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Name | Symbol | Market | Type |
---|---|---|---|
Prudential Plc | NYSE:PUK | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.1424 | -0.78% | 18.0476 | 1,214 | 14:00:52 |
|
|
|
|
2023 $m
|
|
2022* $m
|
||
|
|
|
Note
|
Half year
|
|
Half year
|
|
Full year
|
Insurance revenue
|
B1.4
|
4,591
|
|
4,159
|
|
8,549
|
||
Insurance service expenses
|
|
(3,489)
|
|
(2,879)
|
|
(6,267)
|
||
Net expense from reinsurance contracts held
|
|
(83)
|
|
(22)
|
|
(105)
|
||
Insurance service result
|
|
1,019
|
|
1,258
|
|
2,177
|
||
Investment return
|
B1.4
|
7,171
|
|
(23,872)
|
|
(29,380)
|
||
Fair value movements on investment contract
liabilities
|
|
(23)
|
|
67
|
|
67
|
||
Net insurance finance (expense) income
|
|
(6,496)
|
|
21,707
|
|
27,430
|
||
Net investment result
|
|
652
|
|
(2,098)
|
|
(1,883)
|
||
Other revenue
|
B1.4
|
176
|
|
204
|
|
436
|
||
Non-insurance expenditure
|
|
(446)
|
|
(592)
|
|
(1,019)
|
||
Finance costs: interest on core structural borrowings of
shareholder-financed businesses
|
|
(85)
|
|
(103)
|
|
(200)
|
||
Gain attaching to corporate transactions
|
D1
|
-
|
|
62
|
|
55
|
||
Share of loss from joint ventures and associates, net of related
tax
|
|
(73)
|
|
(54)
|
|
(85)
|
||
Profit (loss) before tax (being tax attributable to
shareholders' and policyholders' returns)note
|
|
1,243
|
|
(1,323)
|
|
(519)
|
||
Tax charge attributable to policyholders' returns
|
|
(68)
|
|
(24)
|
|
(124)
|
||
Profit (loss) before tax attributable to shareholders'
returns
|
B1.1
|
1,175
|
|
(1,347)
|
|
(643)
|
||
Total tax charge attributable to shareholders' and policyholders'
returns
|
B2
|
(296)
|
|
(182)
|
|
(478)
|
||
Remove tax charge attributable to policyholders'
returns
|
|
68
|
|
24
|
|
124
|
||
Tax charge attributable to shareholders' returns
|
|
(228)
|
|
(158)
|
|
(354)
|
||
Profit (loss) for the period
|
|
947
|
|
(1,505)
|
|
(997)
|
||
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
||
Equity holders of the Company
|
|
944
|
|
(1,508)
|
|
(1,007)
|
||
Non-controlling interests
|
|
3
|
|
3
|
|
10
|
||
Profit (loss) for the period
|
|
947
|
|
(1,505)
|
|
(997)
|
Earnings per share (in cents)
|
|
2023
|
|
2022*
|
2022
|
||
|
|
|
Note
|
Half year
|
|
Half year
|
Full year
|
Based on profit (loss) attributable to equity holders of the
Company:
|
B3
|
|
|
|
|
||
|
Basic
|
|
34.5¢
|
|
(55.1)¢
|
(36.8)¢
|
|
|
Diluted
|
|
34.5¢
|
|
(55.1)¢
|
(36.8)¢
|
|
|
|
|
|
|
|
|
|
Dividends per share (in cents)
|
|
2023
|
|
2022
|
||
|
|
Note
|
Half year
|
|
Half year
|
Full year
|
Dividends relating to reporting period:
|
B4
|
|
|
|
|
|
|
First interim ordinary dividend
|
|
6.26¢
|
|
5.74¢
|
5.74¢
|
|
Second interim ordinary dividend
|
|
-
|
|
-
|
13.04¢
|
Total relating to reporting period
|
|
6.26¢
|
|
5.74¢
|
18.78¢
|
|
Dividends paid in reporting period:
|
B4
|
|
|
|
|
|
|
Current year first interim dividend
|
|
-
|
|
-
|
5.74¢
|
|
Second interim ordinary dividend for prior year
|
|
13.04¢
|
|
11.86¢
|
11.86¢
|
Total paid in reporting period
|
|
13.04¢
|
|
11.86¢
|
17.60¢
|
|
|
|
2023 $m
|
|
2022* $m
|
|
|
|
|
Half year
|
|
Half year
|
Full year
|
Profit (loss) for the period
|
947
|
|
(1,505)
|
(997)
|
||
Other comprehensive income (loss):
|
|
|
|
|
||
|
Exchange movements arising during the period
|
(199)
|
|
(539)
|
(613)
|
|
|
Valuation movements on retained interest in Jackson classified as
available-for-sale securities under IAS 39note
(i)
|
-
|
|
(247)
|
(187)
|
|
Total items that may be reclassified subsequently to profit or
lossnote
(ii)
|
(199)
|
|
(786)
|
(800)
|
||
|
|
|
|
|
||
Valuation movements on retained interest in Jackson classified as
FVOCI securities under IFRS 9
|
8
|
|
-
|
-
|
||
Total items that will not be reclassified subsequently to profit or
loss
|
8
|
|
-
|
-
|
||
|
|
|
|
|
|
|
Total comprehensive income (loss) for the period
|
756
|
|
(2,291)
|
(1,797)
|
||
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
||
Equity holders of the Company
|
767
|
|
(2,284)
|
(1,797)
|
||
Non-controlling interests
|
(11)
|
|
(7)
|
-
|
||
Total comprehensive income (loss) for the period
|
756
|
|
(2,291)
|
(1,797)
|
|
|
|
Period ended 30 Jun 2023 $m
|
|||||||
|
Note
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Translation
reserve
|
Fair value
reserve
under IFRS 9
|
Share-
holders'
equity
|
Non-
controlling
interests
|
Total
equity
|
|
Reserves
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
-
|
-
|
944
|
-
|
-
|
944
|
3
|
947
|
|
Other comprehensive income (loss)
|
|
-
|
-
|
-
|
(185)
|
8
|
(177)
|
(14)
|
(191)
|
|
Total comprehensive income (loss) for the period
|
|
-
|
-
|
944
|
(185)
|
8
|
767
|
(11)
|
756
|
|
Transactions with owners of the Company
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
B4
|
-
|
-
|
(361)
|
-
|
-
|
(361)
|
(4)
|
(365)
|
|
Transfer of fair value reserve following disposal of investment in
Jackson
|
|
-
|
-
|
71
|
-
|
(71)
|
-
|
-
|
-
|
|
Reserve movements in respect of share-based payments
|
|
-
|
-
|
(6)
|
-
|
-
|
(6)
|
-
|
(6)
|
|
Effect of transactions relating to non-controlling
interests
|
|
-
|
-
|
(9)
|
-
|
-
|
(9)
|
-
|
(9)
|
|
New share capital subscribed
|
C6
|
1
|
3
|
-
|
-
|
-
|
4
|
-
|
4
|
|
Movement in own shares in respect of share-based payment
plans
|
|
-
|
-
|
33
|
-
|
-
|
33
|
-
|
33
|
|
Net increase (decrease) in equity
|
|
1
|
3
|
672
|
(185)
|
(63)
|
428
|
(15)
|
413
|
|
Balance at beginning of period
|
|
182
|
5,006
|
10,653
|
827
|
63
|
16,731
|
167
|
16,898
|
|
Balance at end of period
|
|
183
|
5,009
|
11,325
|
642
|
-
|
17,159
|
152
|
17,311
|
|
|
|
Period ended 30 Jun 2022 $m
|
|||||||
|
Note
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Translation
reserve
|
Available
-for-sale
securities
reserves
under IAS 39
|
Share-
holders'
equity
|
Non-
controlling
interests
|
Total
equity
|
|
Reserves
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
|
-
|
-
|
(1,508)
|
-
|
-
|
(1,508)
|
3
|
(1,505)
|
|
Other comprehensive loss
|
|
-
|
-
|
-
|
(529)
|
(247)
|
(776)
|
(10)
|
(786)
|
|
Total comprehensive loss for the period
|
|
-
|
-
|
(1,508)
|
(529)
|
(247)
|
(2,284)
|
(7)
|
(2,291)
|
|
Transactions with owners of the Company
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
B4
|
-
|
-
|
(320)
|
-
|
-
|
(320)
|
(5)
|
(325)
|
|
Reserve movements in respect of share-based payments
|
|
-
|
-
|
15
|
-
|
-
|
15
|
-
|
15
|
|
Effect of transactions relating to non-controlling
interests
|
|
-
|
-
|
(16)
|
-
|
-
|
(16)
|
-
|
(16)
|
|
Movement in own shares in respect of share-based payment
plans
|
|
-
|
-
|
(4)
|
-
|
-
|
(4)
|
-
|
(4)
|
|
Net decrease in equity
|
|
-
|
-
|
(1,833)
|
(529)
|
(247)
|
(2,609)
|
(12)
|
(2,621)
|
|
Balance at beginning of period:
|
|
|
|
|
|
|
|
|
|
|
|
As previously reported
|
|
182
|
5,010
|
10,216
|
1,430
|
250
|
17,088
|
176
|
17,264
|
|
Effect of initial application of IFRS 17 and classification overlay
for IFRS 9, net of tax
|
|
-
|
-
|
1,848
|
-
|
-
|
1,848
|
(1)
|
1,847
|
|
As restated after effect of changes
|
|
182
|
5,010
|
12,064
|
1,430
|
250
|
18,936
|
175
|
19,111
|
Balance at end of period
|
|
182
|
5,010
|
10,231
|
901
|
3
|
16,327
|
163
|
16,490
|
|
|
|
|
Year ended 31 Dec 2022 $m
|
||||||
|
Note
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Translation
reserve
|
Available
-for-sale
securities
reserves
under IAS 39
|
Share-
holders'
equity
|
Non-
controlling
interests
|
Total
equity
|
|
Reserves
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the year
|
|
-
|
-
|
(1,007)
|
-
|
-
|
(1,007)
|
10
|
(997)
|
|
Other comprehensive loss
|
|
-
|
-
|
-
|
(603)
|
(187)
|
(790)
|
(10)
|
(800)
|
|
Total comprehensive loss for the period
|
|
-
|
-
|
(1,007)
|
(603)
|
(187)
|
(1,797)
|
-
|
(1,797)
|
|
Transactions with owners of the Company
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
B4
|
-
|
-
|
(474)
|
-
|
-
|
(474)
|
(8)
|
(482)
|
|
Reserve movements in respect of share-based payments
|
|
-
|
-
|
24
|
-
|
-
|
24
|
-
|
24
|
|
Effect of transactions relating to non-controlling
interests
|
|
-
|
-
|
49
|
-
|
-
|
49
|
-
|
49
|
|
New share capital subscribed
|
C6
|
-
|
(4)
|
-
|
-
|
-
|
(4)
|
-
|
(4)
|
|
Movement in own shares in respect of share-based payment
plans
|
|
-
|
-
|
(3)
|
-
|
-
|
(3)
|
-
|
(3)
|
|
Net decrease in equity
|
|
-
|
(4)
|
(1,411)
|
(603)
|
(187)
|
(2,205)
|
(8)
|
(2,213)
|
|
Balance at beginning of year:
|
|
|
|
|
|
|
|
|
|
|
|
As previously reported
|
|
182
|
5,010
|
10,216
|
1,430
|
250
|
17,088
|
176
|
17,264
|
|
Effect of initial application of IFRS 17 and classification overlay
for IFRS 9, net of tax
|
|
-
|
-
|
1,848
|
-
|
-
|
1,848
|
(1)
|
1,847
|
|
As restated after effect of changes
|
|
182
|
5,010
|
12,064
|
1,430
|
250
