Prudential plc – FY23 Results – IFRS

	Excluding JVs and associates		Including JVs and associates ^{note (i)}
As at 31 Dec 2023
Best estimate liabilities (BEL)	3,952	1,175	120,115	1,182	116,163	7	3,998	1,315	139,673	1,222	135,675	(93)
Risk adjustment for non-financial risk (RA)	(631)	(84)	1,713	(21)	2,344	63	(630)	(67)	1,969	(24)	2,599	43
Contractual service margin (CSM)	(2,173)	1,335	18,011	(10)	20,184	(1,345)	(2,176)	1,321	20,176	(19)	22,352	(1,340)
Insurance contract balances	1,148	2,426	139,839	1,151	138,691	(1,275)	1,192	2,569	161,818	1,179	160,626	(1,390)
Assets for insurance acquisition cash flows	32	-	1	-	(31)	-	32	-	1	-	(31)	-
Insurance and reinsurance contract (assets) liabilities	1,180	2,426	139,840	1,151	138,660	(1,275)	1,224	2,569	161,819	1,179	160,595	(1,390)

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 balances	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 balances	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)

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	Note	2023 $m	2022* $m
Insurance revenue	B1.4	9,371	8,549
Insurance service expense:
Claims incurred		(2,913)	(2,563)
Directly attributable expenses incurred		(1,258)	(1,221)
Amortisation of insurance acquisition cash flows		(2,745)	(2,453)
Other insurance service expenses		(197)	(30)
		(7,113)	(6,267)
Net expense from reinsurance contracts held		(171)	(105)
Insurance service result		2,087	2,177
Investment return:
Interest revenue calculated using the effective interest method		340	237
Other investment return on financial investments		9,423	(29,617)
	B1.4	9,763	(29,380)
Fair value movement on investment contract liabilities		(24)	67
Net insurance and reinsurance finance income (expense):
Net finance (expense) income from insurance contracts		(8,839)	28,623
Net finance income (expense) from reinsurance contracts held		191	(1,193)
		(8,648)	27,430
Net investment result		1,091	(1,883)
Other revenue	B1.4	369	436
Non-insurance expenditure	B2	(990)	(1,019)
Finance costs: interest on core structural borrowings of shareholder-financed businesses		(172)	(200)
(Loss) gain attaching to corporate transactions	B1.1	(22)	55
Share of loss from joint ventures and associates, net of related tax		(91)	(85)
Profit (loss) before tax (being tax attributable to shareholders' and policyholders' returns) ^note		2,272	(519)
Tax charge attributable to policyholders' returns		(175)	(124)
Profit (loss) before tax attributable to shareholders' returns		2,097	(643)
Total tax charge attributable to shareholders' and policyholders' returns	B3.1	(560)	(478)
Remove tax charge attributable to policyholders' returns		175	124
Tax charge attributable to shareholders' returns	B3.2	(385)	(354)
Profit (loss) for the year		1,712	(997)

Attributable to:
Equity holders of the Company		1,701	(1,007)
Non-controlling interests		11	10
Profit (loss) for the year		1,712	(997)

Earnings per share (in cents)	Note	2023	2022*
Based on profit (loss) attributable to equity holders of the Company:	B4
Basic		62.1¢	(36.8)¢
Diluted		61.9¢	(36.8)¢

	2023 $m	2022* $m
Profit (loss) for the year	1,712	(997)
Other comprehensive income (loss):
Exchange movements arising during the year	(135)	(613)
Valuation movements on retained interest in Jackson classified as available-for-sale under IAS 39: ^note
Unrealised (loss) arising during the year		(125)
Deduct net gains included in the income statements on disposal		(62)
		(187)
Total items that may be reclassified subsequently to profit or loss	(135)	(800)

Valuation movements on retained interest in Jackson classified as fair value through other comprehensive income under IFRS 9 note	8
Total items that will not be reclassified subsequently to profit or loss	8

Total comprehensive income (loss) for the year	1,585	(1,797)

