|
|
Half year 2019 £m
|
|
2018 £m
|
|||
|
|
|
|
|
|
Half year
|
Full year
|
|
Note
|
Asia
|
US
|
Group total
|
|
Group total
|
Group total
|
|
|
|
|
|
|
notes (ii)(iii)
|
notes (ii)(iii)
|
Continuing operations:
|
|
|
|
|
|
|
|
New business
|
3
|
1,295
|
348
|
1,643
|
|
1,588
|
3,525
|
Business in force
|
4
|
832
|
445
|
1,277
|
|
1,170
|
2,977
|
Long-term business
|
|
2,127
|
793
|
2,920
|
|
2,758
|
6,502
|
Asset management
|
|
91
|
11
|
102
|
|
75
|
162
|
Operating profit from long-term business and asset
management
|
|
2,218
|
804
|
3,022
|
|
2,833
|
6,664
|
Other income and expenditurenote
(i)
|
|
|
|
(361)
|
|
(340)
|
(726)
|
Restructuring costs
|
|
|
|
(20)
|
|
(18)
|
(47)
|
Operating profit from continuing operations
|
|
|
|
2,641
|
|
2,475
|
5,891
|
Short-term fluctuations in investment returns
|
5
|
|
|
2,229
|
|
(965)
|
(2,498)
|
Effect of changes in economic assumptions
|
6
|
|
|
(1,371)
|
|
610
|
312
|
Mark-to-market value movements on core structural
borrowings
|
7
|
|
|
(492)
|
|
579
|
549
|
Loss attaching to corporate transactions
|
14
|
|
|
(24)
|
|
(48)
|
(75)
|
Non-operating profit (loss) from continuing operations
|
|
|
|
342
|
|
176
|
(1,712)
|
Profit for the period from continuing operations
|
|
|
|
2,983
|
|
2,651
|
4,179
|
Profit for the period from discontinued
operationsnote
(iii)
|
|
|
|
1,281
|
|
317
|
409
|
Profit for the period attributable to equity holders of the
Company
|
|
|
|
4,264
|
|
2,968
|
4,588
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
Equity holders of the Company:
|
|
|
|
|
|
|
|
From continuing operations
|
|
|
|
2,978
|
|
2,650
|
4,176
|
From discontinued operations
|
|
|
|
1,281
|
|
317
|
409
|
Non-controlling interests from continuing operations
|
|
|
|
5
|
|
1
|
3
|
|
|
|
|
4,264
|
|
2,968
|
4,588
|
|
|
|
|
|
|
|
|
EEV basis basic earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
Half year
|
|
Half year
|
Full year
|
|
|
|
|
|
|
notes (ii)(iii)
|
notes (ii)(iii)
|
Based on operating profit from continuing operations, after
non-controlling interests (in pence)
|
|
|
|
102.1p
|
|
96.2p
|
228.7p
|
Based on profit for the period attributable to equity holders of
the Company (in pence)
|
|
|
|
|
|
|
|
From
continuing operations
|
|
|
|
115.3p
|
|
103.0p
|
162.2p
|
From
discontinued operations
|
|
|
|
49.6p
|
|
12.3p
|
15.9p
|
|
|
|
|
164.9p
|
|
115.3p
|
178.1p
|
|
|
|
|
|
|
|
|
Weighted average numbers of shares in the period
(millions)
|
|
|
|
2,583
|
|
2,573
|
2,575
|
|
|
|
|
|
|
|
|
Annualised return on embedded value*
|
|
|
|
17%
|
|
13%
|
10%
|
|
Half year 2019 £m
|
|
2018 £m
|
|||||
|
Asia
|
US
|
Other
|
Discontinued UK and Europe operations
|
Group
total
|
|
Half year
Group total
|
Full year
Group total
|
|
|
|
|
note (iii)
|
|
|
note (iii)
|
note (iii)
|
Continuing operations:
|
|
|
|
|
|
|
|
|
Operating profit from long-term and asset management
businesses
|
2,218
|
804
|
-
|
|
3,022
|
|
2,833
|
6,664
|
Other income and expenditure
|
-
|
-
|
(361)
|
|
(361)
|
|
(340)
|
(726)
|
Restructuring costs
|
(13)
|
(1)
|
(6)
|
|
(20)
|
|
(18)
|
(47)
|
Operating profit from continuing operations
|
2,205
|
803
|
(367)
|
|
2,641
|
|
2,475
|
5,891
|
Non-operating profit (loss) from continuing
operationsnote
(v)
|
863
|
145
|
(666)
|
|
342
|
|
176
|
(1,712)
|
Non-controlling interests
|
(4)
|
-
|
(1)
|
|
(5)
|
|
(1)
|
(3)
|
Profit for the period from continuing operations
|
3,064
|
948
|
(1,034)
|
|
2,978
|
|
2,650
|
4,176
|
Profit for the period from discontinued
operationsnote
(iii)
|
-
|
-
|
-
|
1,281
|
1,281
|
|
317
|
409
|
Profit for the period attributable to equity holders of the
Company
|
3,064
|
948
|
(1,034)
|
1,281
|
4,259
|
|
2,967
|
4,585
|
Exchange movements on foreign operations and net investment
hedges
|
219
|
18
|
(14)
|
2
|
225
|
|
523
|
1,706
|
Intra-group dividends and investment in
operationsnote
(i)
|
(362)
|
(406)
|
1,124
|
(356)
|
-
|
|
-
|
-
|
External dividends
|
-
|
-
|
(870)
|
-
|
(870)
|
|
(840)
|
(1,244)
|
Mark-to-market value movements on Jackson assets backing surplus
and required capital
|
-
|
137
|
-
|
-
|
137
|
|
(32)
|
(95)
|
Other movementsnote
(ii)
|
(154)
|
(8)
|
797
|
(752)
|
(117)
|
|
127
|
132
|
Net increase in shareholders' equity
|
2,767
|
689
|
3
|
175
|
3,634
|
|
2,745
|
5,084
|
Shareholders' equity at beginning of period
|
25,132
|
14,690
|
(3,624)
|
13,584
|
49,782
|
|
44,698
|
44,698
|
Shareholders' equity at end of period
|
27,899
|
15,379
|
(3,621)
|
13,759
|
53,416
|
|
47,443
|
49,782
|
|
|
|
|
|
|
|
|
|
Representing:
|
|
|
|
|
|
|
|
|
Long-term business
|
27,080
|
15,329
|
-
|
11,749
|
54,158
|
|
47,659
|
50,388
|
Asset management and other
|
309
|
50
|
(3,621)
|
857
|
(2,405)
|
|
(1,675)
|
(2,257)
|
Goodwill
|
510
|
-
|
-
|
1,153
|
1,663
|
|
1,459
|
1,651
|
Shareholders' equity at end of period
|
27,899
|
15,379
|
(3,621)
|
13,759
|
53,416
|
|
47,443
|
49,782
|
Shareholders' equity per share at end of periodnote
(iv)
|
1,073p
|
592p
|
(139)p
|
529p
|
2,055p
|
|
1,830p
|
1,920p
|
|
|
|
|
|
|
|
|
|
Long-term business
|
24,329
|
14,650
|
-
|
11,409
|
50,388
|
|
45,917
|
45,917
|
Asset management and other
|
305
|
40
|
(3,624)
|
1,022
|
(2,257)
|
|
(2,677)
|
(2,677)
|
Goodwill
|
498
|
-
|
-
|
1,153
|
1,651
|
|
1,458
|
1,458
|
Shareholders' equity at beginning of period
|
25,132
|
14,690
|
(3,624)
|
13,584
|
49,782
|
|
44,698
|
44,698
|
Shareholders' equity per share at beginning of
periodnote
(iv)
|
969p
|
567p
|
(140)p
|
524p
|
1,920p
|
|
1,728p
|
1,728p
|
|
|
|
2019 £m
|
|
2018 £m
|
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Assets less liabilities before deduction of insurance
funds
|
|
470,884
|
|
429,035
|
431,269
|
|
Less insurance funds:*
|
|
|
|
|
|
|
|
Policyholder liabilities (net of reinsurers' share) and unallocated
surplus of with-profits funds
|
|
(451,189)
|
|
(413,145)
|
(414,002)
|
|
Less shareholders' accrued interest in the long-term
business
|
|
33,744
|
|
31,561
|
32,533
|
|
|
|
(417,445)
|
|
(381,584)
|
(381,469)
|
Less non-controlling interests
|
|
(23)
|
|
(8)
|
(18)
|
|
Total net assets attributable to equity holders of the
Company
|
|
53,416
|
|
47,443
|
49,782
|
|
|
|
|
|
|
|
|
Share capital
|
|
130
|
|
129
|
130
|
|
Share premium
|
|
1,974
|
|
1,954
|
1,964
|
|
IFRS basis shareholders' reserves
|
|
17,568
|
|
13,799
|
15,155
|
|
IFRS basis shareholders' equity
|
|
19,672
|
|
15,882
|
17,249
|
|
Additional EEV basis retained profit
|
|
33,744
|
|
31,561
|
32,533
|
|
EEV basis shareholders' equity
|
|
53,416
|
|
47,443
|
49,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual exchange rate
|
|
|
|
|
|
Constant exchange rate
|
||
|
Half year 2019 £m
|
|
Half year 2018 £m
|
Change %
|
|
Half year 2018 £m
|
Change %
|
|||||
|
Annual
premium
equivalent
|
New
business
profit
|
|
Annual
premium
equivalent
|
New
business
profit
|
Annual
premium
equivalent
|
New
business
profit
|
|
Annual
premium
equivalent
|
New
business
profit
|
Annual
premium
equivalent
|
New
business
profit
|
Asia
|
1,978
|
1,295
|
|
1,736
|
1,122
|
14%
|
15%
|
|
1,806
|
1,178
|
10%
|
10%
|
US
|
831
|
348
|
|
816
|
466
|
2%
|
(25)%
|
|
868
|
495
|
(4)%
|
