Closing rate at year end | Average rate for the year to date | ||||
USD : local currency | 31 Dec 2025 | 31 Dec 2024 | 2025 | 2024 | |
Chinese yuan (CNY) | 6.99 | 7.30 | 7.19 | 7.20 | |
Hong Kong dollar (HKD) | 7.78 | 7.77 | 7.80 | 7.80 | |
Indian rupee (INR) | 89.88 | 85.61 | 87.17 | 83.67 | |
Indonesian rupiah (IDR) | 16,675.00 | 16,095.00 | 16,462.13 | 15,844.88 | |
Malaysian ringgit (MYR) | 4.06 | 4.47 | 4.28 | 4.58 | |
Singapore dollar (SGD) | 1.29 | 1.36 | 1.31 | 1.34 | |
Taiwan dollar (TWD) | 31.42 | 32.78 | 31.16 | 32.12 | |
Thai baht (THB) | 31.49 | 34.24 | 32.87 | 35.29 | |
UK pound sterling (GBP) | 0.74 | 0.80 | 0.76 | 0.78 | |
Vietnamese dong (VND) | 26,300.00 | 25,485.00 | 26,008.80 | 25,057.63 |
Closing rate at year end | Average rate for the year to date | ||||
USD : local currency | 31 Dec 2025 | 31 Dec 2024 | 2025 | 2024 | |
Chinese yuan (CNY) | 6.99 | 7.30 | 7.19 | 7.20 | |
Hong Kong dollar (HKD) | 7.78 | 7.77 | 7.80 | 7.80 | |
Indian rupee (INR) | 89.88 | 85.61 | 87.17 | 83.67 | |
Indonesian rupiah (IDR) | 16,675.00 | 16,095.00 | 16,462.13 | 15,844.88 | |
Malaysian ringgit (MYR) | 4.06 | 4.47 | 4.28 | 4.58 | |
Singapore dollar (SGD) | 1.29 | 1.36 | 1.31 | 1.34 | |
Taiwan dollar (TWD) | 31.42 | 32.78 | 31.16 | 32.12 | |
Thai baht (THB) | 31.49 | 34.24 | 32.87 | 35.29 | |
UK pound sterling (GBP) | 0.74 | 0.80 | 0.76 | 0.78 | |
Vietnamese dong (VND) | 26,300.00 | 25,485.00 | 26,008.80 | 25,057.63 |
Determination of fulfilment cash flows used in the measurement of insurance and reinsurance contract assets and liabilities (impacts $(144.7) billion of net best estimate insurance and reinsurance contract balances, excluding those held by joint ventures and associates) | |
Estimates of future cash flows | The Group\u2019s process for estimating future cash flows incorporates, in an unbiased way, all reasonable and 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 TEV 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 used in future cash flow estimation | Insurance acquisition cash flows (as discussed below) and other costs that are incurred in fulfilling contracts comprise both direct costs and an allocation of fixed and variable overheads incurred by the insurance entities. The Group projects estimates of future expenses relating to the fulfilment of contracts within the scope of IFRS\u00a017 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. |
Determination of fulfilment cash flows used in the measurement of insurance and reinsurance contract assets and liabilities (impacts $(144.7) billion of net best estimate insurance and reinsurance contract balances, excluding those held by joint ventures and associates) | |
Insurance acquisition cash flows | Insurance acquisition cash flows arise from the activities of selling, underwriting and starting a group of 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 recognition and the boundary of an insurance contract | The point of initial recognition of a group of contracts is the earliest of the premium due date, the date coverage starts and, for an onerous contract, the date the contract is signed and accepted by both parties. There is limited judgement involved in relation to most contracts issued by the Group as the coverage period generally starts 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. |
Determination of discount rates | |
Discount rate and risk- free rate | IFRS 17 enables discount rates to be calculated on a top-down or bottom-up basis. The Group elects to 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 risk of downgrades and defaults. The allowance for credit risk ranges between 6 bps and 32 bps at 31 December 2025 (31 December 2024: between 10 bps and 34 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. These discount rates include the illiquidity premium applied to the portfolios written in each currency. A range is shown to represent the fact that different products apply different proportions of the reference portfolio\u2019s illiquidity premium (either 0% , 50% or 100%). The ranges below reflect only the actual proportions applied for each currency. For the major currencies shown below, except Hong Kong dollar and Malaysian ringgit, all three proportions apply and hence the spread is indicative of the illiquidity premium applying to the term specified. |
31 Dec 2025 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 1.34 \u2013 1.62 | 1.64 \u2013 1.92 | 1.86 \u2013 2.14 | 2.19 \u2013 2.47 | 2.31 \u2013 2.59 |
Hong Kong dollar (HKD) | 2.99 \u2013 3.34 | 3.08 \u2013 3.43 | 3.46 \u2013 3.81 | 3.69 \u2013 4.04 | 3.81 \u2013 4.16 |
Indonesian rupiah (IDR) | 4.93 \u2013 5.33 | 5.79 \u2013 6.19 | 6.42 \u2013 6.82 | 6.81 \u2013 7.21 | 7.02 \u2013 7.42 |
Malaysian ringgit (MYR) | 3.01 \u2013 3.20 | 3.41 \u2013 3.60 | 3.67 \u2013 3.86 | 3.94 \u2013 4.13 | 4.14 \u2013 4.33 |
Singapore dollar (SGD) | 1.42 \u2013 1.71 | 1.91 \u2013 2.34 | 2.18 \u2013 2.48 | 2.26 \u2013 2.63 | 2.23 \u2013 2.82 |
United States dollar (USD) | 3.51 \u2013 3.80 | 3.77 \u2013 4.22 | 4.29 \u2013 4.60 | 4.78 \u2013 5.16 | 5.09 \u2013 5.70 |
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 |
Determination of risk adjustment for non-financial risk | |
Risk adjustment for non- financial risk | The risk adjustment for non-financial risk reflects the compensation the Group requires for bearing the 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\u2011financial 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 profit or loss and other comprehensive income | IFRS 17 allows an accounting policy choice between: \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. |
The effect of accounting estimates made in interim financial statements | |
Effect of estimates made in interim financial statements | IFRS 17 allows an accounting policy choice as to whether to change the treatment of accounting estimates made in previous interim financial statements when applying IFRS 17 in the annual reporting period. |
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 income statement item. The Group has chosen to present a measure of profit before tax attributable to shareholders that distinguishes between tax borne by shareholders and tax attributable to policyholders to support understanding of the performance of the Group. Profit before tax attributable to shareholders is $4,941\u00a0million and compares to profit before tax of $5,121\u00a0million as shown in the Consolidated income statement. | Total tax charge for the Group reflects tax that relates to shareholders\u2019 profit and also tax attributable to policyholders through the interest in with-profits or unit-linked funds. Reported IFRS profit before the tax measure is therefore not representative of pre-tax profit attributable to shareholders. Accordingly, in order to provide a measure of pre-tax profit attributable to shareholders, the Group has chosen to adopt an income statement presentation of the tax charge and pre-tax results that distinguishes between policyholders\u2019 and shareholders\u2019 returns. |
Segmental analysis of results and earnings attributable to shareholders | |
The Group uses adjusted operating profit as the segmental measure of its results. | The basis of calculation of adjusted operating profit is provided in note B1.2 . 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 changes on insurance contract assets and liabilities and so affect the result for the year. The Group therefore provides additional analysis of results before and after the effects of short-term interest rate and other market fluctuations, together with other items that are of a short-term, volatile or one-off nature. |
Total segmental adjusted operating profit is $3,939 million as shown in note B1.1. |
VFA eligibility assessment | ||
The Group applies judgements in assessing the VFA eligibility of contracts. Application of the VFA impacts the calculation of the CSM at the balance sheet date, which in turn impacts the future year\u2019s amortisation recognised in the income statement. Unlike the general measurement model (GMM) approach, the VFA absorbs economic impacts within the CSM, rather than in the profit and loss account. The total insurance and reinsurance CSM at the balance sheet date is $25,005\u00a0million, including joint ventures and associates, and the CSM amortisation (net of reinsurance) recognised in the income statement is $(2,554)\u00a0million as shown in note C3.3. Approximately two thirds of the CSM (including joint ventures and associates and net of reinsurance) at 31 December 2025 was calculated under the VFA. | IFRS 17 requires the use of the VFA for insurance contracts with direct participation features, ie substantially investment-related service contracts for which, at inception: \u2013 the contractual terms specify that the policyholder participates in a share of a clearly identified pool of underlying items; \u2013 the entity expects to pay to the policyholder an amount equal to a substantial share of the fair value returns on the underlying items; and \u2013 the entity expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of the underlying items. The following key judgements have been made in assessing VFA eligibility: | |
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. | |
Contracts not qualifying for the VFA are accounted for under the GMM or premium allocation approach (PAA). The PAA is not used significantly within the Group. The measurement model (VFA or GMM) used for key products is set out in note C3.4. |
Carrying value of distribution rights intangible assets | |
The Group applies judgement to assess whether factors such as the financial performance of the distribution arrangements, or changes in relevant legislation and regulatory requirements indicate an impairment of intangible assets representing distribution rights. To determine the recoverable amount, the Group estimates the discounted future expected cash flows arising from the cash generating units (CGUs) containing the distribution rights. Impacts $3,699\u00a0million of assets as shown in note C4.2. | Distribution rights relate to bancassurance partnership arrangements for the distribution of products for the term of the contractual agreement with the bank partner, for which an asset is recognised based on fees paid and fees payable not subject to performance conditions. Distribution rights impairment testing is conducted when there is an indication of an impairment. |
To assess indicators of an impairment, the Group monitors a number of internal and external 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 impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and then applies judgement to assess whether these factors indicate that an impairment has occurred. If an impairment has occurred, a charge is recognised in the income statement for the difference 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 of future expected cash flows from the asset or the CGUs to which it is allocated. |
Financial investments \u2013 Valuation | |
Financial investments held at fair value, net of derivative liabilities, excluding those held by joint ventures and associates is $181.0\u00a0billion as shown in note C2.2. Financial investments held at amortised cost, comprising loans and deposits, represent $6.5 billion of the Group\u2019s total assets. The Group estimates the fair value of financial investments that are not actively traded using quotations from independent third parties or internally developed pricing models. | The Group holds the majority of its financial investments at fair value through profit or loss. Financial investments held at amortised cost, excluding cash and cash equivalents, primarily comprise loans and deposits. |
Determination of fair value | |
The fair values of the financial instruments for which fair valuation is required under IFRS Standards are determined by the use of quoted market prices for exchange-quoted investments or by using quotations from independent third parties such as brokers and pricing services or by using appropriate valuation techniques. Further details are included in note C2.1. The estimated fair value of derivative financial instruments reflects the estimated amount the Group would receive or pay in an arm\u2019s-length transaction. This amount is determined using quoted prices if exchange listed, quotations from independent third parties or valued internally using standard market practices. 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. |
Determination of fulfilment cash flows used in the measurement of insurance and reinsurance contract assets and liabilities (impacts $(144.7) billion of net best estimate insurance and reinsurance contract balances, excluding those held by joint ventures and associates) | |
Estimates of future cash flows | The Group\u2019s process for estimating future cash flows incorporates, in an unbiased way, all reasonable and 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 TEV 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 used in future cash flow estimation | Insurance acquisition cash flows (as discussed below) and other costs that are incurred in fulfilling contracts comprise both direct costs and an allocation of fixed and variable overheads incurred by the insurance entities. The Group projects estimates of future expenses relating to the fulfilment of contracts within the scope of IFRS\u00a017 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. |
Determination of fulfilment cash flows used in the measurement of insurance and reinsurance contract assets and liabilities (impacts $(144.7) billion of net best estimate insurance and reinsurance contract balances, excluding those held by joint ventures and associates) | |
Insurance acquisition cash flows | Insurance acquisition cash flows arise from the activities of selling, underwriting and starting a group of 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 recognition and the boundary of an insurance contract | The point of initial recognition of a group of contracts is the earliest of the premium due date, the date coverage starts and, for an onerous contract, the date the contract is signed and accepted by both parties. There is limited judgement involved in relation to most contracts issued by the Group as the coverage period generally starts 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. |
Determination of discount rates | |
Discount rate and risk- free rate | IFRS 17 enables discount rates to be calculated on a top-down or bottom-up basis. The Group elects to 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 risk of downgrades and defaults. The allowance for credit risk ranges between 6 bps and 32 bps at 31 December 2025 (31 December 2024: between 10 bps and 34 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. These discount rates include the illiquidity premium applied to the portfolios written in each currency. A range is shown to represent the fact that different products apply different proportions of the reference portfolio\u2019s illiquidity premium (either 0% , 50% or 100%). The ranges below reflect only the actual proportions applied for each currency. For the major currencies shown below, except Hong Kong dollar and Malaysian ringgit, all three proportions apply and hence the spread is indicative of the illiquidity premium applying to the term specified. |
31 Dec 2025 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 1.34 \u2013 1.62 | 1.64 \u2013 1.92 | 1.86 \u2013 2.14 | 2.19 \u2013 2.47 | 2.31 \u2013 2.59 |
Hong Kong dollar (HKD) | 2.99 \u2013 3.34 | 3.08 \u2013 3.43 | 3.46 \u2013 3.81 | 3.69 \u2013 4.04 | 3.81 \u2013 4.16 |
Indonesian rupiah (IDR) | 4.93 \u2013 5.33 | 5.79 \u2013 6.19 | 6.42 \u2013 6.82 | 6.81 \u2013 7.21 | 7.02 \u2013 7.42 |
Malaysian ringgit (MYR) | 3.01 \u2013 3.20 | 3.41 \u2013 3.60 | 3.67 \u2013 3.86 | 3.94 \u2013 4.13 | 4.14 \u2013 4.33 |
Singapore dollar (SGD) | 1.42 \u2013 1.71 | 1.91 \u2013 2.34 | 2.18 \u2013 2.48 | 2.26 \u2013 2.63 | 2.23 \u2013 2.82 |
United States dollar (USD) | 3.51 \u2013 3.80 | 3.77 \u2013 4.22 | 4.29 \u2013 4.60 | 4.78 \u2013 5.16 | 5.09 \u2013 5.70 |
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 |
Determination of risk adjustment for non-financial risk | |
Risk adjustment for non- financial risk | The risk adjustment for non-financial risk reflects the compensation the Group requires for bearing the 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\u2011financial 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 profit or loss and other comprehensive income | IFRS 17 allows an accounting policy choice between: \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. |
The effect of accounting estimates made in interim financial statements | |
Effect of estimates made in interim financial statements | IFRS 17 allows an accounting policy choice as to whether to change the treatment of accounting estimates made in previous interim financial statements when applying IFRS 17 in the annual reporting period. |
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 income statement item. The Group has chosen to present a measure of profit before tax attributable to shareholders that distinguishes between tax borne by shareholders and tax attributable to policyholders to support understanding of the performance of the Group. Profit before tax attributable to shareholders is $4,941\u00a0million and compares to profit before tax of $5,121\u00a0million as shown in the Consolidated income statement. | Total tax charge for the Group reflects tax that relates to shareholders\u2019 profit and also tax attributable to policyholders through the interest in with-profits or unit-linked funds. Reported IFRS profit before the tax measure is therefore not representative of pre-tax profit attributable to shareholders. Accordingly, in order to provide a measure of pre-tax profit attributable to shareholders, the Group has chosen to adopt an income statement presentation of the tax charge and pre-tax results that distinguishes between policyholders\u2019 and shareholders\u2019 returns. |
Segmental analysis of results and earnings attributable to shareholders | |
The Group uses adjusted operating profit as the segmental measure of its results. | The basis of calculation of adjusted operating profit is provided in note B1.2 . 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 changes on insurance contract assets and liabilities and so affect the result for the year. The Group therefore provides additional analysis of results before and after the effects of short-term interest rate and other market fluctuations, together with other items that are of a short-term, volatile or one-off nature. |
Total segmental adjusted operating profit is $3,939 million as shown in note B1.1. |
VFA eligibility assessment | ||
The Group applies judgements in assessing the VFA eligibility of contracts. Application of the VFA impacts the calculation of the CSM at the balance sheet date, which in turn impacts the future year\u2019s amortisation recognised in the income statement. Unlike the general measurement model (GMM) approach, the VFA absorbs economic impacts within the CSM, rather than in the profit and loss account. The total insurance and reinsurance CSM at the balance sheet date is $25,005\u00a0million, including joint ventures and associates, and the CSM amortisation (net of reinsurance) recognised in the income statement is $(2,554)\u00a0million as shown in note C3.3. Approximately two thirds of the CSM (including joint ventures and associates and net of reinsurance) at 31 December 2025 was calculated under the VFA. | IFRS 17 requires the use of the VFA for insurance contracts with direct participation features, ie substantially investment-related service contracts for which, at inception: \u2013 the contractual terms specify that the policyholder participates in a share of a clearly identified pool of underlying items; \u2013 the entity expects to pay to the policyholder an amount equal to a substantial share of the fair value returns on the underlying items; and \u2013 the entity expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of the underlying items. The following key judgements have been made in assessing VFA eligibility: | |
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. | |
Contracts not qualifying for the VFA are accounted for under the GMM or premium allocation approach (PAA). The PAA is not used significantly within the Group. The measurement model (VFA or GMM) used for key products is set out in note C3.4. |
Carrying value of distribution rights intangible assets | |
The Group applies judgement to assess whether factors such as the financial performance of the distribution arrangements, or changes in relevant legislation and regulatory requirements indicate an impairment of intangible assets representing distribution rights. To determine the recoverable amount, the Group estimates the discounted future expected cash flows arising from the cash generating units (CGUs) containing the distribution rights. Impacts $3,699\u00a0million of assets as shown in note C4.2. | Distribution rights relate to bancassurance partnership arrangements for the distribution of products for the term of the contractual agreement with the bank partner, for which an asset is recognised based on fees paid and fees payable not subject to performance conditions. Distribution rights impairment testing is conducted when there is an indication of an impairment. |
To assess indicators of an impairment, the Group monitors a number of internal and external 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 impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and then applies judgement to assess whether these factors indicate that an impairment has occurred. If an impairment has occurred, a charge is recognised in the income statement for the difference 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 of future expected cash flows from the asset or the CGUs to which it is allocated. |
Financial investments \u2013 Valuation | |
Financial investments held at fair value, net of derivative liabilities, excluding those held by joint ventures and associates is $181.0\u00a0billion as shown in note C2.2. Financial investments held at amortised cost, comprising loans and deposits, represent $6.5 billion of the Group\u2019s total assets. The Group estimates the fair value of financial investments that are not actively traded using quotations from independent third parties or internally developed pricing models. | The Group holds the majority of its financial investments at fair value through profit or loss. Financial investments held at amortised cost, excluding cash and cash equivalents, primarily comprise loans and deposits. |
Determination of fair value | |
The fair values of the financial instruments for which fair valuation is required under IFRS Standards are determined by the use of quoted market prices for exchange-quoted investments or by using quotations from independent third parties such as brokers and pricing services or by using appropriate valuation techniques. Further details are included in note C2.1. The estimated fair value of derivative financial instruments reflects the estimated amount the Group would receive or pay in an arm\u2019s-length transaction. This amount is determined using quoted prices if exchange listed, quotations from independent third parties or valued internally using standard market practices. 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. |
Determination of fulfilment cash flows used in the measurement of insurance and reinsurance contract assets and liabilities (impacts $(144.7) billion of net best estimate insurance and reinsurance contract balances, excluding those held by joint ventures and associates) | |
Estimates of future cash flows | The Group\u2019s process for estimating future cash flows incorporates, in an unbiased way, all reasonable and 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 TEV 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 used in future cash flow estimation | Insurance acquisition cash flows (as discussed below) and other costs that are incurred in fulfilling contracts comprise both direct costs and an allocation of fixed and variable overheads incurred by the insurance entities. The Group projects estimates of future expenses relating to the fulfilment of contracts within the scope of IFRS\u00a017 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. |
Determination of fulfilment cash flows used in the measurement of insurance and reinsurance contract assets and liabilities (impacts $(144.7) billion of net best estimate insurance and reinsurance contract balances, excluding those held by joint ventures and associates) | |
Insurance acquisition cash flows | Insurance acquisition cash flows arise from the activities of selling, underwriting and starting a group of 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 recognition and the boundary of an insurance contract | The point of initial recognition of a group of contracts is the earliest of the premium due date, the date coverage starts and, for an onerous contract, the date the contract is signed and accepted by both parties. There is limited judgement involved in relation to most contracts issued by the Group as the coverage period generally starts 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. |
Determination of discount rates | |
Discount rate and risk- free rate | IFRS 17 enables discount rates to be calculated on a top-down or bottom-up basis. The Group elects to 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 risk of downgrades and defaults. The allowance for credit risk ranges between 6 bps and 32 bps at 31 December 2025 (31 December 2024: between 10 bps and 34 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. These discount rates include the illiquidity premium applied to the portfolios written in each currency. A range is shown to represent the fact that different products apply different proportions of the reference portfolio\u2019s illiquidity premium (either 0% , 50% or 100%). The ranges below reflect only the actual proportions applied for each currency. For the major currencies shown below, except Hong Kong dollar and Malaysian ringgit, all three proportions apply and hence the spread is indicative of the illiquidity premium applying to the term specified. |
31 Dec 2025 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 1.34 \u2013 1.62 | 1.64 \u2013 1.92 | 1.86 \u2013 2.14 | 2.19 \u2013 2.47 | 2.31 \u2013 2.59 |
Hong Kong dollar (HKD) | 2.99 \u2013 3.34 | 3.08 \u2013 3.43 | 3.46 \u2013 3.81 | 3.69 \u2013 4.04 | 3.81 \u2013 4.16 |
Indonesian rupiah (IDR) | 4.93 \u2013 5.33 | 5.79 \u2013 6.19 | 6.42 \u2013 6.82 | 6.81 \u2013 7.21 | 7.02 \u2013 7.42 |
Malaysian ringgit (MYR) | 3.01 \u2013 3.20 | 3.41 \u2013 3.60 | 3.67 \u2013 3.86 | 3.94 \u2013 4.13 | 4.14 \u2013 4.33 |
Singapore dollar (SGD) | 1.42 \u2013 1.71 | 1.91 \u2013 2.34 | 2.18 \u2013 2.48 | 2.26 \u2013 2.63 | 2.23 \u2013 2.82 |
United States dollar (USD) | 3.51 \u2013 3.80 | 3.77 \u2013 4.22 | 4.29 \u2013 4.60 | 4.78 \u2013 5.16 | 5.09 \u2013 5.70 |
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 |
Determination of risk adjustment for non-financial risk | |
Risk adjustment for non- financial risk | The risk adjustment for non-financial risk reflects the compensation the Group requires for bearing the 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\u2011financial 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 profit or loss and other comprehensive income | IFRS 17 allows an accounting policy choice between: \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. |
The effect of accounting estimates made in interim financial statements | |
Effect of estimates made in interim financial statements | IFRS 17 allows an accounting policy choice as to whether to change the treatment of accounting estimates made in previous interim financial statements when applying IFRS 17 in the annual reporting period. |
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 income statement item. The Group has chosen to present a measure of profit before tax attributable to shareholders that distinguishes between tax borne by shareholders and tax attributable to policyholders to support understanding of the performance of the Group. Profit before tax attributable to shareholders is $4,941\u00a0million and compares to profit before tax of $5,121\u00a0million as shown in the Consolidated income statement. | Total tax charge for the Group reflects tax that relates to shareholders\u2019 profit and also tax attributable to policyholders through the interest in with-profits or unit-linked funds. Reported IFRS profit before the tax measure is therefore not representative of pre-tax profit attributable to shareholders. Accordingly, in order to provide a measure of pre-tax profit attributable to shareholders, the Group has chosen to adopt an income statement presentation of the tax charge and pre-tax results that distinguishes between policyholders\u2019 and shareholders\u2019 returns. |
Segmental analysis of results and earnings attributable to shareholders | |
The Group uses adjusted operating profit as the segmental measure of its results. | The basis of calculation of adjusted operating profit is provided in note B1.2 . 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 changes on insurance contract assets and liabilities and so affect the result for the year. The Group therefore provides additional analysis of results before and after the effects of short-term interest rate and other market fluctuations, together with other items that are of a short-term, volatile or one-off nature. |
Total segmental adjusted operating profit is $3,939 million as shown in note B1.1. |
VFA eligibility assessment | ||
The Group applies judgements in assessing the VFA eligibility of contracts. Application of the VFA impacts the calculation of the CSM at the balance sheet date, which in turn impacts the future year\u2019s amortisation recognised in the income statement. Unlike the general measurement model (GMM) approach, the VFA absorbs economic impacts within the CSM, rather than in the profit and loss account. The total insurance and reinsurance CSM at the balance sheet date is $25,005\u00a0million, including joint ventures and associates, and the CSM amortisation (net of reinsurance) recognised in the income statement is $(2,554)\u00a0million as shown in note C3.3. Approximately two thirds of the CSM (including joint ventures and associates and net of reinsurance) at 31 December 2025 was calculated under the VFA. | IFRS 17 requires the use of the VFA for insurance contracts with direct participation features, ie substantially investment-related service contracts for which, at inception: \u2013 the contractual terms specify that the policyholder participates in a share of a clearly identified pool of underlying items; \u2013 the entity expects to pay to the policyholder an amount equal to a substantial share of the fair value returns on the underlying items; and \u2013 the entity expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of the underlying items. The following key judgements have been made in assessing VFA eligibility: | |
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. | |
Contracts not qualifying for the VFA are accounted for under the GMM or premium allocation approach (PAA). The PAA is not used significantly within the Group. The measurement model (VFA or GMM) used for key products is set out in note C3.4. |
Carrying value of distribution rights intangible assets | |
The Group applies judgement to assess whether factors such as the financial performance of the distribution arrangements, or changes in relevant legislation and regulatory requirements indicate an impairment of intangible assets representing distribution rights. To determine the recoverable amount, the Group estimates the discounted future expected cash flows arising from the cash generating units (CGUs) containing the distribution rights. Impacts $3,699\u00a0million of assets as shown in note C4.2. | Distribution rights relate to bancassurance partnership arrangements for the distribution of products for the term of the contractual agreement with the bank partner, for which an asset is recognised based on fees paid and fees payable not subject to performance conditions. Distribution rights impairment testing is conducted when there is an indication of an impairment. |
To assess indicators of an impairment, the Group monitors a number of internal and external 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 impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and then applies judgement to assess whether these factors indicate that an impairment has occurred. If an impairment has occurred, a charge is recognised in the income statement for the difference 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 of future expected cash flows from the asset or the CGUs to which it is allocated. |
Financial investments \u2013 Valuation | |
Financial investments held at fair value, net of derivative liabilities, excluding those held by joint ventures and associates is $181.0\u00a0billion as shown in note C2.2. Financial investments held at amortised cost, comprising loans and deposits, represent $6.5 billion of the Group\u2019s total assets. The Group estimates the fair value of financial investments that are not actively traded using quotations from independent third parties or internally developed pricing models. | The Group holds the majority of its financial investments at fair value through profit or loss. Financial investments held at amortised cost, excluding cash and cash equivalents, primarily comprise loans and deposits. |
Determination of fair value | |
The fair values of the financial instruments for which fair valuation is required under IFRS Standards are determined by the use of quoted market prices for exchange-quoted investments or by using quotations from independent third parties such as brokers and pricing services or by using appropriate valuation techniques. Further details are included in note C2.1. The estimated fair value of derivative financial instruments reflects the estimated amount the Group would receive or pay in an arm\u2019s-length transaction. This amount is determined using quoted prices if exchange listed, quotations from independent third parties or valued internally using standard market practices. 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. |
Determination of fulfilment cash flows used in the measurement of insurance and reinsurance contract assets and liabilities (impacts $(144.7) billion of net best estimate insurance and reinsurance contract balances, excluding those held by joint ventures and associates) | |
Estimates of future cash flows | The Group\u2019s process for estimating future cash flows incorporates, in an unbiased way, all reasonable and 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 TEV 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 used in future cash flow estimation | Insurance acquisition cash flows (as discussed below) and other costs that are incurred in fulfilling contracts comprise both direct costs and an allocation of fixed and variable overheads incurred by the insurance entities. The Group projects estimates of future expenses relating to the fulfilment of contracts within the scope of IFRS\u00a017 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. |
Determination of fulfilment cash flows used in the measurement of insurance and reinsurance contract assets and liabilities (impacts $(144.7) billion of net best estimate insurance and reinsurance contract balances, excluding those held by joint ventures and associates) | |
Insurance acquisition cash flows | Insurance acquisition cash flows arise from the activities of selling, underwriting and starting a group of 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 recognition and the boundary of an insurance contract | The point of initial recognition of a group of contracts is the earliest of the premium due date, the date coverage starts and, for an onerous contract, the date the contract is signed and accepted by both parties. There is limited judgement involved in relation to most contracts issued by the Group as the coverage period generally starts 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. |
Determination of discount rates | |
Discount rate and risk- free rate | IFRS 17 enables discount rates to be calculated on a top-down or bottom-up basis. The Group elects to 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 risk of downgrades and defaults. The allowance for credit risk ranges between 6 bps and 32 bps at 31 December 2025 (31 December 2024: between 10 bps and 34 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. These discount rates include the illiquidity premium applied to the portfolios written in each currency. A range is shown to represent the fact that different products apply different proportions of the reference portfolio\u2019s illiquidity premium (either 0% , 50% or 100%). The ranges below reflect only the actual proportions applied for each currency. For the major currencies shown below, except Hong Kong dollar and Malaysian ringgit, all three proportions apply and hence the spread is indicative of the illiquidity premium applying to the term specified. |
31 Dec 2025 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 1.34 \u2013 1.62 | 1.64 \u2013 1.92 | 1.86 \u2013 2.14 | 2.19 \u2013 2.47 | 2.31 \u2013 2.59 |
Hong Kong dollar (HKD) | 2.99 \u2013 3.34 | 3.08 \u2013 3.43 | 3.46 \u2013 3.81 | 3.69 \u2013 4.04 | 3.81 \u2013 4.16 |
Indonesian rupiah (IDR) | 4.93 \u2013 5.33 | 5.79 \u2013 6.19 | 6.42 \u2013 6.82 | 6.81 \u2013 7.21 | 7.02 \u2013 7.42 |
Malaysian ringgit (MYR) | 3.01 \u2013 3.20 | 3.41 \u2013 3.60 | 3.67 \u2013 3.86 | 3.94 \u2013 4.13 | 4.14 \u2013 4.33 |
Singapore dollar (SGD) | 1.42 \u2013 1.71 | 1.91 \u2013 2.34 | 2.18 \u2013 2.48 | 2.26 \u2013 2.63 | 2.23 \u2013 2.82 |
United States dollar (USD) | 3.51 \u2013 3.80 | 3.77 \u2013 4.22 | 4.29 \u2013 4.60 | 4.78 \u2013 5.16 | 5.09 \u2013 5.70 |
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 |
Determination of risk adjustment for non-financial risk | |
Risk adjustment for non- financial risk | The risk adjustment for non-financial risk reflects the compensation the Group requires for bearing the 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\u2011financial 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 profit or loss and other comprehensive income | IFRS 17 allows an accounting policy choice between: \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. |
The effect of accounting estimates made in interim financial statements | |
Effect of estimates made in interim financial statements | IFRS 17 allows an accounting policy choice as to whether to change the treatment of accounting estimates made in previous interim financial statements when applying IFRS 17 in the annual reporting period. |
The Group has elected to allow updates to accounting estimates made in interim financial statements when applying IFRS 17 in the annual reporting period. |
Determination of fulfilment cash flows used in the measurement of insurance and reinsurance contract assets and liabilities (impacts $(144.7) billion of net best estimate insurance and reinsurance contract balances, excluding those held by joint ventures and associates) | |
Estimates of future cash flows | The Group\u2019s process for estimating future cash flows incorporates, in an unbiased way, all reasonable and 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 TEV 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 used in future cash flow estimation | Insurance acquisition cash flows (as discussed below) and other costs that are incurred in fulfilling contracts comprise both direct costs and an allocation of fixed and variable overheads incurred by the insurance entities. The Group projects estimates of future expenses relating to the fulfilment of contracts within the scope of IFRS\u00a017 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. |
Determination of fulfilment cash flows used in the measurement of insurance and reinsurance contract assets and liabilities (impacts $(144.7) billion of net best estimate insurance and reinsurance contract balances, excluding those held by joint ventures and associates) | |
Insurance acquisition cash flows | Insurance acquisition cash flows arise from the activities of selling, underwriting and starting a group of 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 recognition and the boundary of an insurance contract | The point of initial recognition of a group of contracts is the earliest of the premium due date, the date coverage starts and, for an onerous contract, the date the contract is signed and accepted by both parties. There is limited judgement involved in relation to most contracts issued by the Group as the coverage period generally starts 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. |
Determination of discount rates | |
