Prudential plc – HY24 Results – IFRS

Companies

Prudential (PRU)
PRUDENTIAL FUNDING (ASIA) PLC (ST11)

UK 100

Latest directors dealings

1 day ago Savannah Energy
1 day ago Buccaneer Energy PLC
1 day ago Savannah Energy
1 day ago Carclo
1 day ago Schroder Japan Growth Fund

All directors dealings today

		2024 $m	2023 $m
	Note	Half year	Half year	Full year
Insurance revenue	B1.4	4,961	4,591	9,371
Insurance service expense		(3,638)	(3,489)	(7,113)
Net expense from reinsurance contracts held		(252)	(83)	(171)
Insurance service result		1,071	1,019	2,087
Investment return	B1.4	2,495	7,171	9,763
Fair value movements on investment contract liabilities		(54)	(23)	(24)
Net insurance and reinsurance finance (expense) income		(2,274)	(6,496)	(8,648)
Net investment result		167	652	1,091
Other revenue	B1.4	197	176	369
Non-insurance expenditure		(532)	(446)	(990)
Finance costs: interest on core structural borrowings of shareholder-financed businesses		(85)	(85)	(172)
Loss attaching to corporate transactions	B1.1	(69)	-	(22)
Share of loss from joint ventures and associates, net of related tax		(243)	(73)	(91)
Profit before tax (being tax attributable to shareholders' and policyholders' returns) ^note		506	1,243	2,272
Tax charge attributable to policyholders' returns		(112)	(68)	(175)
Profit before tax attributable to shareholders' returns	B1.1	394	1,175	2,097
Total tax charge attributable to shareholders' and policyholders' returns	B2	(324)	(296)	(560)
Remove tax charge attributable to policyholders' returns		112	68	175
Tax charge attributable to shareholders' returns		(212)	(228)	(385)
Profit for the period		182	947	1,712

Attributable to:
Equity holders of the Company		120	944	1,701
Non-controlling interests		62	3	11
Profit for the period		182	947	1,712

Earnings per share (in cents)		2024	2023
	Note	Half year	Half year	Full year
Based on profit attributable to equity holders of the Company:	B3
Basic		4.4¢	34.5¢	62.1¢
Diluted		4.4¢	34.5¢	61.9¢

		2024	2023
	Note	Half year	Half year	Full year
Dividends relating to reporting period:	B4
First interim dividend		6.84¢	6.26¢	6.26¢
Second interim dividend		-	-	14.21¢
Total relating to reporting period		6.84¢	6.26¢	20.47¢
Dividends paid in reporting period:	B4
Current year first interim dividend		-	-	6.26¢
Second interim dividend for prior year		14.21¢	13.04¢	13.04¢
Total paid in reporting period		14.21¢	13.04¢	19.30¢

	2024 $m	2023 $m
	Half year	Half year	Full year
Profit for the period	182	947	1,712
Other comprehensive (loss) income
Items that may be reclassified subsequently to profit or loss:
Exchange movements arising during the period	(413)	(199)	(135)
Items that will not be reclassified subsequently to profit or loss:
Valuation movements on retained interest in Jackson classified as FVOCI securities ^note	-	8	8
Total comprehensive (loss) income for the period	(231)	756	1,585

Attributable to:
Equity holders of the Company	(254)	767	1,585
Non-controlling interests	23	(11)	-
Total comprehensive (loss) income for the period	(231)	756	1,585

