|
31 Dec 2021
|
|
31 Dec 2020
|
||||
Amounts attributable to Prudential plc
|
Total
|
Less
policyholder
|
Shareholder
|
|
Total
|
Less
policyholder
|
Shareholder
|
Eligible group capital resources ($bn)
|
44.4
|
(27.5)
|
16.9
|
|
34.9
|
(22.1)
|
12.8
|
Group Minimum Capital Requirement ($bn)
|
10.7
|
(7.0)
|
3.7
|
|
10.1
|
(6.7)
|
3.4
|
GWS capital surplus (over GMCR) ($bn)
|
33.7
|
(20.5)
|
13.2
|
|
24.8
|
(15.4)
|
9.4
|
GWS coverage ratio (over GMCR) (%)
|
414%
|
|
454%
|
|
344%
|
|
370%
|
|
|
|
|
|
|
|
|
Allow for January 2022 debt redemption
|
(1.7)
|
-
|
(1.7)
|
|
n/a
|
n/a
|
n/a
|
GWS capital surplus (over GMCR) after January 2022 debt redemption
($bn)
|
32.0
|
(20.5)
|
11.5
|
|
n/a
|
n/a
|
n/a
|
GWS coverage ratio (over GMCR) after January 2022 debt redemption
(%)
|
398%
|
|
408%
|
|
n/a
|
n/a
|
n/a
|
|
|
|
|
Shareholder
|
||
31 Dec 2021 $bn
|
Total Asia
and Africa
|
Less
policyholder
|
|
Asia and Africa
|
Unallocated to
a segment
|
Group
|
Eligible group capital resources
|
40.3
|
(27.5)
|
|
12.8
|
4.1
|
16.9
|
Group Minimum Capital Requirement
|
10.7
|
(7.0)
|
|
3.7
|
-
|
3.7
|
GWS capital surplus (over GMCR)
|
29.6
|
(20.5)
|
|
9.1
|
4.1
|
13.2
|
|
|
|
|
|
|
|
|
|
|
|
Shareholder
|
||
31 Dec 2020 $bn
|
Total Asia
and Africa
|
Less
policyholder
|
|
Asia and Africa
|
Unallocated to
a segment
|
Group
|
Eligible group capital resources
|
33.7
|
(22.1)
|
|
11.6
|
1.2
|
12.8
|
Group Minimum Capital Requirement
|
10.1
|
(6.7)
|
|
3.4
|
-
|
3.4
|
GWS capital surplus (over GMCR)
|
23.6
|
(15.4)
|
|
8.2
|
1.2
|
9.4
|
|
|
31 Dec 2021
|
|
Impact of market sensitivities
|
Surplus
$bn
|
Ratio
%
|
|
Base position
|
13.2
|
454%
|
|
Impact of:
|
|
|
|
|
10% increase in equity markets
|
0.3
|
5%
|
|
20% fall in equity markets
|
(0.6)
|
(2)%
|
|
40% fall in equity markets
|
(1.1)
|
(1)%
|
|
50 basis points reduction in interest rates
|
0.1
|
(10)%
|
|
100 basis points increase in interest rates
|
(0.8)
|
(12)%
|
|
100 basis points increase in credit spreads
|
(0.5)
|
(6)%
|
|
|
2021 $bn
Full year
|
Balance at beginning of period on a LCSM basis
|
7.8
|
|
Treatment of grandfathered debt instruments under the GWS
Framework
|
1.6
|
|
Restated balance at beginning of period on a GWS basis
|
9.4
|
|
Operating:
|
|
|
|
Operating capital generation from the in force
business
|
1.3
|
|
Investment in new business
|
(0.3)
|
Operating capital generation
|
1.0
|
|
|
|
|
Non-operating experience (including market movements)
|
0.3
|
|
|
|
|
Other capital movements:
|
|
|
|
Equity raise
|
2.4
|
|
Subordinated debt issuance / redemption
|
0.1
|
|
Contribution from Prudential’s retained economic interest in
Jackson
|
0.5
|
|
Other Corporate activities
|
(0.1)
|
Other capital movements
|
2.9
|
|
External dividends
|
(0.4)
|
|
Net movement in shareholder capital surplus
|
3.8
|
|
Balance at end of period
|
13.2
|
|
31 Dec 2021 $bn
|
||
|
Asia and
Africa
|
Unallocated
to a segment
|
Group total
|
Estimated total company GWS capital surplus (over
GMCR)*
|
29.6
|
4.1
|
33.7
|
Less policyholder contribution
|
(20.5)
|
-
|
(20.5)
|
Estimated shareholder GWS capital surplus (over GMCR)*
|
9.1
|
4.1
|
13.2
|
Increase required capital for EEV free surplus note
(a)
|
(0.9)
|
-
|
(0.9)
|
Deductions applied to EEV free surplus arising from China
C-ROSS note
(b)
|
(0.5)
|
-
|
(0.5)
|
Deductions applied to EEV free surplus arising from Singapore