Discount rate and risk- free rate | IFRS 17 enables discount rates to be calculated on a top-down or bottom-up basis. The Group elects to 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 risk of downgrades and defaults. The allowance for credit risk ranges between 6 bps and 32 bps at 31 December 2025 (31 December 2024: between 10 bps and 34 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. These discount rates include the illiquidity premium applied to the portfolios written in each currency. A range is shown to represent the fact that different products apply different proportions of the reference portfolio\u2019s illiquidity premium (either 0% , 50% or 100%). The ranges below reflect only the actual proportions applied for each currency. For the major currencies shown below, except Hong Kong dollar and Malaysian ringgit, all three proportions apply and hence the spread is indicative of the illiquidity premium applying to the term specified. |
31 Dec 2025 % | |||||
1 year | 5 years | 10 years | 15 years | 20 years | |
Chinese yuan (CNY) | 1.34 \u2013 1.62 | 1.64 \u2013 1.92 | 1.86 \u2013 2.14 | 2.19 \u2013 2.47 | 2.31 \u2013 2.59 |
Hong Kong dollar (HKD) | 2.99 \u2013 3.34 | 3.08 \u2013 3.43 | 3.46 \u2013 3.81 | 3.69 \u2013 4.04 | 3.81 \u2013 4.16 |
Indonesian rupiah (IDR) | 4.93 \u2013 5.33 | 5.79 \u2013 6.19 | 6.42 \u2013 6.82 | 6.81 \u2013 7.21 | 7.02 \u2013 7.42 |
Malaysian ringgit (MYR) | 3.01 \u2013 3.20 | 3.41 \u2013 3.60 | 3.67 \u2013 3.86 | 3.94 \u2013 4.13 | 4.14 \u2013 4.33 |
Singapore dollar (SGD) | 1.42 \u2013 1.71 | 1.91 \u2013 2.34 | 2.18 \u2013 2.48 | 2.26 \u2013 2.63 | 2.23 \u2013 2.82 |
United States dollar (USD) | 3.51 \u2013 3.80 | 3.77 \u2013 4.22 | 4.29 \u2013 4.60 | 4.78 \u2013 5.16 | 5.09 \u2013 5.70 |
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 |
Determination of risk adjustment for non-financial risk | |
Risk adjustment for non- financial risk | The risk adjustment for non-financial risk reflects the compensation the Group requires for bearing the 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\u2011financial 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 profit or loss and other comprehensive income | IFRS 17 allows an accounting policy choice between: \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. |
The effect of accounting estimates made in interim financial statements | |
Effect of estimates made in interim financial statements | IFRS 17 allows an accounting policy choice as to whether to change the treatment of accounting estimates made in previous interim financial statements when applying IFRS 17 in the annual reporting period. |
The Group has elected to allow updates to accounting estimates made in interim financial statements when applying IFRS 17 in the annual reporting period. |
Carrying value of distribution rights intangible assets | |
The Group applies judgement to assess whether factors such as the financial performance of the distribution arrangements, or changes in relevant legislation and regulatory requirements indicate an impairment of intangible assets representing distribution rights. To determine the recoverable amount, the Group estimates the discounted future expected cash flows arising from the cash generating units (CGUs) containing the distribution rights. Impacts $3,699\u00a0million of assets as shown in note C4.2. | Distribution rights relate to bancassurance partnership arrangements for the distribution of products for the term of the contractual agreement with the bank partner, for which an asset is recognised based on fees paid and fees payable not subject to performance conditions. Distribution rights impairment testing is conducted when there is an indication of an impairment. |
To assess indicators of an impairment, the Group monitors a number of internal and external 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 impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and then applies judgement to assess whether these factors indicate that an impairment has occurred. If an impairment has occurred, a charge is recognised in the income statement for the difference 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 of future expected cash flows from the asset or the CGUs to which it is allocated. |
Carrying value of distribution rights intangible assets | |
The Group applies judgement to assess whether factors such as the financial performance of the distribution arrangements, or changes in relevant legislation and regulatory requirements indicate an impairment of intangible assets representing distribution rights. To determine the recoverable amount, the Group estimates the discounted future expected cash flows arising from the cash generating units (CGUs) containing the distribution rights. Impacts $3,699\u00a0million of assets as shown in note C4.2. | Distribution rights relate to bancassurance partnership arrangements for the distribution of products for the term of the contractual agreement with the bank partner, for which an asset is recognised based on fees paid and fees payable not subject to performance conditions. Distribution rights impairment testing is conducted when there is an indication of an impairment. |
To assess indicators of an impairment, the Group monitors a number of internal and external 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 impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and then applies judgement to assess whether these factors indicate that an impairment has occurred. If an impairment has occurred, a charge is recognised in the income statement for the difference 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 of future expected cash flows from the asset or the CGUs to which it is allocated. |
Carrying value of distribution rights intangible assets | |
The Group applies judgement to assess whether factors such as the financial performance of the distribution arrangements, or changes in relevant legislation and regulatory requirements indicate an impairment of intangible assets representing distribution rights. To determine the recoverable amount, the Group estimates the discounted future expected cash flows arising from the cash generating units (CGUs) containing the distribution rights. Impacts $3,699\u00a0million of assets as shown in note C4.2. | Distribution rights relate to bancassurance partnership arrangements for the distribution of products for the term of the contractual agreement with the bank partner, for which an asset is recognised based on fees paid and fees payable not subject to performance conditions. Distribution rights impairment testing is conducted when there is an indication of an impairment. |
To assess indicators of an impairment, the Group monitors a number of internal and external 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 impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and then applies judgement to assess whether these factors indicate that an impairment has occurred. If an impairment has occurred, a charge is recognised in the income statement for the difference 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 of future expected cash flows from the asset or the CGUs to which it is allocated. |
Carrying value of distribution rights intangible assets | |
The Group applies judgement to assess whether factors such as the financial performance of the distribution arrangements, or changes in relevant legislation and regulatory requirements indicate an impairment of intangible assets representing distribution rights. To determine the recoverable amount, the Group estimates the discounted future expected cash flows arising from the cash generating units (CGUs) containing the distribution rights. Impacts $3,699\u00a0million of assets as shown in note C4.2. | Distribution rights relate to bancassurance partnership arrangements for the distribution of products for the term of the contractual agreement with the bank partner, for which an asset is recognised based on fees paid and fees payable not subject to performance conditions. Distribution rights impairment testing is conducted when there is an indication of an impairment. |
To assess indicators of an impairment, the Group monitors a number of internal and external 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 impact the Group\u2019s ability to continue to sell new business through the bancassurance channel, and then applies judgement to assess whether these factors indicate that an impairment has occurred. If an impairment has occurred, a charge is recognised in the income statement for the difference 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 of future expected cash flows from the asset or the CGUs to which it is allocated. |
Financial investments \u2013 Valuation | |
Financial investments held at fair value, net of derivative liabilities, excluding those held by joint ventures and associates is $181.0\u00a0billion as shown in note C2.2. Financial investments held at amortised cost, comprising loans and deposits, represent $6.5 billion of the Group\u2019s total assets. The Group estimates the fair value of financial investments that are not actively traded using quotations from independent third parties or internally developed pricing models. | The Group holds the majority of its financial investments at fair value through profit or loss. Financial investments held at amortised cost, excluding cash and cash equivalents, primarily comprise loans and deposits. |
Determination of fair value | |
The fair values of the financial instruments for which fair valuation is required under IFRS Standards are determined by the use of quoted market prices for exchange-quoted investments or by using quotations from independent third parties such as brokers and pricing services or by using appropriate valuation techniques. Further details are included in note C2.1. The estimated fair value of derivative financial instruments reflects the estimated amount the Group would receive or pay in an arm\u2019s-length transaction. This amount is determined using quoted prices if exchange listed, quotations from independent third parties or valued internally using standard market practices. 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. |
2025 $m | 2024 $m | 2025 vs 2024 % | ||||||
AER | CER | AER | CER | |||||
Note | note (i) | note (i) | note (i) | note (i) | note (i) | |||
Hong Kong | 1,219 | 1,069 | 1,070 | 14% | 14% | |||
Indonesia | 250 | 268 | 258 | (7)% | (3)% | |||
Mainland China note (ii) | 411 | 363 | 363 | 13% | 13% | |||
Malaysia | 410 | 338 | 361 | 21% | 14% | |||
Singapore | 706 | 693 | 709 | 2% | 0% | |||
Growth markets and other note (iii) | 614 | 688 | 689 | (11)% | (11)% | |||
Eastspring | 329 | 304 | 301 | 8% | 9% | |||
Total segment profit | 3,939 | 3,723 | 3,751 | 6% | 5% | |||
Other income and expenditure unallocated to a segment: | ||||||||
Net investment return and other items note (iv) | (41) | 21 | 21 | n/a | n/a | |||
Interest payable on core structural borrowings | (184) | (171) | (171) | (8)% | (8)% | |||
Corporate expenditure | (237) | (237) | (237) | 0% | 0% | |||
Total other expenditure | (462) | (387) | (387) | (19)% | (19)% | |||
Restructuring costs note (v) | (171) | (207) | (207) | 17% | 17% | |||
Adjusted operating profit | B1.3 | 3,306 | 3,129 | 3,157 | 6% | 5% | ||
Tax charge on adjusted operating profit | B3.2 | (534) | (547) | (555) | 2% | 4% | ||
Adjusted operating profit after tax | 2,772 | 2,582 | 2,602 | 7% | 7% | |||
Short-term interest rate and other market fluctuations | 120 | (105) | (97) | n/a | n/a | |||
Gain (loss) attaching to corporate transactions note (vi) | 1,515 | (71) | (74) | n/a | n/a | |||
Tax (charge) credit on non-operating result | B3.2 | (288) | 9 | 8 | n/a | n/a | ||
Profit for the year | B1.6 | 4,119 | 2,415 | 2,439 | n/a | n/a | ||
Attributable to: | ||||||||
Equity holders of the Company | 3,978 | 2,285 | 2,300 | n/a | n/a | |||
Non-controlling interests | 141 | 130 | 139 | n/a | n/a | |||
Profit for the year | 4,119 | 2,415 | 2,439 | n/a | n/a | |||
Basic earnings per share (in cents) | 2025 | 2024 | 2025 vs 2024 % | |||||
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 | 101.4\u00a2 | 89.7\u00a2 | 90.2\u00a2 | 13% | 12% | ||
Based on profit for the year, net of non-controlling interest | B4 | 154.2\u00a2 | 84.1\u00a2 | 84.8\u00a2 | 83% | 82% |
2025 $m | 2024 $m | 2025 vs 2024 % | |||||
AER | CER | AER | CER | ||||
Adjusted release of CSM note (i) | 2,550 | 2,333 | 2,358 | 9% | 8% | ||
Release of risk adjustment | 285 | 268 | 271 | 6% | 5% | ||
Experience variances | (51) | (81) | (85) | 37% | 40% | ||
Other insurance service result | (135) | (68) | (69) | (99)% | (96)% | ||
Adjusted insurance service result note (ii) | 2,649 | 2,452 | 2,475 | 8% | 7% | ||
Net investment result on longer-term basis note (iii) | 1,163 | 1,146 | 1,154 | 1% | 1% | ||
Other insurance income and expenditure | (103) | (89) | (90) | (16)% | (14)% | ||
Share of related tax charges from joint ventures and associates | (99) | (90) | (90) | (10)% | (10)% | ||
Insurance business | 3,610 | 3,419 | 3,449 | 6% | 5% | ||
Eastspring | 329 | 304 | 301 | 8% | 9% | ||
Other income and expenditure | (462) | (387) | (386) | (19)% | (20)% | ||
Restructuring costs | (171) | (207) | (207) | 17% | 17% | ||
Adjusted operating profit, as reconciled to profit for the year in note B1.1 | 3,306 | 3,129 | 3,157 | 6% | 5% |
2025 $m | 2024 $m | |
Release of CSM, net of reinsurance as included within Insurance service result on the consolidated income statement and note C3.2 | ||
Insurance | 2,438 | 2,286 |
Reinsurance | (102) | (159) |
2,336 | 2,127 | |
Add amounts relating to the Group\u2019s life joint ventures and associates that are accounted for on equity method | 218 | 225 |
Release of CSM, net of reinsurance as shown in note C3.3 | ||
Insurance | 2,656 | 2,511 |
Reinsurance | (102) | (159) |
2,554 | 2,352 | |
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 | (4) | (19) |
Adjusted release of CSM as shown above | 2,550 | 2,333 |
2025 $m | 2024 $m | |
Insurance service result as shown in the consolidated income statement and note C3.2 | 2,624 | 2,293 |
Add amounts relating to the Group\u2019s life joint ventures and associates that are accounted for on equity method | 225 | 187 |
Insurance service result as shown in note C3.3 | ||
Insurance | 3,078 | 2,786 |
Reinsurance | (229) | (306) |
2,849 | 2,480 | |
Removal of losses or gains from reversal of losses on those onerous contracts that meet the criteria in note B1.2 where gains and losses can be shared across more than one annual cohort less the adjustment to the release of CSM shown above | (98) | 46 |
Other items including policyholder tax* | (102) | (74) |
Adjusted insurance service result as shown above | 2,649 | 2,452 |
2025 $m | 2024 $m | |
Net investment result as shown in the consolidated income statement | 1,421 | 1,332 |
Remove investment return of non-insurance entities | 3 | (448) |
Remove short-term interest rate and other market fluctuations included in non-operating profit excluding non-insurance entities* | (279) | 334 |
Other items* | 18 | (72) |
Net investment result on longer-term basis as shown above | 1,163 | 1,146 |
2025 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for remaining coverage: | ||||||||||
Expected claims and other directly attributable expenses | 1,326 | 632 | 854 | 1,237 | 682 | \u2013 | \u2013 | 4,731 | \u2013 | 4,731 |
Change in risk adjustment for non-financial risk | 78 | 33 | 34 | 68 | 59 | \u2013 | \u2013 | 272 | \u2013 | 272 |
Release of CSM for services provided | 1,025 | 148 | 214 | 529 | 522 | \u2013 | \u2013 | 2,438 | \u2013 | 2,438 |
Other adjustments note (ii) | 46 | 46 | 41 | 2 | 69 | \u2013 | \u2013 | 204 | \u2013 | 204 |
Recovery of insurance acquisition cash flows | 1,549 | 277 | 309 | 557 | 743 | \u2013 | \u2013 | 3,435 | \u2013 | 3,435 |
4,024 | 1,136 | 1,452 | 2,393 | 2,075 | \u2013 | \u2013 | 11,080 | \u2013 | 11,080 | |
Other revenue note (iii) | 29 | 3 | 1 | \u2013 | 20 | 358 | \u2013 | 411 | \u2013 | 411 |
Total revenue from external customers note (iv) | 4,053 | 1,139 | 1,453 | 2,393 | 2,095 | 358 | \u2013 | 11,491 | \u2013 | 11,491 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 224 | (224) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,340 | 105 | 239 | 886 | 822 | 5 | \u2013 | 3,397 | 137 | 3,534 |
Dividend and other investment income | 1,253 | 65 | 198 | 549 | 145 | 4 | \u2013 | 2,214 | \u2013 | 2,214 |
Investment appreciation (depreciation) | 6,342 | 212 | 199 | 3,453 | 459 | 5 | \u2013 | 10,670 | (154) | 10,516 |
8,935 | 382 | 636 | 4,888 | 1,426 | 14 | \u2013 | 16,281 | (17) | 16,264 | |
Total revenue | 12,988 | 1,521 | 2,089 | 7,281 | 3,521 | 596 | (224) | 27,772 | (17) | 27,755 |
2024 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central 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 |
2025 $m | 2024 $m | |
Hong Kong | 157 | 51 |
Indonesia | 17 | 12 |
Malaysia | 51 | 22 |
Singapore | 93 | 36 |
Growth markets and other | 223 | 372 |
Eastspring | 12 | 13 |
Total segment | 553 | 506 |
Unallocated to a segment (central operations) | 18 | 17 |
Total depreciation and amortisation | 571 | 523 |
2025 $m | 2024 $m | |
Hong Kong | (148) | (229) |
Indonesia | (45) | (37) |
Malaysia | (123) | (155) |
Singapore | (249) | (176) |
Growth markets and other | (110) | (158) |
Eastspring note (i) | (256) | (29) |
Total segment note (ii) | (931) | (784) |
Unallocated to a segment (central operations) | (71) | (40) |
Total tax charge note (iii) | (1,002) | (824) |
2025 % | ||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Other (central) operations | Total attributable to shareholders | |
Tax rate on adjusted operating profit | 8% | 21% | 22% | 15% | 20% | 7% | (8)% | 16% |
Tax rate on profit before tax | 6% | 17% | 22% | 15% | 16% | 14% | (9)% | 17% |
2024 % | ||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Other (central) operations | Total attributable to 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% |
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 (Unit-linked) 2010 \u2013 2021 (Non- participating) | 2000 \u2013 2009 (Unit-linked) | Pre-1999 (Unit-linked) Pre-2009 (Non-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 | ||||||||
Liabilities (assets) | |||||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | ||
As at 31 Dec 2025 | |||||||||
Mainland China | 15,709 | 184 | 1,603 | 17,496 | (85) | (39) | 108 | (16) | |
Hong Kong | 73,749 | 836 | 10,657 | 85,242 | (977) | (142) | (792) | (1,911) | |
Indonesia | 1,805 | 157 | 691 | 2,653 | 3 | (9) | 1 | (5) | |
Malaysia | 8,328 | 515 | 2,330 | 11,173 | 10 | (14) | 19 | 15 | |
Singapore | 42,039 | 952 | 5,558 | 48,549 | (1,212) | (17) | 284 | (945) | |
Growth markets and other | 27,435 | 488 | 4,579 | 32,502 | 62 | (58) | (33) | (29) | |
Total insurance segments | 169,065 | 3,132 | 25,418 | 197,615 | (2,199) | (279) | (413) | (2,891) | |
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) |
Insurance $m | |||||||
Mainland China | Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Total insurance segments | |
Net liabilities (assets) at 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 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 liabilities (assets) at 31 Dec 2024/1 Jan 2025 | 15,685 | 72,594 | 2,650 | 9,585 | 40,210 | 28,548 | 169,272 |
Insurance service result | (117) | (1,148) | (188) | (308) | (688) | (629) | (3,078) |
Net finance (income) expenses from insurance contracts | |||||||
Accretion of interest on GMM contracts | 224 | (24) | 42 | 112 | 36 | 252 | 642 |
Other net finance (income) expense | 508 | 8,207 | 247 | 375 | 4,277 | 1,651 | 15,265 |
732 | 8,183 | 289 | 487 | 4,313 | 1,903 | 15,907 | |
Total amount recognised in income statement | 615 | 7,035 | 101 | 179 | 3,625 | 1,274 | 12,829 |
Effect of movements in exchange rates | 730 | (122) | (92) | 1,011 | 2,536 | 344 | 4,407 |
Total amount recognised in comprehensive income | 1,345 | 6,913 | 9 | 1,190 | 6,161 | 1,618 | 17,236 |
Total cash flows | 466 | 5,736 | (6) | 397 | 2,232 | 2,404 | 11,229 |
Other changes | \u2013 | (1) | \u2013 | 1 | (54) | (68) | (122) |
Net liabilities (assets) at 31 Dec 2025 | 17,496 | 85,242 | 2,653 | 11,173 | 48,549 | 32,502 | 197,615 |
Reinsurance $m | |||||||
Mainland China | Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Total insurance segments | |
Net liabilities (assets) at 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 liabilities (assets) at 31 Dec 2024/1 Jan 2025 | (22) | (2,042) | 15 | 17 | (917) | (49) | (2,998) |
Insurance service result | 7 | 182 | 7 | 4 | (2) | 31 | 229 |
Net finance (income) expenses from reinsurance contracts | |||||||
Accretion of interest on GMM contracts | (1) | (99) | 1 | 2 | (55) | (6) | (158) |
Other net finance (income) expense | 1 | 259 | (6) | \u2013 | 47 | 10 | 311 |
\u2013 | 160 | (5) | 2 | (8) | 4 | 153 | |
Total amount recognised in income statement | 7 | 342 | 2 | 6 | (10) | 35 | 382 |
Effect of movements in exchange rates | (1) | 5 | \u2013 | \u2013 | (53) | 11 | (38) |
Total amount recognised in comprehensive income | 6 | 347 | 2 | 6 | (63) | 46 | 344 |
Total cash flows | \u2013 | (216) | (23) | (8) | 35 | (25) | (237) |
Other changes | \u2013 | \u2013 | 1 | \u2013 | \u2013 | (1) | \u2013 |
Net liabilities (assets) at 31 Dec 2025 | (16) | (1,911) | (5) | 15 | (945) | (29) | (2,891) |
2025 $m | 2024 $m | |
Hong Kong | 39 | 41 |
Indonesia | 7 | 4 |
Malaysia | 2 | 2 |
Singapore | 25 | 24 |
Growth markets and other | 29 | 21 |
Eastspring | 1 | 7 |
Total segment | 103 | 99 |
Unallocated to a segment (central operations) | 1 | 2 |
Total capital expenditure on property, plant and equipment | 104 | 101 |
2025 $m | 2024 $m | |
Mainland China | (24) | 159 |
Malaysia | 35 | 21 |
Growth markets and other note | 129 | 104 |
Insurance operations | 140 | 284 |
Eastspring | 224 | 193 |
Total segment and Group total | 364 | 477 |
2025 $m | 2024 $m | 2025 vs 2024 % | ||||||
AER | CER | AER | CER | |||||
Note | note (i) | note (i) | note (i) | note (i) | note (i) | |||
Hong Kong | 1,219 | 1,069 | 1,070 | 14% | 14% | |||
Indonesia | 250 | 268 | 258 | (7)% | (3)% | |||
Mainland China note (ii) | 411 | 363 | 363 | 13% | 13% | |||
Malaysia | 410 | 338 | 361 | 21% | 14% | |||
Singapore | 706 | 693 | 709 | 2% | 0% | |||
Growth markets and other note (iii) | 614 | 688 | 689 | (11)% | (11)% | |||
Eastspring | 329 | 304 | 301 | 8% | 9% | |||
Total segment profit | 3,939 | 3,723 | 3,751 | 6% | 5% | |||
Other income and expenditure unallocated to a segment: | ||||||||
Net investment return and other items note (iv) | (41) | 21 | 21 | n/a | n/a | |||
Interest payable on core structural borrowings | (184) | (171) | (171) | (8)% | (8)% | |||
Corporate expenditure | (237) | (237) | (237) | 0% | 0% | |||
Total other expenditure | (462) | (387) | (387) | (19)% | (19)% | |||
Restructuring costs note (v) | (171) | (207) | (207) | 17% | 17% | |||
Adjusted operating profit | B1.3 | 3,306 | 3,129 | 3,157 | 6% | 5% | ||
Tax charge on adjusted operating profit | B3.2 | (534) | (547) | (555) | 2% | 4% | ||
Adjusted operating profit after tax | 2,772 | 2,582 | 2,602 | 7% | 7% | |||
Short-term interest rate and other market fluctuations | 120 | (105) | (97) | n/a | n/a | |||
Gain (loss) attaching to corporate transactions note (vi) | 1,515 | (71) | (74) | n/a | n/a | |||
Tax (charge) credit on non-operating result | B3.2 | (288) | 9 | 8 | n/a | n/a | ||
Profit for the year | B1.6 | 4,119 | 2,415 | 2,439 | n/a | n/a | ||
Attributable to: | ||||||||
Equity holders of the Company | 3,978 | 2,285 | 2,300 | n/a | n/a | |||
Non-controlling interests | 141 | 130 | 139 | n/a | n/a | |||
Profit for the year | 4,119 | 2,415 | 2,439 | n/a | n/a | |||
Basic earnings per share (in cents) | 2025 | 2024 | 2025 vs 2024 % | |||||
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 | 101.4\u00a2 | 89.7\u00a2 | 90.2\u00a2 | 13% | 12% | ||
Based on profit for the year, net of non-controlling interest | B4 | 154.2\u00a2 | 84.1\u00a2 | 84.8\u00a2 | 83% | 82% |
2025 $m | 2024 $m | 2025 vs 2024 % | |||||
AER | CER | AER | CER | ||||
Adjusted release of CSM note (i) | 2,550 | 2,333 | 2,358 | 9% | 8% | ||
Release of risk adjustment | 285 | 268 | 271 | 6% | 5% | ||
Experience variances | (51) | (81) | (85) | 37% | 40% | ||
Other insurance service result | (135) | (68) | (69) | (99)% | (96)% | ||
Adjusted insurance service result note (ii) | 2,649 | 2,452 | 2,475 | 8% | 7% | ||
Net investment result on longer-term basis note (iii) | 1,163 | 1,146 | 1,154 | 1% | 1% | ||
Other insurance income and expenditure | (103) | (89) | (90) | (16)% | (14)% | ||
Share of related tax charges from joint ventures and associates | (99) | (90) | (90) | (10)% | (10)% | ||
Insurance business | 3,610 | 3,419 | 3,449 | 6% | 5% | ||
Eastspring | 329 | 304 | 301 | 8% | 9% | ||
Other income and expenditure | (462) | (387) | (386) | (19)% | (20)% | ||
Restructuring costs | (171) | (207) | (207) | 17% | 17% | ||
Adjusted operating profit, as reconciled to profit for the year in note B1.1 | 3,306 | 3,129 | 3,157 | 6% | 5% |
2025 $m | 2024 $m | |
Release of CSM, net of reinsurance as included within Insurance service result on the consolidated income statement and note C3.2 | ||
Insurance | 2,438 | 2,286 |
Reinsurance | (102) | (159) |
2,336 | 2,127 | |
Add amounts relating to the Group\u2019s life joint ventures and associates that are accounted for on equity method | 218 | 225 |
Release of CSM, net of reinsurance as shown in note C3.3 | ||
Insurance | 2,656 | 2,511 |
Reinsurance | (102) | (159) |
2,554 | 2,352 | |
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 | (4) | (19) |
Adjusted release of CSM as shown above | 2,550 | 2,333 |
2025 $m | 2024 $m | |
Insurance service result as shown in the consolidated income statement and note C3.2 | 2,624 | 2,293 |
Add amounts relating to the Group\u2019s life joint ventures and associates that are accounted for on equity method | 225 | 187 |
Insurance service result as shown in note C3.3 | ||
Insurance | 3,078 | 2,786 |
Reinsurance | (229) | (306) |
2,849 | 2,480 | |
Removal of losses or gains from reversal of losses on those onerous contracts that meet the criteria in note B1.2 where gains and losses can be shared across more than one annual cohort less the adjustment to the release of CSM shown above | (98) | 46 |
Other items including policyholder tax* | (102) | (74) |
Adjusted insurance service result as shown above | 2,649 | 2,452 |
2025 $m | 2024 $m | |
Net investment result as shown in the consolidated income statement | 1,421 | 1,332 |
Remove investment return of non-insurance entities | 3 | (448) |
Remove short-term interest rate and other market fluctuations included in non-operating profit excluding non-insurance entities* | (279) | 334 |
Other items* | 18 | (72) |
Net investment result on longer-term basis as shown above | 1,163 | 1,146 |
31 Dec 2025 $m | |||||||
Asia and Africa | Unallocated to a segment | Group total | |||||
Insurance | |||||||
Funds with policyholder participation | Unit-linked funds | Other | Eastspring | Total | |||
note (i) | |||||||
Debt securities | |||||||
Sovereign debt | |||||||
Indonesia | 536 | 475 | 826 | \u2013 | 1,837 | \u2013 | 1,837 |
Singapore | 2,339 | 774 | 1,210 | \u2013 | 4,323 | \u2013 | 4,323 |
Thailand | \u2013 | 3 | 3,725 | \u2013 | 3,728 | \u2013 | 3,728 |
United States | 16,538 | 55 | 281 | \u2013 | 16,874 | \u2013 | 16,874 |
Vietnam | 2,625 | 16 | 137 | \u2013 | 2,778 | \u2013 | 2,778 |
Other (predominantly Asia) | 4,737 | 663 | 2,060 | \u2013 | 7,460 | \u2013 | 7,460 |
Subtotal | 26,775 | 1,986 | 8,239 | \u2013 | 37,000 | \u2013 | 37,000 |
Other government bonds | |||||||
AAA | 1,508 | 137 | 112 | \u2013 | 1,757 | \u2013 | 1,757 |
AA+ to AA- | 133 | 31 | 27 | \u2013 | 191 | \u2013 | 191 |
A+ to A- | 830 | 77 | 367 | \u2013 | 1,274 | \u2013 | 1,274 |
BBB+ to BBB- | 230 | 40 | 74 | \u2013 | 344 | \u2013 | 344 |
Below BBB- and unrated | 317 | 44 | 40 | \u2013 | 401 | \u2013 | 401 |
Subtotal | 3,018 | 329 | 620 | \u2013 | 3,967 | \u2013 | 3,967 |
Corporate bonds | |||||||
AAA | 1,538 | 142 | 376 | \u2013 | 2,056 | \u2013 | 2,056 |
AA+ to AA- | 6,263 | 643 | 947 | \u2013 | 7,853 | \u2013 | 7,853 |
A+ to A- | 20,892 | 631 | 1,718 | \u2013 | 23,241 | 1 | 23,242 |
BBB+ to BBB- | 13,149 | 822 | 1,565 | \u2013 | 15,536 | 1 | 15,537 |
Below BBB- and unrated | 1,375 | 232 | 247 | \u2013 | 1,854 | \u2013 | 1,854 |
Subtotal | 43,217 | 2,470 | 4,853 | \u2013 | 50,540 | 2 | 50,542 |
Asset-backed securities | |||||||
AAA | 190 | 3 | 85 | \u2013 | 278 | \u2013 | 278 |
AA+ to AA- | 10 | \u2013 | 3 | \u2013 | 13 | \u2013 | 13 |
A+ to A- | 119 | \u2013 | 16 | \u2013 | 135 | \u2013 | 135 |
BBB+ to BBB- | 22 | \u2013 | 2 | \u2013 | 24 | \u2013 | 24 |
Below BBB- and unrated | 21 | 1 | 70 | \u2013 | 92 | \u2013 | 92 |
Subtotal | 362 | 4 | 176 | \u2013 | 542 | \u2013 | 542 |
Total debt securities notes (ii)(iii) | 73,372 | 4,789 | 13,888 | \u2013 | 92,049 | 2 | 92,051 |
Loans | |||||||
Mortgage loans | 46 | \u2013 | 161 | \u2013 | 207 | \u2013 | 207 |
Other loans | 344 | \u2013 | \u2013 | \u2013 | 344 | \u2013 | 344 |
Total loans | 390 | \u2013 | 161 | \u2013 | 551 | \u2013 | 551 |
Equity securities and holdings in collective investment schemes | |||||||
Direct equities note (ii) | 22,874 | 14,734 | 285 | 91 | 37,984 | 25 | 38,009 |
Collective investment schemes | 39,196 | 11,053 | 1,286 | 14 | 51,549 | \u2013 | 51,549 |
Total equity securities and holdings in collective investment schemes | 62,070 | 25,787 | 1,571 | 105 | 89,533 | 25 | 89,558 |
Derivative assets | 326 | 20 | 267 | \u2013 | 613 | 8 | 621 |
Deposits | 2,464 | 201 | 2,394 | 79 | 5,138 | 1,108 | 6,246 |
Total financial investments | 138,622 | 30,797 | 18,281 | 184 | 187,884 | 1,143 | 189,027 |
Investment properties | \u2013 | \u2013 | 3 | \u2013 | 3 | \u2013 | 3 |
Cash and cash equivalents | 1,707 | 554 | 1,403 | 191 | 3,855 | 3,851 | 7,706 |
Total investments | 140,329 | 31,351 | 19,687 | 375 | 191,742 | 4,994 | 196,736 |
31 Dec 2024 $m | |||||||
Asia and Africa | Unallocated to a segment | ||||||
Insurance | |||||||
Funds with policyholder participation | Unit-linked funds | Other | Eastspring | Total | Group 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)(iii) | 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 note (ii) | 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 |
Derivative assets | 119 | 6 | 129 | \u2013 | 254 | 141 | 395 |
Deposits | 2,121 | 254 | 1,989 | 93 | 4,457 | 1,009 | 5,466 |
Total financial investments | 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 2025 $m | 31 Dec 2024 $m | |
Debt securities held by consolidated investment funds | 12,341 | 10,409 |
Direct equities held by consolidated investment funds* | 6,605 | 5,851 |
2025 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for remaining coverage: | ||||||||||
Expected claims and other directly attributable expenses | 1,326 | 632 | 854 | 1,237 | 682 | \u2013 | \u2013 | 4,731 | \u2013 | 4,731 |
Change in risk adjustment for non-financial risk | 78 | 33 | 34 | 68 | 59 | \u2013 | \u2013 | 272 | \u2013 | 272 |
Release of CSM for services provided | 1,025 | 148 | 214 | 529 | 522 | \u2013 | \u2013 | 2,438 | \u2013 | 2,438 |
Other adjustments note (ii) | 46 | 46 | 41 | 2 | 69 | \u2013 | \u2013 | 204 | \u2013 | 204 |
Recovery of insurance acquisition cash flows | 1,549 | 277 | 309 | 557 | 743 | \u2013 | \u2013 | 3,435 | \u2013 | 3,435 |
4,024 | 1,136 | 1,452 | 2,393 | 2,075 | \u2013 | \u2013 | 11,080 | \u2013 | 11,080 | |
Other revenue note (iii) | 29 | 3 | 1 | \u2013 | 20 | 358 | \u2013 | 411 | \u2013 | 411 |
Total revenue from external customers note (iv) | 4,053 | 1,139 | 1,453 | 2,393 | 2,095 | 358 | \u2013 | 11,491 | \u2013 | 11,491 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 224 | (224) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,340 | 105 | 239 | 886 | 822 | 5 | \u2013 | 3,397 | 137 | 3,534 |
Dividend and other investment income | 1,253 | 65 | 198 | 549 | 145 | 4 | \u2013 | 2,214 | \u2013 | 2,214 |
Investment appreciation (depreciation) | 6,342 | 212 | 199 | 3,453 | 459 | 5 | \u2013 | 10,670 | (154) | 10,516 |
8,935 | 382 | 636 | 4,888 | 1,426 | 14 | \u2013 | 16,281 | (17) | 16,264 | |
Total revenue | 12,988 | 1,521 | 2,089 | 7,281 | 3,521 | 596 | (224) | 27,772 | (17) | 27,755 |
2024 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central 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 |
2025 $m | 2024 $m | |
Interest income calculated using the effective interest method | 413 | 477 |
Net gains on financial instruments at FVTPL note | 15,784 | 5,250 |
Other investment returns (including foreign exchange gains and losses) | 331 | 363 |
Movement in amounts attributable to external unit holders of consolidated investment funds | (264) | (171) |
Investment return recognised in the income statement | 16,264 | 5,919 |
2025 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for remaining coverage: | ||||||||||
Expected claims and other directly attributable expenses | 1,326 | 632 | 854 | 1,237 | 682 | \u2013 | \u2013 | 4,731 | \u2013 | 4,731 |
Change in risk adjustment for non-financial risk | 78 | 33 | 34 | 68 | 59 | \u2013 | \u2013 | 272 | \u2013 | 272 |
Release of CSM for services provided | 1,025 | 148 | 214 | 529 | 522 | \u2013 | \u2013 | 2,438 | \u2013 | 2,438 |
Other adjustments note (ii) | 46 | 46 | 41 | 2 | 69 | \u2013 | \u2013 | 204 | \u2013 | 204 |
Recovery of insurance acquisition cash flows | 1,549 | 277 | 309 | 557 | 743 | \u2013 | \u2013 | 3,435 | \u2013 | 3,435 |
4,024 | 1,136 | 1,452 | 2,393 | 2,075 | \u2013 | \u2013 | 11,080 | \u2013 | 11,080 | |
Other revenue note (iii) | 29 | 3 | 1 | \u2013 | 20 | 358 | \u2013 | 411 | \u2013 | 411 |
Total revenue from external customers note (iv) | 4,053 | 1,139 | 1,453 | 2,393 | 2,095 | 358 | \u2013 | 11,491 | \u2013 | 11,491 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 224 | (224) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,340 | 105 | 239 | 886 | 822 | 5 | \u2013 | 3,397 | 137 | 3,534 |
Dividend and other investment income | 1,253 | 65 | 198 | 549 | 145 | 4 | \u2013 | 2,214 | \u2013 | 2,214 |
Investment appreciation (depreciation) | 6,342 | 212 | 199 | 3,453 | 459 | 5 | \u2013 | 10,670 | (154) | 10,516 |
8,935 | 382 | 636 | 4,888 | 1,426 | 14 | \u2013 | 16,281 | (17) | 16,264 | |
Total revenue | 12,988 | 1,521 | 2,089 | 7,281 | 3,521 | 596 | (224) | 27,772 | (17) | 27,755 |
2024 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central 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 |
2025 $m | 2024 $m | |
Interest income calculated using the effective interest method | 413 | 477 |
Net gains on financial instruments at FVTPL note | 15,784 | 5,250 |
Other investment returns (including foreign exchange gains and losses) | 331 | 363 |
Movement in amounts attributable to external unit holders of consolidated investment funds | (264) | (171) |
Investment return recognised in the income statement | 16,264 | 5,919 |
2025 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for remaining coverage: | ||||||||||
Expected claims and other directly attributable expenses | 1,326 | 632 | 854 | 1,237 | 682 | \u2013 | \u2013 | 4,731 | \u2013 | 4,731 |
Change in risk adjustment for non-financial risk | 78 | 33 | 34 | 68 | 59 | \u2013 | \u2013 | 272 | \u2013 | 272 |
Release of CSM for services provided | 1,025 | 148 | 214 | 529 | 522 | \u2013 | \u2013 | 2,438 | \u2013 | 2,438 |
Other adjustments note (ii) | 46 | 46 | 41 | 2 | 69 | \u2013 | \u2013 | 204 | \u2013 | 204 |
Recovery of insurance acquisition cash flows | 1,549 | 277 | 309 | 557 | 743 | \u2013 | \u2013 | 3,435 | \u2013 | 3,435 |
4,024 | 1,136 | 1,452 | 2,393 | 2,075 | \u2013 | \u2013 | 11,080 | \u2013 | 11,080 | |
Other revenue note (iii) | 29 | 3 | 1 | \u2013 | 20 | 358 | \u2013 | 411 | \u2013 | 411 |
Total revenue from external customers note (iv) | 4,053 | 1,139 | 1,453 | 2,393 | 2,095 | 358 | \u2013 | 11,491 | \u2013 | 11,491 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 224 | (224) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,340 | 105 | 239 | 886 | 822 | 5 | \u2013 | 3,397 | 137 | 3,534 |
Dividend and other investment income | 1,253 | 65 | 198 | 549 | 145 | 4 | \u2013 | 2,214 | \u2013 | 2,214 |
Investment appreciation (depreciation) | 6,342 | 212 | 199 | 3,453 | 459 | 5 | \u2013 | 10,670 | (154) | 10,516 |
8,935 | 382 | 636 | 4,888 | 1,426 | 14 | \u2013 | 16,281 | (17) | 16,264 | |
Total revenue | 12,988 | 1,521 | 2,089 | 7,281 | 3,521 | 596 | (224) | 27,772 | (17) | 27,755 |
2024 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central 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 |
2025 $m | 2024 $m | |
Interest income calculated using the effective interest method | 413 | 477 |
Net gains on financial instruments at FVTPL note | 15,784 | 5,250 |
Other investment returns (including foreign exchange gains and losses) | 331 | 363 |
Movement in amounts attributable to external unit holders of consolidated investment funds | (264) | (171) |
Investment return recognised in the income statement | 16,264 | 5,919 |
2025 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for remaining coverage: | ||||||||||
Expected claims and other directly attributable expenses | 1,326 | 632 | 854 | 1,237 | 682 | \u2013 | \u2013 | 4,731 | \u2013 | 4,731 |
Change in risk adjustment for non-financial risk | 78 | 33 | 34 | 68 | 59 | \u2013 | \u2013 | 272 | \u2013 | 272 |
Release of CSM for services provided | 1,025 | 148 | 214 | 529 | 522 | \u2013 | \u2013 | 2,438 | \u2013 | 2,438 |
Other adjustments note (ii) | 46 | 46 | 41 | 2 | 69 | \u2013 | \u2013 | 204 | \u2013 | 204 |
Recovery of insurance acquisition cash flows | 1,549 | 277 | 309 | 557 | 743 | \u2013 | \u2013 | 3,435 | \u2013 | 3,435 |
4,024 | 1,136 | 1,452 | 2,393 | 2,075 | \u2013 | \u2013 | 11,080 | \u2013 | 11,080 | |
Other revenue note (iii) | 29 | 3 | 1 | \u2013 | 20 | 358 | \u2013 | 411 | \u2013 | 411 |
Total revenue from external customers note (iv) | 4,053 | 1,139 | 1,453 | 2,393 | 2,095 | 358 | \u2013 | 11,491 | \u2013 | 11,491 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 224 | (224) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,340 | 105 | 239 | 886 | 822 | 5 | \u2013 | 3,397 | 137 | 3,534 |
Dividend and other investment income | 1,253 | 65 | 198 | 549 | 145 | 4 | \u2013 | 2,214 | \u2013 | 2,214 |
Investment appreciation (depreciation) | 6,342 | 212 | 199 | 3,453 | 459 | 5 | \u2013 | 10,670 | (154) | 10,516 |
8,935 | 382 | 636 | 4,888 | 1,426 | 14 | \u2013 | 16,281 | (17) | 16,264 | |
Total revenue | 12,988 | 1,521 | 2,089 | 7,281 | 3,521 | 596 | (224) | 27,772 | (17) | 27,755 |
2024 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central 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 |
2025 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for remaining coverage: | ||||||||||
Expected claims and other directly attributable expenses | 1,326 | 632 | 854 | 1,237 | 682 | \u2013 | \u2013 | 4,731 | \u2013 | 4,731 |
Change in risk adjustment for non-financial risk | 78 | 33 | 34 | 68 | 59 | \u2013 | \u2013 | 272 | \u2013 | 272 |
Release of CSM for services provided | 1,025 | 148 | 214 | 529 | 522 | \u2013 | \u2013 | 2,438 | \u2013 | 2,438 |
Other adjustments note (ii) | 46 | 46 | 41 | 2 | 69 | \u2013 | \u2013 | 204 | \u2013 | 204 |
Recovery of insurance acquisition cash flows | 1,549 | 277 | 309 | 557 | 743 | \u2013 | \u2013 | 3,435 | \u2013 | 3,435 |
4,024 | 1,136 | 1,452 | 2,393 | 2,075 | \u2013 | \u2013 | 11,080 | \u2013 | 11,080 | |
Other revenue note (iii) | 29 | 3 | 1 | \u2013 | 20 | 358 | \u2013 | 411 | \u2013 | 411 |
Total revenue from external customers note (iv) | 4,053 | 1,139 | 1,453 | 2,393 | 2,095 | 358 | \u2013 | 11,491 | \u2013 | 11,491 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 224 | (224) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,340 | 105 | 239 | 886 | 822 | 5 | \u2013 | 3,397 | 137 | 3,534 |
Dividend and other investment income | 1,253 | 65 | 198 | 549 | 145 | 4 | \u2013 | 2,214 | \u2013 | 2,214 |
Investment appreciation (depreciation) | 6,342 | 212 | 199 | 3,453 | 459 | 5 | \u2013 | 10,670 | (154) | 10,516 |
8,935 | 382 | 636 | 4,888 | 1,426 | 14 | \u2013 | 16,281 | (17) | 16,264 | |
Total revenue | 12,988 | 1,521 | 2,089 | 7,281 | 3,521 | 596 | (224) | 27,772 | (17) | 27,755 |
2024 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central 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 |
2025 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central operations) | Total | |
Insurance revenue | ||||||||||
Amounts relating to changes in the liability for remaining coverage: | ||||||||||
Expected claims and other directly attributable expenses | 1,326 | 632 | 854 | 1,237 | 682 | \u2013 | \u2013 | 4,731 | \u2013 | 4,731 |
Change in risk adjustment for non-financial risk | 78 | 33 | 34 | 68 | 59 | \u2013 | \u2013 | 272 | \u2013 | 272 |
Release of CSM for services provided | 1,025 | 148 | 214 | 529 | 522 | \u2013 | \u2013 | 2,438 | \u2013 | 2,438 |
Other adjustments note (ii) | 46 | 46 | 41 | 2 | 69 | \u2013 | \u2013 | 204 | \u2013 | 204 |
Recovery of insurance acquisition cash flows | 1,549 | 277 | 309 | 557 | 743 | \u2013 | \u2013 | 3,435 | \u2013 | 3,435 |
4,024 | 1,136 | 1,452 | 2,393 | 2,075 | \u2013 | \u2013 | 11,080 | \u2013 | 11,080 | |
Other revenue note (iii) | 29 | 3 | 1 | \u2013 | 20 | 358 | \u2013 | 411 | \u2013 | 411 |
Total revenue from external customers note (iv) | 4,053 | 1,139 | 1,453 | 2,393 | 2,095 | 358 | \u2013 | 11,491 | \u2013 | 11,491 |
Intra-group revenue | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 224 | (224) | \u2013 | \u2013 | \u2013 |
Investment return | ||||||||||
Interest income | 1,340 | 105 | 239 | 886 | 822 | 5 | \u2013 | 3,397 | 137 | 3,534 |
Dividend and other investment income | 1,253 | 65 | 198 | 549 | 145 | 4 | \u2013 | 2,214 | \u2013 | 2,214 |
Investment appreciation (depreciation) | 6,342 | 212 | 199 | 3,453 | 459 | 5 | \u2013 | 10,670 | (154) | 10,516 |
