023 | ||||||||||||
Best estimate liabilities (BEL) | 3,952 | 1,175 | 120,115 | 1,182 | 116,163 | 7 | 3,998 | 1,315 | 139,673 | 1,222 | 135,675 | (93) |
Risk adjustment for non- | ||||||||||||
financial risk (RA) | (631) | (84) | 1,713 | (21) | 2,344 | 63 | (630) | (67) | 1,969 | (24) | 2,599 | 43 |
Contractual service margin | ||||||||||||
(CSM) | (2,173) | 1,335 | 18,011 | (10) | 20,184 | (1,345) | (2,176) | 1,321 | 20,176 | (19) | 22,352 | (1,340) |
Insurance contract balances notes | ||||||||||||
C3.2 C3.3 | 1,148 | 2,426 | 139,839 | 1,151 | 138,691 | (1,275) | 1,192 | 2,569 | 161,818 | 1,179 | 160,626 | (1,390) |
Assets for insurance acquisition | ||||||||||||
cash flows | 32 | \u2013 | 1 | \u2013 | (31) | \u2013 | 32 | \u2013 | 1 | \u2013 | (31) | \u2013 |
Insurance and reinsurance | ||||||||||||
contract (assets) liabilities | 1,180 | 2,426 | 139,840 | 1,151 | 138,660 | (1,275) | 1,224 | 2,569 | 161,819 | 1,179 | 160,595 | (1,390) |
Group\u2019s share | |||
Excluding | related to | Including | |
JVs and | JVs and | JVs and | |
associates | associates | associates | |
$m | $m | $m | |
As at 31 Dec 2024 | |||
Shareholders\u2019 equity | 15,080 | 2,412 | 17,492 |
CSM, net of reinsurance | 19,920 | 2,040 | 21,960 |
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders | 789 | \u2013 | 789 |
Remove: CSM, net of reinsurance, attributable to non-controlling interests note D2 | (977) | \u2013 | (977) |
Shareholders\u2019 CSM, net of reinsurance | 19,732 | 2,040 | 21,772 |
Less: Related tax adjustments | (2,134) | (470) | (2,604) |
Adjusted total comprehensive equity | 32,678 | 3,982 | 36,660 |
As at 31 Dec 2023 | |||
Shareholders\u2019 equity | 15,883 | 1,940 | 17,823 |
CSM, net of reinsurance | 18,839 | 2,173 | 21,012 |
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders | 1,367 | \u2013 | 1,367 |
Shareholders\u2019 CSM, net of reinsurance | 20,206 | 2,173 | 22,379 |
Less: Related tax adjustments | (2,347) | (509) | (2,856) |
Adjusted total comprehensive equity | 33,742 | 3,604 | 37,346 |
| Excluding JVs and associates | ||||||||
| 2024 $m | ||||||||
| Insurance | Reinsurance | |||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | |
note (b) | note (b) | |||||||
Opening assets | (3,952) | 631 | 2,173 (1,148) (1,175) | 84 (1,335) (2,426) | ||||
Opening liabilities | 120,115 | 1,713 18,011 139,839 | 1,182 | (21) | (10) | 1,151 | ||
Net (assets) liabilities at 1 Jan | 116,163 | 2,344 20,184 138,691 | 7 | 63 (1,345) (1,275) | ||||
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | (178) | 25 | 153 | \u2013 | (475) | (216) | 691 | \u2013 |
Changes in estimates that result in losses or reversal | ||||||||
of losses on onerous contracts | 100 | 24 | \u2013 | 124 | 49 | \u2013 | \u2013 | 49 |
New contracts in the year | (2,709) | 315 | 2,401 | 7 | (10) | (5) | 14 | (1) |
(2,787) | 364 | 2,554 | 131 | (436) | (221) | 705 | 48 | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | \u2013 | \u2013 (2,286) (2,286) | \u2013 | \u2013 | 159 | 159 | ||
Release of risk adjustment to profit or loss | \u2013 | (257) | \u2013 | (257) | \u2013 | 16 | \u2013 | 16 |
Experience adjustments | (153) | \u2013 | \u2013 | (153) | 112 | \u2013 | \u2013 | 112 |
(153) | (257) (2,286) (2,696) | 112 | 16 | 159 | 287 | |||
Changes that relate to past service | ||||||||
Adjustments to assets and liabilities for incurred | ||||||||
claims | (34) | 4 | \u2013 | (30) | (33) | \u2013 | \u2013 | (33) |
Insurance service result | (2,974) | 111 | 268 (2,595) | (357) | (205) | 864 | 302 | |
Net finance (income) expense | ||||||||
Accretion of interest on GMM contracts note (i) | (24) | 49 | 270 | 295 | (73) | (6) | (30) | (109) |
Other net finance (income) expense | 3,849 | 3 | 7 | 3,859 | 435 | 5 | 7 | 447 |
3,825 | 52 | 277 | 4,154 | 362 | (1) | (23) | 338 | |
Total amount recognised in income statement note (iv) | 851 | 163 | 545 | 1,559 | 5 | (206) | 841 | 640 |
Effect of movements in exchange rates | (1,423) | (41) | (299) (1,763) | 15 | \u2013 | (6) | 9 | |
Total amount recognised in comprehensive income | (572) | 122 | 246 | (204) | 20 | (206) | 835 | 649 |
Cash flows | ||||||||
Premiums received net of ceding commissions paid | 24,283 | \u2013 | \u2013 24,283 | (2,837) | \u2013 | \u2013 (2,837) | ||
Insurance acquisition cash flows | (4,798) | \u2013 | \u2013 (4,798) | \u2013 | \u2013 | \u2013 | \u2013 | |
Claims and other insurance service expenses net of | ||||||||
recoveries from reinsurance received note (ii) | (11,427) | \u2013 | \u2013 (11,427) | 612 | \u2013 | \u2013 | 612 | |
Total cash flows | 8,058 | \u2013 | \u2013 | 8,058 | (2,225) | \u2013 | \u2013 (2,225) | |
Other changes note (iii) | (273) | (20) | \u2013 | (293) | (3) | \u2013 | \u2013 | (3) |
Closing assets | (4,566) | 791 | 2,462 (1,313) (2,624) | (99) | (667) (3,390) | |||
Closing liabilities | 127,942 | 1,655 17,968 147,565 | 423 | (44) | 157 | 536 | ||
Net (assets) liabilities at 31 Dec | 123,376 | 2,446 20,430 146,252 | (2,201) | (143) | (510) (2,854) |
| Excluding JVs and associates | ||||||||
| 2023 $m | ||||||||
| Insurance | Reinsurance | |||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | |
note (b) | note (b) | |||||||
Opening assets | (3,540) | 505 | 1,929 | (1,106) | (508) | 39 | (1,387) | (1,856) |
Opening liabilities | 107,582 | 1,418 17,239 126,239 | 1,162 | (44) | 57 | 1,175 | ||
Net (assets) liabilities at 1 Jan | 104,042 | 1,923 19,168 125,133 | 654 | (5) | (1,330) | (681) | ||
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | (1,181) | 343 | 838 | \u2013 | 57 | 43 | (100) | \u2013 |
Changes in estimates that result in losses or reversal | ||||||||
of losses on onerous contracts | 196 | (6) | \u2013 | 190 | (98) | \u2013 | \u2013 | (98) |
New contracts in the year | (2,461) | 295 | 2,173 | 7 | 75 | (5) | (70) | \u2013 |
(3,446) | 632 | 3,011 | 197 | 34 | 38 | (170) | (98) | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | \u2013 | \u2013 | (2,193) | (2,193) | \u2013 | \u2013 | 203 | 203 |
Release of risk adjustment to profit or loss | \u2013 | (228) | \u2013 | (228) | \u2013 | 24 | \u2013 | 24 |
Experience adjustments | (176) | \u2013 | \u2013 | (176) | 45 | \u2013 | \u2013 | 45 |
(176) | (228) | (2,193) | (2,597) | 45 | 24 | 203 | 272 | |
Changes that relate to past service | ||||||||
Adjustments to assets and liabilities for incurred | ||||||||
claims | 144 | (2) | \u2013 | 142 | (3) | \u2013 | \u2013 | (3) |
Insurance service result | (3,478) | 402 | 818 | (2,258) | 76 | 62 | 33 | 171 |
Net finance (income) expense | ||||||||
Accretion of interest on GMM contracts note (i) | (43) | 47 | 229 | 233 | 6 | (2) | (49) | (45) |
Other net finance (income) expense | 8,650 | (32) | (12) | 8,606 | (156) | 10 | \u2013 | (146) |
8,607 | 15 | 217 | 8,839 | (150) | 8 | (49) | (191) | |
Total amount recognised in income statement | 5,129 | 417 | 1,035 | 6,581 | (74) | 70 | (16) | (20) |
Effect of movements in exchange rates | 225 | 4 | (19) | 210 | 1 | (2) | 1 | \u2013 |
Total amount recognised in comprehensive income | 5,354 | 421 | 1,016 | 6,791 | (73) | 68 | (15) | (20) |
Cash flows | ||||||||
Premiums received net of ceding commissions paid | 22,294 | \u2013 | \u2013 22,294 | (1,032) | \u2013 | \u2013 | (1,032) | |
Insurance acquisition cash flows | (4,270) | \u2013 | \u2013 | (4,270) | \u2013 | \u2013 | \u2013 | \u2013 |
Claims and other insurance service expenses net of | ||||||||
recoveries from reinsurance received note (ii) | (11,082) | \u2013 | \u2013 (11,082) | 458 | \u2013 | \u2013 | 458 | |
Total cash flows | 6,942 | \u2013 | \u2013 | 6,942 | (574) | \u2013 | \u2013 | (574) |
Other changes note (iii) | (175) | \u2013 | \u2013 | (175) | \u2013 | \u2013 | \u2013 | \u2013 |
Closing assets | (3,952) | 631 | 2,173 | (1,148) | (1,175) | 84 | (1,335) | (2,426) |
Closing liabilities | 120,115 | 1,713 18,011 139,839 | 1,182 | (21) | (10) | 1,151 | ||
Net (assets) liabilities at 31 Dec | 116,163 | 2,344 20,184 138,691 | 7 | 63 | (1,345) | (1,275) |
| Insurance contracts (excluding JVs and associates) | ||||||||
| 2024 $m | 2023 $m | |||||||
Contracts | Contracts | Other | Contracts | Contracts | Other | |||
under MRA | under FVA | contracts* | Total CSM | under MRA | under FVA | contracts* | Total CSM | |
Balance at 1 Jan | 829 | 3,674 | 15,681 | 20,184 | 822 | 3,635 | 14,711 | 19,168 |
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | (11) | 162 | 2 | 153 | 143 | 462 | 233 | 838 |
New contracts in the year | \u2013 | \u2013 | 2,401 | 2,401 | \u2013 | \u2013 | 2,173 | 2,173 |
(11) | 162 | 2,403 | 2,554 | 143 | 462 | 2,406 | 3,011 | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | (114) | (418) | (1,754) | (2,286) | (135) | (434) | (1,624) | (2,193) |
(125) | (256) | 649 | 268 | 8 | 28 | 782 | 818 | |
Net finance (income) expenses from | ||||||||
insurance contracts | 35 | (60) | 302 | 277 | 24 | 3 | 190 | 217 |
Effect of movements in exchange rates | 8 | (87) | (220) | (299) | (25) | 8 | (2) | (19) |
Balance at 31 Dec | 747 | 3,271 | 16,412 | 20,430 | 829 | 3,674 | 15,681 | 20,184 |
| Reinsurance contracts (excluding JVs and associates) | ||||||||
| 2024 $m | 2023 $m | |||||||
Contracts | Contracts | Other | Contracts | Contracts | Other | |||
under MRA | under FVA | contracts* | Total CSM | under MRA | under FVA | contracts* | Total CSM | |
Balance at 1 Jan | \u2013 | (45) | (1,300) | (1,345) | \u2013 | (34) | (1,296) | (1,330) |
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | \u2013 | 13 | 678 | 691 | \u2013 | (19) | (81) | (100) |
New contracts in the year | \u2013 | \u2013 | 14 | 14 | \u2013 | \u2013 | (70) | (70) |
\u2013 | 13 | 692 | 705 | \u2013 | (19) | (151) | (170) | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | \u2013 | 5 | 154 | 159 | \u2013 | 8 | 195 | 203 |
\u2013 | 18 | 846 | 864 | \u2013 | (11) | 44 | 33 | |
Net finance (income) expenses from | ||||||||
reinsurance contracts | \u2013 | (1) | (22) | (23) | \u2013 | (1) | (48) | (49) |
Effect of movements in exchange rates | \u2013 | 1 | (7) | (6) | \u2013 | 1 | \u2013 | 1 |
Balance at 31 Dec | \u2013 | (27) | (483) | (510) | \u2013 | (45) | (1,300) | (1,345) |
| Excluding JVs and associates | ||||||||
| 2024 $m | ||||||||
| Insurance | Reinsurance | |||||||
Liabilities for remaining | Liabilities for remaining | |||||||
coverage | coverage | |||||||
Excluding | Liabilities for | Excluding | Loss- | Liabilities for | ||||
loss | Loss | incurred | loss-recovery | recovery | incurred | |||
component | component | claims | Total | component | component | claims | Total | |
note (i) | note (i) | |||||||
Opening assets | (1,285) | 20 | 117 | (1,148) | (2,023) | (119) | (284) (2,426) | |
Opening liabilities | 137,019 | 805 | 2,015 139,839 | 1,200 | (15) | (34) | 1,151 | |
Net (assets) liabilities at 1 Jan | 135,734 | 825 | 2,132 138,691 | (823) | (134) | (318) (1,275) | ||
Insurance revenue | ||||||||
Contracts measured under the modified | ||||||||
retrospective approach | (415) | \u2013 | \u2013 | (415) | ||||
Contracts measured under the fair value | ||||||||
approach | (1,176) | \u2013 | \u2013 | (1,176) | ||||
Other contracts note (ii) | (8,767) | \u2013 | \u2013 | (8,767) | ||||
(10,358) | \u2013 | \u2013 (10,358) | ||||||
Insurance service expense | \u2013 | \u2013 | \u2013 | \u2013 | ||||
Incurred claims and other directly attributable | ||||||||
expenses | \u2013 | (46) | 4,551 | 4,505 | ||||
Amortisation of insurance acquisition cash flows | 3,157 | \u2013 | \u2013 | 3,157 | ||||
Losses or reversal of losses on onerous contracts | \u2013 | 131 | \u2013 | 131 | ||||
Adjustments to liability for incurred claims | \u2013 | \u2013 | (30) | (30) | ||||
3,157 | 85 | 4,521 | 7,763 | |||||
Net (income) expense from reinsurance | ||||||||
contracts held | \u2013 | \u2013 | \u2013 | \u2013 | 832 | 48 | (578) | 302 |
Insurance service result | (7,201) | 85 | 4,521 | (2,595) | 832 | 48 | (578) | 302 |
Investment components and premium refunds | (7,008) | \u2013 | 7,008 | \u2013 | 240 | \u2013 | (240) | \u2013 |
Net finance (income) expenses from insurance | ||||||||
and reinsurance contracts | 4,007 | 47 | 100 | 4,154 | 338 | \u2013 | \u2013 | 338 |
Total amount recognised in income | ||||||||
statement note (v) | (10,202) | 132 | 11,629 | 1,559 | 1,410 | 48 | (818) | 640 |
Effect of movement in exchange rates | (1,695) | (18) | (50) | (1,763) | 12 | 1 | (4) | 9 |
Total amount recognised in comprehensive | ||||||||
income | (11,897) | 114 | 11,579 | (204) | 1,422 | 49 | (822) | 649 |
Cash flows | ||||||||
Premiums received net of ceding commissions | ||||||||
paid | 24,283 | \u2013 | \u2013 | 24,283 | (2,837) | \u2013 | \u2013 (2,837) | |
Insurance acquisition cash flows | (4,798) | \u2013 | \u2013 | (4,798) | \u2013 | \u2013 | \u2013 | \u2013 |
Claims and other insurance service expenses net | ||||||||
of recoveries from reinsurance received note (iii) | \u2013 | \u2013 (11,427) (11,427) | \u2013 | \u2013 | 612 | 612 | ||
Total cash flows | 19,485 | \u2013 (11,427) | 8,058 | (2,837) | \u2013 | 612 (2,225) | ||
Other changes note (iv) | (241) | (20) | (32) | (293) | (4) | \u2013 | 1 | (3) |
Closing assets | (1,480) | 38 | 129 | (1,313) | (2,783) | (66) | (541) (3,390) | |
Closing liabilities | 144,561 | 881 | 2,123 147,565 | 542 | (20) | 14 | 536 | |
Net (assets) liabilities at 31 Dec | 143,081 | 919 | 2,252 146,252 | (2,241) | (86) | (527) (2,854) |
| Excluding JVs and associates | ||||||||
| 2023 $m | ||||||||
| Insurance | Reinsurance | |||||||
Liabilities for remaining | Liabilities for remaining | |||||||
coverage | coverage | |||||||
Liabilities for | Excluding | Liabilities for | ||||||
Excluding loss | Loss | incurred | loss-recovery | Loss-recovery | incurred | |||
component | component | claims | Total | component | component | claims | Total | |
note (i) | note (i) | |||||||
Opening assets | (1,200) | 14 | 80 | (1,106) | (1,460) | (29) | (367) | (1,856) |
Opening liabilities | 123,855 | 622 | 1,762 126,239 | 1,220 | (6) | (39) | 1,175 | |
Net (assets) liabilities at 1 Jan | 122,655 | 636 | 1,842 125,133 | (240) | (35) | (406) | (681) | |
Insurance revenue | ||||||||
Contracts measured under the modified | ||||||||
retrospective approach | (247) | \u2013 | \u2013 | (247) | ||||
Contracts measured under the fair value | ||||||||
approach | (733) | \u2013 | \u2013 | (733) | ||||
Other contracts note (ii) | (8,391) | \u2013 | \u2013 | (8,391) | ||||
(9,371) | \u2013 | \u2013 | (9,371) | |||||
Insurance service expense | ||||||||
Incurred claims and other directly attributable | ||||||||
expenses | \u2013 | (42) | 4,071 | 4,029 | ||||
Amortisation of insurance acquisition cash flows | 2,745 | \u2013 | \u2013 | 2,745 | ||||
Losses or reversal of losses on onerous contracts | \u2013 | 197 | \u2013 | 197 | ||||
Adjustments to liability for incurred claims | \u2013 | \u2013 | 142 | 142 | ||||
2,745 | 155 | 4,213 | 7,113 | |||||
Net (income) expense from reinsurance | ||||||||
contracts held | 640 | (98) | (371) | 171 | ||||
Insurance service result | (6,626) | 155 | 4,213 | (2,258) | 640 | (98) | (371) | 171 |
Investment components and premium refunds | (7,095) | \u2013 | 7,095 | \u2013 | (1) | \u2013 | 1 | \u2013 |
Net finance (income) expenses from insurance | ||||||||
and reinsurance contracts | 8,792 | 15 | 32 | 8,839 | (191) | \u2013 | \u2013 | (191) |
Total amount recognised in income | ||||||||
statement | (4,929) | 170 | 11,340 | 6,581 | 448 | (98) | (370) | (20) |
Effect of movement in exchange rates | 220 | (4) | (6) | 210 | (1) | \u2013 | 1 | \u2013 |
Total amount recognised in comprehensive | ||||||||
income | (4,709) | 166 | 11,334 | 6,791 | 447 | (98) | (369) | (20) |
Cash flows | ||||||||
Premiums received net of ceding commissions | ||||||||
paid | 22,294 | \u2013 | \u2013 | 22,294 | (1,032) | \u2013 | \u2013 | (1,032) |
Insurance acquisition cash flows | (4,270) | \u2013 | \u2013 | (4,270) | \u2013 | \u2013 | \u2013 | \u2013 |
Claims and other insurance service expenses net | ||||||||
of recoveries from reinsurance received note (iii) | \u2013 | \u2013 (11,082) (11,082) | \u2013 | \u2013 | 458 | 458 | ||
Total cash flows | 18,024 | \u2013 (11,082) | 6,942 | (1,032) | \u2013 | 458 | (574) | |
Other changes note (iv) | (236) | 23 | 38 | (175) | 2 | (1) | (1) | \u2013 |
Closing assets | (1,285) | 20 | 117 | (1,148) | (2,023) | (119) | (284) | (2,426) |
Closing liabilities | 137,019 | 805 | 2,015 139,839 | 1,200 | (15) | (34) | 1,151 | |
Net (assets) liabilities at 31 Dec | 135,734 | 825 | 2,132 138,691 | (823) | (134) | (318) | (1,275) |
| Excluding JVs and associates | ||||||
| 2024 $m | 2023 $m | |||||
Profitable | Onerous | Profitable | Onerous | |||
contracts | contracts | contracts | contracts | |||
issued | issued | Total | issued | issued | Total | |
Estimate of present value of expected future cash | ||||||
outflows: | ||||||
Insurance acquisition cash flows | 4,493 | 95 | 4,588 | 4,365 | 101 | 4,466 |
Claims and other directly attributable expenses | 19,655 | 592 | 20,247 | 17,125 | 348 | 17,473 |
24,148 | 687 | 24,835 | 21,490 | 449 | 21,939 | |
Estimate of present value of expected future cash | ||||||
inflows | (26,861) | (683) | (27,544) | (23,916) | (484) | (24,400) |
Risk adjustment for non-financial risk | 312 | 3 | 315 | 253 | 42 | 295 |
CSM | 2,401 | \u2013 | 2,401 | 2,173 | \u2013 | 2,173 |
Loss recognised on initial recognition | \u2013 | 7 | 7 | \u2013 | 7 | 7 |
| Excluding JVs and associates | ||||||
| 2024 $m | 2023 $m | |||||
Contracts | ||||||
Contracts | Contracts | initiated | Contracts | |||
initiated without | initiated with | without | initiated with | |||
loss-recovery | loss-recovery | loss-recovery | loss-recovery | |||
component | component | Total | component | component | Total | |
Estimate of present value of expected future cash | ||||||
outflows | 2,329 | \u2013 | 2,329 | 1,022 | (1) | 1,021 |
Estimate of present value of expected future cash | ||||||
inflows | (2,338) | (1) | (2,339) | (946) | \u2013 | (946) |
Risk adjustment for non-financial risk | (5) | \u2013 | (5) | (5) | \u2013 | (5) |
CSM | 14 | \u2013 | 14 | (71) | 1 | (70) |
Profit recognised on initial recognition | \u2013 | (1) | (1) | \u2013 | \u2013 | \u2013 |
| Including JVs and associates | ||||||||
| 2024 $m | ||||||||
| Insurance | Reinsurance | |||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | |
note (b) | note (b) | |||||||
Opening assets | (3,998) | 630 | 2,176 | (1,192) | (1,315) | 67 | (1,321) | (2,569) |
Opening liabilities | 139,673 | 1,969 20,176 161,818 | 1,222 | (24) | (19) | 1,179 | ||
Net (assets) liabilities at 1 Jan | 135,675 | 2,599 22,352 160,626 | (93) | 43 | (1,340) | (1,390) | ||
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | (57) | 31 | 26 | \u2013 | (473) | (225) | 698 | \u2013 |
Changes in estimates that result in losses or | ||||||||
reversal of losses on onerous contracts | 128 | 29 | \u2013 | 157 | 43 | \u2013 | \u2013 | 43 |
New contracts in the year | (2,894) | 349 | 2,585 | 40 | (4) | (8) | 11 | (1) |
(2,823) | 409 | 2,611 | 197 | (434) | (233) | 709 | 42 | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | \u2013 | \u2013 | (2,511) | (2,511) | \u2013 | \u2013 | 159 | 159 |
Release of risk adjustment to profit or loss | \u2013 | (287) | \u2013 | (287) | \u2013 | 19 | \u2013 | 19 |
Experience adjustments | (114) | \u2013 | \u2013 | (114) | 116 | \u2013 | \u2013 | 116 |
(114) | (287) | (2,511) | (2,912) | 116 | 19 | 159 | 294 | |
Changes that relate to past service | ||||||||
Adjustments to assets and liabilities for | ||||||||
incurred claims | (73) | 2 | \u2013 | (71) | (30) | \u2013 | \u2013 | (30) |
Insurance service result | (3,010) | 124 | 100 | (2,786) | (348) | (214) | 868 | 306 |
Net finance (income) expense | ||||||||
Accretion of interest on GMM contracts note (i) | 243 | 56 | 350 | 649 | (80) | (7) | (29) | (116) |
Other net finance (income) expense | 5,367 | 28 | 7 | 5,402 | 432 | 3 | 8 | 443 |
5,610 | 84 | 357 | 6,051 | 352 | (4) | (21) | 327 | |
Total amount recognised in income | ||||||||
statement note (iv) | 2,600 | 208 | 457 | 3,265 | 4 | (218) | 847 | 633 |
Effect of movements in exchange rates | (2,003) | (44) | (348) | (2,395) | 18 | \u2013 | (8) | 10 |
Total amount recognised in comprehensive | ||||||||
income | 597 | 164 | 109 | 870 | 22 | (218) | 839 | 643 |
Cash flows | ||||||||
Premiums received net of ceding commissions | ||||||||
paid | 27,990 | \u2013 | \u2013 27,990 | (2,931) | \u2013 | \u2013 | (2,931) | |
Insurance acquisition cash flows | (5,226) | \u2013 | \u2013 | (5,226) | \u2013 | \u2013 | \u2013 | \u2013 |
Claims and other insurance service expenses net | ||||||||
of recoveries from reinsurance received note (ii) | (14,694) | \u2013 | \u2013 (14,694) | 683 | \u2013 | \u2013 | 683 | |
Total cash flows | 8,070 | \u2013 | \u2013 | 8,070 | (2,248) | \u2013 | \u2013 | (2,248) |
Other changes note (iii) | (274) | (20) | \u2013 | (294) | (3) | \u2013 | \u2013 | (3) |
Closing assets | (4,799) | 803 | 2,599 | (1,397) | (2,783) | (128) | (645) | (3,556) |
Closing liabilities | 148,867 | 1,940 19,862 170,669 | 461 | (47) | 144 | 558 | ||
Net (assets) liabilities at 31 Dec | 144,068 | 2,743 22,461 169,272 | (2,322) | (175) | (501) | (2,998) |
| Including JVs and associates | ||||||||
| 2023 $m | ||||||||
| Insurance | Reinsurance | |||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | |
note (b) | note (b) | |||||||
Opening assets | (3,562) | 502 | 1,921 | (1,139) | (652) | 21 | (1,369) | (2,000) |
Opening liabilities | 124,297 | 1,662 | 19,383 145,342 | 1,193 | (47) | 54 | 1,200 | |
Net (assets) liabilities at 1 Jan | 120,735 | 2,164 | 21,304 144,203 | 541 | (26) | (1,315) | (800) | |
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | (1,142) | 341 | 801 | \u2013 | 62 | 43 | (105) | \u2013 |
Changes in estimates that result in losses or | ||||||||
reversal of losses on onerous contracts | 224 | (8) | \u2013 | 216 | (93) | \u2013 | \u2013 | (93) |
New contracts in the year | (2,687) | 317 | 2,429 | 59 | 86 | (6) | (81) | (1) |
(3,605) | 650 | 3,230 | 275 | 55 | 37 | (186) | (94) | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | \u2013 | \u2013 | (2,414) | (2,414) | \u2013 | \u2013 | 206 | 206 |
Release of risk adjustment to profit or loss | \u2013 | (242) | \u2013 | (242) | \u2013 | 27 | \u2013 | 27 |
Experience adjustments | (170) | \u2013 | \u2013 | (170) | 50 | \u2013 | \u2013 | 50 |
(170) | (242) | (2,414) | (2,826) | 50 | 27 | 206 | 283 | |
Changes that relate to past service | ||||||||
Adjustments to assets and liabilities for | ||||||||
incurred claims | 130 | (3) | \u2013 | 127 | \u2013 | \u2013 | \u2013 | \u2013 |
Insurance service result | (3,645) | 405 | 816 | (2,424) | 105 | 64 | 20 | 189 |
Net finance (income) expense | ||||||||
Accretion of interest on GMM contracts note (i) | 158 | 52 | 307 | 517 | (3) | (3) | (47) | (53) |
Other net finance (income) expense | 10,379 | (20) | (12) | 10,347 | (155) | 9 | \u2013 | (146) |
10,537 | 32 | 295 | 10,864 | (158) | 6 | (47) | (199) | |
Total amount recognised in income | ||||||||
statement | 6,892 | 437 | 1,111 | 8,440 | (53) | 70 | (27) | (10) |
Effect of movements in exchange rates | (49) | (2) | (63) | (114) | 2 | (1) | 2 | 3 |
Total amount recognised in comprehensive | ||||||||
income | 6,843 | 435 | 1,048 | 8,326 | (51) | 69 | (25) | (7) |
Cash flows | ||||||||
Premiums received net of ceding commissions | ||||||||
paid | 26,224 | \u2013 | \u2013 | 26,224 | (1,137) | \u2013 | \u2013 | (1,137) |
Insurance acquisition cash flows | (4,802) | \u2013 | \u2013 | (4,802) | \u2013 | \u2013 | \u2013 | \u2013 |
Claims and other insurance service expenses net | ||||||||
of recoveries from reinsurance received note (ii) | (13,144) | \u2013 | \u2013 (13,144) | 554 | \u2013 | \u2013 | 554 | |
Total cash flows | 8,278 | \u2013 | \u2013 | 8,278 | (583) | \u2013 | \u2013 | (583) |
Other changes note (iii) | (181) | \u2013 | \u2013 | (181) | \u2013 | \u2013 | \u2013 | \u2013 |
Closing assets | (3,998) | 630 | 2,176 | (1,192) | (1,315) | 67 | (1,321) | (2,569) |
Closing liabilities | 139,673 | 1,969 | 20,176 161,818 | 1,222 | (24) | (19) | 1,179 | |
Net (assets) liabilities at 31 Dec | 135,675 | 2,599 | 22,352 160,626 | (93) | 43 | (1,340) | (1,390) |
| Insurance contracts (including JVs and associates) | ||||||||
| 2024 $m | 2023 $m | |||||||
Contracts | Contracts | Other | Contracts | Contracts | Other | |||
under MRA | under FVA | contracts* | Total CSM | under MRA | under FVA | contracts* | Total CSM | |
Balance at 1 Jan | 1,922 | 4,143 16,287 22,352 | 2,033 | 4,102 | 15,169 | 21,304 | ||
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | (81) | 131 | (24) | 26 | 117 | 496 | 188 | 801 |
New contracts in the year | \u2013 | \u2013 | 2,585 | 2,585 | \u2013 | \u2013 | 2,429 | 2,429 |
(81) | 131 | 2,561 | 2,611 | 117 | 496 | 2,617 | 3,230 | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | (209) | (442) | (1,860) | (2,511) | (247) | (458) | (1,709) | (2,414) |
(290) | (311) | 701 | 100 | (130) | 38 | 908 | 816 | |
Net finance (income) expenses from insurance | ||||||||
contracts | 73 | (53) | 337 | 357 | 66 | 9 | 220 | 295 |
Effect of movements in exchange rates | (22) | (89) | (237) | (348) | (47) | (6) | (10) | (63) |
Balance at 31 Dec | 1,683 | 3,690 17,088 22,461 | 1,922 | 4,143 | 16,287 | 22,352 |
FRA | MRA | FVA | |
Cohort | Cohort | Cohort | |
Mainland China | n/a | 2016 \u2013 2021 | Pre-2016 |
Hong Kong | 2010 \u2013 2021 | n/a | Pre-2010 |
Singapore | 2009 \u2013 2021 | n/a | Pre-2009 |
Malaysia | 2010 \u2013 2021 | 2000 \u2013 2009 | Pre-1999 |
(Unit-linked) | (Unit-linked) | (Unit-linked) | |
2010 \u2013 2021 | Pre-2009 | ||
(Non- | (Non-participating) | ||
participating) | Pre-2021 | ||
(Other) | |||
Indonesia note (i) | 2010 \u2013 2021 | 2007 \u2013 2009 | Pre-2007 |
Growth markets and other | See note (ii) | See note (ii) | See note (ii) |
| Reinsurance contracts (including JVs and associates) | ||||||||
| 2024 $m | 2023 $m | |||||||
Contracts | Contracts | Other | Contracts | Contracts | Other | |||
under MRA | under FVA | contracts* | Total CSM | under MRA | under FVA | contracts* | Total CSM | |
Balance at 1 Jan | \u2013 | (63) | (1,277) | (1,340) | \u2013 | (55) | (1,260) | (1,315) |
Changes that relate to future service | \u2013 | \u2013 | \u2013 | \u2013 | ||||
Changes in estimates that adjust the CSM | \u2013 | 8 | 690 | 698 | \u2013 | (17) | (88) | (105) |
New contracts in the year | \u2013 | \u2013 | 11 | 11 | \u2013 | \u2013 | (81) | (81) |
\u2013 | 8 | 701 | 709 | \u2013 | (17) | (169) | (186) | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | \u2013 | 7 | 152 | 159 | \u2013 | 10 | 196 | 206 |
\u2013 | 15 | 853 | 868 | \u2013 | (7) | 27 | 20 | |
Net finance (income) expenses from reinsurance | ||||||||
contracts | \u2013 | (2) | (19) | (21) | \u2013 | (2) | (45) | (47) |
Effect of movements in exchange rates | \u2013 | 1 | (9) | (8) | \u2013 | 1 | 1 | 2 |
Balance at 31 Dec | \u2013 | (49) | (452) | (501) | \u2013 | (63) | (1,277) | (1,340) |
| Insurance $m | Reinsurance $m | |||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | |
As at 31 Dec 2024 | ||||||||
Mainland China | 14,033 | 168 | 1,484 15,685 | 3 | (3) | (22) | (22) | |
Hong Kong | 63,056 | 698 | 8,840 72,594 | (1,220) | (84) | (738) | (2,042) | |
Indonesia | 1,839 | 189 | 622 | 2,650 | 11 | (8) | 12 | 15 |
Malaysia | 7,032 | 418 | 2,135 | 9,585 | 15 | (12) | 14 | 17 |
Singapore | 34,235 | 815 | 5,160 40,210 | (1,169) | (15) | 267 | (917) | |
Growth markets and other | 23,873 | 455 | 4,220 28,548 | 38 | (53) | (34) | (49) | |
Total insurance segments | 144,068 | 2,743 22,461 169,272 | (2,322) | (175) | (501) | (2,998) | ||
As at 31 Dec 2023 | ||||||||
Mainland China | 13,029 | 152 | 1,652 | 14,833 | 4 | (3) | (22) | (21) |
Hong Kong | 60,761 | 776 | 8,536 | 70,073 | (44) | 84 | (1,429) | (1,389) |
Indonesia | 2,197 | 206 | 739 | 3,142 | 22 | (7) | (6) | 9 |
Malaysia | 5,910 | 357 | 2,127 | 8,394 | 26 | (7) | 6 | 25 |
Singapore | 31,770 | 687 | 4,962 | 37,419 | (146) | 3 | 149 | 6 |
Growth markets and other | 22,008 | 421 | 4,336 | 26,765 | 45 | (27) | (38) | (20) |
Total insurance segments | 135,675 | 2,599 | 22,352 160,626 | (93) | 43 | (1,340) | (1,390) |
| Insurance $m | |||||||
Growth | Total | ||||||
Mainland | markets and | insurance | |||||
China | Hong Kong | Indonesia | Malaysia | Singapore | other | segments | |
Net (assets) liabilities at 1 Jan 2023 | 12,837 | 62,686 | 3,277 | 8,027 | 33,903 | 23,473 144,203 | |
Insurance service result | (98) | (755) | (146) | (254) | (598) | (573) | (2,424) |
Net finance (income) expenses from insurance contracts | |||||||
Accretion of interest on GMM contracts | 227 | (1) | 43 | 100 | 6 | 142 | 517 |
Other net finance expense | 692 | 3,646 | 145 | 498 | 2,657 | 2,709 | 10,347 |
919 | 3,645 | 188 | 598 | 2,663 | 2,851 | 10,864 | |
Total amount recognised in income statement | 821 | 2,890 | 42 | 344 | 2,065 | 2,278 | 8,440 |
Effect of movements in exchange rates | (259) | (11) | 46 | (336) | 621 | (175) | (114) |
Total amount recognised in comprehensive income | 562 | 2,879 | 88 | 8 | 2,686 | 2,103 | 8,326 |
Total cash flows | 1,434 | 4,509 | (186) | 364 | 884 | 1,273 | 8,278 |
Other changes | \u2013 | (1) | (37) | (5) | (54) | (84) | (181) |
Net (assets) liabilities at 31 Dec 2023 / 1 Jan 2024 | 14,833 70,073 | 3,142 | 8,394 | 37,419 | 26,765 160,626 | ||
Insurance service result | (104) | (971) | (213) | (290) | (683) | (525) | (2,786) |
Net finance (income) expenses from insurance contracts | |||||||
Accretion of interest on GMM contracts | 286 | 2 | 48 | 94 | 7 | 212 | 649 |
Other net finance (income) expense | 811 | (1,792) | 54 | 857 | 3,672 | 1,800 | 5,402 |
1,097 | (1,790) | 102 | 951 | 3,679 | 2,012 | 6,051 | |
Total amount recognised in income statement | 993 | (2,761) | (111) | 661 | 2,996 | 1,487 | 3,265 |
Effect of movements in exchange rates | (439) | 376 | (134) | 252 | (1,321) | (1,129) | (2,395) |
Total amount recognised in comprehensive income | 554 | (2,385) | (245) | 913 | 1,675 | 358 | 870 |
Total cash flows | 298 | 4,907 | (245) | 279 | 1,170 | 1,661 | 8,070 |