RBC note
(c)
|
(2.1)
|
-
|
(2.1)
|
Other, including recognition of inadmissible assets and inclusion
of surplus assets at market value note
(d)
|
0.1
|
0.3
|
0.4
|
EEV free surplus excluding
intangibles†
|
5.7
|
4.4
|
10.1
|
|
31 Dec 2021
$bn
|
Group IFRS shareholders’ equity
|
17.1
|
|
|
Remove DAC, goodwill and intangibles recognised on the IFRS
statement of financial position
|
(7.6)
|
Add debt treated as capital under GWS note
(a)
|
5.7
|
Asset valuation differences note
(b)
|
(2.0)
|
Liability valuation differences note
(c)
|
2.7
|
Differences in associated net deferred tax liabilities
note
(d)
|
1.1
|
Other note
(e)
|
(0.1)
|
Estimated shareholder GWS eligible group capital
resources
|
16.9
|
|
|
2021
|
|
2020 AER
|
|
2020 CER
|
||||||
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Profit
|
liability
|
Margin
|
|
Profit
|
liability
|
Margin
|
|
Profit
|
liability
|
Margin
|
|
|
$m
|
$m
|
bps
|
|
$m
|
$m
|
bps
|
|
$m
|
$m
|
bps
|
|
|
note (a)
|
note (b)
|
|
|
note (a)
|
note (b)
|
|
|
note (a)
|
note (b)
|
|
Spread income
|
312
|
47,270
|
66
|
|
296
|
39,895
|
74
|
|
304
|
40,113
|
76
|
|
Fee income
|
345
|
33,401
|
103
|
|
282
|
28,014
|
101
|
|
287
|
28,425
|
101
|
|
With-profits
|
135
|
84,905
|
16
|
|
117
|
73,375
|
16
|
|
118
|
73,248
|
16
|
|
Insurance margin
|
2,897
|
|
|
|
2,648
|
|
|
|
2,689
|
|
|
|
Margin on revenues*
|
3,008
|
|
|
|
3,007
|
|
|
|
3,048
|
|
|
|
Expenses:*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costsnote
(c)
|
(2,085)
|
4,194
|
(50)%
|
|
(1,928)
|
3,808
|
(51)%
|
|
(1,964)
|
3,890
|
(50)%
|
|
Administration expenses
|
(1,656)
|
80,968
|
(205)
|
|
(1,591)
|
68,133
|
(234)
|
|
(1,609)
|
68,758
|
(234)
|
|
DAC adjustments
|
566
|
|
|
|
382
|
|
|
|
392
|
|
|
Expected return on shareholder assets*
|
231
|
|
|
|
212
|
|
|
|
214
|
|
|
|
|
|
3,753
|
|
|
|
3,425
|
|
|
|
3,479
|
|
|
Share of related tax charges from joint ventures and
associatesnote
(d)
|
(44)
|
|
|
|
(46)
|
|
|
|
(49)
|
|
|
|
Long-term business
|
3,709
|
|
|
|
3,379
|
|
|
|
3,430
|
|
|
|
Eastspring
|
314
|
|
|
|
283
|
|
|
|
286
|
|
|
|
Adjusted operating profit
|
4,023
|
|
|
|
3,662
|
|
|
|
3,716
|
|
|
|
|
2021 $m
|
|
2020 $m
|
|
2021 vs 2020 %
|
||
|
|
|
|
AER
|
CER
|
|
AER
|
CER
|
CPL
|
343
|
|
251
|
269
|
|
37%
|
28%
|
|
Hong Kong
|
975
|
|
891
|
889
|
|
9%
|
10%
|
|
Indonesia
|
446
|
|
519
|
529
|
|
(14)%
|
(16)%
|
|
Malaysia
|
350
|
|
309
|
313
|
|
13%
|
12%
|
|
Singapore
|
663
|
|
574
|
589
|
|
16%
|
13%
|
|
Growth markets and other
|
|
|
|
|
|
|
|
|
|
Philippines
|
110
|
|
95
|
96
|
|
16%
|
15%
|
|
Taiwan
|
94
|
|
85
|
89
|
|
11%
|
6%
|
|
Thailand
|
236
|
|
210
|
205
|
|
12%
|
15%
|
|
Vietnam
|
317
|
|
270
|
274
|
|
17%
|
16%
|
|
Other*
|
219
|
|
221
|
226
|
|
(1)%
|
(3)%
|
|
Share of related tax charges from joint ventures and
associate
|
(44)
|
|
(46)
|
(49)
|
|
(4)%
|
(10)%
|
Long-term business
|
3,709
|
|
3,379
|
3,430
|
|
10%
|
8%
|
|
Eastspring
|
314
|
|
283
|
286
|
|
11%
|
10%
|
|
Adjusted operating profit
|
4,023
|
|
3,662
|
3,716
|
|
10%
|
8%
|
|
2021 $m
|
2020 $m
|
|
Operating income before performance-related feesnote
(1)
|
747
|
646
|
|
Performance-related fees
|
15
|
7
|
|
Operating income (net of commission)note
(2)
|
762
|
653
|
|
Operating expensenote
(2)
|
(403)
|
(336)
|
|
Group's share of tax on joint ventures' operating
profit
|
(45)
|
(34)
|
|