(30)%
|
Group total
|
2,809
|
1,643
|
|
2,552
|
1,588
|
10%
|
3%
|
|
2,674
|
1,673
|
5%
|
(2)%
|
|
|
|
|
|
|
|
|
|
|
|
Actual exchange rate
|
|
Constant exchange rate
|
||
|
Half year 2019 £m
|
|
Half year 2018* £m
|
Change %
|
|
Half year 2018* £m
|
Change %
|
Continuing operations:
|
|
|
|
|
|
|
|
Asia
|
|
|
|
|
|
|
|
Long-term business
|
2,127
|
|
1,753
|
21%
|
|
1,834
|
16%
|
Asset management
|
91
|
|
77
|
18%
|
|
79
|
15%
|
Total
|
2,218
|
|
1,830
|
21%
|
|
1,913
|
16%
|
US
|
|
|
|
|
|
|
|
Long-term business
|
793
|
|
1,005
|
(21)%
|
|
1,068
|
(26)%
|
Asset management
|
11
|
|
(2)
|
650%
|
|
(2)
|
650%
|
Total
|
804
|
|
1,003
|
(20)%
|
|
1,066
|
(25)%
|
Operating profit from long-term business and asset
management
|
3,022
|
|
2,833
|
7%
|
|
2,979
|
1%
|
Other income and expenditure
|
(361)
|
|
(340)
|
(6)%
|
|
(341)
|
(6)%
|
Restructuring costs
|
(20)
|
|
(18)
|
(11)%
|
|
(18)
|
(11)%
|
Operating profit from continuing operations
|
2,641
|
|
2,475
|
7%
|
|
2,620
|
1%
|
Short-term fluctuations in investment returns
|
2,229
|
|
(965)
|
|
|
(1,021)
|
|
Effect of changes in economic assumptions
|
(1,371)
|
|
610
|
|
|
656
|
|
Mark-to-market value movements on core structural
borrowings
|
(492)
|
|
579
|
|
|
580
|
|
Loss attaching to corporate transactions
|
(24)
|
|
(48)
|
|
|
(50)
|
|
Total non-operating profit from continuing operations
|
342
|
|
176
|
|
|
165
|
|
Profit for the period from continuing operations
|
2,983
|
|
2,651
|
13%
|
|
2,785
|
7%
|
Profit for the period from discontinued operations
|
1,281
|
|
317
|
304%
|
|
317
|
304%
|
Profit for the period attributable to equity holders of the
Company
|
4,264
|
|
2,968
|
44%
|
|
3,102
|
37%
|
EEV basis basic earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual exchange rate
|
|
Constant exchange rate
|
||
|
|
Half year 2019
|
|
Half year 2018*
|
Change %
|
|
Half year 2018*
|
Change %
|
Based on operating profit from continuing
operations after non-controlling
interests (in pence)
|
102.1p
|
|
96.2p
|
6%
|
|
101.8p
|
0%
|
|
Based on profit for the period attributable to equity holders of
the Company (in pence):
|
|
|
|
|
|
|
|
|
|
From continuing operations
|
115.3p
|
|
103.0p
|
12%
|
|
108.2p
|
7%
|
|
From discontinued operations
|
49.6p
|
|
12.3p
|
303%
|
|
12.3p
|
303%
|
|
|
164.9p
|
|
115.3p
|
43%
|
|
120.5p
|
37%
|
|
|
|
|
|
|
|
|
Half year 2019
|
|||||
|
Annual premium
|
Present value
of new business
|
New business
|
|
New business margin
|
|
|
equivalents (APE)
|
premiums (PVNBP)
|
contribution
|
|
APE
|
PVNBP
|
|
£m
|
£m
|
£m
|
|
%
|
%
|
|
note 13
|
note 13
|
note (i)
|
|
|
|
Asianote(ii)
|
1,978
|
10,988
|
1,295
|
|
65%
|
11.8%
|
US
|
831
|
8,310
|
348
|
|
42%
|
4.2%
|
Group totalnote
(iii)
|
2,809
|
19,298
|
1,643
|
|
58%
|
8.5%
|
|
|
|
|
|
|
|
|
Half year 2018*
|
|||||
|
Annual premium
|
Present value
of new business
|
New business
|
|
New business margin
|
|
|
equivalents (APE)
|
premiums (PVNBP)
|
contribution
|
|
APE
|
PVNBP
|
|
£m
|
£m
|
£m
|
|
%
|
%
|
|
note 13
|
note 13
|
note (i)
|
|
|
|
Asianote(ii)
|
1,736
|
9,132
|
1,122
|
|
65%
|
12.3%
|
US
|
816
|
8,163
|
466
|
|
57%
|
5.7%
|
Group totalnote
(iii)
|
2,552
|
17,295
|
1,588
|
|
62%
|
9.2%
|
|
|
|
|
|
|
|
|
Full year 2018*
|
|||||
|
Annual premium
|
Present value
of new business
|
New business
|
|
New business margin
|
|
|
equivalents (APE)
|
premiums (PVNBP)
|
contribution
|
|
APE
|
PVNBP
|
|
£m
|
£m
|
£m
|
|
%
|
%
|
|
note 13
|
note 13
|
|
|
|
|
Asianote(ii)
|
3,744
|
20,754
|
2,604
|
|
70%
|
12.5%
|
US
|
1,542
|
15,423
|
921
|
|
60%
|
6.0%
|
Group totalnote
(iii)
|
5,286
|
36,177
|
3,525
|
|
67%
|
9.7%
|
|
New business contribution
|
Half year 2018
£m
|
Foreign exchange
movement
£m
|
Effect of changes in
interest rates and
other economic
assumptions
£m
|
Sales volume,
business and product
mix and other items
£m
|
Half year 2019
£m
|
|
Asia
|
1,122
|
56
|
(21)
|
138
|
1,295
|
|
US
|
466
|
29
|
(75)
|
(72)
|
348
|
|
Group
|
1,588
|
85
|
(96)
|
66
|
1,643
|
|
|
|
|
|
|
|
|
|
|
2019 £m
|
|
2018 £m
|
|||
|
|
Half year
|
|
AER
Half year
|
CER
Half year
|
|
AER
Full year
|
|
China JV
|
98
|
|
76
|
76
|
|
149
|
|
Hong Kong
|
826
|
|
731
|
777
|
|
1,729
|
|
Indonesia
|
66
|
|
59
|
61
|
|
122
|
|
Taiwan
|
22
|
|
21
|
21
|
|
46
|
|
Other
|
283
|
|
235
|
243
|
|
558
|
|
Total
|
1,295
|
|
1,122
|
1,178
|
|
2,604
|
|
|
|
|
|
Half year 2019 £m
|
||
|
Asia
operations
|
US
operations
|
Group
total
|
Unwind of discount and other expected returnsnote
(i)
|
622
|
355
|
977
|
Effect of changes in operating assumptionsnote
(ii)
|
131
|
-
|
131
|
Experience variances and other itemsnote
(iii)
|
79
|
90
|
169
|
Total operating profit from long-term business in
force
|
832
|
445
|
1,277
|
|
|
|
|
|
Half year 2018* £m
|
||
|
Asia
operations
|
US
operations
|
Group
total
|
Unwind of discount and other expected returnsnote
(i)
|
601
|
433
|
1,034
|
Experience variances and other items
|
30
|
106
|
136
|
Total operating profit from long-term business in
force
|
631
|
539
|
1,170
|
|
|
|
|
|
Full year 2018* £m
|
||
|
Asia
operations
|
US
operations
|
Group
total
|
Unwind of discount and other expected returns
|
1,218
|
881
|
2,099
|
Effect of changes in operating assumptions
|
342
|
115
|
457
|
Experience variances and other items
|
223
|
198
|
421
|
Total operating profit from long-term business in
force
|
1,783
|
1,194
|
2,977
|
|
|
|
Half year 2019 £m
|
||
|
|
|
Asia
|
US
|
Group total
|
|
Growth in opening value of in-force business
|
69
|
(51)
|
18
|
|
|
Effect of changes in interest rates and other economic
assumptions
|
(71)
|
(56)
|
(127)
|
|
|
Foreign exchange movements
|
23
|
29
|
52
|
|
|
Total movement in unwind of discount and other expected
returns
|
21
|
(78)
|
(57)
|
|
|
|
2019 £m
|
|
2018 £m
|
|
|
|
|
Half year
|
|
Half year
|
Full year
|
|
Spread experience variance
|
12
|
|
26
|
39
|
|
|
Amortisation of interest-related realised gains and
losses
|
36
|
|
45
|
92
|
|
|
Other items
|
42
|
|
35
|
67
|
|
|
Total US experience variances and other items
|
90
|
|
106
|
198
|
|
|
2019 £m
|
|
2018* £m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
Asia
|
|
|
|
|
|
|
Hong Kong
|
897
|
|
(212)
|
(552)
|
|
Singapore
|
153
|
|
(126)
|
(233)
|
|
Other
|
230
|
|
(177)
|
(244)
|
Total Asianote
(i)
|
1,280
|
|
(515)
|
(1,029)
|
|
US
|
|
|
|
|
|
|
Investment return related experience on fixed income
securitiesnote
(ii)
|
(16)
|
|
15
|
60
|
|
Investment return related impact due to changed expectation of
profits on in-force variable annuity business in future periods
based on current period separate account return, net of related
hedging activity and other itemsnote
(iii)
|
985
|
|
(543)
|
(1,541)
|
Total US
|
969
|
|
(528)
|
(1,481)
|
|
Other operations
|
(20)
|
|
78
|
12
|
|
Total continuing operations
|
2,229
|
|
(965)
|
(2,498)
|
-
|
The
impact on portfolio yields of changes in the asset portfolio in the
period;
|
-
|
The
difference between actual realised gains and losses and the
amortisation of interest-related realised gains and losses that is
recorded within operating profit; and
|
-
|
Credit
experience versus the longer-term assumption.
