|
31 Dec 2023
|
|
31 Dec 2022 note
(1)
|
|||||
|
Shareholder
|
Add
policyholder
|
Total
|
|
Shareholder
|
Add
policyholder
|
Total
|
Change
in total
|
|
|
note (3)
|
note (4)
|
|
|
note (3)
|
note (4)
|
note (5)
|
Group capital resources ($bn)
|
24.3
|
14.3
|
38.6
|
|
23.2
|
12.6
|
35.8
|
2.8
|
of which: Tier 1 capital resources ($bn) note
(2)
|
17.1
|
1.2
|
18.3
|
|
15.9
|
1.5
|
17.4
|
0.9
|
|
|
|
|
|
|
|
|
|
Group Minimum Capital Requirement ($bn)
|
4.8
|
1.1
|
5.9
|
|
4.4
|
0.9
|
5.3
|
0.6
|
Group Prescribed Capital Requirement ($bn)
|
8.2
|
11.4
|
19.6
|
|
7.6
|
10.1
|
17.7
|
1.9
|
|
|
|
|
|
|
|
|
|
GWS capital surplus over GPCR ($bn)
|
16.1
|
2.9
|
19.0
|
|
15.6
|
2.5
|
18.1
|
0.9
|
GWS coverage ratio over GPCR (%)
|
295%
|
|
197%
|
|
307%
|
|
202%
|
(5)%
|
|
|
|
|
|
|
|
|
|
GWS Tier 1 surplus over GMCR ($bn)
|
|
|
12.4
|
|
|
|
12.1
|
0.3
|
GWS Tier 1 coverage ratio over GMCR (%)
|
|
|
313%
|
|
|
|
328%
|
(15)%
|
|
Shareholder
|
||||
|
31 Dec 2023
|
|
31 Dec 2022
|
||
Impact of market sensitivities
|
Surplus ($bn)
|
Coverage ratio
|
|
Surplus ($bn)
|
Coverage ratio
|
Base position
|
16.1
|
295%
|
|
15.6
|
307%
|
Impact of:
|
|
|
|
|
|
10%
increase in equity markets
|
0.4
|
(3)%
|
|
0.3
|
(3)%
|
20%
fall in equity markets
|
(2.5)
|
(17)%
|
|
(1.9)
|
(14)%
|
50
basis points reduction in interest rates
|
0.7
|
11%
|
|
0.4
|
4%
|
100
basis points increase in interest rates
|
(2.1)
|
(25)%
|
|
(1.1)
|
(15)%
|
100
basis points increase in credit spreads
|
(1.0)
|
(12)%
|
|
(0.8)
|
(9)%
|
|
Total
|
||||
|
31 Dec 2023
|
|
31 Dec 2022
|
||
Impact of market sensitivities
|
Surplus ($bn)
|
Coverage ratio
|
|
Surplus ($bn)
|
Coverage ratio
|
Base position
|
19.0
|
197%
|
|
18.1
|
202%
|
Impact of:
|
|
|
|
|
|
10%
increase in equity markets
|
1.2
|
1%
|
|
1.2
|
1%
|
20%
fall in equity markets
|
(4.0)
|
(13)%
|
|
(3.6)
|
(12)%
|
50
basis points reduction in interest rates
|
0.4
|
3%
|
|
0.0
|
0%
|
100
basis points increase in interest rates
|
(1.4)
|
(8)%
|
|
(0.6)
|
(3)%
|
100
basis points increase in credit spreads
|
(1.4)
|
(7)%
|
|
(1.2)
|
(6)%
|
|
2023 $bn
|
Total GWS surplus at 1 Jan (over GPCR)
|
18.1
|
Shareholder free surplus generation
|
|
In
force operating capital generation
|
2.1
|
Investment
in new business
|
(0.7)
|
Total operating free surplus generation
|
1.4
|
External
dividends
|
(0.5)
|
Non-operating
movements including market movements
|
(0.2)
|
Other
capital movements (including foreign exchange
movements)
|
(0.5)
|
Movement in free surplus (see EEV basis results for further
detail)
|
0.2
|
Other
movements in GWS shareholder surplus not included in free
surplus
|
0.3
|
Movement
in contribution from GWS policyholder surplus (over
GPCR)
|
0.4
|
Net movement in GWS capital surplus (over GPCR)
|
0.9
|
Total GWS surplus at 31 Dec (over GPCR)
|
19.0
|
|
31 Dec 2023 $bn
|
||
|
Capital resources
|
Required capital
|
Surplus
|
Free surplus excluding distribution rights and other
intangibles*
|
14.5
|
6.0
|
8.5
|
Restrictions applied in free surplus for China C-ROSS
II note
(1)
|
1.7
|
1.4
|
0.3
|
Restrictions applied in free surplus for HK