Adjusted operating profit
|
314
|
283
|
|
Average funds managed by Eastspring Investments
|
$251.7bn
|
$227.1bn
|
|
Margin based on operating incomenote
(3)
|
30bps
|
28bps
|
|
Cost/income rationote
II(v)
|
54%
|
52%
|
|
|
|
|
|
|
|
Retail
|
Margin
|
Institutional*
|
Margin*
|
Total
|
Margin*
|
|
|
$m
|
bps
|
$m
|
bps
|
$m
|
bps
|
|
2021
|
449
|
56
|
298
|
17
|
747
|
30
|
|
2020
|
390
|
52
|
256
|
17
|
646
|
28
|
|
|
31 Dec 2021 $bn
|
31 Dec 2020 $bn
|
External funds under management, excluding funds managed on behalf
of M&G plcnote
(1)
|
|
|
|
|
Retail
|
68.5
|
66.9
|
|
Institutional
|
13.2
|
13.8
|
|
Money market funds (MMF)
|
12.3
|
13.2
|
|
|
94.0
|
93.9
|
Funds managed on behalf of M&G plcnote
(2)
|
11.5
|
15.7
|
|
|
|
|
|
External funds under management
|
105.5
|
109.6
|
|
Internal funds under management
|
153.0
|
138.2
|
|
Total funds under managementnote
(3)
|
258.5
|
247.8
|
|
|
|
2021 $m
|
2020 $m
|
|
At 1 Jan
|
93,863
|
98,005
|
|
|
Market gross inflows
|
98,963
|
116,743
|
|
|
Redemptions
|
(99,862)
|
(126,668)
|
|
|
Market and other movements
|
992
|
5,783
|
|
|
At 31 Dec*
|
93,956
|
93,863
|
|
|
|
2021 $m
|
2020 $m
|
|
At 1 Jan
|
15,737
|
26,717
|
|
|
Net flows
|
(4,040)
|
(10,033)
|
|
|
Market and other movements
|
(168)
|
(947)
|
|
|
At 31 Dec
|
11,529
|
15,737
|
|
|
31 Dec 2021
|
|
31 Dec 2020
|
||
|
|
$bn
|
% of total
|
|
$bn
|
% of total
|
|
Equity
|
107.1
|
41%
|
|
103.9
|
42%
|
|
Fixed income
|
133.6
|
52%
|
|
125.7
|
51%
|
|
Alternatives
|
2.7
|
1%
|
|
2.7
|
1%
|
|
Money Market Funds
|
15.1
|
6%
|
|
15.5
|
6%
|
|
Total funds under management
|
258.5
|
100%
|
|
247.8
|
100%
|
|
|
|
31 Dec 2021 $bn
|
31 Dec 2020 $bn
|
Continuing operations:
|
|
|
||
|
Internal funds
|
193.9
|
175.0
|
|
|
Eastspring external funds, including M&G plc (as analysed in
note I(iii) above)
|
105.5
|
109.6
|
|
Total Group funds under managementnote
|
299.4
|
284.6
|
|
|
31 Dec 2021 $bn
|
31 Dec 2020 $bn
|
Total investments and cash and cash equivalents held by the
continuing operations on the balance sheet
|
177.9
|
164.0
|
|
External funds of Eastspring including M&G plc
|
105.5
|
109.6
|
|
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
|
16.0
|
11.0
|
|
Total Group funds under management
|
299.4
|
284.6
|
|
|
2021 $m
|
2020 $m
|
Net cash remitted by continuing operations:
|
|
|
|
|
Insurance and asset management business
|
1,451
|
877
|
|
Other operations
|
–
|
55
|
Net cash remitted by business unitsnote
(a)
|
1,451
|
932
|
|
Net interest paid
|
(314)
|
(294)
|
|
Tax received
|
–
|
94
|
|
Corporate activitiesnote
(b)
|
(322)
|
(432)
|
|
Centrally funded recurring bancassurance feesnote
(c)
|
(176)
|
(220)
|
|
Total central outflows
|
(812)
|
(852)
|
|
Holding company cash flow before dividends and other
movements
|
639
|
80
|
|
Dividends paid
|
(421)
|
(814)
|
|
Operating holding company cash flow after dividends but before
other movements
|
218
|
(734)
|
|
Other movements
|
|
|
|
|
Issuance and redemption of debt for continuing
operations
|
(255)
|
983
|
|
Hong Kong public offer and international placing
|
2,374
|
–
|
|
Other corporate activities relating to continuing
operationsnote
(c)
|
(199)
|
(954)
|
|
UK and Europe demerger costs
|
–
|
(17)
|
|
US demerger costs
|
(30)
|
(20)
|
Total other movements
|
1,890
|
(8)
|
|
Total holding company cash flow
|
2,108
|
(742)
|
|
Cash and short-term investments at 1 Jan