Attributable to:
Equity holders of the Company	1,585	(1,797)
Non-controlling interests	-	-
Total comprehensive income (loss) for the year	1,585	(1,797)

		Year ended 31 Dec 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 year		-	-	1,701	-	-	1,701	11	1,712
Other comprehensive (loss) income		-	-	-	(124)	8	(116)	(11)	(127)
Total comprehensive income (loss) for the year		-	-	1,701	(124)	8	1,585	-	1,585
Transactions with owners of the Company
Dividends	B5	-	-	(533)	-	-	(533)	(7)	(540)
Transfer of fair value reserve following disposal of investment in Jackson		-	-	71	-	(71)	-	-	-
Reserve movements in respect of share-based payments		-	-	(5)	-	-	(5)	-	(5)
Effect of transactions relating to non-controlling interests		-	-	16	-	-	16	-	16
New share capital subscribed	C8	1	3	-	-	-	4	-	4
Movement in own shares in respect of share-based payment plans		-	-	25	-	-	25	-	25
Net increase (decrease) in equity		1	3	1,275	(124)	(63)	1,092	(7)	1,085
Balance at 1 Jan		182	5,006	10,653	827	63	16,731	167	16,898
Balance at 31 Dec		183	5,009	11,928	703	-	17,823	160	17,983

		Year ended 31 Dec 2022* $m
	Note	Share capital	Share premium	Retained earnings	Translation reserve	Available-for-sale reserve 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 year		-	-	(1,007)	(603)	(187)	(1,797)	-	(1,797)
Transactions with owners of the Company
Dividends	B5	-	-	(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	C8	-	(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 1 Jan
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 of 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 31 Dec		182	5,006	10,653	827	63	16,731	167	16,898

		31 Dec 2023 $m	31 Dec 2022 $m	1 Jan 2022 $m
	Note		note (i)	note (i)
Assets
Goodwill	C4.1	896	890	907
Other intangible assets	C4.2	3,986	3,884	4,015
Property, plant and equipment		374	437	495
Insurance contract assets	C3.1	1,180	1,134	1,250
Reinsurance contract assets	C3.1	2,426	1,856	2,787
Deferred tax assets	C7.2	156	140	132
Current tax recoverable	C7.1	34	18	20
Investments in joint ventures and associates accounted for using the equity method		1,940	2,259	2,698
Investment properties	C1	39	37	38
Loans	C1	578	590	771
Equity securities and holdings in collective investment schemes ^{note (ii)}	C1	64,753	57,679	61,601
Debt securities ^{note (ii)}	C1	83,064	77,016	99,154
Derivative assets	C2.2	1,855	569	481
Deposits	C1	5,870	6,275	4,741
Accrued investment income		1,003	983	1,017
Other debtors		1,161	968	955
Cash and cash equivalents		4,751	5,514	7,170
Total assets		174,066	160,249	188,232

Equity
Shareholders' equity		17,823	16,731	18,936
Non-controlling interests		160	167	175
Total equity		17,983	16,898	19,111

Liabilities
Insurance contract liabilities	C3.1	139,840	126,242	149,798
Reinsurance contract liabilities	C3.1	1,151	1,175	1,254
Investment contract liabilities without discretionary participation features	C2.2	769	663	722
Core structural borrowings of shareholder-financed businesses	C5.1	3,933	4,261	6,127
Operational borrowings	C5.2	941	815	861
Obligations under funding, securities lending and sale and repurchase agreements		716	582	223
Net asset value attributable to unit holders of consolidated investment funds		2,711	4,193	5,664
Deferred tax liabilities	C7.2	1,250	1,139	1,167
Current tax liabilities	C7.1	275	208	185
Accruals, deferred income and other creditors		4,035	2,866	2,624
Provisions		224	206	234
Derivative liabilities	C2.2	238	1,001	262
Total liabilities		156,083	143,351	169,121
Total equity and liabilities		174,066	160,249	188,232