Other changes | \u2013 | (1) | (2) | (1) | (54) | (236) | (294) |
Net (assets) liabilities at 31 Dec 2024 | 15,685 72,594 | 2,650 | 9,585 | 40,210 | 28,548 169,272 |
| Reinsurance $m | |||||||
Growth | Total | ||||||
Mainland | markets and | insurance | |||||
China | Hong Kong | Indonesia | Malaysia | Singapore | other | segments | |
Net (assets) liabilities at 1 Jan 2023 | (22) | (923) | 5 | 22 | 178 | (60) | (800) |
Insurance service result | 8 | 135 | 2 | 9 | 17 | 18 | 189 |
Net finance (income) expenses from reinsurance | |||||||
contracts | |||||||
Accretion of interest on GMM contracts | (1) | (38) | \u2013 | 1 | (8) | (7) | (53) |
Other net finance (income) expense | \u2013 | (154) | (6) | \u2013 | 1 | 13 | (146) |
(1) | (192) | (6) | 1 | (7) | 6 | (199) | |
Total amount recognised in income statement | 7 | (57) | (4) | 10 | 10 | 24 | (10) |
Effect of movements in exchange rates | 3 | (2) | (1) | (1) | (1) | 5 | 3 |
Total amount recognised in comprehensive income | 10 | (59) | (5) | 9 | 9 | 29 | (7) |
Total cash flows | (9) | (407) | 9 | (6) | (181) | 11 | (583) |
Other changes | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Net (assets) liabilities at 31 Dec 2023 / 1 Jan 2024 | (21) | (1,389) | 9 | 25 | 6 | (20) | (1,390) |
Insurance service result | 5 | 279 | 8 | 12 | (11) | 13 | 306 |
Net finance (income) expenses from reinsurance | |||||||
contracts | |||||||
Accretion of interest on GMM contracts | (1) | (79) | \u2013 | 1 | (32) | (5) | (116) |
Other net finance (income) expense | 1 | 472 | (1) | \u2013 | (23) | (6) | 443 |
\u2013 | 393 | (1) | 1 | (55) | (11) | 327 | |
Total amount recognised in income statement | 5 | 672 | 7 | 13 | (66) | 2 | 633 |
Effect of movements in exchange rates | 2 | (11) | (1) | 1 | 18 | 1 | 10 |
Total amount recognised in comprehensive income | 7 | 661 | 6 | 14 | (48) | 3 | 643 |
Total cash flows | (8) | (1,314) | \u2013 | (22) | (875) | (29) | (2,248) |
Other changes | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (3) | (3) |
Net (assets) liabilities at 31 Dec 2024 | (22) | (2,042) | 15 | 17 | (917) | (49) | (2,998) |
| 31 Dec 2024 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | 2,092 | 214 | 2,306 |
After 1 year to 2 years | 1,863 | 181 | 2,044 |
After 2 years to 3 years | 1,666 | 156 | 1,822 |
After 3 years to 4 years | 1,495 | 136 | 1,631 |
After 4 years to 5 years | 1,323 | 119 | 1,442 |
After 5 years to 10 years | 4,653 | 436 | 5,089 |
After 10 years to 15 years | 2,988 | 278 | 3,266 |
After 15 years to 20 years | 1,777 | 187 | 1,964 |
After 20 years | 2,573 | 324 | 2,897 |
Total insurance CSM | 20,430 | 2,031 | 22,461 |
| 31 Dec 2023 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | 2,041 | 226 | 2,267 |
After 1 year to 2 years | 1,780 | 190 | 1,970 |
After 2 years to 3 years | 1,586 | 165 | 1,751 |
After 3 years to 4 years | 1,412 | 146 | 1,558 |
After 4 years to 5 years | 1,283 | 127 | 1,410 |
After 5 years to 10 years | 4,604 | 474 | 5,078 |
After 10 years to 15 years | 2,924 | 293 | 3,217 |
After 15 years to 20 years | 1,781 | 195 | 1,976 |
After 20 years | 2,773 | 352 | 3,125 |
Total insurance CSM | 20,184 | 2,168 | 22,352 |
| 31 Dec 2024 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | (55) | (4) | (59) |
After 1 year to 2 years | (48) | 2 | (46) |
After 2 years to 3 years | (45) | 2 | (43) |
After 3 years to 4 years | (40) | 2 | (38) |
After 4 years to 5 years | (37) | 1 | (36) |
After 5 years to 10 years | (125) | 5 | (120) |
After 10 years to 15 years | (64) | 2 | (62) |
After 15 years to 20 years | (36) | 1 | (35) |
After 20 years | (60) | (2) | (62) |
Total reinsurance CSM | (510) | 9 | (501) |
| 31 Dec 2023 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | (177) | (2) | (179) |
After 1 year to 2 years | (132) | \u2013 | (132) |
After 2 years to 3 years | (103) | 1 | (102) |
After 3 years to 4 years | (85) | 1 | (84) |
After 4 years to 5 years | (74) | 1 | (73) |
After 5 years to 10 years | (268) | 3 | (265) |
After 10 years to 15 years | (173) | 2 | (171) |
After 15 years to 20 years | (113) | \u2013 | (113) |
After 20 years | (220) | (1) | (221) |
Total reinsurance CSM | (1,345) | 5 | (1,340) |
| 31 Dec 2024 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | (2,317) | (178) | (2,495) |
After 1 year to 2 years | (910) | 439 | (471) |
After 2 years to 3 years | 1,140 | 943 | 2,083 |
After 3 years to 4 years | 3,351 | 683 | 4,034 |
After 4 years to 5 years | 4,707 | 772 | 5,479 |
After 5 years to 10 years | 22,466 | 2,734 | 25,200 |
After 10 years to 15 years | 21,715 | 2,686 | 24,401 |
After 15 years to 20 years | 18,396 | 2,159 | 20,555 |
After 20 years* | 59,394 | 10,687 | 70,081 |
Total expected future cash flows from insurance contract | |||
liabilities | 127,942 | 20,925 | 148,867 |
| 31 Dec 2023 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | 2,256 | (477) | 1,779 |
After 1 year to 2 years | 2,262 | 94 | 2,356 |
After 2 years to 3 years | 4,269 | 516 | 4,785 |
After 3 years to 4 years | 5,272 | 973 | 6,245 |
After 4 years to 5 years | 4,436 | 828 | 5,264 |
After 5 years to 10 years | 18,726 | 3,076 | 21,802 |
After 10 years to 15 years | 16,374 | 2,703 | 19,077 |
After 15 years to 20 years | 14,560 | 2,016 | 16,576 |
After 20 years* | 51,960 | 9,829 | 61,789 |
Total expected future cash flows from insurance contract | |||
liabilities | 120,115 | 19,558 | 139,673 |
| 31 Dec 2024 $m | |||
Total as reported on the | Total including Group\u2019s | ||
consolidated statement of | Group\u2019s share relating to | share relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | 136 | 11 | 147 |
After 1 year to 2 years | 68 | (1) | 67 |
After 2 years to 3 years | 30 | (1) | 29 |
After 3 years to 4 years | 4 | (1) | 3 |
After 4 years to 5 years | 4 | (1) | 3 |
After 5 years to 10 years | 20 | (1) | 19 |
After 10 years to 15 years | 8 | 1 | 9 |
After 15 years to 20 years | (6) | 3 | (3) |
After 20 years | 159 | 28 | 187 |
Total expected future cash flows from reinsurance contract | |||
liabilities | 423 | 38 | 461 |
| 31 Dec 2023 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | 820 | 15 | 835 |
After 1 year to 2 years | 58 | \u2013 | 58 |
After 2 years to 3 years | 54 | \u2013 | 54 |
After 3 years to 4 years | 26 | \u2013 | 26 |
After 4 years to 5 years | 4 | \u2013 | 4 |
After 5 years to 10 years | (3) | 1 | (2) |
After 10 years to 15 years | 4 | 2 | 6 |
After 15 years to 20 years | 5 | 3 | 8 |
After 20 years | 214 | 19 | 233 |
Total expected future cash flows from reinsurance contract | |||
liabilities | 1,182 | 40 | 1,222 |
Contract type | Description and material features | Measurement model |
With-profits | Provides savings and/or protection where the basic sum | All with-profits contracts of the Group written in Hong Kong, |
contracts | assured can be enhanced by a profit share (or bonus) from | Singapore and Malaysia are measured using the VFA model. |
(written in Hong | the underlying fund as determined at the discretion of the | |
Kong, Singapore | local business unit. | The shareholders\u2019 share of the excess of the assets of the |
and Malaysia) | with-profits funds over policyholder liabilities is recognised | |
With-profits products often offer a guaranteed maturity or | within shareholders\u2019 equity. | |
surrender value. Declared regular bonuses are guaranteed | ||
once vested. Future bonus rates and cash dividends are not | ||
guaranteed. Market value adjustments and surrender | ||
penalties are used for certain products where the law | ||
permits such adjustments. Guarantees are predominantly | ||
supported by the segregated funds and their estates. | ||
Additional health and protection benefits can be provided | ||
through riders (which are not separated from the base | ||
with-profits contracts). | ||
Other | Similar to the with-profits contracts, other participating | Other participating contracts of the Group are measured |
participating | contracts include savings and/or protection elements, with | under the VFA model except for the contracts without |
contracts | policyholders and shareholders sharing in the returns of | distinct segregated funds written by the Group\u2019s life joint |
the underlying funds. | venture in Mainland China, where the GMM approach is | |
applied. | ||
Unit-linked | Combines savings with health and protection riders (which, | Unit-linked contracts are measured either under the VFA or |
contracts | under IFRS 17, are not separated from the base contract). | the GMM depending on the relative size of the savings and |
The cash value of the policy primarily depends on the | protection benefits of the contract. The larger the | |
value of the underlying unitised funds. | protection component the more likely the contract is | |
required to be measured under the GMM. | ||
Health and | Shareholder-backed participating critical illness contracts | Shareholder-backed participating critical illness contracts |
protection \u2013 | are written by the Group\u2019s Hong Kong business. These | are measured under the VFA. |
Shareholder- | products combine critical illness and death benefits with a | |
backed | savings element. These are whole life products and have | |
participating | regular premium payments with a limited payment term. | |
critical illness | ||
contracts | ||
Health and | In addition to supplementary heath and protection | Stand-alone non-par health and protection (excluding |
protection \u2013 | contract products attached to with-profits and unit-linked | shareholder-backed participating critical illness) contracts |
Other | contracts described above, the Group also offers stand- | are measured under the GMM. |
alone health and protection products. | ||
These are non-participating contracts that provide | ||
mortality and/or morbidity benefits including health, | ||
disability, critical illness and accident coverage. | ||
Non- | Non-participating savings and/or protection where the | These contracts are measured under the GMM. |
participating | benefits are guaranteed, determined by a set of defined | |
term, whole life | market-related parameters, or determined at the discretion | |
and endowment | of the local business unit. These products often offer a | |
assurance | guaranteed maturity and/or surrender value. It is common | |
contracts | in Asia for regulations or market-driven demand and | |
competition to provide some form of capital value | ||
protection and minimum crediting interest rate | ||
guarantees. This is reflected within the guaranteed | ||
maturity and surrender values. Guarantees are supported | ||
by shareholders. |
| Excluding JVs and associates $m | Including JVs and associates $m | |||||||||||
Assets | Liabilities | Net liabilities (assets) | Assets | Liabilities | Net liabilities (assets) | |||||||
Insurance | RI | Insurance | RI | Insurance | RI | Insurance | RI | Insurance | RI | Insurance | RI | |
note (i) | note (i) | note (i) | note (i) | note (ii) | note (i) | note (i) | note (i) | note (i) | note (ii) | |||
As at 31 Dec 2024 | ||||||||||||
Best estimate liabilities (BEL) | 4,566 | 2,624 127,942 | 423 123,376 | (2,201) | 4,799 | 2,783 148,867 | 461 144,068 | (2,322) | ||||
Risk adjustment for non- | ||||||||||||
financial risk (RA) | (791) | 99 | 1,655 | (44) | 2,446 | (143) | (803) | 128 | 1,940 | (47) | 2,743 | (175) |
Contractual service margin | ||||||||||||
(CSM) | (2,462) | 667 | 17,968 | 157 | 20,430 | (510) | (2,599) | 645 | 19,862 | 144 | 22,461 | (501) |
Insurance contract balances notes | ||||||||||||
C3.2 C3.3 | 1,313 | 3,390 147,565 | 536 146,252 | (2,854) | 1,397 | 3,556 170,669 | 558 169,272 | (2,998) | ||||
Assets for insurance acquisition | ||||||||||||
cash flows | 32 | \u2013 | 1 | \u2013 | (31) | \u2013 | 32 | \u2013 | 1 | \u2013 | (31) | \u2013 |
Insurance and reinsurance | ||||||||||||
contract (assets) liabilities | 1,345 | 3,390 147,566 | 536 146,221 | (2,854) | 1,429 | 3,556 170,670 | 558 169,241 | (2,998) | ||||
As at 31 Dec 2023 | ||||||||||||
Best estimate liabilities (BEL) | 3,952 | 1,175 | 120,115 | 1,182 | 116,163 | 7 | 3,998 | 1,315 | 139,673 | 1,222 | 135,675 | (93) |
Risk adjustment for non- | ||||||||||||
financial risk (RA) | (631) | (84) | 1,713 | (21) | 2,344 | 63 | (630) | (67) | 1,969 | (24) | 2,599 | 43 |
Contractual service margin | ||||||||||||
(CSM) | (2,173) | 1,335 | 18,011 | (10) | 20,184 | (1,345) | (2,176) | 1,321 | 20,176 | (19) | 22,352 | (1,340) |
Insurance contract balances notes | ||||||||||||
C3.2 C3.3 | 1,148 | 2,426 | 139,839 | 1,151 | 138,691 | (1,275) | 1,192 | 2,569 | 161,818 | 1,179 | 160,626 | (1,390) |
Assets for insurance acquisition | ||||||||||||
cash flows | 32 | \u2013 | 1 | \u2013 | (31) | \u2013 | 32 | \u2013 | 1 | \u2013 | (31) | \u2013 |
Insurance and reinsurance | ||||||||||||
contract (assets) liabilities | 1,180 | 2,426 | 139,840 | 1,151 | 138,660 | (1,275) | 1,224 | 2,569 | 161,819 | 1,179 | 160,595 | (1,390) |
Group\u2019s share | |||
Excluding | related to | Including | |
JVs and | JVs and | JVs and | |
associates | associates | associates | |
$m | $m | $m | |
As at 31 Dec 2024 | |||
Shareholders\u2019 equity | 15,080 | 2,412 | 17,492 |
CSM, net of reinsurance | 19,920 | 2,040 | 21,960 |
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders | 789 | \u2013 | 789 |
Remove: CSM, net of reinsurance, attributable to non-controlling interests note D2 | (977) | \u2013 | (977) |
Shareholders\u2019 CSM, net of reinsurance | 19,732 | 2,040 | 21,772 |
Less: Related tax adjustments | (2,134) | (470) | (2,604) |
Adjusted total comprehensive equity | 32,678 | 3,982 | 36,660 |
As at 31 Dec 2023 | |||
Shareholders\u2019 equity | 15,883 | 1,940 | 17,823 |
CSM, net of reinsurance | 18,839 | 2,173 | 21,012 |
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders | 1,367 | \u2013 | 1,367 |
Shareholders\u2019 CSM, net of reinsurance | 20,206 | 2,173 | 22,379 |
Less: Related tax adjustments | (2,347) | (509) | (2,856) |
Adjusted total comprehensive equity | 33,742 | 3,604 | 37,346 |
| Excluding JVs and associates | ||||||||
| 2024 $m | ||||||||
| Insurance | Reinsurance | |||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | |
note (b) | note (b) | |||||||
Opening assets | (3,952) | 631 | 2,173 (1,148) (1,175) | 84 (1,335) (2,426) | ||||
Opening liabilities | 120,115 | 1,713 18,011 139,839 | 1,182 | (21) | (10) | 1,151 | ||
Net (assets) liabilities at 1 Jan | 116,163 | 2,344 20,184 138,691 | 7 | 63 (1,345) (1,275) | ||||
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | (178) | 25 | 153 | \u2013 | (475) | (216) | 691 | \u2013 |
Changes in estimates that result in losses or reversal | ||||||||
of losses on onerous contracts | 100 | 24 | \u2013 | 124 | 49 | \u2013 | \u2013 | 49 |
New contracts in the year | (2,709) | 315 | 2,401 | 7 | (10) | (5) | 14 | (1) |
(2,787) | 364 | 2,554 | 131 | (436) | (221) | 705 | 48 | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | \u2013 | \u2013 (2,286) (2,286) | \u2013 | \u2013 | 159 | 159 | ||
Release of risk adjustment to profit or loss | \u2013 | (257) | \u2013 | (257) | \u2013 | 16 | \u2013 | 16 |
Experience adjustments | (153) | \u2013 | \u2013 | (153) | 112 | \u2013 | \u2013 | 112 |
(153) | (257) (2,286) (2,696) | 112 | 16 | 159 | 287 | |||
Changes that relate to past service | ||||||||
Adjustments to assets and liabilities for incurred | ||||||||
claims | (34) | 4 | \u2013 | (30) | (33) | \u2013 | \u2013 | (33) |
Insurance service result | (2,974) | 111 | 268 (2,595) | (357) | (205) | 864 | 302 | |
Net finance (income) expense | ||||||||
Accretion of interest on GMM contracts note (i) | (24) | 49 | 270 | 295 | (73) | (6) | (30) | (109) |
Other net finance (income) expense | 3,849 | 3 | 7 | 3,859 | 435 | 5 | 7 | 447 |
3,825 | 52 | 277 | 4,154 | 362 | (1) | (23) | 338 | |
Total amount recognised in income statement note (iv) | 851 | 163 | 545 | 1,559 | 5 | (206) | 841 | 640 |
Effect of movements in exchange rates | (1,423) | (41) | (299) (1,763) | 15 | \u2013 | (6) | 9 | |
Total amount recognised in comprehensive income | (572) | 122 | 246 | (204) | 20 | (206) | 835 | 649 |
Cash flows | ||||||||
Premiums received net of ceding commissions paid | 24,283 | \u2013 | \u2013 24,283 | (2,837) | \u2013 | \u2013 (2,837) | ||
Insurance acquisition cash flows | (4,798) | \u2013 | \u2013 (4,798) | \u2013 | \u2013 | \u2013 | \u2013 | |
Claims and other insurance service expenses net of | ||||||||
recoveries from reinsurance received note (ii) | (11,427) | \u2013 | \u2013 (11,427) | 612 | \u2013 | \u2013 | 612 | |
Total cash flows | 8,058 | \u2013 | \u2013 | 8,058 | (2,225) | \u2013 | \u2013 (2,225) | |
Other changes note (iii) | (273) | (20) | \u2013 | (293) | (3) | \u2013 | \u2013 | (3) |
Closing assets | (4,566) | 791 | 2,462 (1,313) (2,624) | (99) | (667) (3,390) | |||
Closing liabilities | 127,942 | 1,655 17,968 147,565 | 423 | (44) | 157 | 536 | ||
Net (assets) liabilities at 31 Dec | 123,376 | 2,446 20,430 146,252 | (2,201) | (143) | (510) (2,854) |
| Excluding JVs and associates | ||||||||
| 2023 $m | ||||||||
| Insurance | Reinsurance | |||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | |
note (b) | note (b) | |||||||
Opening assets | (3,540) | 505 | 1,929 | (1,106) | (508) | 39 | (1,387) | (1,856) |
Opening liabilities | 107,582 | 1,418 17,239 126,239 | 1,162 | (44) | 57 | 1,175 | ||
Net (assets) liabilities at 1 Jan | 104,042 | 1,923 19,168 125,133 | 654 | (5) | (1,330) | (681) | ||
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | (1,181) | 343 | 838 | \u2013 | 57 | 43 | (100) | \u2013 |
Changes in estimates that result in losses or reversal | ||||||||
of losses on onerous contracts | 196 | (6) | \u2013 | 190 | (98) | \u2013 | \u2013 | (98) |
New contracts in the year | (2,461) | 295 | 2,173 | 7 | 75 | (5) | (70) | \u2013 |
(3,446) | 632 | 3,011 | 197 | 34 | 38 | (170) | (98) | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | \u2013 | \u2013 | (2,193) | (2,193) | \u2013 | \u2013 | 203 | 203 |
Release of risk adjustment to profit or loss | \u2013 | (228) | \u2013 | (228) | \u2013 | 24 | \u2013 | 24 |
Experience adjustments | (176) | \u2013 | \u2013 | (176) | 45 | \u2013 | \u2013 | 45 |
(176) | (228) | (2,193) | (2,597) | 45 | 24 | 203 | 272 | |
Changes that relate to past service | ||||||||
Adjustments to assets and liabilities for incurred | ||||||||
claims | 144 | (2) | \u2013 | 142 | (3) | \u2013 | \u2013 | (3) |
Insurance service result | (3,478) | 402 | 818 | (2,258) | 76 | 62 | 33 | 171 |
Net finance (income) expense | ||||||||
Accretion of interest on GMM contracts note (i) | (43) | 47 | 229 | 233 | 6 | (2) | (49) | (45) |
Other net finance (income) expense | 8,650 | (32) | (12) | 8,606 | (156) | 10 | \u2013 | (146) |
8,607 | 15 | 217 | 8,839 | (150) | 8 | (49) | (191) | |
Total amount recognised in income statement | 5,129 | 417 | 1,035 | 6,581 | (74) | 70 | (16) | (20) |
Effect of movements in exchange rates | 225 | 4 | (19) | 210 | 1 | (2) | 1 | \u2013 |
Total amount recognised in comprehensive income | 5,354 | 421 | 1,016 | 6,791 | (73) | 68 | (15) | (20) |
Cash flows | ||||||||
Premiums received net of ceding commissions paid | 22,294 | \u2013 | \u2013 22,294 | (1,032) | \u2013 | \u2013 | (1,032) | |
Insurance acquisition cash flows | (4,270) | \u2013 | \u2013 | (4,270) | \u2013 | \u2013 | \u2013 | \u2013 |
Claims and other insurance service expenses net of | ||||||||
recoveries from reinsurance received note (ii) | (11,082) | \u2013 | \u2013 (11,082) | 458 | \u2013 | \u2013 | 458 | |
Total cash flows | 6,942 | \u2013 | \u2013 | 6,942 | (574) | \u2013 | \u2013 | (574) |
Other changes note (iii) | (175) | \u2013 | \u2013 | (175) | \u2013 | \u2013 | \u2013 | \u2013 |
Closing assets | (3,952) | 631 | 2,173 | (1,148) | (1,175) | 84 | (1,335) | (2,426) |
Closing liabilities | 120,115 | 1,713 18,011 139,839 | 1,182 | (21) | (10) | 1,151 | ||
Net (assets) liabilities at 31 Dec | 116,163 | 2,344 20,184 138,691 | 7 | 63 | (1,345) | (1,275) |
| Insurance contracts (excluding JVs and associates) | ||||||||
| 2024 $m | 2023 $m | |||||||
Contracts | Contracts | Other | Contracts | Contracts | Other | |||
under MRA | under FVA | contracts* | Total CSM | under MRA | under FVA | contracts* | Total CSM | |
Balance at 1 Jan | 829 | 3,674 | 15,681 | 20,184 | 822 | 3,635 | 14,711 | 19,168 |
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | (11) | 162 | 2 | 153 | 143 | 462 | 233 | 838 |
New contracts in the year | \u2013 | \u2013 | 2,401 | 2,401 | \u2013 | \u2013 | 2,173 | 2,173 |
(11) | 162 | 2,403 | 2,554 | 143 | 462 | 2,406 | 3,011 | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | (114) | (418) | (1,754) | (2,286) | (135) | (434) | (1,624) | (2,193) |
(125) | (256) | 649 | 268 | 8 | 28 | 782 | 818 | |
Net finance (income) expenses from | ||||||||
insurance contracts | 35 | (60) | 302 | 277 | 24 | 3 | 190 | 217 |
Effect of movements in exchange rates | 8 | (87) | (220) | (299) | (25) | 8 | (2) | (19) |
Balance at 31 Dec | 747 | 3,271 | 16,412 | 20,430 | 829 | 3,674 | 15,681 | 20,184 |
| Reinsurance contracts (excluding JVs and associates) | ||||||||
| 2024 $m | 2023 $m | |||||||
Contracts | Contracts | Other | Contracts | Contracts | Other | |||
under MRA | under FVA | contracts* | Total CSM | under MRA | under FVA | contracts* | Total CSM | |
Balance at 1 Jan | \u2013 | (45) | (1,300) | (1,345) | \u2013 | (34) | (1,296) | (1,330) |
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | \u2013 | 13 | 678 | 691 | \u2013 | (19) | (81) | (100) |
New contracts in the year | \u2013 | \u2013 | 14 | 14 | \u2013 | \u2013 | (70) | (70) |
\u2013 | 13 | 692 | 705 | \u2013 | (19) | (151) | (170) | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | \u2013 | 5 | 154 | 159 | \u2013 | 8 | 195 | 203 |
\u2013 | 18 | 846 | 864 | \u2013 | (11) | 44 | 33 | |
Net finance (income) expenses from | ||||||||
reinsurance contracts | \u2013 | (1) | (22) | (23) | \u2013 | (1) | (48) | (49) |
Effect of movements in exchange rates | \u2013 | 1 | (7) | (6) | \u2013 | 1 | \u2013 | 1 |
Balance at 31 Dec | \u2013 | (27) | (483) | (510) | \u2013 | (45) | (1,300) | (1,345) |
| Excluding JVs and associates | ||||||||
| 2024 $m | ||||||||
| Insurance | Reinsurance | |||||||
Liabilities for remaining | Liabilities for remaining | |||||||
coverage | coverage | |||||||
Excluding | Liabilities for | Excluding | Loss- | Liabilities for | ||||
loss | Loss | incurred | loss-recovery | recovery | incurred | |||
component | component | claims | Total | component | component | claims | Total | |
note (i) | note (i) | |||||||
Opening assets | (1,285) | 20 | 117 | (1,148) | (2,023) | (119) | (284) (2,426) | |
Opening liabilities | 137,019 | 805 | 2,015 139,839 | 1,200 | (15) | (34) | 1,151 | |
Net (assets) liabilities at 1 Jan | 135,734 | 825 | 2,132 138,691 | (823) | (134) | (318) (1,275) | ||
Insurance revenue | ||||||||
Contracts measured under the modified | ||||||||
retrospective approach | (415) | \u2013 | \u2013 | (415) | ||||
Contracts measured under the fair value | ||||||||
approach | (1,176) | \u2013 | \u2013 | (1,176) | ||||
Other contracts note (ii) | (8,767) | \u2013 | \u2013 | (8,767) | ||||
(10,358) | \u2013 | \u2013 (10,358) | ||||||
Insurance service expense | \u2013 | \u2013 | \u2013 | \u2013 | ||||
Incurred claims and other directly attributable | ||||||||
expenses | \u2013 | (46) | 4,551 | 4,505 | ||||
Amortisation of insurance acquisition cash flows | 3,157 | \u2013 | \u2013 | 3,157 | ||||
Losses or reversal of losses on onerous contracts | \u2013 | 131 | \u2013 | 131 | ||||
Adjustments to liability for incurred claims | \u2013 | \u2013 | (30) | (30) | ||||
3,157 | 85 | 4,521 | 7,763 | |||||
Net (income) expense from reinsurance | ||||||||
contracts held | \u2013 | \u2013 | \u2013 | \u2013 | 832 | 48 | (578) | 302 |
Insurance service result | (7,201) | 85 | 4,521 | (2,595) | 832 | 48 | (578) | 302 |
Investment components and premium refunds | (7,008) | \u2013 | 7,008 | \u2013 | 240 | \u2013 | (240) | \u2013 |
Net finance (income) expenses from insurance | ||||||||
and reinsurance contracts | 4,007 | 47 | 100 | 4,154 | 338 | \u2013 | \u2013 | 338 |
Total amount recognised in income | ||||||||
statement note (v) | (10,202) | 132 | 11,629 | 1,559 | 1,410 | 48 | (818) | 640 |
Effect of movement in exchange rates | (1,695) | (18) | (50) | (1,763) | 12 | 1 | (4) | 9 |
Total amount recognised in comprehensive | ||||||||
income | (11,897) | 114 | 11,579 | (204) | 1,422 | 49 | (822) | 649 |
Cash flows | ||||||||
Premiums received net of ceding commissions | ||||||||
paid | 24,283 | \u2013 | \u2013 | 24,283 | (2,837) | \u2013 | \u2013 (2,837) | |
Insurance acquisition cash flows | (4,798) | \u2013 | \u2013 | (4,798) | \u2013 | \u2013 | \u2013 | \u2013 |
Claims and other insurance service expenses net | ||||||||
of recoveries from reinsurance received note (iii) | \u2013 | \u2013 (11,427) (11,427) | \u2013 | \u2013 | 612 | 612 | ||
Total cash flows | 19,485 | \u2013 (11,427) | 8,058 | (2,837) | \u2013 | 612 (2,225) | ||
Other changes note (iv) | (241) | (20) | (32) | (293) | (4) | \u2013 | 1 | (3) |
Closing assets | (1,480) | 38 | 129 | (1,313) | (2,783) | (66) | (541) (3,390) | |
Closing liabilities | 144,561 | 881 | 2,123 147,565 | 542 | (20) | 14 | 536 | |
Net (assets) liabilities at 31 Dec | 143,081 | 919 | 2,252 146,252 | (2,241) | (86) | (527) (2,854) |
| Excluding JVs and associates | ||||||||
| 2023 $m | ||||||||
| Insurance | Reinsurance | |||||||
Liabilities for remaining | Liabilities for remaining | |||||||
coverage | coverage | |||||||
Liabilities for | Excluding | Liabilities for | ||||||
Excluding loss | Loss | incurred | loss-recovery | Loss-recovery | incurred | |||
component | component | claims | Total | component | component | claims | Total | |
note (i) | note (i) | |||||||
Opening assets | (1,200) | 14 | 80 | (1,106) | (1,460) | (29) | (367) | (1,856) |
Opening liabilities | 123,855 | 622 | 1,762 126,239 | 1,220 | (6) | (39) | 1,175 | |
Net (assets) liabilities at 1 Jan | 122,655 | 636 | 1,842 125,133 | (240) | (35) | (406) | (681) | |
Insurance revenue | ||||||||
Contracts measured under the modified | ||||||||
retrospective approach | (247) | \u2013 | \u2013 | (247) | ||||
Contracts measured under the fair value | ||||||||
approach | (733) | \u2013 | \u2013 | (733) | ||||
Other contracts note (ii) | (8,391) | \u2013 | \u2013 | (8,391) | ||||
(9,371) | \u2013 | \u2013 | (9,371) | |||||
Insurance service expense | ||||||||
Incurred claims and other directly attributable | ||||||||
expenses | \u2013 | (42) | 4,071 | 4,029 | ||||
Amortisation of insurance acquisition cash flows | 2,745 | \u2013 | \u2013 | 2,745 | ||||
Losses or reversal of losses on onerous contracts | \u2013 | 197 | \u2013 | 197 | ||||
Adjustments to liability for incurred claims | \u2013 | \u2013 | 142 | 142 | ||||
2,745 | 155 | 4,213 | 7,113 | |||||
Net (income) expense from reinsurance | ||||||||
contracts held | 640 | (98) | (371) | 171 | ||||
Insurance service result | (6,626) | 155 | 4,213 | (2,258) | 640 | (98) | (371) | 171 |
Investment components and premium refunds | (7,095) | \u2013 | 7,095 | \u2013 | (1) | \u2013 | 1 | \u2013 |
Net finance (income) expenses from insurance | ||||||||
and reinsurance contracts | 8,792 | 15 | 32 | 8,839 | (191) | \u2013 | \u2013 | (191) |
Total amount recognised in income | ||||||||
statement | (4,929) | 170 | 11,340 | 6,581 | 448 | (98) | (370) | (20) |
Effect of movement in exchange rates | 220 | (4) | (6) | 210 | (1) | \u2013 | 1 | \u2013 |
Total amount recognised in comprehensive | ||||||||
income | (4,709) | 166 | 11,334 | 6,791 | 447 | (98) | (369) | (20) |
Cash flows | ||||||||
Premiums received net of ceding commissions | ||||||||
paid | 22,294 | \u2013 | \u2013 | 22,294 | (1,032) | \u2013 | \u2013 | (1,032) |
Insurance acquisition cash flows | (4,270) | \u2013 | \u2013 | (4,270) | \u2013 | \u2013 | \u2013 | \u2013 |
Claims and other insurance service expenses net | ||||||||
of recoveries from reinsurance received note (iii) | \u2013 | \u2013 (11,082) (11,082) | \u2013 | \u2013 | 458 | 458 | ||
Total cash flows | 18,024 | \u2013 (11,082) | 6,942 | (1,032) | \u2013 | 458 | (574) | |
Other changes note (iv) | (236) | 23 | 38 | (175) | 2 | (1) | (1) | \u2013 |
Closing assets | (1,285) | 20 | 117 | (1,148) | (2,023) | (119) | (284) | (2,426) |
Closing liabilities | 137,019 | 805 | 2,015 139,839 | 1,200 | (15) | (34) | 1,151 | |
Net (assets) liabilities at 31 Dec | 135,734 | 825 | 2,132 138,691 | (823) | (134) | (318) | (1,275) |
| Excluding JVs and associates | ||||||
| 2024 $m | 2023 $m | |||||
Profitable | Onerous | Profitable | Onerous | |||
contracts | contracts | contracts | contracts | |||
issued | issued | Total | issued | issued | Total | |
Estimate of present value of expected future cash | ||||||
outflows: | ||||||
Insurance acquisition cash flows | 4,493 | 95 | 4,588 | 4,365 | 101 | 4,466 |
Claims and other directly attributable expenses | 19,655 | 592 | 20,247 | 17,125 | 348 | 17,473 |
24,148 | 687 | 24,835 | 21,490 | 449 | 21,939 | |
Estimate of present value of expected future cash | ||||||
inflows | (26,861) | (683) | (27,544) | (23,916) | (484) | (24,400) |
Risk adjustment for non-financial risk | 312 | 3 | 315 | 253 | 42 | 295 |
CSM | 2,401 | \u2013 | 2,401 | 2,173 | \u2013 | 2,173 |
Loss recognised on initial recognition | \u2013 | 7 | 7 | \u2013 | 7 | 7 |
| Excluding JVs and associates | ||||||
| 2024 $m | 2023 $m | |||||
Contracts | ||||||
Contracts | Contracts | initiated | Contracts | |||
initiated without | initiated with | without | initiated with | |||
loss-recovery | loss-recovery | loss-recovery | loss-recovery | |||
component | component | Total | component | component | Total | |
Estimate of present value of expected future cash | ||||||
outflows | 2,329 | \u2013 | 2,329 | 1,022 | (1) | 1,021 |
Estimate of present value of expected future cash | ||||||
inflows | (2,338) | (1) | (2,339) | (946) | \u2013 | (946) |
Risk adjustment for non-financial risk | (5) | \u2013 | (5) | (5) | \u2013 | (5) |
CSM | 14 | \u2013 | 14 | (71) | 1 | (70) |