|
1,463
|
2,207
|
|
Foreign exchange movements
|
1
|
(2)
|
|
Cash and short-term investments at 31 Decnote
(d)
|
3,572
|
1,463
|
|
|
31 Dec 2021 $m
|
||||
|
|
Continuing long-term business operations
|
||||
|
|
Expected generation from
all in-force
business*
|
|
Expected generation from
new business written in
2021*
|
||
Expected period of emergence
|
Undiscounted
|
Discounted
|
|
Undiscounted
|
Discounted
|
|
2022
|
2,343
|
2,264
|
|
294
|
283
|
|
2023
|
2,267
|
2,079
|
|
219
|
197
|
|
2024
|
2,155
|
1,877
|
|
196
|
168
|
|
2025
|
2,014
|
1,679
|
|
176
|
143
|
|
2026
|
2,034
|
1,621
|
|
173
|
132
|
|
2027
|
1,978
|
1,507
|
|
179
|
130
|
|
2028
|
2,109
|
1,565
|
|
164
|
116
|
|
2029
|
1,706
|
1,167
|
|
155
|
104
|
|
2030
|
1,977
|
1,346
|
|
144
|
93
|
|
2031
|
1,904
|
1,239
|
|
153
|
94
|
|
2032
|
1,845
|
1,154
|
|
162
|
92
|
|
2033
|
1,807
|
1,088
|
|
139
|
77
|
|
2034
|
1,744
|
1,008
|
|
126
|
68
|
|
2035
|
1,746
|
976
|
|
126
|
64
|
|
2036
|
1,722
|
934
|
|
135
|
66
|
|
2037
|
1,702
|
895
|
|
116
|
56
|
|
2038
|
1,716
|
869
|
|
117
|
54
|
|
2039
|
1,715
|
838
|
|
118
|
52
|
|
2040
|
1,724
|
816
|
|
117
|
50
|
|
2041
|
1,688
|
772
|
|
125
|
51
|
|
2042-2046
|
8,150
|
3,388
|
|
591
|
221
|
|
2047-2051
|
7,592
|
2,675
|
|
591
|
182
|
|
2052-2056
|
6,759
|
2,025
|
|
554
|
143
|
|
2057-2061
|
5,998
|
1,500
|
|
536
|
118
|
|
Total free surplus expected to
|
|
|
|
|
|
|
|
emerge in the next 40 years
|
66,395
|
35,282
|
|
5,406
|
2,754
|
|
|
2021 $m
|
Undiscounted expected free surplus generation for years 2022 to
2061
|
5,406
|
|
Less: discount effect
|
(2,652)
|
|
Discounted expected free surplus generation for years 2022 to
2061
|
2,754
|
|
Discounted expected free surplus generation for years after
2061
|
299
|
|
Discounted expected free surplus generation from new business
written in 2021
|
3,053
|
|
Free surplus investment in new business
|
(537)
|
|
Other items*
|
10
|
|
New business profit
|
2,526
|
|
|
31 Dec 2021 $m
|
Discounted expected generation from all in-force business for years
2022 to 2061
|
35,282
|
|
Discounted expected generation from all in-force business for years
after 2061
|
3,640
|
|
Discounted expected generation from all in-force business at 31
December 2021
|
38,922
|
|
Free surplus of long-term business operations at 31 December
2021
|
5,960
|
|
Other items*
|
(236)
|
|
EEV for long-term business operations
|
44,646
|
|
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
|
Other
|
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
$m
|
|
$m
|
|
2020 expected free surplus generation for years 2021 to
2060
|
2,156
|
2,084
|
2,085
|
1,978
|
1,928
|
1,895
|
|
46,950
|
|
59,076
|
|
Less: Amounts expected to be realised in the current
year
|
(2,156)
|
-
|
-
|
-
|
-
|
-
|
|
-
|
|
(2,156)
|
|
Add: Expected free surplus to be generated in year 2061 (excluding
2021 new business)
|
-
|
-
|
-
|
-
|
-
|
-
|
|
816
|
|
816
|
|
Foreign exchange differences
|
-
|
(26)
|
(26)
|
(24)
|
(25)
|
(24)
|
|
(467)
|
|
(592)
|
|
New business
|
-
|
294
|
219
|
196
|
176
|
173
|
|
4,348
|
|
5,406
|
|
Operating movements
|
-
|
16
|
-
|
20
|
(20)
|
(18)
|
|
|
|
|
|
Non-operating and other movements
|
-
|
(25)
|
(11)
|
(15)
|
(45)
|
8
|
|
3,935
|
|
3,845
|
|
2021 expected free surplus generation for years 2022 to
2061*
|
-
|
2,343
|
2,267
|
2,155
|
2,014
|
2,034
|
|
55,582
|
|