		Period ended 30 Jun 2024 $m
	Note	Share capital	Share premium	Retained earnings	Translation reserve	Share-holders' equity	Non- controlling interests	Total equity
Reserves
Profit for the period		-	-	120	-	120	62	182
Other comprehensive income (loss)		-	-	-	(374)	(374)	(39)	(413)
Total comprehensive income (loss) for the period		-	-	120	(374)	(254)	23	(231)
Transactions with owners of the Company
Dividends	B4	-	-	(390)	-	(390)	(4)	(394)
Reserve movements in respect of share-based payments		-	-	(38)	-	(38)	-	(38)
Adjustment to non-controlling interest for Malaysia conventional life business	D2			(857)		(857)	886	29
Effect of transactions relating to other non-controlling interests		-	-	14	-	14	-	14
New share capital subscribed	C7	-	-	-	-	-	-	-
Share repurchases/buybacks*	C7	-	-	(123)	-	(123)	-	(123)
Movement in own shares in respect of share-based payment plans		-	-	(4)	-	(4)	-	(4)
Net increase (decrease) in equity		-	-	(1,278)	(374)	(1,652)	905	(747)
Balance at beginning of period		183	5,009	11,928	703	17,823	160	17,983
Balance at end of period		183	5,009	10,650	329	16,171	1,065	17,236

		Period ended 30 Jun 2023 $m
	Note	Share capital	Share premium	Retained earnings	Translation reserve	Fair value reserve	Share-holders' equity	Non- controlling interests	Total equity
Reserves
Profit for the period		-	-	944	-	-	944	3	947
Other comprehensive (loss) income		-	-	-	(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	C7	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

		Year ended 31 Dec 2023 $m
	Note	Share capital	Share premium	Retained earnings	Translation reserve	Fair value reserve	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	B4	-	-	(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	C7	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 beginning of year		182	5,006	10,653	827	63	16,731	167	16,898
Balance at end of year		183	5,009	11,928	703	-	17,823	160	17,983

	Balance at beginning of period $m	Cash movements $m	Non-cash movements $m		Balance at end of period $m
	Balance at beginning of period $m	Redemption of debt	Foreign exchange movement	Other movements	Balance at end of period $m
30 Jun 2024	3,933	-	(7)	4	3,930
30 Jun 2023	4,261	(371)	56	3	3,949
31 Dec 2023	4,261	(393)	58	7	3,933

	Closing rate at period end			Average rate for the period to date
USD : local currency	30 Jun 2024	31 Dec 2023	30 Jun 2023	Half year 2024	Full year 2023	Half year 2023
Chinese yuan (CNY)	7.27	7.09	7.26	7.22	7.09	6.93
Hong Kong dollar (HKD)	7.81	7.81	7.84	7.82	7.83	7.84
Indian rupee (INR)	83.39	83.21	82.04	83.23	82.60	82.22
Indonesian rupiah (IDR)	16,375.00	15,397.00	14,992.50	15,901.19	15,230.82	15,042.54
Malaysian ringgit (MYR)	4.72	4.60	4.67	4.73	4.56	4.46
Singapore dollar (SGD)	1.36	1.32	1.35	1.35	1.34	1.34
Taiwan dollar (TWD)	32.44	30.69	31.14	31.90	31.17	30.56
Thai baht (THB)	36.72	34.37	35.33	36.19	34.80	34.20
UK pound sterling (GBP)	0.79	0.78	0.79	0.79	0.80	0.81
Vietnamese dong (VND)	25,455.00	24,262.00	23,585.00	24,963.23	23,835.92	23,521.79