Profit recognised on initial recognition | \u2013 | (1) | (1) | \u2013 | \u2013 | \u2013 |
| Including JVs and associates | ||||||||
| 2024 $m | ||||||||
| Insurance | Reinsurance | |||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | |
note (b) | note (b) | |||||||
Opening assets | (3,998) | 630 | 2,176 | (1,192) | (1,315) | 67 | (1,321) | (2,569) |
Opening liabilities | 139,673 | 1,969 20,176 161,818 | 1,222 | (24) | (19) | 1,179 | ||
Net (assets) liabilities at 1 Jan | 135,675 | 2,599 22,352 160,626 | (93) | 43 | (1,340) | (1,390) | ||
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | (57) | 31 | 26 | \u2013 | (473) | (225) | 698 | \u2013 |
Changes in estimates that result in losses or | ||||||||
reversal of losses on onerous contracts | 128 | 29 | \u2013 | 157 | 43 | \u2013 | \u2013 | 43 |
New contracts in the year | (2,894) | 349 | 2,585 | 40 | (4) | (8) | 11 | (1) |
(2,823) | 409 | 2,611 | 197 | (434) | (233) | 709 | 42 | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | \u2013 | \u2013 | (2,511) | (2,511) | \u2013 | \u2013 | 159 | 159 |
Release of risk adjustment to profit or loss | \u2013 | (287) | \u2013 | (287) | \u2013 | 19 | \u2013 | 19 |
Experience adjustments | (114) | \u2013 | \u2013 | (114) | 116 | \u2013 | \u2013 | 116 |
(114) | (287) | (2,511) | (2,912) | 116 | 19 | 159 | 294 | |
Changes that relate to past service | ||||||||
Adjustments to assets and liabilities for | ||||||||
incurred claims | (73) | 2 | \u2013 | (71) | (30) | \u2013 | \u2013 | (30) |
Insurance service result | (3,010) | 124 | 100 | (2,786) | (348) | (214) | 868 | 306 |
Net finance (income) expense | ||||||||
Accretion of interest on GMM contracts note (i) | 243 | 56 | 350 | 649 | (80) | (7) | (29) | (116) |
Other net finance (income) expense | 5,367 | 28 | 7 | 5,402 | 432 | 3 | 8 | 443 |
5,610 | 84 | 357 | 6,051 | 352 | (4) | (21) | 327 | |
Total amount recognised in income | ||||||||
statement note (iv) | 2,600 | 208 | 457 | 3,265 | 4 | (218) | 847 | 633 |
Effect of movements in exchange rates | (2,003) | (44) | (348) | (2,395) | 18 | \u2013 | (8) | 10 |
Total amount recognised in comprehensive | ||||||||
income | 597 | 164 | 109 | 870 | 22 | (218) | 839 | 643 |
Cash flows | ||||||||
Premiums received net of ceding commissions | ||||||||
paid | 27,990 | \u2013 | \u2013 27,990 | (2,931) | \u2013 | \u2013 | (2,931) | |
Insurance acquisition cash flows | (5,226) | \u2013 | \u2013 | (5,226) | \u2013 | \u2013 | \u2013 | \u2013 |
Claims and other insurance service expenses net | ||||||||
of recoveries from reinsurance received note (ii) | (14,694) | \u2013 | \u2013 (14,694) | 683 | \u2013 | \u2013 | 683 | |
Total cash flows | 8,070 | \u2013 | \u2013 | 8,070 | (2,248) | \u2013 | \u2013 | (2,248) |
Other changes note (iii) | (274) | (20) | \u2013 | (294) | (3) | \u2013 | \u2013 | (3) |
Closing assets | (4,799) | 803 | 2,599 | (1,397) | (2,783) | (128) | (645) | (3,556) |
Closing liabilities | 148,867 | 1,940 19,862 170,669 | 461 | (47) | 144 | 558 | ||
Net (assets) liabilities at 31 Dec | 144,068 | 2,743 22,461 169,272 | (2,322) | (175) | (501) | (2,998) |
| Including JVs and associates | ||||||||
| 2023 $m | ||||||||
| Insurance | Reinsurance | |||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | |
note (b) | note (b) | |||||||
Opening assets | (3,562) | 502 | 1,921 | (1,139) | (652) | 21 | (1,369) | (2,000) |
Opening liabilities | 124,297 | 1,662 | 19,383 145,342 | 1,193 | (47) | 54 | 1,200 | |
Net (assets) liabilities at 1 Jan | 120,735 | 2,164 | 21,304 144,203 | 541 | (26) | (1,315) | (800) | |
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | (1,142) | 341 | 801 | \u2013 | 62 | 43 | (105) | \u2013 |
Changes in estimates that result in losses or | ||||||||
reversal of losses on onerous contracts | 224 | (8) | \u2013 | 216 | (93) | \u2013 | \u2013 | (93) |
New contracts in the year | (2,687) | 317 | 2,429 | 59 | 86 | (6) | (81) | (1) |
(3,605) | 650 | 3,230 | 275 | 55 | 37 | (186) | (94) | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | \u2013 | \u2013 | (2,414) | (2,414) | \u2013 | \u2013 | 206 | 206 |
Release of risk adjustment to profit or loss | \u2013 | (242) | \u2013 | (242) | \u2013 | 27 | \u2013 | 27 |
Experience adjustments | (170) | \u2013 | \u2013 | (170) | 50 | \u2013 | \u2013 | 50 |
(170) | (242) | (2,414) | (2,826) | 50 | 27 | 206 | 283 | |
Changes that relate to past service | ||||||||
Adjustments to assets and liabilities for | ||||||||
incurred claims | 130 | (3) | \u2013 | 127 | \u2013 | \u2013 | \u2013 | \u2013 |
Insurance service result | (3,645) | 405 | 816 | (2,424) | 105 | 64 | 20 | 189 |
Net finance (income) expense | ||||||||
Accretion of interest on GMM contracts note (i) | 158 | 52 | 307 | 517 | (3) | (3) | (47) | (53) |
Other net finance (income) expense | 10,379 | (20) | (12) | 10,347 | (155) | 9 | \u2013 | (146) |
10,537 | 32 | 295 | 10,864 | (158) | 6 | (47) | (199) | |
Total amount recognised in income | ||||||||
statement | 6,892 | 437 | 1,111 | 8,440 | (53) | 70 | (27) | (10) |
Effect of movements in exchange rates | (49) | (2) | (63) | (114) | 2 | (1) | 2 | 3 |
Total amount recognised in comprehensive | ||||||||
income | 6,843 | 435 | 1,048 | 8,326 | (51) | 69 | (25) | (7) |
Cash flows | ||||||||
Premiums received net of ceding commissions | ||||||||
paid | 26,224 | \u2013 | \u2013 | 26,224 | (1,137) | \u2013 | \u2013 | (1,137) |
Insurance acquisition cash flows | (4,802) | \u2013 | \u2013 | (4,802) | \u2013 | \u2013 | \u2013 | \u2013 |
Claims and other insurance service expenses net | ||||||||
of recoveries from reinsurance received note (ii) | (13,144) | \u2013 | \u2013 (13,144) | 554 | \u2013 | \u2013 | 554 | |
Total cash flows | 8,278 | \u2013 | \u2013 | 8,278 | (583) | \u2013 | \u2013 | (583) |
Other changes note (iii) | (181) | \u2013 | \u2013 | (181) | \u2013 | \u2013 | \u2013 | \u2013 |
Closing assets | (3,998) | 630 | 2,176 | (1,192) | (1,315) | 67 | (1,321) | (2,569) |
Closing liabilities | 139,673 | 1,969 | 20,176 161,818 | 1,222 | (24) | (19) | 1,179 | |
Net (assets) liabilities at 31 Dec | 135,675 | 2,599 | 22,352 160,626 | (93) | 43 | (1,340) | (1,390) |
| Insurance contracts (including JVs and associates) | ||||||||
| 2024 $m | 2023 $m | |||||||
Contracts | Contracts | Other | Contracts | Contracts | Other | |||
under MRA | under FVA | contracts* | Total CSM | under MRA | under FVA | contracts* | Total CSM | |
Balance at 1 Jan | 1,922 | 4,143 16,287 22,352 | 2,033 | 4,102 | 15,169 | 21,304 | ||
Changes that relate to future service | ||||||||
Changes in estimates that adjust the CSM | (81) | 131 | (24) | 26 | 117 | 496 | 188 | 801 |
New contracts in the year | \u2013 | \u2013 | 2,585 | 2,585 | \u2013 | \u2013 | 2,429 | 2,429 |
(81) | 131 | 2,561 | 2,611 | 117 | 496 | 2,617 | 3,230 | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | (209) | (442) | (1,860) | (2,511) | (247) | (458) | (1,709) | (2,414) |
(290) | (311) | 701 | 100 | (130) | 38 | 908 | 816 | |
Net finance (income) expenses from insurance | ||||||||
contracts | 73 | (53) | 337 | 357 | 66 | 9 | 220 | 295 |
Effect of movements in exchange rates | (22) | (89) | (237) | (348) | (47) | (6) | (10) | (63) |
Balance at 31 Dec | 1,683 | 3,690 17,088 22,461 | 1,922 | 4,143 | 16,287 | 22,352 |
FRA | MRA | FVA | |
Cohort | Cohort | Cohort | |
Mainland China | n/a | 2016 \u2013 2021 | Pre-2016 |
Hong Kong | 2010 \u2013 2021 | n/a | Pre-2010 |
Singapore | 2009 \u2013 2021 | n/a | Pre-2009 |
Malaysia | 2010 \u2013 2021 | 2000 \u2013 2009 | Pre-1999 |
(Unit-linked) | (Unit-linked) | (Unit-linked) | |
2010 \u2013 2021 | Pre-2009 | ||
(Non- | (Non-participating) | ||
participating) | Pre-2021 | ||
(Other) | |||
Indonesia note (i) | 2010 \u2013 2021 | 2007 \u2013 2009 | Pre-2007 |
Growth markets and other | See note (ii) | See note (ii) | See note (ii) |
| Reinsurance contracts (including JVs and associates) | ||||||||
| 2024 $m | 2023 $m | |||||||
Contracts | Contracts | Other | Contracts | Contracts | Other | |||
under MRA | under FVA | contracts* | Total CSM | under MRA | under FVA | contracts* | Total CSM | |
Balance at 1 Jan | \u2013 | (63) | (1,277) | (1,340) | \u2013 | (55) | (1,260) | (1,315) |
Changes that relate to future service | \u2013 | \u2013 | \u2013 | \u2013 | ||||
Changes in estimates that adjust the CSM | \u2013 | 8 | 690 | 698 | \u2013 | (17) | (88) | (105) |
New contracts in the year | \u2013 | \u2013 | 11 | 11 | \u2013 | \u2013 | (81) | (81) |
\u2013 | 8 | 701 | 709 | \u2013 | (17) | (169) | (186) | |
Changes that relate to current service | ||||||||
Release of CSM to profit or loss | \u2013 | 7 | 152 | 159 | \u2013 | 10 | 196 | 206 |
\u2013 | 15 | 853 | 868 | \u2013 | (7) | 27 | 20 | |
Net finance (income) expenses from reinsurance | ||||||||
contracts | \u2013 | (2) | (19) | (21) | \u2013 | (2) | (45) | (47) |
Effect of movements in exchange rates | \u2013 | 1 | (9) | (8) | \u2013 | 1 | 1 | 2 |
Balance at 31 Dec | \u2013 | (49) | (452) | (501) | \u2013 | (63) | (1,277) | (1,340) |
| Insurance $m | Reinsurance $m | |||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | |
As at 31 Dec 2024 | ||||||||
Mainland China | 14,033 | 168 | 1,484 15,685 | 3 | (3) | (22) | (22) | |
Hong Kong | 63,056 | 698 | 8,840 72,594 | (1,220) | (84) | (738) | (2,042) | |
Indonesia | 1,839 | 189 | 622 | 2,650 | 11 | (8) | 12 | 15 |
Malaysia | 7,032 | 418 | 2,135 | 9,585 | 15 | (12) | 14 | 17 |
Singapore | 34,235 | 815 | 5,160 40,210 | (1,169) | (15) | 267 | (917) | |
Growth markets and other | 23,873 | 455 | 4,220 28,548 | 38 | (53) | (34) | (49) | |
Total insurance segments | 144,068 | 2,743 22,461 169,272 | (2,322) | (175) | (501) | (2,998) | ||
As at 31 Dec 2023 | ||||||||
Mainland China | 13,029 | 152 | 1,652 | 14,833 | 4 | (3) | (22) | (21) |
Hong Kong | 60,761 | 776 | 8,536 | 70,073 | (44) | 84 | (1,429) | (1,389) |
Indonesia | 2,197 | 206 | 739 | 3,142 | 22 | (7) | (6) | 9 |
Malaysia | 5,910 | 357 | 2,127 | 8,394 | 26 | (7) | 6 | 25 |
Singapore | 31,770 | 687 | 4,962 | 37,419 | (146) | 3 | 149 | 6 |
Growth markets and other | 22,008 | 421 | 4,336 | 26,765 | 45 | (27) | (38) | (20) |
Total insurance segments | 135,675 | 2,599 | 22,352 160,626 | (93) | 43 | (1,340) | (1,390) |
| Insurance $m | |||||||
Growth | Total | ||||||
Mainland | markets and | insurance | |||||
China | Hong Kong | Indonesia | Malaysia | Singapore | other | segments | |
Net (assets) liabilities at 1 Jan 2023 | 12,837 | 62,686 | 3,277 | 8,027 | 33,903 | 23,473 144,203 | |
Insurance service result | (98) | (755) | (146) | (254) | (598) | (573) | (2,424) |
Net finance (income) expenses from insurance contracts | |||||||
Accretion of interest on GMM contracts | 227 | (1) | 43 | 100 | 6 | 142 | 517 |
Other net finance expense | 692 | 3,646 | 145 | 498 | 2,657 | 2,709 | 10,347 |
919 | 3,645 | 188 | 598 | 2,663 | 2,851 | 10,864 | |
Total amount recognised in income statement | 821 | 2,890 | 42 | 344 | 2,065 | 2,278 | 8,440 |
Effect of movements in exchange rates | (259) | (11) | 46 | (336) | 621 | (175) | (114) |
Total amount recognised in comprehensive income | 562 | 2,879 | 88 | 8 | 2,686 | 2,103 | 8,326 |
Total cash flows | 1,434 | 4,509 | (186) | 364 | 884 | 1,273 | 8,278 |
Other changes | \u2013 | (1) | (37) | (5) | (54) | (84) | (181) |
Net (assets) liabilities at 31 Dec 2023 / 1 Jan 2024 | 14,833 70,073 | 3,142 | 8,394 | 37,419 | 26,765 160,626 | ||
Insurance service result | (104) | (971) | (213) | (290) | (683) | (525) | (2,786) |
Net finance (income) expenses from insurance contracts | |||||||
Accretion of interest on GMM contracts | 286 | 2 | 48 | 94 | 7 | 212 | 649 |
Other net finance (income) expense | 811 | (1,792) | 54 | 857 | 3,672 | 1,800 | 5,402 |
1,097 | (1,790) | 102 | 951 | 3,679 | 2,012 | 6,051 | |
Total amount recognised in income statement | 993 | (2,761) | (111) | 661 | 2,996 | 1,487 | 3,265 |
Effect of movements in exchange rates | (439) | 376 | (134) | 252 | (1,321) | (1,129) | (2,395) |
Total amount recognised in comprehensive income | 554 | (2,385) | (245) | 913 | 1,675 | 358 | 870 |
Total cash flows | 298 | 4,907 | (245) | 279 | 1,170 | 1,661 | 8,070 |
Other changes | \u2013 | (1) | (2) | (1) | (54) | (236) | (294) |
Net (assets) liabilities at 31 Dec 2024 | 15,685 72,594 | 2,650 | 9,585 | 40,210 | 28,548 169,272 |
| Reinsurance $m | |||||||
Growth | Total | ||||||
Mainland | markets and | insurance | |||||
China | Hong Kong | Indonesia | Malaysia | Singapore | other | segments | |
Net (assets) liabilities at 1 Jan 2023 | (22) | (923) | 5 | 22 | 178 | (60) | (800) |
Insurance service result | 8 | 135 | 2 | 9 | 17 | 18 | 189 |
Net finance (income) expenses from reinsurance | |||||||
contracts | |||||||
Accretion of interest on GMM contracts | (1) | (38) | \u2013 | 1 | (8) | (7) | (53) |
Other net finance (income) expense | \u2013 | (154) | (6) | \u2013 | 1 | 13 | (146) |
(1) | (192) | (6) | 1 | (7) | 6 | (199) | |
Total amount recognised in income statement | 7 | (57) | (4) | 10 | 10 | 24 | (10) |
Effect of movements in exchange rates | 3 | (2) | (1) | (1) | (1) | 5 | 3 |
Total amount recognised in comprehensive income | 10 | (59) | (5) | 9 | 9 | 29 | (7) |
Total cash flows | (9) | (407) | 9 | (6) | (181) | 11 | (583) |
Other changes | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Net (assets) liabilities at 31 Dec 2023 / 1 Jan 2024 | (21) | (1,389) | 9 | 25 | 6 | (20) | (1,390) |
Insurance service result | 5 | 279 | 8 | 12 | (11) | 13 | 306 |
Net finance (income) expenses from reinsurance | |||||||
contracts | |||||||
Accretion of interest on GMM contracts | (1) | (79) | \u2013 | 1 | (32) | (5) | (116) |
Other net finance (income) expense | 1 | 472 | (1) | \u2013 | (23) | (6) | 443 |
\u2013 | 393 | (1) | 1 | (55) | (11) | 327 | |
Total amount recognised in income statement | 5 | 672 | 7 | 13 | (66) | 2 | 633 |
Effect of movements in exchange rates | 2 | (11) | (1) | 1 | 18 | 1 | 10 |
Total amount recognised in comprehensive income | 7 | 661 | 6 | 14 | (48) | 3 | 643 |
Total cash flows | (8) | (1,314) | \u2013 | (22) | (875) | (29) | (2,248) |
Other changes | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (3) | (3) |
Net (assets) liabilities at 31 Dec 2024 | (22) | (2,042) | 15 | 17 | (917) | (49) | (2,998) |
| 31 Dec 2024 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | 2,092 | 214 | 2,306 |
After 1 year to 2 years | 1,863 | 181 | 2,044 |
After 2 years to 3 years | 1,666 | 156 | 1,822 |
After 3 years to 4 years | 1,495 | 136 | 1,631 |
After 4 years to 5 years | 1,323 | 119 | 1,442 |
After 5 years to 10 years | 4,653 | 436 | 5,089 |
After 10 years to 15 years | 2,988 | 278 | 3,266 |
After 15 years to 20 years | 1,777 | 187 | 1,964 |
After 20 years | 2,573 | 324 | 2,897 |
Total insurance CSM | 20,430 | 2,031 | 22,461 |
| 31 Dec 2023 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | 2,041 | 226 | 2,267 |
After 1 year to 2 years | 1,780 | 190 | 1,970 |
After 2 years to 3 years | 1,586 | 165 | 1,751 |
After 3 years to 4 years | 1,412 | 146 | 1,558 |
After 4 years to 5 years | 1,283 | 127 | 1,410 |
After 5 years to 10 years | 4,604 | 474 | 5,078 |
After 10 years to 15 years | 2,924 | 293 | 3,217 |
After 15 years to 20 years | 1,781 | 195 | 1,976 |
After 20 years | 2,773 | 352 | 3,125 |
Total insurance CSM | 20,184 | 2,168 | 22,352 |
| 31 Dec 2024 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | (55) | (4) | (59) |
After 1 year to 2 years | (48) | 2 | (46) |
After 2 years to 3 years | (45) | 2 | (43) |
After 3 years to 4 years | (40) | 2 | (38) |
After 4 years to 5 years | (37) | 1 | (36) |
After 5 years to 10 years | (125) | 5 | (120) |
After 10 years to 15 years | (64) | 2 | (62) |
After 15 years to 20 years | (36) | 1 | (35) |
After 20 years | (60) | (2) | (62) |
Total reinsurance CSM | (510) | 9 | (501) |
| 31 Dec 2023 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | (177) | (2) | (179) |
After 1 year to 2 years | (132) | \u2013 | (132) |
After 2 years to 3 years | (103) | 1 | (102) |
After 3 years to 4 years | (85) | 1 | (84) |
After 4 years to 5 years | (74) | 1 | (73) |
After 5 years to 10 years | (268) | 3 | (265) |
After 10 years to 15 years | (173) | 2 | (171) |
After 15 years to 20 years | (113) | \u2013 | (113) |
After 20 years | (220) | (1) | (221) |
Total reinsurance CSM | (1,345) | 5 | (1,340) |
| 31 Dec 2024 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | (2,317) | (178) | (2,495) |
After 1 year to 2 years | (910) | 439 | (471) |
After 2 years to 3 years | 1,140 | 943 | 2,083 |
After 3 years to 4 years | 3,351 | 683 | 4,034 |
After 4 years to 5 years | 4,707 | 772 | 5,479 |
After 5 years to 10 years | 22,466 | 2,734 | 25,200 |
After 10 years to 15 years | 21,715 | 2,686 | 24,401 |
After 15 years to 20 years | 18,396 | 2,159 | 20,555 |
After 20 years* | 59,394 | 10,687 | 70,081 |
Total expected future cash flows from insurance contract | |||
liabilities | 127,942 | 20,925 | 148,867 |
| 31 Dec 2023 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | 2,256 | (477) | 1,779 |
After 1 year to 2 years | 2,262 | 94 | 2,356 |
After 2 years to 3 years | 4,269 | 516 | 4,785 |
After 3 years to 4 years | 5,272 | 973 | 6,245 |
After 4 years to 5 years | 4,436 | 828 | 5,264 |
After 5 years to 10 years | 18,726 | 3,076 | 21,802 |
After 10 years to 15 years | 16,374 | 2,703 | 19,077 |
After 15 years to 20 years | 14,560 | 2,016 | 16,576 |
After 20 years* | 51,960 | 9,829 | 61,789 |
Total expected future cash flows from insurance contract | |||
liabilities | 120,115 | 19,558 | 139,673 |
| 31 Dec 2024 $m | |||
Total as reported on the | Total including Group\u2019s | ||
consolidated statement of | Group\u2019s share relating to | share relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | 136 | 11 | 147 |
After 1 year to 2 years | 68 | (1) | 67 |
After 2 years to 3 years | 30 | (1) | 29 |
After 3 years to 4 years | 4 | (1) | 3 |
After 4 years to 5 years | 4 | (1) | 3 |
After 5 years to 10 years | 20 | (1) | 19 |
After 10 years to 15 years | 8 | 1 | 9 |
After 15 years to 20 years | (6) | 3 | (3) |
After 20 years | 159 | 28 | 187 |
Total expected future cash flows from reinsurance contract | |||
liabilities | 423 | 38 | 461 |
| 31 Dec 2023 $m | |||
Total as reported on the | Total including Group\u2019s share | ||
consolidated statement of | Group\u2019s share relating to | relating to | |
financial position | JVs and associates | JVs and associates | |
1 year or less | 820 | 15 | 835 |
After 1 year to 2 years | 58 | \u2013 | 58 |
After 2 years to 3 years | 54 | \u2013 | 54 |
After 3 years to 4 years | 26 | \u2013 | 26 |
After 4 years to 5 years | 4 | \u2013 | 4 |
After 5 years to 10 years | (3) | 1 | (2) |
After 10 years to 15 years | 4 | 2 | 6 |
After 15 years to 20 years | 5 | 3 | 8 |
After 20 years | 214 | 19 | 233 |
Total expected future cash flows from reinsurance contract | |||
liabilities | 1,182 | 40 | 1,222 |
Contract type | Description and material features | Measurement model |
With-profits | Provides savings and/or protection where the basic sum | All with-profits contracts of the Group written in Hong Kong, |
contracts | assured can be enhanced by a profit share (or bonus) from | Singapore and Malaysia are measured using the VFA model. |
(written in Hong | the underlying fund as determined at the discretion of the | |
Kong, Singapore | local business unit. | The shareholders\u2019 share of the excess of the assets of the |
and Malaysia) | with-profits funds over policyholder liabilities is recognised | |
With-profits products often offer a guaranteed maturity or | within shareholders\u2019 equity. | |
surrender value. Declared regular bonuses are guaranteed | ||
once vested. Future bonus rates and cash dividends are not | ||
guaranteed. Market value adjustments and surrender | ||
penalties are used for certain products where the law | ||
permits such adjustments. Guarantees are predominantly | ||
supported by the segregated funds and their estates. | ||
Additional health and protection benefits can be provided | ||
through riders (which are not separated from the base | ||
with-profits contracts). | ||
Other | Similar to the with-profits contracts, other participating | Other participating contracts of the Group are measured |
participating | contracts include savings and/or protection elements, with | under the VFA model except for the contracts without |
contracts | policyholders and shareholders sharing in the returns of | distinct segregated funds written by the Group\u2019s life joint |
the underlying funds. | venture in Mainland China, where the GMM approach is | |
applied. | ||
Unit-linked | Combines savings with health and protection riders (which, | Unit-linked contracts are measured either under the VFA or |
contracts | under IFRS 17, are not separated from the base contract). | the GMM depending on the relative size of the savings and |
The cash value of the policy primarily depends on the | protection benefits of the contract. The larger the | |
value of the underlying unitised funds. | protection component the more likely the contract is | |
required to be measured under the GMM. | ||
Health and | Shareholder-backed participating critical illness contracts | Shareholder-backed participating critical illness contracts |
protection \u2013 | are written by the Group\u2019s Hong Kong business. These | are measured under the VFA. |
Shareholder- | products combine critical illness and death benefits with a | |
backed | savings element. These are whole life products and have | |
participating | regular premium payments with a limited payment term. | |
critical illness | ||
contracts | ||
Health and | In addition to supplementary heath and protection | Stand-alone non-par health and protection (excluding |
protection \u2013 | contract products attached to with-profits and unit-linked | shareholder-backed participating critical illness) contracts |
Other | contracts described above, the Group also offers stand- | are measured under the GMM. |
alone health and protection products. | ||
These are non-participating contracts that provide | ||
mortality and/or morbidity benefits including health, | ||
disability, critical illness and accident coverage. | ||
Non- | Non-participating savings and/or protection where the | These contracts are measured under the GMM. |
participating | benefits are guaranteed, determined by a set of defined | |
term, whole life | market-related parameters, or determined at the discretion | |
and endowment | of the local business unit. These products often offer a | |
assurance | guaranteed maturity and/or surrender value. It is common | |
contracts | in Asia for regulations or market-driven demand and | |
competition to provide some form of capital value | ||
protection and minimum crediting interest rate | ||
guarantees. This is reflected within the guaranteed | ||
maturity and surrender values. Guarantees are supported | ||
by shareholders. |
2024 $m | 2023 $m | |
Carrying value at 1 Jan | 896 | 890 |
Exchange differences | (7) | 6 |
Reclassification as held for sale note C1.2 | (41) | \u2013 |
Carrying value at 31 Dec | 848 | 896 |
| 2024 $m | 2023 $m | |||||
Other | Other | |||||
Distribution rights | intangibles | Total | Distribution rights | intangibles | Total | |
note (i) | note (ii) | note (i) | note (ii) | |||
Balance at 1 Jan | ||||||
Cost | 5,585 | 537 | 6,122 | 5,176 | 489 | 5,665 |
Accumulated amortisation | (1,876) | (260) | (2,136) | (1,546) | (235) | (1,781) |
3,709 | 277 | 3,986 | 3,630 | 254 | 3,884 | |
Additions | 198 | 62 | 260 | 415 | 83 | 498 |
Amortisation charge | (331) | (58) | (389) | (330) | (49) | (379) |
Disposals and transfers | (4) | (14) | (18) | \u2013 | (6) | (6) |
Exchange differences and other movements | (13) | (2) | (15) | (6) | (5) | (11) |
Balance at 31 Dec | 3,559 | 265 | 3,824 | 3,709 | 277 | 3,986 |
Comprising: | ||||||
Cost | 5,762 | 570 | 6,332 | 5,585 | 537 | 6,122 |
Accumulated amortisation | (2,203) | (305) | (2,508) | (1,876) | (260) | (2,136) |
Balance at 31 Dec | 3,559 | 265 | 3,824 | 3,709 | 277 | 3,986 |
2024 $m | 2023 $m | |
Carrying value at 1 Jan | 896 | 890 |
Exchange differences | (7) | 6 |
Reclassification as held for sale note C1.2 | (41) | \u2013 |
Carrying value at 31 Dec | 848 | 896 |
| 2024 $m | 2023 $m | |||||
Other | Other | |||||
Distribution rights | intangibles | Total | Distribution rights | intangibles | Total | |
note (i) | note (ii) | note (i) | note (ii) | |||
Balance at 1 Jan | ||||||
Cost | 5,585 | 537 | 6,122 | 5,176 | 489 | 5,665 |
Accumulated amortisation | (1,876) | (260) | (2,136) | (1,546) | (235) | (1,781) |
3,709 | 277 | 3,986 | 3,630 | 254 | 3,884 | |
Additions | 198 | 62 | 260 | 415 | 83 | 498 |
Amortisation charge | (331) | (58) | (389) | (330) | (49) | (379) |
Disposals and transfers | (4) | (14) | (18) | \u2013 | (6) | (6) |
Exchange differences and other movements | (13) | (2) | (15) | (6) | (5) | (11) |
Balance at 31 Dec | 3,559 | 265 | 3,824 | 3,709 | 277 | 3,986 |
Comprising: | ||||||
Cost | 5,762 | 570 | 6,332 | 5,585 | 537 | 6,122 |
Accumulated amortisation | (2,203) | (305) | (2,508) | (1,876) | (260) | (2,136) |
Balance at 31 Dec | 3,559 | 265 | 3,824 | 3,709 | 277 | 3,986 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Subordinated debt | ||
US$750m 4.875% notes | 750 | 750 |
\u00a3435m 6.125% notes 2031 | 542 | 551 |
US$1,000m 2.95% notes 2033 | 997 | 996 |
Senior debt | ||
\u00a3250m 5.875% notes 2029 | 299 | 301 |
US$1,000m 3.125% notes 2030 | 990 | 988 |
US$350m 3.625% notes 2032 | 347 | 347 |
Total core structural borrowings of shareholder-financed businesses | 3,925 | 3,933 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Borrowings in respect of short-term fixed income securities programmes (commercial paper) | 527 | 699 |
Lease liabilities under IFRS 16 | 257 | 234 |
Other borrowings | 13 | 8 |
Total operational borrowings | 797 | 941 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Subordinated debt | ||
US$750m 4.875% notes | 750 | 750 |
\u00a3435m 6.125% notes 2031 | 542 | 551 |
US$1,000m 2.95% notes 2033 | 997 | 996 |
Senior debt | ||
\u00a3250m 5.875% notes 2029 | 299 | 301 |
US$1,000m 3.125% notes 2030 | 990 | 988 |
US$350m 3.625% notes 2032 | 347 | 347 |
Total core structural borrowings of shareholder-financed businesses | 3,925 | 3,933 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Borrowings in respect of short-term fixed income securities programmes (commercial paper) | 527 | 699 |
Lease liabilities under IFRS 16 | 257 | 234 |
Other borrowings | 13 | 8 |
Total operational borrowings | 797 | 941 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Property, plant and equipment held at cost note (a) | 391 | 347 |
Owner occupied properties held at fair value note (b) | 26 | 27 |
Total property, plant and equipment | 417 | 374 |
| 2024 $m | 2023 $m | |||||||
Group | Group | |||||||
occupied | Tangible | Right-of- | occupied | Tangible | Right-of- | |||
property | assets | use assets | Total | property | assets | use assets | Total | |
Balance at 1 Jan | ||||||||
Cost | 24 | 495 | 683 | 1,202 | 21 | 486 | 676 | 1,183 |
Accumulated depreciation | (8) | (380) | (467) | (855) | (8) | (360) | (405) | (773) |
Opening net book amount | 16 | 115 | 216 | 347 | 13 | 126 | 271 | 410 |
Additions | 20 | 81 | 51 | 152 | \u2013 | 44 | 57 | 101 |
Depreciation and impairment charge | \u2013 | (40) | (94) | (134) | \u2013 | (50) | (95) | (145) |
Disposals, transfers and lease modifications | (8) | (29) | 67 | 30 | 3 | (4) | (18) | (19) |
Effect of movements in exchange rates | \u2013 | (1) | (3) | (4) | \u2013 | (1) | 1 | \u2013 |
Balance at 31 Dec | 28 | 126 | 237 | 391 | 16 | 115 | 216 | 347 |
Representing: | ||||||||
Cost | 35 | 497 | 782 | 1,314 | 24 | 495 | 683 | 1,202 |
Accumulated depreciation | (7) | (371) | (545) | (923) | (8) | (380) | (467) | (855) |
Closing net book amount | 28 | 126 | 237 | 391 | 16 | 115 | 216 | 347 |
31 Dec 2024 $m | 31 Dec 2023 $m | |||
Change in local currency to $ exchange rates | Decrease of 5% | Increase of 5% | Decrease of 5% | Increase of 5% |
Profit after tax for the year | 102 | (92) | 72 | (65) |
Shareholders\u2019 equity | 624 | (565) | 595 | (538) |
Base values | 2024 $m | 2023 $m |
Profit after tax for the year for the Group | 2,415 | 1,712 |
Group shareholders\u2019 equity as at 31 Dec | 17,492 | 17,823 |
CSM as at 31 Dec including JVs and associates | 21,960 | 21,012 |
31 Dec 2024 $m | 31 Dec 2023 $m | |||
Interest rates and consequential effects | Decrease of 0.5% | Increase of 1% | Decrease of 0.5% | Increase of 1% |
Increase (decrease) to shareholders\u2019 equity: | ||||
Financial assets note | 7,690 | (13,462) | 6,815 | (12,004) |
Net insurance contract liabilities (including CSM) note | (7,324) | 12,474 | (7,332) | 12,191 |
Net effect on shareholders' equity | 348 | (878) | (328) | 24 |
Increase (decrease) to profit after tax: | ||||
Net effect on profit after tax | 380 | (940) | (328) | 24 |
Increase (decrease) to CSM liability: | ||||
CSM note | 395 | (975) | 358 | (880) |
31 Dec 2024 $m | 31 Dec 2023 $m | |||
Equity/property market values | Decrease of 20% | Increase of 10% | Decrease of 20% | Increase of 10% |
Increase (decrease) to shareholders\u2019 equity: | ||||
Financial assets note | (14,133) | 7,075 | (13,359) | 6,681 |
Net insurance contract liabilities (including CSM) note | 13,132 | (6,628) | 12,288 | (6,254) |
Net effect on shareholders' equity | (689) | 302 | (822) | 327 |
Increase (decrease) to profit after tax: | ||||
Net effect on profit after tax | (738) | 325 | (822) | 327 |
Increase (decrease) to CSM liability: | ||||
CSM note | (1,479) | 651 | (1,392) | 618 |
| 2024 $m | ||||
Net effect on shareholders\u2019 equity | ||||
and profit after tax attributable to | ||||
equity holders | Net effect on CSM | |||
Gross of | Net of | Gross of | Net of | |
Sensitivity to insurance risk: | reinsurance | reinsurance | reinsurance | reinsurance |
Maintenance expenses \u2013 10% increase | (73) | (72) | (422) | (424) |
Lapse rates \u2013 10% increase | (97) | (72) | (1,435) | (1,593) |
Mortality and morbidity \u2013 5% increase | (110) | (108) | (689) | (269) |
| 2023 $m | ||||