|
18,936
|
175
|
19,111
|
Balance at end of year
|
|
182
|
5,006
|
10,653
|
827
|
63
|
16,731
|
167
|
16,898
|
|
|
|
|
2023 $m
|
|
2022 $m
|
|
|
|
|
Note
|
30 Jun
|
|
31 Dec
|
1 Jan
|
|
|
|
|
|
|
note (i)
|
note (i)
|
Assets
|
|
|
|
|
|
||
Goodwill
|
C4.1
|
879
|
|
890
|
907
|
||
Other intangible assets
|
C4.2
|
3,686
|
|
3,884
|
4,015
|
||
Property, plant and equipment
|
C1.2
|
396
|
|
437
|
495
|
||
Insurance contract assets
|
C3.1
|
1,167
|
|
1,134
|
1,250
|
||
Reinsurance contract assets
|
C3.1
|
2,023
|
|
1,856
|
2,787
|
||
Deferred tax assets
|
|
168
|
|
140
|
132
|
||
Current tax recoverable
|
|
25
|
|
18
|
20
|
||
Accrued investment income
|
C1.2
|
1,017
|
|
983
|
1,017
|
||
Other debtors
|
C1.2
|
1,035
|
|
968
|
955
|
||
Investment properties
|
C1.1
|
38
|
|
37
|
38
|
||
Investments in joint ventures and associates accounted for using
the equity method
|
|
2,078
|
|
2,259
|
2,698
|
||
Loans
|
C1.1
|
574
|
|
590
|
771
|
||
Equity securities and holdings in collective investment
schemesnote
(ii)
|
C1.1
|
60,508
|
|
57,679
|
61,601
|
||
Debt securitiesnote
(ii)
|
C1.1
|
80,430
|
|
77,016
|
99,154
|
||
Derivative assets
|
C1.1
|
458
|
|
569
|
481
|
||
Deposits
|
C1.1
|
5,056
|
|
6,275
|
4,741
|
||
Cash and cash equivalents
|
C1.1
|
5,920
|
|
5,514
|
7,170
|
||
Total assets
|
|
165,458
|
|
160,249
|
188,232
|
||
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
||
Shareholders' equity
|
|
17,159
|
|
16,731
|
18,936
|
||
Non-controlling interests
|
|
152
|
|
167
|
175
|
||
Total equity
|
|
17,311
|
|
16,898
|
19,111
|
||
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
||
Insurance contract liabilities
|
C3.1
|
134,096
|
|
126,242
|
149,798
|
||
Reinsurance contract liabilities
|
C3.1
|
950
|
|
1,175
|
1,254
|
||
Investment contract liabilities without discretionary participation
features
|
|
716
|
|
663
|
722
|
||
Core structural borrowings of shareholder-financed
businesses
|
C5.1
|
3,949
|
|
4,261
|
6,127
|
||
Operational borrowings
|
C5.2
|
802
|
|
815
|
861
|
||
Obligations under funding, securities lending and sale and
repurchase agreements
|
|
617
|
|
582
|
223
|
||
Net asset value attributable to unit holders of consolidated
investment funds
|
|
2,683
|
|
4,193
|
5,664
|
||
Deferred tax liabilities
|
|
1,214
|
|
1,139
|
1,167
|
||
Current tax liabilities
|
|
247
|
|
208
|
185
|
||
Accruals, deferred income and other creditors
|
C1.2
|
2,277
|
|
2,866
|
2,624
|
||
Provisions
|
|
129
|
|
206
|
234
|
||
Derivative liabilities
|
|
467
|
|
1,001
|
262
|
||
Total liabilities
|
|
148,147
|
|
143,351
|
169,121
|
||
Total equity and liabilities
|
|
165,458
|
|
160,249
|
188,232
|
|
|
|
|
2023 $m
|
|
2022* $m
|
|
|
|
|
Note
|
Half year
|
|
Half year
|
Full year
|
Cash flows from operating activities
|
|
|
|
|
|
||
Profit (loss) before tax (being tax attributable to
shareholders' and policyholders' returns)
|
|
1,243
|
|
(1,323)
|
(519)
|
||
Adjustments to profit (loss) before tax for:
|
|
|
|
|
|
||
|
Non-cash movements in operating assets and liabilities
|
|
(71)
|
|
2,968
|
1,577
|
|
|
Investment income and interest payments included in profit before
tax
|
|
(2,420)
|
|
(2,065)
|
(3,912)
|
|
Operating cash items
|
|
2,252
|
|
1,981
|
3,647
|
||
Other non-cash items
|
|
263
|
|
155
|
285
|
||
Net cash flows from operating activitiesnote
(i)
|
|
1,267
|
|
1,716
|
1,078
|
||
Cash flows from investing activities
|
|
|
|
|
|
||
Purchases of property, plant and equipment
|
|
(18)
|
|
(14)
|
(34)
|
||
Acquisition of business and intangiblesnote
(ii)
|
|
(197)
|
|
(221)
|
(298)
|
||
Disposal of Jackson shares
|
|
273
|
|
171
|
293
|
||
Net cash flows from investing activities
|
|
58
|
|
(64)
|
(39)
|
||
Cash flows from financing activities
|
|
|
|
|
|
||
Structural borrowings of shareholder-financed
operations:note
(iii)
|
C5.1
|
|
|
|
|
||
|
Issuance of debt, net of costs
|
|
-
|
|
346
|
346
|
|
|
Redemption of debt
|
|
(371)
|
|
(2,075)
|
(2,075)
|
|
|
Interest paid
|
|
(98)
|
|
(117)
|
(204)
|
|
Payment of principal portion of lease liabilities
|
|
(49)
|
|
(56)
|
(101)
|
||
Equity capital:
|
|
|
|
|
|
||
|
Issues of ordinary share capital
|
C6
|
4
|
|
-
|
(4)
|
|
External dividends:
|
|
|
|
|
|
||
|
Dividends paid to the Company's shareholders
|
B4
|
(361)
|
|
(320)
|
(474)
|
|
|
Dividends paid to non-controlling interests
|
|
(4)
|
|
(5)
|
(8)
|
|
Net cash flows from financing activities
|
|
(879)
|
|
(2,227)
|
(2,520)
|
||
Net increase (decrease) in cash and cash equivalents
|
|
446
|
|
(575)
|
(1,481)
|
||
Cash and cash equivalents at beginning of period
|
|
5,514
|
|
7,170
|
7,170
|
||
Effect of exchange rate changes on cash and cash
equivalents
|
|
(40)
|
|
(180)
|
(175)
|
||
Cash and cash equivalents at end of period
|
|
5,920
|
|
6,415
|
5,514
|
|
|
Balance at
|
Cash movements $m
|
|
Non-cash movements $m
|
Balance at
|
||
|
|
beginning
of period
$m
|
Issuance
of debt
|
Redemption
of debt
|
|
Foreign exchange
movement
|
Other
movements
|
end of
period
$m
|
|
30 Jun 2023
|
4,261
|
-
|
(371)
|
|
56
|
3
|
3,949
|
|
30 Jun 2022
|
6,127
|
346
|
(2,075)
|
|
(137)
|
5
|
4,266
|
|
31 Dec 2022
|
6,127
|
346
|
(2,075)
|
|
(147)
|
10
|
4,261
|
USD : local currency
|
Closing rate at period end
|
|
Average rate for the period to date
|
||||
|
30 Jun 2023
|
31 Dec 2022
|
1 Jan 2022
|
|
Half year 2023
|
Half year 2022
|
Full year 2022
|
Chinese yuan (CNY)
|
7.26
|
6.95
|
6.37
|
|
6.93
|
6.48
|
6.73
|
Hong Kong dollar (HKD)
|
7.84
|
7.81
|
7.80
|
|
7.84
|
7.83
|
7.83
|
Indian rupee (INR)
|
82.04
|
82.73
|
74.34
|
|
82.22
|
76.23
|
78.63
|
Indonesian rupiah (IDR)
|
14,992.50
|
15,567.50
|
14,252.50
|
|
15,042.54
|
14,453.52
|
14,852.24
|
Malaysian ringgit (MYR)
|
4.67
|
4.41
|
4.17
|
|
4.46
|
4.27
|
4.40
|
Singapore dollar (SGD)
|
1.35
|
1.34
|
1.35
|
|
1.34
|
1.37
|
1.38
|
Taiwan dollar (TWD)
|
31.14
|
30.74
|
27.67
|
|
30.56
|
28.73
|
29.81
|
Thai baht (THB)
|
35.33
|
34.56
|
33.19
|
|
34.20
|
33.73
|
35.06
|
UK pound sterling (GBP)
|
0.79
|
0.83
|
0.74
|
|
0.81
|
0.77
|
0.81
|
Vietnamese dong (VND)
|
23,585.00
|
23,575.00
|
22,790.00
|
|
23,521.79
|
22,925.22
|
23,409.87
|
|
|
At 31 Dec 2021
|
Effects of adoption of IFRS 17 $m
|
At 1 Jan 2022
|
|
|
|
(as reported under
IFRS 4) $m
|
Presentation changes
|
Measurement changes
|
(as restated under
IFRS 17) $m
|
|
|
|
note (i)
|
note (ii)
|
|
Assets
|
|
|
|
|
|
Goodwill
|
907
|
-
|
-
|
907
|
|
Deferred acquisition costs and other intangible
assets:
|
|
|
|
|
|
|
Deferred acquisition costs
|
2,815
|
(39)
|
(2,776)
|
-
|
|
Other intangible assets
|
4,043
|
-
|
(28)
|
4,015
|
|
|
6,858
|
(39)
|
(2,804)
|
4,015
|
Insurance contract assets
|
n/a
|
-
|
1,250
|
1,250
|
|
Reinsurance contract assets
|
9,753
|
(22)
|
(6,944)
|
2,787
|
|
Deferred tax assets
|
266
|
(134)
|
-
|
132
|
|
Other non-investment and non-cash assets
|
3,448
|
(1,022)
|
61
|
2,487
|
|
Investment properties
|
38
|
-
|
-
|
38
|
|
Investments in joint ventures and associates accounted for using
the equity method
|
2,183
|
-
|
515
|
2,698
|
|
Total financial investments:
|
|
|
|
|
|
|
Policy loans
|
1,733
|
(1,733)
|
-
|
-
|
|
Other loans
|
829
|
-
|
(58)
|
771
|
|
Equity securities and holdings in collective investment
schemes
|
61,601
|
-
|
-
|
61,601
|
|
Debt securities
|
99,094
|
-
|
60
|
99,154
|
|
Derivative assets
|
481
|
-
|
-
|
481
|
|
Deposits
|
4,741
|
-
|
-
|
4,741
|
|
|
168,479
|
(1,733)
|
2
|
166,748
|
Cash and cash equivalents
|
7,170
|
-
|
-
|
7,170
|
|
Total assets
|
199,102
|
(2,950)
|
(7,920)
|
188,232
|
|
Equity
|
|
|
|
|
|
Shareholders' equity
|
17,088
|
-
|
1,848
|
18,936
|
|
Non-controlling interests
|
176
|
-
|
(1)
|
175
|
|
Total equity
|
17,264
|
-
|
1,847
|
19,111
|
|
Liabilities
|
|
|
|
|
|
Insurance contract liabilities*
|
156,485
|
4,243
|
(10,930)
|
149,798
|
|
Reinsurance contract liabilities
|
n/a
|
-
|
1,254
|
1,254
|
|
Investment contract liabilities without discretionary participation
features
|
814
|
-
|
(92)
|
722
|
|
Core structural borrowings of shareholder-financed
businesses
|
6,127
|
-
|
-
|
6,127
|
|
Operational borrowings
|
861
|
-
|
-
|
861
|
|
Deferred tax liabilities
|
2,862
|
(1,696)
|
1
|
1,167
|
|
Other liabilities
|
14,689
|
(5,497)
|
-
|
9,192
|
|
Total liabilities
|
181,838
|
(2,950)
|
(9,767)
|
169,121
|
|
Total equity and liabilities
|
199,102
|
(2,950)
|
(7,920)
|
188,232
|
Determination of fulfilment cashflows used in the measurement of
insurance and reinsurance contract assets and
liabilities
(impacts $131.9 billion of net insurance and reinsurance contract
balances, excluding those held by joint ventures and
associates)
|
|
Estimates of future cash flows
|
The Group's 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. Individual assumptions are set at a business unit level.