		2024 $m	2023 $m		2024 vs 2023 %		2023 $m
		Half year	Half year	Half year	Half year	Half year	Full year
	Note		AER	CER	AER	CER	AER
		note (i)	note (i)	note (i)	note (i)	note (i)	note (i)
CPL		197	164	157	20%	25%	368
Hong Kong		504	554	555	(9)%	(9)%	1,013
Indonesia		132	109	103	21%	28%	221
Malaysia		152	165	155	(8)%	(2)%	305
Singapore		343	270	268	27%	28%	584
Growth markets and other ^{note (ii)}		362	374	355	(3)%	2%	746
Eastspring		155	146	143	6%	8%	280
Total segment profit		1,845	1,782	1,736	4%	6%	3,517
Other income and expenditure unallocated to a segment:
Net investment return and other items ^{note (iii)}		1	(28)	(28)	104%	104%	(21)
Interest payable on core structural borrowings		(85)	(85)	(85)	0%	0%	(172)
Corporate expenditure ^{note (iv)}		(119)	(115)	(115)	(3)%	(3)%	(230)
Total other expenditure		(203)	(228)	(228)	11%	11%	(423)
Restructuring and IFRS 17 implementation costs ^{note (v)}		(98)	(92)	(91)	(7)%	(8)%	(201)
Adjusted operating profit	B1.3	1,544	1,462	1,417	6%	9%	2,893
Short-term fluctuations in investment returns		(1,081)	(287)	(272)	n/a	n/a	(774)
Loss attaching to corporate transactions ^{note (vi)}		(69)	-	-	n/a	n/a	(22)
Profit before tax attributable to shareholders		394	1,175	1,145	(66)%	(66)%	2,097
Tax charge attributable to shareholders' returns		(212)	(228)	(221)	7%	4%	(385)
Profit for the period		182	947	924	(81)%	(80)%	1,712

Attributable to:
Equity holders of the Company		120	944	922	n/a	n/a	1,701
Non-controlling interests		62	3	2	n/a	n/a	11
Profit for the period		182	947	924	n/a	n/a	1,712

Basic earnings per share (in cents)		2024	2023		2024 vs 2023 %		2023
		Half year	Half year	Half year	Half year	Half year	Full year
	Note		AER	CER	AER	CER	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 interests		43.8¢	45.2¢	44.1¢	(3)%	(1)%	89.0¢
Based on profit for the period, net of non-controlling interests		4.4¢	34.5¢	33.9¢	(87)%	(87)%	62.1¢

	Half year 2024 $m
	Insurance operations ^{note (i)}					Eastspring	Inter- segment elimination	Total segment	Unallocated to a segment	Total
	Hong Kong	Indonesia	Malaysia	Singapore	Growth markets and other	Eastspring	Inter- segment elimination	Total segment	Unallocated to a segment	Total
Insurance revenue	1,780	601	605	1,070	905	-	-	4,961	-	4,961
Other revenue ^{note (ii)}	12	1	-	-	23	160	-	196	1	197
Total revenue from external customers	1,792	602	605	1,070	928	160	-	5,157	1	5,158
Intra-group revenue	-	-	-	-	-	111	(111)	-	-	-
Interest income	520	48	103	430	354	6	-	1,461	104	1,565
Dividend and other investment income	510	67	90	279	78	2	-	1,026	-	1,026
Investment appreciation (depreciation)	(2,059)	(39)	578	1,233	179	-	-	(108)	12	(96)
Investment return	(1,029)	76	771	1,942	611	119	(111)	2,379	116	2,495
Total revenue	763	678	1,376	3,012	1,539	279	(111)	7,536	117	7,653

	Half year 2023 $m
	Insurance operations ^{note (i)}					Eastspring	Inter- segment elimination	Total segment	Unallocated to a segment	Total
	Hong Kong	Indonesia	Malaysia	Singapore	Growth markets and other	Eastspring	Inter- segment elimination	Total segment	Unallocated to a segment	Total
Insurance revenue	1,582	551	566	946	946	-	-	4,591	-	4,591
Other revenue ^{note (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
Investment return	3,295	157	143	1,951	1,586	112	(103)	7,141	30	7,171
Total revenue	4,888	710	709	2,898	2,549	257	(103)	11,908	30	11,938

	Full year 2023 $m
	Insurance operations ^{note (i)}					Eastspring	Inter- segment elimination	Total segment	Unallocated to a segment	Total
	Hong Kong	Indonesia	Malaysia	Singapore	Growth markets and other	Eastspring	Inter- segment elimination	Total segment	Unallocated to a segment	Total
Insurance revenue	3,229	1,142	1,134	1,983	1,883	-	-	9,371	-	9,371
Other revenue ^{note (ii)}	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