|
-
|
Changes
in projected future fees and future benefit costs arising from the
difference between the actual growth in separate account asset
values of 15.2 per cent and that assumed of 2.8 per cent (half year
2018: actual growth of 2.2 per cent compared to assumed growth of
3.2 per cent; full year 2018: actual growth of negative 5.4 per
cent compared to assumed growth of positive 6.2 per cent);
and
|
-
|
Related
hedging activity arising from realised and unrealised gains and
losses on equity-related hedges and interest rate derivatives and
other items.
|
|
|
2019 £m
|
|
2018* £m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
Asia
|
|
|
|
|
|
|
Hong Kong
|
(478)
|
|
400
|
165
|
|
Indonesia
|
33
|
|
(89)
|
(94)
|
|
Malaysia
|
34
|
|
(41)
|
(19)
|
|
Singapore
|
(101)
|
|
(32)
|
70
|
|
Other
|
(45)
|
|
5
|
(7)
|
Total Asianote
(i)
|
(557)
|
|
243
|
115
|
|
US
|
|
|
|
|
|
|
Variable annuity businessnote
(ii)
|
(1,129)
|
|
497
|
365
|
|
Fixed annuity and other general account businessnote
(iii)
|
315
|
|
(130)
|
(168)
|
Total US
|
(814)
|
|
367
|
197
|
|
Total continuing operations
|
(1,371)
|
|
610
|
312
|
|
|
|
2019 £m
|
|
|
2018 £m
|
||||||
|
|
|
30 Jun
|
|
|
30 Jun
|
|
31 Dec
|
||||
|
|
IFRS
basis
|
Mark-to
-market
value
adjustment
|
EEV
basis at
market
value
|
|
IFRS
basis
|
Mark-to
-market
value
adjustment
|
EEV
basis at
market
value
|
|
IFRS
basis
|
Mark-to
-market
value
adjustment
|
EEV
basis at
market
value
|
Holding company cash and short-term investmentsnote
(i)
|
(2,365)
|
-
|
(2,365)
|
|
(2,210)
|
-
|
(2,210)
|
|
(3,236)
|
-
|
(3,236)
|
|
Holding company borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated debt with no options to substitute to
M&GPrudentialnote
(ii)
|
3,362
|
163
|
3,525
|
|
4,067
|
(119)
|
3,948
|
|
3,757
|
(108)
|
3,649
|
|
Senior debt
|
519
|
177
|
696
|
|
549
|
143
|
692
|
|
517
|
174
|
691
|
|
Bank loan
|
275
|
-
|
275
|
|
-
|
-
|
-
|
|
275
|
-
|
275
|
Central funds before amounts capable of being substituted to
M&GPrudential
|
4,156
|
340
|
4,496
|
|
4,616
|
24
|
4,640
|
|
4,549
|
66
|
4,615
|
|
Subordinated debt capable of being substituted to M&GPrudential
(as at 30 Jun 2019)note
(iii)
|
3,089
|
209
|
3,298
|
|
1,287
|
80
|
1,367
|
|
2,919
|
64
|
2,983
|
|
Total holding company borrowings
|
7,245
|
549
|
7,794
|
|
5,903
|
104
|
6,007
|
|
7,468
|
130
|
7,598
|
|
Holding company net borrowings
|
4,880
|
549
|
5,429
|
|
3,693
|
104
|
3,797
|
|
4,232
|
130
|
4,362
|
|
Prudential Capital bank loan
|
-
|
-
|
-
|
|
275
|
-
|
275
|
|
-
|
-
|
-
|
|
Jackson Surplus Notes
|
196
|
62
|
258
|
|
189
|
47
|
236
|
|
196
|
53
|
249
|
|
Net core structural borrowings of shareholder-financed
businessesnote
(iv)
|
5,076
|
611
|
5,687
|
|
4,157
|
151
|
4,308
|
|
4,428
|
183
|
4,611
|
|
|
2019 £m
|
|
2018 £m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
|
Mark-to-market value adjustment at beginning of period
|
183
|
|
743
|
743
|
|
Change in fair value of debt under IFRS as a result of consent
process†
|
(169)
|
|
-
|
-
|
|
Charge (credit) in respect of market movements included in the
income statement*
|
592
|
|
(579)
|
(549)
|
|
Effect of changes in US$ exchange rate for US$ denominated debts
included in reserves
|
5
|
|
(13)
|
(11)
|
|
Mark-to-market value adjustment at end of period
|
611
|
|
151
|
183
|
|
|
Half year 2019 £m
|
|||||
|
|
Free
surplus
|
Required
capital
|
Total
net worth
|
|
Value of
in-force business
|
Total
embedded
value
|
Group
|
|
|
|
|
|
|
|
Shareholders' equity at beginning of period from continuing
operations
|
3,856
|
4,734
|
8,590
|
|
30,389
|
38,979
|
|
New business contributionnote
3
|
(516)
|
358
|
(158)
|
|
1,801
|
1,643
|
|
Existing business - transfer to net worth
|
1,533
|
(296)
|
1,237
|
|
(1,237)
|
-
|
|
Expected return on existing businessnote
4
|
59
|
64
|
123
|
|
854
|
977
|
|
Changes in operating assumptions and experience
variancesnote
4
|
338
|
108
|
446
|
|
(146)
|
300
|
|
Restructuring costs
|
(1)
|
-
|
(1)
|
|
-
|
(1)
|
|
Operating profit from continuing operations
|
1,413
|
234
|
1,647
|
|
1,272
|
2,919
|
|
Non-operating profit (loss) from continuing operations
|
268
|
(146)
|
122
|
|
886
|
1,008
|
|
Profit for the period from continuing operations
|
1,681
|
88
|
1,769
|
|
2,158
|
3,927
|
|
Exchange movements on foreign operations and net investment
hedges
|
58
|
19
|
77
|
|
151
|
228
|
|
Intra-group dividends and investment in operations
|
(701)
|
-
|
(701)
|
|
-
|
(701)
|
|
Other movements
|
(24)
|
-
|
(24)
|
|
-
|
(24)
|
|
Shareholders' equity at end of period from continuing
operations
|
4,870
|
4,841
|
9,711
|
|
32,698
|
42,409
|
|
Shareholders' equity at end of period from discontinued
operations
|
3,705
|
5,175
|
8,880
|
|
2,869
|
11,749
|
|
Shareholders' equity at end of period
|
8,575
|
10,016
|
18,591
|
|
35,567
|
54,158
|
|
|
|
|
|
|
|
|
|
Asia
|
|
|
|
|
|
|
|
New business contributionnote
3
|
(250)
|
99
|
(151)
|
|
1,446
|
1,295
|
|
Existing business - transfer to net worth
|
779
|
(169)
|
610
|
|
(610)
|
-
|
|
Expected return on existing businessnote
4
|
35
|
29
|
64
|
|
558
|
622
|
|
Changes in operating assumptions and experience
variancesnote
4
|
30
|
107
|
137
|
|
73
|
210
|
|
Operating profit based on longer-term investment
returns
|
594
|
66
|
660
|
|
1,467
|
2,127
|
|
Non-operating profit (loss)
|
674
|
37
|
711
|
|
152
|
863
|
|
Profit for the period
|
1,268
|
103
|
1,371
|
|
1,619
|
2,990
|
|
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
|
New business contributionnote
3
|
(266)
|
259
|
(7)
|
|
355
|
348
|
|
Existing business - transfer to net worth
|
754
|
(127)
|
627
|
|
(627)
|
-
|
|
Expected return on existing businessnote
4
|
24
|
35
|
59
|
|
296
|
355
|
|
Changes in operating assumptions and experience
variancesnote
4
|
308
|
1
|
309
|
|
(219)
|
90
|
|
Restructuring costs
|
(1)
|
-
|
(1)
|
|
-
|
(1)
|
|
Operating profit based on longer-term investment
returns
|
819
|
168
|
987
|
|
(195)
|
792
|
|
Non-operating profit (loss)
|
(406)
|
(183)
|
(589)
|
|
734
|
145
|
|
Profit for the period
|
413
|
(15)
|
398
|
|
539
|
937
|
|
|
30 Jun 2019 £m
|
|
31 Dec 2018 £m
|
||||||
|
|
Asia
|
US
|
UK and
Europe
|
Group
total
|
|
Asia
|
US
|
UK and
Europe
|
Group
total
|
Value of in-force business before deduction of cost of
capital and time value of options and
guarantees
|
23,035
|
12,267
|
3,334
|
38,636
|
|
21,867
|
11,811
|
3,083
|
36,761
|
|
Cost of capital
|
(681)
|
(237)
|
(465)
|
(1,383)
|
|
(566)
|
(296)
|
(459)
|
(1,321)
|
|
Time value of options and guarantees*
|
(278)
|
(1,408)
|
-
|
(1,686)
|
|
(981)
|
(1,446)
|
-
|
(2,427)
|
|
Net value of in-force business
|
22,076
|
10,622
|
2,869
|
35,567
