|
|
|
|
2022 $m
|
|
2021 $m
|
|
|
|
|
Note
|
Half year
|
|
Half year
|
Full year
|
Continuing operations:
|
|
|
|
|
|
||
Gross premiums earned
|
|
12,241
|
|
11,521
|
24,217
|
||
Outward reinsurance premiums
|
|
(919)
|
|
(898)
|
(1,844)
|
||
Earned premiums, net of reinsurance
|
B1.3
|
11,322
|
|
10,623
|
22,373
|
||
Investment return
|
|
(24,570)
|
|
738
|
3,486
|
||
Other income
|
|
253
|
|
331
|
641
|
||
Total revenue, net of reinsurance
|
B1.3
|
(12,995)
|
|
11,692
|
26,500
|
||
Benefits and claims and movement in unallocated surplus of
with-profits funds, net of reinsurance
|
C3.2
|
14,826
|
|
(7,748)
|
(18,911)
|
||
Acquisition costs and other expenditure
|
B2
|
(1,632)
|
|
(2,402)
|
(4,560)
|
||
Finance costs: interest on core structural borrowings of
shareholder-financed businesses
|
|
(103)
|
|
(164)
|
(328)
|
||
Gain (loss) attaching to corporate transactions
|
D1.1
|
62
|
|
(56)
|
(35)
|
||
Total charges, net of reinsurance
|
|
13,153
|
|
(10,370)
|
(23,834)
|
||
Share of profit from joint ventures and associates, net of related
tax
|
|
16
|
|
179
|
352
|
||
Profit before tax (being tax attributable to
shareholders’ and policyholders’
returns)note
(i)
|
|
174
|
|
1,501
|
3,018
|
||
Remove tax credit (charge) attributable to policyholders'
returns
|
|
126
|
|
(238)
|
(342)
|
||
Profit before tax attributable to shareholders'
returns
|
B1.1
|
300
|
|
1,263
|
2,676
|
||
Total tax charge attributable to shareholders' and policyholders'
returns
|
B3.1
|
(68)
|
|
(431)
|
(804)
|
||
Remove tax (credit) charge attributable to policyholders'
returns
|
|
(126)
|
|
238
|
342
|
||
Tax charge attributable to shareholders' returns
|
B3.1
|
(194)
|
|
(193)
|
(462)
|
||
Profit after tax from continuing operations
|
B1.4
|
106
|
|
1,070
|
2,214
|
||
Loss after tax from discontinued US operationsnote
(ii)
|
D1.2
|
–
|
|
(5,707)
|
(5,027)
|
||
Profit (loss) for the period
|
|
106
|
|
(4,637)
|
(2,813)
|
||
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
||
Equity holders of the Company:
|
|
|
|
|
|
||
|
From continuing operations
|
|
104
|
|
1,063
|
2,192
|
|
|
From discontinued US operations
|
|
–
|
|
(5,073)
|
(4,234)
|
|
|
|
|
|
104
|
|
(4,010)
|
(2,042)
|
Non-controlling interests:
|
|
|
|
|
|
||
|
From continuing operations
|
|
2
|
|
7
|
22
|
|
|
From discontinued US operations
|
|
–
|
|
(634)
|
(793)
|
|
|
|
|
|
2
|
|
(627)
|
(771)
|
Profit (loss) for the period
|
|
106
|
|
(4,637)
|
(2,813)
|
Earnings per share (in cents)
|
|
2022
|
|
2021
|
|||
|
|
|
Note
|
Half year
|
|
Half year
|
Full year
|
Based on profit attributable to equity holders of the
Company:
|
B4
|
|
|
|
|
||
|
Basic
|
|
|
|
|
|
|
|
|
Based on profit from continuing operations
|
|
3.8¢
|
|
40.9¢
|
83.4¢
|
|
|
Based on loss from discontinued US operations
|
|
–¢
|
|
(195.1)¢
|
(161.1)¢
|
|
Total basic earnings per share
|
|
3.8¢
|
|
(154.2)¢
|
(77.7)¢
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
Based on profit from continuing operations
|
|
3.8¢
|
|
40.9¢
|
83.4¢
|
|
|
Based on loss from discontinued US operations
|
|
–¢
|
|
(195.1)¢
|
(161.1)¢
|
|
Total diluted earnings per share
|
|
3.8¢
|
|
(154.2)¢
|
(77.7)¢
|
|
|
|
|
|
|
|
|
|
Dividends per share (in cents)
|
|
2022
|
|
2021
|
||
|
|
Note
|
Half year
|
|
Half year
|
Full year
|
Dividends relating to reporting period:
|
B5
|
|
|
|
|
|
|
First interim ordinary dividend
|
|
5.74¢
|
|
5.37¢
|
5.37¢
|
|
Second interim ordinary dividend
|
|
–
|
|
–
|
11.86¢
|
Total relating to reporting period
|
|
5.74¢
|
|
5.37¢
|
17.23¢
|
|
Dividends paid in reporting period:
|
B5
|
|
|
|
|
|
|
Current year first interim dividend
|
|
–
|
|
–
|
5.37¢
|
|
Second interim ordinary dividend for prior year
|
|
11.86¢
|
|
10.73¢
|
10.73¢
|
Total paid in reporting period
|
|
11.86¢
|
|
10.73¢
|
16.10¢
|
|
|
|
|
2022 $m
|
|
2021 $m
|
|
|
|
|
Note
|
Half year
|
|
Half year
|
Full year
|
Continuing operations:
|
|
|
|
|
|
||
Profit for the period
|
|
106
|
|
1,070
|
2,214
|
||
Other comprehensive income (loss):
|
|
|
|
|
|
||
Exchange movements arising during the period
|
|
(523)
|
|
(163)
|
(180)
|
||
Valuation movements on retained interest in Jackson classified as
available-for-sale securities
|
|
(247)
|
|
–
|
250
|
||
Total items that may be reclassified subsequently to profit or
loss
|
|
(770)
|
|
(163)
|
70
|
||
Total comprehensive (loss) income from continuing
operations
|
|
(664)
|
|
907
|
2,284
|
||
Total comprehensive loss for the period from discontinued US
operations
|
D1.2
|
–
|
|
(6,574)
|
(7,068)
|
||
Total comprehensive loss for the period
|
|
(664)
|
|
(5,667)
|
(4,784)
|
||
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
||
Equity holders of the Company:
|
|
|
|
|
|
||
|
From continuing operations
|
|
(656)
|
|
905
|
2,277
|
|
|
From discontinued US operations
|
|
–
|
|
(5,844)
|
(6,283)
|
|
|
|
|
|
(656)
|
|
(4,939)
|
(4,006)
|
Non-controlling interests:
|
|
|
|
|
|
||
|
From continuing operations
|
|
(8)
|
|
2
|
7
|
|
|
From discontinued US operations
|
|
–
|
|
(730)
|
(785)
|
|
|
|
|
|
(8)
|
|
(728)
|
(778)
|
Total comprehensive loss for the period
|
|
(664)
|
|
(5,667)
|
(4,784)
|
|
|
|
Period ended 30 Jun 2022 $m
|
|||||||||
|
Note
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Translation
reserve
|
Available
-for-sale
securities
reserves
|
Shareholders'
equity
|
|
Non-
controlling
interests
|
|
Total
equity
|
|
Reserves
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
–
|
–
|
104
|
–
|
–
|
104
|
|
2
|
|
106
|
|
Other comprehensive loss
|
|
–
|
–
|
–
|
(513)
|
(247)
|
(760)
|
|
(10)
|
|
(770)
|
|
Total comprehensive income (loss) for the period
|
|
–
|
–
|
104
|
(513)
|
(247)
|
(656)
|
|
(8)
|
|
(664)
|
|
Transactions with owners of the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
B5
|
–
|
–
|
(320)
|
–
|
–
|
(320)
|
|
(5)
|
|
(325)
|
|
Reserve movements in respect of share-based payments
|
|
–
|
–
|
15
|
–
|
–
|
15
|
|
–
|
|
15
|
|
Effect of transactions relating to non-controlling
interests
|
|
–
|
–
|
(14)
|
–
|
–
|
(14)
|
|
–
|
|
(14)
|
|
Movement in own shares in respect of share-based payment
plans
|
|
–
|
–
|
(4)
|
–
|
–
|
(4)
|
|
–
|
|
(4)
|
|
Net decrease in equity
|
|
–
|
–
|
(219)
|
(513)
|
(247)
|
(979)
|
|
(13)
|
|
(992)
|
|
Balance at beginning of period
|
|
182
|
5,010
|
10,216
|
1,430
|
250
|
17,088
|
|
176
|
|
17,264
|
|
Balance at end of period
|
|
182
|
5,010
|
9,997
|
917
|
3
|
16,109
|
|
163
|
|
16,272
|
|
|
|
Period ended 30 Jun 2021 $m
|
|||||||||
|
Note
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Translation
reserve
|
Available
-for-sale
securities
reserves
|
Shareholders'
equity
|
|
Non-
controlling
interests
|
|
Total
equity
|
|
Reserves
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
–
|
–
|
1,063
|
–
|
–
|
1,063
|
|
7
|
|
1,070
|
|
Other comprehensive loss
|
|
–
|
–
|
–
|
(158)
|
–
|
(158)
|
|
(5)
|
|
(163)
|
|
Total comprehensive income (loss) from continuing
operations
|
|
–
|
–
|
1,063
|
(158)
|
–
|
905
|
|
2
|
|
907
|
|
Total comprehensive loss from discontinued US
operations
|
D1.2
|
–
|
–
|
(5,073)
|
–
|
(771)
|
(5,844)
|
|
(730)
|
|
(6,574)
|
|
Total comprehensive loss for the period
|
|
–
|
–
|
(4,010)
|
(158)
|
(771)
|
(4,939)
|
|
(728)
|
|
(5,667)
|
|
Transactions with owners of the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
B5
|
–
|
–
|