The demographic assumptions are consistent with those used in other
metrics such as EEV reporting. The Risk Review included in
this Half Year 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 form 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's
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 includes the
potential credit losses and losses from other disputes to reflect
the non-performance risk of the reinsurers.
|
Expense assumptions used in future cash flow
estimation
|
The Group projects estimates of future expenses relating to the
fulfilment of contracts within the scope of IFRS 17 using current
expense levels adjusted for inflation. Costs that are incurred in
fulfilling the contracts include, but are not limited to claims
handling costs, policy administration expenses, investment
management expenses, income tax and other costs specifically
chargeable to the policyholders under the terms of the contracts.
Expenses included in estimated future cash flows comprise expenses
directly attributable to the groups of contracts, including an
allocation of fixed and variable overheads incurred by the
insurance entities.
Investment management expenses in relation to the management of the
assets backing policyholder liabilities are included in the
fulfilment cash flows for business using the VFA model, indirect
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's with-profits business in Hong Kong, Singapore and Malaysia,
asset shares are used to determine payments to
policyholders.
Where cash flows from one group of contracts affect, or are
affected by, cash flows in other groups of contracts (eg for
with-profits business), the fulfilment cash flows for a group
include payments arising from the terms of existing contracts to
policyholders in other groups and exclude payments to policyholders
in the group that have been included in the fulfilment cash flows
of another group.
|
Insurance acquisition 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 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.
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 form part of fulfilment cash flows,
only when such payments are linked to the sale of an insurance
contract and are then 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 changes 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 which 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. When determining the boundary for these
contracts various factors are taken into consideration by the Group
such as the Group's ability to fully reprice the respective
contract and how such contracts are managed.
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 which has the longest contract boundary.
Future cash flows relating to riders which 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.
|
|
Determination of discount rates
|
||||||
Discount rate and risk-free rate
|
The discount rate is determined 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. 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, less the risk-free
curve, and an allowance for credit risk.
The allowance for credit risk includes a credit risk premium which
is derived through a lifetime projection of expected bond cash
flows, allowing for the cost of downgrades and defaults, a
rebalancing rate of projected downgrades and a recovery rate in the
event of default.
A proportion of the reference portfolio's illiquidity premium is
applied to portfolios of insurance contracts reflecting the
liquidity characteristics of the insurance contracts. The liquidity
characteristics are assessed from the policyholders' perspective. A
product's 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:
|
|||||
30 Jun 2023 %
|
||||||
|
1 year
|
5 years
|
10 years
|
15 years
|
20 years
|
|
Chinese
yuan (CNY)
|
1.86 -
2.36
|
2.44 -
2.87
|
2.67 -
3.10
|
2.91 -
3.35
|
3.05 -
3.48
|
|
Hong
Kong dollar (HKD)
|
4.82 -
5.98
|
4.02 -
5.18
|
3.77 -
4.93
|
3.79 -
4.95
|
3.81 -
4.97
|
|
Indonesian
rupiah (IDR)
|
5.81 -
6.36
|
6.15 -
6.70
|
6.57 -
7.12
|
6.80 -
7.35
|
6.95 -
7.50
|
|
Malaysian
ringgit (MYR)
|
3.36 -
4.03
|
3.63 -
4.30
|
3.95 -
4.62
|
4.10 -
4.77
|
4.24 -
4.91
|
|
Singapore
dollar (SGD)
|
3.66 -
4.62
|
3.11 -
4.07
|
3.00 -
3.96
|
2.79 -
3.75
|
2.43 -
3.39
|
|
United
States dollar (USD)
|
5.42 -
6.43
|
4.13 -
5.14
|
3.81 -
4.82
|
3.83 -
4.84
|
4.17 -
5.18
|
|
|
|
|
|
|
|
|
31 Dec 2022 %
|
||||||
|
1 year
|
5 years
|
10 years
|
15 years
|
20 years
|
|
Chinese
yuan (CNY)
|
2.09 -
2.84
|
2.65 -
3.29
|
2.88 -
3.52
|
3.05 -
3.69
|
3.14 -
3.79
|
|
Hong
Kong dollar (HKD)
|
4.85 -
6.14
|
3.96 -
5.25
|
3.78 -
5.07
|
3.82 -
5.11
|
3.84 -
5.13
|
|
Indonesian
rupiah (IDR)
|
5.65 -
6.13
|
6.72 -
7.20
|
7.29 -
7.77
|
7.51 -
7.99
|
7.77 -
8.25
|
|
Malaysian
ringgit (MYR)
|
3.52 -
3.91
|
3.91 -
4.29
|
4.13 -
4.52
|
4.35 -
4.73
|
4.49 -
4.88
|
|
Singapore
dollar (SGD)
|
3.83 -
4.94
|
2.86 -
3.98
|
3.11 -
4.22
|
2.91 -
4.02
|
2.49 -
3.61
|
|
United
States dollar (USD)
|
4.75 -
5.91
|
4.02 -
5.17
|
3.89 -
5.05
|
3.98 -
5.15
|
4.27 -
5.43
|
|
|
||||||
1 Jan 2022 %
|
||||||
|
1 year
|
5 years
|
10 years
|
15 years
|
20 years
|
|
Chinese
yuan (CNY)
|
2.21 -
2.60
|
2.63 -
2.99
|
2.81 -
3.19
|
3.00 -
3.65
|
3.12 -
3.71
|
|
Hong
Kong dollar (HKD)
|
0.43 -
1.44
|
1.24 -
2.26
|
1.47 -
2.48
|
1.62 -
2.64
|
1.91 -
2.92
|
|
Indonesian
rupiah (IDR)
|
3.43 -
4.81
|
5.55 -
6.93
|
7.04 -
8.42
|
7.43 -
8.81
|
7.74 -
9.12
|
|
Malaysian
ringgit (MYR)
|
2.25 -
2.58
|
3.19 -
3.52
|
3.72 -
4.05
|
4.13 -
4.46
|
4.34 -
4.67
|
|
Singapore
dollar (SGD)
|
0.60 -
1.58
|
1.38 -
2.35
|
1.72 -
2.70
|
1.99 -
2.97
|
2.14 -
3.12
|
|
United
States dollar (USD)
|
0.38 -
1.30
|
1.27 -
2.20
|
1.53 -
2.46
|
1.69 -
2.61
|
2.01 -
2.93
|
|
|
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-financial risk represents the amount of risk being
transferred by the Group to the reinsurer.
The risk adjustment for non-financial risk is determined by the
Group using a confidence level approach. This is implemented
through the use of provisions for adverse deviations (PADs)
calibrated using non-financial risk distributions and correlation
assumptions. The PADs are applied to best estimate
assumptions.
The Group's 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:
-
the coverage units in the period; divided by
-
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 is 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 which 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 BEL
calculation.
The time value of money will be reflected in future coverage
units.
Determination of coverage units for groups of reinsurance contracts
held follow the same principles as for groups of underlying
contracts.
|
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 which 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 $1,175 million
and compares to profit before tax of $1,243
million as shown
in the Consolidated income statement.
|
The total tax charge for the Group reflects tax that, in addition
to that relating to shareholders' profit, it is also 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' and shareholders'
returns.
|
Segmental analysis of results and earnings attributable to
shareholders
|
|
The Group uses adjusted operating profit as the segmental measure
of its results.
Total segmental adjusted operating profit is $1,782 million as
shown in note B1.1.
|
The basis of calculation of adjusted operating profit is provided
in note B1.2.
The vast majority of the Group's 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 period. The Group therefore
provides additional analysis of results before and after the
effects of short-term fluctuations in investment returns, together
with other items that are of a short-term, volatile or one-off
nature.
|
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's amortisation recognised in the income statement. Unlike the
GMM approach, the VFA approach 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 $20,820 million, including joint ventures and associates, and
the CSM amortisation, net of reinsurance, recognised in the income
statement is $1,177 million as shown in note C3.2.
Approximately 72 per cent of the CSM (including joint ventures and
associates and net of reinsurance) at transition 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:
a. the
contractual terms specify that the policyholder participates in a
share of a clearly identified pool of underlying
items;
b. 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
c. 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 PAA. The PAA is not used significantly within the
Group.
|
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 impaired value, the Group estimates the discounted
future expected cash flows arising from the cash generating unit
containing the distribution rights.
Impacts $3,428 million 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's 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 cash generating unit to which it is
allocated.
|
Financial investments - Valuation
|
|
Financial investments held at fair value, net of derivative
liabilities, excluding those held by joint ventures and associates
is $141,359 million as shown in note C2.2(a).
Financial investments held at amortised cost represent $5,200
million of the Group's 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 (primarily through profit or loss). Financial investments
held at amortised cost primarily comprise loans and deposits and
certain debt securities held by Eastspring.