Net effect on shareholders\u2019 equity | ||||
and profit after tax attributable to | ||||
equity holders | Net effect on CSM | |||
Gross of | Net of | Gross of | Net of | |
Sensitivity to insurance risk: | reinsurance | reinsurance | reinsurance | reinsurance |
Maintenance expenses \u2013 10% increase | (77) | (71) | (420) | (427) |
Lapse rates \u2013 10% increase | (88) | (76) | (1,363) | (1,496) |
Mortality and morbidity \u2013 5% increase | (131) | (96) | (638) | (261) |
| 2024 $m | ||||
Other | ||||
movements | ||||
Net deferred tax | including | |||
(assets) liabilities | Movement in | foreign | Net deferred tax | |
at | income | exchange | (assets) liabilities | |
1 Jan | statement | movements | at 31 Dec | |
Unrealised losses or gains on investments | 129 | 32 | (13) | 148 |
Balances relating to insurance and reinsurance contracts | 1,170 | 260 | (22) | 1,408 |
Short-term temporary differences | (94) | 28 | 6 | (60) |
Unused tax losses | (111) | (17) | 4 | (124) |
Net deferred tax liabilities | 1,094 | 303 | (25) | 1,372 |
| 2023 $m | ||||
Other | ||||
movements | ||||
including | ||||
Net deferred tax | Movement in | foreign | Net deferred tax | |
(assets) liabilities | income | exchange | (assets) liabilities | |
at 1 Jan | statement | movements | at 31 Dec | |
Unrealised losses or gains on investments | (129) | 268 | (10) | 129 |
Balances relating to insurance and reinsurance contracts | 1,255 | (87) | 2 | 1,170 |
Short-term temporary differences | (96) | 2 | \u2013 | (94) |
Unused tax losses | (31) | (79) | (1) | (111) |
Net deferred tax liabilities | 999 | 104 | (9) | 1,094 |
| 2024 $m | ||||
Other | ||||
movements | ||||
Net deferred tax | including | |||
(assets) liabilities | Movement in | foreign | Net deferred tax | |
at | income | exchange | (assets) liabilities | |
1 Jan | statement | movements | at 31 Dec | |
Unrealised losses or gains on investments | 129 | 32 | (13) | 148 |
Balances relating to insurance and reinsurance contracts | 1,170 | 260 | (22) | 1,408 |
Short-term temporary differences | (94) | 28 | 6 | (60) |
Unused tax losses | (111) | (17) | 4 | (124) |
Net deferred tax liabilities | 1,094 | 303 | (25) | 1,372 |
| 2023 $m | ||||
Other | ||||
movements | ||||
including | ||||
Net deferred tax | Movement in | foreign | Net deferred tax | |
(assets) liabilities | income | exchange | (assets) liabilities | |
at 1 Jan | statement | movements | at 31 Dec | |
Unrealised losses or gains on investments | (129) | 268 | (10) | 129 |
Balances relating to insurance and reinsurance contracts | 1,255 | (87) | 2 | 1,170 |
Short-term temporary differences | (96) | 2 | \u2013 | (94) |
Unused tax losses | (31) | (79) | (1) | (111) |
Net deferred tax liabilities | 999 | 104 | (9) | 1,094 |
| 2024 | 2023 | |||||
Number of | Share | Share | Number of | Share | Share | |
Issued shares of 5p each fully paid | ordinary shares | capital | premium | ordinary shares | capital | premium |
$m | $m | $m | $m | |||
Balance at 1 Jan | 2,753,520,756 | 183 | 5,009 | 2,749,669,380 | 182 | 5,006 |
Shares issued under share-based schemes | 758,708 | \u2013 | \u2013 | 3,851,376 | 1 | 3 |
Shares issued under scrip dividends | 2,813,929 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Shares cancelled on repurchases/buybacks | (99,571,505) | (7) | \u2013 | \u2013 | \u2013 | \u2013 |
Balance at 31 Dec | 2,657,521,888 | 176 | 5,009 | 2,753,520,756 | 183 | 5,009 |
| Share price range | ||||
Number of shares | from | to | Exercisable by | |
to subscribe for | (in pence) | (in pence) | year | |
31 Dec 2024 | 1,660,096 | 520p | 1,202p | 2030 |
31 Dec 2023 | 1,671,215 | 737p | 1,455p | 2029 |
Cost recognised in retained earnings | 2024 $m |
Share repurchases to neutralise share scheme issuances | 48 |
Share repurchases to neutralise impact of scrip dividend | 23 |
Share buyback programme to return capital to shareholders (excluding costs) | 785 |
Total cash paid on repurchases and buybacks (excluding costs) | 856 |
Redemption liability and costs associated with the buyback | 22 |
Total share repurchases and buybacks | 878 |
| Share price | ||||
Low | High | Cost | ||
Number of shares | \u00a3 | \u00a3 | $ | |
January 2024 | 3,851,376 | 8.01 | 8.52 | 40,548,716 |
June 2024 | 2,726,787 | 7.06 | 7.61 | 25,508,735 |
July 2024 | 11,940,672 | 6.68 | 7.42 | 95,525,099 |
August 2024 | 7,992,467 | 6.22 | 6.93 | 78,392,153 |
September 2024 | 23,590,670 | 6.02 | 7.08 | 193,828,164 |
October 2024 | 20,480,882 | 6.39 | 7.27 | 162,436,763 |
November 2024 | 18,244,807 | 5.95 | 6.81 | 161,759,189 |
December 2024 | 10,743,844 | 6.20 | 6.85 | 97,782,966 |
Total | 99,571,505 | 855,781,785 |
| 2024 | 2023 | |||||
Number of | Share | Share | Number of | Share | Share | |
Issued shares of 5p each fully paid | ordinary shares | capital | premium | ordinary shares | capital | premium |
$m | $m | $m | $m | |||
Balance at 1 Jan | 2,753,520,756 | 183 | 5,009 | 2,749,669,380 | 182 | 5,006 |
Shares issued under share-based schemes | 758,708 | \u2013 | \u2013 | 3,851,376 | 1 | 3 |
Shares issued under scrip dividends | 2,813,929 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Shares cancelled on repurchases/buybacks | (99,571,505) | (7) | \u2013 | \u2013 | \u2013 | \u2013 |
Balance at 31 Dec | 2,657,521,888 | 176 | 5,009 | 2,753,520,756 | 183 | 5,009 |
| Share price range | ||||
Number of shares | from | to | Exercisable by | |
to subscribe for | (in pence) | (in pence) | year | |
31 Dec 2024 | 1,660,096 | 520p | 1,202p | 2030 |
31 Dec 2023 | 1,671,215 | 737p | 1,455p | 2029 |
Cost recognised in retained earnings | 2024 $m |
Share repurchases to neutralise share scheme issuances | 48 |
Share repurchases to neutralise impact of scrip dividend | 23 |
Share buyback programme to return capital to shareholders (excluding costs) | 785 |
Total cash paid on repurchases and buybacks (excluding costs) | 856 |
Redemption liability and costs associated with the buyback | 22 |
Total share repurchases and buybacks | 878 |
| Share price | ||||
Low | High | Cost | ||
Number of shares | \u00a3 | \u00a3 | $ | |
January 2024 | 3,851,376 | 8.01 | 8.52 | 40,548,716 |
June 2024 | 2,726,787 | 7.06 | 7.61 | 25,508,735 |
July 2024 | 11,940,672 | 6.68 | 7.42 | 95,525,099 |
August 2024 | 7,992,467 | 6.22 | 6.93 | 78,392,153 |
September 2024 | 23,590,670 | 6.02 | 7.08 | 193,828,164 |
October 2024 | 20,480,882 | 6.39 | 7.27 | 162,436,763 |
November 2024 | 18,244,807 | 5.95 | 6.81 | 161,759,189 |
December 2024 | 10,743,844 | 6.20 | 6.85 | 97,782,966 |
Total | 99,571,505 | 855,781,785 |
Cost recognised in retained earnings | 2024 $m |
Share repurchases to neutralise share scheme issuances | 48 |
Share repurchases to neutralise impact of scrip dividend | 23 |
Share buyback programme to return capital to shareholders (excluding costs) | 785 |
Total cash paid on repurchases and buybacks (excluding costs) | 856 |
Redemption liability and costs associated with the buyback | 22 |
Total share repurchases and buybacks | 878 |
| Share price | ||||
Low | High | Cost | ||
Number of shares | \u00a3 | \u00a3 | $ | |
January 2024 | 3,851,376 | 8.01 | 8.52 | 40,548,716 |
June 2024 | 2,726,787 | 7.06 | 7.61 | 25,508,735 |
July 2024 | 11,940,672 | 6.68 | 7.42 | 95,525,099 |
August 2024 | 7,992,467 | 6.22 | 6.93 | 78,392,153 |
September 2024 | 23,590,670 | 6.02 | 7.08 | 193,828,164 |
October 2024 | 20,480,882 | 6.39 | 7.27 | 162,436,763 |
November 2024 | 18,244,807 | 5.95 | 6.81 | 161,759,189 |
December 2024 | 10,743,844 | 6.20 | 6.85 | 97,782,966 |
Total | 99,571,505 | 855,781,785 |
2024 $m | 2023 $m | |
Balance at 1 Jan | 497 | 466 |
Gains during the year | 204 | 254 |
Movement in capital requirement | 8 | (20) |
Capital injection | 6 | 3 |
Distributions made to the parent company | (197) | (205) |
Exchange and other movements | (18) | (1) |
Balance at 31 Dec | 500 | 497 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Property, plant and equipment held at cost note (a) | 391 | 347 |
Owner occupied properties held at fair value note (b) | 26 | 27 |
Total property, plant and equipment | 417 | 374 |
| 2024 $m | 2023 $m | |||||||
Group | Group | |||||||
occupied | Tangible | Right-of- | occupied | Tangible | Right-of- | |||
property | assets | use assets | Total | property | assets | use assets | Total | |
Balance at 1 Jan | ||||||||
Cost | 24 | 495 | 683 | 1,202 | 21 | 486 | 676 | 1,183 |
Accumulated depreciation | (8) | (380) | (467) | (855) | (8) | (360) | (405) | (773) |
Opening net book amount | 16 | 115 | 216 | 347 | 13 | 126 | 271 | 410 |
Additions | 20 | 81 | 51 | 152 | \u2013 | 44 | 57 | 101 |
Depreciation and impairment charge | \u2013 | (40) | (94) | (134) | \u2013 | (50) | (95) | (145) |
Disposals, transfers and lease modifications | (8) | (29) | 67 | 30 | 3 | (4) | (18) | (19) |
Effect of movements in exchange rates | \u2013 | (1) | (3) | (4) | \u2013 | (1) | 1 | \u2013 |
Balance at 31 Dec | 28 | 126 | 237 | 391 | 16 | 115 | 216 | 347 |
Representing: | ||||||||
Cost | 35 | 497 | 782 | 1,314 | 24 | 495 | 683 | 1,202 |
Accumulated depreciation | (7) | (371) | (545) | (923) | (8) | (380) | (467) | (855) |
Closing net book amount | 28 | 126 | 237 | 391 | 16 | 115 | 216 | 347 |
2024 $m | 2023 $m | |
Hong Kong | 41 | 22 |
Indonesia | 4 | \u2013 |
Malaysia | 2 | 1 |
Singapore | 24 | 2 |
Growth markets and other | 21 | 15 |
Eastspring | 7 | 4 |
Total segment | 99 | 44 |
Unallocated to a segment (central operations) | 2 | \u2013 |
Total capital expenditure on property, plant and equipment | 101 | 44 |
31 Dec 2024 $m | 31 Dec 2023 $m | |||
Other | Other | |||
Investment | structured | Investment | structured | |
Consolidated statement of financial position line items | funds | entities | funds | entities |
Equity securities and holdings in collective investment schemes | 47,701 | \u2013 | 33,657 | \u2013 |
Debt securities | \u2013 | 216 | \u2013 | 285 |
Total investments in unconsolidated structured entities | 47,701 | 216 | 33,657 | 285 |
2024 $m | 2023 $m | |
Mainland China | 159 | (577) |
Malaysia | 21 | 18 |
Growth markets and other note | 104 | 310 |
Insurance operations | 284 | (249) |
Eastspring | 193 | 158 |
Total segment and Group total | 477 | (91) |
Statement of financial position | 31 Dec 2024 $m | 31 Dec 2023 $m |
Total assets | 36,344 | 33,271 |
Total liabilities (including non-controlling interest) note | 34,452 | 32,005 |
Shareholders\u2019 equity | 1,892 | 1,266 |
The above amounts of assets and liabilities include the following: | ||
Cash and cash equivalents | 1,374 | 868 |
Financial liabilities (excluding trade and other payables and provisions) | 1,835 | 1,198 |
Income statement | 2024 $m | 2023 $m |
Revenue | 3,491 | 1,676 |
Profit (loss) for the year after tax | 282 | (733) |
The above loss for the year includes the following: | ||
Depreciation and amortisation | (38) | (39) |
Interest income | 582 | 543 |
Interest expense | (2) | (2) |
Income tax (charge) credit | (36) | 422 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Net assets of the Mainland China joint venture as shown above (100%) | 1,892 | 1,266 |
Proportion owned by the joint venture partner (50%) | 946 | 633 |
Carrying amount of the Group\u2019s interest in the joint venture (50%) | 946 | 633 |
Abbreviation | Class of share held |
LBG | Limited by Guarantee |
MI | Membership Interest |
MI \u2013 WFOE | Membership Interest of a Wholly Foreign Owned Enterprise in Mainland China |
MI \u2013 JV | Membership Interest of a Sino-Foreign Equity Joint Venture in Mainland China |
OS | Ordinary Shares |
PI | Partnership Interest |
PS | Preference Shares |
U | Units |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Prudential Corporation Asia Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Group Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Aberdeen Cash Creation Fund | U | 27.94% | 28th Floor Bangkok City Tower, 179 South Sathorn Road, |
Thungmahamek, Sathorn, Bangkok 10120, Thailand | |||
Aberdeen Standard Global Opportunities | U | 23.95% | 7 Straits View, #23-04, Marina One East Tower, Singapore 018936 |
Fund | |||
Aberdeen Standard Singapore Equity Fund | U | 46.46% | |
Abrdn SICAV I \u2013 Diversified Income Fund | U | 70.25% | 35a, Avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of |
Luxembourg | |||
AC Financial Partners Limited Partnership | PI | 100.00% | Citypoint, 65 Haymarket Terrace, Edinburgh, EH12 5HD |
Alternatives North America, Ltd. | U | 100.00% | PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, |
Cayman Islands | |||
Amundi EUR Corporate Bond | U | 22.31% | 5 All. Scheffer, 2520 Limpertsberg Luxembourg |
ARDIAN Prudential PE Sub-Fund | U | 99.99% | 1 Temasek Avenue, #36-01 Millenia Tower, Singapore 039192 |
ATRAM - PRUINVEST PHP Balanced | U | 100.00% | 8th Floor 8 Rockwell Building, Metro Manila Manila, Philippines |
Allocation Fund | |||
ATRAM - PRUINVEST PHP Dynamic Equity | U | 100.00% | |
Fund | |||
ATRAM - PRUINVEST PHP Liquid Fund | U | 90.72% | |
ATRAM - PRUINVEST USD Intermediate | U | 94.92% | |
Term Bond Fund | |||
ATRAM - PRUINVEST USD Liquid Fund | U | 100.00% | |
ATRAM Developed Markets Multi-asset Fund | U | 97.73% | |
of Funds | |||
ATRAM Philippine Equity Index Tracker Fund | U | 95.66% | |
ATRAM USD Asian High Yield Bond Feeder | U | 92.68% | |
Fund | |||
BOCHK Aggressive Growth Fund | U | 42.77% | 27th Floor, Bank of China Tower, 1 Garden Road, Hong Kong |
BOCHK Balanced Growth Fund | U | 36.50% | |
BOCHK China Equity Fund | U | 53.93% | |
BOCHK Conservative Growth Fund | U | 43.37% | |
BOCHK US Dollar Money Market Fund | U | 31.72% | |
BOCI-Prudential Asset Management Limited | OS | 36.00% | |
BOCI-Prudential Trustee Limited | OS | 36.00% | Suites 1501-1507 & 1513-1516, 15th Floor, 1111 King's Road, |
Taikoo Shing, Hong Kong | |||
BSP Debt Fund V Unlevered (Non US) LP | U | 68.40% | c/o Benefit Street Partners LLC, New York, New York 10019 |
Cathay High Yield ex China Cash pay 1-5 | U | 47.67% | 6th Floor, No.39, Sec.2, Dunhua South. Rd., Taipei, Taiwan |
Year 2% Issuer Capped ETF | |||
CITIC-Prudential Fund Management | MI - JV | 49.00% | Level 9, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong, |
Company Limited | Shanghai, China | ||
CITIC-Prudential Life Insurance Company | MI - JV | 50.00% | Room 1101-A, 1201, 1301, 1401, 1501, 1601, 1701, 1801, Unit 01, |
Limited | Building 1, No. B2, North Road of East Third Ring Road, Chaoyang | ||
District, Beijing, PRC,100027, China | |||
CT (Lux) Global Emerging Market Equities | U | 88.17% | 44 Rue de la vall\u00e9e, 2661 Luxembourg |
Eastspring Al-Wara' Investments Berhad | OS | 100.00% | Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit |
Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia | |||
Eastspring Asia Pacific High Yield Equity | U | 45.49% | 4th Floor, No.1, Songzhi Rd., Xinyi Dist., Taipei, Taiwan |
Fund | |||
Eastspring Asset Management (Thailand) | OS | 59.50% | 944 Mitrtown Office Tower, 9th Floor, Rama 4 Road, Wangmai, |
Co., Ltd. | Pathumwan, Bangkok 10330, Thailand | ||
Eastspring Asset Management Korea Co. Ltd. | OS | 100.00% | 22F (Seoul International Finance Center, Yeouido dong), 10 |
Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, 07326, Korea (the | |||
Republic of) | |||
Eastspring Global Private Credit Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investment Management | MI - WFOE | 100.00% | Unit 306-308, 3rd Floor, Azia Center, 1233 Lujiazui Ring Road, China |
(Shanghai) Company Limited | (Shanghai) Pilot Free Trade Zone, China | ||
Eastspring Investments - Asia ESG Bond | U | 94.63% | 26, Boulevard Royal, L-2449, Luxembourg |
Fund | |||
Eastspring Investments \u2013 Asia Opportunities | U | 96.44% | |
Equity Fund | |||
Eastspring Investments - Asia Pacific Equity | U | 99.97% | |
Fund | |||
Eastspring Investments - Asian Bond Fund | U | 92.81% | |
Eastspring Investments - Asian Dynamic | U | 91.42% | |
Fund | |||
Eastspring Investments - Asian Equity Fund | U | 99.07% | |
Eastspring Investments - Asian Equity | U | 88.84% | |
Income Fund | |||
Eastspring Investments - Asian High Yield | U | 66.61% | |
Bond Fund | |||
Eastspring Investments - Asian Investment | U | 80.46% | |
Grade Bond Fund | |||
EastSpring Investments - Asian Local Bond | U | 90.09% | |
Fund | |||
Eastspring Investments - Asian Low Volatility | U | 86.15% | |
Equity Fund | |||
Eastspring Investments - Asian Multi Factor | U | 94.77% | |
Equity Fund | |||
Eastspring Investments - China A Shares | U | 89.63% | |
Growth Fund | |||
Eastspring Investments - China Bond Fund | U | 99.84% | |
Eastspring Investments - Dragon Peacock | U | 97.24% | |
Fund | |||
Eastspring Investments - European | U | 100.00% | |
Investment Grade Bond Fund | |||
Eastspring Investments - Global Emerging | U | 99.21% | |
Markets Bond Fund | |||
Eastspring Investments - Global Emerging | U | 36.66% | |
Markets Dynamic Fund | |||
Eastspring Investments - Global Emerging | U | 95.57% | |
Markets ex-China Dynamic Fund | |||
Eastspring Investments - Global Emerging | U | 99.84% | |
Markets Fundamental Value Fund | |||
Eastspring Investments - Global Emerging | U | 34.75% | |
Markets Total Return Bond Fund | |||
Eastspring Investments - Global Equity | U | 91.70% | |
Navigator Fund | |||
Eastspring Investments - Global Growth | U | 46.05% | |
Equity Fund | |||
Eastspring Investments - Global Low | U | 99.32% | |
Volatility Equity Fund | |||
Eastspring Investments - Global Market | U | 99.51% | |
Navigator Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Balanced Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Conservative Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Dynamic Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Income Plus Growth Fund |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investments - Global Multi Factor | U | 29.04% | |
Equity Fund | |||
Eastspring Investments - Global Technology | U | 80.73% | |
Fund | |||
Eastspring Investments - Greater China | U | 90.05% | |
Equity Fund | |||
Eastspring Investments - India Equity Fund | U | 23.60% | |
Eastspring Investments - Japan Sustainable | U | 86.10% | |
Value Fund | |||
Eastspring Investments - Pan European Fund | U | 51.02% | |
Eastspring Investments - US Corporate Bond | U | 79.61% | |
Fund | |||
Eastspring Investments - US High | U | 92.54% | |
Investment Grade Bond Fund | |||
Eastspring Investments \u2013 US High Yield Bond | U | 52.47% | |
Fund | |||
Eastspring Investments - US Investment | U | 51.07% | |
Grade Bond Fund | |||
Eastspring Investments - World Value Equity | U | 91.42% | |
Fund | |||
Eastspring Investments (Hong Kong) Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Eastspring Investments (Luxembourg) S.A. | OS | 100.00% | 26, Boulevard Royal, L-2449 Luxembourg |
Eastspring Investments (Singapore) Limited | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Asia Pacific ex-Japan | U | 82.82% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Target Return Fund | Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | ||
Eastspring Investments Asian High Yield | U | 77.10% | Malaysia |
Bond MY Fund | |||
Eastspring Investments Berhad | OS | 100.00% | Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit |
Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia | |||
Eastspring Investments Dana Dinamik | U | 22.53% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Eastspring Investments Dinasti Equity Fund | U | 37.40% | Exchange, Kuala Lumpur |
Eastspring Investments Equity Income Fund | U | 31.52% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Fund Management | MI | 100.00% | 23rd Floor, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, |
Limited Liability Company | Ho Chi Minh City, Vietnam | ||
Eastspring Investments Funds - Monthly | U | 43.54% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Income Plan | |||
Eastspring Investments Global Equity Fund | U | 94.82% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Global Oncology | U | 99.71% | 22nd Floor One IFC, 10 Gukjegeumyung-ro, Youngdungpo-gu, Seoul |
Securities Baby Investment Trust (USD) | 07326, Korea | ||
Eastspring Investments Group Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Growth Fund | U | 25.80% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Incorporated | OS | 100.00% | 874 Walker Road, Suite C, City of Dover, County of Kent, State of |
Delaware 19904, United States | |||
Eastspring Investments India Consumer | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Equity Open Limited | |||
Eastspring Investments India Equity Open | OS | 100.00% | |
Limited | |||
Eastspring Investments India Government | U | 99.99% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 |
Bond Fund QII | Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investments India Infrastructure | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Equity Open Limited | |||
Eastspring Investments Islamic Equity | U | 39.99% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Income Fund | Exchange, Kuala Lumpur | ||
Eastspring Investments Limited | OS | 100.00% | Marunouchi Park Building, 6-1 Marunouchi 2-chome, Chiyoda-Ku, |
Tokyo, Japan | |||
Eastspring Investments Services Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments SICAV-FIS - | U | 100.00% | 26, Boulevard Royal, L-2449, Luxembourg |
Alternative Investment Fund | |||
Eastspring Investments Unit Trusts - Asian | U | 95.91% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Balanced Fund | |||
Eastspring Investments Unit Trusts - Dragon | U | 97.81% | |
Peacock Fund ID | |||
Eastspring Investments Unit Trusts - Global | U | 89.56% | |
Technology Fund | |||
Eastspring Investments Unit Trusts - Pan | U | 53.05% | |
European Fund | |||
Eastspring Investments Unit Trusts - | U | 98.89% | |
Singapore ASEAN Equity Fund | |||
Eastspring Investments Unit Trusts - | U | 66.19% | |
Singapore Select Bond Fund | |||
Eastspring Investments Vietnam ESG Equity | U | 98.94% | 26, Boulevard Royal, L-2449, Luxembourg |
Fund | |||
Eastspring Investments Vietnam Navigator | U | 76.61% | 23rd Floor, Saigon Trade Center Building, 37 Ton Duc Thang Street, |
Fund | Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam | ||
Eastspring Overseas Investment Fund | MI - WFOE | 100.00% | Unit 306-308, 3rd Floor, 1233 Lujiazui Ring Road, China (Shanghai) |
Management (Shanghai) Company | Pilot Free Trade Zone, China | ||
Limited | |||
Eastspring Private Equity Fund 2 | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Securities Investment Trust Co., | OS | 99.54% | 4th Floor, No.1 Songzhi Road, Taipei 110, Taiwan |
Ltd. | |||
Eastspring Singapore Alternatives VCC | U | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Syariah Equity Islamic Asia Pacific | U | 89.56% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta |
USD Kelas B | 12910, Indonesia | ||
Eastspring Syariah Fixed Income USD Kelas | U | 53.49% | |
A | |||
First Sentier Global Property Securities Fund | U | 50.11% | 38 Beach Road, #06-11 South Beach Tower, Singapore 189767 |
FSITC Global Trends Fund | U | 47.66% | 1st Floor, No.6, Sec. 3 ,Minquan West Rd, Taipei |
FSSA China Focus Fund | U | 65.07% | 70 Sir John Rogerson\u2019s Quay, Dublin 2, D02 R296 Ireland |
Fubon 1-5 Years US High Yield Bond Ex | U | 24.52% | 8th Floor, No.108, Sec.1, Dunhua South. Rd., Taipei, Taiwan |
China | |||
Fuh Hwa 1-5 Yr High Yield ETF | U | 45.82% | 8th & 9th Floor, No.308, Sec. 2, Bade Rd., Da-an District |
Furnival Insurance Company PCC Limited | OS | 100.00% | PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, |
Guernsey | |||
GS Twenty Two Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
HSBC Senior Global Infrastructure Debt Fund | U | 100.00% | 8 Canada Square, London, E14 5HQ, United Kingdom |
ICICI Prudential Asset Management | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi |
Company Limited | 110001, India | ||
ICICI Prudential Life Insurance Company | OS | 21.97% | ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, |
Limited | Mumbai 400025, India | ||
ICICI Prudential Pension Funds | OS | 21.97% | Unit No. A, 2nd Floor, Cnergy Building, Appasaheb Marathe Marg, |
Management Company Limited | Prabhadevi, Mumbai, Maharashtra - 400025, India | ||
ICICI Prudential Trust Limited | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi |
110001, India | |||
India Innovation High Growth EQ QII | U | 100.00% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 |
Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 | |||
Invesco Select 6 Year Maturity Global Bond | U | 99.15% | 8th Floor, No 122, Tung Hua N. Rd. Taipei, Taiwan |
Fund |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
iShares Core MSCI Asia | U | 39.16% | 16th Floor, Champion Tower, 3 Garden Road, Central, Hong Kong |
iShares MSCI Asia ex Japan Climate Action | U | 33.40% | 20 Anson Road, #18-01 Twenty Anson, Singapore 079912 |
ETF | |||
iShares MSCI Europe ESG Enhanced UCITS | U | 41.71% | 12 Throgmorton Avenue, London, EC2N 2DL |
ETF | |||
iShares MSCI USA ESG Enhanced UCITS ETF | U | 31.97% | 78 Sir John Rogerson's Quay, Dublin, D02 HD32, Ireland |
JPMorgan Asian Total Return Bond | U | 99.83% | The Quayside, 12th Floor, Tower 2, 77 Hoi Bun Rd, Hong Kong |
JPMorgan Investment Funds - Japan | U | 76.08% | 6 route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of |
Sustainable Equity Fund | Luxembourg | ||
KKP Active Equity Fund | U | 30.86% | 209 KKP Tower A, 17 Fl., Sukhumvit 21 (Asoke), Khlong Toey Nua, |
Wattana, Bangkok 10110 Thailand | |||
Krungsri Greater China Equity Hedged | U | 24.62% | 12th, 18th Zone B Floor, Ploenchit Tower 898 Ploenchit Road, |
Dividend Fund | Lumpini Pathumwan, Bangkok 10330 Thailand | ||
Lasalle Property Securities SICAV-FIS | U | 100.00% | 11-13 Bouldevard de la Foire, L-1528 Luxembourg |
M&G Asia Property TS Trust | U | 100.00% | 8 Marina Boulevard, #05-02 Marina Bay, Financial Centre Tower 1, |
Singapore, 018981 | |||
M&G Real Estate Asia Holding Company Pte. | OS | 33.00% | 138 Market Street, #35-01 CapitaGreen, Singapore 048946 |
Ltd. | |||
Manulife Asia Pacific Bond Fund | U | 67.93% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Manulife AUD Income Bond Fund | U | 23.32% | |
Manulife China Offshore Bond Fund | U | 64.51% | |
Manulife Global Equity Fund | U | 22.20% | |
Manulife Taiwan Dynamic Fund | U | 27.81% | |
MEAG FlexConcept | U | 72.88% | R.C.S. Luxembourg NR. 28878, 1c, rue Gabriel Lippmann, L-5365 |
Munsbach | |||
Nomura Global Shariah Sustainable Equity | U | 21.76% | Suite No 12.2, Level 12, Menara IMC,No.8 Jalan Sultan Ismail,Kuala |
Fund | Lumpur,50250,WP Kuala Lumpur,Malaysia | ||
Nomura Six Years Fixed Maturity Asia Pacific | U | 100.00% | 101 Tower, 30th Floor, No. 7 Sec. 5, Xinyi Rd., Xinyi Dist., Taipei, |
Emerging Market Bond Fund | Taiwan | ||
Nomura Six Years Ladder Maturity Asia | U | 99.83% | |
Pacific Emerging Market Bond Fund | |||
North Sathorn Holdings Company Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini |
Subdistrict Pathumwan District, Bangkok Metropolis, Thailand | |||
PCA IP Services Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
PCA Life Assurance Co., Ltd. | OS | 99.79% | 8th Floor, No.1 Songzhi Road, Taipei City, 11047, Taiwan |
PCA Reinsurance Co. Ltd. | OS | 100.00% | Unit Level 13(A), Main Office Tower, Financial Park Labuan, Jalan |
Merdeka, 87000 Federal Territory of Labuan, Malaysia | |||
Pinebridge US Dual Core Income Fund | U | 29.13% | 10th Floor, No. 144, Sec. 2, Minquan East Rd, Taipei |
Principal Global Silver Age Fund | U | 28.89% | 44, 16th Floor, CIMB Thai Bank, Lungsuan Road, Lumpini, Bangkok |
10330, Thailand | |||
Principal Islamic Malaysia Government | U | 60.71% | Level 32, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, |
Sukuk Fund | Kuala Lumpur, Malaysia | ||
Principal Malaysia Titans Fund | U | 52.56% | Level 31, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, |
Kuala Lumpur, Malaysia | |||
Pru Life Insurance Corporation of U.K. | OS | 100.00% | 9th Floor, Uptown Place Tower 1, 1 East 11th Drive, Uptown |
Bonifacio, 1634 Taguig City, Metro Manila, Philippines | |||
Prudence Foundation | LBG | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential (Cambodia) Life Assurance Plc | OS | 100.00% | Chip Mong Tower Building, Units L19, L20, and L21, 19th, 20th, 21st |
Floor, Russian Federation Blvd (110), Phum 10, Sangkat Phsar | |||
Depou 3, Khan Tuol Kork, Phnom Penh, Cambodia | |||
Prudential (US Holdco 1) Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Africa Holdings Limited | OS | 100.00% | |
Prudential Africa Services Limited | OS | 100.00% | 3rd Floor, One Africa Place, LR No. 1870/X/45, P.O. Box 1393-00606, |
Westlands, Nairobi, Kenya |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Prudential Assurance Company Singapore | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
(Pte) Limited | |||
Prudential Assurance Malaysia Berhad | OS | 51.00% | Level 26, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Exchange, Kuala Lumpur, Malaysia | |||
Prudential Assurance Uganda Limited | OS | 100.00% | 9th Floor Zebra Plaza, Plot 23 Kampala Road, P.O. Box 2660, |
Kampala, Uganda | |||
Prudential BeGeneral Insurance C\u00f4te | OS | 51.00% | Abidjan Plateau, Avenue Nogu\u00e8s, Immeuble Woodin Center, 1er |
d'Ivoire S.A. | \u00e9tage, 01 P.O. BOX 5173, Abidjan 01, C\u00f4te d'Ivoire | ||
Prudential Belife Insurance C\u00f4te d'Ivoire S.A. | OS | 51.00% | |
Prudential Beneficial General Insurance | OS | 50.71% | 1944, Boulevard de la R\u00e9publique Douala-Akwa, P.O. BOX 2328, |
Cameroon S.A. | Douala, Cameroon | ||
Prudential Beneficial Life Insurance | OS | 51.00% | |
Cameroon S.A. | |||
Prudential Beneficial Life Insurance Togo | OS | 50.99% | 2963 Rue de la Chance Agbalepedogan, P.O. Box 1115, Lome, Togo |
S.A. | |||
Prudential BSN Takaful Berhad | OS | 49.00% | Level 13, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Exchange, Kuala Lumpur, Malaysia | |||
Prudential Corporation Asia Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Corporation Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Enterprise Management (Beijing) | MI-WFOE | 100.00% | Unit 2401-59, 24th floor, China World Office 2, No.1 |