(283)
|
–
|
–
|
(283)
|
|
(3)
|
|
(286)
|
|
Reserve movements in respect of share-based payments
|
|
–
|
–
|
77
|
–
|
–
|
77
|
|
–
|
|
77
|
|
Effect of transactions relating to non-controlling
interests
|
|
–
|
–
|
(10)
|
–
|
–
|
(10)
|
|
–
|
|
(10)
|
|
New share capital subscribed
|
C8
|
–
|
8
|
–
|
–
|
–
|
8
|
|
–
|
|
8
|
|
Movement in own shares in respect of share-based payment
plans
|
|
–
|
–
|
(18)
|
–
|
–
|
(18)
|
|
–
|
|
(18)
|
|
Net increase (decrease) in equity
|
|
–
|
8
|
(4,244)
|
(158)
|
(771)
|
(5,165)
|
|
(731)
|
|
(5,896)
|
|
Balance at beginning of period
|
|
173
|
2,637
|
14,424
|
1,132
|
2,512
|
20,878
|
|
1,241
|
|
22,119
|
|
Balance at end of period
|
|
173
|
2,645
|
10,180
|
974
|
1,741
|
15,713
|
|
510
|
|
16,223
|
|
|
|
|
Year ended 31 Dec 2021 $m
|
||||||
|
Note
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Translation
reserve
|
Available
-for-sale
securities
reserves
|
Shareholders'
equity
|
Non-
controlling
interests
|
Total
equity
|
|
Reserves
|
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
|
–
|
–
|
2,192
|
–
|
–
|
2,192
|
22
|
2,214
|
|
Other comprehensive (loss) income
|
|
–
|
–
|
–
|
(165)
|
250
|
85
|
(15)
|
70
|
|
Total comprehensive income (loss) from continuing
operations
|
|
–
|
–
|
2,192
|
(165)
|
250
|
2,277
|
7
|
2,284
|
|
Total comprehensive (loss) income from discontinued US
operations
|
D1.2
|
–
|
–
|
(4,234)
|
463
|
(2,512)
|
(6,283)
|
(785)
|
(7,068)
|
|
Total comprehensive (loss) income for the year
|
|
–
|
–
|
(2,042)
|
298
|
(2,262)
|
(4,006)
|
(778)
|
(4,784)
|
|
Transactions with owners of the Company
|
|
|
|
|
|
|
|
|
|
|
Demerger dividend in specie of Jackson
|
B5
|
–
|
–
|
(1,735)
|
–
|
–
|
(1,735)
|
–
|
(1,735)
|
|
Other dividends
|
B5
|
–
|
–
|
(421)
|
–
|
–
|
(421)
|
(9)
|
(430)
|
|
Reserve movements in respect of share-based payments
|
|
–
|
–
|
46
|
–
|
–
|
46
|
–
|
46
|
|
Effect of transactions relating to non-controlling
interests*
|
|
–
|
–
|
(32)
|
–
|
–
|
(32)
|
(278)
|
(310)
|
|
New share capital subscribed
|
C8
|
9
|
2,373
|
–
|
–
|
–
|
2,382
|
–
|
2,382
|
|
Movement in own shares in respect of share-based payment
plans
|
|
–
|
–
|
(24)
|
–
|
–
|
(24)
|
–
|
(24)
|
|
Net increase (decrease) in equity
|
|
9
|
2,373
|
(4,208)
|
298
|
(2,262)
|
(3,790)
|
(1,065)
|
(4,855)
|
|
Balance at beginning of year
|
|
173
|
2,637
|
14,424
|
1,132
|
2,512
|
20,878
|
1,241
|
22,119
|
|
Balance at end of year
|
|
182
|
5,010
|
10,216
|
1,430
|
250
|
17,088
|
176
|
17,264
|
|
|
|
|
2022 $m
|
|
2021 $m
|
|
|
|
|
Note
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Assets
|
|
|
|
|
|
||
Goodwill
|
C4.1
|
871
|
|
926
|
907
|
||
Deferred acquisition costs and other intangible assets
|
C4.2
|
6,750
|
|
6,525
|
6,858
|
||
Property, plant and equipment
|
|
405
|
|
525
|
478
|
||
Reinsurers' share of insurance contract liabilities
|
|
2,750
|
|
9,891
|
9,753
|
||
Deferred tax assets
|
C7
|
378
|
|
298
|
266
|
||
Current tax recoverable
|
|
22
|
|
23
|
20
|
||
Accrued investment income
|
|
1,187
|
|
1,092
|
1,171
|
||
Other debtors
|
|
2,076
|
|
2,238
|
1,779
|
||
Investment properties
|
|
35
|
|
39
|
38
|
||
Investments in joint ventures and associates accounted for using
the equity method
|
C1
|
2,010
|
|
2,056
|
2,183
|
||
Loans
|
C1
|
2,429
|
|
2,440
|
2,562
|
||
Equity securities and holdings in collective investment
schemesnote
(i)
|
C1
|
57,497
|
|
60,466
|
61,601
|
||
Debt securitiesnote
(i)
|
C1
|
79,119
|
|
92,728
|
99,094
|
||
Derivative assets
|
|
182
|
|
485
|
481
|
||
Deposits
|
|
4,762
|
|
3,344
|
4,741
|
||
Assets held for distributionnote
(ii)
|
|
–
|
|
335,750
|
–
|
||
Cash and cash equivalents
|
|
6,415
|
|
6,295
|
7,170
|
||
Total assets
|
C1
|
166,888
|
|
525,121
|
199,102
|
||
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
||
Shareholders' equity
|
|
16,109
|
|
15,713
|
17,088
|
||
Non-controlling interests
|
|
163
|
|
510
|
176
|
||
Total equity
|
C1
|
16,272
|
|
16,223
|
17,264
|
||
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
||
Contract liabilities (including amounts in respect of contracts
classified as investment contracts under IFRS 4)
|
C3.2
|
123,529
|
|
144,809
|
151,915
|
||
Unallocated surplus of with-profits funds
|
C3.2
|
4,568
|
|
6,273
|
5,384
|
||
Core structural borrowings of shareholder-financed
businesses
|
C5.1
|
4,266
|
|
6,404
|
6,127
|
||
Operational borrowings
|
C5.2
|
854
|
|
895
|
861
|
||
Obligations under funding, securities lending and sale and
repurchase agreements
|
|
799
|
|
396
|
223
|
||
Net asset value attributable to unit holders of consolidated
investment funds
|
|
4,549
|
|
5,770
|
5,664
|
||
Deferred tax liabilities
|
C7
|
2,699
|
|
2,735
|
2,862
|
||
Current tax liabilities
|
|
253
|
|
200
|
185
|
||
Accruals, deferred income and other liabilities
|
|
8,103
|
|
8,017
|
7,983
|
||
Provisions
|
|
225
|
|
227
|
372
|
||
Derivative liabilities
|
|
771
|
|
412
|
262
|
||
Liabilities held for distributionnote
(ii)
|
|
–
|
|
332,760
|
–
|
||
Total liabilities
|
C1
|
150,616
|
|
508,898
|
181,838
|
||
Total equity and liabilities
|
C1
|
166,888
|
|
525,121
|
199,102
|
|
|
|
|
2022 $m
|
|
2021 $m
|
|
|
|
|
Note
|
Half year
|
|
Half year
|
Full year
|
Continuing operations:
|
|
|
|
|
|
||
Cash flows from operating activities
|
|
|
|
|
|
||
Profit before tax (being tax attributable to
shareholders' and policyholders' returns)
|
|
174
|
|
1,501
|
3,018
|
||
Adjustments to profit before tax for non-cash movements in
operating assets and liabilities:
|
|
|
|
|
|
||
|
Investments
|
|
21,017
|
|
(5,651)
|
(14,553)
|
|
|
Other non-investment and non-cash assets
|
|
6,446
|
|
2,693
|
2,658
|
|
|
Policyholder liabilities (including unallocated surplus of
with-profits funds)
|
|
(25,972)
|
|
2,424
|
9,095
|
|
|
Other liabilities (including operational borrowings)
|
|
74
|
|
105
|
16
|
|
Other itemsnote
(i)
|
|
(23)
|
|
156
|
44
|
||
Net cash flows from operating activitiesnote
(ii)
|
|
1,716
|
|
1,228
|
278
|
||
Cash flows from investing activities
|
|
|
|
|
|
||
Net cash flows from purchases and disposals of property, plant and
equipment
|
|
(14)
|
|
(19)
|
(36)
|
||
Net cash flows from other investing activitiesnote
(iii)
|
|
(50)
|
|
(773)
|
(690)
|
||
Net cash flows from investing activities
|
|
(64)
|
|
(792)
|
(726)
|
||
Cash flows from financing activities
|
|
|
|
|
|
||
Structural borrowings of shareholder-financed
operations:note
(iv)
|
C5.1
|
|
|
|
|
||
|
Issuance of debt, net of costs
|
|
346
|
|
–
|
995
|
|
|
Redemption of debt
|
|
(2,075)
|
|
–
|
(1,250)
|
|
|
Interest paid
|
|
(117)
|
|
(163)
|
(314)
|
|
Payment of principal portion of lease liabilities
|
|
(56)
|
|
(54)
|
(118)
|
||
Equity capital:
|
|
|
|
|
|
||
|
Issues of ordinary share capital
|
|
–
|
|
8
|
2,382
|
|
External dividends:
|
|
|
|
|
|
||
|
Dividends paid to the Company's shareholders
|
B5
|
(320)
|
|
(283)
|
(421)
|
|
|
Dividends paid to non-controlling interests
|
|
(5)
|
|
(3)
|
(9)
|
|
Net cash flows from financing activities
|
|
(2,227)
|
|
(495)
|
1,265
|
||
Net (decrease) increase in cash and cash equivalents from
continuing operations
|
|
(575)
|
|
(59)
|
817
|
||
Net decrease in cash and cash equivalents from discontinued US
operations
|
D1.2
|
–
|
|
(460)
|
(1,621)
|
||
Cash and cash equivalents at beginning of period
|
|
7,170
|
|
8,018
|
8,018
|
||