|
|
20,320
|
10,069
|
2,624
|
33,013
|
|
Total net worth
|
5,004
|
4,707
|
8,880
|
18,591
|
|
4,009
|
4,581
|
8,785
|
17,375
|
|
Total embedded value
|
27,080
|
15,329
|
11,749
|
54,158
|
|
24,329
|
14,650
|
11,409
|
50,388
|
|
|
Half year 2019
|
|||||||
|
|
Continuing operations
|
|
|
|
|
|||
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
|
Discontinued UK and Europe operations
|
|
Group
total
|
|
|
|
note (a)
|
note (b)
|
|
|
|
|
|
|
Operating free surplus generated before
restructuring costsnote
(e)
|
685
|
831
|
1,516
|
(361)
|
|
|
|
1,155
|
|
Restructuring costs
|
(13)
|
(1)
|
(14)
|
(6)
|
|
|
|
(20)
|
|
Operating free surplus generated
|
672
|
830
|
1,502
|
(367)
|
|
|
|
1,135
|
|
Non-operating profit (loss) from continuing
operationsnote
(f)
|
674
|
(406)
|
268
|
(185)
|
|
|
|
83
|
|
Free surplus generated from discontinued operations
|
|
|
|
|
|
974
|
|
974
|
|
Free surplus generated in the period
|
1,346
|
424
|
1,770
|
(552)
|
|
974
|
|
2,192
|
|
Net cash flows to parent companynote
(g)
|
(451)
|
(400)
|
(851)
|
1,212
|
|
(361)
|
|
-
|
|
External dividends
|
-
|
-
|
-
|
(870)
|
|
-
|
|
(870)
|
|
Exchange movements on foreign operations, timing
differences and other itemsnote
(h)
|
(15)
|
124
|
109
|
304
|
|
(744)
|
|
(331)
|
|
Net movement in free surplus
|
880
|
148
|
1,028
|
94
|
|
(131)
|
|
991
|
|
Balance at beginning of period
|
2,034
|
2,167
|
4,201
|
3,008
|
|
4,693
|
|
11,902
|
|
Balance at end of period
|
2,914
|
2,315
|
5,229
|
3,102
|
|
4,562
|
|
12,893
|
|
|
Half year 2018* £m
|
|
|
|||||
|
|
Continuing operations
|
|
|
|
|
|||
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
|
Discontinued UK and Europe operations
|
|
Group
total
|
|
|
|
note (a)
|
note (b)
|
|
|
|
|
|
|
Operating free surplus generated before
restructuring costs
|
590
|
593
|
1,183
|
(340)
|
|
|
|
843
|
|
Restructuring costs
|
(10)
|
-
|
(10)
|
(8)
|
|
|
|
(18)
|
|
Operating free surplus generated
|
580
|
593
|
1,173
|
(348)
|
|
|
|
825
|
|
Non-operating profit (loss) from continuing
operationsnote
(f)
|
(167)
|
(489)
|
(656)
|
97
|
|
|
|
(559)
|
|
Free surplus generated from discontinued operations
|
|
|
|
|
|
726
|
|
726
|
|
Free surplus generated in the period
|
413
|
104
|
517
|
(251)
|
|
726
|
|
992
|
|
Net cash flows to parent companynote
(g)
|
(391)
|
(342)
|
(733)
|
1,111
|
|
(378)
|
|
-
|
|
External dividends
|
-
|
-
|
-
|
(840)
|
|
-
|
|
(840)
|
|
Exchange movements on foreign operations, timing
differences and other itemsnote
(h)
|
(359)
|
12
|
(347)
|
413
|
|
77
|
|
143
|
|
Net movement in free surplus
|
(337)
|
(226)
|
(563)
|
433
|
|
425
|
|
295
|
|
Balance at beginning of period
|
2,470
|
1,928
|
4,398
|
1,774
|
|
3,180
|
|
9,352
|
|
Balance at end of period
|
2,133
|
1,702
|
3,835
|
2,207
|
|
3,605
|
|
9,647
|
|
|
Full year 2018* £m
|
|||||||
|
|
Continuing operations
|
|
|
|
|
|||
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
|
Discontinued UK and Europe operations
|
|
Group
total
|
|
Operating free surplus generated before
restructuring costs
|
1,171
|
1,419
|
2,590
|
(726)
|
|
|
|
1,864
|
|
Restructuring costs
|
(19)
|
(17)
|
(36)
|
(11)
|
|
|
|
(47)
|
|
Operating free surplus generated
|
1,152
|
1,402
|
2,554
|
(737)
|
|
|
|
1,817
|
|
Non-operating profit (loss) from continuing
operationsnote
(f)
|
(393)
|
(842)
|
(1,235)
|
(22)
|
|
|
|
(1,257)
|
|
Free surplus generated from discontinued operations
|
|
|
|
|
|
1,965
|
|
1,965
|
|
Free surplus generated in the year
|
759
|
560
|
1,319
|
(759)
|
|
1,965
|
|
2,525
|
|
Net cash flows to parent companynote
(g)
|
(699)
|
(342)
|
(1,041)
|
1,732
|
|
(691)
|
|
-
|
|
External dividends
|
-
|
-
|
-
|
(1,244)
|
|
-
|
|
(1,244)
|
|
Exchange movements on foreign operations, timing
differences and other itemsnote
(h)
|
(496)
|
21
|
(475)
|
1,505
|
|
239
|
|
1,269
|
|
Net movement in free surplus
|
(436)
|
239
|
(197)
|
1,234
|
|
1,513
|
|
2,550
|
|
Balance at beginning of year
|
2,470
|
1,928
|
4,398
|
1,774
|
|
3,180
|
|
9,352
|
|
Balance at end of year
|
2,034
|
2,167
|
4,201
|
3,008
|
|
4,693
|
|
11,902
|
|
|
|
Half year 2019 £m
|
|
Half year 2018* £m
|
|
% change
|
||
|
|
|
|
AER
|
CER
|
|
AER
|
CER
|
|
|
Operating free surplus generated from
in-force life business
|
844
|
|
773
|
797
|
|
9%
|
6%
|
|
|
Investment in new businessnote
(c)
|
(250)
|
|
(260)
|
(269)
|
|
(4)%
|
(7)%
|
|
|
Long-term business
|
594
|
|
513
|
528
|
|
16%
|
13%
|
|
|
Asset management
|
91
|
|
77
|
79
|
|
18%
|
15%
|
|
|
Total Asia
|
685
|
|
590
|
607
|
|
16%
|
13%
|
|
|
|
Half year 2019 £m
|
|
Half year 2018* £m
|
|
% change
|
||
|
|
|
|
AER
|
CER
|
|
AER
|
CER
|
|
|
Operating free surplus generated from
in-force life businessnote
(d)
|
1,086
|
|
775
|
824
|
|
40%
|
32%
|
|
|
Investment in new businessnote
(c)
|
(266)
|
|
(180)
|
(192)
|
|
48%
|
39%
|
|
|
Long-term business
|
820
|
|
595
|
632
|
|
38%
|
30%
|
|
|
Asset management
|
11
|
|
(2)
|
(2)
|
|
650%
|
650%
|
|
|
Total US
|
831
|
|
593
|
630
|
|
40%
|
32%
|
|
|
|
Half year 2019 £m
|
|||||
|
|
|
Continuing operations
|
|
|
|||
|
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
Discontinued UK and Europe operations
|
Group
total
|
|
|
Exchange movements on foreign operations
|
54
|
1
|
55
|
(8)
|
2
|
49
|
|
|
Mark-to-market value movements on Jackson
assets backing surplus and required
capital
|
-
|
137
|
137
|
-
|
-
|
137
|
|
|
Other itemsnote
(i)
|
(69)
|
(14)
|
(83)
|
312
|
(746)
|
(517)
|
|
|
|
|
(15)
|
124
|
109
|
304
|
(744)
|
(331)
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year 2018 £m
|
|||||
|
|
|
Continuing operations
|
|
|
|||
|
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
Discontinued UK and Europe operations
|
Group
total
|
|
|
Exchange movements on foreign operations
|
3
|
38
|
41
|
9
|
(5)
|
45
|
|
|
Mark-to-market value movements on Jackson
assets backing surplus and required
capital
|
-
|
(32)
|
(32)
|
-
|
-
|
(32)
|
|
|
Other itemsnote
(i)
|
(362)
|
6
|
(356)
|
404
|
82
|
130
|
|
|
|
|
(359)
|
12
|
(347)
|
413
|
77
|
143
|
|
|
|
|
|
|
|
|
|
|
|
|
Full year 2018 £m
|
|||||
|
|
|
Continuing operations
|
|
|
|||
|
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
Discontinued UK and Europe operations
|
Group
total
|
|
|
Exchange movements on foreign operations
|
88
|
131
|
219
|
(6)
|
-
|
213
|
|
|
Mark-to-market value movements on Jackson
assets backing surplus and required
capital
|
-
|
(95)
|
(95)
|
-
|
-
|
(95)
|
|
|
Other itemsnote
(i)
|
(584)
|
(15)
|
(599)
|
1,511
|
239
|
1,151
|
|
|
|
|
(496)
|
21
|
(475)
|
1,505
|
239
|
1,269
|
New business contribution from continuing long-term
business
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
Half year 2019 £m