	Balance at 1 Jan $m	Cash movements $m		Non-cash movements $m		Balance at 31 Dec $m
	Balance at 1 Jan $m	Issuance of debt	Redemption of debt	Foreign exchange movement	Other movements	Balance at 31 Dec $m
2023	4,261	-	(393)	58	7	3,933
2022	6,127	346	(2,075)	(147)	10	4,261

USD : local currency	Closing rate at year end			Average rate for the year to date
	31 Dec 2023	31 Dec 2022	1 Jan 2022	2023	2022
Chinese yuan (CNY)	7.09	6.95	6.37	7.09	6.73
Hong Kong dollar (HKD)	7.81	7.81	7.80	7.83	7.83
Indian rupee (INR)	83.21	82.73	74.34	82.60	78.63
Indonesian rupiah (IDR)	15,397.00	15,567.50	14,252.50	15,230.82	14,852.24
Malaysian ringgit (MYR)	4.60	4.41	4.17	4.56	4.40
Singapore dollar (SGD)	1.32	1.34	1.35	1.34	1.38
Taiwan dollar (TWD)	30.69	30.74	27.67	31.17	29.81
Thai baht (THB)	34.37	34.56	33.19	34.80	35.06
UK pound sterling (GBP)	0.78	0.83	0.74	0.80	0.81
Vietnamese dong (VND)	24,262.00	23,575.00	22,790.00	23,835.92	23,409.87

	31 Dec 2023 %
	1 year	5 years	10 years	15 years	20 years
Chinese yuan (CNY)	2.07 - 2.33	2.41 - 2.67	2.59 - 2.85	2.70 - 2.96	2.76 - 3.02
Hong Kong dollar (HKD)	4.76 - 5.23	3.75 - 4.22	3.76 - 4.23	3.89 - 4.36	3.95 - 4.42
Indonesian rupiah (IDR)	6.47 - 6.96	6.63 - 7.12	6.73 - 7.22	6.94 - 7.43	7.03 - 7.52
Malaysian ringgit (MYR)	3.31 - 3.56	3.67 - 3.92	3.78 - 4.03	4.09 - 4.34	4.33 - 4.58
Singapore dollar (SGD)	3.62 - 4.37	2.67 - 3.42	2.71 - 3.46	2.77 - 3.52	2.74 - 3.49
United States dollar (USD)	4.81 - 5.64	3.86 - 4.69	3.90 - 4.73	4.01 - 4.84	4.36 - 5.19

	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

	At 31 Dec 2021 $m	Effects of adoption of IFRS 17 $m		At 1 Jan 2022 $m
	(as reported under IFRS 4)	Presentation changes	Measurement changes	(as restated under IFRS 17)
		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

		2023 $m	2022 $m		2023 vs 2022 %
			AER	CER	AER	CER
	Note	note (i)	note (i)	note (i)	note (i)	note (i)
CPL		368	271	258	36%	43%
Hong Kong		1,013	1,162	1,162	(13)%	(13)%
Indonesia		221	205	200	8%	11%
Malaysia		305	340	329	(10)%	(7)%
Singapore		584	570	585	2%	0%
Growth markets and other ^{note (ii)}		746	728	715	2%	4%
Eastspring		280	260	255	8%	10%
Total segment profit	B1.3	3,517	3,536	3,504	(1)%	0%
Other income and expenditure unallocated to a segment:
Net investment return and other items ^{note (iii)}		(21)	(44)	(44)	52%	52%
Interest payable on core structural borrowings		(172)	(200)	(200)	14%	14%
Corporate expenditure ^{note (iv)}		(230)	(276)	(277)	17%	17%
Total other expenditure		(423)	(520)	(521)	19%	19%
Restructuring and IFRS 17 implementation costs ^{note (v)}		(201)	(294)	(293)	32%	31%
Adjusted operating profit	B1.2	2,893	2,722	2,690	6%	8%
Short-term fluctuations in investment returns		(774)	(3,420)	(3,404)	77%	77%
(Loss) gain attaching to corporate transactions		(22)	55	55	n/a	n/a
Profit (loss) before tax attributable to shareholders		2,097	(643)	(659)	n/a	n/a
Tax charge attributable to shareholders' returns	B3.2	(385)	(354)	(346)	(9)%	(11)%
Profit (loss) for the year		1,712	(997)	(1,005)	n/a	n/a