Effect of exchange rate changes on cash and cash
equivalents
|
|
(180)
|
|
(43)
|
(44)
|
||
Cash and cash equivalents at end of period
|
|
6,415
|
|
7,456
|
7,170
|
||
Comprising:
|
|
|
|
|
|
||
|
Cash and cash equivalents from continuing operations
|
|
6,415
|
|
6,295
|
7,170
|
|
|
Cash and cash equivalents from discontinued US
operations
|
D1.2
|
–
|
|
1,161
|
–
|
|
|
Balance at
|
Cash movements $m
|
|
Non-cash movements $m
|
Balance at
|
|||
|
|
beginning
of period
$m
|
Issuance
of debt
|
Redemption
of debt
|
|
Foreign exchange
movement
|
Demerger of Jackson
|
Other
movements
|
end of
period
$m
|
|
30 Jun 2022
|
6,127
|
346
|
(2,075)
|
|
(137)
|
–
|
5
|
4,266
|
|
30 Jun 2021
|
6,633
|
–
|
–
|
|
14
|
(250)
|
7
|
6,404
|
|
31 Dec 2021
|
6,633
|
995
|
(1,250)
|
|
(13)
|
(250)
|
12
|
6,127
|
USD : local currency
|
Closing rate at period end
|
|
Average rate for the period to date
|
||||
|
30 Jun 2022
|
30 Jun 2021
|
31 Dec 2021
|
|
Half year 2022
|
Half year 2021
|
Full year 2021
|
Chinese yuan (CNY)
|
6.69
|
6.46
|
6.37
|
|
6.48
|
6.47
|
6.45
|
Hong Kong dollar (HKD)
|
7.85
|
7.77
|
7.80
|
|
7.83
|
7.76
|
7.77
|
Indian rupee (INR)
|
78.97
|
74.33
|
74.34
|
|
76.23
|
73.33
|
73.94
|
Indonesian rupiah (IDR)
|
14,897.50
|
14,500.00
|
14,252.50
|
|
14,453.52
|
14,273.32
|
14,294.88
|
Malaysian ringgit (MYR)
|
4.41
|
4.15
|
4.17
|
|
4.27
|
4.10
|
4.15
|
Singapore dollar (SGD)
|
1.39
|
1.34
|
1.35
|
|
1.37
|
1.33
|
1.34
|
Taiwan dollar (TWD)
|
29.73
|
27.86
|
27.67
|
|
28.73
|
28.02
|
27.93
|
Thai baht (THB)
|
35.35
|
32.06
|
33.19
|
|
33.73
|
30.83
|
32.01
|
UK pound sterling (GBP)
|
0.82
|
0.72
|
0.74
|
|
0.77
|
0.72
|
0.73
|
Vietnamese dong (VND)
|
23,265.00
|
23,016.00
|
22,790.00
|
|
22,925.22
|
23,044.83
|
22,934.86
|
|
|
|
|
2022 $m
|
|
2021 $m
|
|
2022 vs 2021 %
|
|
2021 $m
|
||
|
|
|
Note
|
Half year
|
|
Half year
AER
|
Half year
CER
|
|
Half year
AER
|
Half year
CER
|
|
Full year
AER
|
|
|
|
|
note (i)
|
|
note (i)
|
note (i)
|
|
note (i)
|
note (i)
|
|
note (i)
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
|
||
CPL
|
|
149
|
|
139
|
139
|
|
7%
|
7%
|
|
343
|
||
Hong Kong
|
|
501
|
|
460
|
457
|
|
9%
|
10%
|
|
975
|
||
Indonesia
|
|
196
|
|
225
|
222
|
|
(13)%
|
(12)%
|
|
446
|
||
Malaysia
|
|
190
|
|
184
|
175
|
|
3%
|
9%
|
|
350
|
||
Singapore
|
|
340
|
|
320
|
312
|
|
6%
|
9%
|
|
663
|
||
Growth markets and othernote
(ii)
|
|
522
|
|
479
|
463
|
|
9%
|
13%
|
|
932
|
||
Eastspring
|
|
131
|
|
162
|
155
|
|
(19)%
|
(15)%
|
|
314
|
||
Total segment profit
|
|
2,029
|
|
1,969
|
1,923
|
|
3%
|
6%
|
|
4,023
|
||
Other income (expenditure):
|
|
|
|
|
|
|
|
|
|
|
||
|
Investment return and other income
|
|
39
|
|
–
|
–
|
|
n/a
|
n/a
|
|
21
|
|
|
Interest payable on core structural borrowings
|
|
(103)
|
|
(164)
|
(164)
|
|
37%
|
37%
|
|
(328)
|
|
|
Corporate expenditurenote
(iii)
|
|
(150)
|
|
(157)
|
(151)
|
|
4%
|
1%
|
|
(298)
|
|
Total other income (expenditure)
|
|
(214)
|
|
(321)
|
(315)
|
|
33%
|
32%
|
|
(605)
|
||
Restructuring and IFRS 17 implementation costsnote
(iv)
|
|
(154)
|
|
(77)
|
(77)
|
|
(100)%
|
(100)%
|
|
(185)
|
||
Adjusted operating profit
|
B1.2
|
1,661
|
|
1,571
|
1,531
|
|
6%
|
8%
|
|
3,233
|
||
Short-term fluctuations in investment returns on shareholder-backed
businessnote
(v)
|
|
(1,383)
|
|
(212)
|
(234)
|
|
(552)%
|
(491)%
|
|
(458)
|
||
Amortisation of acquisition accounting adjustments
|
|
(5)
|
|
(2)
|
(2)
|
|
(150)%
|
(150)%
|
|
(5)
|
||
Gain (loss) attaching to corporate transactions
|
D1.1
|
27
|
|
(94)
|
(94)
|
|
n/a
|
n/a
|
|
(94)
|
||
Profit before tax attributable to shareholders
|
|
300
|
|
1,263
|
1,201
|
|
(76)%
|
(75)%
|
|
2,676
|
||
Tax charge attributable to shareholders' returns
|
B3
|
(194)
|
|
(193)
|
(176)
|
|
(1)%
|
(10)%
|
|
(462)
|
||
Profit from continuing operations
|
|
106
|
|
1,070
|
1,025
|
|
(90)%
|
(90)%
|
|
2,214
|
||
Loss from discontinued US operations
|
D1.2
|
–
|
|
(5,707)
|
(5,707)
|
|
n/a
|
n/a
|
|
(5,027)
|
||
Profit (loss) for the period
|
|
106
|
|
(4,637)
|
(4,682)
|
|
n/a
|
n/a
|
|
(2,813)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
||
Equity holders of the Company:
|
|
|
|
|
|
|
|
|
|
|
||
|
From continuing operations
|
|
104
|
|
1,063
|
1,018
|
|
(90)%
|
(90)%
|
|
2,192
|
|
|
From discontinued US operations
|
|
–
|
|
(5,073)
|
(5,073)
|
|
n/a
|
n/a
|
|
(4,234)
|
|
|
|
|
|
104
|
|
(4,010)
|
(4,055)
|
|
n/a
|
n/a
|
|
(2,042)
|
Non-controlling interests:
|
|
|
|
|
|
|
|
|
|
|
||
|
From continuing operations
|
|
2
|
|
7
|
7
|
|
(71)%
|
(71)%
|
|
22
|
|
|
From discontinued US operations
|
|
–
|
|
(634)
|
(634)
|
|
n/a
|
n/a
|
|
(793)
|
|
|
|
|
|
2
|
|
(627)
|
(627)
|
|
n/a
|
n/a
|
|
(771)
|
Profit (loss) for the period
|
|
106
|
|
(4,637)
|
(4,682)
|
|
n/a
|
n/a
|
|
(2,813)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (in cents)
|
|
2022
|
|
2021
|
|
2022 vs 2021 %
|
|
2021
|
||||
|
|
|
Note
|
Half year
|
|
Half year
AER
|
Half year
CER
|
|
Half year
AER
|
Half year
CER
|
|
Full year
AER
|
|
|
|
B4
|
note (i)
|
|
note (i)
|
note (i)
|
|
note (i)
|
note (i)
|
|
note (i)
|
Based on adjusted operating profit, net of tax and non-controlling
interest, from continuing operations
|
|
49.2¢
|
|
51.6¢
|
50.5¢
|
|
(5)%
|
(3)%
|
|
101.5¢
|
||
Based on profit from continuing operations, net of non-controlling
interest
|
|
3.8¢
|
|
40.9¢
|
39.2¢
|
|
(91)%
|
(90)%
|
|
83.4¢
|
||
Based on loss from discontinued US operations, net of
non-controlling interest
|
|
–¢
|
|
(195.1)¢
|
(195.1)¢
|
|
n/a
|
n/a
|
|
(161.1)¢
|
|
Half year 2022 $m
|
|||||||||
|
Insurance
operationsnote
(i)
|
|
|
|
|
|
||||
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and
other
|
Eastspring
|
Inter
-segment
elimi-
nation
|
Total
segment
|
Un-
allocated
to a
segment
|
Total
|
Gross premiums earned
|
4,672
|
809
|
934
|
3,616
|
2,210
|
–
|
–
|
12,241
|
–
|
12,241
|
Outward reinsurance premiums
|
(771)
|
(18)
|
(29)
|
(70)
|
(31)
|
–
|
–
|
(919)
|
–
|
(919)
|
Earned premiums, net of reinsurance
|
3,901
|
791
|
905
|
3,546
|
2,179
|
–
|
–
|
11,322
|
–
|
11,322
|
Other incomenote
(ii)
|
14
|
4
|
–
|
9
|
45
|
181
|
–
|
253
|
–
|
253
|
Total external revenue
|
3,915
|
795
|
905
|
3,555
|
2,224
|
181
|
–
|
11,575
|
–
|
11,575
|
Intra-group revenue
|
–
|
–
|
–
|
–
|
1
|
106
|
(107)
|
–
|
–
|
–
|
Interest income
|
510
|
39
|
115
|
395
|
317
|
1
|
–
|
1,377
|
3
|
1,380
|
Dividend and other investment income
|
338
|
103
|
103
|
321
|
66
|
–
|
–
|
931
|
19
|
950
|
Investment (depreciation) appreciation
|
(17,752)
|
(144)
|
(557)
|
(6,134)
|
(2,324)
|
(17)
|
–
|
(26,928)
|
28
|
(26,900)
|
Total revenue, net of reinsurance
|
(12,989)
|
793
|
566
|
(1,863)
|
284
|
271
|
(107)
|
(13,045)
|
50
|
(12,995)
|
|
Half year 2021 $m
|
|||||||||
|
Insurance
operationsnote
(i)
|
|
|
|
|
|
||||
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and
other
|
Eastspring
|
Inter
-segment
elimi-
nation
|
Total
segment
|
Un-
allocated
to a
segment
|
Total
|
Gross premiums earned
|
4,776
|
871
|
929
|
2,934
|
2,011
|
–
|
–
|
11,521
|
–
|
11,521
|
Outward reinsurance premiums
|
(767)
|
(28)
|
(22)
|
(55)
|
(26)
|
–
|
–
|
(898)
|
–
|
(898)
|
Earned premiums, net of reinsurance
|
4,009
|
843
|
907
|
2,879
|
1,985
|
–
|
–
|
10,623
|
–
|
10,623
|
Other incomenote
(ii)
|
24
|
5
|
1
|
10
|
57
|
234
|
–
|
331
|
–
|
331
|
Total external revenue