Co., Ltd. | Jianguomenwai Avenue, Chaoyang District, Beijing, China | ||
Prudential Financial Advisers Singapore Pte. | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
Ltd. | |||
Prudential Financial Partners (Asia) Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, England, United Kingdom |
Prudential Financial Partners HK Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Funding (Asia) PLC | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, England, United Kingdom |
Prudential General Insurance Hong Kong | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong |
Limited | Kong | ||
Prudential Group Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Group Secretarial Services HK | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Limited | Central, Hong Kong | ||
Prudential Group Secretarial Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Holdings Limited | OS | 100.00% | 4th Floor, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN, |
United Kingdom | |||
Prudential Hong Kong Limited | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong |
Kong | |||
Prudential International Treasury Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Investment Management Private | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore118479 |
Limited | |||
Prudential IP Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Life Assurance (Lao) Company | OS | 100.00% | 5th Floor, Lao international Business and Tourist Center Project |
Limited | (Vientiane Center), Khouvieng Road, Nongchan Village, | ||
Sisattanak District, Vientiane Capital, Lao PDR | |||
Prudential Life Assurance (Thailand) Public | OS | 99.93% | 944 Mitrtown Office Tower, 10th, 29th-31st Floor, Rama 4 Road, |
Company Limited | Wangmai, Pathumwan, Bangkok, 10330, Thailand | ||
Prudential Life Assurance Kenya Limited | OS | 100.00% | Vienna Court, Ground Floor, State House Crescent, Off State House |
Avenue, P.O. Box 25093-00603, Nairobi, Kenya | |||
Prudential Life Assurance Zambia Limited | OS | 100.00% | Prudential House, Plot No. 32256, Thabo Mbeki Road, P.O. Box |
31357, Lusaka, Zambia | |||
Prudential Life Insurance Ghana Limited | OS | 100.00% | H/NO. 35, Opp. Hobats Clinic, North Street, Tesano, Accra, Accra |
Metropolitan, Greater Accra, P.O. Box AN 10476, Ghana | |||
Prudential Life Vault Limited | OS | 100.00% | 48 Awolowo Road, South-West Ikoyi, Lagos, Nigeria |
Prudential Mauritius Holdings Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Prudential Myanmar Life Insurance Limited | OS | 100.00% | #15-01, 15th Floor, Sule Square, 221 Sule Pagoda Road, Kyauktada |
Township, Yangon, Myanmar | |||
Prudential Pensions Management Zambia | OS | 49.00% | Prudential Pensions Management Zambia Limited Support Office, |
Limited | Plot F/377/9/H/3, Kabulonga Road, Kabulonga, Lusaka, Zambia | ||
Prudential Services Asia Sdn. Bhd. | OS | 100.00% | Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1 Leboh |
PS | 100.00% | Ampang, 50100 Kuala Lumpur, Malaysia | |
Prudential Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Services Philippines Corporation | OS | 100.00% | 19th Floor Uptown Place Tower I East, 11th Drive Uptown Bonifacio |
Fort Bonifacio Bonifacio Global City, Taguig City, Fourth District, | |||
National Capital Region (NCR), 1630, Philippines | |||
Prudential Services Singapore Pte. Ltd. | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 118479 |
Prudential Singapore Holdings Pte. Limited | PS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
OS | 100.00% | ||
Prudential Technology and Services India | OS | 100.00% | CoWrks NXT, EPIP Industrial Area, Whitefield Road, K.R Puram, Near |
Private Limited | SAP Labs, Hubli, Bangalore, Karnataka, 560066, India | ||
Prudential Vietnam Assurance Private | OS | 100.00% | 25th Floor, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, |
Limited | Ho Chi Minh City, Vietnam | ||
Prudential Wealth Holdings Company Pte. | OS | 100.00% | 7 Straits View #07-01, Marina One East Tower, Singapore 018936 |
Ltd. | |||
Prudential Wealth Management Singapore | OS | 100.00% | |
Pte. Ltd. | |||
Prudential Zenith Life Insurance Limited | OS | 100.00% | 6th Floor, Civic Towers, Plots Ga & G1 Ozumba Mbadiwe Avenue, |
Victoria Island, Lagos, Nigeria | |||
PT Prudential Sharia Life Assurance | OS | 94.62% | Prudential Tower, 2nd Floor, Jl. Jend. Sudirman Kav. 79, Jakarta |
PT. Eastspring Investments Indonesia | OS | 99.95% | 12910, Indonesia |
PT. Prudential Life Assurance | OS | 94.62% | Prudential Tower, Jl. Jend. Sudirman Kav. 79, Jakarta 12910, |
Indonesia | |||
Pulse Ecosystems Pte. Ltd. | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 018936 |
Pulse Wealth Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Reksa Dana Eastspring IDR Fixed Income | U | 96.74% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta |
Fund (NDEIFF) | 12910, Indonesia | ||
Reksa Dana Syariah Eastspring Syariah Fixed | U | 70.66% | |
Income Amanah | |||
Reksa Dana Syariah Eastspring Syariah | U | 99.69% | |
Money Market Khazanah | |||
Rhodium Investment Funds - Singapore | U | 99.98% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Bond Fund | |||
Rhodium Passive Long Dated Bond Fund | U | 99.92% | |
Robeco QI European Active Index Equities | U | 83.95% | 6, route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of |
Luxembourg | |||
Schroder Asian Investment Grade Credit | U | 21.14% | 138 Market Street, #23-01 CapitaGreen, Singapore 048946 |
Schroder Emerging Markets Fund | U | 54.07% | |
Schroder Multi-Asset Revolution | U | 33.05% | |
Scotts Spazio Pte. Ltd. | OS | 45.00% | 316 Tanglin Road, #01-01,Singapore, 247978 |
Shanghai CPE Asset Management Co., Ltd. | MI - JV | 26.95% | Room 101-2, No.128 North Zhangjiabang Road, Pudong District, |
Shanghai, China | |||
Shenzhen Prudential Technology Limited | MI - WFOE | 100.00% | Unit 5, 8th Floor, China Resources Tower, No.2666 Keyuan South |
Road, Yuehai Street, Nanshan District, Shenzhen, 518054, China | |||
Sri Han Suria Sdn. Bhd. | OS | 51.00% | Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1 Leboh |
Ampang, 50100 Kuala Lumpur, Malaysia | |||
Staple Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini |
Subdistrict Pathumwan District, Bangkok Metropolis, Thailand | |||
Templeton Asian Growth Fund | U | 21.06% | 8A, rue Albert Borschette, L-1246 Luxembourg |
Tisco US Equity Fund | U | 21.24% | 48/16-17 , Tisco Tower Building, 9 Floor. North Sathorn, Silom, |
Tisoc Europe Equity FUND | U | 24.77% | Bangrak, Bangkok 10500 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
United Global Innovation Fund | U | 22.13% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South |
Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, | |||
Thailand | |||
United Global Quality Equity Fund | U | 42.24% | Jln Raja Laut, City Centre, 50100 Kuala Lumpur, Wilayah |
Persekutuan Kuala Lumpur | |||
United Global Quality Growth Fund | U | 25.11% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South |
UOB Smart Global Healthcare Fund | U | 40.27% | Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, |
Thailand | |||
UOB Smart Japan Small and Mid Cap Fund | U | 43.89% | |
UOB Smart Millennium Growth Fund | U | 33.76% | |
Vanguard Long-Term Corporate Bond Index | U | 45.26% | The Vanguard Group, Inc., P.O. Box 2600, Valley Forge, PA 19482 |
Fund ETF Shares | |||
VCC - ESI Global Real Estate Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Name of entity | Issued and fully paid up share / registered capital |
Prudential Assurance Company Singapore (Pte) Limited | 526,557,000 ordinary shares of SGD 1 each |
PT. Prudential Life Assurance | 105,500 ordinary shares and 6,000 preference shares of RP 1,000,000 each |
Prudential Hong Kong Limited | 3,691,854,873 ordinary shares of HKD 1 each |
Prudential Assurance Malaysia Berhad | 100,000,000 ordinary shares of RM 1 each |
31 Dec 2024 $m | 31 Dec 2023 $m | |||
Other | Other | |||
Investment | structured | Investment | structured | |
Consolidated statement of financial position line items | funds | entities | funds | entities |
Equity securities and holdings in collective investment schemes | 47,701 | \u2013 | 33,657 | \u2013 |
Debt securities | \u2013 | 216 | \u2013 | 285 |
Total investments in unconsolidated structured entities | 47,701 | 216 | 33,657 | 285 |
Abbreviation | Class of share held |
LBG | Limited by Guarantee |
MI | Membership Interest |
MI \u2013 WFOE | Membership Interest of a Wholly Foreign Owned Enterprise in Mainland China |
MI \u2013 JV | Membership Interest of a Sino-Foreign Equity Joint Venture in Mainland China |
OS | Ordinary Shares |
PI | Partnership Interest |
PS | Preference Shares |
U | Units |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Prudential Corporation Asia Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Group Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Aberdeen Cash Creation Fund | U | 27.94% | 28th Floor Bangkok City Tower, 179 South Sathorn Road, |
Thungmahamek, Sathorn, Bangkok 10120, Thailand | |||
Aberdeen Standard Global Opportunities | U | 23.95% | 7 Straits View, #23-04, Marina One East Tower, Singapore 018936 |
Fund | |||
Aberdeen Standard Singapore Equity Fund | U | 46.46% | |
Abrdn SICAV I \u2013 Diversified Income Fund | U | 70.25% | 35a, Avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of |
Luxembourg | |||
AC Financial Partners Limited Partnership | PI | 100.00% | Citypoint, 65 Haymarket Terrace, Edinburgh, EH12 5HD |
Alternatives North America, Ltd. | U | 100.00% | PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, |
Cayman Islands | |||
Amundi EUR Corporate Bond | U | 22.31% | 5 All. Scheffer, 2520 Limpertsberg Luxembourg |
ARDIAN Prudential PE Sub-Fund | U | 99.99% | 1 Temasek Avenue, #36-01 Millenia Tower, Singapore 039192 |
ATRAM - PRUINVEST PHP Balanced | U | 100.00% | 8th Floor 8 Rockwell Building, Metro Manila Manila, Philippines |
Allocation Fund | |||
ATRAM - PRUINVEST PHP Dynamic Equity | U | 100.00% | |
Fund | |||
ATRAM - PRUINVEST PHP Liquid Fund | U | 90.72% | |
ATRAM - PRUINVEST USD Intermediate | U | 94.92% | |
Term Bond Fund | |||
ATRAM - PRUINVEST USD Liquid Fund | U | 100.00% | |
ATRAM Developed Markets Multi-asset Fund | U | 97.73% | |
of Funds | |||
ATRAM Philippine Equity Index Tracker Fund | U | 95.66% | |
ATRAM USD Asian High Yield Bond Feeder | U | 92.68% | |
Fund | |||
BOCHK Aggressive Growth Fund | U | 42.77% | 27th Floor, Bank of China Tower, 1 Garden Road, Hong Kong |
BOCHK Balanced Growth Fund | U | 36.50% | |
BOCHK China Equity Fund | U | 53.93% | |
BOCHK Conservative Growth Fund | U | 43.37% | |
BOCHK US Dollar Money Market Fund | U | 31.72% | |
BOCI-Prudential Asset Management Limited | OS | 36.00% | |
BOCI-Prudential Trustee Limited | OS | 36.00% | Suites 1501-1507 & 1513-1516, 15th Floor, 1111 King's Road, |
Taikoo Shing, Hong Kong | |||
BSP Debt Fund V Unlevered (Non US) LP | U | 68.40% | c/o Benefit Street Partners LLC, New York, New York 10019 |
Cathay High Yield ex China Cash pay 1-5 | U | 47.67% | 6th Floor, No.39, Sec.2, Dunhua South. Rd., Taipei, Taiwan |
Year 2% Issuer Capped ETF | |||
CITIC-Prudential Fund Management | MI - JV | 49.00% | Level 9, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong, |
Company Limited | Shanghai, China | ||
CITIC-Prudential Life Insurance Company | MI - JV | 50.00% | Room 1101-A, 1201, 1301, 1401, 1501, 1601, 1701, 1801, Unit 01, |
Limited | Building 1, No. B2, North Road of East Third Ring Road, Chaoyang | ||
District, Beijing, PRC,100027, China | |||
CT (Lux) Global Emerging Market Equities | U | 88.17% | 44 Rue de la vall\u00e9e, 2661 Luxembourg |
Eastspring Al-Wara' Investments Berhad | OS | 100.00% | Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit |
Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia | |||
Eastspring Asia Pacific High Yield Equity | U | 45.49% | 4th Floor, No.1, Songzhi Rd., Xinyi Dist., Taipei, Taiwan |
Fund | |||
Eastspring Asset Management (Thailand) | OS | 59.50% | 944 Mitrtown Office Tower, 9th Floor, Rama 4 Road, Wangmai, |
Co., Ltd. | Pathumwan, Bangkok 10330, Thailand | ||
Eastspring Asset Management Korea Co. Ltd. | OS | 100.00% | 22F (Seoul International Finance Center, Yeouido dong), 10 |
Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, 07326, Korea (the | |||
Republic of) | |||
Eastspring Global Private Credit Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investment Management | MI - WFOE | 100.00% | Unit 306-308, 3rd Floor, Azia Center, 1233 Lujiazui Ring Road, China |
(Shanghai) Company Limited | (Shanghai) Pilot Free Trade Zone, China | ||
Eastspring Investments - Asia ESG Bond | U | 94.63% | 26, Boulevard Royal, L-2449, Luxembourg |
Fund | |||
Eastspring Investments \u2013 Asia Opportunities | U | 96.44% | |
Equity Fund | |||
Eastspring Investments - Asia Pacific Equity | U | 99.97% | |
Fund | |||
Eastspring Investments - Asian Bond Fund | U | 92.81% | |
Eastspring Investments - Asian Dynamic | U | 91.42% | |
Fund | |||
Eastspring Investments - Asian Equity Fund | U | 99.07% | |
Eastspring Investments - Asian Equity | U | 88.84% | |
Income Fund | |||
Eastspring Investments - Asian High Yield | U | 66.61% | |
Bond Fund | |||
Eastspring Investments - Asian Investment | U | 80.46% | |
Grade Bond Fund | |||
EastSpring Investments - Asian Local Bond | U | 90.09% | |
Fund | |||
Eastspring Investments - Asian Low Volatility | U | 86.15% | |
Equity Fund | |||
Eastspring Investments - Asian Multi Factor | U | 94.77% | |
Equity Fund | |||
Eastspring Investments - China A Shares | U | 89.63% | |
Growth Fund | |||
Eastspring Investments - China Bond Fund | U | 99.84% | |
Eastspring Investments - Dragon Peacock | U | 97.24% | |
Fund | |||
Eastspring Investments - European | U | 100.00% | |
Investment Grade Bond Fund | |||
Eastspring Investments - Global Emerging | U | 99.21% | |
Markets Bond Fund | |||
Eastspring Investments - Global Emerging | U | 36.66% | |
Markets Dynamic Fund | |||
Eastspring Investments - Global Emerging | U | 95.57% | |
Markets ex-China Dynamic Fund | |||
Eastspring Investments - Global Emerging | U | 99.84% | |
Markets Fundamental Value Fund | |||
Eastspring Investments - Global Emerging | U | 34.75% | |
Markets Total Return Bond Fund | |||
Eastspring Investments - Global Equity | U | 91.70% | |
Navigator Fund | |||
Eastspring Investments - Global Growth | U | 46.05% | |
Equity Fund | |||
Eastspring Investments - Global Low | U | 99.32% | |
Volatility Equity Fund | |||
Eastspring Investments - Global Market | U | 99.51% | |
Navigator Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Balanced Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Conservative Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Dynamic Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Income Plus Growth Fund |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investments - Global Multi Factor | U | 29.04% | |
Equity Fund | |||
Eastspring Investments - Global Technology | U | 80.73% | |
Fund | |||
Eastspring Investments - Greater China | U | 90.05% | |
Equity Fund | |||
Eastspring Investments - India Equity Fund | U | 23.60% | |
Eastspring Investments - Japan Sustainable | U | 86.10% | |
Value Fund | |||
Eastspring Investments - Pan European Fund | U | 51.02% | |
Eastspring Investments - US Corporate Bond | U | 79.61% | |
Fund | |||
Eastspring Investments - US High | U | 92.54% | |
Investment Grade Bond Fund | |||
Eastspring Investments \u2013 US High Yield Bond | U | 52.47% | |
Fund | |||
Eastspring Investments - US Investment | U | 51.07% | |
Grade Bond Fund | |||
Eastspring Investments - World Value Equity | U | 91.42% | |
Fund | |||
Eastspring Investments (Hong Kong) Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Eastspring Investments (Luxembourg) S.A. | OS | 100.00% | 26, Boulevard Royal, L-2449 Luxembourg |
Eastspring Investments (Singapore) Limited | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Asia Pacific ex-Japan | U | 82.82% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Target Return Fund | Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | ||
Eastspring Investments Asian High Yield | U | 77.10% | Malaysia |
Bond MY Fund | |||
Eastspring Investments Berhad | OS | 100.00% | Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit |
Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia | |||
Eastspring Investments Dana Dinamik | U | 22.53% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Eastspring Investments Dinasti Equity Fund | U | 37.40% | Exchange, Kuala Lumpur |
Eastspring Investments Equity Income Fund | U | 31.52% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Fund Management | MI | 100.00% | 23rd Floor, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, |
Limited Liability Company | Ho Chi Minh City, Vietnam | ||
Eastspring Investments Funds - Monthly | U | 43.54% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Income Plan | |||
Eastspring Investments Global Equity Fund | U | 94.82% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Global Oncology | U | 99.71% | 22nd Floor One IFC, 10 Gukjegeumyung-ro, Youngdungpo-gu, Seoul |
Securities Baby Investment Trust (USD) | 07326, Korea | ||
Eastspring Investments Group Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Growth Fund | U | 25.80% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Incorporated | OS | 100.00% | 874 Walker Road, Suite C, City of Dover, County of Kent, State of |
Delaware 19904, United States | |||
Eastspring Investments India Consumer | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Equity Open Limited | |||
Eastspring Investments India Equity Open | OS | 100.00% | |
Limited | |||
Eastspring Investments India Government | U | 99.99% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 |
Bond Fund QII | Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investments India Infrastructure | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Equity Open Limited | |||
Eastspring Investments Islamic Equity | U | 39.99% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Income Fund | Exchange, Kuala Lumpur | ||
Eastspring Investments Limited | OS | 100.00% | Marunouchi Park Building, 6-1 Marunouchi 2-chome, Chiyoda-Ku, |
Tokyo, Japan | |||
Eastspring Investments Services Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments SICAV-FIS - | U | 100.00% | 26, Boulevard Royal, L-2449, Luxembourg |
Alternative Investment Fund | |||
Eastspring Investments Unit Trusts - Asian | U | 95.91% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Balanced Fund | |||
Eastspring Investments Unit Trusts - Dragon | U | 97.81% | |
Peacock Fund ID | |||
Eastspring Investments Unit Trusts - Global | U | 89.56% | |
Technology Fund | |||
Eastspring Investments Unit Trusts - Pan | U | 53.05% | |
European Fund | |||
Eastspring Investments Unit Trusts - | U | 98.89% | |
Singapore ASEAN Equity Fund | |||
Eastspring Investments Unit Trusts - | U | 66.19% | |
Singapore Select Bond Fund | |||
Eastspring Investments Vietnam ESG Equity | U | 98.94% | 26, Boulevard Royal, L-2449, Luxembourg |
Fund | |||
Eastspring Investments Vietnam Navigator | U | 76.61% | 23rd Floor, Saigon Trade Center Building, 37 Ton Duc Thang Street, |
Fund | Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam | ||
Eastspring Overseas Investment Fund | MI - WFOE | 100.00% | Unit 306-308, 3rd Floor, 1233 Lujiazui Ring Road, China (Shanghai) |
Management (Shanghai) Company | Pilot Free Trade Zone, China | ||
Limited | |||
Eastspring Private Equity Fund 2 | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Securities Investment Trust Co., | OS | 99.54% | 4th Floor, No.1 Songzhi Road, Taipei 110, Taiwan |
Ltd. | |||
Eastspring Singapore Alternatives VCC | U | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Syariah Equity Islamic Asia Pacific | U | 89.56% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta |
USD Kelas B | 12910, Indonesia | ||
Eastspring Syariah Fixed Income USD Kelas | U | 53.49% | |
A | |||
First Sentier Global Property Securities Fund | U | 50.11% | 38 Beach Road, #06-11 South Beach Tower, Singapore 189767 |
FSITC Global Trends Fund | U | 47.66% | 1st Floor, No.6, Sec. 3 ,Minquan West Rd, Taipei |
FSSA China Focus Fund | U | 65.07% | 70 Sir John Rogerson\u2019s Quay, Dublin 2, D02 R296 Ireland |
Fubon 1-5 Years US High Yield Bond Ex | U | 24.52% | 8th Floor, No.108, Sec.1, Dunhua South. Rd., Taipei, Taiwan |
China | |||
Fuh Hwa 1-5 Yr High Yield ETF | U | 45.82% | 8th & 9th Floor, No.308, Sec. 2, Bade Rd., Da-an District |
Furnival Insurance Company PCC Limited | OS | 100.00% | PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, |
Guernsey | |||
GS Twenty Two Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
HSBC Senior Global Infrastructure Debt Fund | U | 100.00% | 8 Canada Square, London, E14 5HQ, United Kingdom |
ICICI Prudential Asset Management | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi |
Company Limited | 110001, India | ||
ICICI Prudential Life Insurance Company | OS | 21.97% | ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, |
Limited | Mumbai 400025, India | ||
ICICI Prudential Pension Funds | OS | 21.97% | Unit No. A, 2nd Floor, Cnergy Building, Appasaheb Marathe Marg, |
Management Company Limited | Prabhadevi, Mumbai, Maharashtra - 400025, India | ||
ICICI Prudential Trust Limited | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi |
110001, India | |||
India Innovation High Growth EQ QII | U | 100.00% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 |
Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 | |||
Invesco Select 6 Year Maturity Global Bond | U | 99.15% | 8th Floor, No 122, Tung Hua N. Rd. Taipei, Taiwan |
Fund |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
iShares Core MSCI Asia | U | 39.16% | 16th Floor, Champion Tower, 3 Garden Road, Central, Hong Kong |
iShares MSCI Asia ex Japan Climate Action | U | 33.40% | 20 Anson Road, #18-01 Twenty Anson, Singapore 079912 |
ETF | |||
iShares MSCI Europe ESG Enhanced UCITS | U | 41.71% | 12 Throgmorton Avenue, London, EC2N 2DL |
ETF | |||
iShares MSCI USA ESG Enhanced UCITS ETF | U | 31.97% | 78 Sir John Rogerson's Quay, Dublin, D02 HD32, Ireland |
JPMorgan Asian Total Return Bond | U | 99.83% | The Quayside, 12th Floor, Tower 2, 77 Hoi Bun Rd, Hong Kong |
JPMorgan Investment Funds - Japan | U | 76.08% | 6 route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of |
Sustainable Equity Fund | Luxembourg | ||
KKP Active Equity Fund | U | 30.86% | 209 KKP Tower A, 17 Fl., Sukhumvit 21 (Asoke), Khlong Toey Nua, |
Wattana, Bangkok 10110 Thailand | |||
Krungsri Greater China Equity Hedged | U | 24.62% | 12th, 18th Zone B Floor, Ploenchit Tower 898 Ploenchit Road, |
Dividend Fund | Lumpini Pathumwan, Bangkok 10330 Thailand | ||
Lasalle Property Securities SICAV-FIS | U | 100.00% | 11-13 Bouldevard de la Foire, L-1528 Luxembourg |
M&G Asia Property TS Trust | U | 100.00% | 8 Marina Boulevard, #05-02 Marina Bay, Financial Centre Tower 1, |
Singapore, 018981 | |||
M&G Real Estate Asia Holding Company Pte. | OS | 33.00% | 138 Market Street, #35-01 CapitaGreen, Singapore 048946 |
Ltd. | |||
Manulife Asia Pacific Bond Fund | U | 67.93% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Manulife AUD Income Bond Fund | U | 23.32% | |
Manulife China Offshore Bond Fund | U | 64.51% | |
Manulife Global Equity Fund | U | 22.20% | |
Manulife Taiwan Dynamic Fund | U | 27.81% | |
MEAG FlexConcept | U | 72.88% | R.C.S. Luxembourg NR. 28878, 1c, rue Gabriel Lippmann, L-5365 |
Munsbach | |||
Nomura Global Shariah Sustainable Equity | U | 21.76% | Suite No 12.2, Level 12, Menara IMC,No.8 Jalan Sultan Ismail,Kuala |
Fund | Lumpur,50250,WP Kuala Lumpur,Malaysia | ||
Nomura Six Years Fixed Maturity Asia Pacific | U | 100.00% | 101 Tower, 30th Floor, No. 7 Sec. 5, Xinyi Rd., Xinyi Dist., Taipei, |
Emerging Market Bond Fund | Taiwan | ||
Nomura Six Years Ladder Maturity Asia | U | 99.83% | |
Pacific Emerging Market Bond Fund | |||
North Sathorn Holdings Company Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini |
Subdistrict Pathumwan District, Bangkok Metropolis, Thailand | |||
PCA IP Services Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
PCA Life Assurance Co., Ltd. | OS | 99.79% | 8th Floor, No.1 Songzhi Road, Taipei City, 11047, Taiwan |
PCA Reinsurance Co. Ltd. | OS | 100.00% | Unit Level 13(A), Main Office Tower, Financial Park Labuan, Jalan |
Merdeka, 87000 Federal Territory of Labuan, Malaysia | |||
Pinebridge US Dual Core Income Fund | U | 29.13% | 10th Floor, No. 144, Sec. 2, Minquan East Rd, Taipei |
Principal Global Silver Age Fund | U | 28.89% | 44, 16th Floor, CIMB Thai Bank, Lungsuan Road, Lumpini, Bangkok |
10330, Thailand | |||
Principal Islamic Malaysia Government | U | 60.71% | Level 32, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, |
Sukuk Fund | Kuala Lumpur, Malaysia | ||
Principal Malaysia Titans Fund | U | 52.56% | Level 31, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, |
Kuala Lumpur, Malaysia | |||
Pru Life Insurance Corporation of U.K. | OS | 100.00% | 9th Floor, Uptown Place Tower 1, 1 East 11th Drive, Uptown |
Bonifacio, 1634 Taguig City, Metro Manila, Philippines | |||
Prudence Foundation | LBG | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential (Cambodia) Life Assurance Plc | OS | 100.00% | Chip Mong Tower Building, Units L19, L20, and L21, 19th, 20th, 21st |
Floor, Russian Federation Blvd (110), Phum 10, Sangkat Phsar | |||
Depou 3, Khan Tuol Kork, Phnom Penh, Cambodia | |||
Prudential (US Holdco 1) Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Africa Holdings Limited | OS | 100.00% | |
Prudential Africa Services Limited | OS | 100.00% | 3rd Floor, One Africa Place, LR No. 1870/X/45, P.O. Box 1393-00606, |
Westlands, Nairobi, Kenya |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Prudential Assurance Company Singapore | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
(Pte) Limited | |||
Prudential Assurance Malaysia Berhad | OS | 51.00% | Level 26, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Exchange, Kuala Lumpur, Malaysia | |||
Prudential Assurance Uganda Limited | OS | 100.00% | 9th Floor Zebra Plaza, Plot 23 Kampala Road, P.O. Box 2660, |
Kampala, Uganda | |||
Prudential BeGeneral Insurance C\u00f4te | OS | 51.00% | Abidjan Plateau, Avenue Nogu\u00e8s, Immeuble Woodin Center, 1er |
d'Ivoire S.A. | \u00e9tage, 01 P.O. BOX 5173, Abidjan 01, C\u00f4te d'Ivoire | ||
Prudential Belife Insurance C\u00f4te d'Ivoire S.A. | OS | 51.00% | |
Prudential Beneficial General Insurance | OS | 50.71% | 1944, Boulevard de la R\u00e9publique Douala-Akwa, P.O. BOX 2328, |
Cameroon S.A. | Douala, Cameroon | ||
Prudential Beneficial Life Insurance | OS | 51.00% | |
Cameroon S.A. | |||
Prudential Beneficial Life Insurance Togo | OS | 50.99% | 2963 Rue de la Chance Agbalepedogan, P.O. Box 1115, Lome, Togo |
S.A. | |||
Prudential BSN Takaful Berhad | OS | 49.00% | Level 13, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Exchange, Kuala Lumpur, Malaysia | |||
Prudential Corporation Asia Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Corporation Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Enterprise Management (Beijing) | MI-WFOE | 100.00% | Unit 2401-59, 24th floor, China World Office 2, No.1 |
Co., Ltd. | Jianguomenwai Avenue, Chaoyang District, Beijing, China | ||
Prudential Financial Advisers Singapore Pte. | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
Ltd. | |||
Prudential Financial Partners (Asia) Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, England, United Kingdom |
Prudential Financial Partners HK Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Funding (Asia) PLC | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, England, United Kingdom |
Prudential General Insurance Hong Kong | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong |
Limited | Kong | ||
Prudential Group Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Group Secretarial Services HK | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Limited | Central, Hong Kong | ||
Prudential Group Secretarial Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Holdings Limited | OS | 100.00% | 4th Floor, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN, |
United Kingdom | |||
Prudential Hong Kong Limited | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong |
Kong | |||
Prudential International Treasury Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Investment Management Private | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore118479 |
Limited | |||
Prudential IP Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Life Assurance (Lao) Company | OS | 100.00% | 5th Floor, Lao international Business and Tourist Center Project |
Limited | (Vientiane Center), Khouvieng Road, Nongchan Village, | ||
Sisattanak District, Vientiane Capital, Lao PDR | |||
Prudential Life Assurance (Thailand) Public | OS | 99.93% | 944 Mitrtown Office Tower, 10th, 29th-31st Floor, Rama 4 Road, |
Company Limited | Wangmai, Pathumwan, Bangkok, 10330, Thailand | ||
Prudential Life Assurance Kenya Limited | OS | 100.00% | Vienna Court, Ground Floor, State House Crescent, Off State House |
Avenue, P.O. Box 25093-00603, Nairobi, Kenya | |||
Prudential Life Assurance Zambia Limited | OS | 100.00% | Prudential House, Plot No. 32256, Thabo Mbeki Road, P.O. Box |
31357, Lusaka, Zambia | |||
Prudential Life Insurance Ghana Limited | OS | 100.00% | H/NO. 35, Opp. Hobats Clinic, North Street, Tesano, Accra, Accra |
Metropolitan, Greater Accra, P.O. Box AN 10476, Ghana | |||
Prudential Life Vault Limited | OS | 100.00% | 48 Awolowo Road, South-West Ikoyi, Lagos, Nigeria |
Prudential Mauritius Holdings Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Prudential Myanmar Life Insurance Limited | OS | 100.00% | #15-01, 15th Floor, Sule Square, 221 Sule Pagoda Road, Kyauktada |
Township, Yangon, Myanmar | |||
Prudential Pensions Management Zambia | OS | 49.00% | Prudential Pensions Management Zambia Limited Support Office, |