Attributable to:
Equity holders of the Company		1,701	(1,007)	(1,014)	n/a	n/a
Non-controlling interests		11	10	9	10%	22%
Profit (loss) for the year		1,712	(997)	(1,005)	n/a	n/a

Basic earnings per share (in cents)		2023	2022		2023 vs 2022 %
			AER	CER	AER	CER
	Note	note (i)	note (i)	note (i)	note (i)	note (i)
Based on adjusted operating profit, net of tax and non-controlling interest	B4	89.0¢	79.4¢	78.5¢	12%	13%
Based on profit (loss) for the year, net of non-controlling interest	B4	62.1¢	(36.8)¢	(37.0)¢	n/a	n/a

	2022 $m
IFRS 4 basis adjusted operating profit as previously published	3,375
Difference	(653)
IFRS 17 basis adjusted operating profit	2,722

	2023 $m	2022 $m
Release of CSM, net of reinsurance as included within Insurance service result on the consolidated income statement	1,990	2,013
Add amounts relating to the Group's life joint ventures and associates that are accounted for on equity-method	218	229
Release of CSM, net of reinsurance as shown in note C3.2
Insurance	2,414	2,413
Reinsurance	(206)	(171)
	2,208	2,242
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	(3)	23
Adjusted release of CSM as shown above	2,205	2,265

	2023 $m
	Insurance operations ^{note (i)}
	Hong Kong	Indonesia	Malaysia	Singapore	Growth markets and other	Eastspring	Inter-segment elimination	Total segment	Unallocated to a segment	Total
Amounts relating to changes in the liability for remaining coverage:
Expected claims and other directly attributable expenses	1,089	582	642	970	670	-	-	3,953	-	3,953
Change in risk adjustment for non-financial risk	73	35	24	55	41	-	-	228	-	228
Release of CSM for services provided	787	187	203	478	538	-	-	2,193	-	2,193
Other adjustments ^{note (ii)}	73	32	31	45	71	-	-	252	-	252
Recovery of insurance acquisition cash flows	1,207	306	234	435	563	-	-	2,745	-	2,745
Insurance revenue	3,229	1,142	1,134	1,983	1,883	-	-	9,371	-	9,371
Other revenue ^{note (iii)}	22	4	4	-	39	299	-	368	1	369
Total revenue from external customers	3,251	1,146	1,138	1,983	1,922	299	-	9,739	1	9,740
Intra-group revenue	-	-	-	-	-	184	(184)	-	-	-
Interest income	1,033	92	239	785	627	7	-	2,783	164	2,947
Dividend and other investment income	775	93	151	528	117	3	-	1,667	7	1,674
Investment appreciation (depreciation)	2,155	50	177	1,490	1,309	4	-	5,185	(43)	5,142
Investment return	3,963	235	567	2,803	2,053	198	(184)	9,635	128	9,763
Total revenue	7,214	1,381	1,705	4,786	3,975	497	(184)	19,374	129	19,503

	2022 $m
	Insurance operations ^{note (i)}
	Hong Kong	Indonesia	Malaysia	Singapore	Growth markets and other	Eastspring	Inter-segment elimination	Total segment	Unallocated to a segment	Total
Amounts relating to changes in the liability for remaining coverage:
Expected claims and other directly attributable expenses	969	438	563	935	736	-	-	3,641	-	3,641
Change in risk adjustment for non-financial risk	53	33	20	33	30	-	-	169	-	169
Release of CSM for services provided	737	274	215	442	513	-	-	2,181	-	2,181
Other adjustments ^{note (ii)}	30	16	-	27	32	-	-	105	-	105
Recovery of insurance acquisition cash flows	1,051	309	231	378	484	-	-	2,453	-	2,453
Insurance revenue	2,840	1,070	1,029	1,815	1,795	-	-	8,549	-	8,549
Other revenue ^{note (iii)}	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 depreciation	(23,615)	(69)	(386)	(6,679)	(2,860)	(21)	-	(33,630)	(5)	(33,635)
Investment return	(21,999)	91	5	(5,379)	(2,151)	183	(200)	(29,450)	70	(29,380)
Total revenue	(19,094)	1,167	1,034	(3,563)	(323)	513	(200)	(20,466)	71	(20,395)