66,395
|
|
2021 $m
|
Expected transfer from in-force business to free surplus in
2021
|
2,340
|
Expected return on existing free surplus
|
157
|
Changes in operating assumptions and experience
variances
|
(173)
|
Underlying free surplus generated from long-term business in force
before restructuring and IFRS 17 implementation costs
|
2,324
|
|
|
2021 free surplus expected to be generated at 31 December
2020
|
2,156
|
AER
|
Single premiums
|
Regular premiums
|
APEnote
(1)
|
PVNBPnote
(1)
|
|||||||||
|
|
2021
|
2020
|
+/(-)
|
2021
|
2020
|
+/(-)
|
2021
|
2020
|
+/(-)
|
2021
|
2020
|
+/(-)
|
Continuing operations:
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
|
CPLnote
(2)
|
1,760
|
1,068
|
65%
|
600
|
475
|
26%
|
776
|
582
|
33%
|
3,761
|
2,705
|
39%
|
|
Hong Kong
|
808
|
184
|
339%
|
469
|
741
|
(37)%
|
550
|
758
|
(27)%
|
4,847
|
5,095
|
(5)%
|
|
Indonesia
|
258
|
226
|
14%
|
226
|
244
|
(7)%
|
252
|
267
|
(6)%
|
1,067
|
1,154
|
(8)%
|
|
Malaysia
|
74
|
90
|
(18)%
|
453
|
337
|
34%
|
461
|
346
|
33%
|
2,137
|
2,023
|
6%
|
|
Singapore
|
2,412
|
1,496
|
61%
|
502
|
460
|
9%
|
743
|
610
|
22%
|
6,214
|
5,354
|
16%
|
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
15
|
17
|
(12)%
|
133
|
110
|
21%
|
134
|
112
|
20%
|
288
|
-
|
-
|
|
Cambodia
|
-
|
-
|
-
|
14
|
10
|
40%
|
14
|
10
|
40%
|
59
|
45
|
31%
|
|
Indianote
(3)
|
285
|
225
|
27%
|
200
|
154
|
30%
|
228
|
177
|
29%
|
1,172
|
902
|
30%
|
|
Laos
|
-
|
-
|
-
|
1
|
1
|
-
|
1
|
1
|
-
|
2
|
3
|
(33)%
|
|
Myanmar
|
-
|
-
|
-
|
1
|
-
|
-
|
1
|
-
|
-
|
3
|
1
|
200%
|
|
Philippines
|
89
|
49
|
82%
|
168
|
134
|
25%
|
177
|
139
|
27%
|
655
|
528
|
24%
|
|
Taiwan
|
172
|
201
|
(14)%
|
379
|
367
|
3%
|
397
|
387
|
3%
|
1,417
|
1,445
|
(2)%
|
|
Thailand
|
142
|
122
|
16%
|
204
|
171
|
19%
|
218
|
183
|
19%
|
882
|
768
|
15%
|
|
Vietnam
|
55
|
21
|
162%
|
237
|
234
|
1%
|
242
|
236
|
3%
|
1,649
|
1,564
|
5%
|
Total continuing operations
|
6,070
|
3,699
|
64%
|
3,587
|
3,438
|
4%
|
4,194
|
3,808
|
10%
|
24,153
|
21,587
|
12%
|
CER
|
Single premiums
|
Regular premiums
|
APEnote(1)
|
PVNBPnote(1)
|
|||||||||
|
|
2021
|
2020
|
+/(-)
|
2021
|
2020
|
+/(-)
|
2021
|
2020
|
+/(-)
|
2021
|
2020
|
+/(-)
|
Continuing operations:
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
|
CPLnote
(2)
|
1,760
|
1,143
|
54%
|
600
|
509
|
18%
|
776
|
623
|
25%
|
3,761
|
2,894
|
30%
|
|
Hong Kong
|
808
|
184
|
339%
|
469
|
738
|
(36)%
|
550
|
757
|
(27)%
|
4,847
|
5,083
|
(5)%
|
|
Indonesia
|
258
|
230
|
12%
|
226
|
248
|
(9)%
|
252
|
271
|
(7)%
|
1,067
|
1,174
|
(9)%
|
|
Malaysia
|
74
|
91
|
(19)%
|
453
|
342
|
32%
|
461
|
351
|
31%
|
2,137
|
2,051
|
4%
|
|
Singapore
|
2,412
|
1,535
|
57%
|
502
|
472
|
6%
|
743
|
626
|
19%
|
6,214
|
5,495
|
13%
|
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
15
|
16
|
(6)%
|
133
|
107
|
24%
|
134
|
108
|
24%
|
288
|
-
|
-
|
|
Cambodia
|
-
|
-
|
-
|
14
|
10
|
40%
|
14
|
10
|
40%
|
59
|
45
|
31%
|
|
Indianote
(3)
|
285
|
225
|
27%
|
200
|
155
|
29%
|
228
|
177
|
29%
|
1,172
|
904
|
30%
|
|
Laos
|
-
|
-
|
-
|
1
|
1
|
-
|
1
|
1
|
-
|
2
|
3
|
(33)%
|
|
Myanmar
|
-
|
-
|
-
|
1
|
-
|
-
|
1
|
-
|
-
|
3
|
1
|
200%
|
|
Philippines
|
89
|
49
|
82%
|
168
|
135
|
24%
|
177
|
140
|
26%
|
655
|
531
|
23%
|
|
Taiwan
|
172
|
212
|
(19)%
|
379
|
387
|
(2)%
|
397
|
408
|
(3)%
|
1,417
|
1,524
|
(7)%
|
|
Thailand
|
142
|
120
|
18%
|
204
|
167