8,935 | 382 | 636 | 4,888 | 1,426 | 14 | \u2013 | 16,281 | (17) | 16,264 | |
Total revenue | 12,988 | 1,521 | 2,089 | 7,281 | 3,521 | 596 | (224) | 27,772 | (17) | 27,755 |
2024 $m | ||||||||||
Insurance operations note (i) | ||||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Inter- segment elimination | Total segment | Unallocated to a segment (central 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 |
2025 $m | 2024 $m | |
Interest income calculated using the effective interest method | 413 | 477 |
Net gains on financial instruments at FVTPL note | 15,784 | 5,250 |
Other investment returns (including foreign exchange gains and losses) | 331 | 363 |
Movement in amounts attributable to external unit holders of consolidated investment funds | (264) | (171) |
Investment return recognised in the income statement | 16,264 | 5,919 |
2025 $m | 2024 $m | |
Net finance (expense) income from insurance contracts notes (i)(ii) | ||
Accretion of interest on GMM contracts | (337) | (295) |
Changes in fair value of underlying assets and other adjustments relating to VFA contracts | (13,859) | (3,258) |
Effect of changes in interest rates and other financial assumptions | (208) | (491) |
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates | 15 | 5 |
Net foreign exchange gain | 107 | 21 |
Other finance (expense) from insurance contracts note (iii) | (330) | (136) |
(14,612) | (4,154) | |
Net finance income (expense) from reinsurance contracts held notes (i)(ii) | ||
Accretion of interest on GMM contracts | 151 | 109 |
Effect of changes in interest rates and other financial assumptions | (254) | (467) |
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates | 15 | (23) |
Net foreign exchange (loss) gain | (71) | 19 |
Other finance income from reinsurance contracts note (iv) | \u2013 | 24 |
(159) | (338) |
2025 $m | 2024 $m | |
Net finance (expense) income from insurance contracts notes (i)(ii) | ||
Accretion of interest on GMM contracts | (337) | (295) |
Changes in fair value of underlying assets and other adjustments relating to VFA contracts | (13,859) | (3,258) |
Effect of changes in interest rates and other financial assumptions | (208) | (491) |
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates | 15 | 5 |
Net foreign exchange gain | 107 | 21 |
Other finance (expense) from insurance contracts note (iii) | (330) | (136) |
(14,612) | (4,154) | |
Net finance income (expense) from reinsurance contracts held notes (i)(ii) | ||
Accretion of interest on GMM contracts | 151 | 109 |
Effect of changes in interest rates and other financial assumptions | (254) | (467) |
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates | 15 | (23) |
Net foreign exchange (loss) gain | (71) | 19 |
Other finance income from reinsurance contracts note (iv) | \u2013 | 24 |
(159) | (338) |
2025 $m | 2024 $m | |
Net finance (expense) income from insurance contracts notes (i)(ii) | ||
Accretion of interest on GMM contracts | (337) | (295) |
Changes in fair value of underlying assets and other adjustments relating to VFA contracts | (13,859) | (3,258) |
Effect of changes in interest rates and other financial assumptions | (208) | (491) |
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates | 15 | 5 |
Net foreign exchange gain | 107 | 21 |
Other finance (expense) from insurance contracts note (iii) | (330) | (136) |
(14,612) | (4,154) | |
Net finance income (expense) from reinsurance contracts held notes (i)(ii) | ||
Accretion of interest on GMM contracts | 151 | 109 |
Effect of changes in interest rates and other financial assumptions | (254) | (467) |
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates | 15 | (23) |
Net foreign exchange (loss) gain | (71) | 19 |
Other finance income from reinsurance contracts note (iv) | \u2013 | 24 |
(159) | (338) |
2025 $m | 2024 $m | ||||||
Adjusted operating profit after tax | Non-operating items after tax | Profit after tax | Adjusted operating profit after tax | Non-operating items after tax | Profit after tax | ||
Hong Kong | 1,126 | 207 | 1,333 | 971 | (120) | 851 | |
Indonesia | 198 | 26 | 224 | 218 | (37) | 181 | |
Mainland China note | 411 | (435) | (24) | 363 | (204) | 159 | |
Malaysia note | 320 | 5 | 325 | 264 | 32 | 296 | |
Singapore | 603 | 363 | 966 | 594 | (28) | 566 | |
Growth markets and other note | 491 | 44 | 535 | 531 | (28) | 503 | |
Asset management | 305 | 1,328 | 1,633 | 275 | (11) | 264 | |
Total segment profit | 3,454 | 1,538 | 4,992 | 3,216 | (396) | 2,820 | |
Unallocated to a segment (central operations) | (682) | (191) | (873) | (634) | 229 | (405) | |
Group total | 2,772 | 1,347 | 4,119 | 2,582 | (167) | 2,415 |
2025 $m | 2024 $m | |
Expenses attributed to insurance acquisition cash flows note (i) | 5,379 | 4,987 |
Other directly attributable expenses note (ii) | 1,455 | 1,328 |
Other expenditure note (iii) | 1,031 | 1,003 |
Total expenses | 7,865 | 7,318 |
2025 $m | 2024 $m | |
Hong Kong | 157 | 51 |
Indonesia | 17 | 12 |
Malaysia | 51 | 22 |
Singapore | 93 | 36 |
Growth markets and other | 223 | 372 |
Eastspring | 12 | 13 |
Total segment | 553 | 506 |
Unallocated to a segment (central operations) | 18 | 17 |
Total depreciation and amortisation | 571 | 523 |
2025 $m | 2024 $m | |
Wages and salaries | 1,228 | 1,119 |
Social security costs | 38 | 37 |
Defined contribution pension schemes | 57 | 54 |
Total Group | 1,323 | 1,210 |
Share scheme | Description |
Prudential Global Long Term Incentive Plan (PG LTIP) | The PG LTIP provides eligible employees with conditional awards. Awards are discretionary and vest 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 Incentive Plan (LTIP) | Certain agents are eligible to be granted awards in Prudential shares under the Prudential Agency 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 schemes | Eligible agents in certain business units are able to participate in the International Savings-Related Share Option Scheme for Non-Employees (ISSOSNE). The plan is similar to the HMRC-approved Save As You Earn (Sharesave) 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 (SIP). 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 (PRUshareplus) which is run in a similar way. |
Options outstanding under Sharesave and ISSOSNE schemes | Awards outstanding under incentive plans | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | Number of awards | |||
millions | \u00a3 | millions | \u00a3 | millions | |||
Balance at beginning of year | 1.7 | 7.84 | 1.7 | 9.50 | 17.5 | 14.3 | |
Granted | 0.3 | 7.86 | 0.6 | 5.25 | 9.0 | 10.9 | |
Exercised | (0.2) | 8.20 | (0.1) | 7.37 | (7.0) | (6.6) | |
Forfeited | \u2013 | 7.10 | \u2013 | 7.60 | (0.3) | (0.5) | |
Cancelled | (0.3) | 10.90 | (0.5) | 10.16 | \u2013 | \u2013 | |
Lapsed/expired | \u2013 | 9.20 | \u2013 | 9.42 | (0.5) | (0.6) | |
Balance at end of year | 1.5 | 7.30 | 1.7 | 7.84 | 18.7 | 17.5 | |
Options immediately exercisable at end of year | 0.1 | 8.54 | 0.2 | 11.57 |
Outstanding | Exercisable | ||||||||||
Number outstanding millions | Weighted average remaining contractual life years | Weighted average exercise prices \u00a3 | Number exercisable millions | Weighted average exercise prices \u00a3 | |||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||
Between \u00a35 and \u00a36 | 0.5 | 0.5 | 3.3 | 4.3 | 5.24 | 5.24 | \u2013 | \u2013 | \u2013 | \u2013 | |
Between \u00a37 and \u00a38 | 0.8 | 0.7 | 2.8 | 2.7 | 7.69 | 7.55 | 0.1 | \u2013 | 7.37 | \u2013 | |
Between \u00a39 and \u00a310 | 0.1 | 0.1 | 0.4 | 1.4 | 9.64 | 9.64 | 0.1 | \u2013 | 9.64 | \u2013 | |
Between \u00a311 and \u00a312 | 0.1 | 0.4 | 1.4 | 1.3 | 11.89 | 11.70 | \u2013 | 0.2 | \u2013 | 11.57 | |
Between \u00a312 and \u00a313 | \u2013 | \u2013 | 1.5 | 0.6 | 12.02 | 12.02 | \u2013 | \u2013 | \u2013 | \u2013 | |
Total | 1.5 | 1.7 | 2.8 | 2.8 | 7.30 | 7.84 | 0.2 | 0.2 | 8.54 | 11.57 |
2025 | 2024 | ||||||
Sharesave and ISSOSNE options | Prudential LTIP (TSR) | Other awards | Sharesave and ISSOSNE options | Prudential LTIP (TSR) | Other awards | ||
Dividend yield (%) | 2.20 | \u2013 | \u2013 | 2.08 | \u2013 | \u2013 | |
Expected volatility (%) | 22.97 | 29.45 | \u2013 | 28.17 | 28.45 | \u2013 | |
Risk-free interest rate (%) | 3.31 | 3.82 | \u2013 | 3.57 | 4.39 | \u2013 | |
Expected option life (years) | 3.73 | \u2013 | \u2013 | 4.03 | \u2013 | \u2013 | |
Weighted average exercise price (\u00a3) | \u00a37.86 | \u2013 | \u2013 | \u00a35.24 | \u2013 | \u2013 | |
Weighted average share price at grant date (\u00a3/HKD) | \u00a310.39 | HKD 82.75 | \u2013 | \u00a37.16 | HKD 75.10 | \u2013 | |
Weighted average fair value at grant date (\u00a3/HKD) | \u00a33.11 | HKD 55.33 | HKD 80.82 | \u00a32.50 | HKD 29.29 | HKD 72.58 |
2025 $m | 2024 $m | |
Total Salaries and short term benefits | 25.8 | 24.6 |
Share based payments and other long term awards | 14.9 | 12.5 |
Payments made on appointment | 3.1 | 0.8 |
Post-employment benefits | 1.5 | 1.3 |
Total key management remuneration | 45.3 | 39.2 |
2025 $m | 2024 $m | |
Audit of the Company\u2019s annual accounts | 5.3 | 5.3 |
Audit of subsidiaries pursuant to legislation | 6.0 | 6.0 |
Audit fees payable to the auditor | 11.3 | 11.3 |
Audit-related assurance services note | 4.2 | 5.2 |
Other assurance services | 0.8 | 1.2 |
Non-audit fees payable to the auditor | 5.0 | 6.4 |
Total fees payable to the auditor | 16.3 | 17.7 |
2025 $m | 2024 $m | |
Hong Kong | (148) | (229) |
Indonesia | (45) | (37) |
Malaysia | (123) | (155) |
Singapore | (249) | (176) |
Growth markets and other | (110) | (158) |
Eastspring note (i) | (256) | (29) |
Total segment note (ii) | (931) | (784) |
Unallocated to a segment (central operations) | (71) | (40) |
Total tax charge note (iii) | (1,002) | (824) |
2025 $m | 2024 $m | |
Current tax arising from: | ||
Corporation tax | (838) | (520) |
Adjustments in respect of prior years note | 122 | (1) |
Pillar Two income taxes (see below) | (23) | \u2013 |
Total current tax charge | (739) | (521) |
Deferred tax arising from: | ||
Origination and reversal of temporary differences | (248) | (319) |
Adjustment in respect of a tax loss, tax credit or temporary difference from a prior year | (15) | 16 |
Total deferred tax charge | (263) | (303) |
Total tax charge | (1,002) | (824) |
2025 | 2024 | ||||
$m | ETR % | $m | ETR % | ||
Profit before tax (being tax attributable to shareholders\u2019 and policyholders\u2019 returns) | 5,121 | 3,239 | |||
Tax charge attributable to policyholders\u2019 returns note (i) | (180) | (286) | |||
Profit before tax attributable to shareholders' returns | 4,941 | 2,953 | |||
Tax charge at the expected rate | (923) | 19 % | (585) | 20 % | |
Effects of recurring tax reconciliation items: | |||||
Income not taxable or taxable at concessionary rates note (ii) | 119 | (2)% | 96 | (3)% | |
Deductions and losses not allowable for tax purposes note (iii) | (189) | 4% | (164) | 5% | |
Items related to taxation of life insurance businesses note (iv) | 158 | (3)% | 94 | (3)% | |
Deferred tax adjustments including unrecognised tax losses | (40) | 1% | 4 | 0% | |
Effect of results of joint ventures and associates note (v) | 75 | (2)% | 100 | (3)% | |
Irrecoverable withholding taxes note (vi) | (43) | 1% | (61) | 2% | |
Pillar Two income taxes | (23) | 0% | \u2013 | 0% | |
Other | (5) | 0% | 1 | 0% | |
Total credit on recurring items | 52 | (1)% | 70 | (2)% | |
Effects of non-recurring tax reconciliation items: | |||||
Adjustments to tax charge in relation to prior years | 3 | 0% | 7 | 0% | |
Movements in provisions for open tax matters note (vii) | 20 | 0% | (8) | 0% | |
Adjustments in relation to business disposals and corporate transactions | 26 | (1)% | (22) | 0% | |
Total credit (charge) on non-recurring items | 49 | (1)% | (23) | 0% | |
Tax charge attributable to shareholders' returns | (822) | (538) | |||
Tax charge attributable to policyholders\u2019 returns note (i) | (180) | (286) | |||
Tax charge attributable to shareholders' and policyholders' returns | (1,002) | (824) | |||
Profit before tax attributable to shareholders\u2019 returns analysed into: | |||||
Adjusted operating profit | 3,306 | 3,129 | |||
Non-operating result note (viii) | 1,635 | (176) | |||
Profit before tax attributable to shareholders' returns | 4,941 | 2,953 | |||
Tax charge attributable to shareholders' returns analysed into: | |||||
Tax charge on adjusted operating profit | (534) | (547) | |||
Tax (charge) credit on non-operating result note (viii) | (288) | 9 | |||
Tax charge attributable to shareholders' returns | (822) | (538) | |||
Actual tax rate on: | |||||
Adjusted operating profit: | |||||
Including non-recurring tax reconciling items note (ix) | 16% | 17% | |||
Excluding non-recurring tax reconciling items | 17% | 17% | |||
Profit before tax attributable to shareholders' returns note (ix) | 17% | 18% |
2025 $m | |
Balance at 1 Jan | (95) |
Movements in the current year included in tax charge attributable to shareholders | 20 |
Provisions utilised in the year | 5 |
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 | (77) |
2025 % | ||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Other (central) operations | Total attributable to shareholders | |
Tax rate on adjusted operating profit | 8% | 21% | 22% | 15% | 20% | 7% | (8)% | 16% |
Tax rate on profit before tax | 6% | 17% | 22% | 15% | 16% | 14% | (9)% | 17% |
2024 % | ||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Other (central) operations | Total attributable to 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% |
2025 $m | 2024 $m | |
Expenses attributed to insurance acquisition cash flows note (i) | 5,379 | 4,987 |
Other directly attributable expenses note (ii) | 1,455 | 1,328 |
Other expenditure note (iii) | 1,031 | 1,003 |
Total expenses | 7,865 | 7,318 |
2025 $m | 2024 $m | |
Hong Kong | 157 | 51 |
Indonesia | 17 | 12 |
Malaysia | 51 | 22 |
Singapore | 93 | 36 |
Growth markets and other | 223 | 372 |
Eastspring | 12 | 13 |
Total segment | 553 | 506 |
Unallocated to a segment (central operations) | 18 | 17 |
Total depreciation and amortisation | 571 | 523 |
2025 $m | 2024 $m | |
Wages and salaries | 1,228 | 1,119 |
Social security costs | 38 | 37 |
Defined contribution pension schemes | 57 | 54 |
Total Group | 1,323 | 1,210 |
Share scheme | Description |
Prudential Global Long Term Incentive Plan (PG LTIP) | The PG LTIP provides eligible employees with conditional awards. Awards are discretionary and vest 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 Incentive Plan (LTIP) | Certain agents are eligible to be granted awards in Prudential shares under the Prudential Agency 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 schemes | Eligible agents in certain business units are able to participate in the International Savings-Related Share Option Scheme for Non-Employees (ISSOSNE). The plan is similar to the HMRC-approved Save As You Earn (Sharesave) 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 (SIP). 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 (PRUshareplus) which is run in a similar way. |
Options outstanding under Sharesave and ISSOSNE schemes | Awards outstanding under incentive plans | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | Number of awards | |||
millions | \u00a3 | millions | \u00a3 | millions | |||
Balance at beginning of year | 1.7 | 7.84 | 1.7 | 9.50 | 17.5 | 14.3 | |
Granted | 0.3 | 7.86 | 0.6 | 5.25 | 9.0 | 10.9 | |
Exercised | (0.2) | 8.20 | (0.1) | 7.37 | (7.0) | (6.6) | |
Forfeited | \u2013 | 7.10 | \u2013 | 7.60 | (0.3) | (0.5) | |
Cancelled | (0.3) | 10.90 | (0.5) | 10.16 | \u2013 | \u2013 | |
Lapsed/expired | \u2013 | 9.20 | \u2013 | 9.42 | (0.5) | (0.6) | |
Balance at end of year | 1.5 | 7.30 | 1.7 | 7.84 | 18.7 | 17.5 | |
Options immediately exercisable at end of year | 0.1 | 8.54 | 0.2 | 11.57 |
Outstanding | Exercisable | ||||||||||
Number outstanding millions | Weighted average remaining contractual life years | Weighted average exercise prices \u00a3 | Number exercisable millions | Weighted average exercise prices \u00a3 | |||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||
Between \u00a35 and \u00a36 | 0.5 | 0.5 | 3.3 | 4.3 | 5.24 | 5.24 | \u2013 | \u2013 | \u2013 | \u2013 | |
Between \u00a37 and \u00a38 | 0.8 | 0.7 | 2.8 | 2.7 | 7.69 | 7.55 | 0.1 | \u2013 | 7.37 | \u2013 | |
Between \u00a39 and \u00a310 | 0.1 | 0.1 | 0.4 | 1.4 | 9.64 | 9.64 | 0.1 | \u2013 | 9.64 | \u2013 | |
Between \u00a311 and \u00a312 | 0.1 | 0.4 | 1.4 | 1.3 | 11.89 | 11.70 | \u2013 | 0.2 | \u2013 | 11.57 | |
Between \u00a312 and \u00a313 | \u2013 | \u2013 | 1.5 | 0.6 | 12.02 | 12.02 | \u2013 | \u2013 | \u2013 | \u2013 | |
Total | 1.5 | 1.7 | 2.8 | 2.8 | 7.30 | 7.84 | 0.2 | 0.2 | 8.54 | 11.57 |
2025 | 2024 | ||||||
Sharesave and ISSOSNE options | Prudential LTIP (TSR) | Other awards | Sharesave and ISSOSNE options | Prudential LTIP (TSR) | Other awards | ||
Dividend yield (%) | 2.20 | \u2013 | \u2013 | 2.08 | \u2013 | \u2013 | |
Expected volatility (%) | 22.97 | 29.45 | \u2013 | 28.17 | 28.45 | \u2013 | |
Risk-free interest rate (%) | 3.31 | 3.82 | \u2013 | 3.57 | 4.39 | \u2013 | |
Expected option life (years) | 3.73 | \u2013 | \u2013 | 4.03 | \u2013 | \u2013 | |
Weighted average exercise price (\u00a3) | \u00a37.86 | \u2013 | \u2013 | \u00a35.24 | \u2013 | \u2013 | |
Weighted average share price at grant date (\u00a3/HKD) | \u00a310.39 | HKD 82.75 | \u2013 | \u00a37.16 | HKD 75.10 | \u2013 | |
Weighted average fair value at grant date (\u00a3/HKD) | \u00a33.11 | HKD 55.33 | HKD 80.82 | \u00a32.50 | HKD 29.29 | HKD 72.58 |
2025 $m | 2024 $m | |
Total Salaries and short term benefits | 25.8 | 24.6 |
Share based payments and other long term awards | 14.9 | 12.5 |
Payments made on appointment | 3.1 | 0.8 |
Post-employment benefits | 1.5 | 1.3 |
Total key management remuneration | 45.3 | 39.2 |
2025 $m | 2024 $m | |
Hong Kong | (148) | (229) |
Indonesia | (45) | (37) |
Malaysia | (123) | (155) |
Singapore | (249) | (176) |
Growth markets and other | (110) | (158) |
Eastspring note (i) | (256) | (29) |
Total segment note (ii) | (931) | (784) |
Unallocated to a segment (central operations) | (71) | (40) |
Total tax charge note (iii) | (1,002) | (824) |
2025 $m | 2024 $m | |
Current tax arising from: | ||
Corporation tax | (838) | (520) |
Adjustments in respect of prior years note | 122 | (1) |
Pillar Two income taxes (see below) | (23) | \u2013 |
Total current tax charge | (739) | (521) |
Deferred tax arising from: | ||
Origination and reversal of temporary differences | (248) | (319) |
Adjustment in respect of a tax loss, tax credit or temporary difference from a prior year | (15) | 16 |
Total deferred tax charge | (263) | (303) |
Total tax charge | (1,002) | (824) |
2025 | 2024 | ||||
$m | ETR % | $m | ETR % | ||
Profit before tax (being tax attributable to shareholders\u2019 and policyholders\u2019 returns) | 5,121 | 3,239 | |||
Tax charge attributable to policyholders\u2019 returns note (i) | (180) | (286) | |||
Profit before tax attributable to shareholders' returns | 4,941 | 2,953 | |||
Tax charge at the expected rate | (923) | 19 % | (585) | 20 % | |
Effects of recurring tax reconciliation items: | |||||
Income not taxable or taxable at concessionary rates note (ii) | 119 | (2)% | 96 | (3)% | |
Deductions and losses not allowable for tax purposes note (iii) | (189) | 4% | (164) | 5% | |
Items related to taxation of life insurance businesses note (iv) | 158 | (3)% | 94 | (3)% | |
Deferred tax adjustments including unrecognised tax losses | (40) | 1% | 4 | 0% | |
Effect of results of joint ventures and associates note (v) | 75 | (2)% | 100 | (3)% | |
Irrecoverable withholding taxes note (vi) | (43) | 1% | (61) | 2% | |
Pillar Two income taxes | (23) | 0% | \u2013 | 0% | |
Other | (5) | 0% | 1 | 0% | |
Total credit on recurring items | 52 | (1)% | 70 | (2)% | |
Effects of non-recurring tax reconciliation items: | |||||
Adjustments to tax charge in relation to prior years | 3 | 0% | 7 | 0% | |
Movements in provisions for open tax matters note (vii) | 20 | 0% | (8) | 0% | |
Adjustments in relation to business disposals and corporate transactions | 26 | (1)% | (22) | 0% | |
Total credit (charge) on non-recurring items | 49 | (1)% | (23) | 0% | |
Tax charge attributable to shareholders' returns | (822) | (538) | |||
Tax charge attributable to policyholders\u2019 returns note (i) | (180) | (286) | |||
Tax charge attributable to shareholders' and policyholders' returns | (1,002) | (824) | |||
Profit before tax attributable to shareholders\u2019 returns analysed into: | |||||
Adjusted operating profit | 3,306 | 3,129 | |||
Non-operating result note (viii) | 1,635 | (176) | |||
Profit before tax attributable to shareholders' returns | 4,941 | 2,953 | |||
Tax charge attributable to shareholders' returns analysed into: | |||||
Tax charge on adjusted operating profit | (534) | (547) | |||
Tax (charge) credit on non-operating result note (viii) | (288) | 9 | |||
Tax charge attributable to shareholders' returns | (822) | (538) | |||
Actual tax rate on: | |||||
Adjusted operating profit: | |||||
Including non-recurring tax reconciling items note (ix) | 16% | 17% | |||
Excluding non-recurring tax reconciling items | 17% | 17% | |||
Profit before tax attributable to shareholders' returns note (ix) | 17% | 18% |
2025 $m | |
Balance at 1 Jan | (95) |
Movements in the current year included in tax charge attributable to shareholders | 20 |
Provisions utilised in the year | 5 |
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 | (77) |
2025 % | ||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Other (central) operations | Total attributable to shareholders | |
Tax rate on adjusted operating profit | 8% | 21% | 22% | 15% | 20% | 7% | (8)% | 16% |
Tax rate on profit before tax | 6% | 17% | 22% | 15% | 16% | 14% | (9)% | 17% |
2024 % | ||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Other (central) operations | Total attributable to 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% |
2025 $m | 2024 $m | |
Hong Kong | 157 | 51 |
Indonesia | 17 | 12 |
Malaysia | 51 | 22 |
Singapore | 93 | 36 |
Growth markets and other | 223 | 372 |
Eastspring | 12 | 13 |
Total segment | 553 | 506 |
Unallocated to a segment (central operations) | 18 | 17 |
Total depreciation and amortisation | 571 | 523 |
2025 $m | 2024 $m | |
Wages and salaries | 1,228 | 1,119 |
Social security costs | 38 | 37 |
Defined contribution pension schemes | 57 | 54 |
Total Group | 1,323 | 1,210 |
2025 | 2024 | |
Asia and Africa operations note | 14,770 | 14,851 |
Head office function | 568 | 561 |
Total Group | 15,338 | 15,412 |
2025 $m | 2024 $m | |
Wages and salaries | 1,228 | 1,119 |
Social security costs | 38 | 37 |
Defined contribution pension schemes | 57 | 54 |
Total Group | 1,323 | 1,210 |
Share scheme | Description |
Prudential Global Long Term Incentive Plan (PG LTIP) | The PG LTIP provides eligible employees with conditional awards. Awards are discretionary and vest 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 Incentive Plan (LTIP) | Certain agents are eligible to be granted awards in Prudential shares under the Prudential Agency 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 schemes | Eligible agents in certain business units are able to participate in the International Savings-Related Share Option Scheme for Non-Employees (ISSOSNE). The plan is similar to the HMRC-approved Save As You Earn (Sharesave) 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 (SIP). 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 (PRUshareplus) which is run in a similar way. |
Options outstanding under Sharesave and ISSOSNE schemes | Awards outstanding under incentive plans | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | Number of awards | |||
millions | \u00a3 | millions | \u00a3 | millions | |||
Balance at beginning of year | 1.7 | 7.84 | 1.7 | 9.50 | 17.5 | 14.3 | |
Granted | 0.3 | 7.86 | 0.6 | 5.25 | 9.0 | 10.9 | |
Exercised | (0.2) | 8.20 | (0.1) | 7.37 | (7.0) | (6.6) | |
Forfeited | \u2013 | 7.10 | \u2013 | 7.60 | (0.3) | (0.5) | |
Cancelled | (0.3) | 10.90 | (0.5) | 10.16 | \u2013 | \u2013 | |
Lapsed/expired | \u2013 | 9.20 | \u2013 | 9.42 | (0.5) | (0.6) | |
Balance at end of year | 1.5 | 7.30 | 1.7 | 7.84 | 18.7 | 17.5 | |
Options immediately exercisable at end of year | 0.1 | 8.54 | 0.2 | 11.57 |
Outstanding | Exercisable | ||||||||||
Number outstanding millions | Weighted average remaining contractual life years | Weighted average exercise prices \u00a3 | Number exercisable millions | Weighted average exercise prices \u00a3 | |||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||
Between \u00a35 and \u00a36 | 0.5 | 0.5 | 3.3 | 4.3 | 5.24 | 5.24 | \u2013 | \u2013 | \u2013 | \u2013 | |
Between \u00a37 and \u00a38 | 0.8 | 0.7 | 2.8 | 2.7 | 7.69 | 7.55 | 0.1 | \u2013 | 7.37 | \u2013 | |
Between \u00a39 and \u00a310 | 0.1 | 0.1 | 0.4 | 1.4 | 9.64 | 9.64 | 0.1 | \u2013 | 9.64 | \u2013 | |
Between \u00a311 and \u00a312 | 0.1 | 0.4 | 1.4 | 1.3 | 11.89 | 11.70 | \u2013 | 0.2 | \u2013 | 11.57 | |
Between \u00a312 and \u00a313 | \u2013 | \u2013 | 1.5 | 0.6 | 12.02 | 12.02 | \u2013 | \u2013 | \u2013 | \u2013 | |
Total | 1.5 | 1.7 | 2.8 | 2.8 | 7.30 | 7.84 | 0.2 | 0.2 | 8.54 | 11.57 |
2025 | 2024 | ||||||
Sharesave and ISSOSNE options | Prudential LTIP (TSR) | Other awards | Sharesave and ISSOSNE options | Prudential LTIP (TSR) | Other awards | ||
Dividend yield (%) | 2.20 | \u2013 | \u2013 | 2.08 | \u2013 | \u2013 | |
Expected volatility (%) | 22.97 | 29.45 | \u2013 | 28.17 | 28.45 | \u2013 | |
Risk-free interest rate (%) | 3.31 | 3.82 | \u2013 | 3.57 | 4.39 | \u2013 | |
Expected option life (years) | 3.73 | \u2013 | \u2013 | 4.03 | \u2013 | \u2013 | |
Weighted average exercise price (\u00a3) | \u00a37.86 | \u2013 | \u2013 | \u00a35.24 | \u2013 | \u2013 | |
Weighted average share price at grant date (\u00a3/HKD) | \u00a310.39 | HKD 82.75 | \u2013 | \u00a37.16 | HKD 75.10 | \u2013 | |
Weighted average fair value at grant date (\u00a3/HKD) | \u00a33.11 | HKD 55.33 | HKD 80.82 | \u00a32.50 | HKD 29.29 | HKD 72.58 |
2025 $m | 2024 $m | |
Total Salaries and short term benefits | 25.8 | 24.6 |
Share based payments and other long term awards | 14.9 | 12.5 |
Payments made on appointment | 3.1 | 0.8 |
Post-employment benefits | 1.5 | 1.3 |
Total key management remuneration | 45.3 | 39.2 |
Share scheme | Description |
Prudential Global Long Term Incentive Plan (PG LTIP) | The PG LTIP provides eligible employees with conditional awards. Awards are discretionary and vest 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 Incentive Plan (LTIP) | Certain agents are eligible to be granted awards in Prudential shares under the Prudential Agency 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 schemes | Eligible agents in certain business units are able to participate in the International Savings-Related Share Option Scheme for Non-Employees (ISSOSNE). The plan is similar to the HMRC-approved Save As You Earn (Sharesave) 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 (SIP). 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 (PRUshareplus) which is run in a similar way. |
Options outstanding under Sharesave and ISSOSNE schemes | Awards outstanding under incentive plans | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | Number of awards | |||
millions | \u00a3 | millions | \u00a3 | millions | |||
Balance at beginning of year | 1.7 | 7.84 | 1.7 | 9.50 | 17.5 | 14.3 | |
Granted | 0.3 | 7.86 | 0.6 | 5.25 | 9.0 | 10.9 | |
Exercised | (0.2) | 8.20 | (0.1) | 7.37 | (7.0) | (6.6) | |
Forfeited | \u2013 | 7.10 | \u2013 | 7.60 | (0.3) | (0.5) | |
Cancelled | (0.3) | 10.90 | (0.5) | 10.16 | \u2013 | \u2013 | |
Lapsed/expired | \u2013 | 9.20 | \u2013 | 9.42 | (0.5) | (0.6) | |
Balance at end of year | 1.5 | 7.30 | 1.7 | 7.84 | 18.7 | 17.5 | |
Options immediately exercisable at end of year | 0.1 | 8.54 | 0.2 | 11.57 |
Outstanding | Exercisable | ||||||||||
Number outstanding millions | Weighted average remaining contractual life years | Weighted average exercise prices \u00a3 | Number exercisable millions | Weighted average exercise prices \u00a3 | |||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||
Between \u00a35 and \u00a36 | 0.5 | 0.5 | 3.3 | 4.3 | 5.24 | 5.24 | \u2013 | \u2013 | \u2013 | \u2013 | |
Between \u00a37 and \u00a38 | 0.8 | 0.7 | 2.8 | 2.7 | 7.69 | 7.55 | 0.1 | \u2013 | 7.37 | \u2013 | |
Between \u00a39 and \u00a310 | 0.1 | 0.1 | 0.4 | 1.4 | 9.64 | 9.64 | 0.1 | \u2013 | 9.64 | \u2013 | |
Between \u00a311 and \u00a312 | 0.1 | 0.4 | 1.4 | 1.3 | 11.89 | 11.70 | \u2013 | 0.2 | \u2013 | 11.57 | |
Between \u00a312 and \u00a313 | \u2013 | \u2013 | 1.5 | 0.6 | 12.02 | 12.02 | \u2013 | \u2013 | \u2013 | \u2013 | |
Total | 1.5 | 1.7 | 2.8 | 2.8 | 7.30 | 7.84 | 0.2 | 0.2 | 8.54 | 11.57 |
2025 | 2024 | ||||||
Sharesave and ISSOSNE options | Prudential LTIP (TSR) | Other awards | Sharesave and ISSOSNE options | Prudential LTIP (TSR) | Other awards | ||
Dividend yield (%) | 2.20 | \u2013 | \u2013 | 2.08 | \u2013 | \u2013 | |
Expected volatility (%) | 22.97 | 29.45 | \u2013 | 28.17 | 28.45 | \u2013 | |
Risk-free interest rate (%) | 3.31 | 3.82 | \u2013 | 3.57 | 4.39 | \u2013 | |
Expected option life (years) | 3.73 | \u2013 | \u2013 | 4.03 | \u2013 | \u2013 | |
Weighted average exercise price (\u00a3) | \u00a37.86 | \u2013 | \u2013 | \u00a35.24 | \u2013 | \u2013 | |
Weighted average share price at grant date (\u00a3/HKD) | \u00a310.39 | HKD 82.75 | \u2013 | \u00a37.16 | HKD 75.10 | \u2013 | |
Weighted average fair value at grant date (\u00a3/HKD) | \u00a33.11 | HKD 55.33 | HKD 80.82 | \u00a32.50 | HKD 29.29 | HKD 72.58 |
2025 $m | 2024 $m | |
Total Salaries and short term benefits | 25.8 | 24.6 |
Share based payments and other long term awards | 14.9 | 12.5 |
Payments made on appointment | 3.1 | 0.8 |
Post-employment benefits | 1.5 | 1.3 |
Total key management remuneration | 45.3 | 39.2 |
2025 $m | 2024 $m | |
Total Salaries and short term benefits | 25.8 | 24.6 |
Share based payments and other long term awards | 14.9 | 12.5 |
Payments made on appointment | 3.1 | 0.8 |
Post-employment benefits | 1.5 | 1.3 |
Total key management remuneration | 45.3 | 39.2 |
2025 $m | 2024 $m | |
Audit of the Company\u2019s annual accounts | 5.3 | 5.3 |
Audit of subsidiaries pursuant to legislation | 6.0 | 6.0 |
Audit fees payable to the auditor | 11.3 | 11.3 |
Audit-related assurance services note | 4.2 | 5.2 |
Other assurance services | 0.8 | 1.2 |
Non-audit fees payable to the auditor | 5.0 | 6.4 |
Total fees payable to the auditor | 16.3 | 17.7 |
2025 $m | 2024 $m | |
Hong Kong | (148) | (229) |
Indonesia | (45) | (37) |
Malaysia | (123) | (155) |
Singapore | (249) | (176) |
Growth markets and other | (110) | (158) |
Eastspring note (i) | (256) | (29) |
Total segment note (ii) | (931) | (784) |
Unallocated to a segment (central operations) | (71) | (40) |
Total tax charge note (iii) | (1,002) | (824) |
2025 $m | 2024 $m | |
Current tax arising from: | ||
Corporation tax | (838) | (520) |
Adjustments in respect of prior years note | 122 | (1) |
Pillar Two income taxes (see below) | (23) | \u2013 |
Total current tax charge | (739) | (521) |
Deferred tax arising from: | ||
Origination and reversal of temporary differences | (248) | (319) |
Adjustment in respect of a tax loss, tax credit or temporary difference from a prior year | (15) | 16 |
Total deferred tax charge | (263) | (303) |
Total tax charge | (1,002) | (824) |
2025 | 2024 | ||||
$m | ETR % | $m | ETR % | ||
Profit before tax (being tax attributable to shareholders\u2019 and policyholders\u2019 returns) | 5,121 | 3,239 | |||
Tax charge attributable to policyholders\u2019 returns note (i) | (180) | (286) | |||
Profit before tax attributable to shareholders' returns | 4,941 | 2,953 | |||
Tax charge at the expected rate | (923) | 19 % | (585) | 20 % | |
Effects of recurring tax reconciliation items: | |||||
Income not taxable or taxable at concessionary rates note (ii) | 119 | (2)% | 96 | (3)% | |
Deductions and losses not allowable for tax purposes note (iii) | (189) | 4% | (164) | 5% | |
Items related to taxation of life insurance businesses note (iv) | 158 | (3)% | 94 | (3)% | |
Deferred tax adjustments including unrecognised tax losses | (40) | 1% | 4 | 0% | |
Effect of results of joint ventures and associates note (v) | 75 | (2)% | 100 | (3)% | |
Irrecoverable withholding taxes note (vi) | (43) | 1% | (61) | 2% | |
Pillar Two income taxes | (23) | 0% | \u2013 | 0% | |
Other | (5) | 0% | 1 | 0% | |
Total credit on recurring items | 52 | (1)% | 70 | (2)% | |
Effects of non-recurring tax reconciliation items: | |||||
Adjustments to tax charge in relation to prior years | 3 | 0% | 7 | 0% | |
Movements in provisions for open tax matters note (vii) | 20 | 0% | (8) | 0% | |
Adjustments in relation to business disposals and corporate transactions | 26 | (1)% | (22) | 0% | |
Total credit (charge) on non-recurring items | 49 | (1)% | (23) | 0% | |
Tax charge attributable to shareholders' returns | (822) | (538) | |||
Tax charge attributable to policyholders\u2019 returns note (i) | (180) | (286) | |||
Tax charge attributable to shareholders' and policyholders' returns | (1,002) | (824) | |||
Profit before tax attributable to shareholders\u2019 returns analysed into: | |||||
Adjusted operating profit | 3,306 | 3,129 | |||
Non-operating result note (viii) | 1,635 | (176) | |||
Profit before tax attributable to shareholders' returns | 4,941 | 2,953 | |||
Tax charge attributable to shareholders' returns analysed into: | |||||
Tax charge on adjusted operating profit | (534) | (547) | |||
Tax (charge) credit on non-operating result note (viii) | (288) | 9 | |||
Tax charge attributable to shareholders' returns | (822) | (538) | |||
Actual tax rate on: | |||||
Adjusted operating profit: | |||||
Including non-recurring tax reconciling items note (ix) | 16% | 17% | |||
Excluding non-recurring tax reconciling items | 17% | 17% | |||
Profit before tax attributable to shareholders' returns note (ix) | 17% | 18% |
2025 $m | |
Balance at 1 Jan | (95) |
Movements in the current year included in tax charge attributable to shareholders | 20 |
Provisions utilised in the year | 5 |
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 | (77) |
2025 % | ||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Other (central) operations | Total attributable to shareholders | |
Tax rate on adjusted operating profit | 8% | 21% | 22% | 15% | 20% | 7% | (8)% | 16% |
Tax rate on profit before tax | 6% | 17% | 22% | 15% | 16% | 14% | (9)% | 17% |
2024 % | ||||||||
Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Eastspring | Other (central) operations | Total attributable to 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% |
2025 $m | ||||
Net deferred tax liabilities (assets) at 1 Jan | Movement in income statement | Other movements including foreign exchange movements | Net deferred tax liabilities (assets) at 31 Dec | |
Unrealised losses or gains on investments | 148 | 71 | 6 | 225 |
Balances relating to insurance and reinsurance contracts | 1,408 | 190 | 78 | 1,676 |
Short-term temporary differences | (60) | 22 | \u2013 | (38) |
Unused tax losses | (124) | (20) | (8) | (152) |
Net deferred tax liabilities | 1,372 | 263 | 76 | 1,711 |
2024 $m | ||||
Net deferred tax liabilities (assets) at 1 Jan | Movement in income statement | Other movements including foreign exchange movements | Net deferred tax liabilities (assets) 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 |
2025 | ||||||
Before tax | Tax | Non-controlling interests | Net of tax and non- controlling interests | Basic earnings per share | Diluted earnings per share | |
$m | $m | $m | $m | cents | cents | |
Based on adjusted operating profit | 3,306 | (534) | (155) | 2,617 | 101.4\u00a2 | 101.0\u00a2 |
Short-term interest rate and other market fluctuations | 120 | (48) | 14 | 86 | 3.3\u00a2 | 3.3\u00a2 |
Gain attaching to corporate transactions | 1,515 | (240) | \u2013 | 1,275 | 49.5\u00a2 | 49.2\u00a2 |
Based on profit for the year | 4,941 | (822) | (141) | 3,978 | 154.2\u00a2 | 153.5\u00a2 |
2024 | ||||||
Before tax | Tax | Non-controlling interests | Net of tax and non- controlling interests | Basic earnings per share | Diluted earnings 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 |
2025 | 2024 | ||||
Cents per share | $m | Cents per share | $m | ||
Dividends relating to reporting year:* | |||||
First interim dividend | 7.71\u00a2 | 197 | 6.84\u00a2 | 185 | |
Second interim dividend | 18.89\u00a2 | 481 | 16.29\u00a2 | 433 | |
Total relating to reporting year | 26.60\u00a2 | 678 | 23.13\u00a2 | 618 | |
Dividends paid in reporting year: | |||||
Current year first interim dividend | 7.71\u00a2 | 197 | 6.84\u00a2 | 185 | |
Second interim dividend for prior year | 16.29\u00a2 | 426 | 14.21\u00a2 | 390 | |
Total paid in reporting year | 24.00\u00a2 | 623 | 21.05\u00a2 | 575 |
31 Dec 2025 $m | |||||||
Asia and Africa | Unallocated to a segment | Group total | |||||
Insurance | |||||||
Funds with policyholder participation | Unit-linked funds | Other | Eastspring | Total | |||
note (i) | |||||||
Debt securities | |||||||
Sovereign debt | |||||||
Indonesia | 536 | 475 | 826 | \u2013 | 1,837 | \u2013 | 1,837 |
Singapore | 2,339 | 774 | 1,210 | \u2013 | 4,323 | \u2013 | 4,323 |
Thailand | \u2013 | 3 | 3,725 | \u2013 | 3,728 | \u2013 | 3,728 |
United States | 16,538 | 55 | 281 | \u2013 | 16,874 | \u2013 | 16,874 |
Vietnam | 2,625 | 16 | 137 | \u2013 | 2,778 | \u2013 | 2,778 |
Other (predominantly Asia) | 4,737 | 663 | 2,060 | \u2013 | 7,460 | \u2013 | 7,460 |
Subtotal | 26,775 | 1,986 | 8,239 | \u2013 | 37,000 | \u2013 | 37,000 |
Other government bonds | |||||||
AAA | 1,508 | 137 | 112 | \u2013 | 1,757 | \u2013 | 1,757 |
AA+ to AA- | 133 | 31 | 27 | \u2013 | 191 | \u2013 | 191 |
A+ to A- | 830 | 77 | 367 | \u2013 | 1,274 | \u2013 | 1,274 |
BBB+ to BBB- | 230 | 40 | 74 | \u2013 | 344 | \u2013 | 344 |
Below BBB- and unrated | 317 | 44 | 40 | \u2013 | 401 | \u2013 | 401 |
Subtotal | 3,018 | 329 | 620 | \u2013 | 3,967 | \u2013 | 3,967 |
Corporate bonds | |||||||
AAA | 1,538 | 142 | 376 | \u2013 | 2,056 | \u2013 | 2,056 |
AA+ to AA- | 6,263 | 643 | 947 | \u2013 | 7,853 | \u2013 | 7,853 |
A+ to A- | 20,892 | 631 | 1,718 | \u2013 | 23,241 | 1 | 23,242 |
BBB+ to BBB- | 13,149 | 822 | 1,565 | \u2013 | 15,536 | 1 | 15,537 |
Below BBB- and unrated | 1,375 | 232 | 247 | \u2013 | 1,854 | \u2013 | 1,854 |
Subtotal | 43,217 | 2,470 | 4,853 | \u2013 | 50,540 | 2 | 50,542 |
Asset-backed securities | |||||||
AAA | 190 | 3 | 85 | \u2013 | 278 | \u2013 | 278 |
AA+ to AA- | 10 | \u2013 | 3 | \u2013 | 13 | \u2013 | 13 |
A+ to A- | 119 | \u2013 | 16 | \u2013 | 135 | \u2013 | 135 |
BBB+ to BBB- | 22 | \u2013 | 2 | \u2013 | 24 | \u2013 | 24 |
Below BBB- and unrated | 21 | 1 | 70 | \u2013 | 92 | \u2013 | 92 |
Subtotal | 362 | 4 | 176 | \u2013 | 542 | \u2013 | 542 |
Total debt securities notes (ii)(iii) | 73,372 | 4,789 | 13,888 | \u2013 | 92,049 | 2 | 92,051 |
Loans | |||||||
Mortgage loans | 46 | \u2013 | 161 | \u2013 | 207 | \u2013 | 207 |
Other loans | 344 | \u2013 | \u2013 | \u2013 | 344 | \u2013 | 344 |
Total loans | 390 | \u2013 | 161 | \u2013 | 551 | \u2013 | 551 |
Equity securities and holdings in collective investment schemes | |||||||
Direct equities note (ii) | 22,874 | 14,734 | 285 | 91 | 37,984 | 25 | 38,009 |
Collective investment schemes | 39,196 | 11,053 | 1,286 | 14 | 51,549 | \u2013 | 51,549 |
Total equity securities and holdings in collective investment schemes | 62,070 | 25,787 | 1,571 | 105 | 89,533 | 25 | 89,558 |
Derivative assets | 326 | 20 | 267 | \u2013 | 613 | 8 | 621 |
Deposits | 2,464 | 201 | 2,394 | 79 | 5,138 | 1,108 | 6,246 |
Total financial investments | 138,622 | 30,797 | 18,281 | 184 | 187,884 | 1,143 | 189,027 |
Investment properties | \u2013 | \u2013 | 3 | \u2013 | 3 | \u2013 | 3 |
Cash and cash equivalents | 1,707 | 554 | 1,403 | 191 | 3,855 | 3,851 | 7,706 |
Total investments | 140,329 | 31,351 | 19,687 | 375 | 191,742 | 4,994 | 196,736 |
31 Dec 2024 $m | |||||||
Asia and Africa | Unallocated to a segment | ||||||
Insurance | |||||||
Funds with policyholder participation | Unit-linked funds | Other | Eastspring | Total | Group 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)(iii) | 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 note (ii) | 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 |
Derivative assets | 119 | 6 | 129 | \u2013 | 254 | 141 | 395 |
Deposits | 2,121 | 254 | 1,989 | 93 | 4,457 | 1,009 | 5,466 |
Total financial investments | 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 2025 $m | 31 Dec 2024 $m | |
Debt securities held by consolidated investment funds | 12,341 | 10,409 |
Direct equities held by consolidated investment funds* | 6,605 | 5,851 |
31 Dec 2025 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Quoted prices (unadjusted) in active markets | Valuation based on significant observable market inputs | Valuation based on significant unobservable market inputs | Total | |
note (iii) | ||||
Loans note (iv) | \u2013 | 344 | \u2013 | 344 |
Equity securities and holdings in collective investment schemes | 78,744 | 5,537 | 5,277 | 89,558 |
Debt securities note (i) | 70,327 | 21,622 | 102 | 92,051 |
Derivative assets | 171 | 450 | \u2013 | 621 |
Derivative liabilities | (440) | (1,142) | \u2013 | (1,582) |
Total financial investments, net of derivative liabilities | 148,802 | 26,811 | 5,379 | 180,992 |
Investment contract liabilities without DPF note (ii) | \u2013 | (715) | \u2013 | (715) |
Net asset value attributable to unit holders of consolidated investment funds | (2,263) | \u2013 | \u2013 | (2,263) |
Total financial instruments at fair value | 146,539 | 26,096 | 5,379 | 178,014 |