Limited | Plot F/377/9/H/3, Kabulonga Road, Kabulonga, Lusaka, Zambia | ||
Prudential Services Asia Sdn. Bhd. | OS | 100.00% | Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1 Leboh |
PS | 100.00% | Ampang, 50100 Kuala Lumpur, Malaysia | |
Prudential Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Services Philippines Corporation | OS | 100.00% | 19th Floor Uptown Place Tower I East, 11th Drive Uptown Bonifacio |
Fort Bonifacio Bonifacio Global City, Taguig City, Fourth District, | |||
National Capital Region (NCR), 1630, Philippines | |||
Prudential Services Singapore Pte. Ltd. | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 118479 |
Prudential Singapore Holdings Pte. Limited | PS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
OS | 100.00% | ||
Prudential Technology and Services India | OS | 100.00% | CoWrks NXT, EPIP Industrial Area, Whitefield Road, K.R Puram, Near |
Private Limited | SAP Labs, Hubli, Bangalore, Karnataka, 560066, India | ||
Prudential Vietnam Assurance Private | OS | 100.00% | 25th Floor, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, |
Limited | Ho Chi Minh City, Vietnam | ||
Prudential Wealth Holdings Company Pte. | OS | 100.00% | 7 Straits View #07-01, Marina One East Tower, Singapore 018936 |
Ltd. | |||
Prudential Wealth Management Singapore | OS | 100.00% | |
Pte. Ltd. | |||
Prudential Zenith Life Insurance Limited | OS | 100.00% | 6th Floor, Civic Towers, Plots Ga & G1 Ozumba Mbadiwe Avenue, |
Victoria Island, Lagos, Nigeria | |||
PT Prudential Sharia Life Assurance | OS | 94.62% | Prudential Tower, 2nd Floor, Jl. Jend. Sudirman Kav. 79, Jakarta |
PT. Eastspring Investments Indonesia | OS | 99.95% | 12910, Indonesia |
PT. Prudential Life Assurance | OS | 94.62% | Prudential Tower, Jl. Jend. Sudirman Kav. 79, Jakarta 12910, |
Indonesia | |||
Pulse Ecosystems Pte. Ltd. | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 018936 |
Pulse Wealth Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Reksa Dana Eastspring IDR Fixed Income | U | 96.74% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta |
Fund (NDEIFF) | 12910, Indonesia | ||
Reksa Dana Syariah Eastspring Syariah Fixed | U | 70.66% | |
Income Amanah | |||
Reksa Dana Syariah Eastspring Syariah | U | 99.69% | |
Money Market Khazanah | |||
Rhodium Investment Funds - Singapore | U | 99.98% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Bond Fund | |||
Rhodium Passive Long Dated Bond Fund | U | 99.92% | |
Robeco QI European Active Index Equities | U | 83.95% | 6, route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of |
Luxembourg | |||
Schroder Asian Investment Grade Credit | U | 21.14% | 138 Market Street, #23-01 CapitaGreen, Singapore 048946 |
Schroder Emerging Markets Fund | U | 54.07% | |
Schroder Multi-Asset Revolution | U | 33.05% | |
Scotts Spazio Pte. Ltd. | OS | 45.00% | 316 Tanglin Road, #01-01,Singapore, 247978 |
Shanghai CPE Asset Management Co., Ltd. | MI - JV | 26.95% | Room 101-2, No.128 North Zhangjiabang Road, Pudong District, |
Shanghai, China | |||
Shenzhen Prudential Technology Limited | MI - WFOE | 100.00% | Unit 5, 8th Floor, China Resources Tower, No.2666 Keyuan South |
Road, Yuehai Street, Nanshan District, Shenzhen, 518054, China | |||
Sri Han Suria Sdn. Bhd. | OS | 51.00% | Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1 Leboh |
Ampang, 50100 Kuala Lumpur, Malaysia | |||
Staple Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini |
Subdistrict Pathumwan District, Bangkok Metropolis, Thailand | |||
Templeton Asian Growth Fund | U | 21.06% | 8A, rue Albert Borschette, L-1246 Luxembourg |
Tisco US Equity Fund | U | 21.24% | 48/16-17 , Tisco Tower Building, 9 Floor. North Sathorn, Silom, |
Tisoc Europe Equity FUND | U | 24.77% | Bangrak, Bangkok 10500 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
United Global Innovation Fund | U | 22.13% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South |
Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, | |||
Thailand | |||
United Global Quality Equity Fund | U | 42.24% | Jln Raja Laut, City Centre, 50100 Kuala Lumpur, Wilayah |
Persekutuan Kuala Lumpur | |||
United Global Quality Growth Fund | U | 25.11% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South |
UOB Smart Global Healthcare Fund | U | 40.27% | Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, |
Thailand | |||
UOB Smart Japan Small and Mid Cap Fund | U | 43.89% | |
UOB Smart Millennium Growth Fund | U | 33.76% | |
Vanguard Long-Term Corporate Bond Index | U | 45.26% | The Vanguard Group, Inc., P.O. Box 2600, Valley Forge, PA 19482 |
Fund ETF Shares | |||
VCC - ESI Global Real Estate Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Name of entity | Issued and fully paid up share / registered capital |
Prudential Assurance Company Singapore (Pte) Limited | 526,557,000 ordinary shares of SGD 1 each |
PT. Prudential Life Assurance | 105,500 ordinary shares and 6,000 preference shares of RP 1,000,000 each |
Prudential Hong Kong Limited | 3,691,854,873 ordinary shares of HKD 1 each |
Prudential Assurance Malaysia Berhad | 100,000,000 ordinary shares of RM 1 each |
31 Dec 2024 $m | 31 Dec 2023 $m | |||
Other | Other | |||
Investment | structured | Investment | structured | |
Consolidated statement of financial position line items | funds | entities | funds | entities |
Equity securities and holdings in collective investment schemes | 47,701 | \u2013 | 33,657 | \u2013 |
Debt securities | \u2013 | 216 | \u2013 | 285 |
Total investments in unconsolidated structured entities | 47,701 | 216 | 33,657 | 285 |
2024 $m | 2023 $m | |
Mainland China | 159 | (577) |
Malaysia | 21 | 18 |
Growth markets and other note | 104 | 310 |
Insurance operations | 284 | (249) |
Eastspring | 193 | 158 |
Total segment and Group total | 477 | (91) |
Statement of financial position | 31 Dec 2024 $m | 31 Dec 2023 $m |
Total assets | 36,344 | 33,271 |
Total liabilities (including non-controlling interest) note | 34,452 | 32,005 |
Shareholders\u2019 equity | 1,892 | 1,266 |
The above amounts of assets and liabilities include the following: | ||
Cash and cash equivalents | 1,374 | 868 |
Financial liabilities (excluding trade and other payables and provisions) | 1,835 | 1,198 |
Income statement | 2024 $m | 2023 $m |
Revenue | 3,491 | 1,676 |
Profit (loss) for the year after tax | 282 | (733) |
The above loss for the year includes the following: | ||
Depreciation and amortisation | (38) | (39) |
Interest income | 582 | 543 |
Interest expense | (2) | (2) |
Income tax (charge) credit | (36) | 422 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Net assets of the Mainland China joint venture as shown above (100%) | 1,892 | 1,266 |
Proportion owned by the joint venture partner (50%) | 946 | 633 |
Carrying amount of the Group\u2019s interest in the joint venture (50%) | 946 | 633 |
Abbreviation | Class of share held |
LBG | Limited by Guarantee |
MI | Membership Interest |
MI \u2013 WFOE | Membership Interest of a Wholly Foreign Owned Enterprise in Mainland China |
MI \u2013 JV | Membership Interest of a Sino-Foreign Equity Joint Venture in Mainland China |
OS | Ordinary Shares |
PI | Partnership Interest |
PS | Preference Shares |
U | Units |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Prudential Corporation Asia Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Group Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Aberdeen Cash Creation Fund | U | 27.94% | 28th Floor Bangkok City Tower, 179 South Sathorn Road, |
Thungmahamek, Sathorn, Bangkok 10120, Thailand | |||
Aberdeen Standard Global Opportunities | U | 23.95% | 7 Straits View, #23-04, Marina One East Tower, Singapore 018936 |
Fund | |||
Aberdeen Standard Singapore Equity Fund | U | 46.46% | |
Abrdn SICAV I \u2013 Diversified Income Fund | U | 70.25% | 35a, Avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of |
Luxembourg | |||
AC Financial Partners Limited Partnership | PI | 100.00% | Citypoint, 65 Haymarket Terrace, Edinburgh, EH12 5HD |
Alternatives North America, Ltd. | U | 100.00% | PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, |
Cayman Islands | |||
Amundi EUR Corporate Bond | U | 22.31% | 5 All. Scheffer, 2520 Limpertsberg Luxembourg |
ARDIAN Prudential PE Sub-Fund | U | 99.99% | 1 Temasek Avenue, #36-01 Millenia Tower, Singapore 039192 |
ATRAM - PRUINVEST PHP Balanced | U | 100.00% | 8th Floor 8 Rockwell Building, Metro Manila Manila, Philippines |
Allocation Fund | |||
ATRAM - PRUINVEST PHP Dynamic Equity | U | 100.00% | |
Fund | |||
ATRAM - PRUINVEST PHP Liquid Fund | U | 90.72% | |
ATRAM - PRUINVEST USD Intermediate | U | 94.92% | |
Term Bond Fund | |||
ATRAM - PRUINVEST USD Liquid Fund | U | 100.00% | |
ATRAM Developed Markets Multi-asset Fund | U | 97.73% | |
of Funds | |||
ATRAM Philippine Equity Index Tracker Fund | U | 95.66% | |
ATRAM USD Asian High Yield Bond Feeder | U | 92.68% | |
Fund | |||
BOCHK Aggressive Growth Fund | U | 42.77% | 27th Floor, Bank of China Tower, 1 Garden Road, Hong Kong |
BOCHK Balanced Growth Fund | U | 36.50% | |
BOCHK China Equity Fund | U | 53.93% | |
BOCHK Conservative Growth Fund | U | 43.37% | |
BOCHK US Dollar Money Market Fund | U | 31.72% | |
BOCI-Prudential Asset Management Limited | OS | 36.00% | |
BOCI-Prudential Trustee Limited | OS | 36.00% | Suites 1501-1507 & 1513-1516, 15th Floor, 1111 King's Road, |
Taikoo Shing, Hong Kong | |||
BSP Debt Fund V Unlevered (Non US) LP | U | 68.40% | c/o Benefit Street Partners LLC, New York, New York 10019 |
Cathay High Yield ex China Cash pay 1-5 | U | 47.67% | 6th Floor, No.39, Sec.2, Dunhua South. Rd., Taipei, Taiwan |
Year 2% Issuer Capped ETF | |||
CITIC-Prudential Fund Management | MI - JV | 49.00% | Level 9, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong, |
Company Limited | Shanghai, China | ||
CITIC-Prudential Life Insurance Company | MI - JV | 50.00% | Room 1101-A, 1201, 1301, 1401, 1501, 1601, 1701, 1801, Unit 01, |
Limited | Building 1, No. B2, North Road of East Third Ring Road, Chaoyang | ||
District, Beijing, PRC,100027, China | |||
CT (Lux) Global Emerging Market Equities | U | 88.17% | 44 Rue de la vall\u00e9e, 2661 Luxembourg |
Eastspring Al-Wara' Investments Berhad | OS | 100.00% | Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit |
Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia | |||
Eastspring Asia Pacific High Yield Equity | U | 45.49% | 4th Floor, No.1, Songzhi Rd., Xinyi Dist., Taipei, Taiwan |
Fund | |||
Eastspring Asset Management (Thailand) | OS | 59.50% | 944 Mitrtown Office Tower, 9th Floor, Rama 4 Road, Wangmai, |
Co., Ltd. | Pathumwan, Bangkok 10330, Thailand | ||
Eastspring Asset Management Korea Co. Ltd. | OS | 100.00% | 22F (Seoul International Finance Center, Yeouido dong), 10 |
Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, 07326, Korea (the | |||
Republic of) | |||
Eastspring Global Private Credit Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investment Management | MI - WFOE | 100.00% | Unit 306-308, 3rd Floor, Azia Center, 1233 Lujiazui Ring Road, China |
(Shanghai) Company Limited | (Shanghai) Pilot Free Trade Zone, China | ||
Eastspring Investments - Asia ESG Bond | U | 94.63% | 26, Boulevard Royal, L-2449, Luxembourg |
Fund | |||
Eastspring Investments \u2013 Asia Opportunities | U | 96.44% | |
Equity Fund | |||
Eastspring Investments - Asia Pacific Equity | U | 99.97% | |
Fund | |||
Eastspring Investments - Asian Bond Fund | U | 92.81% | |
Eastspring Investments - Asian Dynamic | U | 91.42% | |
Fund | |||
Eastspring Investments - Asian Equity Fund | U | 99.07% | |
Eastspring Investments - Asian Equity | U | 88.84% | |
Income Fund | |||
Eastspring Investments - Asian High Yield | U | 66.61% | |
Bond Fund | |||
Eastspring Investments - Asian Investment | U | 80.46% | |
Grade Bond Fund | |||
EastSpring Investments - Asian Local Bond | U | 90.09% | |
Fund | |||
Eastspring Investments - Asian Low Volatility | U | 86.15% | |
Equity Fund | |||
Eastspring Investments - Asian Multi Factor | U | 94.77% | |
Equity Fund | |||
Eastspring Investments - China A Shares | U | 89.63% | |
Growth Fund | |||
Eastspring Investments - China Bond Fund | U | 99.84% | |
Eastspring Investments - Dragon Peacock | U | 97.24% | |
Fund | |||
Eastspring Investments - European | U | 100.00% | |
Investment Grade Bond Fund | |||
Eastspring Investments - Global Emerging | U | 99.21% | |
Markets Bond Fund | |||
Eastspring Investments - Global Emerging | U | 36.66% | |
Markets Dynamic Fund | |||
Eastspring Investments - Global Emerging | U | 95.57% | |
Markets ex-China Dynamic Fund | |||
Eastspring Investments - Global Emerging | U | 99.84% | |
Markets Fundamental Value Fund | |||
Eastspring Investments - Global Emerging | U | 34.75% | |
Markets Total Return Bond Fund | |||
Eastspring Investments - Global Equity | U | 91.70% | |
Navigator Fund | |||
Eastspring Investments - Global Growth | U | 46.05% | |
Equity Fund | |||
Eastspring Investments - Global Low | U | 99.32% | |
Volatility Equity Fund | |||
Eastspring Investments - Global Market | U | 99.51% | |
Navigator Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Balanced Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Conservative Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Dynamic Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Income Plus Growth Fund |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investments - Global Multi Factor | U | 29.04% | |
Equity Fund | |||
Eastspring Investments - Global Technology | U | 80.73% | |
Fund | |||
Eastspring Investments - Greater China | U | 90.05% | |
Equity Fund | |||
Eastspring Investments - India Equity Fund | U | 23.60% | |
Eastspring Investments - Japan Sustainable | U | 86.10% | |
Value Fund | |||
Eastspring Investments - Pan European Fund | U | 51.02% | |
Eastspring Investments - US Corporate Bond | U | 79.61% | |
Fund | |||
Eastspring Investments - US High | U | 92.54% | |
Investment Grade Bond Fund | |||
Eastspring Investments \u2013 US High Yield Bond | U | 52.47% | |
Fund | |||
Eastspring Investments - US Investment | U | 51.07% | |
Grade Bond Fund | |||
Eastspring Investments - World Value Equity | U | 91.42% | |
Fund | |||
Eastspring Investments (Hong Kong) Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Eastspring Investments (Luxembourg) S.A. | OS | 100.00% | 26, Boulevard Royal, L-2449 Luxembourg |
Eastspring Investments (Singapore) Limited | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Asia Pacific ex-Japan | U | 82.82% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Target Return Fund | Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | ||
Eastspring Investments Asian High Yield | U | 77.10% | Malaysia |
Bond MY Fund | |||
Eastspring Investments Berhad | OS | 100.00% | Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit |
Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia | |||
Eastspring Investments Dana Dinamik | U | 22.53% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Eastspring Investments Dinasti Equity Fund | U | 37.40% | Exchange, Kuala Lumpur |
Eastspring Investments Equity Income Fund | U | 31.52% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Fund Management | MI | 100.00% | 23rd Floor, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, |
Limited Liability Company | Ho Chi Minh City, Vietnam | ||
Eastspring Investments Funds - Monthly | U | 43.54% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Income Plan | |||
Eastspring Investments Global Equity Fund | U | 94.82% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Global Oncology | U | 99.71% | 22nd Floor One IFC, 10 Gukjegeumyung-ro, Youngdungpo-gu, Seoul |
Securities Baby Investment Trust (USD) | 07326, Korea | ||
Eastspring Investments Group Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Growth Fund | U | 25.80% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Incorporated | OS | 100.00% | 874 Walker Road, Suite C, City of Dover, County of Kent, State of |
Delaware 19904, United States | |||
Eastspring Investments India Consumer | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Equity Open Limited | |||
Eastspring Investments India Equity Open | OS | 100.00% | |
Limited | |||
Eastspring Investments India Government | U | 99.99% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 |
Bond Fund QII | Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investments India Infrastructure | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Equity Open Limited | |||
Eastspring Investments Islamic Equity | U | 39.99% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Income Fund | Exchange, Kuala Lumpur | ||
Eastspring Investments Limited | OS | 100.00% | Marunouchi Park Building, 6-1 Marunouchi 2-chome, Chiyoda-Ku, |
Tokyo, Japan | |||
Eastspring Investments Services Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments SICAV-FIS - | U | 100.00% | 26, Boulevard Royal, L-2449, Luxembourg |
Alternative Investment Fund | |||
Eastspring Investments Unit Trusts - Asian | U | 95.91% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Balanced Fund | |||
Eastspring Investments Unit Trusts - Dragon | U | 97.81% | |
Peacock Fund ID | |||
Eastspring Investments Unit Trusts - Global | U | 89.56% | |
Technology Fund | |||
Eastspring Investments Unit Trusts - Pan | U | 53.05% | |
European Fund | |||
Eastspring Investments Unit Trusts - | U | 98.89% | |
Singapore ASEAN Equity Fund | |||
Eastspring Investments Unit Trusts - | U | 66.19% | |
Singapore Select Bond Fund | |||
Eastspring Investments Vietnam ESG Equity | U | 98.94% | 26, Boulevard Royal, L-2449, Luxembourg |
Fund | |||
Eastspring Investments Vietnam Navigator | U | 76.61% | 23rd Floor, Saigon Trade Center Building, 37 Ton Duc Thang Street, |
Fund | Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam | ||
Eastspring Overseas Investment Fund | MI - WFOE | 100.00% | Unit 306-308, 3rd Floor, 1233 Lujiazui Ring Road, China (Shanghai) |
Management (Shanghai) Company | Pilot Free Trade Zone, China | ||
Limited | |||
Eastspring Private Equity Fund 2 | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Securities Investment Trust Co., | OS | 99.54% | 4th Floor, No.1 Songzhi Road, Taipei 110, Taiwan |
Ltd. | |||
Eastspring Singapore Alternatives VCC | U | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Syariah Equity Islamic Asia Pacific | U | 89.56% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta |
USD Kelas B | 12910, Indonesia | ||
Eastspring Syariah Fixed Income USD Kelas | U | 53.49% | |
A | |||
First Sentier Global Property Securities Fund | U | 50.11% | 38 Beach Road, #06-11 South Beach Tower, Singapore 189767 |
FSITC Global Trends Fund | U | 47.66% | 1st Floor, No.6, Sec. 3 ,Minquan West Rd, Taipei |
FSSA China Focus Fund | U | 65.07% | 70 Sir John Rogerson\u2019s Quay, Dublin 2, D02 R296 Ireland |
Fubon 1-5 Years US High Yield Bond Ex | U | 24.52% | 8th Floor, No.108, Sec.1, Dunhua South. Rd., Taipei, Taiwan |
China | |||
Fuh Hwa 1-5 Yr High Yield ETF | U | 45.82% | 8th & 9th Floor, No.308, Sec. 2, Bade Rd., Da-an District |
Furnival Insurance Company PCC Limited | OS | 100.00% | PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, |
Guernsey | |||
GS Twenty Two Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
HSBC Senior Global Infrastructure Debt Fund | U | 100.00% | 8 Canada Square, London, E14 5HQ, United Kingdom |
ICICI Prudential Asset Management | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi |
Company Limited | 110001, India | ||
ICICI Prudential Life Insurance Company | OS | 21.97% | ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, |
Limited | Mumbai 400025, India | ||
ICICI Prudential Pension Funds | OS | 21.97% | Unit No. A, 2nd Floor, Cnergy Building, Appasaheb Marathe Marg, |
Management Company Limited | Prabhadevi, Mumbai, Maharashtra - 400025, India | ||
ICICI Prudential Trust Limited | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi |
110001, India | |||
India Innovation High Growth EQ QII | U | 100.00% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 |
Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 | |||
Invesco Select 6 Year Maturity Global Bond | U | 99.15% | 8th Floor, No 122, Tung Hua N. Rd. Taipei, Taiwan |
Fund |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
iShares Core MSCI Asia | U | 39.16% | 16th Floor, Champion Tower, 3 Garden Road, Central, Hong Kong |
iShares MSCI Asia ex Japan Climate Action | U | 33.40% | 20 Anson Road, #18-01 Twenty Anson, Singapore 079912 |
ETF | |||
iShares MSCI Europe ESG Enhanced UCITS | U | 41.71% | 12 Throgmorton Avenue, London, EC2N 2DL |
ETF | |||
iShares MSCI USA ESG Enhanced UCITS ETF | U | 31.97% | 78 Sir John Rogerson's Quay, Dublin, D02 HD32, Ireland |
JPMorgan Asian Total Return Bond | U | 99.83% | The Quayside, 12th Floor, Tower 2, 77 Hoi Bun Rd, Hong Kong |
JPMorgan Investment Funds - Japan | U | 76.08% | 6 route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of |
Sustainable Equity Fund | Luxembourg | ||
KKP Active Equity Fund | U | 30.86% | 209 KKP Tower A, 17 Fl., Sukhumvit 21 (Asoke), Khlong Toey Nua, |
Wattana, Bangkok 10110 Thailand | |||
Krungsri Greater China Equity Hedged | U | 24.62% | 12th, 18th Zone B Floor, Ploenchit Tower 898 Ploenchit Road, |
Dividend Fund | Lumpini Pathumwan, Bangkok 10330 Thailand | ||
Lasalle Property Securities SICAV-FIS | U | 100.00% | 11-13 Bouldevard de la Foire, L-1528 Luxembourg |
M&G Asia Property TS Trust | U | 100.00% | 8 Marina Boulevard, #05-02 Marina Bay, Financial Centre Tower 1, |
Singapore, 018981 | |||
M&G Real Estate Asia Holding Company Pte. | OS | 33.00% | 138 Market Street, #35-01 CapitaGreen, Singapore 048946 |
Ltd. | |||
Manulife Asia Pacific Bond Fund | U | 67.93% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Manulife AUD Income Bond Fund | U | 23.32% | |
Manulife China Offshore Bond Fund | U | 64.51% | |
Manulife Global Equity Fund | U | 22.20% | |
Manulife Taiwan Dynamic Fund | U | 27.81% | |
MEAG FlexConcept | U | 72.88% | R.C.S. Luxembourg NR. 28878, 1c, rue Gabriel Lippmann, L-5365 |
Munsbach | |||
Nomura Global Shariah Sustainable Equity | U | 21.76% | Suite No 12.2, Level 12, Menara IMC,No.8 Jalan Sultan Ismail,Kuala |
Fund | Lumpur,50250,WP Kuala Lumpur,Malaysia | ||
Nomura Six Years Fixed Maturity Asia Pacific | U | 100.00% | 101 Tower, 30th Floor, No. 7 Sec. 5, Xinyi Rd., Xinyi Dist., Taipei, |
Emerging Market Bond Fund | Taiwan | ||
Nomura Six Years Ladder Maturity Asia | U | 99.83% | |
Pacific Emerging Market Bond Fund | |||
North Sathorn Holdings Company Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini |
Subdistrict Pathumwan District, Bangkok Metropolis, Thailand | |||
PCA IP Services Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
PCA Life Assurance Co., Ltd. | OS | 99.79% | 8th Floor, No.1 Songzhi Road, Taipei City, 11047, Taiwan |
PCA Reinsurance Co. Ltd. | OS | 100.00% | Unit Level 13(A), Main Office Tower, Financial Park Labuan, Jalan |
Merdeka, 87000 Federal Territory of Labuan, Malaysia | |||
Pinebridge US Dual Core Income Fund | U | 29.13% | 10th Floor, No. 144, Sec. 2, Minquan East Rd, Taipei |
Principal Global Silver Age Fund | U | 28.89% | 44, 16th Floor, CIMB Thai Bank, Lungsuan Road, Lumpini, Bangkok |
10330, Thailand | |||
Principal Islamic Malaysia Government | U | 60.71% | Level 32, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, |
Sukuk Fund | Kuala Lumpur, Malaysia | ||
Principal Malaysia Titans Fund | U | 52.56% | Level 31, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, |
Kuala Lumpur, Malaysia | |||
Pru Life Insurance Corporation of U.K. | OS | 100.00% | 9th Floor, Uptown Place Tower 1, 1 East 11th Drive, Uptown |
Bonifacio, 1634 Taguig City, Metro Manila, Philippines | |||
Prudence Foundation | LBG | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential (Cambodia) Life Assurance Plc | OS | 100.00% | Chip Mong Tower Building, Units L19, L20, and L21, 19th, 20th, 21st |
Floor, Russian Federation Blvd (110), Phum 10, Sangkat Phsar | |||
Depou 3, Khan Tuol Kork, Phnom Penh, Cambodia | |||
Prudential (US Holdco 1) Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Africa Holdings Limited | OS | 100.00% | |
Prudential Africa Services Limited | OS | 100.00% | 3rd Floor, One Africa Place, LR No. 1870/X/45, P.O. Box 1393-00606, |
Westlands, Nairobi, Kenya |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Prudential Assurance Company Singapore | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
(Pte) Limited | |||
Prudential Assurance Malaysia Berhad | OS | 51.00% | Level 26, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Exchange, Kuala Lumpur, Malaysia | |||
Prudential Assurance Uganda Limited | OS | 100.00% | 9th Floor Zebra Plaza, Plot 23 Kampala Road, P.O. Box 2660, |
Kampala, Uganda | |||
Prudential BeGeneral Insurance C\u00f4te | OS | 51.00% | Abidjan Plateau, Avenue Nogu\u00e8s, Immeuble Woodin Center, 1er |
d'Ivoire S.A. | \u00e9tage, 01 P.O. BOX 5173, Abidjan 01, C\u00f4te d'Ivoire | ||
Prudential Belife Insurance C\u00f4te d'Ivoire S.A. | OS | 51.00% | |
Prudential Beneficial General Insurance | OS | 50.71% | 1944, Boulevard de la R\u00e9publique Douala-Akwa, P.O. BOX 2328, |
Cameroon S.A. | Douala, Cameroon | ||
Prudential Beneficial Life Insurance | OS | 51.00% | |
Cameroon S.A. | |||
Prudential Beneficial Life Insurance Togo | OS | 50.99% | 2963 Rue de la Chance Agbalepedogan, P.O. Box 1115, Lome, Togo |
S.A. | |||
Prudential BSN Takaful Berhad | OS | 49.00% | Level 13, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Exchange, Kuala Lumpur, Malaysia | |||
Prudential Corporation Asia Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Corporation Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Enterprise Management (Beijing) | MI-WFOE | 100.00% | Unit 2401-59, 24th floor, China World Office 2, No.1 |
Co., Ltd. | Jianguomenwai Avenue, Chaoyang District, Beijing, China | ||
Prudential Financial Advisers Singapore Pte. | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
Ltd. | |||
Prudential Financial Partners (Asia) Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, England, United Kingdom |
Prudential Financial Partners HK Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Funding (Asia) PLC | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, England, United Kingdom |
Prudential General Insurance Hong Kong | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong |
Limited | Kong | ||
Prudential Group Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Group Secretarial Services HK | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Limited | Central, Hong Kong | ||
Prudential Group Secretarial Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Holdings Limited | OS | 100.00% | 4th Floor, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN, |
United Kingdom | |||
Prudential Hong Kong Limited | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong |
Kong | |||
Prudential International Treasury Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Investment Management Private | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore118479 |
Limited | |||
Prudential IP Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Life Assurance (Lao) Company | OS | 100.00% | 5th Floor, Lao international Business and Tourist Center Project |
Limited | (Vientiane Center), Khouvieng Road, Nongchan Village, | ||
Sisattanak District, Vientiane Capital, Lao PDR | |||
Prudential Life Assurance (Thailand) Public | OS | 99.93% | 944 Mitrtown Office Tower, 10th, 29th-31st Floor, Rama 4 Road, |
Company Limited | Wangmai, Pathumwan, Bangkok, 10330, Thailand | ||
Prudential Life Assurance Kenya Limited | OS | 100.00% | Vienna Court, Ground Floor, State House Crescent, Off State House |
Avenue, P.O. Box 25093-00603, Nairobi, Kenya | |||
Prudential Life Assurance Zambia Limited | OS | 100.00% | Prudential House, Plot No. 32256, Thabo Mbeki Road, P.O. Box |
31357, Lusaka, Zambia | |||
Prudential Life Insurance Ghana Limited | OS | 100.00% | H/NO. 35, Opp. Hobats Clinic, North Street, Tesano, Accra, Accra |
Metropolitan, Greater Accra, P.O. Box AN 10476, Ghana | |||
Prudential Life Vault Limited | OS | 100.00% | 48 Awolowo Road, South-West Ikoyi, Lagos, Nigeria |
Prudential Mauritius Holdings Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Prudential Myanmar Life Insurance Limited | OS | 100.00% | #15-01, 15th Floor, Sule Square, 221 Sule Pagoda Road, Kyauktada |
Township, Yangon, Myanmar | |||
Prudential Pensions Management Zambia | OS | 49.00% | Prudential Pensions Management Zambia Limited Support Office, |
Limited | Plot F/377/9/H/3, Kabulonga Road, Kabulonga, Lusaka, Zambia | ||
Prudential Services Asia Sdn. Bhd. | OS | 100.00% | Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1 Leboh |
PS | 100.00% | Ampang, 50100 Kuala Lumpur, Malaysia | |
Prudential Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Services Philippines Corporation | OS | 100.00% | 19th Floor Uptown Place Tower I East, 11th Drive Uptown Bonifacio |
Fort Bonifacio Bonifacio Global City, Taguig City, Fourth District, | |||
National Capital Region (NCR), 1630, Philippines | |||
Prudential Services Singapore Pte. Ltd. | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 118479 |
Prudential Singapore Holdings Pte. Limited | PS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
OS | 100.00% | ||
Prudential Technology and Services India | OS | 100.00% | CoWrks NXT, EPIP Industrial Area, Whitefield Road, K.R Puram, Near |
Private Limited | SAP Labs, Hubli, Bangalore, Karnataka, 560066, India | ||
Prudential Vietnam Assurance Private | OS | 100.00% | 25th Floor, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, |
Limited | Ho Chi Minh City, Vietnam | ||
Prudential Wealth Holdings Company Pte. | OS | 100.00% | 7 Straits View #07-01, Marina One East Tower, Singapore 018936 |
Ltd. | |||
Prudential Wealth Management Singapore | OS | 100.00% | |
Pte. Ltd. | |||
Prudential Zenith Life Insurance Limited | OS | 100.00% | 6th Floor, Civic Towers, Plots Ga & G1 Ozumba Mbadiwe Avenue, |