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's-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
'level 3' 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.
|
|
|
|
|
2023 $m
|
|
2022 $m
|
|
2023 vs 2022 %
|
|
2022 $m
|
||
|
|
|
|
Half year
|
|
Half year
AER
|
Half year
CER
|
|
Half year
AER
|
Half year
CER
|
|
Full year
AER
|
|
|
|
Note
|
note (i)
|
|
note (i)
|
note (i)
|
|
note (i)
|
note (i)
|
|
note (i)
|
CPL
|
|
164
|
|
132
|
124
|
|
24%
|
32%
|
|
271
|
||
Hong Kong
|
|
554
|
|
598
|
597
|
|
(7)%
|
(7)%
|
|
1,162
|
||
Indonesia
|
|
109
|
|
118
|
113
|
|
(8)%
|
(4)%
|
|
205
|
||
Malaysia
|
|
165
|
|
193
|
184
|
|
(15)%
|
(10)%
|
|
340
|
||
Singapore
|
|
270
|
|
313
|
320
|
|
(14)%
|
(16)%
|
|
570
|
||
Growth markets and othernote
(ii)
|
|
374
|
|
337
|
323
|
|
11%
|
16%
|
|
728
|
||
Eastspring
|
|
146
|
|
131
|
128
|
|
11%
|
14%
|
|
260
|
||
Total segment profit
|
B1.3
|
1,782
|
|
1,822
|
1,789
|
|
(2)%
|
0%
|
|
3,536
|
||
Other income and expenditure:
|
|
|
|
|
|
|
|
|
|
|
||
|
Net investment return and other itemsnote
(iii)
|
|
(28)
|
|
(4)
|
(4)
|
|
n/a
|
n/a
|
|
(44)
|
|
|
Interest payable on core structural borrowings
|
|
(85)
|
|
(103)
|
(103)
|
|
17%
|
17%
|
|
(200)
|
|
|
Corporate expenditurenote
(iv)
|
|
(115)
|
|
(150)
|
(150)
|
|
23%
|
23%
|
|
(276)
|
|
Total other income and expenditure
|
|
(228)
|
|
(257)
|
(257)
|
|
11%
|
11%
|
|
(520)
|
||
Restructuring and IFRS 17 implementation costsnote
(v)
|
|
(92)
|
|
(154)
|
(152)
|
|
40%
|
39%
|
|
(294)
|
||
Adjusted operating profit
|
B1.2
|
1,462
|
|
1,411
|
1,380
|
|
4%
|
6%
|
|
2,722
|
||
Short-term fluctuations in investment returns
|
|
(287)
|
|
(2,820)
|
(2,806)
|
|
90%
|
90%
|
|
(3,420)
|
||
Gain attaching to corporate transactions
|
D1
|
-
|
|
62
|
62
|
|
n/a
|
n/a
|
|
55
|
||
Profit (loss) before tax attributable to shareholders
|
|
1,175
|
|
(1,347)
|
(1,364)
|
|
n/a
|
n/a
|
|
(643)
|
||
Tax charge attributable to shareholders' returns
|
|
(228)
|
|
(158)
|
(147)
|
|
(44)%
|
(55)%
|
|
(354)
|
||
Profit (loss) for the period
|
|
947
|
|
(1,505)
|
(1,511)
|
|
n/a
|
n/a
|
|
(997)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
||
Equity holders of the Company
|
|
944
|
|
(1,508)
|
(1,514)
|
|
n/a
|
n/a
|
|
(1,007)
|
||
Non-controlling interests
|
|
3
|
|
3
|
3
|
|
n/a
|
n/a
|
|
10
|
||
Profit (loss) for the period
|
|
947
|
|
(1,505)
|
(1,511)
|
|
n/a
|
n/a
|
|
(997)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (in cents)
|
|
2023
|
|
2022
|
|
|
2023 vs 2022 %
|
|
2022
|
|||
|
|
|
Note
|
Half year
|
|
Half year
AER
|
Half year
CER
|
|
Half year
AER
|
Half year
CER
|
|
Full year
AER
|
|
|
|
B3
|
note (i)
|
|
note (i)
|
note (i)
|
|
note (i)
|
note (i)
|
|
note (i)
|
Based on adjusted operating profit, net of tax and non-controlling
interest
|
|
45.2¢
|
|
40.6¢
|
39.9¢
|
|
11%
|
13%
|
|
79.4¢
|
||
Based on profit (loss) for the period, net of non-controlling
interest
|
|
34.5¢
|
|
(55.1)¢
|
(55.4)¢
|
|
n/a
|
n/a
|
|
(36.8)¢
|
|
|
2023 $m
|
|
2022 $m
|
|
2023 vs 2022 %
|
|
2022 $m
|
||
|
|
Half year
|
|
Half year
AER
|
Half year
CER
|
|
Half year
AER
|
Half year
CER
|
|
Full year
AER
|
Adjusted release of CSMnote
|
1,178
|
|
1,212
|
1,189
|
|
(3)%
|
(1)%
|
|
2,265
|
|
Release of risk adjustment
|
107
|
|
98
|
96
|
|
9%
|
11%
|
|
179
|
|
Experience variances
|
(92)
|
|
(19)
|
(13)
|
|
n/a
|
n/a
|
|
(66)
|
|
Other insurance service result
|
(85)
|
|
(134)
|
(128)
|
|
37%
|
34%
|
|
(204)
|
|
Adjusted insurance service resultnote
|
1,108
|
|
1,157
|
1,144
|
|
(4)%
|
(3)%
|
|
2,174
|
|
Net investment result on longer-term basisnote
|
612
|
|
653
|
632
|
|
(6)%
|
(3)%
|
|
1,290
|
|
Other insurance income and expenditure
|
(45)
|
|
(83)
|
(80)
|
|
46%
|
44%
|
|
(98)
|
|
Share of related tax charges from joint ventures and
associates
|
(39)
|
|
(36)
|
(35)
|
|
(8)%
|
(11)%
|
|
(90)
|
|
Insurance business
|
1,636
|
|
1,691
|
1,661
|
|
(3)%
|
(2)%
|
|
3,276
|
|
Eastspring
|
146
|
|
131
|
128
|
|
11%
|
14%
|
|
260
|
|
Other income and expenditure
|
(228)
|
|
(257)
|
(257)
|
|
11%
|
11%
|
|
(520)
|
|
Restructuring and IFRS 17 implementation costs
|
(92)
|
|
(154)
|
(152)
|
|
40%
|
39%
|
|
(294)
|
|
Adjusted operating profit
|
1,462
|
|
1,411
|
1,380
|
|
4%
|
6%
|
|
2,722
|
|
2023 $m
|
|
2022 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Release of CSM, net of reinsurance as included within Insurance
service result on the consolidated income statement
|
1,068
|
|
1,088
|
2,013
|
Add amounts relating to the Group's life joint ventures and
associates that are accounted for on equity-method
|
109
|
|
113
|
229
|
Release of CSM, net of reinsurance as shown in note
C3.2
|
|
|
|
|
Insurance
|
1,223
|
|
n/a
|
2,413
|
Reinsurance
|
(46)
|
|
n/a
|
(171)
|
|
1,177
|
|
n/a
|
2,242
|
Adjustment to release of CSM for the treatment adopted for adjusted
operating purposes of combining losses on onerous contracts and
gains on profitable contracts that can be shared across more than
one annual cohort
|
1
|
|
11
|
23
|
Adjusted release of CSM as shown above
|
1,178
|
|
1,212
|
2,265
|
|
|
|
|
|
Insurance service result as shown in the consolidated income
statement
|
1,019
|
|
1,258
|
2,177
|
Add amounts relating to the Group's life joint ventures and
associates that are accounted for on equity-method
|
70
|
|
45
|
112
|
Insurance service result as shown in note C3.2
|
|
|
|
|
Insurance
|
1,181
|
|
n/a
|
2,396
|
Reinsurance
|
(92)
|
|
n/a
|
(107)
|
|
1,089
|
|
n/a
|
2,289
|
Removal of losses or gains from reversal of losses on those onerous
contracts that meet the criteria in note B1.2 less the change to
the release of CSM shown above
|
70
|
|
(83)
|
(33)
|
Other primarily related to policyholder tax*
|
(51)
|
|
(63)
|
(82)
|
Adjusted insurance service result as shown above
|
1,108
|
|
1,157
|
2,174
|
|
2023 $m
|
|
2022 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Net investment result as shown in the consolidated income
statement
|
652
|
|
(2,098)
|
(1,883)
|
Remove investment return of non-insurance entities
|
(39)
|
|
(34)
|
(54)
|
Remove short-term fluctuations in investment return included in
non-operating profit*
|
287
|
|
2,820
|
3,420
|
Other items*
|
(288)
|
|
(35)
|
(193)
|
Net investment result on longer-term basis as shown
above
|
612
|
|
653
|
1,290
|
|
Half year 2023 $m
|
|||||||||
|
Insurance
operationsnote
(i)
|
|
|
|
|
|
||||
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and
other
|
Eastspring
|
Inter
-segment
elimi-
nation
|
Total
segment
|
Un-
allocated
to a
segment
|
Total
|
Insurance revenue
|
1,582
|
551
|
566
|
946
|
946
|
-
|
-
|
4,591
|
-
|
4,591
|
Other revenuenote
(ii)
|
11
|
2
|
-
|
1
|
17
|
145
|
-
|
176
|
-
|
176
|
Total revenue from external customers
|
1,593
|
553
|
566
|
947
|
963
|
145
|
-
|
4,767
|
-
|
4,767
|
Intra-group revenue
|
-
|
-
|
-
|
-
|
-
|
103
|
(103)
|
-
|
-
|
-
|
Interest income
|
540
|
40
|
133
|
444
|
393
|
3
|
-
|
1,553
|
61
|
1,614
|
Dividend and other investment income
|
410
|
81
|
79
|
273
|
65
|
2
|
-
|
910
|
7
|
917
|
Investment appreciation (depreciation)
|
2,345
|
36
|
(69)
|
1,234
|
1,128
|
4
|
-
|
4,678
|
(38)
|
4,640
|
Total revenue
|
4,888
|
710
|
709
|
2,898
|
2,549
|
257
|
(103)
|
11,908
|
30
|
11,938
|
|
Half year 2022 $m
|
|||||||||
|
Insurance
operationsnote
(i)
|
|
|
|
|
|
||||
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and
other
|
Eastspring
|
Inter
-segment
elimi-
nation
|
Total
segment
|
Un-
allocated
to a
segment
|
Total
|
Insurance revenue
|
1,386
|
539
|
507
|
864
|
863
|
-
|
-
|
4,159
|
-
|
4,159
|
Other revenuenote
(ii)
|
14
|
-
|
-
|
2
|
7
|
181
|
-
|
204
|
-
|
204
|
Total revenue from external customers
|
1,400
|
539
|
507
|
866
|
870
|
181
|
-
|
4,363
|
-
|
4,363
|
Intra-group revenue
|
-
|
-
|
-
|
-
|
1
|
106
|
(107)
|
-
|
-
|
-
|
Interest income
|
477
|
39
|
110
|
387
|
303
|
1
|
-
|
1,317
|
3
|
1,320
|
Dividend and other investment income
|
338
|
103
|
103
|
321
|
66
|
-
|
-
|
931
|
19
|
950
|
Investment appreciation (depreciation)
|
(17,659)
|
(161)
|
(603)
|
(5,403)
|
(2,327)
|
(17)
|
-
|
(26,170)
|
28
|
(26,142)
|
Total revenue
|
(15,444)
|
520
|
117
|
(3,829)
|
(1,087)
|
271
|
(107)
|
(19,559)
|
50
|
(19,509)
|
|
Full year 2022 $m
|
|||||||||
|
Insurance
operationsnote
(i)
|
|
|
|
|
|
||||