RBC note
(2)
|
6.1
|
0.7
|
5.4
|
Restrictions applied in free surplus for Singapore
RBC note(3)
|
2.0
|
0.1
|
1.9
|
Add GWS policyholder surplus contribution
|
14.3
|
11.4
|
2.9
|
Total regulatory GWS capital surplus (over GPCR)
|
38.6
|
19.6
|
19.0
|
|
31 Dec 2023 $bn
|
Group IFRS shareholders' equity
|
17.8
|
Remove goodwill and intangibles recognised on the IFRS consolidated
statement of financial position
|
(4.7)
|
Add debt treated as capital under GWS note
(1)
|
3.6
|
Asset valuation differences note
(2)
|
(0.8)
|
Remove IFRS 17 contractual service margin (CSM) (including joint
ventures and associates) note
(3)
|
21.0
|
Liability valuation (including insurance contracts) differences
excluding IFRS 17 CSM note
(4)
|
0.5
|
Differences in associated net deferred tax
liabilities note
(5)
|
0.9
|
Other note
(6)
|
0.3
|
Group total GWS capital resources
|
38.6
|
|
2023 $m
|
|
2022 $m
|
|
2023 vs 2022 %
|
||
|
|
|
AER
|
CER
|
|
AER
|
CER
|
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
|
|
|
|
|
|
|
|
Philippines
|
146
|
|
131
|
129
|
|
11%
|
13%
|
Taiwan
|
115
|
|
116
|
111
|
|
(1)%
|
4%
|
Thailand
|
120
|
|
116
|
117
|
|
3%
|
3%
|
Vietnam
|
357
|
|
402
|
395
|
|
(11)%
|
(10)%
|
Other
|
86
|
|
53
|
48
|
|
62%
|
79%
|
Share
of related tax charges from joint ventures and
associate
|
(78)
|
|
(90)
|
(85)
|
|
13%
|
8%
|
Insurance business
|
3,237
|
|
3,276
|
3,249
|
|
(1)%
|
0%
|
Eastspring
|
280
|
|
260
|
255
|
|
8%
|
10%
|
Total segment profit
|
3,517
|
|
3,536
|
3,504
|
|
(1)%
|
0%
|
|
2023 $m
|
2022 AER $m
|
Operating income before performance-related
fees note
(1)
|
700
|
660
|
Performance-related fees
|
(2)
|
1
|
Operating income (net of commission) note
(2)
|
698
|
661
|
Operating expense note
(2)
|
(372)
|
(360)
|
Group's share of tax on joint ventures' operating
profit
|
(46)
|
(41)
|
Adjusted operating profit
|
280
|
260
|
|
|
|
Average funds managed or advised by Eastspring
|
$225.9bn
|
$229.4bn
|
Margin based on operating income note
(3)
|
31bps
|
29bps
|
Cost/income ratio note
II(v)
|
53%
|
55%
|
|
|
|
|
Retail
|
Margin
|
Institutional
|
Margin
|
Total
|
Margin
|
|
$m
|
bps
|
$m
|
bps
|
$m
|
bps
|
2023
|
353
|
67
|
347
|
20
|
700
|
31
|
2022
|
319
|
64
|
341
|
19
|
660
|
29
|
|
31 Dec 2023 $bn
|
31 Dec 2022 AER $bn
|
External funds under management, excluding funds managed on behalf
of M&G plc note
(1)
|
|
|
Retail
|
50.8
|
42.7
|
Institutional
|
31.6
|
28.7
|
Money
market funds (MMF)
|
11.8
|
10.5
|
|
94.2
|
81.9
|
Funds managed on behalf of M&G plc note
(2)
|
1.9
|
9.3
|
|
|
|
External funds under management
|
96.1
|
91.2
|
Internal funds:
|
|
|
Internal
funds under management
|
110.0
|
104.1
|
Internal
funds under advice
|
31.0
|
26.1
|
|
141.0
|
130.2
|
Total funds under management or
advice note
(3)
|
237.1
|
221.4
|
|
2023 $m
|
2022 AER $m
|
At 1 Jan
|
81,949
|
93,956
|
Market gross inflows
|
91,160
|
81,942
|
Redemptions
|
(85,983)
|
(84,397)
|
Market and other movements
|
6,997
|
(9,552)
|
At 31 Dec*
|
94,123
|
81,949
|
|
2023 $m
|
2022 AER $m
|
At 1 Jan
|
9,235
|
11,529
|
Net flows
|
(7,604)
|
(765)
|