Percentage of total (%) | 82% | 15% | 3% | 100% |
31 Dec 2024 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Quoted prices (unadjusted) in active markets | Valuation based on significant observable market inputs | Valuation based on significant unobservable market inputs | Total | |
note (iii) | ||||
Loans note (iv) | \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 2025 $m | |||
Equity securities and holdings in collective investment schemes | Debt securities | Group total | |
Balance at 1 Jan | 3,117 | 37 | 3,154 |
Total gain in income statement note | 118 | 2 | 120 |
Exchange differences recorded in other comprehensive income | 47 | 4 | 51 |
Purchases and other additions | 2,376 | 60 | 2,436 |
Sales, maturities and capital distribution | (367) | (1) | (368) |
Transfers out of Level 3 | (14) | \u2013 | (14) |
Balance at 31 Dec | 5,277 | 102 | 5,379 |
31 Dec 2024 $m | |||
Equity securities and holdings in collective investment schemes | Debt securities | Group total | |
Balance at 1 Jan | 2,864 | 40 | 2,904 |
Total gain in income statement note | 219 | 3 | 222 |
Exchange differences recorded in other comprehensive income | (31) | (1) | (32) |
Purchases and other additions | 462 | 2 | 464 |
Sales, maturities and capital distribution | (397) | (7) | (404) |
Balance at 31 Dec | 3,117 | 37 | 3,154 |
2025 $m | 2024 $m | |
Equity securities and holdings in collective investment schemes | 119 | (146) |
Debt securities | 2 | 3 |
Net unrealised gains (losses) on financial instruments still held at the end of the year | 121 | (143) |
31 Dec 2025 $m | 31 Dec 2024 $m | ||||
Carrying value | Fair value | Carrying value | Fair value | ||
Financial assets | |||||
Loans note (i) | 207 | 260 | 153 | 163 | |
Financial liabilities | |||||
Core structural borrowings of shareholder-financed businesses note (ii) | (4,459) | (4,402) | (3,925) | (3,694) | |
Operational borrowings (excluding lease liabilities) note (i) | (521) | (521) | (540) | (540) | |
Obligations under funding, securities lending and sale and repurchase agreements note (i) | (745) | (745) | (272) | (272) | |
Net financial liabilities at amortised cost note (iii) | (5,518) | (5,408) | (4,584) | (4,343) |
Financial instruments | Classification under IFRS 9 |
Financial assets | |
Loans | Amortised cost (31 Dec 2025: $207\u00a0million; 31 Dec 2024: $153\u00a0million) |
Mandatorily at FVTPL (31 Dec 2025: $344\u00a0million; 31 Dec 2024: $364\u00a0million) | |
Equity securities and portfolio holdings in collective investment schemes | Mandatorily at FVTPL |
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 repurchase agreements | Amortised cost |
Net asset value attributable to unit holders of consolidated investment funds note | Designated at FVTPL |
Other liabilities | Amortised cost |
31 Dec 2025 $m | ||||||||||||
Total carrying value | Contractual maturity profile for financial liabilities | |||||||||||
1 year or less | 1-2 years | 2-5 years | 5-10 years | 10-15 years | 15-20 years | Over 20 years | No stated maturity | Total undiscounted cash flows | ||||
Investment contracts without DPF note | 715 | 12 | 19 | 96 | 84 | 18 | 7 | 4 | 480 | 720 | ||
Core structural borrowings of shareholder-financed businesses | 4,459 | 147 | 148 | 724 | 3,610 | \u2013 | \u2013 | \u2013 | 750 | 5,379 | ||
Lease liabilities under IFRS 16 | 310 | 96 | 73 | 111 | 97 | 5 | \u2013 | \u2013 | \u2013 | 382 | ||
Other operational borrowings | 521 | 521 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 521 | ||
Obligations under funding, securities lending and sale and repurchase agreements | 745 | 745 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 745 | ||
Accruals, deferred income and other liabilities | 2,731 | 2,466 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 288 | 2,754 | ||
Net asset value attributable to unit holders of consolidated investment funds | 2,263 | 2,263 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,263 | ||
Total non-derivative financial liabilities | 11,744 | 6,250 | 240 | 931 | 3,791 | 23 | 7 | 4 | 1,518 | 12,764 |
31 Dec 2024 $m | ||||||||||||
Total carrying value | Contractual maturity profile for financial liabilities | |||||||||||
1 year or less | 1-2 years | 2-5 years | 5-10 years | 10-15 years | 15-20 years | Over 20 years | No stated maturity | Total undiscounted 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 |
Carrying value of net derivatives $m | |||
Derivative assets | Derivative liabilities | Net derivative position | |
31 Dec 2025 | 621 | (1,582) | (961) |
31 Dec 2024 | 395 | (1,617) | (1,222) |
31 Dec 2025 $m | |||||
Gross amount included in the balance sheet | Related amounts not offset in the balance sheet | Net amount included in the balance sheet | |||
Financial instruments | Cash collateral | Securities collateral | |||
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 611 | (270) | (298) | \u2013 | 43 |
Reverse repurchase agreements | 1,579 | \u2013 | \u2013 | (1,579) | \u2013 |
Total financial assets | 2,190 | (270) | (298) | (1,579) | 43 |
Derivative liabilities | (1,566) | 270 | 559 | 681 | (56) |
Securities lending and repurchase agreements | (745) | \u2013 | 40 | 704 | (1) |
Total financial liabilities | (2,311) | 270 | 599 | 1,385 | (57) |
31 Dec 2024 $m | |||||
Gross amount included in the balance sheet | Related amounts not offset in the balance sheet | Net amount included in the balance sheet | |||
Financial instruments | Cash collateral | Securities collateral | |||
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 2025 $m | 31 Dec 2024 $m | |
Total accrued investment income, primarily interest receivable | 1,071 | 902 |
Other debtors | 817 | 1,310 |
Total accrued investment income and other debtors | 1,888 | 2,212 |
Analysed as: | ||
Expected to be settled within one year | 1,831 | 2,162 |
Expected to be settled beyond one year | 57 | 50 |
Total accrued investment income and other debtors | 1,888 | 2,212 |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Total accrued investment income, primarily interest receivable | 1,071 | 902 |
Other debtors | 817 | 1,310 |
Total accrued investment income and other debtors | 1,888 | 2,212 |
Analysed as: | ||
Expected to be settled within one year | 1,831 | 2,162 |
Expected to be settled beyond one year | 57 | 50 |
Total accrued investment income and other debtors | 1,888 | 2,212 |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Accruals and deferred income | 329 | 238 |
Interest payable | 37 | 35 |
Other creditors | 2,365 | 2,575 |
Total accruals, deferred income and other creditors | 2,731 | 2,848 |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Accruals and deferred income | 329 | 238 |
Interest payable | 37 | 35 |
Other creditors | 2,365 | 2,575 |
Total accruals, deferred income and other creditors | 2,731 | 2,848 |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Accruals and deferred income | 329 | 238 |
Interest payable | 37 | 35 |
Other creditors | 2,365 | 2,575 |
Total accruals, deferred income and other creditors | 2,731 | 2,848 |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Cash | 2,164 | 1,923 |
Cash equivalents | 5,542 | 3,849 |
Total cash and cash equivalents | 7,706 | 5,772 |
Analysed as: | ||
Held by the Group\u2019s holding and non-regulated entities and available for general use | 3,851 | 2,445 |
Other funds not available for general use by the Group, including funds held for the benefit of policyholders | 3,855 | 3,327 |
Total cash and cash equivalents | 7,706 | 5,772 |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Cash | 2,164 | 1,923 |
Cash equivalents | 5,542 | 3,849 |
Total cash and cash equivalents | 7,706 | 5,772 |
Analysed as: | ||
Held by the Group\u2019s holding and non-regulated entities and available for general use | 3,851 | 2,445 |
Other funds not available for general use by the Group, including funds held for the benefit of policyholders | 3,855 | 3,327 |
Total cash and cash equivalents | 7,706 | 5,772 |
2025 $m | 2024 $m | |
Balance at 1 Jan | 218 | 224 |
Charge (credit) to income statement: | ||
Additional provisions | 218 | 136 |
Unused amounts released | (6) | (4) |
Utilisation during the year | (170) | (133) |
Exchange differences | 8 | (5) |
Balance at 31 Dec | 268 | 218 |
31 Dec 2025 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Quoted prices (unadjusted) in active markets | Valuation based on significant observable market inputs | Valuation based on significant unobservable market inputs | Total | |
note (iii) | ||||
Loans note (iv) | \u2013 | 344 | \u2013 | 344 |
Equity securities and holdings in collective investment schemes | 78,744 | 5,537 | 5,277 | 89,558 |
Debt securities note (i) | 70,327 | 21,622 | 102 | 92,051 |
Derivative assets | 171 | 450 | \u2013 | 621 |
Derivative liabilities | (440) | (1,142) | \u2013 | (1,582) |
Total financial investments, net of derivative liabilities | 148,802 | 26,811 | 5,379 | 180,992 |
Investment contract liabilities without DPF note (ii) | \u2013 | (715) | \u2013 | (715) |
Net asset value attributable to unit holders of consolidated investment funds | (2,263) | \u2013 | \u2013 | (2,263) |
Total financial instruments at fair value | 146,539 | 26,096 | 5,379 | 178,014 |
Percentage of total (%) | 82% | 15% | 3% | 100% |
31 Dec 2024 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Quoted prices (unadjusted) in active markets | Valuation based on significant observable market inputs | Valuation based on significant unobservable market inputs | Total | |
note (iii) | ||||
Loans note (iv) | \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 2025 $m | |||
Equity securities and holdings in collective investment schemes | Debt securities | Group total | |
Balance at 1 Jan | 3,117 | 37 | 3,154 |
Total gain in income statement note | 118 | 2 | 120 |
Exchange differences recorded in other comprehensive income | 47 | 4 | 51 |
Purchases and other additions | 2,376 | 60 | 2,436 |
Sales, maturities and capital distribution | (367) | (1) | (368) |
Transfers out of Level 3 | (14) | \u2013 | (14) |
Balance at 31 Dec | 5,277 | 102 | 5,379 |
31 Dec 2024 $m | |||
Equity securities and holdings in collective investment schemes | Debt securities | Group total | |
Balance at 1 Jan | 2,864 | 40 | 2,904 |
Total gain in income statement note | 219 | 3 | 222 |
Exchange differences recorded in other comprehensive income | (31) | (1) | (32) |
Purchases and other additions | 462 | 2 | 464 |
Sales, maturities and capital distribution | (397) | (7) | (404) |
Balance at 31 Dec | 3,117 | 37 | 3,154 |
2025 $m | 2024 $m | |
Equity securities and holdings in collective investment schemes | 119 | (146) |
Debt securities | 2 | 3 |
Net unrealised gains (losses) on financial instruments still held at the end of the year | 121 | (143) |
31 Dec 2025 $m | 31 Dec 2024 $m | ||||
Carrying value | Fair value | Carrying value | Fair value | ||
Financial assets | |||||
Loans note (i) | 207 | 260 | 153 | 163 | |
Financial liabilities | |||||
Core structural borrowings of shareholder-financed businesses note (ii) | (4,459) | (4,402) | (3,925) | (3,694) | |
Operational borrowings (excluding lease liabilities) note (i) | (521) | (521) | (540) | (540) | |
Obligations under funding, securities lending and sale and repurchase agreements note (i) | (745) | (745) | (272) | (272) | |
Net financial liabilities at amortised cost note (iii) | (5,518) | (5,408) | (4,584) | (4,343) |
Financial instruments | Classification under IFRS 9 |
Financial assets | |
Loans | Amortised cost (31 Dec 2025: $207\u00a0million; 31 Dec 2024: $153\u00a0million) |
Mandatorily at FVTPL (31 Dec 2025: $344\u00a0million; 31 Dec 2024: $364\u00a0million) | |
Equity securities and portfolio holdings in collective investment schemes | Mandatorily at FVTPL |
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 repurchase agreements | Amortised cost |
Net asset value attributable to unit holders of consolidated investment funds note | Designated at FVTPL |
Other liabilities | Amortised cost |
31 Dec 2025 $m | ||||||||||||
Total carrying value | Contractual maturity profile for financial liabilities | |||||||||||
1 year or less | 1-2 years | 2-5 years | 5-10 years | 10-15 years | 15-20 years | Over 20 years | No stated maturity | Total undiscounted cash flows | ||||
Investment contracts without DPF note | 715 | 12 | 19 | 96 | 84 | 18 | 7 | 4 | 480 | 720 | ||
Core structural borrowings of shareholder-financed businesses | 4,459 | 147 | 148 | 724 | 3,610 | \u2013 | \u2013 | \u2013 | 750 | 5,379 | ||
Lease liabilities under IFRS 16 | 310 | 96 | 73 | 111 | 97 | 5 | \u2013 | \u2013 | \u2013 | 382 | ||
Other operational borrowings | 521 | 521 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 521 | ||
Obligations under funding, securities lending and sale and repurchase agreements | 745 | 745 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 745 | ||
Accruals, deferred income and other liabilities | 2,731 | 2,466 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 288 | 2,754 | ||
Net asset value attributable to unit holders of consolidated investment funds | 2,263 | 2,263 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,263 | ||
Total non-derivative financial liabilities | 11,744 | 6,250 | 240 | 931 | 3,791 | 23 | 7 | 4 | 1,518 | 12,764 |
31 Dec 2024 $m | ||||||||||||
Total carrying value | Contractual maturity profile for financial liabilities | |||||||||||
1 year or less | 1-2 years | 2-5 years | 5-10 years | 10-15 years | 15-20 years | Over 20 years | No stated maturity | Total undiscounted 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 |
Carrying value of net derivatives $m | |||
Derivative assets | Derivative liabilities | Net derivative position | |
31 Dec 2025 | 621 | (1,582) | (961) |
31 Dec 2024 | 395 | (1,617) | (1,222) |
31 Dec 2025 $m | |||||
Gross amount included in the balance sheet | Related amounts not offset in the balance sheet | Net amount included in the balance sheet | |||
Financial instruments | Cash collateral | Securities collateral | |||
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 611 | (270) | (298) | \u2013 | 43 |
Reverse repurchase agreements | 1,579 | \u2013 | \u2013 | (1,579) | \u2013 |
Total financial assets | 2,190 | (270) | (298) | (1,579) | 43 |
Derivative liabilities | (1,566) | 270 | 559 | 681 | (56) |
Securities lending and repurchase agreements | (745) | \u2013 | 40 | 704 | (1) |
Total financial liabilities | (2,311) | 270 | 599 | 1,385 | (57) |
31 Dec 2024 $m | |||||
Gross amount included in the balance sheet | Related amounts not offset in the balance sheet | Net amount included in the balance sheet | |||
Financial instruments | Cash collateral | Securities collateral | |||
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 2025 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Quoted prices (unadjusted) in active markets | Valuation based on significant observable market inputs | Valuation based on significant unobservable market inputs | Total | |
note (iii) | ||||
Loans note (iv) | \u2013 | 344 | \u2013 | 344 |
Equity securities and holdings in collective investment schemes | 78,744 | 5,537 | 5,277 | 89,558 |
Debt securities note (i) | 70,327 | 21,622 | 102 | 92,051 |
Derivative assets | 171 | 450 | \u2013 | 621 |
Derivative liabilities | (440) | (1,142) | \u2013 | (1,582) |
Total financial investments, net of derivative liabilities | 148,802 | 26,811 | 5,379 | 180,992 |
Investment contract liabilities without DPF note (ii) | \u2013 | (715) | \u2013 | (715) |
Net asset value attributable to unit holders of consolidated investment funds | (2,263) | \u2013 | \u2013 | (2,263) |
Total financial instruments at fair value | 146,539 | 26,096 | 5,379 | 178,014 |
Percentage of total (%) | 82% | 15% | 3% | 100% |
31 Dec 2024 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Quoted prices (unadjusted) in active markets | Valuation based on significant observable market inputs | Valuation based on significant unobservable market inputs | Total | |
note (iii) | ||||
Loans note (iv) | \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 2025 $m | |||
Equity securities and holdings in collective investment schemes | Debt securities | Group total | |
Balance at 1 Jan | 3,117 | 37 | 3,154 |
Total gain in income statement note | 118 | 2 | 120 |
Exchange differences recorded in other comprehensive income | 47 | 4 | 51 |
Purchases and other additions | 2,376 | 60 | 2,436 |
Sales, maturities and capital distribution | (367) | (1) | (368) |
Transfers out of Level 3 | (14) | \u2013 | (14) |
Balance at 31 Dec | 5,277 | 102 | 5,379 |
31 Dec 2024 $m | |||
Equity securities and holdings in collective investment schemes | Debt securities | Group total | |
Balance at 1 Jan | 2,864 | 40 | 2,904 |
Total gain in income statement note | 219 | 3 | 222 |
Exchange differences recorded in other comprehensive income | (31) | (1) | (32) |
Purchases and other additions | 462 | 2 | 464 |
Sales, maturities and capital distribution | (397) | (7) | (404) |
Balance at 31 Dec | 3,117 | 37 | 3,154 |
2025 $m | 2024 $m | |
Equity securities and holdings in collective investment schemes | 119 | (146) |
Debt securities | 2 | 3 |
Net unrealised gains (losses) on financial instruments still held at the end of the year | 121 | (143) |
31 Dec 2025 $m | 31 Dec 2024 $m | ||||
Carrying value | Fair value | Carrying value | Fair value | ||
Financial assets | |||||
Loans note (i) | 207 | 260 | 153 | 163 | |
Financial liabilities | |||||
Core structural borrowings of shareholder-financed businesses note (ii) | (4,459) | (4,402) | (3,925) | (3,694) | |
Operational borrowings (excluding lease liabilities) note (i) | (521) | (521) | (540) | (540) | |
Obligations under funding, securities lending and sale and repurchase agreements note (i) | (745) | (745) | (272) | (272) | |
Net financial liabilities at amortised cost note (iii) | (5,518) | (5,408) | (4,584) | (4,343) |
Financial instruments | Classification under IFRS 9 |
Financial assets | |
Loans | Amortised cost (31 Dec 2025: $207\u00a0million; 31 Dec 2024: $153\u00a0million) |
Mandatorily at FVTPL (31 Dec 2025: $344\u00a0million; 31 Dec 2024: $364\u00a0million) | |
Equity securities and portfolio holdings in collective investment schemes | Mandatorily at FVTPL |
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 repurchase agreements | Amortised cost |
Net asset value attributable to unit holders of consolidated investment funds note | Designated at FVTPL |
Other liabilities | Amortised cost |
31 Dec 2025 $m | ||||||||||||
Total carrying value | Contractual maturity profile for financial liabilities | |||||||||||
1 year or less | 1-2 years | 2-5 years | 5-10 years | 10-15 years | 15-20 years | Over 20 years | No stated maturity | Total undiscounted cash flows | ||||
Investment contracts without DPF note | 715 | 12 | 19 | 96 | 84 | 18 | 7 | 4 | 480 | 720 | ||
Core structural borrowings of shareholder-financed businesses | 4,459 | 147 | 148 | 724 | 3,610 | \u2013 | \u2013 | \u2013 | 750 | 5,379 | ||
Lease liabilities under IFRS 16 | 310 | 96 | 73 | 111 | 97 | 5 | \u2013 | \u2013 | \u2013 | 382 | ||
Other operational borrowings | 521 | 521 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 521 | ||
Obligations under funding, securities lending and sale and repurchase agreements | 745 | 745 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 745 | ||
Accruals, deferred income and other liabilities | 2,731 | 2,466 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 288 | 2,754 | ||
Net asset value attributable to unit holders of consolidated investment funds | 2,263 | 2,263 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,263 | ||
Total non-derivative financial liabilities | 11,744 | 6,250 | 240 | 931 | 3,791 | 23 | 7 | 4 | 1,518 | 12,764 |
31 Dec 2024 $m | ||||||||||||
Total carrying value | Contractual maturity profile for financial liabilities | |||||||||||
1 year or less | 1-2 years | 2-5 years | 5-10 years | 10-15 years | 15-20 years | Over 20 years | No stated maturity | Total undiscounted 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 |
Carrying value of net derivatives $m | |||
Derivative assets | Derivative liabilities | Net derivative position | |
31 Dec 2025 | 621 | (1,582) | (961) |
31 Dec 2024 | 395 | (1,617) | (1,222) |
31 Dec 2025 $m | |||||
Gross amount included in the balance sheet | Related amounts not offset in the balance sheet | Net amount included in the balance sheet | |||
Financial instruments | Cash collateral | Securities collateral | |||
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 611 | (270) | (298) | \u2013 | 43 |
Reverse repurchase agreements | 1,579 | \u2013 | \u2013 | (1,579) | \u2013 |
Total financial assets | 2,190 | (270) | (298) | (1,579) | 43 |
Derivative liabilities | (1,566) | 270 | 559 | 681 | (56) |
Securities lending and repurchase agreements | (745) | \u2013 | 40 | 704 | (1) |
Total financial liabilities | (2,311) | 270 | 599 | 1,385 | (57) |
31 Dec 2024 $m | |||||
Gross amount included in the balance sheet | Related amounts not offset in the balance sheet | Net amount included in the balance sheet | |||
Financial instruments | Cash collateral | Securities collateral | |||
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 2025 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Quoted prices (unadjusted) in active markets | Valuation based on significant observable market inputs | Valuation based on significant unobservable market inputs | Total | |
note (iii) | ||||
Loans note (iv) | \u2013 | 344 | \u2013 | 344 |
Equity securities and holdings in collective investment schemes | 78,744 | 5,537 | 5,277 | 89,558 |
Debt securities note (i) | 70,327 | 21,622 | 102 | 92,051 |
Derivative assets | 171 | 450 | \u2013 | 621 |
Derivative liabilities | (440) | (1,142) | \u2013 | (1,582) |
Total financial investments, net of derivative liabilities | 148,802 | 26,811 | 5,379 | 180,992 |
Investment contract liabilities without DPF note (ii) | \u2013 | (715) | \u2013 | (715) |
Net asset value attributable to unit holders of consolidated investment funds | (2,263) | \u2013 | \u2013 | (2,263) |
Total financial instruments at fair value | 146,539 | 26,096 | 5,379 | 178,014 |
Percentage of total (%) | 82% | 15% | 3% | 100% |
31 Dec 2024 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Quoted prices (unadjusted) in active markets | Valuation based on significant observable market inputs | Valuation based on significant unobservable market inputs | Total | |
note (iii) | ||||
Loans note (iv) | \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% |
Carrying value of net derivatives $m | |||
Derivative assets | Derivative liabilities | Net derivative position | |
31 Dec 2025 | 621 | (1,582) | (961) |
31 Dec 2024 | 395 | (1,617) | (1,222) |
31 Dec 2025 $m | |||||
Gross amount included in the balance sheet | Related amounts not offset in the balance sheet | Net amount included in the balance sheet | |||
Financial instruments | Cash collateral | Securities collateral | |||
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 611 | (270) | (298) | \u2013 | 43 |
Reverse repurchase agreements | 1,579 | \u2013 | \u2013 | (1,579) | \u2013 |
Total financial assets | 2,190 | (270) | (298) | (1,579) | 43 |
Derivative liabilities | (1,566) | 270 | 559 | 681 | (56) |
Securities lending and repurchase agreements | (745) | \u2013 | 40 | 704 | (1) |
Total financial liabilities | (2,311) | 270 | 599 | 1,385 | (57) |
31 Dec 2024 $m | |||||
Gross amount included in the balance sheet | Related amounts not offset in the balance sheet | Net amount included in the balance sheet | |||
Financial instruments | Cash collateral | Securities collateral | |||
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 2025 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Quoted prices (unadjusted) in active markets | Valuation based on significant observable market inputs | Valuation based on significant unobservable market inputs | Total | |
note (iii) | ||||
Loans note (iv) | \u2013 | 344 | \u2013 | 344 |
Equity securities and holdings in collective investment schemes | 78,744 | 5,537 | 5,277 | 89,558 |
Debt securities note (i) | 70,327 | 21,622 | 102 | 92,051 |
Derivative assets | 171 | 450 | \u2013 | 621 |
Derivative liabilities | (440) | (1,142) | \u2013 | (1,582) |
Total financial investments, net of derivative liabilities | 148,802 | 26,811 | 5,379 | 180,992 |
Investment contract liabilities without DPF note (ii) | \u2013 | (715) | \u2013 | (715) |
Net asset value attributable to unit holders of consolidated investment funds | (2,263) | \u2013 | \u2013 | (2,263) |
Total financial instruments at fair value | 146,539 | 26,096 | 5,379 | 178,014 |
Percentage of total (%) | 82% | 15% | 3% | 100% |
31 Dec 2024 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Quoted prices (unadjusted) in active markets | Valuation based on significant observable market inputs | Valuation based on significant unobservable market inputs | Total | |
note (iii) | ||||
Loans note (iv) | \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% |
Carrying value of net derivatives $m | |||
Derivative assets | Derivative liabilities | Net derivative position | |
31 Dec 2025 | 621 | (1,582) | (961) |
31 Dec 2024 | 395 | (1,617) | (1,222) |
31 Dec 2025 $m | |||||
Gross amount included in the balance sheet | Related amounts not offset in the balance sheet | Net amount included in the balance sheet | |||
Financial instruments | Cash collateral | Securities collateral | |||
note (i) | note (ii) | note (iii) | note (iv) | ||
Derivative assets | 611 | (270) | (298) | \u2013 | 43 |
Reverse repurchase agreements | 1,579 | \u2013 | \u2013 | (1,579) | \u2013 |
Total financial assets | 2,190 | (270) | (298) | (1,579) | 43 |
Derivative liabilities | (1,566) | 270 | 559 | 681 | (56) |
Securities lending and repurchase agreements | (745) | \u2013 | 40 | 704 | (1) |
Total financial liabilities | (2,311) | 270 | 599 | 1,385 | (57) |
31 Dec 2024 $m | |||||
Gross amount included in the balance sheet | Related amounts not offset in the balance sheet | Net amount included in the balance sheet | |||
Financial instruments | Cash collateral | Securities collateral | |||
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 2025 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Quoted prices (unadjusted) in active markets | Valuation based on significant observable market inputs | Valuation based on significant unobservable market inputs | Total | |
note (iii) | ||||
Loans note (iv) | \u2013 | 344 | \u2013 | 344 |
Equity securities and holdings in collective investment schemes | 78,744 | 5,537 | 5,277 | 89,558 |
Debt securities note (i) | 70,327 | 21,622 | 102 | 92,051 |
Derivative assets | 171 | 450 | \u2013 | 621 |
Derivative liabilities | (440) | (1,142) | \u2013 | (1,582) |
Total financial investments, net of derivative liabilities | 148,802 | 26,811 | 5,379 | 180,992 |
Investment contract liabilities without DPF note (ii) | \u2013 | (715) | \u2013 | (715) |
Net asset value attributable to unit holders of consolidated investment funds | (2,263) | \u2013 | \u2013 | (2,263) |
Total financial instruments at fair value | 146,539 | 26,096 | 5,379 | 178,014 |
Percentage of total (%) | 82% | 15% | 3% | 100% |
31 Dec 2024 $m | ||||
Level 1 | Level 2 | Level 3 | ||
Quoted prices (unadjusted) in active markets | Valuation based on significant observable market inputs | Valuation based on significant unobservable market inputs | Total | |
note (iii) | ||||
Loans note (iv) | \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 2025 $m | ||||||||||||
Total carrying value | Contractual maturity profile for financial liabilities | |||||||||||
1 year or less | 1-2 years | 2-5 years | 5-10 years | 10-15 years | 15-20 years | Over 20 years | No stated maturity | Total undiscounted cash flows | ||||
Investment contracts without DPF note | 715 | 12 | 19 | 96 | 84 | 18 | 7 | 4 | 480 | 720 | ||
Core structural borrowings of shareholder-financed businesses | 4,459 | 147 | 148 | 724 | 3,610 | \u2013 | \u2013 | \u2013 | 750 | 5,379 | ||
Lease liabilities under IFRS 16 | 310 | 96 | 73 | 111 | 97 | 5 | \u2013 | \u2013 | \u2013 | 382 | ||
Other operational borrowings | 521 | 521 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 521 | ||
Obligations under funding, securities lending and sale and repurchase agreements | 745 | 745 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 745 | ||
Accruals, deferred income and other liabilities | 2,731 | 2,466 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 288 | 2,754 | ||
Net asset value attributable to unit holders of consolidated investment funds | 2,263 | 2,263 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,263 | ||
Total non-derivative financial liabilities | 11,744 | 6,250 | 240 | 931 | 3,791 | 23 | 7 | 4 | 1,518 | 12,764 |
31 Dec 2024 $m | ||||||||||||
Total carrying value | Contractual maturity profile for financial liabilities | |||||||||||
1 year or less | 1-2 years | 2-5 years | 5-10 years | 10-15 years | 15-20 years | Over 20 years | No stated maturity | Total undiscounted 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 2025 $m | ||||||||||||
Total carrying value | Contractual maturity profile for financial liabilities | |||||||||||
1 year or less | 1-2 years | 2-5 years | 5-10 years | 10-15 years | 15-20 years | Over 20 years | No stated maturity | Total undiscounted cash flows | ||||
Investment contracts without DPF note | 715 | 12 | 19 | 96 | 84 | 18 | 7 | 4 | 480 | 720 | ||
Core structural borrowings of shareholder-financed businesses | 4,459 | 147 | 148 | 724 | 3,610 | \u2013 | \u2013 | \u2013 | 750 | 5,379 | ||
Lease liabilities under IFRS 16 | 310 | 96 | 73 | 111 | 97 | 5 | \u2013 | \u2013 | \u2013 | 382 | ||
Other operational borrowings | 521 | 521 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 521 | ||
Obligations under funding, securities lending and sale and repurchase agreements | 745 | 745 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 745 | ||
Accruals, deferred income and other liabilities | 2,731 | 2,466 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 288 | 2,754 | ||
Net asset value attributable to unit holders of consolidated investment funds | 2,263 | 2,263 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,263 | ||
Total non-derivative financial liabilities | 11,744 | 6,250 | 240 | 931 | 3,791 | 23 | 7 | 4 | 1,518 | 12,764 |
31 Dec 2024 $m | ||||||||||||
Total carrying value | Contractual maturity profile for financial liabilities | |||||||||||
1 year or less | 1-2 years | 2-5 years | 5-10 years | 10-15 years | 15-20 years | Over 20 years | No stated maturity | Total undiscounted 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 |
Carrying value of net derivatives $m | |||
Derivative assets | Derivative liabilities | Net derivative position | |
31 Dec 2025 | 621 | (1,582) | (961) |
31 Dec 2024 | 395 | (1,617) | (1,222) |
31 Dec 2025 $m | ||||||||||||
Total carrying value | Contractual maturity profile for financial liabilities | |||||||||||
1 year or less | 1-2 years | 2-5 years | 5-10 years | 10-15 years | 15-20 years | Over 20 years | No stated maturity | Total undiscounted cash flows | ||||
Investment contracts without DPF note | 715 | 12 | 19 | 96 | 84 | 18 | 7 | 4 | 480 | 720 | ||
Core structural borrowings of shareholder-financed businesses | 4,459 | 147 | 148 | 724 | 3,610 | \u2013 | \u2013 | \u2013 | 750 | 5,379 | ||
Lease liabilities under IFRS 16 | 310 | 96 | 73 | 111 | 97 | 5 | \u2013 | \u2013 | \u2013 | 382 | ||
Other operational borrowings | 521 | 521 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 521 | ||
Obligations under funding, securities lending and sale and repurchase agreements | 745 | 745 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 745 | ||
Accruals, deferred income and other liabilities | 2,731 | 2,466 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 288 | 2,754 | ||
Net asset value attributable to unit holders of consolidated investment funds | 2,263 | 2,263 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 2,263 | ||
Total non-derivative financial liabilities | 11,744 | 6,250 | 240 | 931 | 3,791 | 23 | 7 | 4 | 1,518 | 12,764 |
31 Dec 2024 $m | ||||||||||||
Total carrying value | Contractual maturity profile for financial liabilities | |||||||||||
1 year or less | 1-2 years | 2-5 years | 5-10 years | 10-15 years | 15-20 years | Over 20 years | No stated maturity | Total undiscounted 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 2025 $m | 31 Dec 2024 $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 | 123 | (111) | 102 | (92) | |
Shareholders\u2019 equity | 747 | (676) | 624 | (565) |
Base values | 2025 $m | 2024 $m |
Profit after tax for the year for the Group | 4,119 | 2,415 |
Group shareholders\u2019 equity as at 31 Dec | 20,117 | 17,492 |
CSM as at 31 Dec including JVs and associates | 25,005 | 21,960 |
31 Dec 2025 $m | 31 Dec 2024 $m | ||||
Interest rates and consequential effects | -0.5% | +1% | -0.5% | +1% | |
Increase (decrease) to shareholders\u2019 equity: | |||||
Financial assets note | 8,805 | (15,413) | 7,690 | (13,462) | |
Net insurance contract liabilities (including CSM) note | (8,169) | 14,000 | (7,324) | 12,474 | |
Net effect on shareholders' equity | 568 | (1,222) | 348 | (878) | |
Increase (decrease) to profit after tax: | |||||
Net effect on profit after tax | 609 | (1,299) | 380 | (940) | |
Increase (decrease) to CSM liability: | |||||
CSM note | 390 | (1,069) | 395 | (975) |
31 Dec 2025 $m | 31 Dec 2024 $m | ||||
Equity/property market values | -20% | +10% | -20% | +10% | |
Increase (decrease) to shareholders\u2019 equity: | |||||
Financial assets note | (16,935) | 8,374 | (14,133) | 7,075 | |
Net insurance contract liabilities (including CSM) note | 15,802 | (7,855) | 13,132 | (6,628) | |
Net effect on shareholders' equity | (756) | 341 | (689) | 302 | |
Increase (decrease) to profit after tax: | |||||
Net effect on profit after tax | (817) | 370 | (738) | 325 | |
Increase (decrease) to CSM liability: | |||||
CSM note | (1,937) | 917 | (1,479) | 651 |
2025 $m | |||||
Net effect on shareholders\u2019 equity and profit after tax attributable to equity holders | Net effect on CSM | ||||
Sensitivity to insurance risk: | Gross of reinsurance | Net of reinsurance | Gross of reinsurance | Net of reinsurance | |
Maintenance expenses \u2013 10% increase | (77) | (75) | (487) | (489) | |
Lapse rates \u2013 10% increase | (152) | (110) | (1,620) | (1,775) | |
Mortality and morbidity \u2013 5% increase | (115) | (105) | (813) | (341) |
2024 $m | |||||
Net effect on shareholders\u2019 equity and profit after tax attributable to equity holders | Net effect on CSM | ||||
Sensitivity to insurance risk: | Gross of reinsurance | Net of reinsurance | Gross of reinsurance | Net of 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) |
Excluding JVs and associates $m | Including JVs and associates $m note (i) | ||||||||||||
(Assets) | Liabilities | Net liabilities (assets) | (Assets) | Liabilities | Net liabilities (assets) | ||||||||
Insurance | RI | Insurance | RI | Insurance | RI | Insurance | RI | Insurance | RI | Insurance | RI | ||
note (ii) | note (ii) | ||||||||||||
As at 31 Dec 2025 | |||||||||||||
Best estimate liabilities (BEL) | (5,326) | (2,575) | 152,016 | 562 | 146,690 | (2,013) | (5,610) | (2,817) | 174,675 | 618 | 169,065 | (2,199) | |
Risk adjustment for non- financial risk (RA) | 894 | (171) | 1,906 | (38) | 2,800 | (209) | 909 | (237) | 2,223 | (42) | 3,132 | (279) | |
Contractual service margin (CSM) | 2,664 | (660) | 20,576 | 116 | 23,240 | (544) | 2,834 | (510) | 22,584 | 97 | 25,418 | (413) | |
Insurance contract balances notes C3.2 C3.3 | (1,768) | (3,406) | 174,498 | 640 | 172,730 | (2,766) | (1,867) | (3,564) | 199,482 | 673 | 197,615 | (2,891) | |
Assets for insurance acquisition cash flows | (48) | \u2013 | \u2013 | \u2013 | (48) | \u2013 | (48) | \u2013 | \u2013 | \u2013 | (48) | \u2013 | |
Insurance and reinsurance contract liabilities (assets) | (1,816) | (3,406) | 174,498 | 640 | 172,682 | (2,766) | (1,915) | (3,564) | 199,482 | 673 | 197,567 | (2,891) | |
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 liabilities (assets) | (1,345) | (3,390) | 147,566 | 536 | 146,221 | (2,854) | (1,429) | (3,556) | 170,670 | 558 | 169,241 | (2,998) |
Excluding JVs and associates | Group\u2019s share related to JVs and associates | Including JVs and associates | |
$m | $m | $m | |
As at 31 Dec 2025 | |||
Shareholders\u2019 equity | 17,354 | 2,763 | 20,117 |
CSM, net of reinsurance | 22,696 | 2,309 | 25,005 |
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders | 871 | \u2013 | 871 |
Remove: CSM, net of reinsurance, attributable to non-controlling interests | (1,072) | \u2013 | (1,072) |
Shareholders\u2019 CSM, net of reinsurance | 22,495 | 2,309 | 24,804 |
Less: Related tax adjustments | (2,316) | (537) | (2,853) |
Adjusted total comprehensive equity | 37,533 | 4,535 | 42,068 |
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 | (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 |
Excluding JVs and associates | |||||||||
2025 $m | |||||||||
Insurance | Reinsurance | ||||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | ||
note (b) | note (b) | ||||||||
Opening assets | (4,566) | 791 | 2,462 | (1,313) | (2,624) | (99) | (667) | (3,390) | |
Opening liabilities | 127,942 | 1,655 | 17,968 | 147,565 | 423 | (44) | 157 | 536 | |
Net liabilities (assets) at 1 Jan | 123,376 | 2,446 | 20,430 | 146,252 | (2,201) | (143) | (510) | (2,854) | |
Changes that relate to future service | |||||||||
Changes in estimates that adjust the CSM | (2,038) | 83 | 1,955 | \u2013 | 89 | (42) | (47) | \u2013 | |
Changes in estimates that result in losses or reversal of losses on onerous contracts | 7 | 4 | \u2013 | 11 | (11) | \u2013 | \u2013 | (11) | |
New contracts in the year | (2,770) | 309 | 2,473 | 12 | 85 | (16) | (71) | (2) | |
(4,801) | 396 | 4,428 | 23 | 163 | (58) | (118) | (13) | ||
Changes that relate to current service | |||||||||
Release of CSM to profit or loss | \u2013 | \u2013 | (2,438) | (2,438) | \u2013 | \u2013 | 102 | 102 | |
Release of risk adjustment to profit or loss | \u2013 | (272) | \u2013 | (272) | \u2013 | 19 | \u2013 | 19 | |
Experience adjustments | (145) | \u2013 | \u2013 | (145) | 140 | \u2013 | \u2013 | 140 | |
(145) | (272) | (2,438) | (2,855) | 140 | 19 | 102 | 261 | ||
Changes that relate to past service | |||||||||
Adjustments to assets and liabilities for incurred claims | (4) | \u2013 | \u2013 | (4) | (35) | (1) | \u2013 | (36) | |
Insurance service result | (4,950) | 124 | 1,990 | (2,836) | 268 | (40) | (16) | 212 | |
Net finance (income) expense | |||||||||
Accretion of interest on GMM contracts note (i) | (4) | 45 | 296 | 337 | (114) | (7) | (30) | (151) | |
Other net finance (income) expense | 14,215 | 99 | (39) | 14,275 | 331 | (17) | (4) | 310 | |
14,211 | 144 | 257 | 14,612 | 217 | (24) | (34) | 159 | ||
Total amount recognised in income statement | 9,261 | 268 | 2,247 | 11,776 | 485 | (64) | (50) | 371 | |
Effect of movements in exchange rates | 3,287 | 86 | 563 | 3,936 | (59) | (2) | 16 | (45) | |
Total amount recognised in comprehensive income | 12,548 | 354 | 2,810 | 15,712 | 426 | (66) | (34) | 326 | |
Cash flows | |||||||||
Premiums received net of ceding commissions paid | 28,059 | \u2013 | \u2013 | 28,059 | (1,403) | \u2013 | \u2013 | (1,403) | |
Insurance acquisition cash flows | (5,004) | \u2013 | \u2013 | (5,004) | \u2013 | \u2013 | \u2013 | \u2013 | |
Claims and other insurance service expenses net of recoveries from reinsurance received note (ii) | (12,167) | \u2013 | \u2013 | (12,167) | 1,165 | \u2013 | \u2013 | 1,165 | |
Total cash flows | 10,888 | \u2013 | \u2013 | 10,888 | (238) | \u2013 | \u2013 | (238) | |
Other changes note (iii) | (122) | \u2013 | \u2013 | (122) | \u2013 | \u2013 | \u2013 | \u2013 | |
Closing assets | (5,326) | 894 | 2,664 | (1,768) | (2,575) | (171) | (660) | (3,406) | |
Closing liabilities | 152,016 | 1,906 | 20,576 | 174,498 | 562 | (38) | 116 | 640 | |
Net liabilities (assets) at 31 Dec | 146,690 | 2,800 | 23,240 | 172,730 | (2,013) | (209) | (544) | (2,766) |
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 liabilities (assets) 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 | 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 liabilities (assets) at 31 Dec | 123,376 | 2,446 | 20,430 | 146,252 | (2,201) | (143) | (510) | (2,854) |
Insurance contracts (excluding JVs and associates) | |||||||||
2025 $m | 2024 $m | ||||||||
Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | ||
Balance at 1 Jan | 747 | 3,271 | 16,412 | 20,430 | 829 | 3,674 | 15,681 | 20,184 | |
Changes that relate to future service | |||||||||
Changes in estimates that adjust the CSM | 19 | 175 | 1,761 | 1,955 | (11) | 162 | 2 | 153 | |
New contracts in the year | \u2013 | \u2013 | 2,473 | 2,473 | \u2013 | \u2013 | 2,401 | 2,401 | |
19 | 175 | 4,234 | 4,428 | (11) | 162 | 2,403 | 2,554 | ||
Changes that relate to current service | |||||||||
Release of CSM to profit or loss | (109) | (375) | (1,954) | (2,438) | (114) | (418) | (1,754) | (2,286) | |
(90) | (200) | 2,280 | 1,990 | (125) | (256) | 649 | 268 | ||
Net finance (income) expenses from insurance contracts | 27 | 3 | 227 | 257 | 35 | (60) | 302 | 277 | |
Effect of movements in exchange rates | 53 | 98 | 412 | 563 | 8 | (87) | (220) | (299) | |
Balance at 31 Dec | 737 | 3,172 | 19,331 | 23,240 | 747 | 3,271 | 16,412 | 20,430 |
Reinsurance contracts (excluding JVs and associates) | |||||||||
2025 $m | 2024 $m | ||||||||
Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | ||
Balance at 1 Jan | \u2013 | (27) | (483) | (510) | \u2013 | (45) | (1,300) | (1,345) | |