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and
other
|
Eastspring
|
Inter
-segment
elimi-
nation
|
Total
segment
|
Un-
allocated
to a
segment
|
Total
|
Insurance revenue
|
2,840
|
1,070
|
1,029
|
1,815
|
1,795
|
-
|
-
|
8,549
|
-
|
8,549
|
Other revenuenote
(ii)
|
65
|
6
|
-
|
1
|
33
|
330
|
-
|
435
|
1
|
436
|
Total revenue from external customers
|
2,905
|
1,076
|
1,029
|
1,816
|
1,828
|
330
|
-
|
8,984
|
1
|
8,985
|
Intra-group revenue
|
-
|
-
|
-
|
-
|
1
|
199
|
(200)
|
-
|
-
|
-
|
Interest income
|
927
|
83
|
208
|
724
|
601
|
4
|
-
|
2,547
|
50
|
2,597
|
Dividend and other investment income
|
689
|
77
|
183
|
576
|
107
|
1
|
-
|
1,633
|
25
|
1,658
|
Investment appreciation (depreciation)
|
(23,615)
|
(69)
|
(386)
|
(6,679)
|
(2,860)
|
(21)
|
-
|
(33,630)
|
(5)
|
(33,635)
|
Total revenue
|
(19,094)
|
1,167
|
1,034
|
(3,563)
|
(323)
|
513
|
(200)
|
(20,466)
|
71
|
(20,395)
|
|
|
2023 $m
|
|
2022 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
|
Hong Kong
|
(63)
|
|
(57)
|
(106)
|
|
Indonesia
|
(27)
|
|
(17)
|
(27)
|
|
Malaysia
|
(43)
|
|
32
|
(44)
|
|
Singapore
|
(91)
|
|
46
|
(61)
|
|
Growth markets and other
|
(66)
|
|
(171)
|
(210)
|
|
Eastspring
|
(14)
|
|
(14)
|
(26)
|
|
Total segment
|
(304)
|
|
(181)
|
(474)
|
|
Unallocated to a segment (central operations)
|
8
|
|
(1)
|
(4)
|
|
Total tax charge
|
(296)
|
|
(182)
|
(478)
|
|
|
|
|
|
|
|
Analysed by:
|
|
|
|
|
|
Current tax
|
(238)
|
|
(255)
|
(481)
|
|
Deferred tax
|
(58)
|
|
73
|
3
|
|
Total tax charge
|
(296)
|
|
(182)
|
(478)
|
|
|
Half year 2023 %
|
|||||||
|
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Eastspring
|
Other
operations
|
Total
attributable to
shareholders
|
Tax rate on adjusted operating profit
|
5%
|
21%
|
22%
|
16%
|
22%
|
10%
|
3%
|
15%
|
|
Tax rate on profit before tax attributable to shareholders'
returns
|
5%
|
22%
|
23%
|
16%
|
13%
|
10%
|
2%
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year 2022 %
|
|||||||
|
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Eastspring
|
Other
operations
|
Total
attributable to
shareholders
|
Tax rate on adjusted operating profit
|
5%
|
22%
|
22%
|
15%
|
41%
|
11%
|
0%
|
21%
|
|
Tax rate on profit before tax attributable to shareholders'
returns
|
(3)%
|
22%
|
(50)%
|
17%
|
85%
|
11%
|
0%
|
(12)%
|
|
|
Full year 2022 %
|
|||||||
|
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Eastspring
|
Other
operations
|
Total
attributable to
shareholders
|
Tax rate on adjusted operating profit
|
4%
|
19%
|
26%
|
16%
|
33%
|
10%
|
0%
|
20%
|
|
Tax rate on profit before tax attributable to shareholders'
returns
|
(7)%
|
16%
|
25%
|
63%
|
40%
|
10%
|
(1)%
|
(55)%
|
|
|
|
Half year 2023
|
|||||
|
|
|
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
|
|
1,462
|
(221)
|
(3)
|
1,238
|
45.2¢
|
45.2¢
|
|
Short-term fluctuations in investment returns
|
|
(287)
|
(7)
|
-
|
(294)
|
(10.7)¢
|
(10.7)¢
|
|
Gain attaching to corporate transactions
|
|
-
|
-
|
-
|
-
|
-¢
|
-¢
|
|
Based on profit for the period
|
|
1,175
|
(228)
|
(3)
|
944
|
34.5¢
|
34.5¢
|
|
|
|
Half year 2022
|
|||||
|
|
|
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
|
|
1,411
|
(296)
|
(4)
|
1,111
|
40.6¢
|
40.6¢
|
|
Short-term fluctuations in investment returns
|
|
(2,820)
|
138
|
1
|
(2,681)
|
(98.0)¢
|
(98.0)¢
|
|
Gain attaching to corporate transactions
|
|
62
|
-
|
-
|
62
|
2.3¢
|
2.3¢
|
|
Based on profit for the period
|
|
(1,347)
|
(158)
|
(3)
|
(1,508)
|
(55.1)¢
|
(55.1)¢
|
|
|
|
Full year 2022
|
|||||
|
|
|
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
|
|
2,722
|
(539)
|
(11)
|
2,172
|
79.4¢
|
79.4¢
|
|
Short-term fluctuations in investment returns
|
|
(3,420)
|
185
|
1
|
(3,234)
|
(118.2)¢
|
(118.2)¢
|
|
Gain attaching to corporate transactions
|
|
55
|
-
|
-
|
55
|
2.0¢
|
2.0¢
|
|
Based on profit for the year
|
|
(643)
|
(354)
|
(10)
|
(1,007)
|
(36.8)¢
|
(36.8)¢
|
|
|
2023
|
|
2022
|
|
Number of shares (in millions)
|
Half year
|
|
Half year
|
Full year
|
|
Weighted average number of shares for calculation of basic earnings
per share
|
2,740
|
|
2,736
|
2,736
|
|
Shares under option at end of period
|
1
|
|
-
|
1
|
|
Shares that would have been issued at fair value on assumed option
price at end of period
|
(1)
|
|
-
|
(1)
|
|
Weighted average number of shares for calculation of diluted
earnings per share
|
2,740
|
|
2,736
|
2,736
|
|
|
Half year 2023
|
|
Half year 2022
|
|
Full year 2022
|
|||
|
Cents per share
|
$m
|
|
Cents per share
|
$m
|
|
Cents per share
|
$m
|
|
Dividends relating to reporting period:
|
|
|
|
|
|
|
|
|
|
|
First interim dividend
|
6.26¢
|
172
|
|
5.74¢
|
158
|
|
5.74¢
|
154
|
|
Second interim dividend
|
-
|
-
|
|
-
|
-
|
|
13.04¢
|
359
|
Total relating to reporting period
|
6.26¢
|
172
|
|
5.74¢
|
158
|
|
18.78¢
|
513
|
|
Dividends paid in reporting period:
|
|
|
|
|
|
|
|
|
|
|
Current year first interim dividend
|
-
|
-
|
|
-
|
-
|
|
5.74¢
|
154
|
|
Second interim dividend for prior year
|
13.04¢
|
361
|
|
11.86¢
|
320
|
|
11.86¢
|
320
|
Total paid in reporting period
|
13.04¢
|
361
|
|
11.86¢
|
320
|
|
17.60¢
|
474
|
|
|
|
30 Jun 2023 $m
|
||||||
|
|
|
Asia and Africa
|
|
|
||||
|
|
|
Insurance
|
|
|
|
|
||
|
|
|
Funds with policyholder participation*
|
Unit-linked
funds
|
Other
|
Eastspring
|
Total
|
Unallocated
to a
segment
|
Group
total
|
Debt securities:
|
|
|
|
|
|
|
|
||
Sovereign debt
|
|
|
|
|
|
|
|
||
|
Indonesia
|
408
|
637
|
460
|
-
|
1,505
|
-
|
1,505
|
|
|
Singapore
|
3,330
|
571
|
943
|
-
|
4,844
|
-
|
4,844
|
|
|
Thailand
|
1
|
3
|
1,612
|
-
|
1,616
|
-
|
1,616
|
|
|
United Kingdom
|
-
|
4
|
44
|
-
|
48
|
-
|
48
|
|
|
United States
|
23,364
|
18
|
1,756
|
-
|
25,138
|
-
|
25,138
|
|
|
Vietnam
|
3,084
|
27
|
180
|
-
|
3,291
|
-
|
3,291
|
|
|
Other (predominantly Asia)
|
4,056
|
672
|
1,675
|
27
|
6,430
|
-
|
6,430
|
|
Subtotal
|
34,243
|
1,932
|
6,670
|
27
|
42,872
|
-
|
42,872
|
||
Other government bonds
|
|
|
|
|
|
|
|
||
|
AAA
|
1,421
|
89
|
137
|
-
|
1,647
|
-
|
1,647
|
|
|
AA+ to AA-
|
85
|
11
|
22
|
-
|
118
|
-
|
118
|
|
|
A+ to A-
|
694
|
114
|
234
|
-
|
1,042
|
-
|
1,042
|
|
|
BBB+ to BBB-
|
231
|
51
|
71
|
-
|
353
|
-
|
353
|
|
|
Below BBB- and unrated
|
487
|
15
|
76
|
-
|
578
|
-
|
578
|
|
Subtotal
|
2,918
|
280
|
540
|
-
|
3,738
|
-
|
3,738
|
||
Corporate bonds
|
|
|
|
|
|
|
|
||
|
AAA
|
1,175
|
169
|
234
|
-
|
1,578
|
-
|
1,578
|
|
|
AA+ to AA-
|
2,527
|
356
|
932
|
-
|
3,815
|
-
|
3,815
|
|
|
A+ to A-
|
10,141
|
540
|
2,291
|
-
|
12,972
|
-
|
12,972
|
|
|
BBB+ to BBB-
|
8,938
|
711
|
2,019
|
-
|
11,668
|
-
|
11,668
|
|
|
Below BBB- and unrated
|
2,487
|
583
|
356
|
2
|
3,428
|
-
|
3,428
|
|
Subtotal
|
25,268
|
2,359
|
5,832
|
2
|
33,461
|
-
|
33,461
|
||
Asset-backed securities
|
|
|
|
|
|
|
|
||
|
AAA
|
194
|
1
|
66
|
-
|
261
|
-
|
261
|
|
|
AA+ to AA-
|
16
|
2
|
2
|
-
|
20
|
-
|
20
|
|
|
A+ to A-
|
46
|
1
|
10
|
-
|
57
|
-
|
57
|
|
|
BBB+ to BBB-
|
15
|
-
|
3
|
-
|
18
|
-
|
18
|
|
|
Below BBB- and unrated
|
2
|
1
|
-
|
-
|
3
|
-
|
3
|
|
Subtotal
|
273
|
5
|
81
|
-
|
359
|
-
|
359
|
||
Total debt securitiesnotes
(i)(iii)
|
62,702
|
4,576
|
13,123
|
29
|
80,430
|
-
|
80,430
|
||
Loans:
|
|
|
|
|
|
|
|
||
|
Mortgage loans
|
99
|
-
|
45
|
-
|
144
|
-
|
144
|
|
|
Other loans
|
430
|
-
|
-
|
-
|
430
|
-
|
430
|
|
Total loans
|
529
|
-
|
45
|
-
|
574
|
-
|
574
|
||
Equity securities and holdings in collective investment
schemes:
|
|
|
|
|
|
|
|
||
|
Direct equities
|
17,352
|
11,637
|
156
|
106
|
29,251
|
-
|
29,251
|
|
|
Collective investment schemes
|
22,670
|
7,070
|
1,514
|
3
|
31,257
|
-
|
31,257
|
|
Total equity securities and holdings in collective investment
schemes
|
40,022
|
18,707
|
1,670
|
109
|
60,508
|
-
|
60,508
|
||
Other financial investmentsnote
(ii)
|
2,416
|
403
|
1,503
|
96
|
4,418
|
1,096
|
5,514
|
||
Total financial investments
|
105,669
|
23,686
|
16,341
|
234
|
145,930
|
1,096
|
147,026
|
||
Investment properties
|
-
|
-
|
38
|
-
|
38
|
-
|
38
|
||
Cash and cash equivalents
|
900
|
699
|
1,410
|
159
|
3,168
|
2,752
|
5,920
|
||
Total investments
|
106,569
|
24,385
|
17,789
|
393
|
149,136
|
3,848
|
152,984
|
|
|
|
31 Dec 2022 $m
|
||||||
|
|
|
Asia and Africa
|
|
|
||||
|
|
|
Insurance
|
|
|
|
|
||
|
Funds with
policyholder
participation*
|
Unit-linked
funds
|