Market and other movements
|
293
|
(1,529)
|
At 31 Dec
|
1,924
|
9,235
|
|
31 Dec 2023
|
|
31 Dec 2022* AER
|
||||||||
|
Funds under management
|
|
Funds under advice
|
|
Total
|
|
Total
|
||||
|
$bn
|
% of total
|
|
$bn
|
% of total
|
|
$bn
|
% of total
|
|
$bn
|
% of total
|
Equity
|
50.7
|
25%
|
|
1.4
|
5%
|
|
52.1
|
22%
|
|
45.5
|
21%
|
Fixed income
|
40.6
|
20%
|
|
3.3
|
11%
|
|
43.9
|
19%
|
|
47.9
|
22%
|
Multi-asset
|
99.9
|
48%
|
|
26.2
|
84%
|
|
126.1
|
53%
|
|
114.1
|
51%
|
Alternatives
|
2.0
|
1%
|
|
0.1
|
0%
|
|
2.1
|
1%
|
|
2.2
|
1%
|
Money Market Funds
|
12.9
|
6%
|
|
-
|
0%
|
|
12.9
|
5%
|
|
11.7
|
5%
|
Total funds
|
206.1
|
100%
|
|
31.0
|
100%
|
|
237.1
|
100%
|
|
221.4
|
100%
|
|
31 Dec 2023 $bn
|
31 Dec 2022 AER $bn
|
Internal funds
|
183.3
|
166.3
|
Eastspring external funds, including M&G plc (as analysed in
note I(ii) above)
|
96.1
|
91.2
|
Total Group funds under
management note
|
279.4
|
257.5
|
|
31 Dec 2023 $bn
|
31 Dec 2022 AER $bn
|
Total investments held on the balance sheet*
|
162.9
|
149.9
|
External funds of Eastspring, including M&G plc
|
96.1
|
91.2
|
Internally managed funds held in joint ventures and associates,
excluding assets attributable to external unit holders of the
consolidated collective investment schemes and other
adjustments
|
20.4
|
16.4
|
Total Group funds under management
|
279.4
|
257.5
|
|
2023 $m
|
2022 AER $m
|
Net cash remitted by business units note
(1)
|
1,611
|
1,304
|
Net interest paid note
(2)
|
(51)
|
(204)
|
Corporate expenditure note
(3)
|
(271)
|
(232)
|
Centrally funded recurring bancassurance fees
|
(182)
|
(220)
|
Total central outflows
|
(504)
|
(656)
|
Holding company cash flow before dividends and other
movements
|
1,107
|
648
|
Dividends paid
|
(533)
|
(474)
|
Operating holding company cash flow after dividends but before
other movements
|
574
|
174
|
Other movements
|
|
|
Issuance
and redemption of debt
|
(393)
|
(1,729)
|
Other corporate
activities note
(4)
|
226
|
248
|
Total other movements
|
(167)
|
(1,481)
|
Net movement in holding company cash flow
|
407
|
(1,307)
|
Cash and short-term investments at 1 Jan note
(5)
|
3,057
|
3,572
|
Foreign exchange movements
|
52
|
(113)
|
Inclusion of amounts at 31 Dec from
additional centrally managed entities note
(6)
|
-
|
905
|
Cash and short-term investments at 31 Dec
|
3,516
|
3,057
|
|
31 Dec 2023 $m
|
31 Dec 2022 $m
|
Cash and cash equivalents of Central operations held on balance
sheet
|
1,590
|
1,809
|
Less: amounts from commercial paper
|
(699)
|
(501)
|
Add: Deposits with credit institutions of Central operations held
on balance sheet
|
2,625
|
1,749
|
Cash and short-term investments
|
3,516
|
3,057
|
|
31 Dec 2023 $m
|
||||
|
Expected generation from
all in-force business*
|
|
Expected generation from new business written in 2023*
|
||
Expected period of emergence
|
Undiscounted
|
Discounted
|
|
Undiscounted
|
Discounted
|
2024
|
2,360
|
2,274
|
|
294
|
283
|
2025
|
2,325
|
2,118
|
|
195
|
173
|
2026
|
2,314
|
1,989
|
|
207
|
175
|
2027
|
2,283
|
1,849
|
|
199
|
161
|
2028
|
2,171
|
1,667
|
|
209
|
159
|
2029
|