	Half year 2024 %
	Hong Kong	Indonesia	Malaysia	Singapore	Growth markets and other	Eastspring	Other (central) operations	Total attributable to shareholders
Tax rate on adjusted operating profit	7%	19%	23%	16%	22%	8%	(10)%	18%
Tax rate on profit before tax	9%	17%	23%	13%	16%	9%	(11)%	54%

		2024 $m	2023 $m
	Note	30 Jun	30 Jun	31 Dec
Assets
Goodwill	C4.1	819	879	896
Other intangible assets	C4.2	3,758	3,686	3,986
Property, plant and equipment	C1.2	390	396	374
Insurance contract assets	C3.1	1,131	1,167	1,180
Reinsurance contract assets	C3.1	3,200	2,023	2,426
Deferred tax assets		155	168	156
Current tax recoverable		25	25	34
Investments in joint ventures and associates accounted for using the equity method		1,781	2,078	1,940
Investment properties	C1.1	3	38	39
Loans	C1.1	543	574	578
Equity securities and holdings in collective investment schemes ^note	C1.1	73,110	60,508	64,753
Debt securities ^note	C1.1	74,543	80,430	83,064
Derivative assets	C1.1	276	458	1,855
Deposits	C1.1	5,284	5,056	5,870
Accrued investment income	C1.2	960	1,017	1,003
Other debtors	C1.2	2,440	1,035	1,161
Assets held for sale	C1.2	291	-	-
Cash and cash equivalents	C1.1	5,978	5,920	4,751
Total assets		174,687	165,458	174,066

Equity
Shareholders' equity	C3.1	16,171	17,159	17,823
Non-controlling interests		1,065	152	160
Total equity		17,236	17,311	17,983

Liabilities
Insurance contract liabilities	C3.1	141,099	134,096	139,840
Reinsurance contract liabilities	C3.1	1,379	950	1,151
Investment contract liabilities without discretionary participation features	C2.2	819	716	769
Core structural borrowings of shareholder-financed businesses	C5.1	3,930	3,949	3,933
Operational borrowings	C5.2	961	802	941
Obligations under funding, securities lending and sale and repurchase agreements		576	617	716
Net asset value attributable to unit holders of consolidated investment funds	C2.2	2,921	2,683	2,711
Deferred tax liabilities		1,339	1,214	1,250
Current tax liabilities		231	247	275
Accruals, deferred income and other creditors	C1.2	3,395	2,277	4,035
Provisions		137	129	224

	2024 $m	2023 $m
	Half year	Half year	Full year
Release of CSM, net of reinsurance as included within Insurance service result on the condensed consolidated income statement	984	1,068	1,990
Add amounts relating to the Group's life joint ventures and associates that are accounted for on equity-method	113	109	218
Release of CSM, net of reinsurance as shown in note C3.2
Insurance	1,253	1,223	2,414
Reinsurance	(156)	(46)	(206)
	1,097	1,177	2,208
Adjustment to release of CSM for the treatment adopted for adjusted operating profit purposes of combining losses on onerous contracts and gains on profitable contracts that can be shared across more than one annual cohort	(6)	1	(3)
Adjusted release of CSM as shown above	1,091	1,178	2,205

	2024 $m	2023 $m
	Half year	Half year	Full year
Insurance service result as shown in the consolidated income statement	1,071	1,019	2,087
Add amounts relating to the Group's life joint ventures and associates that are accounted for on equity-method	72	70	148
Insurance service result as shown in note C3.2
Insurance	1,398	1,181	2,424
Reinsurance	(255)	(92)	(189)
	1,143	1,089	2,235
Removal of losses or gains from reversal of losses on those onerous contracts that meet the criteria in note B1.2 less the change to the release of CSM shown above	17	70	68
Other items including policyholder tax*	(21)	(51)	(107)
Adjusted insurance service result as shown above	1,139	1,108	2,196