Other
|
Eastspring
|
Total
|
Unallocated
to a
segment
|
Group
total
|
||
Debt securities:
|
|
|
|
|
|
|
|
||
Sovereign debt
|
|
|
|
|
|
|
|
||
|
Indonesia
|
565
|
589
|
400
|
3
|
1,557
|
-
|
1,557
|
|
|
Singapore
|
3,240
|
507
|
917
|
67
|
4,731
|
-
|
4,731
|
|
|
Thailand
|
-
|
-
|
1,456
|
-
|
1,456
|
-
|
1,456
|
|
|
United Kingdom
|
-
|
4
|
-
|
-
|
4
|
-
|
4
|
|
|
United States
|
21,580
|
54
|
257
|
-
|
21,891
|
-
|
21,891
|
|
|
Vietnam
|
2,263
|
12
|
135
|
-
|
2,410
|
-
|
2,410
|
|
|
Other (predominantly Asia)
|
3,663
|
646
|
1,666
|
27
|
6,002
|
-
|
6,002
|
|
Subtotal
|
31,311
|
1,812
|
4,831
|
97
|
38,051
|
-
|
38,051
|
||
Other government bonds
|
|
|
|
|
|
|
|
||
|
AAA
|
1,480
|
85
|
108
|
-
|
1,673
|
-
|
1,673
|
|
|
AA+ to AA-
|
112
|
21
|
20
|
-
|
153
|
-
|
153
|
|
|
A+ to A-
|
765
|
139
|
233
|
-
|
1,137
|
-
|
1,137
|
|
|
BBB+ to BBB-
|
327
|
77
|
99
|
-
|
503
|
-
|
503
|
|
|
Below BBB- and unrated
|
483
|
22
|
67
|
-
|
572
|
-
|
572
|
|
Subtotal
|
3,167
|
344
|
527
|
-
|
4,038
|
-
|
4,038
|
||
Corporate bonds
|
|
|
|
|
|
|
|
||
|
AAA
|
1,094
|
181
|
268
|
-
|
1,543
|
-
|
1,543
|
|
|
AA+ to AA-
|
2,356
|
385
|
1,151
|
-
|
3,892
|
-
|
3,892
|
|
|
A+ to A-
|
9,233
|
524
|
2,345
|
-
|
12,102
|
-
|
12,102
|
|
|
BBB+ to BBB-
|
9,515
|
1,325
|
2,344
|
1
|
13,185
|
-
|
13,185
|
|
|
Below BBB- and unrated
|
2,918
|
444
|
454
|
-
|
3,816
|
-
|
3,816
|
|
Subtotal
|
25,116
|
2,859
|
6,562
|
1
|
34,538
|
-
|
34,538
|
||
Asset-backed securities
|
|
|
|
|
|
|
|
||
|
AAA
|
228
|
5
|
85
|
-
|
318
|
-
|
318
|
|
|
AA+ to AA-
|
7
|
1
|
2
|
-
|
10
|
-
|
10
|
|
|
A+ to A-
|
25
|
-
|
9
|
-
|
34
|
-
|
34
|
|
|
BBB+ to BBB-
|
17
|
-
|
6
|
-
|
23
|
-
|
23
|
|
|
Below BBB- and unrated
|
2
|
1
|
1
|
-
|
4
|
-
|
4
|
|
Subtotal
|
279
|
7
|
103
|
-
|
389
|
-
|
389
|
||
Total debt securitiesnotes
(i)(iii)
|
59,873
|
5,022
|
12,023
|
98
|
77,016
|
-
|
77,016
|
||
Loans:
|
|
|
|
|
|
|
|
||
|
Mortgage loans
|
92
|
-
|
48
|
-
|
140
|
-
|
140
|
|
|
Other loans
|
450
|
-
|
-
|
-
|
450
|
-
|
450
|
|
Total loans
|
542
|
-
|
48
|
-
|
590
|
-
|
590
|
||
Equity securities and holdings in collective investment
schemes:
|
|
|
|
|
|
|
|
||
|
Direct equities
|
15,000
|
11,379
|
202
|
61
|
26,642
|
266
|
26,908
|
|
|
Collective investment schemes
|
22,015
|
6,760
|
1,992
|
2
|
30,769
|
2
|
30,771
|
|
Total equity securities and holdings in collective investment
schemes
|
37,015
|
18,139
|
2,194
|
63
|
57,411
|
268
|
57,679
|
||
Other financial investmentsnote
(ii)
|
3,010
|
379
|
1,599
|
107
|
5,095
|
1,749
|
6,844
|
||
Total financial investments
|
100,440
|
23,540
|
15,864
|
268
|
140,112
|
2,017
|
142,129
|
||
Investment properties
|
-
|
-
|
37
|
-
|
37
|
-
|
37
|
||
Cash and cash equivalents
|
1,563
|
749
|
1,266
|
127
|
3,705
|
1,809
|
5,514
|
||
Total investments
|
102,003
|
24,289
|
17,167
|
395
|
143,854
|
3,826
|
147,680
|
|
|
30 Jun 2023 $m
|
31 Dec 2022 $m
|
|
Debt securities held by consolidated investment funds
|
10,769
|
11,899
|
|
|
30 Jun 2023 $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 (i)
|
note (ii)
|
|
|
Loans
|
-
|
427
|
3
|
430
|
|
Equity securities and holdings in collective investment
schemes
|
52,124
|
7,159
|
1,225
|
60,508
|
|
Debt securities
|
60,343
|
20,049
|
38
|
80,430
|
|
Derivative assets
|
329
|
129
|
-
|
458
|
|
Derivative liabilities
|
(182)
|
(285)
|
-
|
(467)
|
|
Total financial investments, net of derivative
liabilities
|
112,614
|
27,479
|
1,266
|
141,359
|
|
Investment contract liabilities without discretionary participation
features
|
-
|
(716)
|
-
|
(716)
|
|
Net asset value attributable to unit holders of consolidated
investment funds
|
(2,683)
|
-
|
-
|
(2,683)
|
|
Total financial instruments at fair value
|
109,931
|
26,763
|
1,266
|
137,960
|
|
Percentage of total (%)
|
80%
|
19%
|
1%
|
100%
|
|
|
31 Dec 2022 $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 (i)
|
note (ii)
|
|
|
Loans
|
-
|
447
|
3
|
450
|
|
Equity securities and holdings in collective investment
schemes
|
49,725
|
7,130
|
824
|
57,679
|
|
Debt securities
|
57,148
|
19,763
|
38
|
76,949
|
|
Derivative assets
|
82
|
487
|
-
|
569
|
|
Derivative liabilities
|
(778)
|
(223)
|
-
|
(1,001)
|
|
Total financial investments, net of derivative
liabilities
|
106,177
|
27,604
|
865
|
134,646
|
|
Investment contract liabilities without discretionary participation
features
|
-
|
(663)
|
-
|
(663)
|
|
Net asset value attributable to unit holders of consolidated
investment funds
|
(4,193)
|
-
|
-
|
(4,193)
|
|
Total financial instruments at fair value
|
101,984
|
26,941
|
865
|
129,790
|
|
Percentage of total (%)
|
78%
|
21%
|
1%
|
100%
|
|
|
Half year 2023 $m
|
|||
|
Loans
|
Equity securities and
holdings in collective
investment schemes
|
Debt
securities
|
Group
total
|
|
Balance at beginning of period
|
3
|
824
|
38
|
865
|
|
Total gains in income statementnote
|
-
|
14
|
3
|
17
|
|
Total losses recorded in other comprehensive income
|
-
|
(28)
|
(3)
|
(31)
|
|
Purchases and other additions
|
-
|
417
|
-
|
417
|
|
Sales
|
-
|
(2)
|
-
|
(2)
|
|
Balance at end of period
|
3
|
1,225
|
38
|
1,266
|
|
|
Full year 2022 $m
|
|||
|
Loans
|
Equity securities and
holdings in collective
investment schemes
|
Debt
securities
|
Group
total
|
|
Balance at beginning of year
|
5
|
577
|
58
|
640
|
|
Total losses in income statementnote
|
(2)
|
(31)
|
(2)
|
(35)
|
|
Total losses recorded in other comprehensive income
|
-
|
(6)
|
(3)
|
(9)
|
|
Purchases and other additions
|
-
|
305
|
-
|
305
|
|
Sales
|
-
|
(21)
|
-
|
(21)
|
|
Transfers out of level 3
|
-
|
-
|
(15)
|
(15)
|
|
Balance at end of year
|
3
|
824
|
38
|
865
|
|
Half year 2023 $m
|
Full year 2022 $m
|
Loans
|
-
|
(2)
|
Equity securities and holdings in collective investment
schemes
|
16
|
(8)
|
Debt securities
|
3
|
(2)
|
Total net gains (losses)
|
19
|
(12)
|
|
30 Jun 2023 $m
|
|
31 Dec 2022 $m
|
||
|
Carrying
value
|
Fair
value
|
|
Carrying
value
|
Fair
value
|
Assets:
|
|
|
|
|
|
Debt securities
|
-
|
-
|
|
67
|
67
|
Loans
|
144
|
173
|
|
140
|
206
|
Liabilities:
|
|
|
|
|
|
Core structural borrowings of shareholder-financed
businesses
|
(3,949)
|
(3,560)
|
|
(4,261)
|
(3,834)
|
Operational borrowings (excluding lease liabilities)
|
(554)
|
(554)
|
|
(516)
|
(516)
|
Obligations under funding, securities lending and sale and
repurchase agreements
|
(617)
|
(617)
|
|
(582)
|
(582)
|
Total net financial liabilities at amortised cost
|
(4,976)
|
(4,558)
|
|
(5,152)
|
(4,659)
|
Financial instruments
|
|
|
1 Jan 2023 $m
|
|
|
Original classification
under IAS 39
|
New classification under IFRS 9
|
Original
carrying value
under IAS 39
|
New
carrying value
under IFRS 9
|
Financial assets
|
|
|
|
|
Loansnote
(i)
|
Amortised cost
|
Amortised cost
|
140
|
140
|
Loans/debt securitiesnote
(ii)
|
Amortised cost
|
Mandatorily at
fair value through
profit or loss
|
26
|
27
|
Loans
|
Fair value through
profit or loss
|
Mandatorily at
fair value through
profit or loss
|
450
|
450
|
Equity securities and portfolio holdings in collective investment
schemes
|
Fair value through
profit or loss
|
Mandatorily at
fair value through
profit or loss
|
57,414
|
57,414
|
Equity securities
|
Available-for-sale
|
Fair value through
other comprehensive
income
|
265
|
265
|
Debt securities held by Eastspringnote
(iii)
|
Fair value through
profit or loss
|
Amortised cost
|
67
|
67
|
Other Debt securities
|
Fair value through
profit or loss
|
Mandatorily at
fair value through
profit or loss
|
76,922
|
76,922
|
Derivative assets
|
Fair value through
profit or loss
|
Mandatorily at
fair value through
profit or loss
|
569
|
569
|
Accrued investment income
|
Loans and
receivables
|
Amortised cost
|
983
|
983
|
Deposits
|
Loans and
receivables
|
Amortised cost
|
6,275
|
6,275
|
Cash and cash equivalents
|
Loans and
receivables
|
Amortised cost
|
5,514
|
5,514
|
Other debtorsnote
(i)
|
Loans and
receivables
|
Amortised cost
|
968
|
968
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
Investment contract liabilities
|
Fair value through
profit or loss
|
Mandatorily at
fair value through
profit or loss
|
663
|
663
|
Derivative liabilities
|
Fair value through
profit or loss
|
Mandatorily at
fair value through
profit or loss
|
1,001
|
1,001
|
Core structural borrowings of shareholder-financed