Changes that relate to future service | |||||||||
Changes in estimates that adjust the CSM | \u2013 | \u2013 | (47) | (47) | \u2013 | 13 | 678 | 691 | |
New contracts in the year | \u2013 | \u2013 | (71) | (71) | \u2013 | \u2013 | 14 | 14 | |
\u2013 | \u2013 | (118) | (118) | \u2013 | 13 | 692 | 705 | ||
Changes that relate to current service | |||||||||
Release of CSM to profit or loss | \u2013 | 2 | 99 | 102 | \u2013 | 5 | 154 | 159 | |
\u2013 | 2 | (19) | (16) | \u2013 | 18 | 846 | 864 | ||
Net finance (income) expenses from reinsurance contracts | \u2013 | (1) | (32) | (34) | \u2013 | (1) | (22) | (23) | |
Effect of movements in exchange rates | \u2013 | \u2013 | 16 | 16 | \u2013 | 1 | (7) | (6) | |
Balance at 31 Dec | \u2013 | (26) | (518) | (544) | \u2013 | (27) | (483) | (510) |
Excluding JVs and associates | |||||||||
2025 $m | |||||||||
Insurance | Reinsurance | ||||||||
Liabilities for remaining coverage | Liabilities for incurred claims | Liabilities for remaining coverage | Liabilities for incurred claims | ||||||
Excluding loss component | Loss component | Total | Excluding loss-recovery component | Loss- recovery component | Total | ||||
note (i) | note (i) | ||||||||
Opening assets | (1,480) | 38 | 129 | (1,313) | (2,783) | (66) | (541) | (3,390) | |
Opening liabilities | 144,561 | 881 | 2,123 | 147,565 | 542 | (20) | 14 | 536 | |
Net liabilities (assets) at 1 Jan | 143,081 | 919 | 2,252 | 146,252 | (2,241) | (86) | (527) | (2,854) | |
Insurance revenue | |||||||||
Contracts measured under the modified retrospective approach | (427) | \u2013 | \u2013 | (427) | |||||
Contracts measured under the fair value approach | (1,106) | \u2013 | \u2013 | (1,106) | |||||
Other contracts note (ii) | (9,547) | \u2013 | \u2013 | (9,547) | |||||
(11,080) | \u2013 | \u2013 | (11,080) | ||||||
Insurance service expense | |||||||||
Incurred claims and other directly attributable expenses | \u2013 | (65) | 4,855 | 4,790 | |||||
Amortisation of insurance acquisition cash flows | 3,435 | \u2013 | \u2013 | 3,435 | |||||
Losses or reversal of losses on onerous contracts | \u2013 | 23 | \u2013 | 23 | |||||
Adjustments to liability for incurred claims | \u2013 | \u2013 | (4) | (4) | |||||
3,435 | (42) | 4,851 | 8,244 | ||||||
Net (income) expense from reinsurance contracts held | 1,407 | (14) | (1,181) | 212 | |||||
Insurance service result | (7,645) | (42) | 4,851 | (2,836) | 1,407 | (14) | (1,181) | 212 | |
Investment components and premium refunds | (7,799) | \u2013 | 7,799 | \u2013 | (99) | \u2013 | 99 | \u2013 | |
Net finance (income) expenses from insurance and reinsurance contracts | 14,526 | 25 | 61 | 14,612 | 157 | 1 | 1 | 159 | |
Total amount recognised in income statement | (918) | (17) | 12,711 | 11,776 | 1,465 | (13) | (1,081) | 371 | |
Effect of movement in exchange rates | 3,866 | 12 | 58 | 3,936 | (42) | \u2013 | (3) | (45) | |
Total amount recognised in comprehensive income | 2,948 | (5) | 12,769 | 15,712 | 1,423 | (13) | (1,084) | 326 | |
Cash flows | |||||||||
Premiums received net of ceding commissions paid | 28,059 | \u2013 | \u2013 | 28,059 | (1,403) | \u2013 | \u2013 | (1,403) | |
Insurance acquisition cash flows | (5,004) | \u2013 | \u2013 | (5,004) | \u2013 | \u2013 | \u2013 | \u2013 | |
Claims and other insurance service expenses net of recoveries from reinsurance received note (iii) | \u2013 | \u2013 | (12,167) | (12,167) | \u2013 | \u2013 | 1,165 | 1,165 | |
Total cash flows | 23,055 | \u2013 | (12,167) | 10,888 | (1,403) | \u2013 | 1,165 | (238) | |
Other changes note (iv) | (73) | \u2013 | (49) | (122) | \u2013 | \u2013 | \u2013 | \u2013 | |
Closing assets | (2,020) | 85 | 167 | (1,768) | (2,842) | (78) | (486) | (3,406) | |
Closing liabilities | 171,031 | 829 | 2,638 | 174,498 | 621 | (21) | 40 | 640 | |
Net liabilities (assets) at 31 Dec | 169,011 | 914 | 2,805 | 172,730 | (2,221) | (99) | (446) | (2,766) |
Excluding JVs and associates | |||||||||
2024 $m | |||||||||
Insurance | Reinsurance | ||||||||
Liabilities for remaining coverage | Liabilities for incurred claims | Liabilities for remaining coverage | Liabilities for incurred claims | ||||||
Excluding loss component | Loss component | Total | Loss-recovery component | 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 liabilities (assets) 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 | |||||||||
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 | (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 liabilities (assets) at 31 Dec | 143,081 | 919 | 2,252 | 146,252 | (2,241) | (86) | (527) | (2,854) |
Excluding JVs and associates | |||||||
2025 $m | 2024 $m | ||||||
Profitable contracts issued | Onerous contracts issued | Total | Profitable contracts issued | Onerous contracts issued | Total | ||
Estimate of present value of expected future cash outflows: | |||||||
Insurance acquisition cash flows | 5,030 | 95 | 5,125 | 4,493 | 95 | 4,588 | |
Claims and other directly attributable expenses | 21,314 | 781 | 22,095 | 19,655 | 592 | 20,247 | |
26,344 | 876 | 27,220 | 24,148 | 687 | 24,835 | ||
Estimate of present value of expected future cash inflows | (29,126) | (864) | (29,990) | (26,861) | (683) | (27,544) | |
Risk adjustment for non-financial risk | 309 | \u2013 | 309 | 312 | 3 | 315 | |
CSM | 2,473 | \u2013 | 2,473 | 2,401 | \u2013 | 2,401 | |
Loss recognised on initial recognition | \u2013 | 12 | 12 | \u2013 | 7 | 7 |
Excluding JVs and associates | |||||||
2025 $m | 2024 $m | ||||||
Contracts initiated without loss-recovery component | Contracts initiated with loss-recovery component | Total | Contracts initiated without loss-recovery component | Contracts initiated with loss-recovery component | Total | ||
Estimate of present value of expected future cash outflows | 1,610 | \u2013 | 1,610 | 2,329 | \u2013 | 2,329 | |
Estimate of present value of expected future cash inflows | (1,523) | (2) | (1,525) | (2,338) | (1) | (2,339) | |
Risk adjustment for non-financial risk | (16) | \u2013 | (16) | (5) | \u2013 | (5) | |
CSM | (71) | \u2013 | (71) | 14 | \u2013 | 14 | |
Profit recognised on initial recognition | \u2013 | (2) | (2) | \u2013 | (1) | (1) |
Including JVs and associates | |||||||||
2025 $m | |||||||||
Insurance | Reinsurance | ||||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | ||
note (b) | note (b) | ||||||||
Opening assets | (4,799) | 803 | 2,599 | (1,397) | (2,783) | (128) | (645) | (3,556) | |
Opening liabilities | 148,867 | 1,940 | 19,862 | 170,669 | 461 | (47) | 144 | 558 | |
Net liabilities (assets) at 1 Jan | 144,068 | 2,743 | 22,461 | 169,272 | (2,322) | (175) | (501) | (2,998) | |
Changes that relate to future service | |||||||||
Changes in estimates that adjust the CSM | (1,960) | 91 | 1,869 | \u2013 | 104 | (46) | (58) | \u2013 | |
Changes in estimates that result in losses or reversal of losses on onerous contracts | 14 | 6 | \u2013 | 20 | (14) | \u2013 | \u2013 | (14) | |
New contracts in the year | (3,084) | 350 | 2,777 | 43 | (6) | (55) | 58 | (3) | |
(5,030) | 447 | 4,646 | 63 | 84 | (101) | \u2013 | (17) | ||
Changes that relate to current service | |||||||||
Release of CSM to profit or loss | \u2013 | \u2013 | (2,656) | (2,656) | \u2013 | \u2013 | 102 | 102 | |
Release of risk adjustment to profit or loss | \u2013 | (307) | \u2013 | (307) | \u2013 | 24 | \u2013 | 24 | |
Experience adjustments | (159) | \u2013 | \u2013 | (159) | 148 | \u2013 | \u2013 | 148 | |
(159) | (307) | (2,656) | (3,122) | 148 | 24 | 102 | 274 | ||
Changes that relate to past service | |||||||||
Adjustments to assets and liabilities for incurred claims | (18) | (1) | \u2013 | (19) | (27) | (1) | \u2013 | (28) | |
Insurance service result | (5,207) | 139 | 1,990 | (3,078) | 205 | (78) | 102 | 229 | |
Net finance (income) expense | |||||||||
Accretion of interest on GMM contracts note (i) | 212 | 54 | 376 | 642 | (121) | (9) | (28) | (158) | |
Other net finance (income) expense | 15,204 | 100 | (39) | 15,265 | 332 | (17) | (4) | 311 | |
15,416 | 154 | 337 | 15,907 | 211 | (26) | (32) | 153 | ||
Total amount recognised in income statement | 10,209 | 293 | 2,327 | 12,829 | 416 | (104) | 70 | 382 | |
Effect of movements in exchange rates | 3,681 | 96 | 630 | 4,407 | (56) | \u2013 | 18 | (38) | |
Total amount recognised in comprehensive income | 13,890 | 389 | 2,957 | 17,236 | 360 | (104) | 88 | 344 | |
Cash flows | |||||||||
Premiums received net of ceding commissions paid | 32,098 | \u2013 | \u2013 | 32,098 | (1,445) | \u2013 | \u2013 | (1,445) | |
Insurance acquisition cash flows | (5,524) | \u2013 | \u2013 | (5,524) | \u2013 | \u2013 | \u2013 | \u2013 | |
Claims and other insurance service expenses net of recoveries from reinsurance received note (ii) | (15,345) | \u2013 | \u2013 | (15,345) | 1,208 | \u2013 | \u2013 | 1,208 | |
Total cash flows | 11,229 | \u2013 | \u2013 | 11,229 | (237) | \u2013 | \u2013 | (237) | |
Other changes note (iii) | (122) | \u2013 | \u2013 | (122) | \u2013 | \u2013 | \u2013 | \u2013 | |
Closing assets | (5,610) | 909 | 2,834 | (1,867) | (2,817) | (237) | (510) | (3,564) | |
Closing liabilities | 174,675 | 2,223 | 22,584 | 199,482 | 618 | (42) | 97 | 673 | |
Net liabilities (assets) at 31 Dec | 169,065 | 3,132 | 25,418 | 197,615 | (2,199) | (279) | (413) | (2,891) |
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 liabilities (assets) 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 | 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 liabilities (assets) at 31 Dec | 144,068 | 2,743 | 22,461 | 169,272 | (2,322) | (175) | (501) | (2,998) |
Insurance contracts (including JVs and associates) | |||||||||
2025 $m | 2024 $m | ||||||||
Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | ||
Balance at 1 Jan | 1,683 | 3,690 | 17,088 | 22,461 | 1,922 | 4,143 | 16,287 | 22,352 | |
Changes that relate to future service | |||||||||
Changes in estimates that adjust the CSM | (8) | 208 | 1,669 | 1,869 | (81) | 131 | (24) | 26 | |
New contracts in the year | \u2013 | \u2013 | 2,777 | 2,777 | \u2013 | \u2013 | 2,585 | 2,585 | |
(8) | 208 | 4,446 | 4,646 | (81) | 131 | 2,561 | 2,611 | ||
Changes that relate to current service | |||||||||
Release of CSM to profit or loss | (196) | (400) | (2,060) | (2,656) | (209) | (442) | (1,860) | (2,511) | |
(204) | (192) | 2,386 | 1,990 | (290) | (311) | 701 | 100 | ||
Net finance (income) expenses from insurance contracts | 62 | 10 | 265 | 337 | 73 | (53) | 337 | 357 | |
Effect of movements in exchange rates | 93 | 123 | 414 | 630 | (22) | (89) | (237) | (348) | |
Balance at 31 Dec | 1,634 | 3,631 | 20,153 | 25,418 | 1,683 | 3,690 | 17,088 | 22,461 |
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 (Unit-linked) 2010 \u2013 2021 (Non- participating) | 2000 \u2013 2009 (Unit-linked) | Pre-1999 (Unit-linked) Pre-2009 (Non-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) | |||||||||
2025 $m | 2024 $m | ||||||||
Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | ||
Balance at 1 Jan | \u2013 | (49) | (452) | (501) | \u2013 | (63) | (1,277) | (1,340) | |
Changes that relate to future service | |||||||||
Changes in estimates that adjust the CSM | \u2013 | (1) | (57) | (58) | \u2013 | 8 | 690 | 698 | |
New contracts in the year | \u2013 | \u2013 | 58 | 58 | \u2013 | \u2013 | 11 | 11 | |
\u2013 | (1) | 1 | \u2013 | \u2013 | 8 | 701 | 709 | ||
Changes that relate to current service | |||||||||
Release of CSM to profit or loss | \u2013 | 4 | 98 | 102 | \u2013 | 7 | 152 | 159 | |
\u2013 | 3 | 99 | 102 | \u2013 | 15 | 853 | 868 | ||
Net finance (income) expenses from reinsurance contracts | \u2013 | (2) | (30) | (32) | \u2013 | (2) | (19) | (21) | |
Effect of movements in exchange rates | \u2013 | (1) | 19 | 18 | \u2013 | 1 | (9) | (8) | |
Balance at 31 Dec | \u2013 | (49) | (364) | (413) | \u2013 | (49) | (452) | (501) |
Insurance $m | Reinsurance $m | ||||||||
Liabilities (assets) | |||||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | ||
As at 31 Dec 2025 | |||||||||
Mainland China | 15,709 | 184 | 1,603 | 17,496 | (85) | (39) | 108 | (16) | |
Hong Kong | 73,749 | 836 | 10,657 | 85,242 | (977) | (142) | (792) | (1,911) | |
Indonesia | 1,805 | 157 | 691 | 2,653 | 3 | (9) | 1 | (5) | |
Malaysia | 8,328 | 515 | 2,330 | 11,173 | 10 | (14) | 19 | 15 | |
Singapore | 42,039 | 952 | 5,558 | 48,549 | (1,212) | (17) | 284 | (945) | |
Growth markets and other | 27,435 | 488 | 4,579 | 32,502 | 62 | (58) | (33) | (29) | |
Total insurance segments | 169,065 | 3,132 | 25,418 | 197,615 | (2,199) | (279) | (413) | (2,891) | |
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) |
Insurance $m | |||||||
Mainland China | Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Total insurance segments | |
Net liabilities (assets) at 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 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 liabilities (assets) at 31 Dec 2024/1 Jan 2025 | 15,685 | 72,594 | 2,650 | 9,585 | 40,210 | 28,548 | 169,272 |
Insurance service result | (117) | (1,148) | (188) | (308) | (688) | (629) | (3,078) |
Net finance (income) expenses from insurance contracts | |||||||
Accretion of interest on GMM contracts | 224 | (24) | 42 | 112 | 36 | 252 | 642 |
Other net finance (income) expense | 508 | 8,207 | 247 | 375 | 4,277 | 1,651 | 15,265 |
732 | 8,183 | 289 | 487 | 4,313 | 1,903 | 15,907 | |
Total amount recognised in income statement | 615 | 7,035 | 101 | 179 | 3,625 | 1,274 | 12,829 |
Effect of movements in exchange rates | 730 | (122) | (92) | 1,011 | 2,536 | 344 | 4,407 |
Total amount recognised in comprehensive income | 1,345 | 6,913 | 9 | 1,190 | 6,161 | 1,618 | 17,236 |
Total cash flows | 466 | 5,736 | (6) | 397 | 2,232 | 2,404 | 11,229 |
Other changes | \u2013 | (1) | \u2013 | 1 | (54) | (68) | (122) |
Net liabilities (assets) at 31 Dec 2025 | 17,496 | 85,242 | 2,653 | 11,173 | 48,549 | 32,502 | 197,615 |
Reinsurance $m | |||||||
Mainland China | Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Total insurance segments | |
Net liabilities (assets) at 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 liabilities (assets) at 31 Dec 2024/1 Jan 2025 | (22) | (2,042) | 15 | 17 | (917) | (49) | (2,998) |
Insurance service result | 7 | 182 | 7 | 4 | (2) | 31 | 229 |
Net finance (income) expenses from reinsurance contracts | |||||||
Accretion of interest on GMM contracts | (1) | (99) | 1 | 2 | (55) | (6) | (158) |
Other net finance (income) expense | 1 | 259 | (6) | \u2013 | 47 | 10 | 311 |
\u2013 | 160 | (5) | 2 | (8) | 4 | 153 | |
Total amount recognised in income statement | 7 | 342 | 2 | 6 | (10) | 35 | 382 |
Effect of movements in exchange rates | (1) | 5 | \u2013 | \u2013 | (53) | 11 | (38) |
Total amount recognised in comprehensive income | 6 | 347 | 2 | 6 | (63) | 46 | 344 |
Total cash flows | \u2013 | (216) | (23) | (8) | 35 | (25) | (237) |
Other changes | \u2013 | \u2013 | 1 | \u2013 | \u2013 | (1) | \u2013 |
Net liabilities (assets) at 31 Dec 2025 | (16) | (1,911) | (5) | 15 | (945) | (29) | (2,891) |
31 Dec 2025 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to JVs and associates | |
1 year or less | 2,295 | 213 | 2,508 |
After 1 year to 2 years | 2,040 | 185 | 2,225 |
After 2 years to 3 years | 1,835 | 160 | 1,995 |
After 3 years to 4 years | 1,634 | 140 | 1,774 |
After 4 years to 5 years | 1,471 | 124 | 1,595 |
After 5 years to 10 years | 5,261 | 444 | 5,705 |
After 10 years to 15 years | 3,424 | 303 | 3,727 |
After 15 years to 20 years | 2,091 | 211 | 2,302 |
After 20 years | 3,189 | 398 | 3,587 |
Total insurance CSM | 23,240 | 2,178 | 25,418 |
31 Dec 2024 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to 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 2025 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to JVs and associates | |
1 year or less | (65) | 7 | (58) |
After 1 year to 2 years | (56) | 7 | (49) |
After 2 years to 3 years | (50) | 6 | (44) |
After 3 years to 4 years | (47) | 6 | (41) |
After 4 years to 5 years | (43) | 6 | (37) |
After 5 years to 10 years | (128) | 23 | (105) |
After 10 years to 15 years | (58) | 16 | (42) |
After 15 years to 20 years | (36) | 20 | (16) |
After 20 years | (61) | 40 | (21) |
Total reinsurance CSM | (544) | 131 | (413) |
31 Dec 2024 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to 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 2025 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to JVs and associates | |
1 year or less | (1,134) | (92) | (1,226) |
After 1 year to 2 years | (918) | 509 | (409) |
After 2 years to 3 years | 2,096 | 454 | 2,550 |
After 3 years to 4 years | 4,286 | 495 | 4,781 |
After 4 years to 5 years | 6,279 | 483 | 6,762 |
After 5 years to 10 years | 29,121 | 2,746 | 31,867 |
After 10 years to 15 years | 27,742 | 2,832 | 30,574 |
After 15 years to 20 years | 21,275 | 2,656 | 23,931 |
After 20 years* | 63,269 | 12,576 | 75,845 |
Total expected future cash flows from insurance contract liabilities | 152,016 | 22,659 | 174,675 |
31 Dec 2024 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to 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 2025 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to JVs and associates | |
1 year or less | 103 | 18 | 121 |
After 1 year to 2 years | 104 | (1) | 103 |
After 2 years to 3 years | 60 | (1) | 59 |
After 3 years to 4 years | 51 | \u2013 | 51 |
After 4 years to 5 years | 45 | \u2013 | 45 |
After 5 years to 10 years | 111 | (1) | 110 |
After 10 years to 15 years | 14 | 1 | 15 |
After 15 years to 20 years | (8) | 4 | (4) |
After 20 years | 82 | 36 | 118 |
Total expected future cash flows from reinsurance contract liabilities | 562 | 56 | 618 |
31 Dec 2024 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to 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 |
Contract type | Description and material features | Measurement model |
With-profits contracts (written in Hong Kong, Singapore and Malaysia) | Provides savings and/or protection where the basic sum assured can be enhanced by a profit share (or bonus) from the underlying fund as determined at the discretion of the local business unit. With-profits products often offer a guaranteed maturity or surrender value. Declared regular bonuses are guaranteed once vested. Future bonus rates and cash dividends are not guaranteed. Market value adjustments and surrender charges 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). | All with-profits contracts of the Group written in Hong Kong, Singapore and Malaysia are measured using the VFA model. The shareholders\u2019 share of the excess of the assets of the with-profits funds over policyholder liabilities is recognised within shareholders\u2019 equity. |
Other participating contracts | Similar to the with-profits contracts, other participating contracts include savings and/or protection elements, with policyholders and shareholders sharing in the returns of the underlying funds. | Other participating contracts of the Group are measured under the VFA model except for the contracts without distinct segregated funds written by the Group\u2019s life joint venture in Mainland China, where the GMM approach is applied. |
Unit-linked contracts | Combines savings with health and protection riders (which, under IFRS 17, are not separated from the base contract). The cash value of the policy primarily depends on the value of the underlying unitised funds. | Unit-linked contracts are measured either under the VFA or the GMM depending on the relative size of the savings and protection benefits of the contract. The larger the protection component the more likely the contract is required to be measured under the GMM. |
Health and protection \u2013 Shareholder- backed participating critical illness contracts | Shareholder-backed participating critical illness contracts are written by the Group\u2019s Hong Kong business. These products combine critical illness and death benefits with a savings element. These are whole life products and have regular premium payments with a limited payment term. | Shareholder-backed participating critical illness contracts are measured under the VFA. |
Health and protection \u2013 Other | In addition to supplementary heath and protection contract products attached to with-profits and unit-linked contracts described above, the Group also offers stand- 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. | Stand-alone non-par health and protection (excluding shareholder-backed participating critical illness) contracts are measured under the GMM. |
Non- participating term, whole life and endowment assurance contracts | Non-participating savings and/or protection where the benefits are guaranteed, determined by a set of defined market-related parameters, or determined at the discretion of the local business unit. These products often offer a guaranteed maturity and/or surrender value. It is common 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. | These contracts are measured under the GMM. |
Excluding JVs and associates $m | Including JVs and associates $m note (i) | ||||||||||||
(Assets) | Liabilities | Net liabilities (assets) | (Assets) | Liabilities | Net liabilities (assets) | ||||||||
Insurance | RI | Insurance | RI | Insurance | RI | Insurance | RI | Insurance | RI | Insurance | RI | ||
note (ii) | note (ii) | ||||||||||||
As at 31 Dec 2025 | |||||||||||||
Best estimate liabilities (BEL) | (5,326) | (2,575) | 152,016 | 562 | 146,690 | (2,013) | (5,610) | (2,817) | 174,675 | 618 | 169,065 | (2,199) | |
Risk adjustment for non- financial risk (RA) | 894 | (171) | 1,906 | (38) | 2,800 | (209) | 909 | (237) | 2,223 | (42) | 3,132 | (279) | |
Contractual service margin (CSM) | 2,664 | (660) | 20,576 | 116 | 23,240 | (544) | 2,834 | (510) | 22,584 | 97 | 25,418 | (413) | |
Insurance contract balances notes C3.2 C3.3 | (1,768) | (3,406) | 174,498 | 640 | 172,730 | (2,766) | (1,867) | (3,564) | 199,482 | 673 | 197,615 | (2,891) | |
Assets for insurance acquisition cash flows | (48) | \u2013 | \u2013 | \u2013 | (48) | \u2013 | (48) | \u2013 | \u2013 | \u2013 | (48) | \u2013 | |
Insurance and reinsurance contract liabilities (assets) | (1,816) | (3,406) | 174,498 | 640 | 172,682 | (2,766) | (1,915) | (3,564) | 199,482 | 673 | 197,567 | (2,891) | |
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 liabilities (assets) | (1,345) | (3,390) | 147,566 | 536 | 146,221 | (2,854) | (1,429) | (3,556) | 170,670 | 558 | 169,241 | (2,998) |
Excluding JVs and associates | Group\u2019s share related to JVs and associates | Including JVs and associates | |
$m | $m | $m | |
As at 31 Dec 2025 | |||
Shareholders\u2019 equity | 17,354 | 2,763 | 20,117 |
CSM, net of reinsurance | 22,696 | 2,309 | 25,005 |
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders | 871 | \u2013 | 871 |
Remove: CSM, net of reinsurance, attributable to non-controlling interests | (1,072) | \u2013 | (1,072) |
Shareholders\u2019 CSM, net of reinsurance | 22,495 | 2,309 | 24,804 |
Less: Related tax adjustments | (2,316) | (537) | (2,853) |
Adjusted total comprehensive equity | 37,533 | 4,535 | 42,068 |
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 | (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 |
Excluding JVs and associates | |||||||||
2025 $m | |||||||||
Insurance | Reinsurance | ||||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | ||
note (b) | note (b) | ||||||||
Opening assets | (4,566) | 791 | 2,462 | (1,313) | (2,624) | (99) | (667) | (3,390) | |
Opening liabilities | 127,942 | 1,655 | 17,968 | 147,565 | 423 | (44) | 157 | 536 | |
Net liabilities (assets) at 1 Jan | 123,376 | 2,446 | 20,430 | 146,252 | (2,201) | (143) | (510) | (2,854) | |
Changes that relate to future service | |||||||||
Changes in estimates that adjust the CSM | (2,038) | 83 | 1,955 | \u2013 | 89 | (42) | (47) | \u2013 | |
Changes in estimates that result in losses or reversal of losses on onerous contracts | 7 | 4 | \u2013 | 11 | (11) | \u2013 | \u2013 | (11) | |
New contracts in the year | (2,770) | 309 | 2,473 | 12 | 85 | (16) | (71) | (2) | |
(4,801) | 396 | 4,428 | 23 | 163 | (58) | (118) | (13) | ||
Changes that relate to current service | |||||||||
Release of CSM to profit or loss | \u2013 | \u2013 | (2,438) | (2,438) | \u2013 | \u2013 | 102 | 102 | |
Release of risk adjustment to profit or loss | \u2013 | (272) | \u2013 | (272) | \u2013 | 19 | \u2013 | 19 | |
Experience adjustments | (145) | \u2013 | \u2013 | (145) | 140 | \u2013 | \u2013 | 140 | |
(145) | (272) | (2,438) | (2,855) | 140 | 19 | 102 | 261 | ||
Changes that relate to past service | |||||||||
Adjustments to assets and liabilities for incurred claims | (4) | \u2013 | \u2013 | (4) | (35) | (1) | \u2013 | (36) | |
Insurance service result | (4,950) | 124 | 1,990 | (2,836) | 268 | (40) | (16) | 212 | |
Net finance (income) expense | |||||||||
Accretion of interest on GMM contracts note (i) | (4) | 45 | 296 | 337 | (114) | (7) | (30) | (151) | |
Other net finance (income) expense | 14,215 | 99 | (39) | 14,275 | 331 | (17) | (4) | 310 | |
14,211 | 144 | 257 | 14,612 | 217 | (24) | (34) | 159 | ||
Total amount recognised in income statement | 9,261 | 268 | 2,247 | 11,776 | 485 | (64) | (50) | 371 | |
Effect of movements in exchange rates | 3,287 | 86 | 563 | 3,936 | (59) | (2) | 16 | (45) | |
Total amount recognised in comprehensive income | 12,548 | 354 | 2,810 | 15,712 | 426 | (66) | (34) | 326 | |
Cash flows | |||||||||
Premiums received net of ceding commissions paid | 28,059 | \u2013 | \u2013 | 28,059 | (1,403) | \u2013 | \u2013 | (1,403) | |
Insurance acquisition cash flows | (5,004) | \u2013 | \u2013 | (5,004) | \u2013 | \u2013 | \u2013 | \u2013 | |
Claims and other insurance service expenses net of recoveries from reinsurance received note (ii) | (12,167) | \u2013 | \u2013 | (12,167) | 1,165 | \u2013 | \u2013 | 1,165 | |
Total cash flows | 10,888 | \u2013 | \u2013 | 10,888 | (238) | \u2013 | \u2013 | (238) | |
Other changes note (iii) | (122) | \u2013 | \u2013 | (122) | \u2013 | \u2013 | \u2013 | \u2013 | |
Closing assets | (5,326) | 894 | 2,664 | (1,768) | (2,575) | (171) | (660) | (3,406) | |
Closing liabilities | 152,016 | 1,906 | 20,576 | 174,498 | 562 | (38) | 116 | 640 | |
Net liabilities (assets) at 31 Dec | 146,690 | 2,800 | 23,240 | 172,730 | (2,013) | (209) | (544) | (2,766) |
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 liabilities (assets) 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 | 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 liabilities (assets) at 31 Dec | 123,376 | 2,446 | 20,430 | 146,252 | (2,201) | (143) | (510) | (2,854) |
Insurance contracts (excluding JVs and associates) | |||||||||
2025 $m | 2024 $m | ||||||||
Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | ||
Balance at 1 Jan | 747 | 3,271 | 16,412 | 20,430 | 829 | 3,674 | 15,681 | 20,184 | |
Changes that relate to future service | |||||||||
Changes in estimates that adjust the CSM | 19 | 175 | 1,761 | 1,955 | (11) | 162 | 2 | 153 | |
New contracts in the year | \u2013 | \u2013 | 2,473 | 2,473 | \u2013 | \u2013 | 2,401 | 2,401 | |
19 | 175 | 4,234 | 4,428 | (11) | 162 | 2,403 | 2,554 | ||
Changes that relate to current service | |||||||||
Release of CSM to profit or loss | (109) | (375) | (1,954) | (2,438) | (114) | (418) | (1,754) | (2,286) | |
(90) | (200) | 2,280 | 1,990 | (125) | (256) | 649 | 268 | ||
Net finance (income) expenses from insurance contracts | 27 | 3 | 227 | 257 | 35 | (60) | 302 | 277 | |
Effect of movements in exchange rates | 53 | 98 | 412 | 563 | 8 | (87) | (220) | (299) | |
Balance at 31 Dec | 737 | 3,172 | 19,331 | 23,240 | 747 | 3,271 | 16,412 | 20,430 |
Reinsurance contracts (excluding JVs and associates) | |||||||||
2025 $m | 2024 $m | ||||||||
Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | ||
Balance at 1 Jan | \u2013 | (27) | (483) | (510) | \u2013 | (45) | (1,300) | (1,345) | |
Changes that relate to future service | |||||||||
Changes in estimates that adjust the CSM | \u2013 | \u2013 | (47) | (47) | \u2013 | 13 | 678 | 691 | |
New contracts in the year | \u2013 | \u2013 | (71) | (71) | \u2013 | \u2013 | 14 | 14 | |
\u2013 | \u2013 | (118) | (118) | \u2013 | 13 | 692 | 705 | ||
Changes that relate to current service | |||||||||
Release of CSM to profit or loss | \u2013 | 2 | 99 | 102 | \u2013 | 5 | 154 | 159 | |
\u2013 | 2 | (19) | (16) | \u2013 | 18 | 846 | 864 | ||
Net finance (income) expenses from reinsurance contracts | \u2013 | (1) | (32) | (34) | \u2013 | (1) | (22) | (23) | |
Effect of movements in exchange rates | \u2013 | \u2013 | 16 | 16 | \u2013 | 1 | (7) | (6) | |
Balance at 31 Dec | \u2013 | (26) | (518) | (544) | \u2013 | (27) | (483) | (510) |
Excluding JVs and associates | |||||||||
2025 $m | |||||||||
Insurance | Reinsurance | ||||||||
Liabilities for remaining coverage | Liabilities for incurred claims | Liabilities for remaining coverage | Liabilities for incurred claims | ||||||
Excluding loss component | Loss component | Total | Excluding loss-recovery component | Loss- recovery component | Total | ||||
note (i) | note (i) | ||||||||
Opening assets | (1,480) | 38 | 129 | (1,313) | (2,783) | (66) | (541) | (3,390) | |
Opening liabilities | 144,561 | 881 | 2,123 | 147,565 | 542 | (20) | 14 | 536 | |
Net liabilities (assets) at 1 Jan | 143,081 | 919 | 2,252 | 146,252 | (2,241) | (86) | (527) | (2,854) | |
Insurance revenue | |||||||||
Contracts measured under the modified retrospective approach | (427) | \u2013 | \u2013 | (427) | |||||
Contracts measured under the fair value approach | (1,106) | \u2013 | \u2013 | (1,106) | |||||
Other contracts note (ii) | (9,547) | \u2013 | \u2013 | (9,547) | |||||
(11,080) | \u2013 | \u2013 | (11,080) | ||||||
Insurance service expense | |||||||||
Incurred claims and other directly attributable expenses | \u2013 | (65) | 4,855 | 4,790 | |||||
Amortisation of insurance acquisition cash flows | 3,435 | \u2013 | \u2013 | 3,435 | |||||
Losses or reversal of losses on onerous contracts | \u2013 | 23 | \u2013 | 23 | |||||
Adjustments to liability for incurred claims | \u2013 | \u2013 | (4) | (4) | |||||
3,435 | (42) | 4,851 | 8,244 | ||||||
Net (income) expense from reinsurance contracts held | 1,407 | (14) | (1,181) | 212 | |||||
Insurance service result | (7,645) | (42) | 4,851 | (2,836) | 1,407 | (14) | (1,181) | 212 | |
Investment components and premium refunds | (7,799) | \u2013 | 7,799 | \u2013 | (99) | \u2013 | 99 | \u2013 | |
Net finance (income) expenses from insurance and reinsurance contracts | 14,526 | 25 | 61 | 14,612 | 157 | 1 | 1 | 159 | |
Total amount recognised in income statement | (918) | (17) | 12,711 | 11,776 | 1,465 | (13) | (1,081) | 371 | |
Effect of movement in exchange rates | 3,866 | 12 | 58 | 3,936 | (42) | \u2013 | (3) | (45) | |
Total amount recognised in comprehensive income | 2,948 | (5) | 12,769 | 15,712 | 1,423 | (13) | (1,084) | 326 | |
Cash flows | |||||||||
Premiums received net of ceding commissions paid | 28,059 | \u2013 | \u2013 | 28,059 | (1,403) | \u2013 | \u2013 | (1,403) | |
Insurance acquisition cash flows | (5,004) | \u2013 | \u2013 | (5,004) | \u2013 | \u2013 | \u2013 | \u2013 | |
Claims and other insurance service expenses net of recoveries from reinsurance received note (iii) | \u2013 | \u2013 | (12,167) | (12,167) | \u2013 | \u2013 | 1,165 | 1,165 | |
Total cash flows | 23,055 | \u2013 | (12,167) | 10,888 | (1,403) | \u2013 | 1,165 | (238) | |
Other changes note (iv) | (73) | \u2013 | (49) | (122) | \u2013 | \u2013 | \u2013 | \u2013 | |
Closing assets | (2,020) | 85 | 167 | (1,768) | (2,842) | (78) | (486) | (3,406) | |
Closing liabilities | 171,031 | 829 | 2,638 | 174,498 | 621 | (21) | 40 | 640 | |
Net liabilities (assets) at 31 Dec | 169,011 | 914 | 2,805 | 172,730 | (2,221) | (99) | (446) | (2,766) |
Excluding JVs and associates | |||||||||
2024 $m | |||||||||
Insurance | Reinsurance | ||||||||
Liabilities for remaining coverage | Liabilities for incurred claims | Liabilities for remaining coverage | Liabilities for incurred claims | ||||||
Excluding loss component | Loss component | Total | Loss-recovery component | 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 liabilities (assets) 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 | |||||||||
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 | (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 liabilities (assets) at 31 Dec | 143,081 | 919 | 2,252 | 146,252 | (2,241) | (86) | (527) | (2,854) |
Excluding JVs and associates | |||||||
2025 $m | 2024 $m | ||||||
Profitable contracts issued | Onerous contracts issued | Total | Profitable contracts issued | Onerous contracts issued | Total | ||
Estimate of present value of expected future cash outflows: | |||||||
Insurance acquisition cash flows | 5,030 | 95 | 5,125 | 4,493 | 95 | 4,588 | |
Claims and other directly attributable expenses | 21,314 | 781 | 22,095 | 19,655 | 592 | 20,247 | |
26,344 | 876 | 27,220 | 24,148 | 687 | 24,835 | ||
Estimate of present value of expected future cash inflows | (29,126) | (864) | (29,990) | (26,861) | (683) | (27,544) | |
Risk adjustment for non-financial risk | 309 | \u2013 | 309 | 312 | 3 | 315 | |
CSM | 2,473 | \u2013 | 2,473 | 2,401 | \u2013 | 2,401 | |
Loss recognised on initial recognition | \u2013 | 12 | 12 | \u2013 | 7 | 7 |
Excluding JVs and associates | |||||||
2025 $m | 2024 $m | ||||||
Contracts initiated without loss-recovery component | Contracts initiated with loss-recovery component | Total | Contracts initiated without loss-recovery component | Contracts initiated with loss-recovery component | Total | ||
Estimate of present value of expected future cash outflows | 1,610 | \u2013 | 1,610 | 2,329 | \u2013 | 2,329 | |
Estimate of present value of expected future cash inflows | (1,523) | (2) | (1,525) | (2,338) | (1) | (2,339) | |
Risk adjustment for non-financial risk | (16) | \u2013 | (16) | (5) | \u2013 | (5) | |
CSM | (71) | \u2013 | (71) | 14 | \u2013 | 14 | |
Profit recognised on initial recognition | \u2013 | (2) | (2) | \u2013 | (1) | (1) |
Including JVs and associates | |||||||||
2025 $m | |||||||||
Insurance | Reinsurance | ||||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | ||
note (b) | note (b) | ||||||||
Opening assets | (4,799) | 803 | 2,599 | (1,397) | (2,783) | (128) | (645) | (3,556) | |
Opening liabilities | 148,867 | 1,940 | 19,862 | 170,669 | 461 | (47) | 144 | 558 | |
Net liabilities (assets) at 1 Jan | 144,068 | 2,743 | 22,461 | 169,272 | (2,322) | (175) | (501) | (2,998) | |
Changes that relate to future service | |||||||||
Changes in estimates that adjust the CSM | (1,960) | 91 | 1,869 | \u2013 | 104 | (46) | (58) | \u2013 | |
Changes in estimates that result in losses or reversal of losses on onerous contracts | 14 | 6 | \u2013 | 20 | (14) | \u2013 | \u2013 | (14) | |
New contracts in the year | (3,084) | 350 | 2,777 | 43 | (6) | (55) | 58 | (3) | |
(5,030) | 447 | 4,646 | 63 | 84 | (101) | \u2013 | (17) | ||
Changes that relate to current service | |||||||||
Release of CSM to profit or loss | \u2013 | \u2013 | (2,656) | (2,656) | \u2013 | \u2013 | 102 | 102 | |
Release of risk adjustment to profit or loss | \u2013 | (307) | \u2013 | (307) | \u2013 | 24 | \u2013 | 24 | |
Experience adjustments | (159) | \u2013 | \u2013 | (159) | 148 | \u2013 | \u2013 | 148 | |
(159) | (307) | (2,656) | (3,122) | 148 | 24 | 102 | 274 | ||
Changes that relate to past service | |||||||||
Adjustments to assets and liabilities for incurred claims | (18) | (1) | \u2013 | (19) | (27) | (1) | \u2013 | (28) | |
Insurance service result | (5,207) | 139 | 1,990 | (3,078) | 205 | (78) | 102 | 229 | |
Net finance (income) expense | |||||||||
Accretion of interest on GMM contracts note (i) | 212 | 54 | 376 | 642 | (121) | (9) | (28) | (158) | |
Other net finance (income) expense | 15,204 | 100 | (39) | 15,265 | 332 | (17) | (4) | 311 | |
15,416 | 154 | 337 | 15,907 | 211 | (26) | (32) | 153 | ||
Total amount recognised in income statement | 10,209 | 293 | 2,327 | 12,829 | 416 | (104) | 70 | 382 | |
Effect of movements in exchange rates | 3,681 | 96 | 630 | 4,407 | (56) | \u2013 | 18 | (38) | |
Total amount recognised in comprehensive income | 13,890 | 389 | 2,957 | 17,236 | 360 | (104) | 88 | 344 | |
Cash flows | |||||||||
Premiums received net of ceding commissions paid | 32,098 | \u2013 | \u2013 | 32,098 | (1,445) | \u2013 | \u2013 | (1,445) | |
Insurance acquisition cash flows | (5,524) | \u2013 | \u2013 | (5,524) | \u2013 | \u2013 | \u2013 | \u2013 | |
Claims and other insurance service expenses net of recoveries from reinsurance received note (ii) | (15,345) | \u2013 | \u2013 | (15,345) | 1,208 | \u2013 | \u2013 | 1,208 | |
Total cash flows | 11,229 | \u2013 | \u2013 | 11,229 | (237) | \u2013 | \u2013 | (237) | |
Other changes note (iii) | (122) | \u2013 | \u2013 | (122) | \u2013 | \u2013 | \u2013 | \u2013 | |
Closing assets | (5,610) | 909 | 2,834 | (1,867) | (2,817) | (237) | (510) | (3,564) | |
Closing liabilities | 174,675 | 2,223 | 22,584 | 199,482 | 618 | (42) | 97 | 673 | |
Net liabilities (assets) at 31 Dec | 169,065 | 3,132 | 25,418 | 197,615 | (2,199) | (279) | (413) | (2,891) |
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 liabilities (assets) 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 | 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 liabilities (assets) at 31 Dec | 144,068 | 2,743 | 22,461 | 169,272 | (2,322) | (175) | (501) | (2,998) |
Insurance contracts (including JVs and associates) | |||||||||
2025 $m | 2024 $m | ||||||||
Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | ||
Balance at 1 Jan | 1,683 | 3,690 | 17,088 | 22,461 | 1,922 | 4,143 | 16,287 | 22,352 | |
Changes that relate to future service | |||||||||
Changes in estimates that adjust the CSM | (8) | 208 | 1,669 | 1,869 | (81) | 131 | (24) | 26 | |
New contracts in the year | \u2013 | \u2013 | 2,777 | 2,777 | \u2013 | \u2013 | 2,585 | 2,585 | |
(8) | 208 | 4,446 | 4,646 | (81) | 131 | 2,561 | 2,611 | ||
Changes that relate to current service | |||||||||
Release of CSM to profit or loss | (196) | (400) | (2,060) | (2,656) | (209) | (442) | (1,860) | (2,511) | |
(204) | (192) | 2,386 | 1,990 | (290) | (311) | 701 | 100 | ||
Net finance (income) expenses from insurance contracts | 62 | 10 | 265 | 337 | 73 | (53) | 337 | 357 | |
Effect of movements in exchange rates | 93 | 123 | 414 | 630 | (22) | (89) | (237) | (348) | |
Balance at 31 Dec | 1,634 | 3,631 | 20,153 | 25,418 | 1,683 | 3,690 | 17,088 | 22,461 |
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 (Unit-linked) 2010 \u2013 2021 (Non- participating) | 2000 \u2013 2009 (Unit-linked) | Pre-1999 (Unit-linked) Pre-2009 (Non-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) | |||||||||
2025 $m | 2024 $m | ||||||||
Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | Contracts under MRA | Contracts under FVA | Other contracts* | Total CSM | ||
Balance at 1 Jan | \u2013 | (49) | (452) | (501) | \u2013 | (63) | (1,277) | (1,340) | |
Changes that relate to future service | |||||||||
Changes in estimates that adjust the CSM | \u2013 | (1) | (57) | (58) | \u2013 | 8 | 690 | 698 | |
New contracts in the year | \u2013 | \u2013 | 58 | 58 | \u2013 | \u2013 | 11 | 11 | |
\u2013 | (1) | 1 | \u2013 | \u2013 | 8 | 701 | 709 | ||
Changes that relate to current service | |||||||||
Release of CSM to profit or loss | \u2013 | 4 | 98 | 102 | \u2013 | 7 | 152 | 159 | |
\u2013 | 3 | 99 | 102 | \u2013 | 15 | 853 | 868 | ||
Net finance (income) expenses from reinsurance contracts | \u2013 | (2) | (30) | (32) | \u2013 | (2) | (19) | (21) | |
Effect of movements in exchange rates | \u2013 | (1) | 19 | 18 | \u2013 | 1 | (9) | (8) | |
Balance at 31 Dec | \u2013 | (49) | (364) | (413) | \u2013 | (49) | (452) | (501) |
Insurance $m | Reinsurance $m | ||||||||
Liabilities (assets) | |||||||||
BEL | RA | CSM | Total | BEL | RA | CSM | Total | ||
As at 31 Dec 2025 | |||||||||
Mainland China | 15,709 | 184 | 1,603 | 17,496 | (85) | (39) | 108 | (16) | |
Hong Kong | 73,749 | 836 | 10,657 | 85,242 | (977) | (142) | (792) | (1,911) | |
Indonesia | 1,805 | 157 | 691 | 2,653 | 3 | (9) | 1 | (5) | |
Malaysia | 8,328 | 515 | 2,330 | 11,173 | 10 | (14) | 19 | 15 | |
Singapore | 42,039 | 952 | 5,558 | 48,549 | (1,212) | (17) | 284 | (945) | |
Growth markets and other | 27,435 | 488 | 4,579 | 32,502 | 62 | (58) | (33) | (29) | |
Total insurance segments | 169,065 | 3,132 | 25,418 | 197,615 | (2,199) | (279) | (413) | (2,891) | |
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) |
Insurance $m | |||||||
Mainland China | Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Total insurance segments | |
Net liabilities (assets) at 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 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 liabilities (assets) at 31 Dec 2024/1 Jan 2025 | 15,685 | 72,594 | 2,650 | 9,585 | 40,210 | 28,548 | 169,272 |
Insurance service result | (117) | (1,148) | (188) | (308) | (688) | (629) | (3,078) |
Net finance (income) expenses from insurance contracts | |||||||
Accretion of interest on GMM contracts | 224 | (24) | 42 | 112 | 36 | 252 | 642 |
Other net finance (income) expense | 508 | 8,207 | 247 | 375 | 4,277 | 1,651 | 15,265 |
732 | 8,183 | 289 | 487 | 4,313 | 1,903 | 15,907 | |
Total amount recognised in income statement | 615 | 7,035 | 101 | 179 | 3,625 | 1,274 | 12,829 |
Effect of movements in exchange rates | 730 | (122) | (92) | 1,011 | 2,536 | 344 | 4,407 |
Total amount recognised in comprehensive income | 1,345 | 6,913 | 9 | 1,190 | 6,161 | 1,618 | 17,236 |
Total cash flows | 466 | 5,736 | (6) | 397 | 2,232 | 2,404 | 11,229 |
Other changes | \u2013 | (1) | \u2013 | 1 | (54) | (68) | (122) |
Net liabilities (assets) at 31 Dec 2025 | 17,496 | 85,242 | 2,653 | 11,173 | 48,549 | 32,502 | 197,615 |