|
|
Full year 2018* £m
|
||||
|
Asia
|
US
|
Group
total
|
|
Asia
|
US
|
Group
total
|
New business contributionnote
3
|
1,295
|
348
|
1,643
|
|
2,604
|
921
|
3,525
|
Discount rates - 1% increase
|
(281)
|
(17)
|
(298)
|
|
(549)
|
(42)
|
(591)
|
Interest rates - 1% increase
|
(35)
|
54
|
19
|
|
(202)
|
94
|
(108)
|
Interest rates - 0.5% decrease
|
(33)
|
(41)
|
(74)
|
|
58
|
(66)
|
(8)
|
Equity/property yields - 1% rise
|
67
|
55
|
122
|
|
130
|
115
|
245
|
Embedded value of long-term business
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
30 Jun 2019 £m
|
|
31 Dec 2018 £m
|
||||||
|
Asia
|
US
|
UK and
Europe
|
Group
total
|
|
Asia
|
US
|
UK and
Europe
|
Group
total
|
Shareholders' equitynote
8
|
27,080
|
15,329
|
11,749
|
54,158
|
|
24,329
|
14,650
|
11,409
|
50,388
|
Discount rates - 1% increase
|
(3,718)
|
(346)
|
(682)
|
(4,746)
|
|
(3,292)
|
(513)
|
(648)
|
(4,453)
|
Interest rates - 1% increase
|
(984)
|
(604)
|
(748)
|
(2,336)
|
|
(1,564)
|
119
|
(668)
|
(2,113)
|
Interest rates - 0.5% decrease
|
(19)
|
(10)
|
451
|
422
|
|
366
|
(273)
|
363
|
456
|
Equity/property yields - 1% rise
|
1,122
|
1,107
|
424
|
2,653
|
|
1,041
|
1,011
|
377
|
2,429
|
Equity/property market values - 10% fall
|
(537)
|
(305)
|
(536)
|
(1,378)
|
|
(473)
|
(498)
|
(461)
|
(1,432)
|
Statutory minimum capital
|
142
|
166
|
-
|
308
|
|
110
|
217
|
-
|
327
|
Long-term expected defaults - 5 bps increase
|
-
|
-
|
(72)
|
(72)
|
|
-
|
-
|
(76)
|
(76)
|
|
Risk discount rate %
|
||||||||
|
New business
|
|
In-force business
|
||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
China JV
|
8.0
|
|
9.3
|
8.1
|
|
8.0
|
|
9.3
|
8.1
|
Hong Kongnotes
(2)(4)
|
3.8
|
|
4.3
|
4.4
|
|
3.8
|
|
4.4
|
4.4
|
Indonesia
|
11.8
|
|
12.1
|
12.4
|
|
11.8
|
|
12.1
|
12.4
|
Malaysianote
(4)
|
6.2
|
|
6.8
|
6.6
|
|
6.2
|
|
6.8
|
6.6
|
Philippines
|
12.5
|
|
14.1
|
14.5
|
|
12.5
|
|
14.1
|
14.5
|
Singaporenote
(4)
|
3.5
|
|
3.9
|
3.4
|
|
4.3
|
|
4.9
|
4.2
|
Taiwan
|
4.3
|
|
4.5
|
4.5
|
|
4.2
|
|
4.0
|
4.4
|
Thailand
|
9.6
|
|
10.1
|
10.0
|
|
9.6
|
|
10.1
|
10.0
|
Vietnam
|
9.1
|
|
12.2
|
12.6
|
|
9.0
|
|
12.2
|
12.6
|
Total weighted averagenote
(1)
|
5.0
|
|
5.6
|
5.4
|
|
5.2
|
|
6.0
|
5.8
|
|
|
|
|
|
|
|
|
|
|
|
10-year government bond yield %
|
|
Expected long-term inflation %
|
||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
China JV
|
3.3
|
|
3.5
|
3.3
|
|
3.0
|
|
3.0
|
3.0
|
Hong Kongnotes
(2)(4)
|
2.0
|
|
2.9
|
2.7
|
|
2.5
|
|
2.5
|
2.5
|
Indonesia
|
7.5
|
|
7.9
|
8.2
|
|
4.5
|
|
4.5
|
4.5
|
Malaysianote
(4)
|
3.7
|
|
4.2
|
4.1
|
|
2.5
|
|
2.5
|
2.5
|
Philippines
|
5.0
|
|
6.6
|
7.0
|
|
4.0
|
|
4.0
|
4.0
|
Singaporenote
(4)
|
2.0
|
|
2.6
|
2.1
|
|
2.0
|
|
2.0
|
2.0
|
Taiwan
|
0.7
|
|
0.9
|
0.9
|
|
1.5
|
|
1.5
|
1.5
|
Thailand
|
2.1
|
|
2.6
|
2.5
|
|
3.0
|
|
3.0
|
3.0
|
Vietnam
|
4.7
|
|
4.7
|
5.1
|
|
5.5
|
|
5.5
|
5.5
|
|
|
2019 %
|
|
2018 %
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
Hong Kong
|
6.0
|
|
6.9
|
6.7
|
|
Malaysia
|
10.1
|
|
10.7
|
10.6
|
|
Singapore
|
8.5
|
|
9.1
|
8.6
|
|
|
|
2019 %
|
|
2018 %
|
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Risk discount rate:
|
|
|
|
|
||
|
Variable annuity:
|
|
|
|
|
|
|
|
Risk discount rate
|
6.4
|
|
7.3
|
7.1
|
|
|
Additional allowance for credit risk included in risk discount
ratenote
11(i)(h)
|
0.2
|
|
0.2
|
0.2
|
|
Non-variable annuity:
|
|
|
|
|
|
|
|
Risk discount rate
|
3.7
|
|
4.6
|
4.4
|
|
|
Additional allowance for credit risk included in risk discount
ratenote
11(i)(h)
|
1.0
|
|
1.0
|
1.0
|
|
Total weighted average:
|
|
|
|
|
|
|
|
New business
|
6.1
|
|
7.1
|
6.9
|
|
|
In-force business
|
6.1
|
|
7.0
|
6.8
|
Allowance for long-term defaults included in projected
spreadnote
11(i)(h)
|
0.17
|
|
0.18
|
0.17
|
||
US 10-year treasury bond yield
|
2.0
|
|
2.9
|
2.7
|
||
Equity risk premium (arithmetic)
|
4.0
|
|
4.0
|
4.0
|
||
Pre-tax expected long-term nominal rate of return for US equities
(arithmetic)
|
6.0
|
|
6.9
|
6.7
|
||
Expected long-term rate of inflation
|
2.8
|
|
3.1
|
2.9
|
||
S&P equity return volatilitynote
(ii)(b)
|
17.5
|
|
18.0
|
17.5
|
|
2019 %
|
|
2018 %
|
|
|
January to June issues
|
|
January to June issues
|
July to December issues
|
Fixed annuity business*
|
1.50
|
|
1.75
|
1.75
|
Fixed index annuity business†
|
0.50
|
|
2.00
|
2.00
|
Institutional business
|
0.50
|
|
0.50
|
0.50
|
|
2019 %
|
|
2018 %
|
||
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
Shareholder-backed annuity in-force business:note
(1)
|
|
|
|
|
|
Risk discount rate
|
3.8
|
|
4.1
|
4.7
|
|
Pre-tax expected 15-year nominal rates of investment
return
|
2.5
|
|
2.9
|
3.1
|
|
With-profits and other business:
|
|
|
|
|
|
Risk discount rate:note
(2)
|
|
|
|
|
|
|
New business
|
4.6
|
|
4.8
|
4.9
|
|
In-force business
|
4.5
|
|
4.9
|
5.0
|
Pre-tax expected 15-year nominal rates of investment return
(arithmetic):
|
|
|
|
|
|
|
Overseas equities
|
5.8 to 9.7
|
|
6.6 to 10.3
|
6.5 to 10.1
|
|
Property
|
4.0
|
|
4.4
|
4.4
|
|
15-year gilt yield
|
1.3
|
|
1.7
|
1.7
|
|
Corporate bonds
|
3.0
|
|
3.5
|
3.5
|
Expected 15-year rate of inflation
|
3.6
|
|
3.4
|
3.6
|
|
Equity risk premium (arithmetic)
|
4.0
|
|
4.0
|
4.0
|
|
|
1 year
|
5 year
|
10 year
|
15 year
|
20 year
|
|
30 Jun 2019
|
0.7%
|
0.8%
|
0.9%
|
1.1%
|
1.1%
|
|
31 Dec 2018
|
1.0%
|
1.2%
|
1.3%
|
1.4%
|
1.5%
|
|
30 Jun 2018
|
0.8%
|
1.2%
|
1.4%
|
1.5%
|
1.6%
|
|
|
%
|
Asia:
|
|
|
Hong
Kong
|
|
16.5 per cent on 5 per cent of premium income
|
Indonesia
|
|
25.0
|
Malaysia
|
|
24.0
|
Singapore
|
|
17.0
|
US
|
|
21.0
|
UK
|
|
19.0;
from 1 April 2020: 17.0
|
|
Single premiums
|
|
Regular premiums
|
|
Annual premium equivalents (APE)
|
|
Present value of new business premiums (PVNBP)
|
||||||||||||
|
2019 £m
|
|
2018 £m
|
|
2019 £m
|
|
2018 £m
|
|
2019 £m
|
|
2018 £m
|
|
2019 £m
|
|
2018 £m
|
||||
|
Half
year
|
|
Half
year
|
Full
year
|
|
Half
year
|
|
Half
year
|
Full
year
|
|
Half
year
|
|
Half
year
|
Full
year
|
|
Half
year
|
|
Half
year
|
Full
year
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cambodia
|
-
|
|
-
|
-
|
|
11
|
|
8
|
20
|
|
11
|
|
8
|
20
|
|
51
|
|
37
|
89
|
Hong Kong
|
165
|
|
157
|
343
|
|
813
|
|
726
|
1,663
|
|
830
|
|
742
|
1,697
|
|
5,178
|
|
4,210
|
10,200
|
Indonesia
|
94
|
|
118
|
205
|
|
111
|
|
101
|
215
|
|
121
|
|
113
|
236
|
|
515
|
|
434
|
910
|
Malaysia
|
70
|
|
31
|
84
|
|
115
|
|
114
|
243
|
|
122
|
|
117
|
251
|
|
681
|
|
583
|
1,322
|
Philippines
|
11
|
|
22
|
43
|
|
54
|
|
36
|
83
|
|
55
|
|
38
|
87
|
|
185
|
|
134
|
296
|
Singapore
|
386
|
|
420
|
930
|
|
192
|
|
163
|
369
|
|
231
|
|
205
|
462
|
|
1,623
|
|
1,529
|
3,611
|
Thailand
|
74
|
|
124
|
217
|
|
41
|
|
41
|
95
|
|