businesses
|
Amortised cost
|
Amortised cost
|
4,261
|
4,261
|
Operational borrowings
|
Amortised cost
|
Amortised cost
|
815
|
815
|
Obligations under funding, securities lending and sale and
repurchase agreements
|
Amortised cost
|
Amortised cost
|
582
|
582
|
Net asset value attributable to unit holders of consolidated
investment funds
|
Fair value through
profit or loss
|
Designated at fair
value through profit or loss
|
4,193
|
4,193
|
Accruals, deferred income and other creditorsnote
(i)
|
Amortised cost
|
Amortised cost
|
2,866
|
2,866
|
|
|
Excluding JVs and associates
|
|
Including JVs and
associatesnote
|
||||||||||
|
Assets
|
Liabilities
|
Net liabilities (assets)
|
|
Assets
|
Liabilities
|
Net liabilities (assets)
|
|||||||
|
|
Insurance
|
RI
|
Insurance
|
RI
|
Insurance
|
RI
|
|
Insurance
|
RI
|
Insurance
|
RI
|
Insurance
|
RI
|
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
As at 30 Jun 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Best estimate liabilities (BEL)
|
3,676
|
794
|
114,648
|
952
|
110,972
|
158
|
|
3,710
|
927
|
132,680
|
992
|
128,970
|
65
|
|
Risk adjustment for non-financial risk (RA)
|
(533)
|
(76)
|
1,490
|
(40)
|
2,023
|
36
|
|
(531)
|
(59)
|
1,732
|
(43)
|
2,263
|
16
|
|
Contractual service margin (CSM)
|
(2,007)
|
1,305
|
17,958
|
38
|
19,965
|
(1,267)
|
|
(2,004)
|
1,294
|
20,081
|
29
|
22,085
|
(1,265)
|
Insurance contract balancesnote
C3.2
|
1,136
|
2,023
|
134,096
|
950
|
132,960
|
(1,073)
|
|
1,175
|
2,162
|
154,493
|
978
|
153,318
|
(1,184)
|
|
Assets for insurance acquisition cash flows
|
31
|
-
|
-
|
-
|
(31)
|
-
|
|
31
|
-
|
-
|
-
|
(31)
|
-
|
|
Insurance and reinsurance contract (assets)
liabilities
|
1,167
|
2,023
|
134,096
|
950
|
132,929
|
(1,073)
|
|
1,206
|
2,162
|
154,493
|
978
|
153,287
|
(1,184)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 31 Dec 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Best estimate liabilities (BEL)
|
3,540
|
508
|
107,582
|
1,162
|
104,042
|
654
|
|
3,562
|
652
|
124,297
|
1,193
|
120,735
|
541
|
|
Risk adjustment for non-financial risk (RA)
|
(505)
|
(39)
|
1,418
|
(44)
|
1,923
|
(5)
|
|
(502)
|
(21)
|
1,662
|
(47)
|
2,164
|
(26)
|
|
Contractual service margin (CSM)
|
(1,929)
|
1,387
|
17,239
|
57
|
19,168
|
(1,330)
|
|
(1,921)
|
1,369
|
19,383
|
54
|
21,304
|
(1,315)
|
Insurance contract balancesnote
C3.2
|
1,106
|
1,856
|
126,239
|
1,175
|
125,133
|
(681)
|
|
1,139
|
2,000
|
145,342
|
1,200
|
144,203
|
(800)
|
|
Assets for insurance acquisition cash flows
|
28
|
-
|
3
|
-
|
(25)
|
-
|
|
28
|
-
|
3
|
-
|
(25)
|
-
|
|
Insurance and reinsurance contract (assets)
liabilities
|
1,134
|
1,856
|
126,242
|
1,175
|
125,108
|
(681)
|
|
1,167
|
2,000
|
145,345
|
1,200
|
144,178
|
(800)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at 1 Jan 2022 (transition
date)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Best estimate liabilities (BEL)
|
3,818
|
1,752
|
126,438
|
1,474
|
122,620
|
(278)
|
|
3,993
|
1,916
|
142,146
|
1,501
|
138,153
|
(415)
|
|
Risk adjustment for non-financial risk (RA)
|
(547)
|
(15)
|
1,661
|
(46)
|
2,208
|
(31)
|
|
(575)
|
1
|
1,868
|
(49)
|
2,443
|
(50)
|
|
Contractual service margin (CSM)
|
(2,050)
|
1,050
|
21,699
|
(174)
|
23,749
|
(1,224)
|
|
(2,161)
|
1,023
|
23,787
|
(176)
|
25,948
|
(1,199)
|
Insurance contract balancesnote
C3.2
|
1,221
|
2,787
|
149,798
|
1,254
|
148,577
|
(1,533)
|
|
1,257
|
2,940
|
167,801
|
1,276
|
166,544
|
(1,664)
|
|
Assets for insurance acquisition cash flows
|
29
|
-
|
-
|
-
|
(29)
|
-
|
|
29
|
-
|
-
|
-
|
(29)
|
-
|
|
Insurance and reinsurance contract (assets)
liabilities
|
1,250
|
2,787
|
149,798
|
1,254
|
148,548
|
(1,533)
|
|
1,286
|
2,940
|
167,801
|
1,276
|
166,515
|
(1,664)
|
|
30 Jun 2023 $m
|
|
31 Dec 2022 $m
|
||||
|
Balances excluding
JVs and associates
|
Group's share relating to
JVs and associates
|
Total
including
JVs and associates
|
|
Balances excluding
JVs and associates
|
Group's share relating to
JVs and associates
|
Total
including
JVs and associates
|
Shareholders' equity
|
15,081
|
2,078
|
17,159
|
|
14,472
|
2,259
|
16,731
|
CSM, net of reinsurance
|
18,698
|
2,122
|
20,820
|
|
17,838
|
2,151
|
19,989
|
Remove: CSM asset attaching to reinsurance contracts wholly
attributable to policyholders
|
1,305
|
-
|
1,305
|
|
1,295
|
-
|
1,295
|
Less: Related tax adjustments
|
(2,341)
|
(498)
|
(2,839)
|
|
(2,295)
|
(509)
|
(2,804)
|
Adjusted shareholders' equity
|
32,743
|
3,702
|
36,445
|
|
31,310
|
3,901
|
35,211
|
|
1 Jan 2022 (transition
date) $m
|
||
|
Balances excluding
JVs and associates
|
Group's share relating to
JVs and associates
|
Total
including
JVs and associates
|
Shareholders' equity
|
16,238
|
2,698
|
18,936
|
CSM, net of reinsurance
|
22,525
|
2,224
|
24,749
|
Remove: CSM asset attaching to reinsurance contracts wholly
attributable to policyholders
|
1,144
|
-
|
1,144
|
Less: Related tax adjustments
|
(2,531)
|
(527)
|
(3,058)
|
Adjusted shareholders' equity
|
37,376
|
4,395
|
41,771
|
|
|
|
Half year 2023 $m
|
||||||||
|
|
|
Insurance
|
|
Reinsurance
|
||||||
|
BEL
|
RA
|
CSM
|
Total
|
|
BEL
|
RA
|
CSM
|
Total
|
||
Opening assets
|
(3,562)
|
502
|
1,921
|
(1,139)
|
|
(652)
|
21
|
(1,369)
|
(2,000)
|
||
Opening liabilities
|
124,297
|
1,662
|
19,383
|
145,342
|
|
1,193
|
(47)
|
54
|
1,200
|
||
Net opening balance at 1 Jan
|
120,735
|
2,164
|
21,304
|
144,203
|
|
541
|
(26)
|
(1,315)
|
(800)
|
||
Changes that relate to future service
|
|
|
|
|
|
|
|
|
|
||
|
Changes in estimates that adjust the CSM
|
(990)
|
80
|
910
|
-
|
|
(36)
|
23
|
13
|
-
|
|
|
Changes in estimates that result in losses or reversal of losses on
onerous contracts
|
128
|
(12)
|
-
|
116
|
|
7
|
-
|
-
|
7
|
|
|
New contracts in the period
|
(1,296)
|
154
|
1,184
|
42
|
|
(9)
|
(3)
|
12
|
-
|
|
|
|
|
(2,158)
|
222
|
2,094
|
158
|
|
(38)
|
20
|
25
|
7
|
Changes that relate to current service
|
|
|
|
|
|
|
|
|
|
||
|
Release of CSM to profit or loss
|
-
|
-
|
(1,223)
|
(1,223)
|
|
-
|
-
|
46
|
46
|
|
|
Release of risk adjustment to profit or loss
|
-
|
(119)
|
-
|
(119)
|
|
-
|
12
|
-
|
12
|
|
|
Experience adjustments
|
(258)
|
-
|
-
|
(258)
|
|
(2)
|
-
|
-
|
(2)
|
|
|
|
|
(258)
|
(119)
|
(1,223)
|
(1,600)
|
|
(2)
|
12
|
46
|
56
|
Changes that relate to past service
|
|
|
|
|
|
|
|
|
|
||
|
|
Adjustments to assets/liabilities for incurred claims
|
261
|
-
|
-
|
261
|
|
29
|
-
|
-
|
29
|
Insurance service result
|
(2,155)
|
103
|
871
|
(1,181)
|
|
(11)
|
32
|
71
|
92
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Net finance (income) expense from insurance contracts
|
|
|
|
|
|
|
|
|
|
||
|
Accretion of interest on GMM contracts
|
67
|
20
|
153
|
240
|
|
12
|
(1)
|
(23)
|
(12)
|
|
|
Other net finance (income) expense
|
7,350
|
2
|
1
|
7,353
|
|
(113)
|
9
|
(5)
|
(109)
|
|
|
|
|
7,417
|
22
|
154
|
7,593
|
|
(101)
|
8
|
(28)
|
(121)
|
Total amount recognised in income statement
|
5,262
|
125
|
1,025
|
6,412
|
|
(112)
|
40
|
43
|
(29)
|
||
Effect of movements in exchange rates
|
(1,420)
|
(26)
|
(244)
|
(1,690)
|
|
-
|
2
|
7
|
9
|
||
Total amount recognised in comprehensive income
|
3,842
|
99
|
781
|
4,722
|
|
(112)
|
42
|
50
|
(20)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
|
|
|
|
|
|
|
|
|
|
||
Premiums received (paid) net of ceding commission
|
13,353
|
-
|
-
|
13,353
|
|
(686)
|
-
|
-
|
(686)
|
||
Insurance acquisition cash flows
|
(2,532)
|
-
|
-
|
(2,532)
|
|
-
|
-
|
-
|
-
|
||
Claims and other insurance service expenses paid
|
(6,388)
|
-
|
-
|
(6,388)
|
|
-
|
-
|
-
|
-
|
||
Recoveries from reinsurance
|
-
|
-
|
-
|
-
|
|
327
|
-
|
-
|
327
|
||
Total cash flows
|
4,433
|
-
|
-
|
4,433
|
|
(359)
|
-
|
-
|
(359)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Other changesnote
|
(40)
|
-
|
-
|
(40)
|
|
(5)
|
-
|
-
|
(5)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing assets
|
(3,710)
|
531
|
2,004
|
(1,175)
|
|
(927)
|
59
|
(1,294)
|
(2,162)
|
|
|
Closing liabilities
|
132,680
|
1,732
|
20,081
|
154,493
|
|
992
|
(43)
|
29
|
978
|
|
Net closing balance at 30 Jun
|
128,970
|
2,263
|
22,085
|
153,318
|
|
65
|
16
|
(1,265)
|
(1,184)
|
|
|
|
Full year 2022 $m
|
||||||||
|
|
|
Insurance
|
|
Reinsurance
|
||||||
|
|
|
BEL
|
RA
|
CSM
|
Total
|
|
BEL
|
RA
|
CSM
|
Total
|