2,122
|
1,538
|
|
209
|
151
|
2030
|
2,068
|
1,422
|
|
199
|
139
|
2031
|
2,057
|
1,335
|
|
204
|
133
|
2032
|
2,072
|
1,272
|
|
198
|
124
|
2033
|
2,023
|
1,177
|
|
214
|
127
|
2034
|
1,997
|
1,091
|
|
242
|
136
|
2035
|
1,995
|
1,032
|
|
243
|
129
|
2036
|
1,972
|
969
|
|
224
|
115
|
2037
|
1,980
|
924
|
|
231
|
112
|
2038
|
1,964
|
868
|
|
224
|
103
|
2039
|
1,965
|
826
|
|
201
|
91
|
2040
|
1,979
|
788
|
|
201
|
86
|
2041
|
1,990
|
751
|
|
202
|
83
|
2042
|
1,985
|
710
|
|
200
|
79
|
2043
|
1,983
|
674
|
|
207
|
77
|
2044-2048
|
9,852
|
2,837
|
|
968
|
319
|
2049-2053
|
9,900
|
2,131
|
|
944
|
243
|
2054-2058
|
9,740
|
1,526
|
|
983
|
205
|
2059-2063
|
9,738
|
1,096
|
|
899
|
141
|
Total free surplus expected to emerge in the next 40
years
|
80,835
|
32,864
|
|
8,097
|
3,544
|
|
2023 $m
|
Undiscounted expected free surplus generation for years 2024 to
2063
|
8,097
|
Less: discount effect
|
(4,553)
|
Discounted expected free surplus generation for years 2024 to
2063
|
3,544
|
Discounted expected free surplus generation for years after
2063
|
278
|
Discounted expected free surplus generation from new business
written in 2023
|
3,822
|
Free surplus investment in new business
|
(733)
|
Other items*
|
36
|
New business profit
|
3,125
|
|
31 Dec 2023 $m
|
Discounted expected generation from all in-force business for years
2024 to 2063
|
32,864
|
Discounted expected generation from all in-force business for years
after 2063
|
2,359
|
Discounted expected generation from all in-force business at 31 Dec
2023
|
35,223
|
Free surplus of long-term business operations at 31 Dec
2023
|
6,144
|
Other items*
|
161
|
EEV for long-term business operations
|
41,528
|
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028
|
Other
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
2022 expected free surplus generation for years 2023 to
2062
|
2,658
|
2,327
|
2,201
|
2,155
|
2,087
|
2,010
|
66,078
|
79,516
|
Less: Amounts expected to be realised in the current
year
|
(2,658)
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,658)
|
Add: Expected free surplus to be generated in year 2063 (excluding
2023 new business)
|
-
|
-
|
-
|
-
|
-
|
-
|
1,957
|
1,957
|
Foreign exchange differences
|
-
|
(9)
|
(9)
|
(9)
|
(9)
|
(8)
|
(245)
|
(289)
|
New business
|
-
|
294
|
195
|
207
|
199
|
209
|
6,993
|
8,097
|
Operating movements
|
-
|
(70)
|
6
|
25
|
85
|
38
|
487
|
571
|
Non-operating and other movements
|
-
|
(182)
|
(68)
|
(64)
|
(79)
|
(78)
|
(5,888)
|
(6,359)
|
2023 expected free surplus generation for years 2024 to
2063
|
|
2,360
|
2,325
|
2,314
|
2,283
|
2,171
|
69,382
|
80,835
|
|
2023 $m
|
Expected transfer from in-force business to free
surplus
|
2,635
|
Expected return on existing free surplus
|
234
|
Changes in operating assumptions and experience
variances
|
(383)
|
Underlying free surplus generated from long-term business in force
before restructuring and IFRS 17 implementation costs
|
2,486
|
2023 free surplus expected to be generated at 31 December
2022
|
2,658
|
AER
|
Single premiums
|
Regular premiums
|
APE
|
PVNBP
|
||||||||
|
2023
|
2022