48
|
|
53
|
117
|
|
246
|
|
289
|
609
|
Vietnam
|
10
|
|
8
|
20
|
|
67
|
|
60
|
144
|
|
68
|
|
61
|
146
|
|
363
|
|
305
|
708
|
South-east Asia
including Hong Kong
|
810
|
|
880
|
1,842
|
|
1,404
|
|
1,249
|
2,832
|
|
1,486
|
|
1,337
|
3,016
|
|
8,842
|
|
7,521
|
17,745
|
China JVnote
(b)
|
360
|
|
30
|
103
|
|
234
|
|
184
|
292
|
|
270
|
|
187
|
302
|
|
1,185
|
|
759
|
1,313
|
Taiwan
|
196
|
|
180
|
292
|
|
97
|
|
90
|
182
|
|
116
|
|
108
|
211
|
|
483
|
|
426
|
788
|
Indianote
(c)
|
60
|
|
31
|
79
|
|
100
|
|
101
|
207
|
|
106
|
|
104
|
215
|
|
478
|
|
426
|
908
|
Total Asia
|
1,426
|
|
1,121
|
2,316
|
|
1,835
|
|
1,624
|
3,513
|
|
1,978
|
|
1,736
|
3,744
|
|
10,988
|
|
9,132
|
20,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable annuities
|
4,854
|
|
5,439
|
10,810
|
|
-
|
|
-
|
-
|
|
485
|
|
544
|
1,081
|
|
4,854
|
|
5,439
|
10,810
|
Elite Access
(variable annuity)
|
743
|
|
898
|
1,681
|
|
-
|
|
-
|
-
|
|
74
|
|
89
|
168
|
|
743
|
|
898
|
1,681
|
Fixed annuities
|
177
|
|
166
|
340
|
|
-
|
|
-
|
-
|
|
18
|
|
17
|
34
|
|
177
|
|
166
|
340
|
Fixed index annuities
|
930
|
|
125
|
251
|
|
-
|
|
-
|
-
|
|
93
|
|
13
|
25
|
|
930
|
|
125
|
251
|
Institutional
|
1,606
|
|
1,535
|
2,341
|
|
-
|
|
-
|
-
|
|
161
|
|
153
|
234
|
|
1,606
|
|
1,535
|
2,341
|
Total US
|
8,310
|
|
8,163
|
15,423
|
|
-
|
|
-
|
-
|
|
831
|
|
816
|
1,542
|
|
8,310
|
|
8,163
|
15,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total continuing
operationsnote
(d)
|
9,736
|
|
9,284
|
17,739
|
|
1,835
|
|
1,624
|
3,513
|
|
2,809
|
|
2,552
|
5,286
|
|
19,298
|
|
17,295
|
36,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
UK and Europe operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds
|
1,799
|
|
1,650
|
3,539
|
|
-
|
|
-
|
-
|
|
180
|
|
165
|
354
|
|
|
|
|
|
Corporate pensions
|
44
|
|
43
|
69
|
|
61
|
|
70
|
117
|
|
65
|
|
75
|
124
|
|
|
|
|
|
Individual pensions
|
2,170
|
|
2,989
|
5,681
|
|
18
|
|
17
|
35
|
|
235
|
|
316
|
603
|
|
|
|
|
|
Income drawdown
|
1,248
|
|
1,226
|
2,555
|
|
-
|
|
-
|
-
|
|
125
|
|
123
|
256
|
|
|
|
|
|
Other products
|
854
|
|
782
|
1,538
|
|
14
|
|
14
|
25
|
|
100
|
|
91
|
179
|
|
|
|
|
|
Total discontinued
UK and Europe operations
|
6,115
|
|
6,690
|
13,382
|
|
93
|
|
101
|
177
|
|
705
|
|
770
|
1,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group totalnote
(d)
|
15,851
|
|
15,974
|
31,121
|
|
1,928
|
|
1,725
|
3,690
|
|
3,514
|
|
3,322
|
6,802
|
|
|
|
|
|
|
Half year 2019 £m
|
||||
|
1 Jan 2019
|
Market
gross inflows
|
Redemptions
|
Market exchange translation and other movements
|
30 Jun 2019
|
Eastspring Investments - continuing
|
49,455
|
16,454
|
(13,396)
|
3,959
|
56,472
|
M&GPrudential - discontinued
|
146,946
|
17,793
|
(22,379)
|
10,601
|
152,961
|
Group total
|
196,401
|
34,247
|
(35,775)
|
14,560
|
209,433
|
|
|
|
|
|
|
|
Half year 2018 £m
|
||||
|
1 Jan 2018
|
Market
gross inflows
|
Redemptions
|
Market exchange translation and other movements
|
30 Jun 2018
|
Eastspring Investments
|
46,568
|
10,456
|
(11,319)
|
(3,335)
|
42,370
|
M&GPrudential
|
163,855
|
21,401
|
(17,853)
|
(1,913)
|
165,490
|
Group total
|
210,423
|
31,857
|
(29,172)
|
(5,248)
|
207,860
|
|
2019 £m
|
|
2018* £m
|
|
|
Half year
|
|
Half year
|
Full year
|
Gain on disposalsnote
(i)
|
140
|
|
-
|
-
|
Other corporate transactionsnote
(ii)
|
(164)
|
|
(48)
|
(75)
|
Total
|
(24)
|
|
(48)
|
(75)
|
|
|
Average rate*
|
|
Closing rate
|
||||
|
Local currency : £
|
Half year
2019
|
Half year
2018
|
% appreciation
(depreciation) of
local currency
against GBP
|
|
30 Jun
2019
|
30 Jun
2018
|
% appreciation
(depreciation) of
local currency
against GBP
|
|
China
|
8.78
|
8.76
|
(0)%
|
|
8.74
|
8.75
|
0%
|
|
Hong Kong
|
10.15
|
10.78
|
6%
|
|
9.94
|
10.36
|
4%
|
|
Indonesia
|
18,364.05
|
18,938.64
|
3%
|
|
17,980.07
|
18,919.18
|
5%
|
|
Malaysia
|
5.33
|
5.42
|
2%
|
|
5.26
|
5.33
|
1%
|
|
Singapore
|
1.76
|
1.83
|
4%
|
|
1.72
|
1.80
|
5%
|
|
Thailand
|
40.91
|
43.66
|
7%
|
|
39.06
|
43.74
|
12%
|
|
US
|
1.29
|
1.38
|
7%
|
|
1.27
|
1.32
|
4%
|
|
Vietnam
|
30,087.11
|
31,329.01
|
4%
|
|
29,660.27
|
30,310.96
|
2%
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Average rate*
|
|
Closing rate
|
||||
|
Local currency : £
|
Half year
2019
|
Full year
2018
|
% appreciation
(depreciation) of
local currency
against GBP
|
|
30 Jun
2019
|
31 Dec
2018
|
% appreciation
(depreciation) of
local currency
against GBP
|
|
China
|
8.78
|
8.82
|
0%
|
|
8.74
|
8.74
|
0%
|
|
Hong Kong
|
10.15
|
10.46
|
3%
|
|
9.94
|
9.97
|
0%
|
|
Indonesia
|
18,364.05
|
18,987.65
|
3%
|
|
17,980.07
|
18,314.37
|
2%
|
|
Malaysia
|
5.33
|
5.38
|
1%
|
|
5.26
|
5.26
|
0%
|
|
Singapore
|
1.76
|
1.80
|
2%
|
|
1.72
|
1.74
|
1%
|
|
Thailand
|
40.91
|
43.13
|
5%
|
|
39.06
|
41.47
|
6%
|
|
US
|
1.29
|
1.34
|
4%
|
|
1.27
|
1.27
|
0%
|
|
Vietnam
|
30,087.11
|
30,732.53
|
2%
|
|
29,660.27
|
29,541.15
|
(0)%
|
|
Single premiums
|
Regular premiums
|
APEnote(2)
|
PVNBPnote(2)
|
||||||||
|
2019
|
2018
|
+/(-)
|
2019
|
2018
|
+/(-)
|
2019
|
2018
|
+/(-)
|
2019
|
2018
|
+/(-)
|
|
Half
year
|
Half
year
|
|
Half
year
|
Half
year
|
|
Half
year
|
Half
year
|
|
Half
year
|
Half
year
|
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
Cambodia
|
-
|
-
|
-
|
11
|
8
|
38%
|
11
|
8
|
38%
|
51
|
37
|
38%
|
Hong Kong
|
165
|
157
|
5%
|
813
|
726
|
12%
|
830
|
742
|
12%
|
5,178
|
4,210
|
23%
|
Indonesia
|
94
|
118
|
(20)%
|
111
|
101
|
10%
|
121
|
113
|
7%
|
515
|
434
|
19%
|
Malaysia
|
70
|
31
|
126%
|
115
|
114
|
1%
|
122
|
117
|
4%
|
681
|
583
|
17%
|
Philippines
|
11
|
22
|
(50)%
|
54
|
36
|
50%
|
55
|
38
|
45%
|
185
|
134
|
38%
|
Singapore
|
386
|
420
|
(8)%
|
192
|
163
|
18%
|
231
|
205
|
13%
|
1,623
|
1,529
|
6%
|
Thailand
|
74
|
124
|
(40)%
|
41
|
41
|
-
|
48
|
53
|
(9)%
|
246
|
289
|
(15)%
|
Vietnam
|
10
|
8
|
25%
|
67
|
60
|
12%
|
68
|
61
|
11%
|
363
|
305
|
19%
|
South-east Asia
including Hong Kong
|
810
|
880
|
(8)%
|
1,404
|
1,249
|
12%
|
1,486
|
1,337
|
11%
|
8,842
|
7,521
|
18%
|
China JVnote
(3)
|
360
|
30
|
1,100%
|
234
|
184
|
27%
|
270
|
187
|
44%
|
1,185
|
759
|
56%
|
Taiwan
|
196
|
180
|
9%
|
97
|
90
|
8%
|
116
|
108
|
7%
|
483
|
426
|
13%
|
Indianote
(4)
|
60
|
31
|
94%
|
100
|
101
|
(1)%
|
106
|
104
|
2%
|
478
|
426
|
12%
|
Total Asia
|
1,426
|
1,121
|
27%
|
1,835
|
1,624
|
13%
|
1,978
|
1,736
|
14%
|
10,988
|
9,132
|
20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable annuities
|
4,854
|
5,439
|
(11)%
|
-
|
-
|
-
|
485
|
544
|
(11)%
|
4,854
|
5,439
|
(11)%
|
Elite Access (variable
annuity)
|
743
|
898
|
(17)%
|
-
|
-
|
-
|
74
|
89
|
(17)%
|
743
|
898
|
(17)%
|
Fixed annuities
|
177
|
166
|
7%
|
-
|
-
|
-
|
18
|
17
|
6%
|
177
|
166
|
7%
|