|
4,033
|
848
|
908
|
2,889
|
2,042
|
234
|
–
|
10,954
|
–
|
10,954
|
Intra-group revenue
|
–
|
–
|
–
|
–
|
–
|
106
|
(106)
|
–
|
–
|
–
|
Interest income
|
528
|
46
|
117
|
462
|
303
|
1
|
–
|
1,457
|
–
|
1,457
|
Dividend and other investment income
|
214
|
33
|
101
|
186
|
39
|
–
|
–
|
573
|
–
|
573
|
Investment (depreciation) appreciation
|
(1,444)
|
(135)
|
(280)
|
817
|
(259)
|
9
|
–
|
(1,292)
|
–
|
(1,292)
|
Total revenue, net of reinsurance
|
3,331
|
792
|
846
|
4,354
|
2,125
|
350
|
(106)
|
11,692
|
–
|
11,692
|
|
Full year 2021 $m
|
|||||||||
|
Insurance
operationsnote
(i)
|
|
|
|
|
|
||||
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and
other
|
Eastspring
|
Inter
-segment
elimi-
nation
|
Total
segment
|
Un-
allocated
to a
segment
|
Total
|
Gross premiums earned
|
10,032
|
1,724
|
1,900
|
6,246
|
4,315
|
–
|
–
|
24,217
|
–
|
24,217
|
Outward reinsurance premiums
|
(1,557)
|
(43)
|
(47)
|
(137)
|
(60)
|
–
|
–
|
(1,844)
|
–
|
(1,844)
|
Earned premiums, net of reinsurance
|
8,475
|
1,681
|
1,853
|
6,109
|
4,255
|
–
|
–
|
22,373
|
–
|
22,373
|
Other incomenote
(ii)
|
52
|
12
|
–
|
22
|
117
|
437
|
–
|
640
|
1
|
641
|
Total external revenue
|
8,527
|
1,693
|
1,853
|
6,131
|
4,372
|
437
|
–
|
23,013
|
1
|
23,014
|
Intra-group revenue
|
–
|
–
|
–
|
–
|
1
|
217
|
(218)
|
–
|
–
|
–
|
Interest income
|
934
|
87
|
220
|
707
|
618
|
3
|
–
|
2,569
|
1
|
2,570
|
Dividend and other investment income
|
679
|
74
|
160
|
506
|
86
|
–
|
–
|
1,505
|
19
|
1,524
|
Investment appreciation (depreciation)
|
57
|
34
|
(300)
|
(29)
|
(361)
|
8
|
–
|
(591)
|
(17)
|
(608)
|
Total revenue, net of reinsurance
|
10,197
|
1,888
|
1,933
|
7,315
|
4,716
|
665
|
(218)
|
26,496
|
4
|
26,500
|
|
2022 $m
|
|
2021 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
CPL
|
(28)
|
|
148
|
278
|
Hong Kong
|
(613)
|
|
441
|
1,068
|
Indonesia
|
131
|
|
179
|
362
|
Malaysia
|
119
|
|
135
|
265
|
Singapore
|
63
|
|
141
|
394
|
Growth markets and othernote
(i)
|
617
|
|
330
|
434
|
Eastspring
|
117
|
|
147
|
284
|
Total segment
|
406
|
|
1,521
|
3,085
|
Unallocated to a segment (central operations)note
(ii)
|
(300)
|
|
(451)
|
(871)
|
Total profit after tax from continuing operations
|
106
|
|
1,070
|
2,214
|
|
2022 $m
|
|
2021 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Acquisition costs incurred for insurance policies
|
(1,120)
|
|
(1,026)
|
(2,089)
|
Acquisition costs deferred
|
426
|
|
373
|
848
|
Amortisation of acquisition costs
|
(249)
|
|
(186)
|
(343)
|
Administration costs and other expenditure (net of other
reinsurance commission)note
|
(1,572)
|
|
(1,542)
|
(3,128)
|
Movements in amounts attributable to external unit
holders
of consolidated investment funds
|
883
|
|
(21)
|
152
|
Total acquisition costs and other expenditure from continuing
operations
|
(1,632)
|
|
(2,402)
|
(4,560)
|
|
|
2022 $m
|
|
2021 $m
|
|
Continuing operations:
|
Half year
|
|
Half year
|
Full year
|
|
Attributable to shareholders:
|
|
|
|
|
|
|
Hong Kong
|
(29)
|
|
(16)
|
(40)
|
|
Indonesia
|
(38)
|
|
(45)
|
(74)
|
|
Malaysia
|
(35)
|
|
(28)
|
(71)
|
|
Singapore
|
(3)
|
|
(23)
|
(67)
|
|
Growth markets and other
|
(74)
|
|
(73)
|
(159)
|
|
Eastspring
|
(14)
|
|
(15)
|
(30)
|
Total segment
|
(193)
|
|
(200)
|
(441)
|
|
Unallocated to a segment (central operations)
|
(1)
|
|
7
|
(21)
|
|
Tax charge attributable to shareholders
|
(194)
|
|
(193)
|
(462)
|
|
Attributable to policyholders:
|
|
|
|
|
|
|
Hong Kong
|
(30)
|
|
(40)
|
(79)
|
|
Indonesia
|
5
|
|
(2)
|
4
|
|
Malaysia
|
(4)
|
|
(2)
|
(2)
|
|
Singapore
|
155
|
|
(194)
|
(261)
|
|
Growth markets and other
|
–
|
|
–
|
(4)
|
Tax credit (charge) attributable to policyholders
|
126
|
|
(238)
|
(342)
|
|
Total tax charge from continuing operations
|
(68)
|
|
(431)
|
(804)
|
|
|
|
|
|
|
|
Analysed by:
|
|
|
|
|
|
Current tax
|
(255)
|
|
(189)
|
(399)
|
|
Deferred tax
|
187
|
|
(242)
|
(405)
|
|
Total tax charge from continuing operations
|
(68)
|
|
(431)
|
(804)
|
|
|
|
2022
|
|
|
2021
|
|
|||
|
|
|
Half year
|
|
Half year
|
|
Full year
|
|||
|
|
|
Tax
attributable to
shareholders
|
Percentage
impact
on ETR
|
|
Tax
attributable to
shareholders
|
Percentage
impact
on ETR
|
|
Tax
attributable to
shareholders
|
Percentage
impact
on ETR
|
Continuing operations
|
$m
|
%
|
|
$m
|
%
|
|
$m
|
%
|
||
Adjusted operating profit
|
1,661
|
|
|
1,571
|
|
|
3,233
|
|
||
Non-operating resultnote
(i)
|
(1,361)
|
|
|
(308)
|
|
|
(557)
|
|
||
Profit before tax
|
300
|
|
|
1,263
|
|
|
2,676
|
|
||
Tax charge at the expected rate
|
(65)
|
22%
|
|
(259)
|
21%
|
|
(539)
|
20%
|
||
Effects of recurring tax reconciliation items:
|
|
|
|
|
|
|
|
|
||
|
Income not taxable or taxable at concessionary
ratesnote
(ii)
|
47
|
(16)%
|
|
33
|
(3)%
|
|
63
|
(2)%
|
|
|
Deductions not allowable for tax purposesnote
(iii)
|
(135)
|
45%
|
|
(34)
|
3%
|
|
(92)
|
3%
|
|
|
Items related to taxation of life insurance
businessesnote
(iv)
|
49
|
(16)%
|
|
71
|
(6)%
|
|
177
|
(7)%
|
|
|
Deferred tax adjustments including unrecognised tax
lossesnote
(v)
|
(48)
|
16%
|
|
(70)
|
5%
|
|
(111)
|
4%
|
|
|
Effect of results of joint ventures and
associatesnote
(vi)
|
2
|
(1)%
|
|
37
|
(3)%
|
|
80
|
(3)%
|
|
|
Irrecoverable withholding taxesnote
(vii)
|
(30)
|
10%
|
|
(35)
|
3%
|
|
(60)
|
2%
|
|
|
Other
|
(12)
|
4%
|
|
2
|
0%
|
|
(8)
|
1%
|
|
|
Total (charge) credit on recurring items
|
(127)
|
42%
|
|
4
|
(1)%
|
|
49
|
(2)%
|
|
Effects of non-recurring tax reconciliation items:
|
|
|
|
|
|
|
|
|
||
|
Adjustments to tax charge in relation to prior years
|
(1)
|
1%
|
|
6
|
0%
|
|
(11)
|
0%
|
|
|
Movements in provisions for open tax mattersnote
(viii)
|
(1)
|
0%
|
|
59
|
(5)%
|
|
47
|
(2)%
|
|
|
Impact of changes in local statutory tax rates
|
–
|
0%
|
|
8
|
(1)%
|
|
6
|
0%
|
|
|
Adjustments in relation to business disposals and corporate
transactions
|
–
|
0%
|
|
(11)
|
1%
|
|
(14)
|
1%
|
|
|
Total (charge) credit on non-recurring items
|
(2)
|
1%
|
|
62
|
(5)%
|
|
28
|
(1)%
|
|
Total actual tax charge
|
(194)
|
65%
|
|
(193)
|
15%
|
|
(462)
|
17%
|
||
Analysed into:
|
|
|
|
|
|
|
|
|
||
Tax on adjusted operating profit
|
(314)
|
|
|
(222)
|
|
|
(548)
|
|
||
Tax on non-operating resultnote
(i)
|
120
|
|
|
29
|
|
|
86
|
|
||
Actual tax rate on:
|
|
|
|
|
|
|
|
|
||
Adjusted operating profit:
|
|
|
|
|
|
|
|
|
||
|
Including non-recurring tax reconciling itemsnote
(ix)
|
19%
|
|
|
14%
|
|
|
17%
|
|
|
|
Excluding non-recurring tax reconciling items
|
19%
|
|
|
19%
|
|
|
18%
|
|
|
Total profitnote
(ix)
|
65%
|
|
|
15%
|
|
|
17%
|
|
|
|
|
Half year 2022 $m
|
|
Balance at beginning of period
|
42
|
|
|
|
Movements in the current period included in tax charge attributable
to shareholders
|
1
|
|
|
Provisions utilised in the period
|
–
|
|
|
Other movements (including interest arising on open tax matters and
amounts included in the Group’s share of profits from joint
ventures and associates, net of related tax)
|
–
|
|
Balance at end of period
|
43
|
|
|
|
Half year 2022 %
|
|||||||
|
|
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Eastspring
|
Other
operations
|
Total
attributable to
shareholders
|
|
Tax rate on adjusted operating profit
|
6%
|
22%
|
23%
|
14%
|
25%
|
11%
|
0%
|
19%
|
|
|
Tax rate on profit before tax
|
(5)%
|
22%
|
23%
|
5%
|
11%
|
11%
|
0%
|