	2023		2022
	Cents per share	$m	Cents per share	$m
Dividends relating to reporting year:
First interim dividend	6.26¢	172	5.74¢	154
Second interim dividend	14.21¢	392	13.04¢	359
Total relating to reporting year	20.47¢	564	18.78¢	513
Dividends paid in reporting year:
Current year first interim dividend	6.26¢	172	5.74¢	154
Second interim dividend for prior year	13.04¢	361	11.86¢	320
Total paid in reporting year	19.30¢	533	17.60¢	474

	31 Dec 2023 $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	393	611	525	-	1,529	-	1,529
Singapore	3,006	607	929	-	4,542	-	4,542
Thailand	2	4	1,957	-	1,963	-	1,963
United Kingdom	-	5	87	-	92	-	92
United States	23,552	84	2,351	-	25,987	-	25,987
Vietnam	3,143	30	173	-	3,346	-	3,346
Other (predominantly Asia)	4,375	664	1,732	28	6,799	-	6,799
Subtotal	34,471	2,005	7,754	28	44,258	-	44,258
Other government bonds
AAA	1,533	94	119	-	1,746	-	1,746
AA+ to AA-	120	17	29	-	166	-	166
A+ to A-	689	95	239	-	1,023	-	1,023
BBB+ to BBB-	271	57	56	-	384	-	384
Below BBB- and unrated	502	11	63	2	578	-	578
Subtotal	3,115	274	506	2	3,897	-	3,897
Corporate bonds
AAA	1,214	147	243	-	1,604	-	1,604
AA+ to AA-	2,716	440	934	-	4,090	-	4,090
A+ to A-	10,918	460	2,179	-	13,557	1	13,558
BBB+ to BBB-	9,466	714	2,055	-	12,235	1	12,236
Below BBB- and unrated	2,280	500	356	-	3,136	-	3,136
Subtotal	26,594	2,261	5,767	-	34,622	2	34,624
Asset-backed securities
AAA	174	2	54	-	230	-	230
AA+ to AA-	6	-	2	-	8	-	8
A+ to A-	30	-	7	-	37	-	37
BBB+ to BBB-	7	-	2	-	9	-	9
Below BBB- and unrated	-	1	-	-	1	-	1
Subtotal	217	3	65	-	285	-	285
Total debt securities ^{notes (ii)(iv)}	64,397	4,543	14,092	30	83,062	2	83,064
Loans
Mortgage loans	65	-	83	-	148	-	148
Other loans	430	-	-	-	430	-	430

	2023 $m	2022 $m
Insurance service result as shown in the consolidated income statement	2,087	2,177
Add amounts relating to the Group's life joint ventures and associates that are accounted for on equity-method	148	112
Insurance service result as shown in note C3.2
Insurance	2,424	2,396
Reinsurance	(189)	(107)
	2,235	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	68	(33)
Other primarily related to policyholder tax*	(107)	(82)
Adjusted insurance service result as shown above	2,196	2,174

	2023 $m	2022 $m
Net investment result as shown in the consolidated income statement	1,091	(1,883)
Remove investment return of non-insurance entities	(142)	(53)
Remove short-term fluctuations in investment return included in non-operating profit*	774	3,420
Other items*	(482)	(194)
Net investment result on longer-term basis as shown above	1,241	1,290