|
+/(-)
|
2023
|
2022
|
+/(-)
|
2023
|
2022
|
+/(-)
|
2023
|
2022
|
+/(-)
|
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
CPL (Prudential's 50% share)
|
487
|
1,254
|
(61)%
|
485
|
759
|
(36)%
|
534
|
884
|
(40)%
|
2,020
|
3,521
|
(43)%
|
Hong Kong
|
235
|
842
|
(72)%
|
1,942
|
438
|
343%
|
1,966
|
522
|
277%
|
10,444
|
3,295
|
217%
|
Indonesia
|
230
|
250
|
(8)%
|
254
|
222
|
14%
|
277
|
247
|
12%
|
1,136
|
1,040
|
9%
|
Malaysia
|
93
|
99
|
(6)%
|
375
|
350
|
7%
|
384
|
359
|
7%
|
1,977
|
1,879
|
5%
|
Singapore
|
989
|
2,628
|
(62)%
|
688
|
507
|
36%
|
787
|
770
|
2%
|
5,354
|
6,091
|
(12)%
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
8
|
9
|
(11)%
|
157
|
148
|
6%
|
158
|
149
|
6%
|
326
|
308
|
6%
|
Cambodia
|
1
|
-
|
-
|
18
|
18
|
-
|
18
|
18
|
-
|
74
|
69
|
7%
|
India
(Prudential's 22% share)
|
270
|
273
|
(1)%
|
206
|
196
|
5%
|
233
|
223
|
4%
|
1,145
|
1,148
|
0%
|
Laos
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
1
|
100%
|
Myanmar
|
-
|
-
|
-
|
6
|
3
|
100%
|
6
|
3
|
100%
|
19
|
6
|
217%
|
Philippines
|
56
|
61
|
(8)%
|
170
|
176
|
(3)%
|
175
|
182
|
(4)%
|
612
|
615
|
0%
|
Taiwan
|
132
|
157
|
(16)%
|
882
|
486
|
81%
|
895
|
503
|
78%
|
3,308
|
1,835
|
80%
|
Thailand
|
143
|
150
|
(5)%
|
232
|
220
|
5%
|
246
|
235
|
5%
|
999
|
932
|
7%
|
Vietnam
|
19
|
99
|
(81)%
|
195
|
288
|
(32)%
|
197
|
298
|
(34)%
|
1,321
|
1,666
|
(21)%
|
Total insurance operations
|
2,663
|
5,822
|
(54)%
|
5,610
|
3,811
|
47%
|
5,876
|
4,393
|
34%
|
28,737
|
22,406
|
28%
|
CER
|
Single premiums
|
Regular premiums
|
APE
|
PVNBP
|
||||||||
|
2023
|
2022
|
+/(-)
|
2023
|
2022
|
+/(-)
|
2023
|
2022
|
+/(-)
|
2023
|
2022
|
+/(-)
|
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
CPL (Prudential's 50% share)
|
487
|
1,191
|
(59)%
|
485
|
721
|
(33)%
|
534
|
840
|
(36)%
|
2,020
|
3,346
|
(40)%
|
Hong Kong
|
235
|
842
|
(72)%
|
1,942
|
439
|
342%
|
1,966
|
523
|
276%
|
10,444
|
3,296
|
217%
|
Indonesia
|
230
|
244
|
(6)%
|
254
|
216
|
18%
|
277
|
240
|
15%
|
1,136
|
1,014
|
12%
|
Malaysia
|
93
|
95
|
(2)%
|
375
|
337
|
11%
|
384
|
347
|
11%
|
1,977
|
1,813
|
9%
|
Singapore
|
989
|
2,698
|
(63)%
|
688
|
521
|
32%
|
787
|
791
|
(1)%
|
5,354
|
6,254
|
(14)%
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
8
|
8
|
-
|
157
|
125
|
26%
|
158
|
125
|
26%
|
326
|
256
|
27%
|
Cambodia
|
1
|
-
|
-
|
18
|
18
|
-
|
18
|
18
|
-
|
74
|
69
|
7%
|
India
(Prudential's 22% share)
|
270
|
260
|
4%
|
206
|
186
|
11%
|
233
|
212
|
10%
|
1,145
|
1,092
|
5%
|
Laos
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
1
|
100%
|
Myanmar
|
-
|
-
|
-
|
6
|
3
|
100%
|
6
|
3
|
100%
|
19
|
6
|
217%
|
Philippines
|
56
|
60
|
(7)%
|
170
|
172
|
(1)%
|
175
|
178
|
(2)%
|
612
|
602
|
2%
|
Taiwan
|
132
|
151
|
(13)%
|
882
|
465
|
90%
|
895
|
480
|
86%
|
3,308
|
1,756
|
88%
|
Thailand
|
143
|
151
|
(5)%
|
232
|
222
|
5%
|
246
|
237
|
4%
|
999
|
939
|
6%
|
Vietnam
|
19
|
98
|
(81)%
|
195
|
283
|
(31)%
|
197
|
293
|
(33)%
|
1,321
|
1,636
|
(19)%
|
Total insurance operations
|
2,663
|
5,798
|
(54)%
|
5,610
|
3,708
|
51%
|
5,876
|
4,287
|
37%
|
28,737
|
22,080
|