	30 Jun 2024 $m
	Asia and Africa					Unallocated to a segment	Group total
	Insurance			Eastspring	Total
	Funds with policyholder participation	Unit-linked funds	Other	Eastspring	Total
	note (i)
Debt securities
Sovereign debt
Indonesia	396	526	518	-	1,440	-	1,440
Singapore	2,513	551	903	-	3,967	-	3,967
Thailand	2	2	1,901	-	1,905	-	1,905
United Kingdom	4	6	20	-	30	-	30
United States	16,484	23	2,162	-	18,669	-	18,669
Vietnam	2,976	18	150	-	3,144	-	3,144
Other (predominantly Asia)	4,337	685	1,599	1	6,622	-	6,622
Subtotal	26,712	1,811	7,253	1	35,777	-	35,777
Other government bonds
AAA	1,554	86	112	-	1,752	-	1,752
AA+ to AA-	123	19	23	-	165	-	165
A+ to A-	615	83	222	-	920	-	920
BBB+ to BBB-	246	56	46	-	348	-	348
Below BBB- and unrated	510	11	93	-	614	-	614
Subtotal	3,048	255	496	-	3,799	-	3,799
Corporate bonds
AAA	1,242	145	200	-	1,587	-	1,587
AA+ to AA-	2,965	448	802	-	4,215	-	4,215
A+ to A-	11,935	499	1,787	-	14,221	1	14,222
BBB+ to BBB-	9,001	664	1,837	-	11,502	1	11,503
Below BBB- and unrated	2,330	498	361	-	3,189	-	3,189
Subtotal	27,473	2,254	4,987	-	34,714	2	34,716
Asset-backed securities
AAA	134	2	37	-	173	-	173
AA+ to AA-	7	1	2	-	10	-	10
A+ to A-	27	-	5	-	32	-	32
BBB+ to BBB-	3	-	1	-	4	-	4
Below BBB- and unrated	2	1	29	-	32	-	32
Subtotal	173	4	74	-	251	-	251
Total debt securities ^{notes (ii)(v)}	57,406	4,324	12,810	1	74,541	2	74,543
Loans
Mortgage loans	57	-	88	-	145	-	145
Other loans	398	-	-	-	398	-	398

	Half year 2023 %
	Hong Kong	Indonesia	Malaysia	Singapore	Growth markets and other	Eastspring	Other (central) 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	5%	22%	23%	16%	13%	10%	2%	19%

	Full year 2023 %
	Hong Kong	Indonesia	Malaysia	Singapore	Growth markets and other	Eastspring	Other (central) 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%

	Half year 2024
	Before tax	Tax	Non-controlling interests	Net of tax and non- controlling interests	Basic earnings per share	Diluted earnings per share
	$m	$m	$m	$m	cents	cents
Based on adjusted operating profit	1,544	(273)	(71)	1,200	43.8¢	43.7¢
Short-term fluctuations in investment returns	(1,081)	61	(15)	(1,035)	(37.8)¢	(37.7)¢
Loss attaching to corporate transactions	(69)	-	24	(45)	(1.6)¢	(1.6)¢
Based on profit for the period	394	(212)	(62)	120	4.4¢	4.4¢

	30 Jun 2023 $m
	Asia and Africa					Unallocated to a segment	Group total
	Insurance			Eastspring	Total
	Funds with policyholder participation	Unit-linked funds	Other	Eastspring	Total
	note (i)
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 securities ^{notes (ii)(v)}	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 investments ^{note (iii)}	2,416	403	1,503	96	4,418	1,096	5,514
Total financial investments ^{note (iv)}	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 2023 $m
	Asia and Africa					Unallocated to a segment	Group total
	Insurance			Eastspring	Total
	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)(v)}	64,397	4,543	14,092	30	83,062	2	83,064
Loans
Mortgage loans	65	-	83	-	148	-	148
Other loans	430	-	-	-	430	-	430
Total loans	495	-	83	-	578	-	578
Equity securities and holdings in collective investment schemes
Direct equities	18,711	12,075	182	128	31,096	-	31,096
Collective investment schemes	24,529	7,546	1,580	2	33,657	-	33,657
Total equity securities and holdings in collective investment schemes	43,240	19,621	1,762	130	64,753	-	64,753
Other financial investments ^{note (iii)}	2,893	396	1,707	101	5,097	2,628	7,725
Total financial investments ^{note (iv)}	111,025	24,560	17,644	261	153,490	2,630	156,120
Investment properties	-	-	39	-	39	-	39
Cash and cash equivalents	1,054	647	1,287	173	3,161	1,590	4,751
Total investments	112,079	25,207	18,970	434	156,690	4,220	160,910