	2023 $m	2022 $m
CPL ^note	(577)	(345)
Hong Kong	976	(742)
Indonesia	156	108
Malaysia	257	178
Singapore	512	(7)
Growth markets and other ^note	775	314
Eastspring	254	234
Total segment	2,353	(260)
Unallocated to a segment (central operations)	(641)	(737)
Total profit (loss) after tax	1,712	(997)

	2023 $m
Balance at 1 Jan	(79)
Movements in the current year included in tax charge attributable to shareholders	(15)
Other movements (including interest arising on open tax matters and amounts included in the Group's share of profits from joint ventures and associates, net of related tax)	1
Balance at 31 Dec	(93)

	2023 %
	Hong Kong	Indonesia	Malaysia	Singapore	Growth markets and other	Eastspring	Other operations	Total attributable to shareholders
Tax rate on adjusted operating profit	7%	22%	22%	16%	20%	9%	2%	15%
Tax rate on profit before tax	7%	22%	20%	16%	11%	9%	2%	18%

	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	(7)%	16%	25%	63%	40%	10%	(1)%	(55)%

	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	2,893	(444)	(11)	2,438	89.0¢	88.7¢
Short-term fluctuations in investment returns	(774)	59	-	(715)	(26.1)¢	(26.0)¢
Loss attaching to corporate transactions	(22)	-	-	(22)	(0.8)¢	(0.8)¢
Based on profit for the year	2,097	(385)	(11)	1,701	62.1¢	61.9¢

	31 Dec 2023 $m	31 Dec 2022 $m
Debt securities held by the consolidated investment funds	11,116	11,899

	31 Dec 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 (iii)
Loans	-	430	-	430
Equity securities and holdings in collective investment schemes	56,327	5,562	2,864	64,753
Debt securities ^{note (i)}	64,004	19,020	40	83,064
Derivative assets	1,460	395	-	1,855
Derivative liabilities	(58)	(180)	-	(238)
Total financial investments, net of derivative liabilities	121,733	25,227	2,904	149,864
Investment contract liabilities without DPF ^{note (ii)}	-	(769)	-	(769)
Net asset value attributable to unit holders of consolidated investment funds	(2,711)	-	-	(2,711)
Total financial instruments at fair value	119,022	24,458	2,904	146,384
Percentage of total (%)	81%	17%	2%	100%

	31 Dec 2023 $m			31 Dec 2022 $m			1 Jan 2022 (transition date) $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	Balances excluding JVs and associates	Group's share relating to JVs and associates	Total including JVs and associates
Shareholders' equity	15,883	1,940	17,823	14,472	2,259	16,731	16,238	2,698	18,936
CSM, net of reinsurance	18,839	2,173	21,012	17,838	2,151	19,989	22,525	2,224	24,749
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders	1,367	-	1,367	1,295	-	1,295	1,144	-	1,144
Less: Related tax adjustments	(2,347)	(509)	(2,856)	(2,295)	(509)	(2,804)	(2,531)	(527)	(3,058)
Adjusted shareholders' equity	33,742	3,604	37,346	31,310	3,901	35,211	37,376	4,395	41,771

	Including JVs and associates
	2023 $m
	Insurance				Reinsurance
	BEL	RA	CSM	Total	BEL	RA	CSM	Total
			note (b)				note (b)
Opening assets	(3,562)	502	1,921	(1,139)	(652)	21	(1,369)	(2,000)
Opening liabilities	124,297	1,662	19,383	145,342	1,193	(47)	54	1,200
Net 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	(1,142)	341	801	-	62	43	(105)	-
Changes in estimates that result in losses or reversal of losses on onerous contracts	224	(8)	-	216	(93)	-	-	(93)
New contracts in the year	(2,687)	317	2,429	59	86	(6)	(81)	(1)
	(3,605)	650	3,230	275	55	37	(186)	(94)
Changes that relate to current service
Release of CSM to profit or loss	-	-	(2,414)	(2,414)	-	-	206	206
Release of risk adjustment to profit or loss	-	(242)	-	(242)	-	27	-	27
Experience adjustments	(170)	-	-	(170)	50	-	-	50
	(170)	(242)	(2,414)	(2,826)	50	27	206	283
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	130	(3)	-	127	-	-	-	-
Insurance service result	(3,645)	405	816	(2,424)	105	64	20	189

Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	158	52	307	517	(3)	(3)	(47)	(53)
Other net finance (income) expense	10,379	(20)	(12)	10,347	(155)	9	-	(146)
	10,537	32	295	10,864	(158)	6	(47)	(199)
Total amount recognised in income statement	6,892	437	1,111	8,440	(53)	70	(27)	(10)
Effect of movements in exchange rates	(49)	(2)	(63)	(114)	2	(1)	2	3
Total amount recognised in comprehensive income	6,843	435	1,048	8,326	(51)	69	(25)	(7)

Cash flows
Premiums received net of ceding commissions paid	26,224	-	-	26,224	(1,137)	-	-	(1,137)
Insurance acquisition cash flows	(4,802)	-	-	(4,802)	-	-	-	-
Claims and other insurance service expenses net of recoveries from reinsurance received*	(13,144)	-	-	(13,144)	554	-	-	554
Total cash flows	8,278	-	-	8,278	(583)	-	-	(583)

Other changes ^note	(181)	-	-	(181)	-	-	-	-

Closing assets	(3,998)	630	2,176	(1,192)	(1,315)	67	(1,321)	(2,569)
Closing liabilities	139,673	1,969	20,176	161,818	1,222	(24)	(19)	1,179
Net closing balance at 31 Dec	135,675	2,599	22,352	160,626	(93)	43	(1,340)	(1,390)

	Insurance contracts (including JVs and associates)
	2023 $m				2022 $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	2,033	4,102	15,169	21,304	2,467	5,355	18,126	25,948
Changes that relate to future service
Changes in estimates that adjust the CSM	117	496	188	801	(92)	(707)	(3,189)	(3,988)
New contracts in the year	-	-	2,429	2,429	-	-	2,027	2,027
	117	496	2,617	3,230	(92)	(707)	(1,162)	(1,961)
Changes that relate to current service
Release of CSM to profit or loss	(247)	(458)	(1,709)	(2,414)	(250)	(511)	(1,652)	(2,413)
	(130)	38	908	816	(342)	(1,218)	(2,814)	(4,374)
Net finance income (expenses) from insurance contracts	66	9	220	295	83	54	274	411
Effect of movements in exchange rates	(47)	(6)	(10)	(63)	(175)	(89)	(417)	(681)
Balance at 31 Dec	1,922	4,143	16,287	22,352	2,033	4,102	15,169	21,304

	FRA	MRA	FVA
	Cohort	Cohort	Cohort
CPL	n/a	2016 - 2021	Pre 2016
Hong Kong	2010 - 2021	n/a	Pre 2010
Singapore	2009 - 2021	n/a	Pre 2009
Malaysia	2010 - 2021 (Unit-linked) 2010-2021 (Non Participating)	2000 - 2009 (Unit-linked)	Pre 1999 (Unit-linked) Pre-2009 (Non-participating) Pre-2021 (Other)
Indonesia ^{note (i)}	2010 - 2021	2007 - 2009	Pre 2007
Growth markets and other ^{note (ii)}	See note	See note	See note

	Reinsurance contracts (including JVs and associates)
	2023 $m				2022 $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	-	(55)	(1,260)	(1,315)	-	(46)	(1,153)	(1,199)
Changes that relate to future service
Changes in estimates that adjust the CSM	-	(17)	(88)	(105)	-	(22)	(272)	(294)
New contracts in the year	-	-	(81)	(81)	-	-	37	37
	-	(17)	(169)	(186)	-	(22)	(235)	(257)
Changes that relate to current service
Release of CSM to profit or loss	-	10	196	206	-	10	161	171
	-	(7)	27	20	-	(12)	(74)	(86)
Net finance income (expenses) from reinsurance contracts	-	(2)	(45)	(47)	-	(1)	(34)	(35)
Effect of movements in exchange rates	-	1	1	2	-	4	1	5
Balance at 31 Dec	-	(63)	(1,277)	(1,340)	-	(55)	(1,260)	(1,315)