|
22%
|
218
|
179
|
22%
|
882
|
751
|
17%
|
|
Vietnam
|
55
|
22
|
150%
|
237
|
237
|
-
|
242
|
239
|
1%
|
1,649
|
1,585
|
4%
|
Total continuing operations
|
6,070
|
3,827
|
59%
|
3,587
|
3,508
|
2%
|
4,194
|
3,890
|
8%
|
24,153
|
22,041
|
10%
|
APEnote(1)
|
AER
|
CER
|
|||||||
|
|
2021 $m
|
2020 $m
|
2021 $m
|
2020 $m
|
||||
Continuing operations:
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
|
CPLnote
(2)
|
448
|
328
|
319
|
263
|
449
|
327
|
348
|
275
|
|
Hong Kong
|
253
|
297
|
388
|
370
|
253
|
297
|
387
|
370
|
|
Indonesia
|
117
|
135
|
123
|
144
|
117
|
135
|
125
|
146
|
|
Malaysia
|
211
|
250
|
123
|
223
|
209
|
252
|
126
|
225
|
|
Singapore
|
379
|
364
|
229
|
381
|
376
|
367
|
238
|
388
|
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
Africa
|
66
|
68
|
54
|
58
|
67
|
67
|
51
|
57
|
|
Cambodia
|
7
|
7
|
4
|
6
|
7
|
7
|
4
|
6
|
|
Indianote
(3)
|
112
|
116
|
83
|
94
|
111
|
117
|
84
|
93
|
|
Laos
|
-
|
1
|
-
|
1
|
-
|
1
|
-
|
1
|
|
Myanmar
|
1
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
|
Philippines
|
90
|
87
|
56
|
83
|
88
|
89
|
57
|
83
|
|
Taiwan
|
187
|
210
|
155
|
232
|
185
|
212
|
168
|
240
|
|
Thailand
|
99
|
119
|
90
|
93
|
96
|
122
|
89
|
90
|
|
Vietnam
|
113
|
129
|
95
|
141
|
114
|
128
|
96
|
143
|
Total insurance operations
|
2,083
|
2,111
|
1,719
|
2,089
|
2,073
|
2,121
|
1,773
|
2,117
|
PVNBPnote(1)
|
AER
|
CER
|
|||||||
|
|
2021 $m
|
2020 $m
|
2021 $m
|
2020 $m
|
||||
Continuing operations:
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
|
CPLnote
(2)
|
2,038
|
1,723
|
1,479
|
1,226
|
2,044
|
1,717
|
1,613
|
1,281
|
|
Hong Kong
|
1,991
|
2,856
|
2,671
|
2,424
|
1,989
|
2,858
|
2,667
|
2,416
|
|
Indonesia
|
485
|
582
|
494
|
660
|
485
|
582
|
504
|
670
|
|
Malaysia
|
992
|
1,145
|
688
|
1,335
|
981
|
1,156
|
705
|
1,346
|
|
Singapore
|
2,940
|
3,274
|
1,695
|
3,659
|
2,915
|
3,299
|
1,764
|
3,731
|
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
Africa
|
144
|
144
|
-
|
-
|
144
|
144
|
-
|
-
|
|
Cambodia
|
30
|
29
|
20
|
25
|
30
|
29
|
20
|
25
|
|
Indianote
(3)
|
579
|
593
|
298
|
604
|
574
|
598
|
299
|
605
|
|
Laos
|
1
|
1
|
1
|
2
|
1
|
1
|
1
|
2
|
|
Myanmar
|
1
|
2
|
-
|
1
|
1
|
2
|
-
|
1
|
|
Philippines
|
340
|
315
|
205
|
323
|
333
|
322
|
210
|
321
|
|
Taiwan
|
662
|
755
|
623
|
822
|
664
|
753
|
670
|
854
|
|
Thailand
|
406
|
476
|
389
|
379
|
391
|
491
|
384
|
367
|
|
Vietnam
|
771
|
878
|
611
|
953
|
773
|
876
|
621
|
964
|
Total insurance operations
|
11,380
|
12,773
|
9,174
|
12,413
|
11,325
|
12,828
|
9,458
|
12,583
|
|
AER
|
CER
|
||||||
|
2021
|
2020
|
2021
|
2020
|
||||
Continuing operations:
|
HY
|
FY
|
HY
|
FY
|
HY
|
FY
|
HY
|
FY
|
New business profit ($m)
|
|
|
|
|
|
|
|
|
CPLnote(2)
|
228
|
352
|
127
|
269
|
229
|
352
|
139
|
288
|
Hong Kong
|
306
|
736
|
353
|
787
|
306
|
736
|
353
|
786
|
Indonesia
|
57
|
125
|
68
|
155
|
57
|
125
|
69
|
158
|
Malaysia
|
113
|
232
|
69
|
209
|
112
|
232
|
70
|
212
|
Singapore
|
215
|
523
|
123
|
341
|
214
|
523
|
128
|
350
|
Growth markets and other
|
257
|
558
|
172
|
440
|
254
|
558
|
177
|
446
|
Total insurance business
|
1,176
|
2,526
|
912
|
2,201
|
1,172
|
2,526
|
936
|
2,240
|
|
|
|
|
|
|
|
|
|
New business margin (NBP as a % of
APEnote(1))
|
|
|
|
|
|
|
|
|
CPLnote(2)
|
51%
|
45%
|
40%
|
46%
|
51%
|
45%
|
40%
|
46%
|
Hong Kong
|
121%
|
134%
|
91%
|
104%
|
121%
|
134%
|
91%
|