	30 Jun 2024 $m
	Level 1	Level 2	Level 3	Total
	Quoted prices (unadjusted) in active markets	Valuation based on significant observable market inputs	Valuation based on significant unobservable market inputs	Total
			note (v)
Loans ^{note (i)}	-	398	-	398
Equity securities and holdings in collective investment schemes	64,823	5,334	2,953	73,110
Debt securities ^{note (ii)}	57,477	17,023	43	74,543
Derivative assets	89	187	-	276
Derivative liabilities	(46)	(380)	-	(426)
Total financial investments, net of derivative liabilities	122,343	22,562	2,996	147,901
Investment contract liabilities without discretionary participation features ^{note (iii)}	-	(819)	-	(819)
Net asset value attributable to unit holders of consolidated investment funds ^{note (iv)}	(2,921)	-	-	(2,921)
Total financial instruments at fair value	119,422	21,743	2,996	144,161
Percentage of total (%)	83%	15%	2%	100%

	Half year 2024 $m
	Loans	Equity securities and holdings in collective investment schemes	Debt securities	Group total
Balance at beginning of period	-	2,864	40	2,904
Total gains in income statement ^note	-	57	3	60
Total loss recorded in other comprehensive income	-	(30)	(2)	(32)
Purchases and other additions	-	126	2	128
Sales	-	(64)	-	(64)
Balance at end of period	-	2,953	43	2,996

	Excluding JVs and associates						Including JVs and associates
	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 2024
Best estimate liabilities (BEL)	3,962	1,861	121,980	1,253	118,018	(608)	4,010	2,006	143,012	1,292	139,002	(714)
Risk adjustment for non-financial risk (RA)	(604)	(68)	1,661	(23)	2,265	45	(602)	(50)	1,956	(26)	2,558	24
Contractual service margin (CSM)	(2,258)	1,407	17,457	149	19,715	(1,258)	(2,261)	1,396	19,536	139	21,797	(1,257)
Insurance contract balances ^{note C3.2}	1,100	3,200	141,098	1,379	139,998	(1,821)	1,147	3,352	164,504	1,405	163,357	(1,947)
Assets for insurance acquisition cash flows	31	-	1	-	(30)	-	31	-	1	-	(30)	-
Insurance and reinsurance contract (assets) liabilities	1,131	3,200	141,099	1,379	139,968	(1,821)	1,178	3,352	164,505	1,405	163,327	(1,947)

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 balances ^{note 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 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 ^{note C3.2}	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)

	Excluding JVs and associates	Group's share related to JVs and associates	Including JVs and associates
As at 30 Jun 2024
Shareholders' equity	14,390	1,781	16,171
CSM, net of reinsurance	18,457	2,083	20,540
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders	1,456	-	1,456
Remove: CSM, net of reinsurance, attributable to non-controlling interests (see note D2)	(934)	-	(934)
Shareholders' CSM, net of reinsurance	18,979	2,083	21,062
Less: Related tax adjustments	(2,068)	(483)	(2,551)
Adjusted shareholders' equity	31,301	3,381	34,682

As at 30 Jun 2023
Shareholders' equity	15,081	2,078	17,159
CSM, net of reinsurance	18,698	2,122	20,820
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders	1,305	-	1,305
Shareholders' CSM, net of reinsurance	20,003	2,122	22,125
Less: Related tax adjustments	(2,341)	(498)	(2,839)
Adjusted shareholders' equity	32,743	3,702	36,445