Reinsurance $m | |||||||
Mainland China | Hong Kong | Indonesia | Malaysia | Singapore | Growth markets and other | Total insurance segments | |
Net liabilities (assets) at 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 liabilities (assets) at 31 Dec 2024/1 Jan 2025 | (22) | (2,042) | 15 | 17 | (917) | (49) | (2,998) |
Insurance service result | 7 | 182 | 7 | 4 | (2) | 31 | 229 |
Net finance (income) expenses from reinsurance contracts | |||||||
Accretion of interest on GMM contracts | (1) | (99) | 1 | 2 | (55) | (6) | (158) |
Other net finance (income) expense | 1 | 259 | (6) | \u2013 | 47 | 10 | 311 |
\u2013 | 160 | (5) | 2 | (8) | 4 | 153 | |
Total amount recognised in income statement | 7 | 342 | 2 | 6 | (10) | 35 | 382 |
Effect of movements in exchange rates | (1) | 5 | \u2013 | \u2013 | (53) | 11 | (38) |
Total amount recognised in comprehensive income | 6 | 347 | 2 | 6 | (63) | 46 | 344 |
Total cash flows | \u2013 | (216) | (23) | (8) | 35 | (25) | (237) |
Other changes | \u2013 | \u2013 | 1 | \u2013 | \u2013 | (1) | \u2013 |
Net liabilities (assets) at 31 Dec 2025 | (16) | (1,911) | (5) | 15 | (945) | (29) | (2,891) |
31 Dec 2025 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to JVs and associates | |
1 year or less | 2,295 | 213 | 2,508 |
After 1 year to 2 years | 2,040 | 185 | 2,225 |
After 2 years to 3 years | 1,835 | 160 | 1,995 |
After 3 years to 4 years | 1,634 | 140 | 1,774 |
After 4 years to 5 years | 1,471 | 124 | 1,595 |
After 5 years to 10 years | 5,261 | 444 | 5,705 |
After 10 years to 15 years | 3,424 | 303 | 3,727 |
After 15 years to 20 years | 2,091 | 211 | 2,302 |
After 20 years | 3,189 | 398 | 3,587 |
Total insurance CSM | 23,240 | 2,178 | 25,418 |
31 Dec 2024 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to 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 2025 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to JVs and associates | |
1 year or less | (65) | 7 | (58) |
After 1 year to 2 years | (56) | 7 | (49) |
After 2 years to 3 years | (50) | 6 | (44) |
After 3 years to 4 years | (47) | 6 | (41) |
After 4 years to 5 years | (43) | 6 | (37) |
After 5 years to 10 years | (128) | 23 | (105) |
After 10 years to 15 years | (58) | 16 | (42) |
After 15 years to 20 years | (36) | 20 | (16) |
After 20 years | (61) | 40 | (21) |
Total reinsurance CSM | (544) | 131 | (413) |
31 Dec 2024 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to 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 2025 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to JVs and associates | |
1 year or less | (1,134) | (92) | (1,226) |
After 1 year to 2 years | (918) | 509 | (409) |
After 2 years to 3 years | 2,096 | 454 | 2,550 |
After 3 years to 4 years | 4,286 | 495 | 4,781 |
After 4 years to 5 years | 6,279 | 483 | 6,762 |
After 5 years to 10 years | 29,121 | 2,746 | 31,867 |
After 10 years to 15 years | 27,742 | 2,832 | 30,574 |
After 15 years to 20 years | 21,275 | 2,656 | 23,931 |
After 20 years* | 63,269 | 12,576 | 75,845 |
Total expected future cash flows from insurance contract liabilities | 152,016 | 22,659 | 174,675 |
31 Dec 2024 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to 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 2025 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to JVs and associates | |
1 year or less | 103 | 18 | 121 |
After 1 year to 2 years | 104 | (1) | 103 |
After 2 years to 3 years | 60 | (1) | 59 |
After 3 years to 4 years | 51 | \u2013 | 51 |
After 4 years to 5 years | 45 | \u2013 | 45 |
After 5 years to 10 years | 111 | (1) | 110 |
After 10 years to 15 years | 14 | 1 | 15 |
After 15 years to 20 years | (8) | 4 | (4) |
After 20 years | 82 | 36 | 118 |
Total expected future cash flows from reinsurance contract liabilities | 562 | 56 | 618 |
31 Dec 2024 $m | |||
Total as reported on the consolidated statement of financial position | Group\u2019s share relating to JVs and associates | Total including Group\u2019s share relating to 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 |
Contract type | Description and material features | Measurement model |
With-profits contracts (written in Hong Kong, Singapore and Malaysia) | Provides savings and/or protection where the basic sum assured can be enhanced by a profit share (or bonus) from the underlying fund as determined at the discretion of the local business unit. With-profits products often offer a guaranteed maturity or surrender value. Declared regular bonuses are guaranteed once vested. Future bonus rates and cash dividends are not guaranteed. Market value adjustments and surrender charges 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). | All with-profits contracts of the Group written in Hong Kong, Singapore and Malaysia are measured using the VFA model. The shareholders\u2019 share of the excess of the assets of the with-profits funds over policyholder liabilities is recognised within shareholders\u2019 equity. |
Other participating contracts | Similar to the with-profits contracts, other participating contracts include savings and/or protection elements, with policyholders and shareholders sharing in the returns of the underlying funds. | Other participating contracts of the Group are measured under the VFA model except for the contracts without distinct segregated funds written by the Group\u2019s life joint venture in Mainland China, where the GMM approach is applied. |
Unit-linked contracts | Combines savings with health and protection riders (which, under IFRS 17, are not separated from the base contract). The cash value of the policy primarily depends on the value of the underlying unitised funds. | Unit-linked contracts are measured either under the VFA or the GMM depending on the relative size of the savings and protection benefits of the contract. The larger the protection component the more likely the contract is required to be measured under the GMM. |
Health and protection \u2013 Shareholder- backed participating critical illness contracts | Shareholder-backed participating critical illness contracts are written by the Group\u2019s Hong Kong business. These products combine critical illness and death benefits with a savings element. These are whole life products and have regular premium payments with a limited payment term. | Shareholder-backed participating critical illness contracts are measured under the VFA. |
Health and protection \u2013 Other | In addition to supplementary heath and protection contract products attached to with-profits and unit-linked contracts described above, the Group also offers stand- 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. | Stand-alone non-par health and protection (excluding shareholder-backed participating critical illness) contracts are measured under the GMM. |
Non- participating term, whole life and endowment assurance contracts | Non-participating savings and/or protection where the benefits are guaranteed, determined by a set of defined market-related parameters, or determined at the discretion of the local business unit. These products often offer a guaranteed maturity and/or surrender value. It is common 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. | These contracts are measured under the GMM. |
2025 $m | 2024 $m | |
Carrying value at 1 Jan | 848 | 896 |
Exchange differences | 54 | (7) |
Reclassification as held for sale | \u2013 | (41) |
Carrying value at 31 Dec | 902 | 848 |
2025 $m | 2024 $m | ||||||
Distribution rights | Other intangibles | Total | Distribution rights | Other intangibles | Total | ||
note (i) | note (ii) | note (i) | note (ii) | ||||
Balance at 1 Jan | |||||||
Cost | 5,762 | 570 | 6,332 | 5,585 | 537 | 6,122 | |
Accumulated amortisation and other charges | (2,203) | (305) | (2,508) | (1,876) | (260) | (2,136) | |
3,559 | 265 | 3,824 | 3,709 | 277 | 3,986 | ||
Additions | 491 | 48 | 539 | 198 | 62 | 260 | |
Amortisation and other charges | (389) | (62) | (451) | (331) | (58) | (389) | |
Disposals and transfers | \u2013 | (3) | (3) | (4) | (14) | (18) | |
Exchange differences and other movements | 38 | 11 | 49 | (13) | (2) | (15) | |
Balance at 31 Dec | 3,699 | 259 | 3,958 | 3,559 | 265 | 3,824 | |
Comprising: | |||||||
Cost | 6,302 | 624 | 6,926 | 5,762 | 570 | 6,332 | |
Accumulated amortisation and other charges | (2,603) | (365) | (2,968) | (2,203) | (305) | (2,508) | |
Balance at 31 Dec | 3,699 | 259 | 3,958 | 3,559 | 265 | 3,824 |
2025 $m | 2024 $m | |
Carrying value at 1 Jan | 848 | 896 |
Exchange differences | 54 | (7) |
Reclassification as held for sale | \u2013 | (41) |
Carrying value at 31 Dec | 902 | 848 |
2025 $m | 2024 $m | ||||||
Distribution rights | Other intangibles | Total | Distribution rights | Other intangibles | Total | ||
note (i) | note (ii) | note (i) | note (ii) | ||||
Balance at 1 Jan | |||||||
Cost | 5,762 | 570 | 6,332 | 5,585 | 537 | 6,122 | |
Accumulated amortisation and other charges | (2,203) | (305) | (2,508) | (1,876) | (260) | (2,136) | |
3,559 | 265 | 3,824 | 3,709 | 277 | 3,986 | ||
Additions | 491 | 48 | 539 | 198 | 62 | 260 | |
Amortisation and other charges | (389) | (62) | (451) | (331) | (58) | (389) | |
Disposals and transfers | \u2013 | (3) | (3) | (4) | (14) | (18) | |
Exchange differences and other movements | 38 | 11 | 49 | (13) | (2) | (15) | |
Balance at 31 Dec | 3,699 | 259 | 3,958 | 3,559 | 265 | 3,824 | |
Comprising: | |||||||
Cost | 6,302 | 624 | 6,926 | 5,762 | 570 | 6,332 | |
Accumulated amortisation and other charges | (2,603) | (365) | (2,968) | (2,203) | (305) | (2,508) | |
Balance at 31 Dec | 3,699 | 259 | 3,958 | 3,559 | 265 | 3,824 |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Subordinated debt | ||
US$750m 4.875% notes | 750 | 750 |
\u00a3435m 6.125% notes 2031 | 583 | 542 |
US$1,000m 2.95% notes 2033 | 998 | 997 |
SGD 600m 3.80% notes 2035 note (i) | 464 | \u2013 |
Senior debt note (ii) | ||
\u00a3250m 5.875% notes 2029 | 325 | 299 |
US$1,000m 3.125% notes 2030 | 992 | 990 |
US$350m 3.625% notes 2032 | 347 | 347 |
Total core structural borrowings of shareholder-financed businesses | 4,459 | 3,925 |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Borrowings in respect of short-term fixed income securities programmes (commercial paper) | 520 | 527 |
Lease liabilities under IFRS 16 | 310 | 257 |
Other borrowings | 1 | 13 |
Total operational borrowings | 831 | 797 |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Subordinated debt | ||
US$750m 4.875% notes | 750 | 750 |
\u00a3435m 6.125% notes 2031 | 583 | 542 |
US$1,000m 2.95% notes 2033 | 998 | 997 |
SGD 600m 3.80% notes 2035 note (i) | 464 | \u2013 |
Senior debt note (ii) | ||
\u00a3250m 5.875% notes 2029 | 325 | 299 |
US$1,000m 3.125% notes 2030 | 992 | 990 |
US$350m 3.625% notes 2032 | 347 | 347 |
Total core structural borrowings of shareholder-financed businesses | 4,459 | 3,925 |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Borrowings in respect of short-term fixed income securities programmes (commercial paper) | 520 | 527 |
Lease liabilities under IFRS 16 | 310 | 257 |
Other borrowings | 1 | 13 |
Total operational borrowings | 831 | 797 |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Property, plant and equipment held at cost note (a) | 502 | 391 |
Owner occupied properties held at fair value note (b) | 28 | 26 |
Total property, plant and equipment | 530 | 417 |
2025 $m | 2024 $m | ||||||||
Group occupied property | Tangible assets | Right-of- use assets | Total | Group occupied property | Tangible assets | Right-of- use assets | Total | ||
Balance at 1 Jan | |||||||||
Cost | 35 | 497 | 782 | 1,314 | 24 | 495 | 683 | 1,202 | |
Accumulated depreciation | (7) | (371) | (545) | (923) | (8) | (380) | (467) | (855) | |
Opening net book amount | 28 | 126 | 237 | 391 | 16 | 115 | 216 | 347 | |
Additions | \u2013 | 104 | 137 | 241 | 20 | 81 | 51 | 152 | |
Depreciation charge | (1) | (51) | (98) | (150) | \u2013 | (40) | (94) | (134) | |
Disposals, impairment and lease modifications | \u2013 | (8) | 10 | 2 | (8) | (29) | 67 | 30 | |
Effect of movements in exchange rates | 2 | 4 | 12 | 18 | \u2013 | (1) | (3) | (4) | |
Balance at 31 Dec | 29 | 175 | 298 | 502 | 28 | 126 | 237 | 391 | |
Representing: | |||||||||
Cost | 38 | 578 | 775 | 1,391 | 35 | 497 | 782 | 1,314 | |
Accumulated depreciation | (9) | (403) | (477) | (889) | (7) | (371) | (545) | (923) | |
Closing net book amount | 29 | 175 | 298 | 502 | 28 | 126 | 237 | 391 |
31 Dec 2025 $m | 31 Dec 2024 $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 | 123 | (111) | 102 | (92) | |
Shareholders\u2019 equity | 747 | (676) | 624 | (565) |
Base values | 2025 $m | 2024 $m |
Profit after tax for the year for the Group | 4,119 | 2,415 |
Group shareholders\u2019 equity as at 31 Dec | 20,117 | 17,492 |
CSM as at 31 Dec including JVs and associates | 25,005 | 21,960 |
31 Dec 2025 $m | 31 Dec 2024 $m | ||||
Interest rates and consequential effects | -0.5% | +1% | -0.5% | +1% | |
Increase (decrease) to shareholders\u2019 equity: | |||||
Financial assets note | 8,805 | (15,413) | 7,690 | (13,462) | |
Net insurance contract liabilities (including CSM) note | (8,169) | 14,000 | (7,324) | 12,474 | |
Net effect on shareholders' equity | 568 | (1,222) | 348 | (878) | |
Increase (decrease) to profit after tax: | |||||
Net effect on profit after tax | 609 | (1,299) | 380 | (940) | |
Increase (decrease) to CSM liability: | |||||
CSM note | 390 | (1,069) | 395 | (975) |
31 Dec 2025 $m | 31 Dec 2024 $m | ||||
Equity/property market values | -20% | +10% | -20% | +10% | |
Increase (decrease) to shareholders\u2019 equity: | |||||
Financial assets note | (16,935) | 8,374 | (14,133) | 7,075 | |
Net insurance contract liabilities (including CSM) note | 15,802 | (7,855) | 13,132 | (6,628) | |
Net effect on shareholders' equity | (756) | 341 | (689) | 302 | |
Increase (decrease) to profit after tax: | |||||
Net effect on profit after tax | (817) | 370 | (738) | 325 | |
Increase (decrease) to CSM liability: | |||||
CSM note | (1,937) | 917 | (1,479) | 651 |
2025 $m | |||||
Net effect on shareholders\u2019 equity and profit after tax attributable to equity holders | Net effect on CSM | ||||
Sensitivity to insurance risk: | Gross of reinsurance | Net of reinsurance | Gross of reinsurance | Net of reinsurance | |
Maintenance expenses \u2013 10% increase | (77) | (75) | (487) | (489) | |
Lapse rates \u2013 10% increase | (152) | (110) | (1,620) | (1,775) | |
Mortality and morbidity \u2013 5% increase | (115) | (105) | (813) | (341) |
2024 $m | |||||
Net effect on shareholders\u2019 equity and profit after tax attributable to equity holders | Net effect on CSM | ||||
Sensitivity to insurance risk: | Gross of reinsurance | Net of reinsurance | Gross of reinsurance | Net of 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) |
2025 $m | ||||
Net deferred tax liabilities (assets) at 1 Jan | Movement in income statement | Other movements including foreign exchange movements | Net deferred tax liabilities (assets) at 31 Dec | |
Unrealised losses or gains on investments | 148 | 71 | 6 | 225 |
Balances relating to insurance and reinsurance contracts | 1,408 | 190 | 78 | 1,676 |
Short-term temporary differences | (60) | 22 | \u2013 | (38) |
Unused tax losses | (124) | (20) | (8) | (152) |
Net deferred tax liabilities | 1,372 | 263 | 76 | 1,711 |
2024 $m | ||||
Net deferred tax liabilities (assets) at 1 Jan | Movement in income statement | Other movements including foreign exchange movements | Net deferred tax liabilities (assets) 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 |
2025 $m | ||||
Net deferred tax liabilities (assets) at 1 Jan | Movement in income statement | Other movements including foreign exchange movements | Net deferred tax liabilities (assets) at 31 Dec | |
Unrealised losses or gains on investments | 148 | 71 | 6 | 225 |
Balances relating to insurance and reinsurance contracts | 1,408 | 190 | 78 | 1,676 |
Short-term temporary differences | (60) | 22 | \u2013 | (38) |
Unused tax losses | (124) | (20) | (8) | (152) |
Net deferred tax liabilities | 1,372 | 263 | 76 | 1,711 |
2024 $m | ||||
Net deferred tax liabilities (assets) at 1 Jan | Movement in income statement | Other movements including foreign exchange movements | Net deferred tax liabilities (assets) 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 |
2025 | 2024 | ||||||
Issued shares of 5p each fully paid | Number of ordinary shares | Share capital | Share premium | Number of ordinary shares | Share capital | Share premium | |
$m | $m | $m | $m | ||||
Balance at 1 Jan | 2,657,521,888 | 176 | 5,009 | 2,753,520,756 | 183 | 5,009 | |
Shares issued under share-based schemes | 5,162 | \u2013 | 2 | 758,708 | \u2013 | \u2013 | |
Shares issued under scrip dividends | 2,197,669 | \u2013 | \u2013 | 2,813,929 | \u2013 | \u2013 | |
Shares cancelled on repurchases/buybacks | (111,510,940) | (7) | \u2013 | (99,571,505) | (7) | \u2013 | |
Balance at 31 Dec | 2,548,213,779 | 169 | 5,011 | 2,657,521,888 | 176 | 5,009 |
Share price range | ||||
Number of shares to subscribe for | from (in pence) | to (in pence) | Exercisable by year | |
31 Dec 2025 | 1,529,193 | 520p | 1,202p | 2031 |
31 Dec 2024 | 1,660,096 | 520p | 1,202p | 2030 |
2025 $m | 2024 $m | |
Share repurchases to neutralise share scheme issuances | \u2013 | 48 |
Share repurchases to neutralise impact of scrip dividend | 33 | 23 |
Share buyback programme to return capital to shareholders (excluding costs) | 1,211 | 785 |
Total cash paid on repurchases and buybacks (excluding costs) | 1,244 | 856 |
Costs associated with buyback | 8 | 4 |
Redemption liability/release associated with buyback | (18) | 18 |
Total cost recognised in retained earnings on share repurchases and buybacks | 1,234 | 878 |
Share price | ||||
Number of shares | Low \u00a3 | High \u00a3 | Cost $ | |
January | 14,027,963 | 5.96 | 6.94 | 109,413,773 |
February | 11,016,784 | 6.54 | 7.44 | 95,544,892 |
March | 8,650,128 | 7.13 | 8.46 | 85,272,071 |
April | 17,449,798 | 6.88 | 8.43 | 170,975,804 |
May | 8,643,151 | 7.87 | 8.86 | 97,762,906 |
June | 12,643,798 | 8.38 | 9.39 | 152,102,793 |
July | 7,382,557 | 8.96 | 9.68 | 92,009,220 |
August | 6,105,457 | 9.34 | 10.09 | 79,993,894 |
September | 6,282,320 | 9.56 | 10.59 | 86,067,429 |
October | 6,632,794 | 9.71 | 10.74 | 91,145,576 |
November | 5,645,846 | 10.30 | 11.08 | 79,336,077 |
December | 7,030,344 | 10.69 | 11.51 | 104,361,333 |
Total | 111,510,940 | 1,243,985,768 |
2025 | 2024 | ||||||
Issued shares of 5p each fully paid | Number of ordinary shares | Share capital | Share premium | Number of ordinary shares | Share capital | Share premium | |
$m | $m | $m | $m | ||||
Balance at 1 Jan | 2,657,521,888 | 176 | 5,009 | 2,753,520,756 | 183 | 5,009 | |
Shares issued under share-based schemes | 5,162 | \u2013 | 2 | 758,708 | \u2013 | \u2013 | |
Shares issued under scrip dividends | 2,197,669 | \u2013 | \u2013 | 2,813,929 | \u2013 | \u2013 | |
Shares cancelled on repurchases/buybacks | (111,510,940) | (7) | \u2013 | (99,571,505) | (7) | \u2013 | |
Balance at 31 Dec | 2,548,213,779 | 169 | 5,011 | 2,657,521,888 | 176 | 5,009 |
Share price range | ||||
Number of shares to subscribe for | from (in pence) | to (in pence) | Exercisable by year | |
31 Dec 2025 | 1,529,193 | 520p | 1,202p | 2031 |
31 Dec 2024 | 1,660,096 | 520p | 1,202p | 2030 |
2025 $m | 2024 $m | |
Share repurchases to neutralise share scheme issuances | \u2013 | 48 |
Share repurchases to neutralise impact of scrip dividend | 33 | 23 |
Share buyback programme to return capital to shareholders (excluding costs) | 1,211 | 785 |
Total cash paid on repurchases and buybacks (excluding costs) | 1,244 | 856 |
Costs associated with buyback | 8 | 4 |
Redemption liability/release associated with buyback | (18) | 18 |
Total cost recognised in retained earnings on share repurchases and buybacks | 1,234 | 878 |
Share price | ||||
Number of shares | Low \u00a3 | High \u00a3 | Cost $ | |
January | 14,027,963 | 5.96 | 6.94 | 109,413,773 |
February | 11,016,784 | 6.54 | 7.44 | 95,544,892 |
March | 8,650,128 | 7.13 | 8.46 | 85,272,071 |
April | 17,449,798 | 6.88 | 8.43 | 170,975,804 |
May | 8,643,151 | 7.87 | 8.86 | 97,762,906 |
June | 12,643,798 | 8.38 | 9.39 | 152,102,793 |
July | 7,382,557 | 8.96 | 9.68 | 92,009,220 |
August | 6,105,457 | 9.34 | 10.09 | 79,993,894 |
September | 6,282,320 | 9.56 | 10.59 | 86,067,429 |
October | 6,632,794 | 9.71 | 10.74 | 91,145,576 |
November | 5,645,846 | 10.30 | 11.08 | 79,336,077 |
December | 7,030,344 | 10.69 | 11.51 | 104,361,333 |
Total | 111,510,940 | 1,243,985,768 |
2025 $m | 2024 $m | |
Share repurchases to neutralise share scheme issuances | \u2013 | 48 |
Share repurchases to neutralise impact of scrip dividend | 33 | 23 |
Share buyback programme to return capital to shareholders (excluding costs) | 1,211 | 785 |
Total cash paid on repurchases and buybacks (excluding costs) | 1,244 | 856 |
Costs associated with buyback | 8 | 4 |
Redemption liability/release associated with buyback | (18) | 18 |
Total cost recognised in retained earnings on share repurchases and buybacks | 1,234 | 878 |
Share price | ||||
Number of shares | Low \u00a3 | High \u00a3 | Cost $ | |
January | 14,027,963 | 5.96 | 6.94 | 109,413,773 |
February | 11,016,784 | 6.54 | 7.44 | 95,544,892 |
March | 8,650,128 | 7.13 | 8.46 | 85,272,071 |
April | 17,449,798 | 6.88 | 8.43 | 170,975,804 |
May | 8,643,151 | 7.87 | 8.86 | 97,762,906 |
June | 12,643,798 | 8.38 | 9.39 | 152,102,793 |
July | 7,382,557 | 8.96 | 9.68 | 92,009,220 |
August | 6,105,457 | 9.34 | 10.09 | 79,993,894 |
September | 6,282,320 | 9.56 | 10.59 | 86,067,429 |
October | 6,632,794 | 9.71 | 10.74 | 91,145,576 |
November | 5,645,846 | 10.30 | 11.08 | 79,336,077 |
December | 7,030,344 | 10.69 | 11.51 | 104,361,333 |
Total | 111,510,940 | 1,243,985,768 |
2025 $m | 2024 $m | |
Balance at 1 Jan | 500 | 497 |
Gains (losses) during the year | 299 | 204 |
Movement in capital requirement | (14) | 8 |
Net distributions made to the parent company | (213) | (191) |
Exchange and other movements | (85) | (18) |
Balance at 31 Dec | 487 | 500 |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Property, plant and equipment held at cost note (a) | 502 | 391 |
Owner occupied properties held at fair value note (b) | 28 | 26 |
Total property, plant and equipment | 530 | 417 |
2025 $m | 2024 $m | ||||||||
Group occupied property | Tangible assets | Right-of- use assets | Total | Group occupied property | Tangible assets | Right-of- use assets | Total | ||
Balance at 1 Jan | |||||||||
Cost | 35 | 497 | 782 | 1,314 | 24 | 495 | 683 | 1,202 | |
Accumulated depreciation | (7) | (371) | (545) | (923) | (8) | (380) | (467) | (855) | |
Opening net book amount | 28 | 126 | 237 | 391 | 16 | 115 | 216 | 347 | |
Additions | \u2013 | 104 | 137 | 241 | 20 | 81 | 51 | 152 | |
Depreciation charge | (1) | (51) | (98) | (150) | \u2013 | (40) | (94) | (134) | |
Disposals, impairment and lease modifications | \u2013 | (8) | 10 | 2 | (8) | (29) | 67 | 30 | |
Effect of movements in exchange rates | 2 | 4 | 12 | 18 | \u2013 | (1) | (3) | (4) | |
Balance at 31 Dec | 29 | 175 | 298 | 502 | 28 | 126 | 237 | 391 | |
Representing: | |||||||||
Cost | 38 | 578 | 775 | 1,391 | 35 | 497 | 782 | 1,314 | |
Accumulated depreciation | (9) | (403) | (477) | (889) | (7) | (371) | (545) | (923) | |
Closing net book amount | 29 | 175 | 298 | 502 | 28 | 126 | 237 | 391 |
2025 $m | 2024 $m | |
Hong Kong | 39 | 41 |
Indonesia | 7 | 4 |
Malaysia | 2 | 2 |
Singapore | 25 | 24 |
Growth markets and other | 29 | 21 |
Eastspring | 1 | 7 |
Total segment | 103 | 99 |
Unallocated to a segment (central operations) | 1 | 2 |
Total capital expenditure on property, plant and equipment | 104 | 101 |
31 Dec 2025 $m | 31 Dec 2024 $m | ||||
Consolidated statement of financial position line items | Investment funds | Other structured entities | Investment funds | Other structured entities | |
Equity securities and holdings in collective investment schemes | 51,549 | \u2013 | 47,701 | \u2013 | |
Debt securities | \u2013 | 542 | \u2013 | 216 | |
Total investments in unconsolidated structured entities | 51,549 | 542 | 47,701 | 216 |
2025 $m | 2024 $m | |
Mainland China | (24) | 159 |
Malaysia | 35 | 21 |
Growth markets and other note | 129 | 104 |
Insurance operations | 140 | 284 |
Eastspring | 224 | 193 |
Total segment and Group total | 364 | 477 |
Statement of financial position | 31 Dec 2025 $m | 31 Dec 2024 $m |
Total assets | 40,647 | 36,344 |
Total liabilities (including non-controlling interest) note | 38,259 | 34,452 |
Shareholders\u2019 equity | 2,388 | 1,892 |
The above amounts of assets and liabilities include the following: | ||
Cash and cash equivalents | 1,934 | 1,374 |
Financial liabilities (excluding trade and other payables and provisions) | 2,166 | 1,835 |
Income statement | 2025 $m | 2024 $m |
Revenue | 2,358 | 3,491 |
Profit for the year after tax | 6 | 282 |
The above profit for the year includes the following: | ||
Depreciation and amortisation | (43) | (38) |
Interest income | 615 | 582 |
Interest expense | (34) | (2) |
Income tax credit (charge) | 54 | (36) |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Net assets of the Mainland China joint venture as shown above (100)% | 2,388 | 1,892 |
Proportion owned by the joint venture partner (50)% | 1,194 | 946 |
Carrying amount of the Group\u2019s interest in the joint venture (50)% | 1,194 | 946 |
Prudential plc | |||||||||||||||||||||||||
Prudential Corporation Asia Limited | Prudential Group Holdings Limited and subsidiaries | ||||||||||||||||||||||||
CITIC- Prudential Life Insurance Company Limited (Mainland China life joint venture) | Prudential Hong Kong Limited Prudential General Insurance Hong Kong Limited | PT Prudential Life Assurance PT Prudential Sharia Life Assurance (Indonesia) | Prudential Assurance Malaysia Berhad Prudential BSN Takaful Berhad | Prudential Assurance Company Singapore (Pte) Limited | Eastspring Investments Group Pte. Ltd and subsidiaries | Growth markets and other entities (including Africa, Cambodia, India, Laos, Myanmar, the Philippines, Taiwan, Thailand, Vietnam) | Prudential International Treasury Limited | Prudential Funding (Asia) plc |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Aberdeen Cash Creation Fund | U | 47.05% | 28th Floor Bangkok City Tower, 179 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
Aberdeen Standard Global Opportunities Fund | U | 28.84% | 7 Straits View, #23-04, Marina One East Tower, Singapore 018936 |
Aberdeen Standard Singapore Equity Fund | U | 62.05% | |
ABRDN India Opportunities Fund | U | 30.79% | |
Alternatives North America, Ltd. | U | 100.00% | PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, Cayman Islands |
ARDIAN Prudential Infrastructure Sub-Fund | U | 99.99% | 1 Temasek Avenue, #36-01 Millenia Tower, Singapore 039192 |
ARDIAN Prudential PE Sub-Fund | U | 99.99% | |
ARDIAN Prudential RE Sub-Fund | U | 99.99% | |
ATRAM - PRUINVEST PHP Liquid Fund | U | 90.51% | 8th Floor 8 Rockwell Building, Metro Manila Manila, Philippines |
ATRAM Global Technology Feeder Fund | U | 21.18% | |
ATRAM Philippine Equity Index Tracker Fund - Class V | U | 96.88% | |
Barings International Umbrella Fund-Barings Global Balanced Fund | U | 40.28% | 21st Floor, No. 333, Sec. 1, Keelong Rd, Taipei |
Blackrock Global Funds Systematic Global Equity High Income Fund | U | 35.10% | Twenty Anson, #18-01, 20 Anson Road, Singapore 079912 |
BOCHK Aggressive Growth Fund | U | 43.66% | 27th Floor, Bank of China Tower, 1 Garden Road, Hong Kong |
BOCHK Balanced Growth Fund | U | 37.26% | |
BOCHK China Equity Fund | U | 53.67% | |
BOCHK Conservative Growth Fund | U | 43.51% | |
BOCHK US Dollar Money Market Fund | U | 25.81% | |
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 | 52.79% | c/o Benefit Street Partners LLC, New York, New York 10019 |
Capital East Millennium Equity Fund | U | 21.23% | 105, Taipei City, Songshan District, Dongxing Rd, No.8 8F |
Cathay High Yield EX China Cash Pay 1-5 Year 2% Issuer Capped ETF | U | 77.09% | 6th Floor, No.39, Sec.2, Dunhua South. Rd., Taipei, Taiwan |
CITIC-Prudential Fund Management Company Limited | MI - JV | 49.00% | 19th Floor, No. 16, Yincheng Road, China (Shanghai) Pudong New Area, Shanghai, China |
CITIC-Prudential Life Insurance Company Limited | MI - JV | 50.00% | Room 1101-A, 1201, 1301, 1401, 1501, 1601, 1701, 1801, Unit 01, Building 1, No. B2, North Road of East Third Ring Road, Chaoyang District, Beijing, PRC,100027, China |
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 Fund | U | 55.61% | 4th Floor, No.1, Songzhi Rd., Xinyi Dist., Taipei, Taiwan |
Eastspring Asset Management (Thailand) Co., Ltd. | OS | 59.50% | 944 Mitrtown Office Tower, 9th Floor, Rama 4 Road, Wangmai, Pathumwan, Bangkok 10330, Thailand |
Eastspring Global Private Credit Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Global Real Assets & Private Equity Fund | U | 99.99% | |
Eastspring Global Real Estate Fund | U | 99.99% | |
Eastspring Global Technology Fund | U | 23.69% | 944 Mitrtown Office Tower, 9th floor, Rama 4 road, Wangmai Pathumwan, Bangkok 10330, Thailand |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investment Management (Shanghai) Company Limited | MI - WFOE | 100.00% | Unit 2901, 29th Floor Azia Center, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, 200120, China |
Eastspring Investments - Asia Select Bond Fund | U | 97.15% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments - Asia Opportunities Equity Fund | U | 99.99% | |
Eastspring Investments - Asia Pacific Equity Fund | U | 99.98% | |
Eastspring Investments - Asian Bond Fund | U | 97.03% | |
Eastspring Investments - Asian Dynamic Fund | U | 97.55% | |
Eastspring Investments - Asian Equity Fund | U | 99.21% | |
Eastspring Investments - Asian Equity Income Fund | U | 92.16% | |
Eastspring Investments - Asian High Yield Bond Fund | U | 68.12% | |
Eastspring Investments - Asian Local Bond Fund | U | 91.61% | |
Eastspring Investments - Asian Low Volatility Equity Fund | U | 78.18% | |
Eastspring Investments - Asian Multi Factor Equity Fund | U | 97.94% | |
Eastspring Investments - China A Shares Growth Fund | U | 97.54% | |
Eastspring Investments - China Bond Fund | U | 100.00% | |
Eastspring Investments - China Equity Fund | U | 21.15% | |
Eastspring Investments - Dragon Peacock Fund | U | 97.70% | |
Eastspring Investments - European Investment Grade Bond Fund | U | 100.00% | |
Eastspring Investments - Global Emerging Markets Bond Fund | U | 92.33% | |
Eastspring Investments - Global Emerging Markets Dynamic Fund | U | 40.76% | |
Eastspring Investments - Global Emerging Markets ex-China Dynamic Fund | U | 92.41% | |
Eastspring Investments - Global Equity Navigator Fund | U | 85.88% | |
Eastspring Investments - Global Growth Equity Fund | U | 39.72% | |
Eastspring Investments - Global Low Volatility Equity Fund | U | 96.33% | |
Eastspring Investments - Global Market Navigator Fund | U | 99.60% | |
Eastspring Investments - Global Multi Asset Balanced Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Conservative Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Dynamic Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Income Plus Growth Fund | U | 100.00% | |
Eastspring Investments - Global Technology Fund | U | 75.78% | |
Eastspring Investments - Greater China Equity Fund | U | 89.73% | |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investments - India Equity Fund | U | 28.38% | |
Eastspring Investments - Pan European Fund | U | 50.02% | |
Eastspring Investments - US Corporate Bond Fund | U | 88.69% | |
Eastspring Investments - US High Investment Grade Bond Fund | U | 89.08% | |
Eastspring Investments - US High Yield Bond Fund | U | 25.87% | |
Eastspring Investments - US Investment Grade Bond Fund | U | 28.99% | |
Eastspring Investments - World Value Equity Fund | U | 86.43% | |
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 Target Return Fund | U | 86.27% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Asian High Yield Bond MY Fund | U | 83.58% | |
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 | 27.11% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Dinasti Equity Fund | U | 46.90% | |
Eastspring Investments Fund Management Limited Liability Company | MI | 100.00% | 23rd Floor Saigon Trade Center, 37 Ton Duc Thang Street, Sai Gon Ward, Ho Chi Minh City, Vietnam |
Eastspring Investments Global Equity Fund | U | 95.27% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Group Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Growth Fund | U | 26.45% | 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, Dover, Kent, Delaware 19904, United States of America |
Eastspring Investments India Consumer Equity Open Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Eastspring Investments India Equity Open Limited | OS | 100.00% | |
Eastspring Investments India Government Bond Fund (Semi-Annual Distribution) | U | 29.44% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Eastspring Investments India Infrastructure Equity Open Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Eastspring Investments India Innovation High Growth Equity Fund QII | U | 100.00% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Eastspring Investments Islamic Equity Income Fund | U | 54.69% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
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 - Alternative Investment Fund | U | 100.00% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments Unit Trusts - Asian Balanced Fund | U | 96.11% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Unit Trusts - Dragon Peacock Fund ID | U | 97.79% | |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investments Unit Trusts - Global Technology Fund | U | 90.44% | |
Eastspring Investments Unit Trusts - Pan European Fund | U | 51.87% | |
Eastspring Investments Unit Trusts - Singapore ASEAN Equity Fund | U | 99.23% | |
Eastspring Investments Unit Trusts - Singapore Select Bond Fund | U | 59.12% | |
Eastspring Investments Vietnam ESG Equity Fund | U | 98.55% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments Vietnam Navigator Fund | U | 74.68% | 23rd Floor, Saigon Trade Center Building, 37 Ton Duc Thang Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam |
Eastspring Overseas Investment Fund Management (Shanghai) Company Limited | MI - WFOE | 100.00% | Unit 2901, 29th Floor Azia Center, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, 200120, China |
Eastspring Private Equity Fund 2 | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Securities Investment Trust Co., Ltd. | OS | 99.54% | 4th Floor, No.1 Songzhi Road, Taipei 110, Taiwan |
Eastspring SGD Cash Fund | U | 87.91% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
First Sentier Global Property Securities Fund | U | 66.69% | 38 Beach Road, #06-11 South Beach Tower, Singapore 189767 |
FSITC Global Trends Fund | U | 33.32% | 1st Floor, No.6, Sec. 3, Minquan West Rd, Taipei, Taiwan |
FSSA China Focus Fund\u00a0 | U | 64.88% | 70 Sir John Rogerson\u2019s Quay, Dublin 2, D02 R296, Ireland |
Fubon 1-5 Years US High Yield Bond Ex China ETF | U | 31.75% | 8th Floor, No.108, Sec.1, Dunhua South. Rd., Taipei, Taiwan |
Fuh Hwa 1-5 Yr High Yield ETF | U | 66.33% | 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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
HSBC Senior Global Infrastructure Debt Fund | U | 100.00% | 8 Canada Square, London, E14 5HQ, United Kingdom |
ICICI Prudential Asset Management Company Limited | OS | 34.59% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India |
ICICI Prudential Life Insurance Company Limited | OS | 21.93% | ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025, India |
ICICI Prudential Pension Funds Management Company Limited | OS | 21.93% | Unit No. A, 2nd Floor, Cnergy Building, Appasaheb Marathe Marg, Prabhadevi, Mumbai, Maharashtra - 400025, India |
ICICI Prudential Trust Limited | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India |
iShares Core MSCI Asia | U | 44.86% | 16th Floor, Champion Tower, 3 Garden Road, Central, Hong Kong |
iShares MSCI Asia ex Japan Climate Action ETF | U | 48.85% | 20 Anson Road, #18-01 Twenty Anson, Singapore 079912 |
iShares MSCI Europe ESG Enhanced UCITS ETF | U | 47.56% | 12 Throgmorton Avenue, London, EC2N 2DL, United Kingdom |
iShares MSCI USA ESG Enhanced UCITS ETF | U | 41.49% | 78 Sir John Rogerson's Quay, Dublin, D02 HD32, Ireland |
KKP Active Equity Fund | U | 29.91% | 209 KKP Tower A, 17 Fl., Sukhumvit 21 (Asoke), Khlong Toey Nua, Wattana, Bangkok 10110, Thailand |
Krungsri Greater China Equity Hedged Dividend Fund | U | 22.00% | 12th, 18th Zone B Floor, Ploenchit Tower 898 Ploenchit Road, Lumpini Pathumwan, Bangkok 10330, Thailand |
Lasalle Property Securities SICAV-FIS | U | 99.95% | 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, Singapore, 018981 |
M&G Real Estate Asia Holding Company Pte. Ltd. | OS | 33.00% | 138 Market Street, #35-01 CapitaGreen, Singapore 048946 |
Manulife Asia Pacific Bond Fund | U | 60.89% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Manulife China Offshore Bond Fund | U | 68.24% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Manulife Global Equity Fund | U | 25.71% | |
Manulife Superior Selection China Fund | U | 27.98% | |
Manulife Taiwan Dynamic Fund | U | 20.48% | |
MEAG FlexConcept | U | 74.98% | R.C.S. Luxembourg NR. 28878, 1c, rue Gabriel Lippmann, L-5365 Munsbach |
Nomura Global Shariah Sustainable Equity Fund | U | 28.39% | Suite No 12.2, Level 12, Menara IMC,No.8 Jalan Sultan Ismail,Kuala Lumpur,50250,WP Kuala Lumpur, Malaysia |
North Sathorn Holdings Company Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini Subdistrict Pathumwan District, Bangkok Metropolis, Thailand |
PS | 99.99% | ||
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 ESG Emerging Market Corporate Strategy Bond Fund | U | 24.59% | 10th Floor, No. 144, Sec. 2, Minquan East Rd, Taipei, Taiwan |
Pinebridge US Dual Core Income Fund | U | 23.54% | |
Principal Core Fixed Income Fund | U | 24.43% | 44, 16th Floor, CIMB Thai Bank, Lungsuan Road, Lumpini, Bangkok 10330, Thailand |
Principal Global Silver Age Fund | U | 35.07% | |
Principal Islamic Malaysia Government Sukuk Fund | U | 50.87% | Level 32, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Principal Malaysia Titans Fund | U | 63.07% | 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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, 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 |
Prudential Assurance Company Singapore (Pte) Limited | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
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 Bermuda ISAC Ltd. | OS | 100.00% | Clarendon House, 2 Church Street, Hamilton HM11, Bermuda |
Prudential Bermuda Re ISA, Ltd. | OS | 100.00% | |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Enterprise Management (Beijing) Co., Ltd. | MI-WFOE | 100.00% | Unit 1817, Level 18, Building 1, No.1 Jianguomenwai Avenue, Chaoyang District, Beijing, China |
Prudential Financial Advisers Singapore Pte. Ltd. | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
Name of entity | Classes of shares held | Proportion held | Registered office address |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential General Insurance Hong Kong Limited | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong Kong |
Prudential Group Holdings Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Group Secretarial Services HK Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong |
Prudential Group Secretarial Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential HCL Health Insurance Limited | OS | 70.00% | Suite 6, 48th Floor, Commerz III, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai, 400063, India |
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 Fund - Post Retirement Care Investment Fund | U | 38.98% | F377/9/H/3, Kabulonga Road, Kabulonga, Lusaka, Zambia |
Prudential Investment Fund - Pru Offshore Fund | U | 28.64% | |
Prudential Investment Management Private Limited | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 118479 |
Prudential IP Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Life Assurance (Lao) Company Limited | OS | 100.00% | 5th Floor, Lao International Business and Tourist Center Project (Vientiane Center), Khouvieng Road, Nongchan Village, Sisattanak District, Vientiane Capital, Lao PDR |
Prudential Life Assurance (Thailand) Public Company Limited | OS | 99.93% | 944 Mitrtown Office Tower, 10th, 29th-31st Floor, Rama 4 Road, 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% | 12th Floor, 335 Place, N1, North Dzorwulu, 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 |
PS | 100.00% | ||
Prudential Mauritius Holdings Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
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 Limited | OS | 49.00% | Prudential Pensions Management Zambia Limited Support Office, 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 Ampang, 50100 Kuala Lumpur, Malaysia |
PS | 51.00% | ||
Prudential Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, 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 | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
PS | 100.00% |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Prudential Technology and Services India Private Limited | OS | 100.00% | Unit 401, 4th Floor, CIGNUS, Tower-1, Whitefield Bangalore, Hoodi Village, K.R. Puram Hobli, Whitefield, Bangalore, Bangalore South, Karnataka, India, 560066 |
Prudential Vietnam Assurance Private Limited | OS | 100.00% | 25th Floor Saigon Trade Center, 37 Ton Duc Thang Street, Sai Gon Ward, Ho Chi Minh City, Vietnam |