65%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year 2021 %
|
|||||||
|
|
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Eastspring
|
Other
operations
|
Total
attributable to
shareholders
|
|
Tax rate on adjusted operating profit
|
4%
|
20%
|
18%
|
16%
|
14%
|
9%
|
2%
|
14%
|
|
|
Tax rate on profit before tax
|
4%
|
20%
|
17%
|
14%
|
18%
|
9%
|
2%
|
15%
|
|
|
|
Full year 2021 %
|
|||||||
|
|
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Eastspring
|
Other
operations
|
Total
attributable to
shareholders
|
|
Tax rate on adjusted operating profit
|
5%
|
17%
|
21%
|
15%
|
22%
|
10%
|
(3)%
|
17%
|
|
|
Tax rate on profit before tax
|
4%
|
17%
|
21%
|
15%
|
27%
|
10%
|
(2)%
|
17%
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Half year 2022
|
||||||||||||
|
|
|
Before
tax
|
Tax
|
Non-controlling interests
|
Net of tax
and non-
controlling
interests
|
Basic
earnings
per share
|
Diluted
earnings
per share
|
|||||||
|
|
|
$m
|
$m
|
$m
|
$m
|
cents
|
cents
|
|||||||
Based on adjusted operating profit
|
|
1,661
|
(314)
|
(4)
|
1,343
|
49.2¢
|
49.2¢
|
||||||||
Short-term fluctuations in investment returns on shareholder-backed
business
|
|
(1,383)
|
118
|
2
|
(1,263)
|
(46.2)¢
|
(46.2)¢
|
||||||||
Amortisation of acquisition accounting adjustments
|
|
(5)
|
-
|
-
|
(5)
|
(0.2)¢
|
(0.2)¢
|
||||||||
Gain attaching to corporate transactions
|
|
27
|
2
|
-
|
29
|
1.0¢
|
1.0¢
|
||||||||
Based on profit for the period
|
|
300
|
(194)
|
(2)
|
104
|
3.8¢
|
3.8¢
|
||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Half year 2021
|
||||||||||||
|
|
|
Before
tax
|
Tax
|
Non-
controlling
interests
|
Net of tax
and non-
controlling
interests
|
Basic
earnings
per share
|
Diluted
earnings
per share
|
|||||||
|
|
|
$m
|
$m
|
$m
|
$m
|
cents
|
cents
|
|||||||
Based on adjusted operating profit
|
|
1,571
|
(222)
|
(7)
|
1,342
|
51.6¢
|
51.6¢
|
||||||||
Short-term fluctuations in investment returns on shareholder-backed
business
|
|
(212)
|
26
|
–
|
(186)
|
(7.2)¢
|
(7.2)¢
|
||||||||
Amortisation of acquisition accounting adjustments
|
|
(2)
|
–
|
–
|
(2)
|
(0.1)¢
|
(0.1)¢
|
||||||||
Loss attaching to corporate transactions
|
|
(94)
|
3
|
–
|
(91)
|
(3.4)¢
|
(3.4)¢
|
||||||||
Based on profit from continuing operations
|
|
1,263
|
(193)
|
(7)
|
1,063
|
40.9¢
|
40.9¢
|
||||||||
Based on loss from discontinued US operations
|
|
|
|
|
(5,073)
|
(195.1)¢
|
(195.1)¢
|
||||||||
Based on loss for the period
|
|
|
|
|
(4,010)
|
(154.2)¢
|
(154.2)¢
|
|
|
|
Full year 2021
|
|||||
|
|
|
Before
tax
|
Tax
|
Non-controlling interests
|
Net of tax
and non-
controlling interests
|
Basic
earnings
per share
|
Diluted
earnings
per share
|
|
|
|
$m
|
$m
|
$m
|
$m
|
cents
|
cents
|
Based on adjusted operating profit
|
|
3,233
|
(548)
|
(17)
|
2,668
|
101.5¢
|
101.5¢
|
|
Short-term fluctuations in investment returns on shareholder-backed
business
|
|
(458)
|
81
|
(5)
|
(382)
|
(14.5)¢
|
(14.5)¢
|
|
Amortisation of acquisition accounting adjustments
|
|
(5)
|
–
|
–
|
(5)
|
(0.2)¢
|
(0.2)¢
|
|
Loss attaching to corporate transactions
|
|
(94)
|
5
|
–
|
(89)
|
(3.4)¢
|
(3.4)¢
|
|
Based on profit from continuing operations
|
|
2,676
|
(462)
|
(22)
|
2,192
|
83.4¢
|
83.4¢
|
|
Based on loss from discontinued US operations
|
|
|
|
|
(4,234)
|
(161.1)¢
|
(161.1)¢
|
|
Based on loss for the year
|
|
|
|
|
(2,042)
|
(77.7)¢
|
(77.7)¢
|
|
|
2022
|
|
2021
|
|
Number of shares (in millions)
|
Half year
|
|
Half year
|
Full year
|
|
Weighted average number of shares for calculation of basic earnings
per share
|
2,736
|
|
2,601
|
2,628
|
|
Shares under option at end of period
|
–
|
|
2
|
2
|
|
Shares that would have been issued at fair value on assumed option
price at end of period
|
–
|
|
(2)
|
(2)
|
|
Weighted average number of shares for calculation of diluted
earnings per share
|
2,736
|
|
2,601
|
2,628
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year 2022
|
|
Half year 2021
|
|
Full year 2021
|
|||
|
Cents per share
|
$m
|
|
Cents per share
|
$m
|
|
Cents per share
|
$m
|
|
Dividends relating to reporting period:
|
|
|
|
|
|
|
|
|
|
|
First interim ordinary dividend
|
5.74¢
|
158
|
|
5.37¢
|
140
|
|
5.37¢
|
140
|
|
Second interim ordinary dividend
|
–
|
–
|
|
–
|
–
|
|
11.86¢
|
326
|
Total relating to reporting period
|
5.74¢
|
158
|
|
5.37¢
|
140
|
|
17.23¢
|
466
|
|
Dividends paid in reporting period:
|
|
|
|
|
|
|
|
|
|
|
Current year first interim ordinary dividend
|
–
|
–
|
|
–
|
–
|
|
5.37¢
|
138
|
|
Second interim ordinary dividend for prior year
|
11.86¢
|
320
|
|
10.73¢
|
283
|
|
10.73¢
|
283
|
Total paid in reporting period
|
11.86¢
|
320
|
|
10.73¢
|
283
|
|
16.10¢
|
421
|
|
|
|
30 Jun 2022 $m
|
||||||||
|
|
|
Asia and Africa
|
|
|
|
|||||
|
|
|
Insurance
|
|
|
|
|
|
|
||
|
|
|
With-
profits
|
Unit-
linked
|
Other
|
Eastspring
|
Elimina-
tions
|
Total
|
Unallo-
cated
to a
segment
|
Elimination
of intra-group
debtors and
creditors
|
Group
total
|
|
|
|
note (i)
|
note (i)
|
note (i)
|
|
|
|
|
|
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
||
Sovereign debt
|
|
|
|
|
|
|
|
|
|
||
|
Indonesia
|
496
|
614
|
445
|
9
|
–
|
1,564
|
–
|
–
|
1,564
|
|
|
Singapore
|
3,176
|
525
|
767
|
54
|
–
|
4,522
|
–
|
–
|
4,522
|
|
|
Thailand
|
–
|
–
|
1,222
|
–
|
–
|
1,222
|
–
|
–
|
1,222
|
|
|
United Kingdom
|
–
|
5
|
–
|
–
|
–
|
5
|
–
|
–
|
5
|
|
|
United States
|
20,961
|
22
|
3,262
|
–
|
–
|
24,245
|
–
|
–
|
24,245
|
|
|
Vietnam
|
–
|
13
|
2,813
|
–
|
–
|
2,826
|
–
|
–
|
2,826
|
|
|
Other (predominantly Asia)
|
1,940
|
709
|
3,334
|
27
|
–
|
6,010
|
–
|
–
|
6,010
|
|
Subtotal
|
26,573
|
1,888
|
11,843
|
90
|
–
|
40,394
|
–
|
–
|
40,394
|
||
Other government bonds
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,361
|
77
|
131
|
–
|
–
|
1,569
|
–
|
–
|
1,569
|
|
|
AA+ to AA-
|
101
|
13
|
27
|
–
|
–
|
141
|
–
|
–
|
141
|
|
|
A+ to A-
|
757
|
125
|
257
|
–
|
–
|
1,139
|
–
|
–
|
1,139
|
|
|
BBB+ to BBB-
|
288
|
44
|
64
|
–
|
–
|
396
|
–
|
–
|
396
|
|
|
Below BBB- and unrated
|
234
|
20
|
424
|
–
|
–
|
678
|
–
|
–
|
678
|
|
Subtotalnote
(vi)
|
2,741
|
279
|
903
|
–
|
–
|
3,923
|
–
|
–
|
3,923
|
||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,055
|
171
|
392
|
–
|
–
|
1,618
|
–
|
–
|
1,618
|
|
|
AA+ to AA-
|
1,890
|
363
|
1,594
|
–
|
–
|
3,847
|
–
|
–
|
3,847
|
|
|
A+ to A-
|
7,020
|
529
|
4,129
|
–
|
–
|
11,678
|
–
|
–
|
11,678
|
|
|
BBB+ to BBB-
|
7,657
|
1,419
|
3,948
|
1
|
–
|
13,025
|
–
|
–
|
13,025
|
|
|
Below BBB- and unrated
|
2,507
|
424
|
1,395
|
–
|
–
|
4,326
|
–
|
–
|
4,326
|
|
Subtotalnote
(vi)
|
20,129
|
2,906
|
11,458
|
1
|
–
|
34,494
|
–
|
–
|
34,494
|
||
Asset-backed securities
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
135
|
5
|
95
|
–
|
–
|
235
|
–
|
–
|
235
|
|
|
AA+ to AA-
|
6
|
1
|
4
|
–
|
–
|
11
|
–
|
–
|
11
|
|
|
A+ to A-
|
22
|
–
|
14
|
–
|
–
|
36
|
–
|
–
|
36
|
|
|
BBB+ to BBB-
|
14
|
–
|
8
|
–
|
–
|
22
|
–
|
–
|
22
|
|
|
Below BBB- and unrated
|
2
|
1
|
1
|
–
|
–
|
4
|
–
|
–
|
4
|
|
Subtotalnote
(vi)
|
179
|
7
|
122
|
–
|
–
|
308
|
–
|
–
|
308
|
||
Total debt securitiesnote
(ii)
|
49,622
|
5,080
|
24,326
|
91
|
–
|
79,119
|
–
|
–
|
79,119
|
||
Loans:
|
|
|
|
|
|
|
|
|
|
||
|
Mortgage loans
|
–
|
–
|
141
|
–
|
–
|
141
|
–
|
–
|
141
|
|
|
Policy loans
|
1,392
|
–
|
378
|
–
|
–
|
1,770
|
–
|
–
|
1,770
|
|
|
Other loans
|
509
|
–
|
9
|
–
|
–
|
518
|
–
|
–
|
518
|
|