Victoria Island, Lagos, Nigeria | |||
PT Prudential Sharia Life Assurance | OS | 94.62% | Prudential Tower, 2nd Floor, Jl. Jend. Sudirman Kav. 79, Jakarta |
PT. Eastspring Investments Indonesia | OS | 99.95% | 12910, Indonesia |
PT. Prudential Life Assurance | OS | 94.62% | Prudential Tower, Jl. Jend. Sudirman Kav. 79, Jakarta 12910, |
Indonesia | |||
Pulse Ecosystems Pte. Ltd. | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 018936 |
Pulse Wealth Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Reksa Dana Eastspring IDR Fixed Income | U | 96.74% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta |
Fund (NDEIFF) | 12910, Indonesia | ||
Reksa Dana Syariah Eastspring Syariah Fixed | U | 70.66% | |
Income Amanah | |||
Reksa Dana Syariah Eastspring Syariah | U | 99.69% | |
Money Market Khazanah | |||
Rhodium Investment Funds - Singapore | U | 99.98% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Bond Fund | |||
Rhodium Passive Long Dated Bond Fund | U | 99.92% | |
Robeco QI European Active Index Equities | U | 83.95% | 6, route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of |
Luxembourg | |||
Schroder Asian Investment Grade Credit | U | 21.14% | 138 Market Street, #23-01 CapitaGreen, Singapore 048946 |
Schroder Emerging Markets Fund | U | 54.07% | |
Schroder Multi-Asset Revolution | U | 33.05% | |
Scotts Spazio Pte. Ltd. | OS | 45.00% | 316 Tanglin Road, #01-01,Singapore, 247978 |
Shanghai CPE Asset Management Co., Ltd. | MI - JV | 26.95% | Room 101-2, No.128 North Zhangjiabang Road, Pudong District, |
Shanghai, China | |||
Shenzhen Prudential Technology Limited | MI - WFOE | 100.00% | Unit 5, 8th Floor, China Resources Tower, No.2666 Keyuan South |
Road, Yuehai Street, Nanshan District, Shenzhen, 518054, China | |||
Sri Han Suria Sdn. Bhd. | OS | 51.00% | Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1 Leboh |
Ampang, 50100 Kuala Lumpur, Malaysia | |||
Staple Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini |
Subdistrict Pathumwan District, Bangkok Metropolis, Thailand | |||
Templeton Asian Growth Fund | U | 21.06% | 8A, rue Albert Borschette, L-1246 Luxembourg |
Tisco US Equity Fund | U | 21.24% | 48/16-17 , Tisco Tower Building, 9 Floor. North Sathorn, Silom, |
Tisoc Europe Equity FUND | U | 24.77% | Bangrak, Bangkok 10500 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
United Global Innovation Fund | U | 22.13% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South |
Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, | |||
Thailand | |||
United Global Quality Equity Fund | U | 42.24% | Jln Raja Laut, City Centre, 50100 Kuala Lumpur, Wilayah |
Persekutuan Kuala Lumpur | |||
United Global Quality Growth Fund | U | 25.11% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South |
UOB Smart Global Healthcare Fund | U | 40.27% | Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, |
Thailand | |||
UOB Smart Japan Small and Mid Cap Fund | U | 43.89% | |
UOB Smart Millennium Growth Fund | U | 33.76% | |
Vanguard Long-Term Corporate Bond Index | U | 45.26% | The Vanguard Group, Inc., P.O. Box 2600, Valley Forge, PA 19482 |
Fund ETF Shares | |||
VCC - ESI Global Real Estate Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Name of entity | Issued and fully paid up share / registered capital |
Prudential Assurance Company Singapore (Pte) Limited | 526,557,000 ordinary shares of SGD 1 each |
PT. Prudential Life Assurance | 105,500 ordinary shares and 6,000 preference shares of RP 1,000,000 each |
Prudential Hong Kong Limited | 3,691,854,873 ordinary shares of HKD 1 each |
Prudential Assurance Malaysia Berhad | 100,000,000 ordinary shares of RM 1 each |
2024 $m | 2023 $m | |
Mainland China | 159 | (577) |
Malaysia | 21 | 18 |
Growth markets and other note | 104 | 310 |
Insurance operations | 284 | (249) |
Eastspring | 193 | 158 |
Total segment and Group total | 477 | (91) |
Statement of financial position | 31 Dec 2024 $m | 31 Dec 2023 $m |
Total assets | 36,344 | 33,271 |
Total liabilities (including non-controlling interest) note | 34,452 | 32,005 |
Shareholders\u2019 equity | 1,892 | 1,266 |
The above amounts of assets and liabilities include the following: | ||
Cash and cash equivalents | 1,374 | 868 |
Financial liabilities (excluding trade and other payables and provisions) | 1,835 | 1,198 |
Income statement | 2024 $m | 2023 $m |
Revenue | 3,491 | 1,676 |
Profit (loss) for the year after tax | 282 | (733) |
The above loss for the year includes the following: | ||
Depreciation and amortisation | (38) | (39) |
Interest income | 582 | 543 |
Interest expense | (2) | (2) |
Income tax (charge) credit | (36) | 422 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Net assets of the Mainland China joint venture as shown above (100%) | 1,892 | 1,266 |
Proportion owned by the joint venture partner (50%) | 946 | 633 |
Carrying amount of the Group\u2019s interest in the joint venture (50%) | 946 | 633 |
Abbreviation | Class of share held |
LBG | Limited by Guarantee |
MI | Membership Interest |
MI \u2013 WFOE | Membership Interest of a Wholly Foreign Owned Enterprise in Mainland China |
MI \u2013 JV | Membership Interest of a Sino-Foreign Equity Joint Venture in Mainland China |
OS | Ordinary Shares |
PI | Partnership Interest |
PS | Preference Shares |
U | Units |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Prudential Corporation Asia Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Group Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Aberdeen Cash Creation Fund | U | 27.94% | 28th Floor Bangkok City Tower, 179 South Sathorn Road, |
Thungmahamek, Sathorn, Bangkok 10120, Thailand | |||
Aberdeen Standard Global Opportunities | U | 23.95% | 7 Straits View, #23-04, Marina One East Tower, Singapore 018936 |
Fund | |||
Aberdeen Standard Singapore Equity Fund | U | 46.46% | |
Abrdn SICAV I \u2013 Diversified Income Fund | U | 70.25% | 35a, Avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of |
Luxembourg | |||
AC Financial Partners Limited Partnership | PI | 100.00% | Citypoint, 65 Haymarket Terrace, Edinburgh, EH12 5HD |
Alternatives North America, Ltd. | U | 100.00% | PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, |
Cayman Islands | |||
Amundi EUR Corporate Bond | U | 22.31% | 5 All. Scheffer, 2520 Limpertsberg Luxembourg |
ARDIAN Prudential PE Sub-Fund | U | 99.99% | 1 Temasek Avenue, #36-01 Millenia Tower, Singapore 039192 |
ATRAM - PRUINVEST PHP Balanced | U | 100.00% | 8th Floor 8 Rockwell Building, Metro Manila Manila, Philippines |
Allocation Fund | |||
ATRAM - PRUINVEST PHP Dynamic Equity | U | 100.00% | |
Fund | |||
ATRAM - PRUINVEST PHP Liquid Fund | U | 90.72% | |
ATRAM - PRUINVEST USD Intermediate | U | 94.92% | |
Term Bond Fund | |||
ATRAM - PRUINVEST USD Liquid Fund | U | 100.00% | |
ATRAM Developed Markets Multi-asset Fund | U | 97.73% | |
of Funds | |||
ATRAM Philippine Equity Index Tracker Fund | U | 95.66% | |
ATRAM USD Asian High Yield Bond Feeder | U | 92.68% | |
Fund | |||
BOCHK Aggressive Growth Fund | U | 42.77% | 27th Floor, Bank of China Tower, 1 Garden Road, Hong Kong |
BOCHK Balanced Growth Fund | U | 36.50% | |
BOCHK China Equity Fund | U | 53.93% | |
BOCHK Conservative Growth Fund | U | 43.37% | |
BOCHK US Dollar Money Market Fund | U | 31.72% | |
BOCI-Prudential Asset Management Limited | OS | 36.00% | |
BOCI-Prudential Trustee Limited | OS | 36.00% | Suites 1501-1507 & 1513-1516, 15th Floor, 1111 King's Road, |
Taikoo Shing, Hong Kong | |||
BSP Debt Fund V Unlevered (Non US) LP | U | 68.40% | c/o Benefit Street Partners LLC, New York, New York 10019 |
Cathay High Yield ex China Cash pay 1-5 | U | 47.67% | 6th Floor, No.39, Sec.2, Dunhua South. Rd., Taipei, Taiwan |
Year 2% Issuer Capped ETF | |||
CITIC-Prudential Fund Management | MI - JV | 49.00% | Level 9, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong, |
Company Limited | Shanghai, China | ||
CITIC-Prudential Life Insurance Company | MI - JV | 50.00% | Room 1101-A, 1201, 1301, 1401, 1501, 1601, 1701, 1801, Unit 01, |
Limited | Building 1, No. B2, North Road of East Third Ring Road, Chaoyang | ||
District, Beijing, PRC,100027, China | |||
CT (Lux) Global Emerging Market Equities | U | 88.17% | 44 Rue de la vall\u00e9e, 2661 Luxembourg |
Eastspring Al-Wara' Investments Berhad | OS | 100.00% | Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit |
Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia | |||
Eastspring Asia Pacific High Yield Equity | U | 45.49% | 4th Floor, No.1, Songzhi Rd., Xinyi Dist., Taipei, Taiwan |
Fund | |||
Eastspring Asset Management (Thailand) | OS | 59.50% | 944 Mitrtown Office Tower, 9th Floor, Rama 4 Road, Wangmai, |
Co., Ltd. | Pathumwan, Bangkok 10330, Thailand | ||
Eastspring Asset Management Korea Co. Ltd. | OS | 100.00% | 22F (Seoul International Finance Center, Yeouido dong), 10 |
Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, 07326, Korea (the | |||
Republic of) | |||
Eastspring Global Private Credit Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investment Management | MI - WFOE | 100.00% | Unit 306-308, 3rd Floor, Azia Center, 1233 Lujiazui Ring Road, China |
(Shanghai) Company Limited | (Shanghai) Pilot Free Trade Zone, China | ||
Eastspring Investments - Asia ESG Bond | U | 94.63% | 26, Boulevard Royal, L-2449, Luxembourg |
Fund | |||
Eastspring Investments \u2013 Asia Opportunities | U | 96.44% | |
Equity Fund | |||
Eastspring Investments - Asia Pacific Equity | U | 99.97% | |
Fund | |||
Eastspring Investments - Asian Bond Fund | U | 92.81% | |
Eastspring Investments - Asian Dynamic | U | 91.42% | |
Fund | |||
Eastspring Investments - Asian Equity Fund | U | 99.07% | |
Eastspring Investments - Asian Equity | U | 88.84% | |
Income Fund | |||
Eastspring Investments - Asian High Yield | U | 66.61% | |
Bond Fund | |||
Eastspring Investments - Asian Investment | U | 80.46% | |
Grade Bond Fund | |||
EastSpring Investments - Asian Local Bond | U | 90.09% | |
Fund | |||
Eastspring Investments - Asian Low Volatility | U | 86.15% | |
Equity Fund | |||
Eastspring Investments - Asian Multi Factor | U | 94.77% | |
Equity Fund | |||
Eastspring Investments - China A Shares | U | 89.63% | |
Growth Fund | |||
Eastspring Investments - China Bond Fund | U | 99.84% | |
Eastspring Investments - Dragon Peacock | U | 97.24% | |
Fund | |||
Eastspring Investments - European | U | 100.00% | |
Investment Grade Bond Fund | |||
Eastspring Investments - Global Emerging | U | 99.21% | |
Markets Bond Fund | |||
Eastspring Investments - Global Emerging | U | 36.66% | |
Markets Dynamic Fund | |||
Eastspring Investments - Global Emerging | U | 95.57% | |
Markets ex-China Dynamic Fund | |||
Eastspring Investments - Global Emerging | U | 99.84% | |
Markets Fundamental Value Fund | |||
Eastspring Investments - Global Emerging | U | 34.75% | |
Markets Total Return Bond Fund | |||
Eastspring Investments - Global Equity | U | 91.70% | |
Navigator Fund | |||
Eastspring Investments - Global Growth | U | 46.05% | |
Equity Fund | |||
Eastspring Investments - Global Low | U | 99.32% | |
Volatility Equity Fund | |||
Eastspring Investments - Global Market | U | 99.51% | |
Navigator Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Balanced Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Conservative Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Dynamic Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Income Plus Growth Fund |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investments - Global Multi Factor | U | 29.04% | |
Equity Fund | |||
Eastspring Investments - Global Technology | U | 80.73% | |
Fund | |||
Eastspring Investments - Greater China | U | 90.05% | |
Equity Fund | |||
Eastspring Investments - India Equity Fund | U | 23.60% | |
Eastspring Investments - Japan Sustainable | U | 86.10% | |
Value Fund | |||
Eastspring Investments - Pan European Fund | U | 51.02% | |
Eastspring Investments - US Corporate Bond | U | 79.61% | |
Fund | |||
Eastspring Investments - US High | U | 92.54% | |
Investment Grade Bond Fund | |||
Eastspring Investments \u2013 US High Yield Bond | U | 52.47% | |
Fund | |||
Eastspring Investments - US Investment | U | 51.07% | |
Grade Bond Fund | |||
Eastspring Investments - World Value Equity | U | 91.42% | |
Fund | |||
Eastspring Investments (Hong Kong) Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Eastspring Investments (Luxembourg) S.A. | OS | 100.00% | 26, Boulevard Royal, L-2449 Luxembourg |
Eastspring Investments (Singapore) Limited | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Asia Pacific ex-Japan | U | 82.82% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Target Return Fund | Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | ||
Eastspring Investments Asian High Yield | U | 77.10% | Malaysia |
Bond MY Fund | |||
Eastspring Investments Berhad | OS | 100.00% | Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit |
Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia | |||
Eastspring Investments Dana Dinamik | U | 22.53% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Eastspring Investments Dinasti Equity Fund | U | 37.40% | Exchange, Kuala Lumpur |
Eastspring Investments Equity Income Fund | U | 31.52% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Fund Management | MI | 100.00% | 23rd Floor, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, |
Limited Liability Company | Ho Chi Minh City, Vietnam | ||
Eastspring Investments Funds - Monthly | U | 43.54% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Income Plan | |||
Eastspring Investments Global Equity Fund | U | 94.82% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Global Oncology | U | 99.71% | 22nd Floor One IFC, 10 Gukjegeumyung-ro, Youngdungpo-gu, Seoul |
Securities Baby Investment Trust (USD) | 07326, Korea | ||
Eastspring Investments Group Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Growth Fund | U | 25.80% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Incorporated | OS | 100.00% | 874 Walker Road, Suite C, City of Dover, County of Kent, State of |
Delaware 19904, United States | |||
Eastspring Investments India Consumer | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Equity Open Limited | |||
Eastspring Investments India Equity Open | OS | 100.00% | |
Limited | |||
Eastspring Investments India Government | U | 99.99% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 |
Bond Fund QII | Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investments India Infrastructure | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Equity Open Limited | |||
Eastspring Investments Islamic Equity | U | 39.99% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Income Fund | Exchange, Kuala Lumpur | ||
Eastspring Investments Limited | OS | 100.00% | Marunouchi Park Building, 6-1 Marunouchi 2-chome, Chiyoda-Ku, |
Tokyo, Japan | |||
Eastspring Investments Services Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments SICAV-FIS - | U | 100.00% | 26, Boulevard Royal, L-2449, Luxembourg |
Alternative Investment Fund | |||
Eastspring Investments Unit Trusts - Asian | U | 95.91% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Balanced Fund | |||
Eastspring Investments Unit Trusts - Dragon | U | 97.81% | |
Peacock Fund ID | |||
Eastspring Investments Unit Trusts - Global | U | 89.56% | |
Technology Fund | |||
Eastspring Investments Unit Trusts - Pan | U | 53.05% | |
European Fund | |||
Eastspring Investments Unit Trusts - | U | 98.89% | |
Singapore ASEAN Equity Fund | |||
Eastspring Investments Unit Trusts - | U | 66.19% | |
Singapore Select Bond Fund | |||
Eastspring Investments Vietnam ESG Equity | U | 98.94% | 26, Boulevard Royal, L-2449, Luxembourg |
Fund | |||
Eastspring Investments Vietnam Navigator | U | 76.61% | 23rd Floor, Saigon Trade Center Building, 37 Ton Duc Thang Street, |
Fund | Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam | ||
Eastspring Overseas Investment Fund | MI - WFOE | 100.00% | Unit 306-308, 3rd Floor, 1233 Lujiazui Ring Road, China (Shanghai) |
Management (Shanghai) Company | Pilot Free Trade Zone, China | ||
Limited | |||
Eastspring Private Equity Fund 2 | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Securities Investment Trust Co., | OS | 99.54% | 4th Floor, No.1 Songzhi Road, Taipei 110, Taiwan |
Ltd. | |||
Eastspring Singapore Alternatives VCC | U | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Syariah Equity Islamic Asia Pacific | U | 89.56% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta |
USD Kelas B | 12910, Indonesia | ||
Eastspring Syariah Fixed Income USD Kelas | U | 53.49% | |
A | |||
First Sentier Global Property Securities Fund | U | 50.11% | 38 Beach Road, #06-11 South Beach Tower, Singapore 189767 |
FSITC Global Trends Fund | U | 47.66% | 1st Floor, No.6, Sec. 3 ,Minquan West Rd, Taipei |
FSSA China Focus Fund | U | 65.07% | 70 Sir John Rogerson\u2019s Quay, Dublin 2, D02 R296 Ireland |
Fubon 1-5 Years US High Yield Bond Ex | U | 24.52% | 8th Floor, No.108, Sec.1, Dunhua South. Rd., Taipei, Taiwan |
China | |||
Fuh Hwa 1-5 Yr High Yield ETF | U | 45.82% | 8th & 9th Floor, No.308, Sec. 2, Bade Rd., Da-an District |
Furnival Insurance Company PCC Limited | OS | 100.00% | PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, |
Guernsey | |||
GS Twenty Two Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
HSBC Senior Global Infrastructure Debt Fund | U | 100.00% | 8 Canada Square, London, E14 5HQ, United Kingdom |
ICICI Prudential Asset Management | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi |
Company Limited | 110001, India | ||
ICICI Prudential Life Insurance Company | OS | 21.97% | ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, |
Limited | Mumbai 400025, India | ||
ICICI Prudential Pension Funds | OS | 21.97% | Unit No. A, 2nd Floor, Cnergy Building, Appasaheb Marathe Marg, |
Management Company Limited | Prabhadevi, Mumbai, Maharashtra - 400025, India | ||
ICICI Prudential Trust Limited | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi |
110001, India | |||
India Innovation High Growth EQ QII | U | 100.00% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 |
Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 | |||
Invesco Select 6 Year Maturity Global Bond | U | 99.15% | 8th Floor, No 122, Tung Hua N. Rd. Taipei, Taiwan |
Fund |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
iShares Core MSCI Asia | U | 39.16% | 16th Floor, Champion Tower, 3 Garden Road, Central, Hong Kong |
iShares MSCI Asia ex Japan Climate Action | U | 33.40% | 20 Anson Road, #18-01 Twenty Anson, Singapore 079912 |
ETF | |||
iShares MSCI Europe ESG Enhanced UCITS | U | 41.71% | 12 Throgmorton Avenue, London, EC2N 2DL |
ETF | |||
iShares MSCI USA ESG Enhanced UCITS ETF | U | 31.97% | 78 Sir John Rogerson's Quay, Dublin, D02 HD32, Ireland |
JPMorgan Asian Total Return Bond | U | 99.83% | The Quayside, 12th Floor, Tower 2, 77 Hoi Bun Rd, Hong Kong |
JPMorgan Investment Funds - Japan | U | 76.08% | 6 route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of |
Sustainable Equity Fund | Luxembourg | ||
KKP Active Equity Fund | U | 30.86% | 209 KKP Tower A, 17 Fl., Sukhumvit 21 (Asoke), Khlong Toey Nua, |
Wattana, Bangkok 10110 Thailand | |||
Krungsri Greater China Equity Hedged | U | 24.62% | 12th, 18th Zone B Floor, Ploenchit Tower 898 Ploenchit Road, |
Dividend Fund | Lumpini Pathumwan, Bangkok 10330 Thailand | ||
Lasalle Property Securities SICAV-FIS | U | 100.00% | 11-13 Bouldevard de la Foire, L-1528 Luxembourg |
M&G Asia Property TS Trust | U | 100.00% | 8 Marina Boulevard, #05-02 Marina Bay, Financial Centre Tower 1, |
Singapore, 018981 | |||
M&G Real Estate Asia Holding Company Pte. | OS | 33.00% | 138 Market Street, #35-01 CapitaGreen, Singapore 048946 |
Ltd. | |||
Manulife Asia Pacific Bond Fund | U | 67.93% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Manulife AUD Income Bond Fund | U | 23.32% | |
Manulife China Offshore Bond Fund | U | 64.51% | |
Manulife Global Equity Fund | U | 22.20% | |
Manulife Taiwan Dynamic Fund | U | 27.81% | |
MEAG FlexConcept | U | 72.88% | R.C.S. Luxembourg NR. 28878, 1c, rue Gabriel Lippmann, L-5365 |
Munsbach | |||
Nomura Global Shariah Sustainable Equity | U | 21.76% | Suite No 12.2, Level 12, Menara IMC,No.8 Jalan Sultan Ismail,Kuala |
Fund | Lumpur,50250,WP Kuala Lumpur,Malaysia | ||
Nomura Six Years Fixed Maturity Asia Pacific | U | 100.00% | 101 Tower, 30th Floor, No. 7 Sec. 5, Xinyi Rd., Xinyi Dist., Taipei, |
Emerging Market Bond Fund | Taiwan | ||
Nomura Six Years Ladder Maturity Asia | U | 99.83% | |
Pacific Emerging Market Bond Fund | |||
North Sathorn Holdings Company Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini |
Subdistrict Pathumwan District, Bangkok Metropolis, Thailand | |||
PCA IP Services Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
PCA Life Assurance Co., Ltd. | OS | 99.79% | 8th Floor, No.1 Songzhi Road, Taipei City, 11047, Taiwan |
PCA Reinsurance Co. Ltd. | OS | 100.00% | Unit Level 13(A), Main Office Tower, Financial Park Labuan, Jalan |
Merdeka, 87000 Federal Territory of Labuan, Malaysia | |||
Pinebridge US Dual Core Income Fund | U | 29.13% | 10th Floor, No. 144, Sec. 2, Minquan East Rd, Taipei |
Principal Global Silver Age Fund | U | 28.89% | 44, 16th Floor, CIMB Thai Bank, Lungsuan Road, Lumpini, Bangkok |
10330, Thailand | |||
Principal Islamic Malaysia Government | U | 60.71% | Level 32, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, |
Sukuk Fund | Kuala Lumpur, Malaysia | ||
Principal Malaysia Titans Fund | U | 52.56% | Level 31, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, |
Kuala Lumpur, Malaysia | |||
Pru Life Insurance Corporation of U.K. | OS | 100.00% | 9th Floor, Uptown Place Tower 1, 1 East 11th Drive, Uptown |
Bonifacio, 1634 Taguig City, Metro Manila, Philippines | |||
Prudence Foundation | LBG | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential (Cambodia) Life Assurance Plc | OS | 100.00% | Chip Mong Tower Building, Units L19, L20, and L21, 19th, 20th, 21st |
Floor, Russian Federation Blvd (110), Phum 10, Sangkat Phsar | |||
Depou 3, Khan Tuol Kork, Phnom Penh, Cambodia | |||
Prudential (US Holdco 1) Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Africa Holdings Limited | OS | 100.00% | |
Prudential Africa Services Limited | OS | 100.00% | 3rd Floor, One Africa Place, LR No. 1870/X/45, P.O. Box 1393-00606, |
Westlands, Nairobi, Kenya |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Prudential Assurance Company Singapore | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
(Pte) Limited | |||
Prudential Assurance Malaysia Berhad | OS | 51.00% | Level 26, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Exchange, Kuala Lumpur, Malaysia | |||
Prudential Assurance Uganda Limited | OS | 100.00% | 9th Floor Zebra Plaza, Plot 23 Kampala Road, P.O. Box 2660, |
Kampala, Uganda | |||
Prudential BeGeneral Insurance C\u00f4te | OS | 51.00% | Abidjan Plateau, Avenue Nogu\u00e8s, Immeuble Woodin Center, 1er |
d'Ivoire S.A. | \u00e9tage, 01 P.O. BOX 5173, Abidjan 01, C\u00f4te d'Ivoire | ||
Prudential Belife Insurance C\u00f4te d'Ivoire S.A. | OS | 51.00% | |
Prudential Beneficial General Insurance | OS | 50.71% | 1944, Boulevard de la R\u00e9publique Douala-Akwa, P.O. BOX 2328, |
Cameroon S.A. | Douala, Cameroon | ||
Prudential Beneficial Life Insurance | OS | 51.00% | |
Cameroon S.A. | |||
Prudential Beneficial Life Insurance Togo | OS | 50.99% | 2963 Rue de la Chance Agbalepedogan, P.O. Box 1115, Lome, Togo |
S.A. | |||
Prudential BSN Takaful Berhad | OS | 49.00% | Level 13, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Exchange, Kuala Lumpur, Malaysia | |||
Prudential Corporation Asia Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Corporation Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Enterprise Management (Beijing) | MI-WFOE | 100.00% | Unit 2401-59, 24th floor, China World Office 2, No.1 |
Co., Ltd. | Jianguomenwai Avenue, Chaoyang District, Beijing, China | ||
Prudential Financial Advisers Singapore Pte. | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
Ltd. | |||
Prudential Financial Partners (Asia) Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, England, United Kingdom |
Prudential Financial Partners HK Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Funding (Asia) PLC | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, England, United Kingdom |
Prudential General Insurance Hong Kong | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong |
Limited | Kong | ||
Prudential Group Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Group Secretarial Services HK | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Limited | Central, Hong Kong | ||
Prudential Group Secretarial Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Holdings Limited | OS | 100.00% | 4th Floor, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN, |
United Kingdom | |||
Prudential Hong Kong Limited | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong |
Kong | |||
Prudential International Treasury Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Investment Management Private | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore118479 |
Limited | |||
Prudential IP Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Life Assurance (Lao) Company | OS | 100.00% | 5th Floor, Lao international Business and Tourist Center Project |
Limited | (Vientiane Center), Khouvieng Road, Nongchan Village, | ||
Sisattanak District, Vientiane Capital, Lao PDR | |||
Prudential Life Assurance (Thailand) Public | OS | 99.93% | 944 Mitrtown Office Tower, 10th, 29th-31st Floor, Rama 4 Road, |
Company Limited | Wangmai, Pathumwan, Bangkok, 10330, Thailand | ||
Prudential Life Assurance Kenya Limited | OS | 100.00% | Vienna Court, Ground Floor, State House Crescent, Off State House |
Avenue, P.O. Box 25093-00603, Nairobi, Kenya | |||
Prudential Life Assurance Zambia Limited | OS | 100.00% | Prudential House, Plot No. 32256, Thabo Mbeki Road, P.O. Box |
31357, Lusaka, Zambia | |||
Prudential Life Insurance Ghana Limited | OS | 100.00% | H/NO. 35, Opp. Hobats Clinic, North Street, Tesano, Accra, Accra |
Metropolitan, Greater Accra, P.O. Box AN 10476, Ghana | |||
Prudential Life Vault Limited | OS | 100.00% | 48 Awolowo Road, South-West Ikoyi, Lagos, Nigeria |
Prudential Mauritius Holdings Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Prudential Myanmar Life Insurance Limited | OS | 100.00% | #15-01, 15th Floor, Sule Square, 221 Sule Pagoda Road, Kyauktada |
Township, Yangon, Myanmar | |||
Prudential Pensions Management Zambia | OS | 49.00% | Prudential Pensions Management Zambia Limited Support Office, |
Limited | Plot F/377/9/H/3, Kabulonga Road, Kabulonga, Lusaka, Zambia | ||
Prudential Services Asia Sdn. Bhd. | OS | 100.00% | Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1 Leboh |
PS | 100.00% | Ampang, 50100 Kuala Lumpur, Malaysia | |
Prudential Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Services Philippines Corporation | OS | 100.00% | 19th Floor Uptown Place Tower I East, 11th Drive Uptown Bonifacio |
Fort Bonifacio Bonifacio Global City, Taguig City, Fourth District, | |||
National Capital Region (NCR), 1630, Philippines | |||
Prudential Services Singapore Pte. Ltd. | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 118479 |
Prudential Singapore Holdings Pte. Limited | PS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
OS | 100.00% | ||
Prudential Technology and Services India | OS | 100.00% | CoWrks NXT, EPIP Industrial Area, Whitefield Road, K.R Puram, Near |
Private Limited | SAP Labs, Hubli, Bangalore, Karnataka, 560066, India | ||
Prudential Vietnam Assurance Private | OS | 100.00% | 25th Floor, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, |
Limited | Ho Chi Minh City, Vietnam | ||
Prudential Wealth Holdings Company Pte. | OS | 100.00% | 7 Straits View #07-01, Marina One East Tower, Singapore 018936 |
Ltd. | |||
Prudential Wealth Management Singapore | OS | 100.00% | |
Pte. Ltd. | |||
Prudential Zenith Life Insurance Limited | OS | 100.00% | 6th Floor, Civic Towers, Plots Ga & G1 Ozumba Mbadiwe Avenue, |
Victoria Island, Lagos, Nigeria | |||
PT Prudential Sharia Life Assurance | OS | 94.62% | Prudential Tower, 2nd Floor, Jl. Jend. Sudirman Kav. 79, Jakarta |
PT. Eastspring Investments Indonesia | OS | 99.95% | 12910, Indonesia |
PT. Prudential Life Assurance | OS | 94.62% | Prudential Tower, Jl. Jend. Sudirman Kav. 79, Jakarta 12910, |
Indonesia | |||
Pulse Ecosystems Pte. Ltd. | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 018936 |
Pulse Wealth Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Reksa Dana Eastspring IDR Fixed Income | U | 96.74% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta |
Fund (NDEIFF) | 12910, Indonesia | ||
Reksa Dana Syariah Eastspring Syariah Fixed | U | 70.66% | |
Income Amanah | |||
Reksa Dana Syariah Eastspring Syariah | U | 99.69% | |
Money Market Khazanah | |||
Rhodium Investment Funds - Singapore | U | 99.98% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Bond Fund | |||
Rhodium Passive Long Dated Bond Fund | U | 99.92% | |
Robeco QI European Active Index Equities | U | 83.95% | 6, route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of |
Luxembourg | |||
Schroder Asian Investment Grade Credit | U | 21.14% | 138 Market Street, #23-01 CapitaGreen, Singapore 048946 |
Schroder Emerging Markets Fund | U | 54.07% | |
Schroder Multi-Asset Revolution | U | 33.05% | |
Scotts Spazio Pte. Ltd. | OS | 45.00% | 316 Tanglin Road, #01-01,Singapore, 247978 |
Shanghai CPE Asset Management Co., Ltd. | MI - JV | 26.95% | Room 101-2, No.128 North Zhangjiabang Road, Pudong District, |
Shanghai, China | |||
Shenzhen Prudential Technology Limited | MI - WFOE | 100.00% | Unit 5, 8th Floor, China Resources Tower, No.2666 Keyuan South |
Road, Yuehai Street, Nanshan District, Shenzhen, 518054, China | |||
Sri Han Suria Sdn. Bhd. | OS | 51.00% | Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1 Leboh |
Ampang, 50100 Kuala Lumpur, Malaysia | |||
Staple Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini |