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 12910, Indonesia |
PT. Eastspring Investments Indonesia | OS | 99.95% | 23rd Floor, Prudential Tower, JL. Jend. Sudirman Kav.79, Jakarta 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 118479 |
Reksa Dana Eastspring IDR Fixed Income Fund (NDEIFF) | U | 95.42% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia |
Reksa Dana Syariah Eastspring Syariah Fixed Income Amanah | U | 76.89% | |
Reksa Dana Syariah Eastspring Syariah Mixed Asset Fund | U | 34.11% | Prudential Tower Lantai 23, JL, Jend. Sudirman Kav. 79, Kakarta 12910 - Indonesia |
Reksa Dana Syariah Eastspring Syariah Money Market Khazanah | U | 67.70% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia |
Rhodium Investment Funds - Singapore Bond Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Rhodium Passive Long Dated Bond Fund | U | 99.93% | |
Robeco QI European Active Index Equities | U | 43.61% | 6, route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of Luxembourg |
Schroder Asian Investment Grade Credit | U | 26.05% | 138 Market Street, #23-01 CapitaGreen, Singapore 048946 |
Schroder Emerging Markets Fund | U | 72.14% | |
Schroder Multi-Asset Revolution | U | 49.69% | |
Schroder US Dollar Money Fund | U | 29.48% | 9th Floor, No. 108, Section 5, Xinyi Road, Taipei, Taiwan |
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 |
StepStone Prudential Private Credit Fund | U | 100.00% | 103 South Church Street, Harbour Place, 5th Floor, KY1-1202 Cayman Islands |
Tisco US Equity Fund | U | 20.46% | 48/16-17, Tisco Tower Building, 9 Floor. North Sathorn, Silom, Bangrak, Bangkok 10500 |
United Global Innovation Fund | U | 20.43% | 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 | 59.66% | Jln Raja Laut, City Centre, 50100 Kuala Lumpur, Wilayah Persekutuan, Kuala Lumpur, Malaysia |
United Global Quality Growth Fund | U | 27.94% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
United-I Malaysia Discovery Fund | U | 32.95% | Level 20, UOB Plaza 1, 7, Jalan Raja Laut, 50350, Kuala Lumpur, Malaysia |
United-I Malaysia Equity Fund | U | 67.05% | Level 20, UOB Plaza 1, 7, Jalan Raja Laut, 50350, Kuala Lumpur, Malaysia |
UOB Smart Global Healthcare Fund | U | 33.50% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
UOB Smart Japan Small and Mid Cap Fund | U | 42.24% | |
UOB Smart Millennium Growth Fund | U | 31.06% | |
USD Investment Grade Infrastructure Debt Fund SCSp | U | 21.23% | 35a, Avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg |
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 2025 $m | 31 Dec 2024 $m | ||||
Consolidated statement of financial position line items | Investment funds | Other structured entities | Investment funds | Other structured entities | |
Equity securities and holdings in collective investment schemes | 51,549 | \u2013 | 47,701 | \u2013 | |
Debt securities | \u2013 | 542 | \u2013 | 216 | |
Total investments in unconsolidated structured entities | 51,549 | 542 | 47,701 | 216 |
Prudential plc | |||||||||||||||||||||||||
Prudential Corporation Asia Limited | Prudential Group Holdings Limited and subsidiaries | ||||||||||||||||||||||||
CITIC- Prudential Life Insurance Company Limited (Mainland China life joint venture) | Prudential Hong Kong Limited Prudential General Insurance Hong Kong Limited | PT Prudential Life Assurance PT Prudential Sharia Life Assurance (Indonesia) | Prudential Assurance Malaysia Berhad Prudential BSN Takaful Berhad | Prudential Assurance Company Singapore (Pte) Limited | Eastspring Investments Group Pte. Ltd and subsidiaries | Growth markets and other entities (including Africa, Cambodia, India, Laos, Myanmar, the Philippines, Taiwan, Thailand, Vietnam) | Prudential International Treasury Limited | Prudential Funding (Asia) plc |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Aberdeen Cash Creation Fund | U | 47.05% | 28th Floor Bangkok City Tower, 179 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
Aberdeen Standard Global Opportunities Fund | U | 28.84% | 7 Straits View, #23-04, Marina One East Tower, Singapore 018936 |
Aberdeen Standard Singapore Equity Fund | U | 62.05% | |
ABRDN India Opportunities Fund | U | 30.79% | |
Alternatives North America, Ltd. | U | 100.00% | PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, Cayman Islands |
ARDIAN Prudential Infrastructure Sub-Fund | U | 99.99% | 1 Temasek Avenue, #36-01 Millenia Tower, Singapore 039192 |
ARDIAN Prudential PE Sub-Fund | U | 99.99% | |
ARDIAN Prudential RE Sub-Fund | U | 99.99% | |
ATRAM - PRUINVEST PHP Liquid Fund | U | 90.51% | 8th Floor 8 Rockwell Building, Metro Manila Manila, Philippines |
ATRAM Global Technology Feeder Fund | U | 21.18% | |
ATRAM Philippine Equity Index Tracker Fund - Class V | U | 96.88% | |
Barings International Umbrella Fund-Barings Global Balanced Fund | U | 40.28% | 21st Floor, No. 333, Sec. 1, Keelong Rd, Taipei |
Blackrock Global Funds Systematic Global Equity High Income Fund | U | 35.10% | Twenty Anson, #18-01, 20 Anson Road, Singapore 079912 |
BOCHK Aggressive Growth Fund | U | 43.66% | 27th Floor, Bank of China Tower, 1 Garden Road, Hong Kong |
BOCHK Balanced Growth Fund | U | 37.26% | |
BOCHK China Equity Fund | U | 53.67% | |
BOCHK Conservative Growth Fund | U | 43.51% | |
BOCHK US Dollar Money Market Fund | U | 25.81% | |
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 | 52.79% | c/o Benefit Street Partners LLC, New York, New York 10019 |
Capital East Millennium Equity Fund | U | 21.23% | 105, Taipei City, Songshan District, Dongxing Rd, No.8 8F |
Cathay High Yield EX China Cash Pay 1-5 Year 2% Issuer Capped ETF | U | 77.09% | 6th Floor, No.39, Sec.2, Dunhua South. Rd., Taipei, Taiwan |
CITIC-Prudential Fund Management Company Limited | MI - JV | 49.00% | 19th Floor, No. 16, Yincheng Road, China (Shanghai) Pudong New Area, Shanghai, China |
CITIC-Prudential Life Insurance Company Limited | MI - JV | 50.00% | Room 1101-A, 1201, 1301, 1401, 1501, 1601, 1701, 1801, Unit 01, Building 1, No. B2, North Road of East Third Ring Road, Chaoyang District, Beijing, PRC,100027, China |
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 Fund | U | 55.61% | 4th Floor, No.1, Songzhi Rd., Xinyi Dist., Taipei, Taiwan |
Eastspring Asset Management (Thailand) Co., Ltd. | OS | 59.50% | 944 Mitrtown Office Tower, 9th Floor, Rama 4 Road, Wangmai, Pathumwan, Bangkok 10330, Thailand |
Eastspring Global Private Credit Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Global Real Assets & Private Equity Fund | U | 99.99% | |
Eastspring Global Real Estate Fund | U | 99.99% | |
Eastspring Global Technology Fund | U | 23.69% | 944 Mitrtown Office Tower, 9th floor, Rama 4 road, Wangmai Pathumwan, Bangkok 10330, Thailand |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investment Management (Shanghai) Company Limited | MI - WFOE | 100.00% | Unit 2901, 29th Floor Azia Center, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, 200120, China |
Eastspring Investments - Asia Select Bond Fund | U | 97.15% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments - Asia Opportunities Equity Fund | U | 99.99% | |
Eastspring Investments - Asia Pacific Equity Fund | U | 99.98% | |
Eastspring Investments - Asian Bond Fund | U | 97.03% | |
Eastspring Investments - Asian Dynamic Fund | U | 97.55% | |
Eastspring Investments - Asian Equity Fund | U | 99.21% | |
Eastspring Investments - Asian Equity Income Fund | U | 92.16% | |
Eastspring Investments - Asian High Yield Bond Fund | U | 68.12% | |
Eastspring Investments - Asian Local Bond Fund | U | 91.61% | |
Eastspring Investments - Asian Low Volatility Equity Fund | U | 78.18% | |
Eastspring Investments - Asian Multi Factor Equity Fund | U | 97.94% | |
Eastspring Investments - China A Shares Growth Fund | U | 97.54% | |
Eastspring Investments - China Bond Fund | U | 100.00% | |
Eastspring Investments - China Equity Fund | U | 21.15% | |
Eastspring Investments - Dragon Peacock Fund | U | 97.70% | |
Eastspring Investments - European Investment Grade Bond Fund | U | 100.00% | |
Eastspring Investments - Global Emerging Markets Bond Fund | U | 92.33% | |
Eastspring Investments - Global Emerging Markets Dynamic Fund | U | 40.76% | |
Eastspring Investments - Global Emerging Markets ex-China Dynamic Fund | U | 92.41% | |
Eastspring Investments - Global Equity Navigator Fund | U | 85.88% | |
Eastspring Investments - Global Growth Equity Fund | U | 39.72% | |
Eastspring Investments - Global Low Volatility Equity Fund | U | 96.33% | |
Eastspring Investments - Global Market Navigator Fund | U | 99.60% | |
Eastspring Investments - Global Multi Asset Balanced Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Conservative Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Dynamic Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Income Plus Growth Fund | U | 100.00% | |
Eastspring Investments - Global Technology Fund | U | 75.78% | |
Eastspring Investments - Greater China Equity Fund | U | 89.73% | |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investments - India Equity Fund | U | 28.38% | |
Eastspring Investments - Pan European Fund | U | 50.02% | |
Eastspring Investments - US Corporate Bond Fund | U | 88.69% | |
Eastspring Investments - US High Investment Grade Bond Fund | U | 89.08% | |
Eastspring Investments - US High Yield Bond Fund | U | 25.87% | |
Eastspring Investments - US Investment Grade Bond Fund | U | 28.99% | |
Eastspring Investments - World Value Equity Fund | U | 86.43% | |
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 Target Return Fund | U | 86.27% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Asian High Yield Bond MY Fund | U | 83.58% | |
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 | 27.11% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Dinasti Equity Fund | U | 46.90% | |
Eastspring Investments Fund Management Limited Liability Company | MI | 100.00% | 23rd Floor Saigon Trade Center, 37 Ton Duc Thang Street, Sai Gon Ward, Ho Chi Minh City, Vietnam |
Eastspring Investments Global Equity Fund | U | 95.27% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Group Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Growth Fund | U | 26.45% | 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, Dover, Kent, Delaware 19904, United States of America |
Eastspring Investments India Consumer Equity Open Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Eastspring Investments India Equity Open Limited | OS | 100.00% | |
Eastspring Investments India Government Bond Fund (Semi-Annual Distribution) | U | 29.44% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Eastspring Investments India Infrastructure Equity Open Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Eastspring Investments India Innovation High Growth Equity Fund QII | U | 100.00% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Eastspring Investments Islamic Equity Income Fund | U | 54.69% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
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 - Alternative Investment Fund | U | 100.00% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments Unit Trusts - Asian Balanced Fund | U | 96.11% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Unit Trusts - Dragon Peacock Fund ID | U | 97.79% | |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investments Unit Trusts - Global Technology Fund | U | 90.44% | |
Eastspring Investments Unit Trusts - Pan European Fund | U | 51.87% | |
Eastspring Investments Unit Trusts - Singapore ASEAN Equity Fund | U | 99.23% | |
Eastspring Investments Unit Trusts - Singapore Select Bond Fund | U | 59.12% | |
Eastspring Investments Vietnam ESG Equity Fund | U | 98.55% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments Vietnam Navigator Fund | U | 74.68% | 23rd Floor, Saigon Trade Center Building, 37 Ton Duc Thang Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam |
Eastspring Overseas Investment Fund Management (Shanghai) Company Limited | MI - WFOE | 100.00% | Unit 2901, 29th Floor Azia Center, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, 200120, China |
Eastspring Private Equity Fund 2 | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Securities Investment Trust Co., Ltd. | OS | 99.54% | 4th Floor, No.1 Songzhi Road, Taipei 110, Taiwan |
Eastspring SGD Cash Fund | U | 87.91% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
First Sentier Global Property Securities Fund | U | 66.69% | 38 Beach Road, #06-11 South Beach Tower, Singapore 189767 |
FSITC Global Trends Fund | U | 33.32% | 1st Floor, No.6, Sec. 3, Minquan West Rd, Taipei, Taiwan |
FSSA China Focus Fund\u00a0 | U | 64.88% | 70 Sir John Rogerson\u2019s Quay, Dublin 2, D02 R296, Ireland |
Fubon 1-5 Years US High Yield Bond Ex China ETF | U | 31.75% | 8th Floor, No.108, Sec.1, Dunhua South. Rd., Taipei, Taiwan |
Fuh Hwa 1-5 Yr High Yield ETF | U | 66.33% | 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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
HSBC Senior Global Infrastructure Debt Fund | U | 100.00% | 8 Canada Square, London, E14 5HQ, United Kingdom |
ICICI Prudential Asset Management Company Limited | OS | 34.59% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India |
ICICI Prudential Life Insurance Company Limited | OS | 21.93% | ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025, India |
ICICI Prudential Pension Funds Management Company Limited | OS | 21.93% | Unit No. A, 2nd Floor, Cnergy Building, Appasaheb Marathe Marg, Prabhadevi, Mumbai, Maharashtra - 400025, India |
ICICI Prudential Trust Limited | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India |
iShares Core MSCI Asia | U | 44.86% | 16th Floor, Champion Tower, 3 Garden Road, Central, Hong Kong |
iShares MSCI Asia ex Japan Climate Action ETF | U | 48.85% | 20 Anson Road, #18-01 Twenty Anson, Singapore 079912 |
iShares MSCI Europe ESG Enhanced UCITS ETF | U | 47.56% | 12 Throgmorton Avenue, London, EC2N 2DL, United Kingdom |
iShares MSCI USA ESG Enhanced UCITS ETF | U | 41.49% | 78 Sir John Rogerson's Quay, Dublin, D02 HD32, Ireland |
KKP Active Equity Fund | U | 29.91% | 209 KKP Tower A, 17 Fl., Sukhumvit 21 (Asoke), Khlong Toey Nua, Wattana, Bangkok 10110, Thailand |
Krungsri Greater China Equity Hedged Dividend Fund | U | 22.00% | 12th, 18th Zone B Floor, Ploenchit Tower 898 Ploenchit Road, Lumpini Pathumwan, Bangkok 10330, Thailand |
Lasalle Property Securities SICAV-FIS | U | 99.95% | 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, Singapore, 018981 |
M&G Real Estate Asia Holding Company Pte. Ltd. | OS | 33.00% | 138 Market Street, #35-01 CapitaGreen, Singapore 048946 |
Manulife Asia Pacific Bond Fund | U | 60.89% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Manulife China Offshore Bond Fund | U | 68.24% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Manulife Global Equity Fund | U | 25.71% | |
Manulife Superior Selection China Fund | U | 27.98% | |
Manulife Taiwan Dynamic Fund | U | 20.48% | |
MEAG FlexConcept | U | 74.98% | R.C.S. Luxembourg NR. 28878, 1c, rue Gabriel Lippmann, L-5365 Munsbach |
Nomura Global Shariah Sustainable Equity Fund | U | 28.39% | Suite No 12.2, Level 12, Menara IMC,No.8 Jalan Sultan Ismail,Kuala Lumpur,50250,WP Kuala Lumpur, Malaysia |
North Sathorn Holdings Company Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini Subdistrict Pathumwan District, Bangkok Metropolis, Thailand |
PS | 99.99% | ||
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 ESG Emerging Market Corporate Strategy Bond Fund | U | 24.59% | 10th Floor, No. 144, Sec. 2, Minquan East Rd, Taipei, Taiwan |
Pinebridge US Dual Core Income Fund | U | 23.54% | |
Principal Core Fixed Income Fund | U | 24.43% | 44, 16th Floor, CIMB Thai Bank, Lungsuan Road, Lumpini, Bangkok 10330, Thailand |
Principal Global Silver Age Fund | U | 35.07% | |
Principal Islamic Malaysia Government Sukuk Fund | U | 50.87% | Level 32, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Principal Malaysia Titans Fund | U | 63.07% | 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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, 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 |
Prudential Assurance Company Singapore (Pte) Limited | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
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 Bermuda ISAC Ltd. | OS | 100.00% | Clarendon House, 2 Church Street, Hamilton HM11, Bermuda |
Prudential Bermuda Re ISA, Ltd. | OS | 100.00% | |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Enterprise Management (Beijing) Co., Ltd. | MI-WFOE | 100.00% | Unit 1817, Level 18, Building 1, No.1 Jianguomenwai Avenue, Chaoyang District, Beijing, China |
Prudential Financial Advisers Singapore Pte. Ltd. | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
Name of entity | Classes of shares held | Proportion held | Registered office address |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential General Insurance Hong Kong Limited | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong Kong |
Prudential Group Holdings Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Group Secretarial Services HK Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong |
Prudential Group Secretarial Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential HCL Health Insurance Limited | OS | 70.00% | Suite 6, 48th Floor, Commerz III, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai, 400063, India |
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 Fund - Post Retirement Care Investment Fund | U | 38.98% | F377/9/H/3, Kabulonga Road, Kabulonga, Lusaka, Zambia |
Prudential Investment Fund - Pru Offshore Fund | U | 28.64% | |
Prudential Investment Management Private Limited | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 118479 |
Prudential IP Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Life Assurance (Lao) Company Limited | OS | 100.00% | 5th Floor, Lao International Business and Tourist Center Project (Vientiane Center), Khouvieng Road, Nongchan Village, Sisattanak District, Vientiane Capital, Lao PDR |
Prudential Life Assurance (Thailand) Public Company Limited | OS | 99.93% | 944 Mitrtown Office Tower, 10th, 29th-31st Floor, Rama 4 Road, 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% | 12th Floor, 335 Place, N1, North Dzorwulu, 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 |
PS | 100.00% | ||
Prudential Mauritius Holdings Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
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 Limited | OS | 49.00% | Prudential Pensions Management Zambia Limited Support Office, 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 Ampang, 50100 Kuala Lumpur, Malaysia |
PS | 51.00% | ||
Prudential Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, 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 | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
PS | 100.00% |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Prudential Technology and Services India Private Limited | OS | 100.00% | Unit 401, 4th Floor, CIGNUS, Tower-1, Whitefield Bangalore, Hoodi Village, K.R. Puram Hobli, Whitefield, Bangalore, Bangalore South, Karnataka, India, 560066 |
Prudential Vietnam Assurance Private Limited | OS | 100.00% | 25th Floor Saigon Trade Center, 37 Ton Duc Thang Street, Sai Gon Ward, Ho Chi Minh City, Vietnam |
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 12910, Indonesia |
PT. Eastspring Investments Indonesia | OS | 99.95% | 23rd Floor, Prudential Tower, JL. Jend. Sudirman Kav.79, Jakarta 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 118479 |
Reksa Dana Eastspring IDR Fixed Income Fund (NDEIFF) | U | 95.42% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia |
Reksa Dana Syariah Eastspring Syariah Fixed Income Amanah | U | 76.89% | |
Reksa Dana Syariah Eastspring Syariah Mixed Asset Fund | U | 34.11% | Prudential Tower Lantai 23, JL, Jend. Sudirman Kav. 79, Kakarta 12910 - Indonesia |
Reksa Dana Syariah Eastspring Syariah Money Market Khazanah | U | 67.70% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia |
Rhodium Investment Funds - Singapore Bond Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Rhodium Passive Long Dated Bond Fund | U | 99.93% | |
Robeco QI European Active Index Equities | U | 43.61% | 6, route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of Luxembourg |
Schroder Asian Investment Grade Credit | U | 26.05% | 138 Market Street, #23-01 CapitaGreen, Singapore 048946 |
Schroder Emerging Markets Fund | U | 72.14% | |
Schroder Multi-Asset Revolution | U | 49.69% | |
Schroder US Dollar Money Fund | U | 29.48% | 9th Floor, No. 108, Section 5, Xinyi Road, Taipei, Taiwan |
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 |
StepStone Prudential Private Credit Fund | U | 100.00% | 103 South Church Street, Harbour Place, 5th Floor, KY1-1202 Cayman Islands |
Tisco US Equity Fund | U | 20.46% | 48/16-17, Tisco Tower Building, 9 Floor. North Sathorn, Silom, Bangrak, Bangkok 10500 |
United Global Innovation Fund | U | 20.43% | 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 | 59.66% | Jln Raja Laut, City Centre, 50100 Kuala Lumpur, Wilayah Persekutuan, Kuala Lumpur, Malaysia |
United Global Quality Growth Fund | U | 27.94% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
United-I Malaysia Discovery Fund | U | 32.95% | Level 20, UOB Plaza 1, 7, Jalan Raja Laut, 50350, Kuala Lumpur, Malaysia |
United-I Malaysia Equity Fund | U | 67.05% | Level 20, UOB Plaza 1, 7, Jalan Raja Laut, 50350, Kuala Lumpur, Malaysia |
UOB Smart Global Healthcare Fund | U | 33.50% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
UOB Smart Japan Small and Mid Cap Fund | U | 42.24% | |
UOB Smart Millennium Growth Fund | U | 31.06% | |
USD Investment Grade Infrastructure Debt Fund SCSp | U | 21.23% | 35a, Avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg |
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 2025 $m | 31 Dec 2024 $m | ||||
Consolidated statement of financial position line items | Investment funds | Other structured entities | Investment funds | Other structured entities | |
Equity securities and holdings in collective investment schemes | 51,549 | \u2013 | 47,701 | \u2013 | |
Debt securities | \u2013 | 542 | \u2013 | 216 | |
Total investments in unconsolidated structured entities | 51,549 | 542 | 47,701 | 216 |
2025 $m | 2024 $m | |
Mainland China | (24) | 159 |
Malaysia | 35 | 21 |
Growth markets and other note | 129 | 104 |
Insurance operations | 140 | 284 |
Eastspring | 224 | 193 |
Total segment and Group total | 364 | 477 |
Statement of financial position | 31 Dec 2025 $m | 31 Dec 2024 $m |
Total assets | 40,647 | 36,344 |
Total liabilities (including non-controlling interest) note | 38,259 | 34,452 |
Shareholders\u2019 equity | 2,388 | 1,892 |
The above amounts of assets and liabilities include the following: | ||
Cash and cash equivalents | 1,934 | 1,374 |
Financial liabilities (excluding trade and other payables and provisions) | 2,166 | 1,835 |
Income statement | 2025 $m | 2024 $m |
Revenue | 2,358 | 3,491 |
Profit for the year after tax | 6 | 282 |
The above profit for the year includes the following: | ||
Depreciation and amortisation | (43) | (38) |
Interest income | 615 | 582 |
Interest expense | (34) | (2) |
Income tax credit (charge) | 54 | (36) |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Net assets of the Mainland China joint venture as shown above (100)% | 2,388 | 1,892 |
Proportion owned by the joint venture partner (50)% | 1,194 | 946 |
Carrying amount of the Group\u2019s interest in the joint venture (50)% | 1,194 | 946 |
Prudential plc | |||||||||||||||||||||||||
Prudential Corporation Asia Limited | Prudential Group Holdings Limited and subsidiaries | ||||||||||||||||||||||||
CITIC- Prudential Life Insurance Company Limited (Mainland China life joint venture) | Prudential Hong Kong Limited Prudential General Insurance Hong Kong Limited | PT Prudential Life Assurance PT Prudential Sharia Life Assurance (Indonesia) | Prudential Assurance Malaysia Berhad Prudential BSN Takaful Berhad | Prudential Assurance Company Singapore (Pte) Limited | Eastspring Investments Group Pte. Ltd and subsidiaries | Growth markets and other entities (including Africa, Cambodia, India, Laos, Myanmar, the Philippines, Taiwan, Thailand, Vietnam) | Prudential International Treasury Limited | Prudential Funding (Asia) plc |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Aberdeen Cash Creation Fund | U | 47.05% | 28th Floor Bangkok City Tower, 179 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
Aberdeen Standard Global Opportunities Fund | U | 28.84% | 7 Straits View, #23-04, Marina One East Tower, Singapore 018936 |
Aberdeen Standard Singapore Equity Fund | U | 62.05% | |
ABRDN India Opportunities Fund | U | 30.79% | |
Alternatives North America, Ltd. | U | 100.00% | PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, Cayman Islands |
ARDIAN Prudential Infrastructure Sub-Fund | U | 99.99% | 1 Temasek Avenue, #36-01 Millenia Tower, Singapore 039192 |
ARDIAN Prudential PE Sub-Fund | U | 99.99% | |
ARDIAN Prudential RE Sub-Fund | U | 99.99% | |
ATRAM - PRUINVEST PHP Liquid Fund | U | 90.51% | 8th Floor 8 Rockwell Building, Metro Manila Manila, Philippines |
ATRAM Global Technology Feeder Fund | U | 21.18% | |
ATRAM Philippine Equity Index Tracker Fund - Class V | U | 96.88% | |
Barings International Umbrella Fund-Barings Global Balanced Fund | U | 40.28% | 21st Floor, No. 333, Sec. 1, Keelong Rd, Taipei |
Blackrock Global Funds Systematic Global Equity High Income Fund | U | 35.10% | Twenty Anson, #18-01, 20 Anson Road, Singapore 079912 |
BOCHK Aggressive Growth Fund | U | 43.66% | 27th Floor, Bank of China Tower, 1 Garden Road, Hong Kong |
BOCHK Balanced Growth Fund | U | 37.26% | |
BOCHK China Equity Fund | U | 53.67% | |
BOCHK Conservative Growth Fund | U | 43.51% | |
BOCHK US Dollar Money Market Fund | U | 25.81% | |
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 | 52.79% | c/o Benefit Street Partners LLC, New York, New York 10019 |
Capital East Millennium Equity Fund | U | 21.23% | 105, Taipei City, Songshan District, Dongxing Rd, No.8 8F |
Cathay High Yield EX China Cash Pay 1-5 Year 2% Issuer Capped ETF | U | 77.09% | 6th Floor, No.39, Sec.2, Dunhua South. Rd., Taipei, Taiwan |
CITIC-Prudential Fund Management Company Limited | MI - JV | 49.00% | 19th Floor, No. 16, Yincheng Road, China (Shanghai) Pudong New Area, Shanghai, China |
CITIC-Prudential Life Insurance Company Limited | MI - JV | 50.00% | Room 1101-A, 1201, 1301, 1401, 1501, 1601, 1701, 1801, Unit 01, Building 1, No. B2, North Road of East Third Ring Road, Chaoyang District, Beijing, PRC,100027, China |
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 Fund | U | 55.61% | 4th Floor, No.1, Songzhi Rd., Xinyi Dist., Taipei, Taiwan |
Eastspring Asset Management (Thailand) Co., Ltd. | OS | 59.50% | 944 Mitrtown Office Tower, 9th Floor, Rama 4 Road, Wangmai, Pathumwan, Bangkok 10330, Thailand |
Eastspring Global Private Credit Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Global Real Assets & Private Equity Fund | U | 99.99% | |
Eastspring Global Real Estate Fund | U | 99.99% | |
Eastspring Global Technology Fund | U | 23.69% | 944 Mitrtown Office Tower, 9th floor, Rama 4 road, Wangmai Pathumwan, Bangkok 10330, Thailand |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investment Management (Shanghai) Company Limited | MI - WFOE | 100.00% | Unit 2901, 29th Floor Azia Center, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, 200120, China |
Eastspring Investments - Asia Select Bond Fund | U | 97.15% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments - Asia Opportunities Equity Fund | U | 99.99% | |
Eastspring Investments - Asia Pacific Equity Fund | U | 99.98% | |
Eastspring Investments - Asian Bond Fund | U | 97.03% | |
Eastspring Investments - Asian Dynamic Fund | U | 97.55% | |
Eastspring Investments - Asian Equity Fund | U | 99.21% | |
Eastspring Investments - Asian Equity Income Fund | U | 92.16% | |
Eastspring Investments - Asian High Yield Bond Fund | U | 68.12% | |
Eastspring Investments - Asian Local Bond Fund | U | 91.61% | |
Eastspring Investments - Asian Low Volatility Equity Fund | U | 78.18% | |
Eastspring Investments - Asian Multi Factor Equity Fund | U | 97.94% | |
Eastspring Investments - China A Shares Growth Fund | U | 97.54% | |
Eastspring Investments - China Bond Fund | U | 100.00% | |
Eastspring Investments - China Equity Fund | U | 21.15% | |
Eastspring Investments - Dragon Peacock Fund | U | 97.70% | |
Eastspring Investments - European Investment Grade Bond Fund | U | 100.00% | |
Eastspring Investments - Global Emerging Markets Bond Fund | U | 92.33% | |
Eastspring Investments - Global Emerging Markets Dynamic Fund | U | 40.76% | |
Eastspring Investments - Global Emerging Markets ex-China Dynamic Fund | U | 92.41% | |
Eastspring Investments - Global Equity Navigator Fund | U | 85.88% | |
Eastspring Investments - Global Growth Equity Fund | U | 39.72% | |
Eastspring Investments - Global Low Volatility Equity Fund | U | 96.33% | |
Eastspring Investments - Global Market Navigator Fund | U | 99.60% | |
Eastspring Investments - Global Multi Asset Balanced Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Conservative Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Dynamic Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Income Plus Growth Fund | U | 100.00% | |
Eastspring Investments - Global Technology Fund | U | 75.78% | |
Eastspring Investments - Greater China Equity Fund | U | 89.73% | |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investments - India Equity Fund | U | 28.38% | |
Eastspring Investments - Pan European Fund | U | 50.02% | |
Eastspring Investments - US Corporate Bond Fund | U | 88.69% | |
Eastspring Investments - US High Investment Grade Bond Fund | U | 89.08% | |
Eastspring Investments - US High Yield Bond Fund | U | 25.87% | |
Eastspring Investments - US Investment Grade Bond Fund | U | 28.99% | |
Eastspring Investments - World Value Equity Fund | U | 86.43% | |
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 Target Return Fund | U | 86.27% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Asian High Yield Bond MY Fund | U | 83.58% | |
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 | 27.11% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Dinasti Equity Fund | U | 46.90% | |
Eastspring Investments Fund Management Limited Liability Company | MI | 100.00% | 23rd Floor Saigon Trade Center, 37 Ton Duc Thang Street, Sai Gon Ward, Ho Chi Minh City, Vietnam |
Eastspring Investments Global Equity Fund | U | 95.27% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Group Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Growth Fund | U | 26.45% | 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, Dover, Kent, Delaware 19904, United States of America |
Eastspring Investments India Consumer Equity Open Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Eastspring Investments India Equity Open Limited | OS | 100.00% | |
Eastspring Investments India Government Bond Fund (Semi-Annual Distribution) | U | 29.44% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Eastspring Investments India Infrastructure Equity Open Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Eastspring Investments India Innovation High Growth Equity Fund QII | U | 100.00% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Eastspring Investments Islamic Equity Income Fund | U | 54.69% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
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 - Alternative Investment Fund | U | 100.00% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments Unit Trusts - Asian Balanced Fund | U | 96.11% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Unit Trusts - Dragon Peacock Fund ID | U | 97.79% | |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investments Unit Trusts - Global Technology Fund | U | 90.44% | |
Eastspring Investments Unit Trusts - Pan European Fund | U | 51.87% | |
Eastspring Investments Unit Trusts - Singapore ASEAN Equity Fund | U | 99.23% | |
Eastspring Investments Unit Trusts - Singapore Select Bond Fund | U | 59.12% | |
Eastspring Investments Vietnam ESG Equity Fund | U | 98.55% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments Vietnam Navigator Fund | U | 74.68% | 23rd Floor, Saigon Trade Center Building, 37 Ton Duc Thang Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam |
Eastspring Overseas Investment Fund Management (Shanghai) Company Limited | MI - WFOE | 100.00% | Unit 2901, 29th Floor Azia Center, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, 200120, China |
Eastspring Private Equity Fund 2 | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Securities Investment Trust Co., Ltd. | OS | 99.54% | 4th Floor, No.1 Songzhi Road, Taipei 110, Taiwan |
Eastspring SGD Cash Fund | U | 87.91% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
First Sentier Global Property Securities Fund | U | 66.69% | 38 Beach Road, #06-11 South Beach Tower, Singapore 189767 |
FSITC Global Trends Fund | U | 33.32% | 1st Floor, No.6, Sec. 3, Minquan West Rd, Taipei, Taiwan |
FSSA China Focus Fund\u00a0 | U | 64.88% | 70 Sir John Rogerson\u2019s Quay, Dublin 2, D02 R296, Ireland |
Fubon 1-5 Years US High Yield Bond Ex China ETF | U | 31.75% | 8th Floor, No.108, Sec.1, Dunhua South. Rd., Taipei, Taiwan |
Fuh Hwa 1-5 Yr High Yield ETF | U | 66.33% | 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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
HSBC Senior Global Infrastructure Debt Fund | U | 100.00% | 8 Canada Square, London, E14 5HQ, United Kingdom |
ICICI Prudential Asset Management Company Limited | OS | 34.59% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India |
ICICI Prudential Life Insurance Company Limited | OS | 21.93% | ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025, India |
ICICI Prudential Pension Funds Management Company Limited | OS | 21.93% | Unit No. A, 2nd Floor, Cnergy Building, Appasaheb Marathe Marg, Prabhadevi, Mumbai, Maharashtra - 400025, India |
ICICI Prudential Trust Limited | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India |
iShares Core MSCI Asia | U | 44.86% | 16th Floor, Champion Tower, 3 Garden Road, Central, Hong Kong |
iShares MSCI Asia ex Japan Climate Action ETF | U | 48.85% | 20 Anson Road, #18-01 Twenty Anson, Singapore 079912 |
iShares MSCI Europe ESG Enhanced UCITS ETF | U | 47.56% | 12 Throgmorton Avenue, London, EC2N 2DL, United Kingdom |
iShares MSCI USA ESG Enhanced UCITS ETF | U | 41.49% | 78 Sir John Rogerson's Quay, Dublin, D02 HD32, Ireland |
KKP Active Equity Fund | U | 29.91% | 209 KKP Tower A, 17 Fl., Sukhumvit 21 (Asoke), Khlong Toey Nua, Wattana, Bangkok 10110, Thailand |
Krungsri Greater China Equity Hedged Dividend Fund | U | 22.00% | 12th, 18th Zone B Floor, Ploenchit Tower 898 Ploenchit Road, Lumpini Pathumwan, Bangkok 10330, Thailand |
Lasalle Property Securities SICAV-FIS | U | 99.95% | 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, Singapore, 018981 |
M&G Real Estate Asia Holding Company Pte. Ltd. | OS | 33.00% | 138 Market Street, #35-01 CapitaGreen, Singapore 048946 |
Manulife Asia Pacific Bond Fund | U | 60.89% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Manulife China Offshore Bond Fund | U | 68.24% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Manulife Global Equity Fund | U | 25.71% | |
Manulife Superior Selection China Fund | U | 27.98% | |
Manulife Taiwan Dynamic Fund | U | 20.48% | |
MEAG FlexConcept | U | 74.98% | R.C.S. Luxembourg NR. 28878, 1c, rue Gabriel Lippmann, L-5365 Munsbach |
Nomura Global Shariah Sustainable Equity Fund | U | 28.39% | Suite No 12.2, Level 12, Menara IMC,No.8 Jalan Sultan Ismail,Kuala Lumpur,50250,WP Kuala Lumpur, Malaysia |
North Sathorn Holdings Company Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini Subdistrict Pathumwan District, Bangkok Metropolis, Thailand |
PS | 99.99% | ||
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 ESG Emerging Market Corporate Strategy Bond Fund | U | 24.59% | 10th Floor, No. 144, Sec. 2, Minquan East Rd, Taipei, Taiwan |
Pinebridge US Dual Core Income Fund | U | 23.54% | |
Principal Core Fixed Income Fund | U | 24.43% | 44, 16th Floor, CIMB Thai Bank, Lungsuan Road, Lumpini, Bangkok 10330, Thailand |
Principal Global Silver Age Fund | U | 35.07% | |
Principal Islamic Malaysia Government Sukuk Fund | U | 50.87% | Level 32, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Principal Malaysia Titans Fund | U | 63.07% | 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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, 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 |
Prudential Assurance Company Singapore (Pte) Limited | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
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 Bermuda ISAC Ltd. | OS | 100.00% | Clarendon House, 2 Church Street, Hamilton HM11, Bermuda |
Prudential Bermuda Re ISA, Ltd. | OS | 100.00% | |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Enterprise Management (Beijing) Co., Ltd. | MI-WFOE | 100.00% | Unit 1817, Level 18, Building 1, No.1 Jianguomenwai Avenue, Chaoyang District, Beijing, China |
Prudential Financial Advisers Singapore Pte. Ltd. | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
Name of entity | Classes of shares held | Proportion held | Registered office address |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential General Insurance Hong Kong Limited | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong Kong |
Prudential Group Holdings Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Group Secretarial Services HK Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong |
Prudential Group Secretarial Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential HCL Health Insurance Limited | OS | 70.00% | Suite 6, 48th Floor, Commerz III, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai, 400063, India |
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 Fund - Post Retirement Care Investment Fund | U | 38.98% | F377/9/H/3, Kabulonga Road, Kabulonga, Lusaka, Zambia |
Prudential Investment Fund - Pru Offshore Fund | U | 28.64% | |
Prudential Investment Management Private Limited | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 118479 |
Prudential IP Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Life Assurance (Lao) Company Limited | OS | 100.00% | 5th Floor, Lao International Business and Tourist Center Project (Vientiane Center), Khouvieng Road, Nongchan Village, Sisattanak District, Vientiane Capital, Lao PDR |
Prudential Life Assurance (Thailand) Public Company Limited | OS | 99.93% | 944 Mitrtown Office Tower, 10th, 29th-31st Floor, Rama 4 Road, 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% | 12th Floor, 335 Place, N1, North Dzorwulu, 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 |
PS | 100.00% | ||
Prudential Mauritius Holdings Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
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 Limited | OS | 49.00% | Prudential Pensions Management Zambia Limited Support Office, 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 Ampang, 50100 Kuala Lumpur, Malaysia |
PS | 51.00% | ||
Prudential Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, 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 | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
PS | 100.00% |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Prudential Technology and Services India Private Limited | OS | 100.00% | Unit 401, 4th Floor, CIGNUS, Tower-1, Whitefield Bangalore, Hoodi Village, K.R. Puram Hobli, Whitefield, Bangalore, Bangalore South, Karnataka, India, 560066 |
Prudential Vietnam Assurance Private Limited | OS | 100.00% | 25th Floor Saigon Trade Center, 37 Ton Duc Thang Street, Sai Gon Ward, Ho Chi Minh City, Vietnam |
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 12910, Indonesia |
PT. Eastspring Investments Indonesia | OS | 99.95% | 23rd Floor, Prudential Tower, JL. Jend. Sudirman Kav.79, Jakarta 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 118479 |
Reksa Dana Eastspring IDR Fixed Income Fund (NDEIFF) | U | 95.42% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia |
Reksa Dana Syariah Eastspring Syariah Fixed Income Amanah | U | 76.89% | |
Reksa Dana Syariah Eastspring Syariah Mixed Asset Fund | U | 34.11% | Prudential Tower Lantai 23, JL, Jend. Sudirman Kav. 79, Kakarta 12910 - Indonesia |
Reksa Dana Syariah Eastspring Syariah Money Market Khazanah | U | 67.70% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia |
Rhodium Investment Funds - Singapore Bond Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Rhodium Passive Long Dated Bond Fund | U | 99.93% | |
Robeco QI European Active Index Equities | U | 43.61% | 6, route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of Luxembourg |
Schroder Asian Investment Grade Credit | U | 26.05% | 138 Market Street, #23-01 CapitaGreen, Singapore 048946 |
Schroder Emerging Markets Fund | U | 72.14% | |
Schroder Multi-Asset Revolution | U | 49.69% | |
Schroder US Dollar Money Fund | U | 29.48% | 9th Floor, No. 108, Section 5, Xinyi Road, Taipei, Taiwan |
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 |
StepStone Prudential Private Credit Fund | U | 100.00% | 103 South Church Street, Harbour Place, 5th Floor, KY1-1202 Cayman Islands |
Tisco US Equity Fund | U | 20.46% | 48/16-17, Tisco Tower Building, 9 Floor. North Sathorn, Silom, Bangrak, Bangkok 10500 |