Total loans
|
1,901
|
–
|
528
|
–
|
–
|
2,429
|
–
|
–
|
2,429
|
||
Equity securities and holdings in collective investment
schemes:
|
|
|
|
|
|
|
|
|
|
||
|
Direct equities
|
11,344
|
11,305
|
2,088
|
60
|
–
|
24,797
|
325
|
–
|
25,122
|
|
|
Collective investment schemes
|
21,802
|
6,901
|
3,668
|
2
|
–
|
32,373
|
2
|
–
|
32,375
|
|
Total equity securities and holdings in collective investment
schemes
|
33,146
|
18,206
|
5,756
|
62
|
–
|
57,170
|
327
|
–
|
57,497
|
||
Other financial investmentsnote
(iii)
|
1,164
|
377
|
2,427
|
96
|
–
|
4,064
|
880
|
–
|
4,944
|
||
Total financial investments
|
85,833
|
23,663
|
33,037
|
249
|
–
|
142,782
|
1,207
|
–
|
143,989
|
||
Investment properties
|
–
|
–
|
35
|
–
|
–
|
35
|
–
|
–
|
35
|
||
Investments in joint ventures and associates accounted for using
the equity method
|
–
|
–
|
1,715
|
295
|
–
|
2,010
|
–
|
–
|
2,010
|
||
Cash and cash equivalents
|
785
|
768
|
1,977
|
149
|
–
|
3,679
|
2,736
|
–
|
6,415
|
||
Reinsurers' share of insurance contract liabilities
|
2
|
–
|
2,748
|
–
|
–
|
2,750
|
–
|
–
|
2,750
|
||
Other assetsnote
(iv)
|
1,557
|
172
|
9,298
|
709
|
(56)
|
11,680
|
3,419
|
(3,410)
|
11,689
|
||
Total assets
|
88,177
|
24,603
|
48,810
|
1,402
|
(56)
|
162,936
|
7,362
|
(3,410)
|
166,888
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
–
|
–
|
13,308
|
1,043
|
–
|
14,351
|
1,758
|
–
|
16,109
|
||
Non-controlling interests
|
–
|
–
|
42
|
121
|
–
|
163
|
–
|
–
|
163
|
||
Total equity
|
–
|
–
|
13,350
|
1,164
|
–
|
14,514
|
1,758
|
–
|
16,272
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Contract liabilities and unallocated surplus of with-profits
funds
|
78,981
|
23,037
|
26,079
|
–
|
–
|
128,097
|
–
|
–
|
128,097
|
||
Core structural borrowings
|
–
|
–
|
–
|
–
|
–
|
–
|
4,266
|
–
|
4,266
|
||
Operational borrowings
|
128
|
3
|
89
|
12
|
–
|
232
|
622
|
–
|
854
|
||
Other liabilitiesnote
(v)
|
9,068
|
1,563
|
9,292
|
226
|
(56)
|
20,093
|
716
|
(3,410)
|
17,399
|
||
Total liabilities
|
88,177
|
24,603
|
35,460
|
238
|
(56)
|
148,422
|
5,604
|
(3,410)
|
150,616
|
||
Total equity and liabilities
|
88,177
|
24,603
|
48,810
|
1,402
|
(56)
|
162,936
|
7,362
|
(3,410)
|
166,888
|
|
|
|
30 Jun 2021 $m
|
|||||||||
|
|
|
Asia and Africa
|
|
|
|
|
|||||
|
|
|
Insurance
|
|
|
|
|
|
|
|
||
|
|
|
With
-profits
|
Unit-linked
|
Other
|
Eastspring
|
Elimina-
tions
|
Total
|
US
(discont'd)
|
Unallocated
to a
segment
|
Elimina-
tion of
intra-group
debtors
and
creditors
|
Group
total
|
|
|
|
note (i)
|
note (i)
|
note (i)
|
|
|
|
note (vii)
|
|
|
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
||
Sovereign debt
|
|
|
|
|
|
|
|
|
|
|
||
|
Indonesia
|
362
|
589
|
568
|
1
|
–
|
1,520
|
–
|
–
|
–
|
1,520
|
|
|
Singapore
|
3,673
|
587
|
939
|
78
|
–
|
5,277
|
–
|
–
|
–
|
5,277
|
|
|
Thailand
|
–
|
–
|
1,847
|
16
|
–
|
1,863
|
–
|
–
|
–
|
1,863
|
|
|
United Kingdom
|
–
|
7
|
–
|
–
|
–
|
7
|
–
|
–
|
–
|
7
|
|
|
United States
|
26,233
|
45
|
2,917
|
–
|
–
|
29,195
|
–
|
–
|
–
|
29,195
|
|
|
Vietnam
|
–
|
17
|
2,799
|
–
|
–
|
2,816
|
–
|
–
|
–
|
2,816
|
|
|
Other (predominantly Asia)
|
1,951
|
692
|
3,790
|
18
|
–
|
6,451
|
–
|
–
|
–
|
6,451
|
|
Subtotal
|
32,219
|
1,937
|
12,860
|
113
|
–
|
47,129
|
–
|
–
|
–
|
47,129
|
||
Other government bonds
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,630
|
83
|
276
|
–
|
–
|
1,989
|
–
|
–
|
–
|
1,989
|
|
|
AA+ to AA-
|
79
|
4
|
12
|
–
|
–
|
95
|
–
|
–
|
–
|
95
|
|
|
A+ to A-
|
641
|
115
|
298
|
–
|
–
|
1,054
|
–
|
–
|
–
|
1,054
|
|
|
BBB+ to BBB-
|
83
|
26
|
110
|
–
|
–
|
219
|
–
|
–
|
–
|
219
|
|
|
Below BBB- and unrated
|
85
|
13
|
369
|
–
|
–
|
467
|
–
|
–
|
–
|
467
|
|
Subtotalnote(vi)
|
2,518
|
241
|
1,065
|
–
|
–
|
3,824
|
–
|
–
|
–
|
3,824
|
||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
935
|
227
|
449
|
–
|
–
|
1,611
|
–
|
–
|
–
|
1,611
|
|
|
AA+ to AA-
|
1,950
|
393
|
1,777
|
–
|
–
|
4,120
|
–
|
–
|
–
|
4,120
|
|
|
A+ to A-
|
7,909
|
645
|
4,976
|
–
|
–
|
13,530
|
–
|
–
|
–
|
13,530
|
|
|
BBB+ to BBB-
|
9,324
|
1,281
|
4,938
|
–
|
–
|
15,543
|
–
|
–
|
–
|
15,543
|
|
|
Below BBB- and unrated
|
3,938
|
1,050
|
1,775
|
1
|
–
|
6,764
|
–
|
–
|
–
|
6,764
|
|
Subtotalnote(vi)
|
24,056
|
3,596
|
13,915
|
1
|
–
|
41,568
|
–
|
–
|
–
|
41,568
|
||
Asset-backed securities
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
64
|
6
|
63
|
–
|
–
|
133
|
–
|
–
|
–
|
133
|
|
|
AA+ to AA-
|
1
|
1
|
–
|
–
|
–
|
2
|
–
|
–
|
–
|
2
|
|
|
A+ to A-
|
19
|
–
|
17
|
–
|
–
|
36
|
–
|
–
|
–
|
36
|
|
|
BBB+ to BBB-
|
16
|
–
|
10
|
–
|
–
|
26
|
–
|
–
|
–
|
26
|
|
|
Below BBB- and unrated
|
6
|
2
|
2
|
–
|
–
|
10
|
–
|
–
|
–
|
10
|
|
Subtotalnote(vi)
|
106
|
9
|
92
|
–
|
–
|
207
|
–
|
–
|
–
|
207
|
||
Total debt securitiesnote(ii)
|
58,899
|
5,783
|
27,932
|
114
|
–
|
92,728
|
–
|
–
|
–
|
92,728
|
||
Loans:
|
|
|
|
|
|
|
|
|
|
|
||
|
Mortgage loans
|
–
|
–
|
154
|
–
|
–
|
154
|
–
|
–
|
–
|
154
|
|
|
Policy loans
|
1,302
|
–
|
353
|
–
|
–
|
1,655
|
–
|
–
|
–
|
1,655
|
|
|
Other loans
|
618
|
–
|
13
|
–
|
–
|
631
|
–
|
–
|
–
|
631
|
|
Total loans
|
1,920
|
–
|
520
|
–
|
–
|
2,440
|
–
|
–
|
–
|
2,440
|
||
Equity securities and holdings in collective investment
schemes:
|
|
|
|
|
|
|
|
|
|
|
||
|
Direct equities
|
10,506
|
13,007
|
2,541
|
85
|
–
|
26,139
|
–
|
–
|
–
|
26,139
|
|
|
Collective investment schemes
|
23,936
|
7,476
|
2,907
|
6
|
–
|
34,325
|
–
|
2
|
–
|
34,327
|
|
Total equity securities and holdings in collective investment
schemes
|
34,442
|
20,483
|
5,448
|
91
|
–
|
60,464
|
–
|
2
|
–
|
60,466
|
||
Other financial investmentsnote
(iii)
|
1,140
|
195
|
2,373
|
93
|
–
|
3,801
|
–
|
28
|
–
|
3,829
|
||
Total financial investments
|
96,401
|
26,461
|
36,273
|
298
|
–
|
159,433
|
–
|
30
|
–
|
159,463
|
||
Investment properties
|
–
|
–
|
39
|
–
|
–
|
39
|
–
|
–
|
–
|
39
|
||
Investments in joint ventures and associates accounted for using
the equity method
|
–
|
–
|
1,771
|
285
|
–
|
2,056
|
–
|
–
|
–
|
2,056
|
||
Cash and cash equivalents
|
945
|
1,000
|
1,406
|
177
|
–
|
3,528
|
–
|
2,767
|
–
|
6,295
|
||
Reinsurers' share of insurance contract liabilities
|
221
|
–
|
9,670
|
–
|
–
|
9,891
|
–
|
–
|
–
|
9,891
|
||
Other assetsnote
(iv)
|
1,663
|
284
|
8,643
|
795
|
(67)
|
11,318
|
–
|
3,598
|
(3,289)
|
11,627
|
||
Assets held for distributionnote
(vii)
|
–
|
–
|
–
|
–
|
–
|
–
|
335,760
|
–
|
(10)
|
335,750
|
||
Total assets
|
99,230
|
27,745
|
57,802
|
1,555
|
(67)
|
186,265
|
335,760
|
6,395
|
(3,299)
|
525,121
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
–
|
–
|
13,287
|
1,079
|
–
|
14,366
|
2,667
|
(1,320)
|
–
|
15,713
|
||
Non-controlling interests
|
–
|
–
|
40
|
137
|
–
|
177
|
333
|
–
|
–
|
510
|
||
Total equity
|
–
|
–
|
13,327
|
1,216
|
–
|
14,543
|
3,000
|
(1,320)
|
–
|
16,223
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract liabilities and unallocated surplus of with-profits
funds
|
89,243
|
25,615
|
36,224
|
–
|
–
|
151,082
|
–
|
–
|
–
|
151,082
|
||
Core structural borrowings
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
6,404
|
–
|
6,404
|
||
Operational borrowings
|
156
|
–
|
107
|
21
|
–
|
284
|
–
|
611
|
–
|
895
|
||
Other liabilitiesnote
(v)
|
9,831
|
2,130
|
8,144
|
318
|
(67)
|
20,356
|
–
|
700
|
(3,299)
|
17,757
|
||
Liabilities held for distributionnote
(vii)
|
–
|
–
|
–
|
–
|
–
|
–
|
332,760
|
–
|
–
|
332,760
|
||