30%
|
APE
|
AER
|
CER
|
||||||
|
2023 $m
|
2022 $m
|
2023 $m
|
2022 $m
|
||||
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
CPL (Prudential's 50% share)
|
394
|
140
|
507
|
377
|
386
|
148
|
464
|
376
|
Hong Kong
|
1,027
|
939
|
227
|
295
|
1,028
|
938
|
227
|
296
|
Indonesia
|
150
|
127
|
110
|
137
|
149
|
128
|
105
|
135
|
Malaysia
|
185
|
199
|
172
|
187
|
180
|
204
|
161
|
186
|
Singapore
|
386
|
401
|
390
|
380
|
384
|
403
|
396
|
395
|
Growth markets:
|
|
|
|
|
|
|
|
|
Africa
|
85
|
73
|
76
|
73
|
78
|
80
|
60
|
65
|
Cambodia
|
9
|
9
|
7
|
11
|
9
|
9
|
7
|
11
|
India
(Prudential's 22% share)
|
128
|
105
|
120
|
103
|
127
|
106
|
111
|
101
|
Laos
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Myanmar
|
3
|
3
|
1
|
2
|
3
|
3
|
1
|
2
|
Philippines
|
94
|
81
|
87
|
95
|
93
|
82
|
82
|
96
|
Taiwan
|
339
|
556
|
281
|
222
|
333
|
562
|
258
|
222
|
Thailand
|
118
|
128
|
99
|
136
|
116
|
130
|
96
|
141
|
Vietnam
|
109
|
88
|
136
|
162
|
107
|
90
|
131
|
162
|
Total insurance operations
|
3,027
|
2,849
|
2,213
|
2,180
|
2,993
|
2,883
|
2,099
|
2,188
|
PVNBP
|
AER
|
CER
|
||||||
|
2023 $m
|
2022 $m
|
2023 $m
|
2022 $m
|
||||
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
CPL (Prudential's 50% share)
|
1,481
|
539
|
2,119
|
1,402
|
1,449
|
571
|
1,939
|
1,407
|
Hong Kong
|
5,364
|
5,080
|
1,774
|
1,521
|
5,371
|
5,073
|
1,773
|
1,523
|
Indonesia
|
629
|
507
|
442
|
598
|
622
|
514
|
419
|
595
|
Malaysia
|
915
|
1,062
|
845
|
1,034
|
895
|
1,082
|
791
|
1,022
|
Singapore
|
2,441
|
2,913
|
3,184
|
2,907
|
2,428
|
2,926
|
3,236
|
3,018
|
Growth markets:
|
|
|
|
|
|
|
|
|
Africa
|
170
|
156
|
151
|
157
|
155
|
171
|
119
|
137
|
Cambodia
|
38
|
36
|
30
|
39
|
38
|
36
|
30
|
39
|
India
(Prudential's 22% share)
|
619
|
526
|
609
|
539
|
616
|
529
|
562
|
530
|
Laos
|
1
|
1
|
-
|
1
|
1
|
1
|
-
|
1
|
Myanmar
|
8
|
11
|
4
|
2
|
8
|
11
|
3
|
3
|
Philippines
|
331
|
281
|
297
|
318
|
329
|
283
|
279
|
323
|
Taiwan
|
1,254
|
2,054
|
994
|
841
|
1,228
|
2,080
|
917
|
839
|
Thailand
|
470
|
529
|
394
|
538
|
462
|
537
|
382
|
557
|
Vietnam
|
709
|
612
|
885
|
781
|
699
|
622
|
851
|
785
|
Total insurance operations
|
14,430
|
14,307
|
11,728
|
10,678
|
14,301
|
14,436
|
11,301
|
10,779
|
|
AER
|
CER
|
||||||
|
2023
|
2022
|
2023
|
2022
|
||||
|
HY
|
FY
|
HY
|
FY
|
HY
|
FY
|
HY
|
FY
|
New business profit ($m)
|
|
|
|
|
|
|
|
|
CPL (Prudential's 50% share)
|
171
|
222
|
217
|
387
|
167
|
222
|
199
|
368
|
Hong Kong
|
670
|
1,411
|
211
|
384
|
671
|
1,411
|
211
|
384
|
Indonesia
|
61
|
142
|
52
|
125
|
60
|
142
|
49
|
122
|
Malaysia
|
73
|
167
|
70
|
159
|
71
|
167
|
65
|
154
|
Singapore
|
198
|
484
|
244
|
499
|
197
|
484
|
248
|
512
|
Growth markets and other
|
316
|
699
|
304
|
630
|
311
|
699
|
284
|
609
|
Total insurance business
|
1,489
|
3,125
|
1,098
|
2,184
|
1,477
|
3,125
|
1,056
|
2,149
|
|
|
|
|
|
|
|
|
|
New business margin (NBP as a % of APE)
|
|
|
|
|
|
|
|
|
CPL
|
43%
|
42%
|
43%
|
44%
|
43%
|
42%
|
43%
|
44%
|
Hong Kong
|
65%
|
72%
|
93%
|
74%
|
65%
|
72%
|
93%
|
73%
|
Indonesia
|
41%
|
51%
|
47%
|
51%
|
40%
|
51%
|
47%