104%
|
Indonesia
|
49%
|
50%
|
55%
|
58%
|
49%
|
50%
|
55%
|
58%
|
Malaysia
|
54%
|
50%
|
56%
|
60%
|
54%
|
50%
|
56%
|
60%
|
Singapore
|
57%
|
70%
|
54%
|
56%
|
57%
|
70%
|
54%
|
56%
|
Growth markets and other
|
38%
|
40%
|
32%
|
35%
|
38%
|
40%
|
32%
|
35%
|
Total insurance business
|
56%
|
60%
|
53%
|
58%
|
57%
|
60%
|
53%
|
58%
|
|
|
|
|
|
|
|
|
|
New business margin (NBP as a % of
PVNBPnote(1))
|
|
|
|
|
|
|
|
|
CPLnote(2)
|
11%
|
9%
|
9%
|
10%
|
11%
|
9%
|
9%
|
10%
|
Hong Kong
|
15%
|
15%
|
13%
|
15%
|
15%
|
15%
|
13%
|
15%
|
Indonesia
|
12%
|
12%
|
14%
|
13%
|
12%
|
12%
|
14%
|
13%
|
Malaysia
|
11%
|
11%
|
10%
|
10%
|
11%
|
11%
|
10%
|
10%
|
Singapore
|
7%
|
8%
|
7%
|
6%
|
7%
|
8%
|
7%
|
6%
|
Growth markets and other
|
9%
|
9%
|
8%
|
8%
|
9%
|
9%
|
8%
|
8%
|
Total insurance business
|
10%
|
10%
|
10%
|
10%
|
10%
|
10%
|
10%
|
10%
|
|
|
2021 $m
|
|
|
2020 $m
|
|
||
Eastspring:
|
|
H1
|
H2
|
|
|
H1
|
H2
|
|
Third-party retail: note(4)
|
|
|
|
|
|
|
|
|
Opening FUM
|
|
66,838
|
67,903
|
|
|
73,644
|
59,346
|
|
Net flows:
|
|
|
|
|
|
|
|
|
- Gross Inflows
|
|
17,491
|
17,065
|
|
|
19,983
|
17,329
|
|
- Redemptions
|
|
(18,281)
|
(15,148)
|
|
|
(28,009)
|
(19,931)
|
|
|
|
(790)
|
1,917
|
|
|
(8,026)
|
(2,602)
|
|
Other movements
|
|
1,855
|
(1,304)
|
|
|
(6,272)
|
10,094
|
|
Closing FUM
|
|
67,903
|
68,516
|
|
|
59,346
|
66,838
|
|
|
|
|
|
|
|
|
|
|
Third-party institutional:
|
|
|
|
|
|
|
|
|
Opening FUM
|
|
13,827
|
14,901
|
|
|
11,024
|
9,957
|
|
Net flows:
|
|
|
|
|
|
|
|
|
- Gross Inflows
|
|
1,264
|
1,194
|
|
|
1,621
|
1,494
|
|
- Redemptions
|
|
(983)
|
(1,989)
|
|
|
(1,957)
|
(502)
|
|
|
|
281
|
(795)
|
|
|
(336)
|
992
|
|
Other movements
|
|
793
|
(914)
|
|
|
(731)
|
2,878
|
|
Closing FUM
|
|
14,901
|
13,192
|
|
|
9,957
|
13,827
|
|
|
|
|
|
|
|
|
|
|
Total third-party closing FUM (excluding MMF and funds held on
behalf of M&G plc)
|
|
82,804
|
81,708
|
|
|
69,303
|
80,665
|
|
|
31 Dec 2021 $m
|
31 Dec 2020 $m
|
Continuing operations:
|
|
|
Core structural borrowings of shareholder-financed
businesses
|
6,127
|
6,383
|
Less holding company cash and short-term investments
|
(3,572)
|
(1,463)
|
Net core structural borrowings of shareholder-financed
businesses
|
2,555
|
4,920
|
Closing shareholders’ equity
|
17,088
|
12,367
|
Closing shareholders’ equity plus net core structural
borrowings
|
19,643
|
17,287
|
IFRS gearing ratio
|
13%
|
28%
|
|
2021 $m
|
2020 $m
|
Adjusted operating profit
|
3,233
|
2,757
|
Tax on adjusted operating profit
|
(548)
|
(497)
|
Adjusted operating profit attributable to non-controlling
interests
|
(17)
|
(10)
|
Adjusted operating profit, net of tax and non-controlling
interests
|
2,668
|
2,250
|
|
|
|
Shareholders’ equity at beginning of year
|
12,367
|
10,548
|
Shareholders’ equity at end of year
|
17,088
|
12,367
|
Average shareholders’ equity
|
14,728
|
11,458
|
Operating return on average shareholders’ equity
(%)
|
18%
|
20%
|
|
2021
|
2020
|
Number of issued shares at the end of the year
|
2,746
|
2,609
|
|
|
|
Closing IFRS shareholders’ equity for continuing operations
($ million)
|
17,088
|
12,367
|
Shareholders’ equity per share (cents) for continuing
operations
|
622¢
|
474¢
|
|
|
|
Closing IFRS shareholders’ equity for discontinuing
operations ($ million)
|
–
|
8,511
|
Shareholders’ equity per share (cents) for discontinued US
operations
|
–
|
326¢
|