Fixed index annuities
|
930
|
125
|
644%
|
-
|
-
|
-
|
93
|
13
|
615%
|
930
|
125
|
644%
|
Wholesale
|
1,606
|
1,535
|
5%
|
-
|
-
|
-
|
161
|
153
|
5%
|
1,606
|
1,535
|
5%
|
Total US
|
8,310
|
8,163
|
2%
|
-
|
-
|
-
|
831
|
816
|
2%
|
8,310
|
8,163
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total continuing
operations*
|
9,736
|
9,284
|
5%
|
1,835
|
1,624
|
13%
|
2,809
|
2,552
|
10%
|
19,298
|
17,295
|
12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
UK and Europe operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds
|
1,799
|
1,650
|
9%
|
-
|
-
|
-
|
180
|
165
|
9%
|
|
|
|
Corporate pensions
|
44
|
43
|
2%
|
61
|
70
|
(13)%
|
65
|
75
|
(13)%
|
|
|
|
Individual pensions
|
2,170
|
2,989
|
(27)%
|
18
|
17
|
6%
|
235
|
316
|
(26)%
|
|
|
|
Income drawdown
|
1,248
|
1,226
|
2%
|
-
|
-
|
-
|
125
|
123
|
2%
|
|
|
|
Other products
|
854
|
782
|
9%
|
14
|
14
|
-
|
100
|
91
|
10%
|
|
|
|
Total discontinued
UK and Europe operations
|
6,115
|
6,690
|
(9)%
|
93
|
101
|
(8)%
|
705
|
770
|
(8)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group total*
|
15,851
|
15,974
|
(1)%
|
1,928
|
1,725
|
12%
|
3,514
|
3,322
|
6%
|
|
|
|
|
Single premiums
|
Regular premiums
|
APEnote
(2)
|
PVNBPnote
(2)
|
||||||||
|
2019
|
2018
|
+/(-)
|
2019
|
2018
|
+/(-)
|
2019
|
2018
|
+/(-)
|
2019
|
2018
|
+/(-)
|
|
Half
year
|
Half
year
|
|
Half
year
|
Half
year
|
|
Half
year
|
Half
year
|
|
Half
year
|
Half
year
|
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
Cambodia
|
-
|
-
|
-
|
11
|
9
|
22%
|
11
|
9
|
22%
|
51
|
40
|
28%
|
Hong Kong
|
165
|
167
|
(1)%
|
813
|
771
|
5%
|
830
|
788
|
5%
|
5,178
|
4,473
|
16%
|
Indonesia
|
94
|
122
|
(23)%
|
111
|
104
|
7%
|
121
|
116
|
4%
|
515
|
448
|
15%
|
Malaysia
|
70
|
31
|
126%
|
115
|
116
|
(1)%
|
122
|
119
|
3%
|
681
|
592
|
15%
|
Philippines
|
11
|
24
|
(54)%
|
54
|
38
|
42%
|
55
|
41
|
34%
|
185
|
142
|
30%
|
Singapore
|
386
|
436
|
(11)%
|
192
|
169
|
14%
|
231
|
213
|
8%
|
1,623
|
1,587
|
2%
|
Thailand
|
74
|
132
|
(44)%
|
41
|
43
|
(5)%
|
48
|
57
|
(16)%
|
246
|
308
|
(20)%
|
Vietnam
|
10
|
9
|
11%
|
67
|
63
|
6%
|
68
|
64
|
6%
|
363
|
318
|
14%
|
South-east Asia
including Hong Kong
|
810
|
921
|
(12)%
|
1,404
|
1,313
|
7%
|
1,486
|
1,407
|
6%
|
8,842
|
7,908
|
12%
|
China JVnote
(3)
|
360
|
30
|
1,100%
|
234
|
183
|
28%
|
270
|
186
|
45%
|
1,185
|
758
|
56%
|
Taiwan
|
196
|
182
|
8%
|
97
|
92
|
5%
|
116
|
110
|
5%
|
483
|
432
|
12%
|
Indianote
(4)
|
60
|
31
|
94%
|
100
|
100
|
-
|
106
|
103
|
3%
|
478
|
425
|
12%
|
Total Asia
|
1,426
|
1,164
|
23%
|
1,835
|
1,688
|
9%
|
1,978
|
1,806
|
10%
|
10,988
|
9,523
|
15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable annuities
|
4,854
|
5,783
|
(16)%
|
-
|
-
|
-
|
485
|
578
|
(16)%
|
4,854
|
5,783
|
(16)%
|
Elite Access (variable
annuity)
|
743
|
954
|
(22)%
|
-
|
-
|
-
|
74
|
95
|
(22)%
|
743
|
954
|
(22)%
|
Fixed annuities
|
177
|
177
|
-
|
-
|
-
|
-
|
18
|
18
|
-
|
177
|
177
|
-
|
Fixed index annuities
|
930
|
134
|
594%
|
-
|
-
|
-
|
93
|
14
|
564%
|
930
|
134
|
594%
|
Wholesale
|
1,606
|
1,632
|
(2)%
|
-
|
-
|
-
|
161
|
163
|
(1)%
|
1,606
|
1,632
|
(2)%
|
Total US
|
8,310
|
8,680
|
(4)%
|
-
|
-
|
-
|
831
|
868
|
(4)%
|
8,310
|
8,680
|
(4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total continuing
operations
|
9,736
|
9,844
|
(1)%
|
1,835
|
1,688
|
9%
|
2,809
|
2,674
|
5%
|
19,298
|
18,203
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total discontinued
UK and Europe operations
|
6,115
|
6,690
|
(9)%
|
93
|
101
|
(8)%
|
705
|
770
|
(8)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group total
|
15,851
|
16,534
|
(4)%
|
1,928
|
1,789
|
8%
|
3,514
|
3,444
|
2%
|
|
|
|
|
2018
|
2019
|
|||
|
AER
|
CER
|
AER
|
||
|
H1 £m
|
H2 £m
|
H1 £m
|
H2 £m
|
H1 £m
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
Asia
|
|
|
|
|
|
Cambodia
|
8
|
12
|
9
|
11
|
11
|
Hong Kong
|
742
|
955
|
788
|
962
|
830
|
Indonesia
|
113
|
123
|
116
|
128
|
121
|
Malaysia
|
117
|
134
|
119
|
134
|
122
|
Philippines
|
38
|
49
|
41
|
49
|
55
|
Singapore
|
205
|
257
|
213
|
260
|
231
|
Thailand
|
53
|
64
|
57
|
67
|
48
|
Vietnam
|
61
|
85
|
64
|
85
|
68
|
South-east Asia including Hong Kong
|
1,337
|
1,679
|
1,407
|
1,696
|
1,486
|
China JVnote
(3)
|
187
|
115
|
186
|
118
|
270
|
Taiwan
|
108
|
103
|
110
|
102
|
116
|
Indianote
(4)
|
104
|
111
|
103
|
114
|
106
|
Total Asia
|
1,736
|
2,008
|
1,806
|
2,030
|
1,978
|
|
|
|
|
|
|
US
|
|
|
|
|
|
Variable annuities
|
544
|
537
|
578
|
537
|
485
|
Elite Access (variable annuity)
|
89
|
79
|
95
|
78
|
74
|
Fixed annuities
|
17
|
17
|
18
|
17
|
18
|
Fixed index annuities
|
13
|
12
|
14
|
13
|
93
|
Wholesale
|
153
|
81
|
163
|
79
|
161
|
Total US
|
816
|
726
|
868
|
724
|
831
|
|
|
|
|
|
|
Total continuing operations
|
2,552
|
2,734
|
2,674
|
2,754
|
2,809
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued UK and Europe operations
|
|
|
|
|
|
Bonds
|
165
|
189
|
165
|
189
|
180
|
Corporate pensions
|
75
|
49
|
75
|
49
|
65
|
Individual pensions
|
316
|
287
|
316
|
287
|
235
|
Income drawdown
|
123
|
133
|
123
|
133
|
125
|
Other products
|
91
|
88
|
91
|
88
|
100
|
Total discontinued UK and Europe insurance operations
|
770
|
746
|
770
|
746
|
705
|
|
|
|
|
|
|
Group total
|
3,322
|
3,480
|
3,444
|
3,500
|
3,514
|
|
|
2018
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
H1 £m
|
H2 £m
|
|
|
H1 £m
|
|
Opening funds under management (FUM)
|
|
210,423
|
207,860
|
|
|
196,401
|
|
Net flows:note
(5)
|
|
2,685
|
(14,186)
|
|
|
(1,528)
|
|
- Gross inflows
|
|
31,857
|
26,227
|
|
|
34,247
|
|
- Redemptions
|
|
(29,172)
|
(40,413)
|
|
|
(35,775)
|
|
Other movements*
|
|
(5,248)
|
2,727
|
|
|
14,560
|
|
Group totalnote
(6)
|
|
207,860
|
196,401
|
|
|
209,433
|
|
|
|
|
|
|
|
|
|
Continuing operations:
|
|
|
|
|
|
|
|
Eastspring - excluding MMF
|
|
|
|
|
|
|
|
Third party retail:note
(7)
|
|
|
|
|
|
|
|
Opening FUM
|
|
38,676
|
36,086
|
|
|
43,340
|
|
Net flows:note
(5)
|
|
25
|
(692)
|
|
|
2,073
|
|
- Gross inflows
|
|
10,118
|
9,125
|
|
|
15,170
|
|
- Redemptions
|
|
(10,093)
|
(9,817)
|
|
|
(13,097)
|
|
Other movements*
|
|
(2,615)
|
7,946
|
|
|
3,649
|
|
Closing FUMnote
(8)
|
|
36,086
|
43,340
|
|
|
49,062
|
|
|
|
|
|
|
|
|
|
Third party institutional:
|
|
|
|
|
|
|
|
Opening FUM
|
|
7,892
|
6,284
|
|
|
6,115
|
|
Net flows:
|
|
(888)
|
(31)
|
|
|
985
|
|
- Gross inflows
|
|
338
|
965
|
|
|
1,284
|
|
- Redemptions
|
|
(1,226)
|
(996)
|
|
|
(299)
|
|
Other movements
|
|
(720)
|
(138)
|
|
|
310
|
|
Closing FUMnote
(8)
|
|
6,284
|
6,115
|
|
|
7,410
|
|
|
|
|
|
|
|
|
|
Total Eastspring investment operations
(excluding MMF)
|
|
42,370
|
49,455
|
|
|
56,472
|
|
|
|
|
|
|
|
|
|