|
51%
|
Malaysia
|
39%
|
43%
|
41%
|
44%
|
39%
|
43%
|
40%
|
44%
|
Singapore
|
51%
|
61%
|
63%
|
65%
|
51%
|
61%
|
63%
|
65%
|
Growth markets and other
|
36%
|
36%
|
38%
|
39%
|
36%
|
36%
|
38%
|
39%
|
Total insurance business
|
49%
|
53%
|
50%
|
50%
|
49%
|
53%
|
50%
|
50%
|
|
|
|
|
|
|
|
|
|
New business margin (NBP as a % of PVNBP)
|
|
|
|
|
|
|
|
|
CPL
|
12%
|
11%
|
10%
|
11%
|
12%
|
11%
|
10%
|
11%
|
Hong Kong
|
12%
|
14%
|
12%
|
12%
|
12%
|
14%
|
12%
|
12%
|
Indonesia
|
10%
|
13%
|
12%
|
12%
|
10%
|
13%
|
12%
|
12%
|
Malaysia
|
8%
|
8%
|
8%
|
8%
|
8%
|
8%
|
8%
|
8%
|
Singapore
|
8%
|
9%
|
8%
|
8%
|
8%
|
9%
|
8%
|
8%
|
Growth markets and other
|
9%
|
9%
|
9%
|
10%
|
9%
|
9%
|
9%
|
10%
|
Total insurance business
|
10%
|
11%
|
9%
|
10%
|
10%
|
11%
|
9%
|
10%
|
|
|
2023 $m
|
|
2022 $m
|
||
Eastspring:
|
|
H1
|
H2
|
|
H1
|
H2
|
Third-party
retail: note
(i)(ii)
|
|
|
|
|
|
|
Opening FUM
|
|
42,696
|
46,551
|
|
46,644
|
42,080
|
Net flows:
|
|
|
|
|
|
|
- Gross Inflows
|
|
7,237
|
10,738
|
|
7,470
|
4,809
|
- Redemptions
|
|
(5,337)
|
(7,110)
|
|
(8,117)
|
(4,476)
|
|
|
1,900
|
3,628
|
|
(647)
|
333
|
Other movements
|
|
1,955
|
600
|
|
(3,917)
|
283
|
Closing FUM
|
|
46,551
|
50,779
|
|
42,080
|
42,696
|
|
|
|
|
|
|
|
Third-party
institutional: note
(ii)
|
|
|
|
|
|
|
Opening FUM
|
|
28,758
|
30,369
|
|
35,063
|
27,315
|
Net flows:
|
|
|
|
|
|
|
- Gross Inflows
|
|
3,932
|
2,914
|
|
4,143
|
4,618
|
- Redemptions
|
|
(3,975)
|
(4,344)
|
|
(5,282)
|
(4,750)
|
|
|
(43)
|
(1,430)
|
|
(1,139)
|
(132)
|
Other movements
|
|
1,654
|
2,630
|
|
(6,609)
|
1,575
|
Closing FUM
|
|
30,369
|
31,569
|
|
27,315
|
28,758
|
|
|
|
|
|
|
|
Total third-party closing FUM (excluding MMF and funds held on
behalf of M&G plc)
|
|
76,920
|
82,348
|
|
69,395
|
71,454
|
|
31 Dec 2023 $m
|
31 Dec 2022 $m
|
IFRS shareholders' equity as reported in the financial
statements
|
17,823
|
16,731
|
Add: CSM, including joint ventures and associates and net of
reinsurance*
|
21,012
|
19,989
|
Remove: CSM asset attaching to reinsurance contracts wholly
attributable to policyholders*
|
1,367
|
1,295
|
Less: Related deferred tax adjustments for the above*
|
(2,856)
|
(2,804)
|
Adjusted shareholders' equity
|
37,346
|
35,211
|
|
2023 $m
|
2022 $m
|
Adjusted operating profit
|
2,893
|
2,722
|
Tax on adjusted operating profit
|
(444)
|
(539)
|
Adjusted operating profit attributable to non-controlling
interests
|
(11)
|
(11)
|
Adjusted operating profit, net of tax and non-controlling
interests
|
2,438
|
2,172
|
|
|
|
IFRS shareholders' equity at beginning of year
|
16,731
|
18,936
|
IFRS shareholders' equity at end of year
|
17,823
|
16,731
|
Average IFRS shareholders' equity
|
17,277
|
17,834
|
Operating return on average IFRS shareholders' equity
(%)
|
14%
|
12%
|
|
31 Dec 2023
|
31 Dec 2022
|
Number of issued shares at the end of the year (million
shares)
|
2,754
|
2,750
|
Closing IFRS shareholders' equity ($ million)
|
17,823
|
16,731
|
Group IFRS shareholders' equity per share (cents)
|
647¢
|
608¢
|
|
|
|
Closing adjusted shareholders' equity ($ million)
|
37,346
|
35,211
|