Total liabilities
|
99,230
|
27,745
|
44,475
|
339
|
(67)
|
171,722
|
332,760
|
7,715
|
(3,299)
|
508,898
|
||
Total equity and liabilities
|
99,230
|
27,745
|
57,802
|
1,555
|
(67)
|
186,265
|
335,760
|
6,395
|
(3,299)
|
525,121
|
|
|
|
31 Dec 2021 $m
|
||||||||
|
|
|
Asia and Africa
|
|
|
|
|||||
|
|
|
Insurance
|
|
|
|
|
|
|
||
|
With
-profits
|
Unit-linked
|
Other
|
Eastspring
|
Elimina-
tions
|
Total
|
Unallocated
to a
segment
|
Elimination
of intra-group
debtors and
creditors
|
Group
total
|
||
|
|
|
note (i)
|
note (i)
|
note (i)
|
|
|
|
|
|
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
||
Sovereign debt
|
|
|
|
|
|
|
|
|
|
||
|
Indonesia
|
414
|
598
|
609
|
11
|
–
|
1,632
|
–
|
–
|
1,632
|
|
|
Singapore
|
3,684
|
550
|
1,068
|
126
|
–
|
5,428
|
–
|
–
|
5,428
|
|
|
Thailand
|
–
|
–
|
1,577
|
3
|
–
|
1,580
|
–
|
–
|
1,580
|
|
|
United Kingdom
|
–
|
7
|
–
|
–
|
–
|
7
|
226
|
–
|
233
|
|
|
United States
|
28,552
|
47
|
3,525
|
–
|
–
|
32,124
|
–
|
–
|
32,124
|
|
|
Vietnam
|
–
|
20
|
3,022
|
–
|
–
|
3,042
|
–
|
–
|
3,042
|
|
|
Other (predominantly Asia)
|
2,030
|
720
|
4,001
|
21
|
–
|
6,772
|
–
|
–
|
6,772
|
|
Subtotal
|
34,680
|
1,942
|
13,802
|
161
|
–
|
50,585
|
226
|
–
|
50,811
|
||
Other government bonds
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,472
|
86
|
246
|
–
|
–
|
1,804
|
–
|
–
|
1,804
|
|
|
AA+ to AA-
|
45
|
2
|
12
|
–
|
–
|
59
|
–
|
–
|
59
|
|
|
A+ to A-
|
667
|
119
|
304
|
–
|
–
|
1,090
|
–
|
–
|
1,090
|
|
|
BBB+ to BBB-
|
121
|
16
|
116
|
–
|
–
|
253
|
–
|
–
|
253
|
|
|
Below BBB- and unrated
|
204
|
15
|
450
|
–
|
–
|
669
|
–
|
–
|
669
|
|
Subtotalnote(vi)
|
2,509
|
238
|
1,128
|
–
|
–
|
3,875
|
–
|
–
|
3,875
|
||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,222
|
236
|
411
|
–
|
–
|
1,869
|
–
|
–
|
1,869
|
|
|
AA+ to AA-
|
2,203
|
359
|
1,858
|
–
|
–
|
4,420
|
–
|
–
|
4,420
|
|
|
A+ to A-
|
9,046
|
675
|
5,294
|
–
|
–
|
15,015
|
–
|
–
|
15,015
|
|
|
BBB+ to BBB-
|
9,523
|
1,711
|
5,105
|
–
|
–
|
16,339
|
–
|
–
|
16,339
|
|
|
Below BBB- and unrated
|
4,009
|
678
|
1,827
|
–
|
–
|
6,514
|
–
|
–
|
6,514
|
|
Subtotalnote(vi)
|
26,003
|
3,659
|
14,495
|
–
|
–
|
44,157
|
–
|
–
|
44,157
|
||
Asset-backed securities
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
88
|
6
|
74
|
–
|
–
|
168
|
–
|
–
|
168
|
|
|
AA+ to AA-
|
6
|
1
|
4
|
–
|
–
|
11
|
–
|
–
|
11
|
|
|
A+ to A-
|
26
|
–
|
17
|
–
|
–
|
43
|
–
|
–
|
43
|
|
|
BBB+ to BBB-
|
15
|
–
|
9
|
–
|
–
|
24
|
–
|
–
|
24
|
|
|
Below BBB- and unrated
|
2
|
2
|
1
|
–
|
–
|
5
|
–
|
–
|
5
|
|
Subtotalnote(vi)
|
137
|
9
|
105
|
–
|
–
|
251
|
–
|
–
|
251
|
||
Total debt securitiesnote
(ii)
|
63,329
|
5,848
|
29,530
|
161
|
–
|
98,868
|
226
|
–
|
99,094
|
||
Loans:
|
|
|
|
|
|
|
|
|
|
||
|
Mortgage loans
|
–
|
–
|
150
|
–
|
–
|
150
|
–
|
–
|
150
|
|
|
Policy loans
|
1,365
|
–
|
368
|
–
|
–
|
1,733
|
–
|
–
|
1,733
|
|
|
Other loans
|
668
|
–
|
11
|
–
|
–
|
679
|
–
|
–
|
679
|
|
Total loans
|
2,033
|
–
|
529
|
–
|
–
|
2,562
|
–
|
–
|
2,562
|
||
Equity securities and holdings in collective investment
schemes:
|
|
|
|
|
|
|
|
|
|
||
|
Direct equities
|
10,290
|
12,812
|
2,286
|
84
|
–
|
25,472
|
683
|
–
|
26,155
|
|
|
Collective investment schemes
|
23,950
|
7,704
|
3,787
|
3
|
–
|
35,444
|
2
|
–
|
35,446
|
|
Total equity securities and holdings in collective investment
schemes
|
34,240
|
20,516
|
6,073
|
87
|
–
|
60,916
|
685
|
–
|
61,601
|
||
Other financial investmentsnote
(iii)
|
1,561
|
149
|
2,318
|
106
|
–
|
4,134
|
1,088
|
–
|
5,222
|
||
Total financial investments
|
101,163
|
26,513
|
38,450
|
354
|
–
|
166,480
|
1,999
|
–
|
168,479
|
||
Investment properties
|
–
|
–
|
38
|
–
|
–
|
38
|
–
|
–
|
38
|
||
Investments in joint ventures and associates accounted for using
the equity method
|
–
|
–
|
1,878
|
305
|
–
|
2,183
|
–
|
–
|
2,183
|
||
Cash and cash equivalents
|
905
|
911
|
1,444
|
181
|
–
|
3,441
|
3,729
|
–
|
7,170
|
||
Reinsurers' share of insurance contract liabilities
|
225
|
–
|
9,528
|
–
|
–
|
9,753
|
–
|
–
|
9,753
|
||
Other assetsnote
(iv)
|
1,184
|
166
|
9,191
|
759
|
(51)
|
11,249
|
3,608
|
(3,378)
|
11,479
|
||
Total assets
|
103,477
|
27,590
|
60,529
|
1,599
|
(51)
|
193,144
|
9,336
|
(3,378)
|
199,102
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
–
|
–
|
14,289
|
1,120
|
–
|
15,409
|
1,679
|
–
|
17,088
|
||
Non-controlling interests
|
–
|
–
|
45
|
131
|
–
|
176
|
–
|
–
|
176
|
||
Total equity
|
–
|
–
|
14,334
|
1,251
|
–
|
15,585
|
1,679
|
–
|
17,264
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Contract liabilities and unallocated surplus of with-profits
funds
|
94,002
|
25,651
|
37,646
|
–
|
–
|
157,299
|
–
|
–
|
157,299
|
||
Core structural borrowings
|
–
|
–
|
–
|
–
|
–
|
–
|
6,127
|
–
|
6,127
|
||
Operational borrowings
|
142
|
–
|
106
|
18
|
–
|
266
|
595
|
–
|
861
|
||
Other liabilitiesnote
(v)
|
9,333
|
1,939
|
8,443
|
330
|
(51)
|
19,994
|
935
|
(3,378)
|
17,551
|
||
Total liabilities
|
103,477
|
27,590
|
46,195
|
348
|
(51)
|
177,559
|
7,657
|
(3,378)
|
181,838
|
||
Total equity and liabilities
|
103,477
|
27,590
|
60,529
|
1,599
|
(51)
|
193,144
|
9,336
|
(3,378)
|
199,102
|
|
|
2022 $m
|
|
2021 $m
|
|
|
Continuing operations:
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
Debt securities held by consolidated investment funds
|
12,090
|
|
14,791
|
15,076
|
|
|
30 Jun 2022 $m
|
|||
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
Quoted prices
(unadjusted)
in active markets
|
Valuation
based on
significant
observable
market inputs
|
Valuation
based on
significant
unobservable
market inputs
|
Total
|
|
|
|
note (i)
|
note (ii)
|
|
|
Loans
|
–
|
471
|
4
|
475
|
|
Equity securities and holdings in collective investment
schemes
|
49,727
|
7,193
|
577
|
57,497
|
|
Debt securities
|
57,125
|
21,954
|
40
|
79,119
|
|
Derivative assets
|
48
|
134
|
–
|
182
|
|
Derivative liabilities
|
(461)
|
(310)
|
–
|
(771)
|
|
Total financial investments, net of derivative
liabilities
|
106,439
|
29,442
|
621
|
136,502
|
|
Investment contract liabilities without discretionary participation
features
|
–
|
(727)
|
–
|
(727)
|
|
Net asset value attributable to unit holders of consolidated
investment funds
|
(4,546)
|
(3)
|
–
|
(4,549)
|
|
Total financial instruments at fair value
|
101,893
|
28,712
|
621
|
131,226
|
|
Percentage of total (%)
|
78%
|
22%
|
0%
|
100%
|
|
|
|
|
|
|
|
Analysed by business type:
|
|
|
|
|
|
Financial investments, net of derivative liabilities at fair
value:
|
|
|
|
|
|
|
With-profits
|
66,775
|
15,612
|
503
|
82,890
|
|
Unit-linked
|
21,201
|
2,084
|
4
|
23,289
|
|
Non-linked shareholder-backed business
|
18,463
|
11,746
|
114
|
30,323
|
Total financial investments net of derivative liabilities, at fair
value
|
106,439
|
29,442
|
621
|
136,502
|
|
Percentage of total (%)
|
78%
|
22%
|
0%
|
100%
|
|
|
|
|
|
|
|
Total financial investments net of derivative liabilities, at fair
value
|
106,439
|
29,442
|
621
|
136,502
|
|
Other financial liabilities at fair value
|
(4,546)
|
(730)
|
–
|
(5,276)
|
|
Total financial instruments at fair value
|
101,893
|
28,712
|
621
|
131,226
|
|
|
30 Jun 2021 $m
|
|||
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
Quoted prices
(unadjusted)
in active markets
|
Valuation
based on
significant
observable
market inputs
|
Valuation
based on
significant
unobservable
market inputs