	Insurance $m				Reinsurance $m
	BEL	RA	CSM	Total	BEL	RA	CSM	Total
As at 31 Dec 2023
CPL	13,029	152	1,652	14,833	4	(3)	(22)	(21)
Hong Kong	60,761	776	8,536	70,073	(44)	84	(1,429)	(1,389)
Indonesia	2,197	206	739	3,142	22	(7)	(6)	9
Malaysia	5,910	357	2,127	8,394	26	(7)	6	25
Singapore	31,770	687	4,962	37,419	(146)	3	149	6
Growth markets and other	22,008	421	4,336	26,765	45	(27)	(38)	(20)
Total insurance segments	135,675	2,599	22,352	160,626	(93)	43	(1,340)	(1,390)

As at 31 Dec 2022
CPL	10,989	149	1,699	12,837	2	(3)	(21)	(22)
Hong Kong	54,347	482	7,857	62,686	465	17	(1,405)	(923)
Indonesia	2,032	199	1,046	3,277	8	(3)	-	5
Malaysia	5,452	334	2,241	8,027	31	(7)	(2)	22
Singapore	28,752	629	4,522	33,903	40	(3)	141	178
Growth markets and other	19,163	371	3,939	23,473	(5)	(27)	(28)	(60)
Total insurance segments	120,735	2,164	21,304	144,203	541	(26)	(1,315)	(800)

	31 Dec 2023 $m
	Total as reported on the consolidated statement of financial position	Group's share relating to JVs and associates	Total including Group's share relating to JVs and associates
1 year or less	2,041	226	2,267
After 1 year to 2 years	1,780	190	1,970
After 2 years to 3 years	1,586	165	1,751
After 3 years to 4 years	1,412	146	1,558
After 4 years to 5 years	1,283	127	1,410
After 5 years to 10 years	4,604	474	5,078
After 10 years to 15 years	2,924	293	3,217
After 15 years to 20 years	1,781	195	1,976
After 20 years	2,773	352	3,125
Total CSM	20,184	2,168	22,352

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.

	2023 $m	2022 $m
Carrying value at 1 Jan	890	907
Exchange differences	6	(17)
Carrying value at 31 Dec	896	890

	2023 $m			2022 $m
	Distribution rights	Other intangibles	Total	Distribution rights	Other intangibles	Total
	note (i)	note (ii)		note (i)	note (ii)
Balance at 1 Jan
Cost	5,176	489	5,665	5,037	425	5,462
Accumulated amortisation	(1,546)	(235)	(1,781)	(1,255)	(192)	(1,447)
	3,630	254	3,884	3,782	233	4,015
Additions	415	83	498	206	83	289
Amortisation charge	(330)	(49)	(379)	(301)	(48)	(349)
Disposals and transfers	-	(6)	(6)	-	(6)	(6)
Exchange differences and other movements	(6)	(5)	(11)	(57)	(8)	(65)
Balance at 31 Dec	3,709	277	3,986	3,630	254	3,884
Comprising:
Cost	5,585	537	6,122	5,176	489	5,665
Accumulated amortisation	(1,876)	(260)	(2,136)	(1,546)	(235)	(1,781)

	31 Dec 2023 $m	31 Dec 2022 $m
Subordinated debt:
US$750m 4.875% Notes	750	750
€20m Medium Term Notes 2023 ^{note (ii)}	-	21
£435m 6.125% Notes 2031	551	520
US$1,000m 2.95% Notes 2033	996	995
Senior debt: ^{note (i)}
£300m 6.875% Notes 2023 ^{note (ii)}	-	361
£250m 5.875% Notes 2029	301	281
US$1,000m 3.125% Notes 2030	988	987
US$350m 3.625% Notes 2032	347	346
Total core structural borrowings of shareholder-financed businesses	3,933	4,261