Group adjusted shareholders' equity per share (cents)
|
1,356¢
|
1,280¢
|
|
2023 $m
|
2022 $m
|
IFRS revenue
|
497
|
513
|
Share of revenue from joint ventures and associates
|
330
|
303
|
Commissions and other
|
(129)
|
(155)
|
Performance-related fees
|
2
|
(1)
|
Operating income before
performance-related fees note
|
700
|
660
|
|
|
|
IFRS charges
|
376
|
398
|
Share of expenses from joint ventures and associates
|
125
|
117
|
Commissions and other
|
(129)
|
(155)
|
Operating expense
|
372
|
360
|
Cost/income ratio (operating expense/operating income before
performance-related fees)
|
53%
|
55%
|
|
2023 $m
|
2022 $m
|
Gross premiums earned
|
22,248
|
23,344
|
Gross premiums earned from joint ventures and
associates
|
3,973
|
4,439
|
Total Group, including joint ventures and associates
|
26,221
|
27,783
|
|
|
|
Renewal insurance premiums
|
18,125
|
18,675
|
Annual premium equivalent (APE)
|
5,876
|
4,393
|
Life weighted premium income
|
24,001
|
23,068
|
|
2023 $m
|
2022 $m
|
EEV new business profit
|
3,125
|
2,184
|
Economics and other note
(1)
|
(1,006)
|
(424)
|
New rider sales note
(2)
|
(94)
|
(66)
|
Related tax on IFRS new business CSM note
(3)
|
323
|
370
|
IFRS new business CSM
|
2,348
|
2,064
|
|
31 Dec 2023 $m
|
31 Dec 2022 $m
|
EEV shareholders' equity
|
45,250
|
42,184
|
Adjustments for non-market risk allowance:
|
|
|
Allowance for non-market risks in
EEV note
(1)
|
2,968
|
2,760
|
IFRS risk adjustment, net of related deferred tax
adjustments note
(2)
|
(2,279)
|
(1,803)
|
Mark-to-market value adjustment of the Group's core structural
borrowings note
(3)
|
(274)
|
(427)
|
Economics and other valuation differences note
(4)
|
(8,319)
|
(7,503)
|
Adjusted shareholders'
equity note
II(ii)
|
37,346
|
35,211
|
Remove: CSM, including joint ventures and associates and net of
reinsurance
|
(21,012)
|
(19,989)
|
CSM asset attaching to reinsurance contracts wholly attributable to
policyholders
|
(1,367)
|
(1,295)
|
Add: Related deferred tax adjustments for the above
|
2,856
|
2,804
|
IFRS shareholders' equity
|
17,823
|
16,731
|
|
2023 $m
|
2022 $m
|
EEV operating profit for the year
|
4,546
|
3,952
|
Operating profit attributable to non-controlling
interests
|
(20)
|
(29)
|
EEV operating profit, net of non-controlling interests
|
4,526
|
3,923
|
|
|
|
Shareholders' equity at beginning of year
|
42,184
|
47,584
|
Shareholders' equity at end of year
|
45,250
|
42,184
|
Average shareholders' equity
|
43,717
|
44,884
|
Operating return on average shareholders' equity (%)
|
10%
|
9%
|
|
2023 $m
|
2022 $m
|
New business profit
|
3,125
|
2,184
|
Average EEV shareholders' equity for insurance business operations,
excluding goodwill attributable to equity holders
|
40,193
|
41,866
|
New business profit on embedded value (%)
|
8%
|
5%
|
|
2023 $m
|
2022 $m
|
Shareholders' equity at beginning of year
|
38,857
|
44,875
|
Shareholders' equity at end of year
|
41,528
|
38,857
|
Average shareholders' equity
|
40,193
|
41,866
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By:
/s/ Ben Bulmer
|
|
|
|
Ben
Bulmer
|
|
Group
Chief Financial Officer
|