Subdistrict Pathumwan District, Bangkok Metropolis, Thailand | |||
Templeton Asian Growth Fund | U | 21.06% | 8A, rue Albert Borschette, L-1246 Luxembourg |
Tisco US Equity Fund | U | 21.24% | 48/16-17 , Tisco Tower Building, 9 Floor. North Sathorn, Silom, |
Tisoc Europe Equity FUND | U | 24.77% | Bangrak, Bangkok 10500 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
United Global Innovation Fund | U | 22.13% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South |
Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, | |||
Thailand | |||
United Global Quality Equity Fund | U | 42.24% | Jln Raja Laut, City Centre, 50100 Kuala Lumpur, Wilayah |
Persekutuan Kuala Lumpur | |||
United Global Quality Growth Fund | U | 25.11% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South |
UOB Smart Global Healthcare Fund | U | 40.27% | Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, |
Thailand | |||
UOB Smart Japan Small and Mid Cap Fund | U | 43.89% | |
UOB Smart Millennium Growth Fund | U | 33.76% | |
Vanguard Long-Term Corporate Bond Index | U | 45.26% | The Vanguard Group, Inc., P.O. Box 2600, Valley Forge, PA 19482 |
Fund ETF Shares | |||
VCC - ESI Global Real Estate Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Name of entity | Issued and fully paid up share / registered capital |
Prudential Assurance Company Singapore (Pte) Limited | 526,557,000 ordinary shares of SGD 1 each |
PT. Prudential Life Assurance | 105,500 ordinary shares and 6,000 preference shares of RP 1,000,000 each |
Prudential Hong Kong Limited | 3,691,854,873 ordinary shares of HKD 1 each |
Prudential Assurance Malaysia Berhad | 100,000,000 ordinary shares of RM 1 each |
2024 $m | 2023 $m | |
Mainland China | 159 | (577) |
Malaysia | 21 | 18 |
Growth markets and other note | 104 | 310 |
Insurance operations | 284 | (249) |
Eastspring | 193 | 158 |
Total segment and Group total | 477 | (91) |
Statement of financial position | 31 Dec 2024 $m | 31 Dec 2023 $m |
Total assets | 36,344 | 33,271 |
Total liabilities (including non-controlling interest) note | 34,452 | 32,005 |
Shareholders\u2019 equity | 1,892 | 1,266 |
The above amounts of assets and liabilities include the following: | ||
Cash and cash equivalents | 1,374 | 868 |
Financial liabilities (excluding trade and other payables and provisions) | 1,835 | 1,198 |
Income statement | 2024 $m | 2023 $m |
Revenue | 3,491 | 1,676 |
Profit (loss) for the year after tax | 282 | (733) |
The above loss for the year includes the following: | ||
Depreciation and amortisation | (38) | (39) |
Interest income | 582 | 543 |
Interest expense | (2) | (2) |
Income tax (charge) credit | (36) | 422 |
31 Dec 2024 $m | 31 Dec 2023 $m | |
Net assets of the Mainland China joint venture as shown above (100%) | 1,892 | 1,266 |
Proportion owned by the joint venture partner (50%) | 946 | 633 |
Carrying amount of the Group\u2019s interest in the joint venture (50%) | 946 | 633 |
Abbreviation | Class of share held |
LBG | Limited by Guarantee |
MI | Membership Interest |
MI \u2013 WFOE | Membership Interest of a Wholly Foreign Owned Enterprise in Mainland China |
MI \u2013 JV | Membership Interest of a Sino-Foreign Equity Joint Venture in Mainland China |
OS | Ordinary Shares |
PI | Partnership Interest |
PS | Preference Shares |
U | Units |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Prudential Corporation Asia Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Group Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Aberdeen Cash Creation Fund | U | 27.94% | 28th Floor Bangkok City Tower, 179 South Sathorn Road, |
Thungmahamek, Sathorn, Bangkok 10120, Thailand | |||
Aberdeen Standard Global Opportunities | U | 23.95% | 7 Straits View, #23-04, Marina One East Tower, Singapore 018936 |
Fund | |||
Aberdeen Standard Singapore Equity Fund | U | 46.46% | |
Abrdn SICAV I \u2013 Diversified Income Fund | U | 70.25% | 35a, Avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of |
Luxembourg | |||
AC Financial Partners Limited Partnership | PI | 100.00% | Citypoint, 65 Haymarket Terrace, Edinburgh, EH12 5HD |
Alternatives North America, Ltd. | U | 100.00% | PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, |
Cayman Islands | |||
Amundi EUR Corporate Bond | U | 22.31% | 5 All. Scheffer, 2520 Limpertsberg Luxembourg |
ARDIAN Prudential PE Sub-Fund | U | 99.99% | 1 Temasek Avenue, #36-01 Millenia Tower, Singapore 039192 |
ATRAM - PRUINVEST PHP Balanced | U | 100.00% | 8th Floor 8 Rockwell Building, Metro Manila Manila, Philippines |
Allocation Fund | |||
ATRAM - PRUINVEST PHP Dynamic Equity | U | 100.00% | |
Fund | |||
ATRAM - PRUINVEST PHP Liquid Fund | U | 90.72% | |
ATRAM - PRUINVEST USD Intermediate | U | 94.92% | |
Term Bond Fund | |||
ATRAM - PRUINVEST USD Liquid Fund | U | 100.00% | |
ATRAM Developed Markets Multi-asset Fund | U | 97.73% | |
of Funds | |||
ATRAM Philippine Equity Index Tracker Fund | U | 95.66% | |
ATRAM USD Asian High Yield Bond Feeder | U | 92.68% | |
Fund | |||
BOCHK Aggressive Growth Fund | U | 42.77% | 27th Floor, Bank of China Tower, 1 Garden Road, Hong Kong |
BOCHK Balanced Growth Fund | U | 36.50% | |
BOCHK China Equity Fund | U | 53.93% | |
BOCHK Conservative Growth Fund | U | 43.37% | |
BOCHK US Dollar Money Market Fund | U | 31.72% | |
BOCI-Prudential Asset Management Limited | OS | 36.00% | |
BOCI-Prudential Trustee Limited | OS | 36.00% | Suites 1501-1507 & 1513-1516, 15th Floor, 1111 King's Road, |
Taikoo Shing, Hong Kong | |||
BSP Debt Fund V Unlevered (Non US) LP | U | 68.40% | c/o Benefit Street Partners LLC, New York, New York 10019 |
Cathay High Yield ex China Cash pay 1-5 | U | 47.67% | 6th Floor, No.39, Sec.2, Dunhua South. Rd., Taipei, Taiwan |
Year 2% Issuer Capped ETF | |||
CITIC-Prudential Fund Management | MI - JV | 49.00% | Level 9, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong, |
Company Limited | Shanghai, China | ||
CITIC-Prudential Life Insurance Company | MI - JV | 50.00% | Room 1101-A, 1201, 1301, 1401, 1501, 1601, 1701, 1801, Unit 01, |
Limited | Building 1, No. B2, North Road of East Third Ring Road, Chaoyang | ||
District, Beijing, PRC,100027, China | |||
CT (Lux) Global Emerging Market Equities | U | 88.17% | 44 Rue de la vall\u00e9e, 2661 Luxembourg |
Eastspring Al-Wara' Investments Berhad | OS | 100.00% | Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit |
Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia | |||
Eastspring Asia Pacific High Yield Equity | U | 45.49% | 4th Floor, No.1, Songzhi Rd., Xinyi Dist., Taipei, Taiwan |
Fund | |||
Eastspring Asset Management (Thailand) | OS | 59.50% | 944 Mitrtown Office Tower, 9th Floor, Rama 4 Road, Wangmai, |
Co., Ltd. | Pathumwan, Bangkok 10330, Thailand | ||
Eastspring Asset Management Korea Co. Ltd. | OS | 100.00% | 22F (Seoul International Finance Center, Yeouido dong), 10 |
Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, 07326, Korea (the | |||
Republic of) | |||
Eastspring Global Private Credit Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investment Management | MI - WFOE | 100.00% | Unit 306-308, 3rd Floor, Azia Center, 1233 Lujiazui Ring Road, China |
(Shanghai) Company Limited | (Shanghai) Pilot Free Trade Zone, China | ||
Eastspring Investments - Asia ESG Bond | U | 94.63% | 26, Boulevard Royal, L-2449, Luxembourg |
Fund | |||
Eastspring Investments \u2013 Asia Opportunities | U | 96.44% | |
Equity Fund | |||
Eastspring Investments - Asia Pacific Equity | U | 99.97% | |
Fund | |||
Eastspring Investments - Asian Bond Fund | U | 92.81% | |
Eastspring Investments - Asian Dynamic | U | 91.42% | |
Fund | |||
Eastspring Investments - Asian Equity Fund | U | 99.07% | |
Eastspring Investments - Asian Equity | U | 88.84% | |
Income Fund | |||
Eastspring Investments - Asian High Yield | U | 66.61% | |
Bond Fund | |||
Eastspring Investments - Asian Investment | U | 80.46% | |
Grade Bond Fund | |||
EastSpring Investments - Asian Local Bond | U | 90.09% | |
Fund | |||
Eastspring Investments - Asian Low Volatility | U | 86.15% | |
Equity Fund | |||
Eastspring Investments - Asian Multi Factor | U | 94.77% | |
Equity Fund | |||
Eastspring Investments - China A Shares | U | 89.63% | |
Growth Fund | |||
Eastspring Investments - China Bond Fund | U | 99.84% | |
Eastspring Investments - Dragon Peacock | U | 97.24% | |
Fund | |||
Eastspring Investments - European | U | 100.00% | |
Investment Grade Bond Fund | |||
Eastspring Investments - Global Emerging | U | 99.21% | |
Markets Bond Fund | |||
Eastspring Investments - Global Emerging | U | 36.66% | |
Markets Dynamic Fund | |||
Eastspring Investments - Global Emerging | U | 95.57% | |
Markets ex-China Dynamic Fund | |||
Eastspring Investments - Global Emerging | U | 99.84% | |
Markets Fundamental Value Fund | |||
Eastspring Investments - Global Emerging | U | 34.75% | |
Markets Total Return Bond Fund | |||
Eastspring Investments - Global Equity | U | 91.70% | |
Navigator Fund | |||
Eastspring Investments - Global Growth | U | 46.05% | |
Equity Fund | |||
Eastspring Investments - Global Low | U | 99.32% | |
Volatility Equity Fund | |||
Eastspring Investments - Global Market | U | 99.51% | |
Navigator Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Balanced Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Conservative Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Dynamic Fund | |||
Eastspring Investments - Global Multi Asset | U | 100.00% | |
Income Plus Growth Fund |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investments - Global Multi Factor | U | 29.04% | |
Equity Fund | |||
Eastspring Investments - Global Technology | U | 80.73% | |
Fund | |||
Eastspring Investments - Greater China | U | 90.05% | |
Equity Fund | |||
Eastspring Investments - India Equity Fund | U | 23.60% | |
Eastspring Investments - Japan Sustainable | U | 86.10% | |
Value Fund | |||
Eastspring Investments - Pan European Fund | U | 51.02% | |
Eastspring Investments - US Corporate Bond | U | 79.61% | |
Fund | |||
Eastspring Investments - US High | U | 92.54% | |
Investment Grade Bond Fund | |||
Eastspring Investments \u2013 US High Yield Bond | U | 52.47% | |
Fund | |||
Eastspring Investments - US Investment | U | 51.07% | |
Grade Bond Fund | |||
Eastspring Investments - World Value Equity | U | 91.42% | |
Fund | |||
Eastspring Investments (Hong Kong) Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Eastspring Investments (Luxembourg) S.A. | OS | 100.00% | 26, Boulevard Royal, L-2449 Luxembourg |
Eastspring Investments (Singapore) Limited | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Asia Pacific ex-Japan | U | 82.82% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Target Return Fund | Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | ||
Eastspring Investments Asian High Yield | U | 77.10% | Malaysia |
Bond MY Fund | |||
Eastspring Investments Berhad | OS | 100.00% | Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit |
Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia | |||
Eastspring Investments Dana Dinamik | U | 22.53% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Eastspring Investments Dinasti Equity Fund | U | 37.40% | Exchange, Kuala Lumpur |
Eastspring Investments Equity Income Fund | U | 31.52% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Fund Management | MI | 100.00% | 23rd Floor, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, |
Limited Liability Company | Ho Chi Minh City, Vietnam | ||
Eastspring Investments Funds - Monthly | U | 43.54% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Income Plan | |||
Eastspring Investments Global Equity Fund | U | 94.82% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Global Oncology | U | 99.71% | 22nd Floor One IFC, 10 Gukjegeumyung-ro, Youngdungpo-gu, Seoul |
Securities Baby Investment Trust (USD) | 07326, Korea | ||
Eastspring Investments Group Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Growth Fund | U | 25.80% | Eastspring Investments Berhad, Level 22, Menara Prudential, |
Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, | |||
Malaysia | |||
Eastspring Investments Incorporated | OS | 100.00% | 874 Walker Road, Suite C, City of Dover, County of Kent, State of |
Delaware 19904, United States | |||
Eastspring Investments India Consumer | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Equity Open Limited | |||
Eastspring Investments India Equity Open | OS | 100.00% | |
Limited | |||
Eastspring Investments India Government | U | 99.99% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 |
Bond Fund QII | Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Eastspring Investments India Infrastructure | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Equity Open Limited | |||
Eastspring Investments Islamic Equity | U | 39.99% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Income Fund | Exchange, Kuala Lumpur | ||
Eastspring Investments Limited | OS | 100.00% | Marunouchi Park Building, 6-1 Marunouchi 2-chome, Chiyoda-Ku, |
Tokyo, Japan | |||
Eastspring Investments Services Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments SICAV-FIS - | U | 100.00% | 26, Boulevard Royal, L-2449, Luxembourg |
Alternative Investment Fund | |||
Eastspring Investments Unit Trusts - Asian | U | 95.91% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Balanced Fund | |||
Eastspring Investments Unit Trusts - Dragon | U | 97.81% | |
Peacock Fund ID | |||
Eastspring Investments Unit Trusts - Global | U | 89.56% | |
Technology Fund | |||
Eastspring Investments Unit Trusts - Pan | U | 53.05% | |
European Fund | |||
Eastspring Investments Unit Trusts - | U | 98.89% | |
Singapore ASEAN Equity Fund | |||
Eastspring Investments Unit Trusts - | U | 66.19% | |
Singapore Select Bond Fund | |||
Eastspring Investments Vietnam ESG Equity | U | 98.94% | 26, Boulevard Royal, L-2449, Luxembourg |
Fund | |||
Eastspring Investments Vietnam Navigator | U | 76.61% | 23rd Floor, Saigon Trade Center Building, 37 Ton Duc Thang Street, |
Fund | Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam | ||
Eastspring Overseas Investment Fund | MI - WFOE | 100.00% | Unit 306-308, 3rd Floor, 1233 Lujiazui Ring Road, China (Shanghai) |
Management (Shanghai) Company | Pilot Free Trade Zone, China | ||
Limited | |||
Eastspring Private Equity Fund 2 | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Securities Investment Trust Co., | OS | 99.54% | 4th Floor, No.1 Songzhi Road, Taipei 110, Taiwan |
Ltd. | |||
Eastspring Singapore Alternatives VCC | U | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Syariah Equity Islamic Asia Pacific | U | 89.56% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta |
USD Kelas B | 12910, Indonesia | ||
Eastspring Syariah Fixed Income USD Kelas | U | 53.49% | |
A | |||
First Sentier Global Property Securities Fund | U | 50.11% | 38 Beach Road, #06-11 South Beach Tower, Singapore 189767 |
FSITC Global Trends Fund | U | 47.66% | 1st Floor, No.6, Sec. 3 ,Minquan West Rd, Taipei |
FSSA China Focus Fund | U | 65.07% | 70 Sir John Rogerson\u2019s Quay, Dublin 2, D02 R296 Ireland |
Fubon 1-5 Years US High Yield Bond Ex | U | 24.52% | 8th Floor, No.108, Sec.1, Dunhua South. Rd., Taipei, Taiwan |
China | |||
Fuh Hwa 1-5 Yr High Yield ETF | U | 45.82% | 8th & 9th Floor, No.308, Sec. 2, Bade Rd., Da-an District |
Furnival Insurance Company PCC Limited | OS | 100.00% | PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, |
Guernsey | |||
GS Twenty Two Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
HSBC Senior Global Infrastructure Debt Fund | U | 100.00% | 8 Canada Square, London, E14 5HQ, United Kingdom |
ICICI Prudential Asset Management | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi |
Company Limited | 110001, India | ||
ICICI Prudential Life Insurance Company | OS | 21.97% | ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, |
Limited | Mumbai 400025, India | ||
ICICI Prudential Pension Funds | OS | 21.97% | Unit No. A, 2nd Floor, Cnergy Building, Appasaheb Marathe Marg, |
Management Company Limited | Prabhadevi, Mumbai, Maharashtra - 400025, India | ||
ICICI Prudential Trust Limited | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi |
110001, India | |||
India Innovation High Growth EQ QII | U | 100.00% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 |
Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 | |||
Invesco Select 6 Year Maturity Global Bond | U | 99.15% | 8th Floor, No 122, Tung Hua N. Rd. Taipei, Taiwan |
Fund |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
iShares Core MSCI Asia | U | 39.16% | 16th Floor, Champion Tower, 3 Garden Road, Central, Hong Kong |
iShares MSCI Asia ex Japan Climate Action | U | 33.40% | 20 Anson Road, #18-01 Twenty Anson, Singapore 079912 |
ETF | |||
iShares MSCI Europe ESG Enhanced UCITS | U | 41.71% | 12 Throgmorton Avenue, London, EC2N 2DL |
ETF | |||
iShares MSCI USA ESG Enhanced UCITS ETF | U | 31.97% | 78 Sir John Rogerson's Quay, Dublin, D02 HD32, Ireland |
JPMorgan Asian Total Return Bond | U | 99.83% | The Quayside, 12th Floor, Tower 2, 77 Hoi Bun Rd, Hong Kong |
JPMorgan Investment Funds - Japan | U | 76.08% | 6 route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of |
Sustainable Equity Fund | Luxembourg | ||
KKP Active Equity Fund | U | 30.86% | 209 KKP Tower A, 17 Fl., Sukhumvit 21 (Asoke), Khlong Toey Nua, |
Wattana, Bangkok 10110 Thailand | |||
Krungsri Greater China Equity Hedged | U | 24.62% | 12th, 18th Zone B Floor, Ploenchit Tower 898 Ploenchit Road, |
Dividend Fund | Lumpini Pathumwan, Bangkok 10330 Thailand | ||
Lasalle Property Securities SICAV-FIS | U | 100.00% | 11-13 Bouldevard de la Foire, L-1528 Luxembourg |
M&G Asia Property TS Trust | U | 100.00% | 8 Marina Boulevard, #05-02 Marina Bay, Financial Centre Tower 1, |
Singapore, 018981 | |||
M&G Real Estate Asia Holding Company Pte. | OS | 33.00% | 138 Market Street, #35-01 CapitaGreen, Singapore 048946 |
Ltd. | |||
Manulife Asia Pacific Bond Fund | U | 67.93% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Manulife AUD Income Bond Fund | U | 23.32% | |
Manulife China Offshore Bond Fund | U | 64.51% | |
Manulife Global Equity Fund | U | 22.20% | |
Manulife Taiwan Dynamic Fund | U | 27.81% | |
MEAG FlexConcept | U | 72.88% | R.C.S. Luxembourg NR. 28878, 1c, rue Gabriel Lippmann, L-5365 |
Munsbach | |||
Nomura Global Shariah Sustainable Equity | U | 21.76% | Suite No 12.2, Level 12, Menara IMC,No.8 Jalan Sultan Ismail,Kuala |
Fund | Lumpur,50250,WP Kuala Lumpur,Malaysia | ||
Nomura Six Years Fixed Maturity Asia Pacific | U | 100.00% | 101 Tower, 30th Floor, No. 7 Sec. 5, Xinyi Rd., Xinyi Dist., Taipei, |
Emerging Market Bond Fund | Taiwan | ||
Nomura Six Years Ladder Maturity Asia | U | 99.83% | |
Pacific Emerging Market Bond Fund | |||
North Sathorn Holdings Company Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini |
Subdistrict Pathumwan District, Bangkok Metropolis, Thailand | |||
PCA IP Services Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
PCA Life Assurance Co., Ltd. | OS | 99.79% | 8th Floor, No.1 Songzhi Road, Taipei City, 11047, Taiwan |
PCA Reinsurance Co. Ltd. | OS | 100.00% | Unit Level 13(A), Main Office Tower, Financial Park Labuan, Jalan |
Merdeka, 87000 Federal Territory of Labuan, Malaysia | |||
Pinebridge US Dual Core Income Fund | U | 29.13% | 10th Floor, No. 144, Sec. 2, Minquan East Rd, Taipei |
Principal Global Silver Age Fund | U | 28.89% | 44, 16th Floor, CIMB Thai Bank, Lungsuan Road, Lumpini, Bangkok |
10330, Thailand | |||
Principal Islamic Malaysia Government | U | 60.71% | Level 32, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, |
Sukuk Fund | Kuala Lumpur, Malaysia | ||
Principal Malaysia Titans Fund | U | 52.56% | Level 31, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, |
Kuala Lumpur, Malaysia | |||
Pru Life Insurance Corporation of U.K. | OS | 100.00% | 9th Floor, Uptown Place Tower 1, 1 East 11th Drive, Uptown |
Bonifacio, 1634 Taguig City, Metro Manila, Philippines | |||
Prudence Foundation | LBG | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential (Cambodia) Life Assurance Plc | OS | 100.00% | Chip Mong Tower Building, Units L19, L20, and L21, 19th, 20th, 21st |
Floor, Russian Federation Blvd (110), Phum 10, Sangkat Phsar | |||
Depou 3, Khan Tuol Kork, Phnom Penh, Cambodia | |||
Prudential (US Holdco 1) Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Africa Holdings Limited | OS | 100.00% | |
Prudential Africa Services Limited | OS | 100.00% | 3rd Floor, One Africa Place, LR No. 1870/X/45, P.O. Box 1393-00606, |
Westlands, Nairobi, Kenya |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Prudential Assurance Company Singapore | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
(Pte) Limited | |||
Prudential Assurance Malaysia Berhad | OS | 51.00% | Level 26, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Exchange, Kuala Lumpur, Malaysia | |||
Prudential Assurance Uganda Limited | OS | 100.00% | 9th Floor Zebra Plaza, Plot 23 Kampala Road, P.O. Box 2660, |
Kampala, Uganda | |||
Prudential BeGeneral Insurance C\u00f4te | OS | 51.00% | Abidjan Plateau, Avenue Nogu\u00e8s, Immeuble Woodin Center, 1er |
d'Ivoire S.A. | \u00e9tage, 01 P.O. BOX 5173, Abidjan 01, C\u00f4te d'Ivoire | ||
Prudential Belife Insurance C\u00f4te d'Ivoire S.A. | OS | 51.00% | |
Prudential Beneficial General Insurance | OS | 50.71% | 1944, Boulevard de la R\u00e9publique Douala-Akwa, P.O. BOX 2328, |
Cameroon S.A. | Douala, Cameroon | ||
Prudential Beneficial Life Insurance | OS | 51.00% | |
Cameroon S.A. | |||
Prudential Beneficial Life Insurance Togo | OS | 50.99% | 2963 Rue de la Chance Agbalepedogan, P.O. Box 1115, Lome, Togo |
S.A. | |||
Prudential BSN Takaful Berhad | OS | 49.00% | Level 13, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak |
Exchange, Kuala Lumpur, Malaysia | |||
Prudential Corporation Asia Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Corporation Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Enterprise Management (Beijing) | MI-WFOE | 100.00% | Unit 2401-59, 24th floor, China World Office 2, No.1 |
Co., Ltd. | Jianguomenwai Avenue, Chaoyang District, Beijing, China | ||
Prudential Financial Advisers Singapore Pte. | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
Ltd. | |||
Prudential Financial Partners (Asia) Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, England, United Kingdom |
Prudential Financial Partners HK Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Funding (Asia) PLC | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, England, United Kingdom |
Prudential General Insurance Hong Kong | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong |
Limited | Kong | ||
Prudential Group Holdings Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Group Secretarial Services HK | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Limited | Central, Hong Kong | ||
Prudential Group Secretarial Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Holdings Limited | OS | 100.00% | 4th Floor, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN, |
United Kingdom | |||
Prudential Hong Kong Limited | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong |
Kong | |||
Prudential International Treasury Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Prudential Investment Management Private | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore118479 |
Limited | |||
Prudential IP Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Life Assurance (Lao) Company | OS | 100.00% | 5th Floor, Lao international Business and Tourist Center Project |
Limited | (Vientiane Center), Khouvieng Road, Nongchan Village, | ||
Sisattanak District, Vientiane Capital, Lao PDR | |||
Prudential Life Assurance (Thailand) Public | OS | 99.93% | 944 Mitrtown Office Tower, 10th, 29th-31st Floor, Rama 4 Road, |
Company Limited | Wangmai, Pathumwan, Bangkok, 10330, Thailand | ||
Prudential Life Assurance Kenya Limited | OS | 100.00% | Vienna Court, Ground Floor, State House Crescent, Off State House |
Avenue, P.O. Box 25093-00603, Nairobi, Kenya | |||
Prudential Life Assurance Zambia Limited | OS | 100.00% | Prudential House, Plot No. 32256, Thabo Mbeki Road, P.O. Box |
31357, Lusaka, Zambia | |||
Prudential Life Insurance Ghana Limited | OS | 100.00% | H/NO. 35, Opp. Hobats Clinic, North Street, Tesano, Accra, Accra |
Metropolitan, Greater Accra, P.O. Box AN 10476, Ghana | |||
Prudential Life Vault Limited | OS | 100.00% | 48 Awolowo Road, South-West Ikoyi, Lagos, Nigeria |
Prudential Mauritius Holdings Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
Prudential Myanmar Life Insurance Limited | OS | 100.00% | #15-01, 15th Floor, Sule Square, 221 Sule Pagoda Road, Kyauktada |
Township, Yangon, Myanmar | |||
Prudential Pensions Management Zambia | OS | 49.00% | Prudential Pensions Management Zambia Limited Support Office, |
Limited | Plot F/377/9/H/3, Kabulonga Road, Kabulonga, Lusaka, Zambia | ||
Prudential Services Asia Sdn. Bhd. | OS | 100.00% | Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1 Leboh |
PS | 100.00% | Ampang, 50100 Kuala Lumpur, Malaysia | |
Prudential Services Limited | OS | 100.00% | 1 Angel Court, London, EC2R 7AG, United Kingdom |
Prudential Services Philippines Corporation | OS | 100.00% | 19th Floor Uptown Place Tower I East, 11th Drive Uptown Bonifacio |
Fort Bonifacio Bonifacio Global City, Taguig City, Fourth District, | |||
National Capital Region (NCR), 1630, Philippines | |||
Prudential Services Singapore Pte. Ltd. | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 118479 |
Prudential Singapore Holdings Pte. Limited | PS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
OS | 100.00% | ||
Prudential Technology and Services India | OS | 100.00% | CoWrks NXT, EPIP Industrial Area, Whitefield Road, K.R Puram, Near |
Private Limited | SAP Labs, Hubli, Bangalore, Karnataka, 560066, India | ||
Prudential Vietnam Assurance Private | OS | 100.00% | 25th Floor, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, |
Limited | Ho Chi Minh City, Vietnam | ||
Prudential Wealth Holdings Company Pte. | OS | 100.00% | 7 Straits View #07-01, Marina One East Tower, Singapore 018936 |
Ltd. | |||
Prudential Wealth Management Singapore | OS | 100.00% | |
Pte. Ltd. | |||
Prudential Zenith Life Insurance Limited | OS | 100.00% | 6th Floor, Civic Towers, Plots Ga & G1 Ozumba Mbadiwe Avenue, |
Victoria Island, Lagos, Nigeria | |||
PT Prudential Sharia Life Assurance | OS | 94.62% | Prudential Tower, 2nd Floor, Jl. Jend. Sudirman Kav. 79, Jakarta |
PT. Eastspring Investments Indonesia | OS | 99.95% | 12910, Indonesia |
PT. Prudential Life Assurance | OS | 94.62% | Prudential Tower, Jl. Jend. Sudirman Kav. 79, Jakarta 12910, |
Indonesia | |||
Pulse Ecosystems Pte. Ltd. | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 018936 |
Pulse Wealth Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, |
Central, Hong Kong | |||
Reksa Dana Eastspring IDR Fixed Income | U | 96.74% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta |
Fund (NDEIFF) | 12910, Indonesia | ||
Reksa Dana Syariah Eastspring Syariah Fixed | U | 70.66% | |
Income Amanah | |||
Reksa Dana Syariah Eastspring Syariah | U | 99.69% | |
Money Market Khazanah | |||
Rhodium Investment Funds - Singapore | U | 99.98% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Bond Fund | |||
Rhodium Passive Long Dated Bond Fund | U | 99.92% | |
Robeco QI European Active Index Equities | U | 83.95% | 6, route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of |
Luxembourg | |||
Schroder Asian Investment Grade Credit | U | 21.14% | 138 Market Street, #23-01 CapitaGreen, Singapore 048946 |
Schroder Emerging Markets Fund | U | 54.07% | |
Schroder Multi-Asset Revolution | U | 33.05% | |
Scotts Spazio Pte. Ltd. | OS | 45.00% | 316 Tanglin Road, #01-01,Singapore, 247978 |
Shanghai CPE Asset Management Co., Ltd. | MI - JV | 26.95% | Room 101-2, No.128 North Zhangjiabang Road, Pudong District, |
Shanghai, China | |||
Shenzhen Prudential Technology Limited | MI - WFOE | 100.00% | Unit 5, 8th Floor, China Resources Tower, No.2666 Keyuan South |
Road, Yuehai Street, Nanshan District, Shenzhen, 518054, China | |||
Sri Han Suria Sdn. Bhd. | OS | 51.00% | Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1 Leboh |
Ampang, 50100 Kuala Lumpur, Malaysia | |||
Staple Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini |
Subdistrict Pathumwan District, Bangkok Metropolis, Thailand | |||
Templeton Asian Growth Fund | U | 21.06% | 8A, rue Albert Borschette, L-1246 Luxembourg |
Tisco US Equity Fund | U | 21.24% | 48/16-17 , Tisco Tower Building, 9 Floor. North Sathorn, Silom, |
Tisoc Europe Equity FUND | U | 24.77% | Bangrak, Bangkok 10500 |
Classes of | |||
Name of entity | shares held | Proportion held | Registered office address |
United Global Innovation Fund | U | 22.13% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South |
Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, | |||
Thailand | |||
United Global Quality Equity Fund | U | 42.24% | Jln Raja Laut, City Centre, 50100 Kuala Lumpur, Wilayah |
Persekutuan Kuala Lumpur | |||
United Global Quality Growth Fund | U | 25.11% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South |
UOB Smart Global Healthcare Fund | U | 40.27% | Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, |
Thailand | |||
UOB Smart Japan Small and Mid Cap Fund | U | 43.89% | |
UOB Smart Millennium Growth Fund | U | 33.76% | |
Vanguard Long-Term Corporate Bond Index | U | 45.26% | The Vanguard Group, Inc., P.O. Box 2600, Valley Forge, PA 19482 |
Fund ETF Shares | |||
VCC - ESI Global Real Estate Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Name of entity | Issued and fully paid up share / registered capital |
Prudential Assurance Company Singapore (Pte) Limited | 526,557,000 ordinary shares of SGD 1 each |
PT. Prudential Life Assurance | 105,500 ordinary shares and 6,000 preference shares of RP 1,000,000 each |
Prudential Hong Kong Limited | 3,691,854,873 ordinary shares of HKD 1 each |
Prudential Assurance Malaysia Berhad | 100,000,000 ordinary shares of RM 1 each |