Group shareholders’ equity per share (cents)
|
622¢
|
800¢
|
|
2021 $m
|
2020 $m
|
IFRS revenue
|
665
|
612
|
Share of revenue from joint ventures and associates
|
314
|
235
|
Commissions
|
(217)
|
(194)
|
Performance-related fees
|
(15)
|
(7)
|
Operating income before
performance-related feesnote
|
747
|
646
|
|
|
|
IFRS charges
|
498
|
446
|
Share of expenses from joint ventures and associates
|
122
|
84
|
Commissions
|
(217)
|
(194)
|
Operating expense
|
403
|
336
|
Cost/income ratio (operating expense/operating income before
performance-related fees)
|
54%
|
52%
|
|
2021 $m
|
|
2020 $m
|
|
|
|
|
AER
|
CER
|
IFRS gross premiums earned
|
24,217
|
|
23,495
|
23,722
|
Less: General insurance premium
|
(124)
|
|
(130)
|
(130)
|
Less: IFRS gross earned premium from new regular and single premium
business
|
(6,500)
|
|
(5,112)
|
(5,225)
|
Add: Renewal premiums from joint ventures and
associatesnote
|
2,295
|
|
1,957
|
2,036
|
Renewal insurance premiums
|
19,888
|
|
20,210
|
20,403
|
|
|
|
|
|
Annual premium equivalent (APE)
|
4,194
|
|
3,808
|
3,890
|
Life weighted premium income
|
24,082
|
|
24,018
|
24,293
|
|
2021 $m
|
2020 $m
|
IFRS gross premiums earned
|
24,217
|
23,495
|
Gross premiums earned from joint ventures and
associates
|
4,579
|
3,233
|
Total Group (continuing operations)
|
28,796
|
26,728
|
|
2021 $m
|
2020 $m
|
Gross premiums earned
|
24,217
|
23,495
|
Less: premiums from in-force renewal businessnote
(a)
|
(17,593)
|
(18,253)
|
Less: 90% of single premiums on new business sold in the
yearnote
(b)
|
(3,602)
|
(2,147)
|
Add: APE sales from joint ventures and associates on equity
accounting methodnote
(c)
|
1,104
|
820
|
Other adjustmentsnote
(d)
|
68
|
(107)
|
Annual premium equivalent (APE)
|
4,194
|
3,808
|
|
31 Dec 2021 $m
|
31 Dec 2020 $m
|
IFRS shareholders’ equity from continuing
operations
|
17,088
|
12,367
|
Less: DAC assigned zero value for EEV purposes
|
(2,815)
|
(2,353)
|
Add: Value of in-force business of long-term
businessnote
(a)
|
35,456
|
34,068
|
Othernote
(b)
|
(2,374)
|
(2,156)
|
EEV shareholders’ equity from continuing
operations
|
47,355
|
41,926
|
Continuing operations
|
2021
|
2020
|
EEV operating profit for the year
|
3,543
|
3,401
|
Operating profit attributable to non-controlling
interests
|
(28)
|
(10)
|
EEV operating profit, net of non-controlling interest ($
million)
|
3,515
|
3,391
|
|
|
|
Shareholders’ equity at beginning of year
|
41,926
|
38,369
|
Shareholders’ equity at end of year
|
47,355
|
41,926
|
Average shareholders’ equity ($ million)
|
44,641
|
40,148
|
Operating return on average shareholders’ equity
(%)
|
8%
|
8%
|
|
2021
|
2020
|
New business profit ($ million)*
|
2,526
|
2,201
|
Average EEV basis shareholders’ equity for continuing
long-term business operations, excluding goodwill attributable to
equity holders ($ million)
|
43,754
|
40,382
|
New business profit on embedded value (%)
|
6%
|
5%
|
|
2021 $m
|
2020 $m
|
Shareholders’ equity at beginning of year
|
42,861
|
37,902
|
Shareholders’ equity at end of year
|
44,646
|
42,861
|
Average shareholders’ equity for continuing long-term
business operations, excluding goodwill attributable to equity
holders
|
43,754
|
40,382
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By: /s/ Mark FitzPatrick
|
|
|
|
Mark
FitzPatrick
|
|
Group
Chief Financial Officer and Chief Operating Officer
|