Discontinued M&GPrudential operations:
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
Opening FUM
|
|
79,697
|
79,821
|
|
|
69,465
|
|
Net flows:
|
|
2,154
|
(7,022)
|
|
|
(4,251)
|
|
- Gross inflows
|
|
16,471
|
8,113
|
|
|
11,867
|
|
- Redemptions
|
|
(14,317)
|
(15,135)
|
|
|
(16,118)
|
|
Other movements
|
|
(2,030)
|
(3,334)
|
|
|
4,267
|
|
Closing FUM
|
|
79,821
|
69,465
|
|
|
69,481
|
|
|
|
|
|
|
|
|
|
Comprising amounts for:
|
|
|
|
|
|
|
|
UK
|
|
33,786
|
30,600
|
|
|
30,483
|
|
Europe (excluding UK)
|
|
44,571
|
37,523
|
|
|
37,520
|
|
South Africa
|
|
1,464
|
1,342
|
|
|
1,478
|
|
|
|
79,821
|
69,465
|
|
|
69,481
|
|
|
|
|
|
|
|
|
|
Institutional:note
(9)
|
|
|
|
|
|
|
|
Opening FUM
|
|
84,158
|
85,669
|
|
|
77,481
|
|
Net flows:
|
|
1,394
|
(6,441)
|
|
|
(335)
|
|
- Gross inflows
|
|
4,930
|
8,024
|
|
|
5,926
|
|
- Redemptions
|
|
(3,536)
|
(14,465)
|
|
|
(6,261)
|
|
Other movements
|
|
117
|
(1,747)
|
|
|
6,334
|
|
Closing FUM
|
|
85,669
|
77,481
|
|
|
83,480
|
|
|
|
|
|
|
|
|
|
Total discontinued M&GPrudential operations:
|
|
165,490
|
146,946
|
|
|
152,961
|
|
|
|
|
|
|
|
|
|
PPM South Africa FUM included
in total discontinued M&GPrudential
operations
|
|
5,452
|
5,144
|
|
|
5,696
|
|
|
2018
|
2019
|
|||
|
AER
|
CER
|
AER
|
||
|
HY
|
FY
|
HY
|
FY
|
HY
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
New business profit
|
|
|
|
|
|
Asia
|
1,122
|
2,604
|
1,178
|
2,675
|
1,295
|
US
|
466
|
921
|
495
|
951
|
348
|
Total continuing operations
|
1,588
|
3,525
|
1,673
|
3,626
|
1,643
|
|
|
|
|
|
|
Total discontinued UK and Europe operations
|
179
|
352
|
179
|
352
|
152
|
Group total
|
1,767
|
3,877
|
1,852
|
3,978
|
1,795
|
|
|
|
|
|
|
APEnote
(2)
|
|
|
|
|
|
Asia
|
1,736
|
3,744
|
1,806
|
3,836
|
1,978
|
US
|
816
|
1,542
|
868
|
1,592
|
831
|
Total continuing operations
|
2,552
|
5,286
|
2,674
|
5,428
|
2,809
|
|
|
|
|
|
|
Total discontinued UK and Europe operations
|
770
|
1,516
|
770
|
1,516
|
705
|
Group total
|
3,322
|
6,802
|
3,444
|
6,944
|
3,514
|
|
|
|
|
|
|
New business margin (NBP as % of APE)
|
|
|
|
|
|
Asia
|
65%
|
70%
|
65%
|
70%
|
65%
|
US
|
57%
|
60%
|
57%
|
60%
|
42%
|
Total continuing operations
|
62%
|
67%
|
63%
|
67%
|
58%
|
|
|
|
|
|
|
Total discontinued UK and Europe operations
|
23%
|
23%
|
23%
|
23%
|
22%
|
Group total
|
53%
|
57%
|
54%
|
57%
|
51%
|
|
|
|
|
|
|
PVNBPnote
(2)
|
|
|
|
|
|
Asia
|
9,132
|
20,754
|
9,523
|
21,284
|
10,988
|
US
|
8,163
|
15,423
|
8,680
|
15,916
|
8,310
|
Total continuing operations
|
17,295
|
36,177
|
18,203
|
37,200
|
19,298
|
|
|
|
|
|
|
New business margin (NBP as % of PVNBP)
|
|
|
|
|
|
Asia
|
12.3%
|
12.5%
|
12.4%
|
12.6%
|
11.8%
|
US
|
5.7%
|
6.0%
|
5.7%
|
6.0%
|
4.2%
|
Total continuing operations
|
9.2%
|
9.7%
|
9.2%
|
9.7%
|
8.5%
|
|
Half year 2019
|
|||||
|
Asia
|
US
|
Other
|
Total continuing operations
|
Discontinued UK and Europe operations
|
Total Group
|
EEV basis profit for the period, net of tax and non-controlling
interests (£ million)
|
3,064
|
948
|
(1,034)
|
2,978
|
1,281
|
4,259
|
Opening EEV basis shareholders' equity (£million)
|
25,132
|
14,690
|
(3,624)
|
36,198
|
13,584
|
49,782
|
Annualised total return on shareholders' funds
(%)*
|
24%
|
13%
|
n/a
|
16%
|
19%
|
17%
|
* Half year profits are annualised by multiplying by
two.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year 2018
|
|||||
|
Asia
|
US
|
Other
|
Total continuing operations
|
Discontinued UK and Europe operations
|
Total Group
|
EEV basis profit for the period, net of tax and non-controlling
interests (£ million)
|
1,538
|
822
|
290
|
2,650
|
317
|
2,967
|
Opening EEV basis shareholders' equity (£million)
|
21,592
|
13,492
|
(4,013)
|
31,071
|
13,627
|
44,698
|
Annualised total return on shareholders' funds
(%)*
|
14%
|
12%
|
n/a
|
17%
|
5%
|
13%
|
* Half year profits are annualised by multiplying by
two.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full year 2018
|
|||||
|
Asia
|
US
|
Other
|
Total continuing operations
|
Discontinued UK and Europe operations
|
Total Group
|
EEV basis profit for the period, net of tax and non-controlling
interests (£ million)
|
3,601
|
788
|
(213)
|
4,176
|
409
|
4,585
|
Opening EEV basis shareholders' equity (£million)
|
21,592
|
13,492
|
(4,013)
|
31,071
|
13,627
|
44,698
|
Total return on shareholders' funds (%)
|
17%
|
6%
|
n/a
|
13%
|
3%
|
10%
|
|
30 Jun 2019
|
|||||
|
Asia
|
US
|
Other
|
Total continuing operations
|
Discontinued UK and Europe
operations
|
Total
Group
|
Closing EEV shareholders' equity (£ million)
|
27,899
|
15,379
|
(3,621)
|
39,657
|
13,759
|
53,416
|
Less: Goodwill attributable to shareholders (£
million)
|
(510)
|
-
|
-
|
(510)
|
(1,153)
|
(1,663)
|
Closing EEV shareholders' equity excluding goodwill attributable to
shareholders (£ million)
|
27,389
|
15,379
|
(3,621)
|
39,147
|
12,606
|
51,753
|
Shareholders' funds per share (in pence)
|
1,073p
|
592p
|
(139)p
|
1,526p
|
529p
|
2,055p
|
Shareholders' funds per share excluding goodwill attributable to
shareholders (in pence)
|
1,053p
|
592p
|
(139)p
|
1,506p
|
485p
|
1,991p
|
|
|
|
|
|
|
|
|
30 Jun 2018
|
|||||
|
Asia
|
US
|
Other
|
Total continuing operations
|
Discontinued UK and Europe
operations
|
Total
Group
|
Closing EEV shareholders' equity (£ million)
|
22,608
|
14,300
|
(3,108)
|
33,800
|
13,643
|
47,443
|
Less: Goodwill attributable to shareholders (£
million)
|
(306)
|
-
|
-
|
(306)
|
(1,153)
|
(1,459)
|
Closing EEV shareholders' equity excluding goodwill attributable to
shareholders (£ million)
|
22,302
|
14,300
|
(3,108)
|
33,494
|
12,490
|
45,984
|
Shareholders' funds per share (in pence)
|
872p
|
552p
|
(120)p
|
1,304p
|
526p
|
1,830p
|
Shareholders' funds per share excluding goodwill attributable to
shareholders (in pence)
|
860p
|
552p
|
(120)p
|
1,292p
|
482p
|
1,774p
|
|
|
|
|
|
|
|
|
31 Dec 2018
|
|||||
|
Asia
|
US
|
Other
|
Total continuing operations
|
Discontinued UK and Europe
operations
|
Total
Group
|
Closing EEV shareholders' equity (£ million)
|
25,132
|
14,690
|
(3,624)
|
36,198
|
13,584
|
49,782
|
Less: Goodwill attributable to shareholders (£
million)
|
(498)
|
-
|
-
|
(498)
|
(1,153)
|
(1,651)
|
Closing EEV shareholders' equity excluding goodwill attributable to
shareholders (£ million)
|
24,634
|
14,690
|
(3,624)
|
35,700
|
12,431
|
48,131
|
Shareholders' funds per share (in pence)
|
969p
|
567p
|
(140)p
|
1,396p
|
524p
|
1,920p
|
Shareholders' funds per share excluding goodwill attributable to
shareholders (in pence)
|
950p
|
567p
|
(140)p
|
1,377p
|
479p
|
1,856p
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By: /s/ Mark FitzPatrick
|
|
|
|
Mark
FitzPatrick
|
|
Chief
Financial Officer
|