United Global Innovation Fund | U | 20.43% | 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 | 59.66% | Jln Raja Laut, City Centre, 50100 Kuala Lumpur, Wilayah Persekutuan, Kuala Lumpur, Malaysia |
United Global Quality Growth Fund | U | 27.94% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
United-I Malaysia Discovery Fund | U | 32.95% | Level 20, UOB Plaza 1, 7, Jalan Raja Laut, 50350, Kuala Lumpur, Malaysia |
United-I Malaysia Equity Fund | U | 67.05% | Level 20, UOB Plaza 1, 7, Jalan Raja Laut, 50350, Kuala Lumpur, Malaysia |
UOB Smart Global Healthcare Fund | U | 33.50% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
UOB Smart Japan Small and Mid Cap Fund | U | 42.24% | |
UOB Smart Millennium Growth Fund | U | 31.06% | |
USD Investment Grade Infrastructure Debt Fund SCSp | U | 21.23% | 35a, Avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg |
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 |
2025 $m | 2024 $m | |
Mainland China | (24) | 159 |
Malaysia | 35 | 21 |
Growth markets and other note | 129 | 104 |
Insurance operations | 140 | 284 |
Eastspring | 224 | 193 |
Total segment and Group total | 364 | 477 |
Statement of financial position | 31 Dec 2025 $m | 31 Dec 2024 $m |
Total assets | 40,647 | 36,344 |
Total liabilities (including non-controlling interest) note | 38,259 | 34,452 |
Shareholders\u2019 equity | 2,388 | 1,892 |
The above amounts of assets and liabilities include the following: | ||
Cash and cash equivalents | 1,934 | 1,374 |
Financial liabilities (excluding trade and other payables and provisions) | 2,166 | 1,835 |
Income statement | 2025 $m | 2024 $m |
Revenue | 2,358 | 3,491 |
Profit for the year after tax | 6 | 282 |
The above profit for the year includes the following: | ||
Depreciation and amortisation | (43) | (38) |
Interest income | 615 | 582 |
Interest expense | (34) | (2) |
Income tax credit (charge) | 54 | (36) |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Net assets of the Mainland China joint venture as shown above (100)% | 2,388 | 1,892 |
Proportion owned by the joint venture partner (50)% | 1,194 | 946 |
Carrying amount of the Group\u2019s interest in the joint venture (50)% | 1,194 | 946 |
Prudential plc | |||||||||||||||||||||||||
Prudential Corporation Asia Limited | Prudential Group Holdings Limited and subsidiaries | ||||||||||||||||||||||||
CITIC- Prudential Life Insurance Company Limited (Mainland China life joint venture) | Prudential Hong Kong Limited Prudential General Insurance Hong Kong Limited | PT Prudential Life Assurance PT Prudential Sharia Life Assurance (Indonesia) | Prudential Assurance Malaysia Berhad Prudential BSN Takaful Berhad | Prudential Assurance Company Singapore (Pte) Limited | Eastspring Investments Group Pte. Ltd and subsidiaries | Growth markets and other entities (including Africa, Cambodia, India, Laos, Myanmar, the Philippines, Taiwan, Thailand, Vietnam) | Prudential International Treasury Limited | Prudential Funding (Asia) plc |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Aberdeen Cash Creation Fund | U | 47.05% | 28th Floor Bangkok City Tower, 179 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
Aberdeen Standard Global Opportunities Fund | U | 28.84% | 7 Straits View, #23-04, Marina One East Tower, Singapore 018936 |
Aberdeen Standard Singapore Equity Fund | U | 62.05% | |
ABRDN India Opportunities Fund | U | 30.79% | |
Alternatives North America, Ltd. | U | 100.00% | PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, Cayman Islands |
ARDIAN Prudential Infrastructure Sub-Fund | U | 99.99% | 1 Temasek Avenue, #36-01 Millenia Tower, Singapore 039192 |
ARDIAN Prudential PE Sub-Fund | U | 99.99% | |
ARDIAN Prudential RE Sub-Fund | U | 99.99% | |
ATRAM - PRUINVEST PHP Liquid Fund | U | 90.51% | 8th Floor 8 Rockwell Building, Metro Manila Manila, Philippines |
ATRAM Global Technology Feeder Fund | U | 21.18% | |
ATRAM Philippine Equity Index Tracker Fund - Class V | U | 96.88% | |
Barings International Umbrella Fund-Barings Global Balanced Fund | U | 40.28% | 21st Floor, No. 333, Sec. 1, Keelong Rd, Taipei |
Blackrock Global Funds Systematic Global Equity High Income Fund | U | 35.10% | Twenty Anson, #18-01, 20 Anson Road, Singapore 079912 |
BOCHK Aggressive Growth Fund | U | 43.66% | 27th Floor, Bank of China Tower, 1 Garden Road, Hong Kong |
BOCHK Balanced Growth Fund | U | 37.26% | |
BOCHK China Equity Fund | U | 53.67% | |
BOCHK Conservative Growth Fund | U | 43.51% | |
BOCHK US Dollar Money Market Fund | U | 25.81% | |
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 | 52.79% | c/o Benefit Street Partners LLC, New York, New York 10019 |
Capital East Millennium Equity Fund | U | 21.23% | 105, Taipei City, Songshan District, Dongxing Rd, No.8 8F |
Cathay High Yield EX China Cash Pay 1-5 Year 2% Issuer Capped ETF | U | 77.09% | 6th Floor, No.39, Sec.2, Dunhua South. Rd., Taipei, Taiwan |
CITIC-Prudential Fund Management Company Limited | MI - JV | 49.00% | 19th Floor, No. 16, Yincheng Road, China (Shanghai) Pudong New Area, Shanghai, China |
CITIC-Prudential Life Insurance Company Limited | MI - JV | 50.00% | Room 1101-A, 1201, 1301, 1401, 1501, 1601, 1701, 1801, Unit 01, Building 1, No. B2, North Road of East Third Ring Road, Chaoyang District, Beijing, PRC,100027, China |
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 Fund | U | 55.61% | 4th Floor, No.1, Songzhi Rd., Xinyi Dist., Taipei, Taiwan |
Eastspring Asset Management (Thailand) Co., Ltd. | OS | 59.50% | 944 Mitrtown Office Tower, 9th Floor, Rama 4 Road, Wangmai, Pathumwan, Bangkok 10330, Thailand |
Eastspring Global Private Credit Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Global Real Assets & Private Equity Fund | U | 99.99% | |
Eastspring Global Real Estate Fund | U | 99.99% | |
Eastspring Global Technology Fund | U | 23.69% | 944 Mitrtown Office Tower, 9th floor, Rama 4 road, Wangmai Pathumwan, Bangkok 10330, Thailand |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investment Management (Shanghai) Company Limited | MI - WFOE | 100.00% | Unit 2901, 29th Floor Azia Center, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, 200120, China |
Eastspring Investments - Asia Select Bond Fund | U | 97.15% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments - Asia Opportunities Equity Fund | U | 99.99% | |
Eastspring Investments - Asia Pacific Equity Fund | U | 99.98% | |
Eastspring Investments - Asian Bond Fund | U | 97.03% | |
Eastspring Investments - Asian Dynamic Fund | U | 97.55% | |
Eastspring Investments - Asian Equity Fund | U | 99.21% | |
Eastspring Investments - Asian Equity Income Fund | U | 92.16% | |
Eastspring Investments - Asian High Yield Bond Fund | U | 68.12% | |
Eastspring Investments - Asian Local Bond Fund | U | 91.61% | |
Eastspring Investments - Asian Low Volatility Equity Fund | U | 78.18% | |
Eastspring Investments - Asian Multi Factor Equity Fund | U | 97.94% | |
Eastspring Investments - China A Shares Growth Fund | U | 97.54% | |
Eastspring Investments - China Bond Fund | U | 100.00% | |
Eastspring Investments - China Equity Fund | U | 21.15% | |
Eastspring Investments - Dragon Peacock Fund | U | 97.70% | |
Eastspring Investments - European Investment Grade Bond Fund | U | 100.00% | |
Eastspring Investments - Global Emerging Markets Bond Fund | U | 92.33% | |
Eastspring Investments - Global Emerging Markets Dynamic Fund | U | 40.76% | |
Eastspring Investments - Global Emerging Markets ex-China Dynamic Fund | U | 92.41% | |
Eastspring Investments - Global Equity Navigator Fund | U | 85.88% | |
Eastspring Investments - Global Growth Equity Fund | U | 39.72% | |
Eastspring Investments - Global Low Volatility Equity Fund | U | 96.33% | |
Eastspring Investments - Global Market Navigator Fund | U | 99.60% | |
Eastspring Investments - Global Multi Asset Balanced Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Conservative Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Dynamic Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Income Plus Growth Fund | U | 100.00% | |
Eastspring Investments - Global Technology Fund | U | 75.78% | |
Eastspring Investments - Greater China Equity Fund | U | 89.73% | |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investments - India Equity Fund | U | 28.38% | |
Eastspring Investments - Pan European Fund | U | 50.02% | |
Eastspring Investments - US Corporate Bond Fund | U | 88.69% | |
Eastspring Investments - US High Investment Grade Bond Fund | U | 89.08% | |
Eastspring Investments - US High Yield Bond Fund | U | 25.87% | |
Eastspring Investments - US Investment Grade Bond Fund | U | 28.99% | |
Eastspring Investments - World Value Equity Fund | U | 86.43% | |
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 Target Return Fund | U | 86.27% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Asian High Yield Bond MY Fund | U | 83.58% | |
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 | 27.11% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Dinasti Equity Fund | U | 46.90% | |
Eastspring Investments Fund Management Limited Liability Company | MI | 100.00% | 23rd Floor Saigon Trade Center, 37 Ton Duc Thang Street, Sai Gon Ward, Ho Chi Minh City, Vietnam |
Eastspring Investments Global Equity Fund | U | 95.27% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Group Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Growth Fund | U | 26.45% | 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, Dover, Kent, Delaware 19904, United States of America |
Eastspring Investments India Consumer Equity Open Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Eastspring Investments India Equity Open Limited | OS | 100.00% | |
Eastspring Investments India Government Bond Fund (Semi-Annual Distribution) | U | 29.44% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Eastspring Investments India Infrastructure Equity Open Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Eastspring Investments India Innovation High Growth Equity Fund QII | U | 100.00% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Eastspring Investments Islamic Equity Income Fund | U | 54.69% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
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 - Alternative Investment Fund | U | 100.00% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments Unit Trusts - Asian Balanced Fund | U | 96.11% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Unit Trusts - Dragon Peacock Fund ID | U | 97.79% | |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investments Unit Trusts - Global Technology Fund | U | 90.44% | |
Eastspring Investments Unit Trusts - Pan European Fund | U | 51.87% | |
Eastspring Investments Unit Trusts - Singapore ASEAN Equity Fund | U | 99.23% | |
Eastspring Investments Unit Trusts - Singapore Select Bond Fund | U | 59.12% | |
Eastspring Investments Vietnam ESG Equity Fund | U | 98.55% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments Vietnam Navigator Fund | U | 74.68% | 23rd Floor, Saigon Trade Center Building, 37 Ton Duc Thang Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam |
Eastspring Overseas Investment Fund Management (Shanghai) Company Limited | MI - WFOE | 100.00% | Unit 2901, 29th Floor Azia Center, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, 200120, China |
Eastspring Private Equity Fund 2 | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Securities Investment Trust Co., Ltd. | OS | 99.54% | 4th Floor, No.1 Songzhi Road, Taipei 110, Taiwan |
Eastspring SGD Cash Fund | U | 87.91% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
First Sentier Global Property Securities Fund | U | 66.69% | 38 Beach Road, #06-11 South Beach Tower, Singapore 189767 |
FSITC Global Trends Fund | U | 33.32% | 1st Floor, No.6, Sec. 3, Minquan West Rd, Taipei, Taiwan |
FSSA China Focus Fund\u00a0 | U | 64.88% | 70 Sir John Rogerson\u2019s Quay, Dublin 2, D02 R296, Ireland |
Fubon 1-5 Years US High Yield Bond Ex China ETF | U | 31.75% | 8th Floor, No.108, Sec.1, Dunhua South. Rd., Taipei, Taiwan |
Fuh Hwa 1-5 Yr High Yield ETF | U | 66.33% | 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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
HSBC Senior Global Infrastructure Debt Fund | U | 100.00% | 8 Canada Square, London, E14 5HQ, United Kingdom |
ICICI Prudential Asset Management Company Limited | OS | 34.59% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India |
ICICI Prudential Life Insurance Company Limited | OS | 21.93% | ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025, India |
ICICI Prudential Pension Funds Management Company Limited | OS | 21.93% | Unit No. A, 2nd Floor, Cnergy Building, Appasaheb Marathe Marg, Prabhadevi, Mumbai, Maharashtra - 400025, India |
ICICI Prudential Trust Limited | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India |
iShares Core MSCI Asia | U | 44.86% | 16th Floor, Champion Tower, 3 Garden Road, Central, Hong Kong |
iShares MSCI Asia ex Japan Climate Action ETF | U | 48.85% | 20 Anson Road, #18-01 Twenty Anson, Singapore 079912 |
iShares MSCI Europe ESG Enhanced UCITS ETF | U | 47.56% | 12 Throgmorton Avenue, London, EC2N 2DL, United Kingdom |
iShares MSCI USA ESG Enhanced UCITS ETF | U | 41.49% | 78 Sir John Rogerson's Quay, Dublin, D02 HD32, Ireland |
KKP Active Equity Fund | U | 29.91% | 209 KKP Tower A, 17 Fl., Sukhumvit 21 (Asoke), Khlong Toey Nua, Wattana, Bangkok 10110, Thailand |
Krungsri Greater China Equity Hedged Dividend Fund | U | 22.00% | 12th, 18th Zone B Floor, Ploenchit Tower 898 Ploenchit Road, Lumpini Pathumwan, Bangkok 10330, Thailand |
Lasalle Property Securities SICAV-FIS | U | 99.95% | 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, Singapore, 018981 |
M&G Real Estate Asia Holding Company Pte. Ltd. | OS | 33.00% | 138 Market Street, #35-01 CapitaGreen, Singapore 048946 |
Manulife Asia Pacific Bond Fund | U | 60.89% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Manulife China Offshore Bond Fund | U | 68.24% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Manulife Global Equity Fund | U | 25.71% | |
Manulife Superior Selection China Fund | U | 27.98% | |
Manulife Taiwan Dynamic Fund | U | 20.48% | |
MEAG FlexConcept | U | 74.98% | R.C.S. Luxembourg NR. 28878, 1c, rue Gabriel Lippmann, L-5365 Munsbach |
Nomura Global Shariah Sustainable Equity Fund | U | 28.39% | Suite No 12.2, Level 12, Menara IMC,No.8 Jalan Sultan Ismail,Kuala Lumpur,50250,WP Kuala Lumpur, Malaysia |
North Sathorn Holdings Company Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini Subdistrict Pathumwan District, Bangkok Metropolis, Thailand |
PS | 99.99% | ||
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 ESG Emerging Market Corporate Strategy Bond Fund | U | 24.59% | 10th Floor, No. 144, Sec. 2, Minquan East Rd, Taipei, Taiwan |
Pinebridge US Dual Core Income Fund | U | 23.54% | |
Principal Core Fixed Income Fund | U | 24.43% | 44, 16th Floor, CIMB Thai Bank, Lungsuan Road, Lumpini, Bangkok 10330, Thailand |
Principal Global Silver Age Fund | U | 35.07% | |
Principal Islamic Malaysia Government Sukuk Fund | U | 50.87% | Level 32, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Principal Malaysia Titans Fund | U | 63.07% | 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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, 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 |
Prudential Assurance Company Singapore (Pte) Limited | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
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 Bermuda ISAC Ltd. | OS | 100.00% | Clarendon House, 2 Church Street, Hamilton HM11, Bermuda |
Prudential Bermuda Re ISA, Ltd. | OS | 100.00% | |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Enterprise Management (Beijing) Co., Ltd. | MI-WFOE | 100.00% | Unit 1817, Level 18, Building 1, No.1 Jianguomenwai Avenue, Chaoyang District, Beijing, China |
Prudential Financial Advisers Singapore Pte. Ltd. | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
Name of entity | Classes of shares held | Proportion held | Registered office address |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential General Insurance Hong Kong Limited | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong Kong |
Prudential Group Holdings Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Group Secretarial Services HK Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong |
Prudential Group Secretarial Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential HCL Health Insurance Limited | OS | 70.00% | Suite 6, 48th Floor, Commerz III, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai, 400063, India |
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 Fund - Post Retirement Care Investment Fund | U | 38.98% | F377/9/H/3, Kabulonga Road, Kabulonga, Lusaka, Zambia |
Prudential Investment Fund - Pru Offshore Fund | U | 28.64% | |
Prudential Investment Management Private Limited | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 118479 |
Prudential IP Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Life Assurance (Lao) Company Limited | OS | 100.00% | 5th Floor, Lao International Business and Tourist Center Project (Vientiane Center), Khouvieng Road, Nongchan Village, Sisattanak District, Vientiane Capital, Lao PDR |
Prudential Life Assurance (Thailand) Public Company Limited | OS | 99.93% | 944 Mitrtown Office Tower, 10th, 29th-31st Floor, Rama 4 Road, 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% | 12th Floor, 335 Place, N1, North Dzorwulu, 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 |
PS | 100.00% | ||
Prudential Mauritius Holdings Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
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 Limited | OS | 49.00% | Prudential Pensions Management Zambia Limited Support Office, 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 Ampang, 50100 Kuala Lumpur, Malaysia |
PS | 51.00% | ||
Prudential Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, 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 | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
PS | 100.00% |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Prudential Technology and Services India Private Limited | OS | 100.00% | Unit 401, 4th Floor, CIGNUS, Tower-1, Whitefield Bangalore, Hoodi Village, K.R. Puram Hobli, Whitefield, Bangalore, Bangalore South, Karnataka, India, 560066 |
Prudential Vietnam Assurance Private Limited | OS | 100.00% | 25th Floor Saigon Trade Center, 37 Ton Duc Thang Street, Sai Gon Ward, Ho Chi Minh City, Vietnam |
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 12910, Indonesia |
PT. Eastspring Investments Indonesia | OS | 99.95% | 23rd Floor, Prudential Tower, JL. Jend. Sudirman Kav.79, Jakarta 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 118479 |
Reksa Dana Eastspring IDR Fixed Income Fund (NDEIFF) | U | 95.42% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia |
Reksa Dana Syariah Eastspring Syariah Fixed Income Amanah | U | 76.89% | |
Reksa Dana Syariah Eastspring Syariah Mixed Asset Fund | U | 34.11% | Prudential Tower Lantai 23, JL, Jend. Sudirman Kav. 79, Kakarta 12910 - Indonesia |
Reksa Dana Syariah Eastspring Syariah Money Market Khazanah | U | 67.70% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia |
Rhodium Investment Funds - Singapore Bond Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Rhodium Passive Long Dated Bond Fund | U | 99.93% | |
Robeco QI European Active Index Equities | U | 43.61% | 6, route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of Luxembourg |
Schroder Asian Investment Grade Credit | U | 26.05% | 138 Market Street, #23-01 CapitaGreen, Singapore 048946 |
Schroder Emerging Markets Fund | U | 72.14% | |
Schroder Multi-Asset Revolution | U | 49.69% | |
Schroder US Dollar Money Fund | U | 29.48% | 9th Floor, No. 108, Section 5, Xinyi Road, Taipei, Taiwan |
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 |
StepStone Prudential Private Credit Fund | U | 100.00% | 103 South Church Street, Harbour Place, 5th Floor, KY1-1202 Cayman Islands |
Tisco US Equity Fund | U | 20.46% | 48/16-17, Tisco Tower Building, 9 Floor. North Sathorn, Silom, Bangrak, Bangkok 10500 |
United Global Innovation Fund | U | 20.43% | 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 | 59.66% | Jln Raja Laut, City Centre, 50100 Kuala Lumpur, Wilayah Persekutuan, Kuala Lumpur, Malaysia |
United Global Quality Growth Fund | U | 27.94% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
United-I Malaysia Discovery Fund | U | 32.95% | Level 20, UOB Plaza 1, 7, Jalan Raja Laut, 50350, Kuala Lumpur, Malaysia |
United-I Malaysia Equity Fund | U | 67.05% | Level 20, UOB Plaza 1, 7, Jalan Raja Laut, 50350, Kuala Lumpur, Malaysia |
UOB Smart Global Healthcare Fund | U | 33.50% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
UOB Smart Japan Small and Mid Cap Fund | U | 42.24% | |
UOB Smart Millennium Growth Fund | U | 31.06% | |
USD Investment Grade Infrastructure Debt Fund SCSp | U | 21.23% | 35a, Avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg |
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 |
2025 $m | 2024 $m | |
Mainland China | (24) | 159 |
Malaysia | 35 | 21 |
Growth markets and other note | 129 | 104 |
Insurance operations | 140 | 284 |
Eastspring | 224 | 193 |
Total segment and Group total | 364 | 477 |
Statement of financial position | 31 Dec 2025 $m | 31 Dec 2024 $m |
Total assets | 40,647 | 36,344 |
Total liabilities (including non-controlling interest) note | 38,259 | 34,452 |
Shareholders\u2019 equity | 2,388 | 1,892 |
The above amounts of assets and liabilities include the following: | ||
Cash and cash equivalents | 1,934 | 1,374 |
Financial liabilities (excluding trade and other payables and provisions) | 2,166 | 1,835 |
Income statement | 2025 $m | 2024 $m |
Revenue | 2,358 | 3,491 |
Profit for the year after tax | 6 | 282 |
The above profit for the year includes the following: | ||
Depreciation and amortisation | (43) | (38) |
Interest income | 615 | 582 |
Interest expense | (34) | (2) |
Income tax credit (charge) | 54 | (36) |
31 Dec 2025 $m | 31 Dec 2024 $m | |
Net assets of the Mainland China joint venture as shown above (100)% | 2,388 | 1,892 |
Proportion owned by the joint venture partner (50)% | 1,194 | 946 |
Carrying amount of the Group\u2019s interest in the joint venture (50)% | 1,194 | 946 |
Prudential plc | |||||||||||||||||||||||||
Prudential Corporation Asia Limited | Prudential Group Holdings Limited and subsidiaries | ||||||||||||||||||||||||
CITIC- Prudential Life Insurance Company Limited (Mainland China life joint venture) | Prudential Hong Kong Limited Prudential General Insurance Hong Kong Limited | PT Prudential Life Assurance PT Prudential Sharia Life Assurance (Indonesia) | Prudential Assurance Malaysia Berhad Prudential BSN Takaful Berhad | Prudential Assurance Company Singapore (Pte) Limited | Eastspring Investments Group Pte. Ltd and subsidiaries | Growth markets and other entities (including Africa, Cambodia, India, Laos, Myanmar, the Philippines, Taiwan, Thailand, Vietnam) | Prudential International Treasury Limited | Prudential Funding (Asia) plc |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Aberdeen Cash Creation Fund | U | 47.05% | 28th Floor Bangkok City Tower, 179 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
Aberdeen Standard Global Opportunities Fund | U | 28.84% | 7 Straits View, #23-04, Marina One East Tower, Singapore 018936 |
Aberdeen Standard Singapore Equity Fund | U | 62.05% | |
ABRDN India Opportunities Fund | U | 30.79% | |
Alternatives North America, Ltd. | U | 100.00% | PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, Cayman Islands |
ARDIAN Prudential Infrastructure Sub-Fund | U | 99.99% | 1 Temasek Avenue, #36-01 Millenia Tower, Singapore 039192 |
ARDIAN Prudential PE Sub-Fund | U | 99.99% | |
ARDIAN Prudential RE Sub-Fund | U | 99.99% | |
ATRAM - PRUINVEST PHP Liquid Fund | U | 90.51% | 8th Floor 8 Rockwell Building, Metro Manila Manila, Philippines |
ATRAM Global Technology Feeder Fund | U | 21.18% | |
ATRAM Philippine Equity Index Tracker Fund - Class V | U | 96.88% | |
Barings International Umbrella Fund-Barings Global Balanced Fund | U | 40.28% | 21st Floor, No. 333, Sec. 1, Keelong Rd, Taipei |
Blackrock Global Funds Systematic Global Equity High Income Fund | U | 35.10% | Twenty Anson, #18-01, 20 Anson Road, Singapore 079912 |
BOCHK Aggressive Growth Fund | U | 43.66% | 27th Floor, Bank of China Tower, 1 Garden Road, Hong Kong |
BOCHK Balanced Growth Fund | U | 37.26% | |
BOCHK China Equity Fund | U | 53.67% | |
BOCHK Conservative Growth Fund | U | 43.51% | |
BOCHK US Dollar Money Market Fund | U | 25.81% | |
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 | 52.79% | c/o Benefit Street Partners LLC, New York, New York 10019 |
Capital East Millennium Equity Fund | U | 21.23% | 105, Taipei City, Songshan District, Dongxing Rd, No.8 8F |
Cathay High Yield EX China Cash Pay 1-5 Year 2% Issuer Capped ETF | U | 77.09% | 6th Floor, No.39, Sec.2, Dunhua South. Rd., Taipei, Taiwan |
CITIC-Prudential Fund Management Company Limited | MI - JV | 49.00% | 19th Floor, No. 16, Yincheng Road, China (Shanghai) Pudong New Area, Shanghai, China |
CITIC-Prudential Life Insurance Company Limited | MI - JV | 50.00% | Room 1101-A, 1201, 1301, 1401, 1501, 1601, 1701, 1801, Unit 01, Building 1, No. B2, North Road of East Third Ring Road, Chaoyang District, Beijing, PRC,100027, China |
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 Fund | U | 55.61% | 4th Floor, No.1, Songzhi Rd., Xinyi Dist., Taipei, Taiwan |
Eastspring Asset Management (Thailand) Co., Ltd. | OS | 59.50% | 944 Mitrtown Office Tower, 9th Floor, Rama 4 Road, Wangmai, Pathumwan, Bangkok 10330, Thailand |
Eastspring Global Private Credit Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Global Real Assets & Private Equity Fund | U | 99.99% | |
Eastspring Global Real Estate Fund | U | 99.99% | |
Eastspring Global Technology Fund | U | 23.69% | 944 Mitrtown Office Tower, 9th floor, Rama 4 road, Wangmai Pathumwan, Bangkok 10330, Thailand |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investment Management (Shanghai) Company Limited | MI - WFOE | 100.00% | Unit 2901, 29th Floor Azia Center, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, 200120, China |
Eastspring Investments - Asia Select Bond Fund | U | 97.15% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments - Asia Opportunities Equity Fund | U | 99.99% | |
Eastspring Investments - Asia Pacific Equity Fund | U | 99.98% | |
Eastspring Investments - Asian Bond Fund | U | 97.03% | |
Eastspring Investments - Asian Dynamic Fund | U | 97.55% | |
Eastspring Investments - Asian Equity Fund | U | 99.21% | |
Eastspring Investments - Asian Equity Income Fund | U | 92.16% | |
Eastspring Investments - Asian High Yield Bond Fund | U | 68.12% | |
Eastspring Investments - Asian Local Bond Fund | U | 91.61% | |
Eastspring Investments - Asian Low Volatility Equity Fund | U | 78.18% | |
Eastspring Investments - Asian Multi Factor Equity Fund | U | 97.94% | |
Eastspring Investments - China A Shares Growth Fund | U | 97.54% | |
Eastspring Investments - China Bond Fund | U | 100.00% | |
Eastspring Investments - China Equity Fund | U | 21.15% | |
Eastspring Investments - Dragon Peacock Fund | U | 97.70% | |
Eastspring Investments - European Investment Grade Bond Fund | U | 100.00% | |
Eastspring Investments - Global Emerging Markets Bond Fund | U | 92.33% | |
Eastspring Investments - Global Emerging Markets Dynamic Fund | U | 40.76% | |
Eastspring Investments - Global Emerging Markets ex-China Dynamic Fund | U | 92.41% | |
Eastspring Investments - Global Equity Navigator Fund | U | 85.88% | |
Eastspring Investments - Global Growth Equity Fund | U | 39.72% | |
Eastspring Investments - Global Low Volatility Equity Fund | U | 96.33% | |
Eastspring Investments - Global Market Navigator Fund | U | 99.60% | |
Eastspring Investments - Global Multi Asset Balanced Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Conservative Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Dynamic Fund | U | 100.00% | |
Eastspring Investments - Global Multi Asset Income Plus Growth Fund | U | 100.00% | |
Eastspring Investments - Global Technology Fund | U | 75.78% | |
Eastspring Investments - Greater China Equity Fund | U | 89.73% | |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investments - India Equity Fund | U | 28.38% | |
Eastspring Investments - Pan European Fund | U | 50.02% | |
Eastspring Investments - US Corporate Bond Fund | U | 88.69% | |
Eastspring Investments - US High Investment Grade Bond Fund | U | 89.08% | |
Eastspring Investments - US High Yield Bond Fund | U | 25.87% | |
Eastspring Investments - US Investment Grade Bond Fund | U | 28.99% | |
Eastspring Investments - World Value Equity Fund | U | 86.43% | |
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 Target Return Fund | U | 86.27% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Asian High Yield Bond MY Fund | U | 83.58% | |
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 | 27.11% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Dinasti Equity Fund | U | 46.90% | |
Eastspring Investments Fund Management Limited Liability Company | MI | 100.00% | 23rd Floor Saigon Trade Center, 37 Ton Duc Thang Street, Sai Gon Ward, Ho Chi Minh City, Vietnam |
Eastspring Investments Global Equity Fund | U | 95.27% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Eastspring Investments Group Pte. Ltd. | OS | 100.00% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Growth Fund | U | 26.45% | 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, Dover, Kent, Delaware 19904, United States of America |
Eastspring Investments India Consumer Equity Open Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Eastspring Investments India Equity Open Limited | OS | 100.00% | |
Eastspring Investments India Government Bond Fund (Semi-Annual Distribution) | U | 29.44% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Eastspring Investments India Infrastructure Equity Open Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
Eastspring Investments India Innovation High Growth Equity Fund QII | U | 100.00% | Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 |
Eastspring Investments Islamic Equity Income Fund | U | 54.69% | Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
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 - Alternative Investment Fund | U | 100.00% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments Unit Trusts - Asian Balanced Fund | U | 96.11% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Investments Unit Trusts - Dragon Peacock Fund ID | U | 97.79% | |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Eastspring Investments Unit Trusts - Global Technology Fund | U | 90.44% | |
Eastspring Investments Unit Trusts - Pan European Fund | U | 51.87% | |
Eastspring Investments Unit Trusts - Singapore ASEAN Equity Fund | U | 99.23% | |
Eastspring Investments Unit Trusts - Singapore Select Bond Fund | U | 59.12% | |
Eastspring Investments Vietnam ESG Equity Fund | U | 98.55% | 26, Boulevard Royal, L-2449, Luxembourg |
Eastspring Investments Vietnam Navigator Fund | U | 74.68% | 23rd Floor, Saigon Trade Center Building, 37 Ton Duc Thang Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam |
Eastspring Overseas Investment Fund Management (Shanghai) Company Limited | MI - WFOE | 100.00% | Unit 2901, 29th Floor Azia Center, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, 200120, China |
Eastspring Private Equity Fund 2 | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Eastspring Securities Investment Trust Co., Ltd. | OS | 99.54% | 4th Floor, No.1 Songzhi Road, Taipei 110, Taiwan |
Eastspring SGD Cash Fund | U | 87.91% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
First Sentier Global Property Securities Fund | U | 66.69% | 38 Beach Road, #06-11 South Beach Tower, Singapore 189767 |
FSITC Global Trends Fund | U | 33.32% | 1st Floor, No.6, Sec. 3, Minquan West Rd, Taipei, Taiwan |
FSSA China Focus Fund\u00a0 | U | 64.88% | 70 Sir John Rogerson\u2019s Quay, Dublin 2, D02 R296, Ireland |
Fubon 1-5 Years US High Yield Bond Ex China ETF | U | 31.75% | 8th Floor, No.108, Sec.1, Dunhua South. Rd., Taipei, Taiwan |
Fuh Hwa 1-5 Yr High Yield ETF | U | 66.33% | 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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
HSBC Senior Global Infrastructure Debt Fund | U | 100.00% | 8 Canada Square, London, E14 5HQ, United Kingdom |
ICICI Prudential Asset Management Company Limited | OS | 34.59% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India |
ICICI Prudential Life Insurance Company Limited | OS | 21.93% | ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025, India |
ICICI Prudential Pension Funds Management Company Limited | OS | 21.93% | Unit No. A, 2nd Floor, Cnergy Building, Appasaheb Marathe Marg, Prabhadevi, Mumbai, Maharashtra - 400025, India |
ICICI Prudential Trust Limited | OS | 49.00% | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India |
iShares Core MSCI Asia | U | 44.86% | 16th Floor, Champion Tower, 3 Garden Road, Central, Hong Kong |
iShares MSCI Asia ex Japan Climate Action ETF | U | 48.85% | 20 Anson Road, #18-01 Twenty Anson, Singapore 079912 |
iShares MSCI Europe ESG Enhanced UCITS ETF | U | 47.56% | 12 Throgmorton Avenue, London, EC2N 2DL, United Kingdom |
iShares MSCI USA ESG Enhanced UCITS ETF | U | 41.49% | 78 Sir John Rogerson's Quay, Dublin, D02 HD32, Ireland |
KKP Active Equity Fund | U | 29.91% | 209 KKP Tower A, 17 Fl., Sukhumvit 21 (Asoke), Khlong Toey Nua, Wattana, Bangkok 10110, Thailand |
Krungsri Greater China Equity Hedged Dividend Fund | U | 22.00% | 12th, 18th Zone B Floor, Ploenchit Tower 898 Ploenchit Road, Lumpini Pathumwan, Bangkok 10330, Thailand |
Lasalle Property Securities SICAV-FIS | U | 99.95% | 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, Singapore, 018981 |
M&G Real Estate Asia Holding Company Pte. Ltd. | OS | 33.00% | 138 Market Street, #35-01 CapitaGreen, Singapore 048946 |
Manulife Asia Pacific Bond Fund | U | 60.89% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Manulife China Offshore Bond Fund | U | 68.24% | 9th Floor, No 89 Son Ren Road, Taipei, Taiwan |
Manulife Global Equity Fund | U | 25.71% | |
Manulife Superior Selection China Fund | U | 27.98% | |
Manulife Taiwan Dynamic Fund | U | 20.48% | |
MEAG FlexConcept | U | 74.98% | R.C.S. Luxembourg NR. 28878, 1c, rue Gabriel Lippmann, L-5365 Munsbach |
Nomura Global Shariah Sustainable Equity Fund | U | 28.39% | Suite No 12.2, Level 12, Menara IMC,No.8 Jalan Sultan Ismail,Kuala Lumpur,50250,WP Kuala Lumpur, Malaysia |
North Sathorn Holdings Company Limited | OS | 100.00% | No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini Subdistrict Pathumwan District, Bangkok Metropolis, Thailand |
PS | 99.99% | ||
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 ESG Emerging Market Corporate Strategy Bond Fund | U | 24.59% | 10th Floor, No. 144, Sec. 2, Minquan East Rd, Taipei, Taiwan |
Pinebridge US Dual Core Income Fund | U | 23.54% | |
Principal Core Fixed Income Fund | U | 24.43% | 44, 16th Floor, CIMB Thai Bank, Lungsuan Road, Lumpini, Bangkok 10330, Thailand |
Principal Global Silver Age Fund | U | 35.07% | |
Principal Islamic Malaysia Government Sukuk Fund | U | 50.87% | Level 32, Exchange 106, Lingkaran TRX, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia |
Principal Malaysia Titans Fund | U | 63.07% | 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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, 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 |
Prudential Assurance Company Singapore (Pte) Limited | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
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 Bermuda ISAC Ltd. | OS | 100.00% | Clarendon House, 2 Church Street, Hamilton HM11, Bermuda |
Prudential Bermuda Re ISA, Ltd. | OS | 100.00% | |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Enterprise Management (Beijing) Co., Ltd. | MI-WFOE | 100.00% | Unit 1817, Level 18, Building 1, No.1 Jianguomenwai Avenue, Chaoyang District, Beijing, China |
Prudential Financial Advisers Singapore Pte. Ltd. | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
Name of entity | Classes of shares held | Proportion held | Registered office address |
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% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential General Insurance Hong Kong Limited | OS | 100.00% | 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong Kong |
Prudential Group Holdings Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Group Secretarial Services HK Limited | OS | 100.00% | 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong |
Prudential Group Secretarial Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential HCL Health Insurance Limited | OS | 70.00% | Suite 6, 48th Floor, Commerz III, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai, 400063, India |
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 Fund - Post Retirement Care Investment Fund | U | 38.98% | F377/9/H/3, Kabulonga Road, Kabulonga, Lusaka, Zambia |
Prudential Investment Fund - Pru Offshore Fund | U | 28.64% | |
Prudential Investment Management Private Limited | OS | 100.00% | 1 Pasir Panjang Road, #12-02, Singapore 118479 |
Prudential IP Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, United Kingdom |
Prudential Life Assurance (Lao) Company Limited | OS | 100.00% | 5th Floor, Lao International Business and Tourist Center Project (Vientiane Center), Khouvieng Road, Nongchan Village, Sisattanak District, Vientiane Capital, Lao PDR |
Prudential Life Assurance (Thailand) Public Company Limited | OS | 99.93% | 944 Mitrtown Office Tower, 10th, 29th-31st Floor, Rama 4 Road, 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% | 12th Floor, 335 Place, N1, North Dzorwulu, 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 |
PS | 100.00% | ||
Prudential Mauritius Holdings Limited | OS | 100.00% | 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius |
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 Limited | OS | 49.00% | Prudential Pensions Management Zambia Limited Support Office, 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 Ampang, 50100 Kuala Lumpur, Malaysia |
PS | 51.00% | ||
Prudential Services Limited | OS | 100.00% | 5th Floor, 10 Old Bailey, London, EC4M 7NG, 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 | OS | 100.00% | 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 |
PS | 100.00% |
Name of entity | Classes of shares held | Proportion held | Registered office address |
Prudential Technology and Services India Private Limited | OS | 100.00% | Unit 401, 4th Floor, CIGNUS, Tower-1, Whitefield Bangalore, Hoodi Village, K.R. Puram Hobli, Whitefield, Bangalore, Bangalore South, Karnataka, India, 560066 |
Prudential Vietnam Assurance Private Limited | OS | 100.00% | 25th Floor Saigon Trade Center, 37 Ton Duc Thang Street, Sai Gon Ward, Ho Chi Minh City, Vietnam |
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 12910, Indonesia |
PT. Eastspring Investments Indonesia | OS | 99.95% | 23rd Floor, Prudential Tower, JL. Jend. Sudirman Kav.79, Jakarta 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 118479 |
Reksa Dana Eastspring IDR Fixed Income Fund (NDEIFF) | U | 95.42% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia |
Reksa Dana Syariah Eastspring Syariah Fixed Income Amanah | U | 76.89% | |
Reksa Dana Syariah Eastspring Syariah Mixed Asset Fund | U | 34.11% | Prudential Tower Lantai 23, JL, Jend. Sudirman Kav. 79, Kakarta 12910 - Indonesia |
Reksa Dana Syariah Eastspring Syariah Money Market Khazanah | U | 67.70% | Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia |
Rhodium Investment Funds - Singapore Bond Fund | U | 99.99% | 7 Straits View, #09-01 Marina One East Tower, Singapore 018936 |
Rhodium Passive Long Dated Bond Fund | U | 99.93% | |
Robeco QI European Active Index Equities | U | 43.61% | 6, route de Tr\u00e8ves, L-2633 Senningerberg, Grand Duchy of Luxembourg |
Schroder Asian Investment Grade Credit | U | 26.05% | 138 Market Street, #23-01 CapitaGreen, Singapore 048946 |
Schroder Emerging Markets Fund | U | 72.14% | |
Schroder Multi-Asset Revolution | U | 49.69% | |
Schroder US Dollar Money Fund | U | 29.48% | 9th Floor, No. 108, Section 5, Xinyi Road, Taipei, Taiwan |
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 |
StepStone Prudential Private Credit Fund | U | 100.00% | 103 South Church Street, Harbour Place, 5th Floor, KY1-1202 Cayman Islands |
Tisco US Equity Fund | U | 20.46% | 48/16-17, Tisco Tower Building, 9 Floor. North Sathorn, Silom, Bangrak, Bangkok 10500 |
United Global Innovation Fund | U | 20.43% | 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 | 59.66% | Jln Raja Laut, City Centre, 50100 Kuala Lumpur, Wilayah Persekutuan, Kuala Lumpur, Malaysia |
United Global Quality Growth Fund | U | 27.94% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
United-I Malaysia Discovery Fund | U | 32.95% | Level 20, UOB Plaza 1, 7, Jalan Raja Laut, 50350, Kuala Lumpur, Malaysia |
United-I Malaysia Equity Fund | U | 67.05% | Level 20, UOB Plaza 1, 7, Jalan Raja Laut, 50350, Kuala Lumpur, Malaysia |
UOB Smart Global Healthcare Fund | U | 33.50% | 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand |
UOB Smart Japan Small and Mid Cap Fund | U | 42.24% | |
UOB Smart Millennium Growth Fund | U | 31.06% | |
USD Investment Grade Infrastructure Debt Fund SCSp | U | 21.23% | 35a, Avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg |
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 |