Opening assets
|
(3,993)
|
575
|
2,161
|
(1,257)
|
|
(1,916)
|
(1)
|
(1,023)
|
(2,940)
|
||
Opening liabilities
|
142,146
|
1,868
|
23,787
|
167,801
|
|
1,501
|
(49)
|
(176)
|
1,276
|
||
Net opening balance at 1 Jan
|
138,153
|
2,443
|
25,948
|
166,544
|
|
(415)
|
(50)
|
(1,199)
|
(1,664)
|
||
Changes that relate to future service
|
|
|
|
|
|
|
|
|
|
||
|
Changes in estimates that adjust the CSM
|
4,214
|
(226)
|
(3,988)
|
-
|
|
284
|
10
|
(294)
|
-
|
|
|
Changes in estimates that result in losses or reversal of losses on
onerous contracts
|
162
|
(52)
|
-
|
110
|
|
(17)
|
-
|
-
|
(17)
|
|
|
New contracts in the period
|
(2,210)
|
259
|
2,027
|
76
|
|
(37)
|
-
|
37
|
-
|
|
|
|
|
2,166
|
(19)
|
(1,961)
|
186
|
|
230
|
10
|
(257)
|
(17)
|
Changes that relate to current service
|
|
|
|
|
|
|
|
|
|
||
|
Release of CSM to profit or loss
|
-
|
-
|
(2,413)
|
(2,413)
|
|
-
|
-
|
171
|
171
|
|
|
Release of risk adjustment to profit or loss
|
-
|
(184)
|
-
|
(184)
|
|
-
|
5
|
-
|
5
|
|
|
Experience adjustments
|
(119)
|
-
|
-
|
(119)
|
|
(80)
|
-
|
-
|
(80)
|
|
|
|
|
(119)
|
(184)
|
(2,413)
|
(2,716)
|
|
(80)
|
5
|
171
|
96
|
Changes that relate to past service
|
|
|
|
|
|
|
|
|
|
||
|
Adjustments to assets/liabilities for incurred claims
|
133
|
1
|
-
|
134
|
|
28
|
-
|
-
|
28
|
|
Insurance service result
|
2,180
|
(202)
|
(4,374)
|
(2,396)
|
|
178
|
15
|
(86)
|
107
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Net finance (income) expense from insurance contracts
|
|
|
|
|
|
|
|
|
|
||
|
Accretion of interest on GMM contracts
|
182
|
13
|
294
|
489
|
|
(8)
|
(6)
|
(39)
|
(53)
|
|
|
Other net finance (income) expense
|
(28,612)
|
(12)
|
117
|
(28,507)
|
|
1,215
|
10
|
4
|
1,229
|
|
|
|
|
(28,430)
|
1
|
411
|
(28,018)
|
|
1,207
|
4
|
(35)
|
1,176
|
Total amount recognised in income statement
|
(26,250)
|
(201)
|
(3,963)
|
(30,414)
|
|
1,385
|
19
|
(121)
|
1,283
|
||
Effect of movements in exchange rates
|
(3,070)
|
(78)
|
(681)
|
(3,829)
|
|
3
|
5
|
5
|
13
|
||
Total amount recognised in comprehensive income
|
(29,320)
|
(279)
|
(4,644)
|
(34,243)
|
|
1,388
|
24
|
(116)
|
1,296
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
|
|
|
|
|
|
|
|
|
|
||
Premiums received (paid) net of ceding commission
|
27,916
|
-
|
-
|
27,916
|
|
(1,013)
|
-
|
-
|
(1,013)
|
||
Insurance acquisition cash flows
|
(3,690)
|
-
|
-
|
(3,690)
|
|
-
|
-
|
-
|
-
|
||
Claims and other insurance service expenses paid
|
(12,241)
|
-
|
-
|
(12,241)
|
|
-
|
-
|
-
|
-
|
||
Recoveries from reinsurance
|
-
|
-
|
-
|
-
|
|
567
|
-
|
-
|
567
|
||
Total cash flows
|
11,985
|
-
|
-
|
11,985
|
|
(446)
|
-
|
-
|
(446)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Other changesnote
|
(83)
|
-
|
-
|
(83)
|
|
14
|
-
|
-
|
14
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing assets
|
(3,562)
|
502
|
1,921
|
(1,139)
|
|
(652)
|
21
|
(1,369)
|
(2,000)
|
|
|
Closing liabilities
|
124,297
|
1,662
|
19,383
|
145,342
|
|
1,193
|
(47)
|
54
|
1,200
|
|
Net closing balance at 31 Dec
|
120,735
|
2,164
|
21,304
|
144,203
|
|
541
|
(26)
|
(1,315)
|
(800)
|
|
31 Dec 2022 $m
|
||
|
Liabilities (Assets)
|
||
|
Total as reported
on consolidated statement
of financial position
|
Group's share relating
to JVs and associates
|
Total segment, including
Group's share relating
to JVs and associates
|
1 year or less
|
1,981
|
219
|
2,200
|
After 1 year to 2 years
|
1,751
|
175
|
1,926
|
After 2 years to 3 years
|
1,555
|
155
|
1,710
|
After 3 years to 4 years
|
1,385
|
138
|
1,523
|
After 4 years to 5 years
|
1,217
|
122
|
1,339
|
After 5 years to 10 years
|
4,306
|
454
|
4,760
|
After 10 years to 15 years
|
2,705
|
292
|
2,997
|
After 15 years to 20 years
|
1,666
|
201
|
1,867
|
After 20 years
|
2,602
|
380
|
2,982
|
|
19,168
|
2,136
|
21,304
|
|
31 Dec 2022 $m
|
||
|
Liabilities (Assets)
|
||
|
Total as reported
on consolidated statement
of financial position
|
Group's share relating
to JVs and associates
|
Total segment, including
Group's share relating
to JVs and associates
|
1 year or less
|
(122)
|
(2)
|
(124)
|
After 1 year to 2 years
|
(111)
|
2
|
(109)
|
After 2 years to 3 years
|
(100)
|
2
|
(98)
|
After 3 years to 4 years
|
(89)
|
2
|
(87)
|
After 4 years to 5 years
|
(80)
|
2
|
(78)
|
After 5 years to 10 years
|
(301)
|
5
|
(296)
|
After 10 years to 15 years
|
(188)
|
3
|
(185)
|
After 15 years to 20 years
|
(119)
|
1
|
(118)
|
After 20 years
|
(220)
|
-
|
(220)
|
|
(1,330)
|
15
|
(1,315)
|
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 penalties are used for
certain products where the law permits such adjustments. Guarantees
are predominantly supported by the segregated funds and their
estates.
Additional health and protection benefits can be provided through
riders (which are not separated from the base with-profits
contracts).
|
All
with-profits contracts of the Group written in Hong Kong, Singapore
and Malaysia are measured using the VFA model.
The shareholders' share of the excess of the assets of the
with-profits funds over policyholder liabilities is recognised
within shareholders' 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 that are written by the Group's life
joint venture, CPL, 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 - Shareholder- backed participating critical
illness contracts
|
Shareholder-backed participating critical illness contracts are
written by the Group's 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 - 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.
|
|
30 Jun 2023 $m
|
31 Dec 2022 $m
|
Carrying value at beginning of period
|
890
|
907
|
Exchange differences
|
(11)
|
(17)
|
Carrying value at end of period
|
879
|
890
|
|
Half year 2023 $m
|
|
Full year 2022 $m
|
||
|
Distribution rights
|
Other intangibles
|
Total
|
|
Total
|
|
note (i)
|
note (ii)
|
|
|
|
Balance at beginning of period
|
3,630
|
254
|
3,884
|
|
4,015
|
Additions
|
-
|
37
|
37
|
|
289
|
Amortisation to the income statement
|
(190)
|
(26)
|
(216)
|
|
(349)
|
Disposals and transfers
|
-
|
(2)
|
(2)
|
|
(6)
|
Exchange differences and other movements
|
(12)
|
(5)
|
(17)
|
|
(65)
|
Balance at end of period
|
3,428
|
258
|
3,686
|
|
3,884
|
|
|
30 Jun 2023 $m
|
31 Dec 2022 $m
|
Subordinated debt:
|
|
|
|
|
US$750m 4.875% Notes
|
750
|
750
|
|
€20m Medium Term Notes 2023note
(ii)
|
22
|
21
|
|
£435m 6.125% Notes 2031
|
550
|
520
|
|
US$1,000m 2.95% Notes 2033
|
995
|
995
|
Senior debt:note
(i)
|
|
|
|
|
£300m 6.875% Notes 2023note
(ii)
|
-
|
361
|
|
£250m 5.875% Notes 2029
|
299
|
281
|
|
US$1,000m 3.125% Notes 2030
|
987
|
987
|
|
US$350m 3.625% Notes 2032
|
346
|
346
|
Total core structural borrowings of shareholder-financed
businesses
|
3,949
|
4,261
|
|
|
30 Jun 2023 $m
|
31 Dec 2022 $m
|
Borrowings in respect of short-term fixed income securities
programmes (commercial paper)
|
529
|
501
|
|
Lease liabilities under IFRS 16
|
248
|
299
|
|
Other borrowings
|
25
|
15
|
|
Total operational borrowings
|
802
|
815
|
|
30 Jun 2023
|
|
31 Dec 2022
|
||||
Issued shares of 5p each
|
Number of
ordinary
shares
|
Share
capital
|
Share
premium
|
|
Number of
ordinary
shares
|
Share
capital
|
Share
premium
|
fully paid:
|
|
$m
|
$m
|
|
|
$m
|
$m
|
Balance at beginning of period
|
2,749,669,380
|
182
|
5,006
|
|
2,746,412,265
|
182
|
5,010
|
Shares issued under share-based schemes
|
3,545,909
|
1
|
3
|
|
3,257,115
|
-
|
2
|
Shares issued under Hong Kong public offer and international
placing in 2021
|
-
|
-
|
-
|
|
-
|
-
|
(6)
|
Balance at end of period
|
2,753,215,289
|
183
|
5,009
|
|
2,749,669,380
|
182
|
5,006
|
|
Number of shares
|
|
Share price range
|
|
Exercisable
|
|
|
to subscribe for
|
|
from (in pence)
|
to (in pence)
|
|
by year
|
30 Jun 2023
|
1,490,940
|
|
737p
|
1,455p
|
|
2028
|
31 Dec 2022
|
1,858,292
|
|
737p
|
1,455p
|
|
2028
|
Chair
Shriti Vadera
Executive Director
Anil Wadhwani
|
Independent Non-executive Directors
Jeremy Anderson CBE
Arijit Basu
Chua Sock Koong
David Law ACA
Ming Lu
George Sartorel
Claudia Suessmuth Dyckerhoff
Jeanette Wong
Amy Yip
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By:
/s/ Ben Bulmer
|
|
|
|
Ben
Bulmer
|
|
Group
Chief Financial Officer
|
1 Year Prudential Chart |
1 Month Prudential Chart |
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