As at 31 Dec 2023
Shareholders' equity	15,883	1,940	17,823
CSM, net of reinsurance	18,839	2,173	21,012
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders	1,367	-	1,367
Shareholders' CSM, net of reinsurance	20,206	2,173	22,379
Less: Related tax adjustments	(2,347)	(509)	(2,856)
Adjusted shareholders' equity	33,742	3,604	37,346

	30 Jun 2024 %
	1 year	5 years	10 years	15 years	20 years
Chinese yuan (CNY)	1.53 - 1.72	1.99 - 2.18	2.26 - 2.45	2.38 - 2.57	2.44 - 2.63
Hong Kong dollar (HKD)	5.00 - 5.44	4.15 - 4.59	4.05 - 4.49	4.12 - 4.56	4.16 - 4.60
Indonesian rupiah (IDR)	6.74 - 7.31	7.09 - 7.66	7.24 - 7.81	7.26 - 7.83	7.27 - 7.84
Malaysian ringgit (MYR)	3.32 - 3.57	3.66 - 3.91	3.94 - 4.19	4.07 - 4.32	4.21 - 4.46
Singapore dollar (SGD)	3.55 - 4.22	3.20 - 3.87	3.22 - 3.89	3.21 - 3.88	3.11 - 3.78
United States dollar (USD)	5.14 - 5.87	4.35 - 5.08	4.38 - 5.11	4.50 - 5.23	4.75 - 5.48

	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 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

Base values	Half year 2024 $m	Full year 2023 $m
Profit after tax for the period for the Group	182	1,712
Group shareholders' equity at end of period	16,171	17,823
CSM at end of period including JVs and associates	20,540	21,012

	30 Jun 2024 $m		31 Dec 2023 $m
Interest rates and consequential effects	Decrease of 0.5%	Increase of 1%	Decrease of 0.5%	Increase of 1%
Increase (decrease) to shareholders' equity:
Financial assets ^note	7,338	(12,857)	6,815	(12,004)
Net insurance contract liabilities (including CSM) ^note	(7,928)	13,100	(7,332)	12,191
Net effect on shareholders' equity	(370)	53	(328)	24
Increase (decrease) to profit after tax:
Net effect on profit after tax	(341)	(1)	(328)	24
Increase (decrease) to CSM liability:
CSM ^note	530	(1,039)	358	(880)

	30 Jun 2024 $m		31 Dec 2023 $m
Equity/property market values	Decrease of 20%	Increase of 10%	Decrease of 20%	Increase of 10%
Increase (decrease) to shareholders' equity:
Financial assets ^note	(13,747)	6,875	(13,359)	6,681
Net insurance contract liabilities (including CSM) ^note	12,846	(6,496)	12,288	(6,254)
Net effect on shareholders' equity	(622)	256	(822)	327
Increase (decrease) to profit after tax:
Net effect on profit after tax	(660)	275	(822)	327
Increase (decrease) to CSM liability:
CSM ^note	(1,345)	665	(1,392)	618

	Number of shares to subscribe for	Share price range		Exercisable by year
	Number of shares to subscribe for	from (in pence)	to (in pence)	Exercisable by year
30 Jun 2024	1,399,424	737p	1,202p	2029
30 Jun 2023	1,490,940	737p	1,455p	2028
31 Dec 2023	1,671,215	737p	1,455p	2029

	Half year 2024 $m
	Cost recognised in retained earnings
Share repurchases to neutralise share scheme issuances	48
Share buyback programme to return capital to shareholders:
Buybacks made in half year 2024	18
Liability for the non-cancellable period of the contract entered to conduct the buyback	57
	123

		Share price
	Number of shares	Low £	High £	Cost* $
January 2024	3,851,376	8.01	8.52	40,548,716
June 2024	2,726,787	7.06	7.55	25,508,735
Total	6,578,163			66,057,451