|
Total
|
|
Continuing operations:
|
|
note (i)
|
note (ii)
|
|
|
Loans
|
–
|
560
|
5
|
565
|
|
Equity securities and holdings in collective investment
schemes
|
52,299
|
7,695
|
472
|
60,466
|
|
Debt securities
|
75,221
|
17,475
|
32
|
92,728
|
|
Derivative assets
|
391
|
94
|
–
|
485
|
|
Derivative liabilities
|
(192)
|
(220)
|
–
|
(412)
|
|
Total financial investments, net of derivative
liabilities
|
127,719
|
25,604
|
509
|
153,832
|
|
Investment contract liabilities without discretionary participation
features
|
–
|
(825)
|
–
|
(825)
|
|
Net asset value attributable to unit holders of consolidated
investment funds
|
(5,770)
|
–
|
–
|
(5,770)
|
|
Total financial instruments at fair value
|
121,949
|
24,779
|
509
|
147,237
|
|
Percentage of total (%)
|
83%
|
17%
|
0%
|
100%
|
|
|
|
|
|
|
|
Analysed by business type:
|
|
|
|
|
|
Financial investments net of derivative liabilities, at fair
value
|
|
|
|
|
|
|
With-profits
|
80,526
|
12,874
|
415
|
93,815
|
|
Unit-linked
|
25,279
|
985
|
–
|
26,264
|
|
Non-linked shareholder-backed business
|
21,914
|
11,745
|
94
|
33,753
|
Total financial investments net of derivative liabilities, at fair
value
|
127,719
|
25,604
|
509
|
153,832
|
|
Percentage of total (%)
|
83%
|
17%
|
0%
|
100%
|
|
|
|
|
|
|
|
Total financial investments net of derivative liabilities, at fair
value
|
127,719
|
25,604
|
509
|
153,832
|
|
Other financial liabilities at fair value
|
(5,770)
|
(825)
|
–
|
(6,595)
|
|
Total financial instruments at fair value
|
121,949
|
24,779
|
509
|
147,237
|
|
|
31 Dec 2021 $m
|
|||
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
Quoted prices
(unadjusted)
in active markets
|
Valuation
based on
significant
observable
market inputs
|
Valuation
based on
significant
unobservable
market inputs
|
Total
|
|
|
|
note (i)
|
note (ii)
|
|
|
Loans
|
–
|
616
|
5
|
621
|
|
Equity securities and holdings in collective investment
schemes
|
54,107
|
6,917
|
577
|
61,601
|
|
Debt securities
|
76,049
|
22,987
|
58
|
99,094
|
|
Derivative assets
|
359
|
122
|
–
|
481
|
|
Derivative liabilities
|
(146)
|
(116)
|
–
|
(262)
|
|
Total financial investments, net of derivative
liabilities
|
130,369
|
30,526
|
640
|
161,535
|
|
Investment contract liabilities without discretionary participation
features
|
–
|
(814)
|
–
|
(814)
|
|
Net asset value attributable to unit holders of consolidated
investment funds
|
(5,618)
|
(46)
|
–
|
(5,664)
|
|
Total financial instruments at fair value
|
124,751
|
29,666
|
640
|
155,057
|
|
Percentage of total (%)
|
81%
|
19%
|
0%
|
100%
|
|
|
|
|
|
|
|
Analysed by business type:
|
|
|
|
|
|
Financial investments net of derivative liabilities, at fair
value
|
|
|
|
|
|
|
With-profits
|
82,489
|
15,438
|
506
|
98,433
|
|
Unit-linked
|
24,024
|
2,343
|
5
|
26,372
|
|
Non-linked shareholder-backed business
|
23,856
|
12,745
|
129
|
36,730
|
Total financial investments net of derivative liabilities, at fair
value
|
130,369
|
30,526
|
640
|
161,535
|
|
Percentage of total (%)
|
81%
|
19%
|
0%
|
100%
|
|
|
|
|
|
|
|
Total financial investments net of derivative liabilities, at fair
value
|
130,369
|
30,526
|
640
|
161,535
|
|
Other financial liabilities at fair value
|
(5,618)
|
(860)
|
–
|
(6,478)
|
|
Total financial instruments at fair value
|
124,751
|
29,666
|
640
|
155,057
|
|
|
Half year 2022 $m
|
|||
|
Loans
|
Equity securities
and holdings in
collective investment
schemes
|
Debt
securities
|
Group
total
|
|
Balance at beginning of period
|
5
|
577
|
58
|
640
|
|
Total losses in income statementnote
|
(1)
|
(47)
|
(1)
|
(49)
|
|
Total losses recorded in other comprehensive income
|
–
|
(14)
|
(2)
|
(16)
|
|
Purchases and other additions
|
–
|
61
|
–
|
61
|
|
Transfers out of level 3
|
–
|
–
|
(15)
|
(15)
|
|
Balance at end of period
|
4
|
577
|
40
|
621
|
|
|
Half year 2021 $m
|
|||
Continuing operations
|
Loans
|
Equity securities
and holdings in
collective investment
schemes
|
Debt
securities
|
Group total
|
|
Balance at beginning of period
|
6
|
445
|
33
|
484
|
|
Total (losses) gains in income statementnote
|
(1)
|
21
|
–
|
20
|
|
Total losses recorded in other comprehensive income
|
–
|
(5)
|
(1)
|
(6)
|
|
Purchases and other additions
|
–
|
11
|
–
|
11
|
|
Balance at end of period
|
5
|
472
|
32
|
509
|
|
|
Full year 2021 $m
|
|||
Continuing operations
|
Loans
|
Equity securities
and holdings in
collective investment
schemes
|
Debt
securities
|
Group total
|
|
Balance at beginning of year
|
6
|
445
|
33
|
484
|
|
Total (losses) gains in income statementnote
|
(1)
|
6
|
(3)
|
2
|
|
Total losses recorded in other comprehensive income
|
–
|
(5)
|
(2)
|
(7)
|
|
Purchases and other additions
|
–
|
143
|
–
|
143
|
|
Transfers (out of) into level 3
|
–
|
(12)
|
30
|
18
|
|
Balance at end of year
|
5
|
577
|
58
|
640
|
|
2022 $m
|
|
2021 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Loans
|
(1)
|
|
(1)
|
(1)
|
Equity securities and holdings in collective investment
schemes
|
(24)
|
|
21
|
6
|
Debt securities
|
(1)
|
|
–
|
(3)
|
Total net (losses) gains
|
(26)
|
|
20
|
2
|
|
2022 $m
|
|
|
2021 $m
|
|
|||
|
30 Jun
|
|
30 Jun
|
|
31 Dec
|
|||
|
Carrying
value
|
Fair
value
|
|
Carrying
value
|
Fair
value
|
|
Carrying
value
|
Fair
value
|
Assets:
|
|
|
|
|
|
|
|
|
Loans
|
1,954
|
2,103
|
|
1,875
|
2,245
|
|
1,941
|
2,152
|
Liabilities:
|
|
|
|
|
|
|
|
|
Core structural borrowings of shareholder-financed
businesses
|
(4,266)
|
(4,073)
|
|
(6,404)
|
(7,029)
|
|
(6,127)
|
(6,565)
|
Operational borrowings (excluding lease liabilities)
|
(568)
|
(568)
|
|
(500)
|
(500)
|
|
(514)
|
(514)
|
Obligations under funding, securities lending and sale and
repurchase agreements
|
(799)
|
(799)
|
|
(396)
|
(396)
|
|
(223)
|
(223)
|
Total net financial assets (liabilities) at amortised
cost
|
(3,679)
|
(3,337)
|
|
(5,425)
|
(5,680)
|
|
(4,923)
|
(5,150)
|
|
|
Half year 2022 $m
|
|||
|
|
With-
|
Shareholder-backed business
|
Total
|
|
|
|
profits
business
|
Unit-linked
liabilities
|
Other
business
|
|
At beginning of period
|
94,002
|
34,756
|
48,496
|
177,254
|
|
Comprising:
|
|
|
|
|
|
|
Policyholder liabilities on the balance sheet
|
88,618
|
25,651
|
37,646
|
151,915
|
|
Unallocated surplus of with-profits funds on the balance
sheetnote
(i)
|
5,384
|
–
|
–
|
5,384
|
|
Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(ii)
|
–
|
9,105
|
10,850
|
19,955
|
Premiums:note
(iii)
|
|
|
|
|
|
|
New business
|
1,456
|
1,231
|
1,607
|
4,294
|
|
In-force
|
2,867
|
1,219
|
2,694
|
6,780
|
|
|
4,323
|
2,450
|
4,301
|
11,074
|
Surrendersnotes
(iii)(iv)
|
(558)
|
(1,426)
|
(293)
|
(2,277)
|
|
Maturities/deaths/other claim events
|
(993)
|
(127)
|
(842)
|
(1,962)
|
|
Net flows
|
2,772
|
897
|
3,166
|
6,835
|
|
Shareholders' transfers post tax
|
(74)
|
–
|
–
|
(74)
|
|
Investment-related items and other movementsnote
(v)
|
(16,422)
|
(2,396)
|
(12,391)
|
(31,209)
|
|
Foreign exchange translation differencesnote
(vi)
|
(1,297)
|
(1,522)
|
(1,563)
|
(4,382)
|
|
At end of period
|
78,981
|
31,735
|
37,708
|
148,424
|
|
Comprising:
|
|
|
|
|
|
|
Policyholder liabilities on the balance sheet
|
74,413
|
23,037
|
26,079
|
123,529
|
|
Unallocated surplus of with-profits funds on the balance
sheetnote
(i)
|
4,568
|
–
|
–
|
4,568
|
|
Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(ii)
|
–
|
8,698
|
11,629
|
20,327
|
|
|
|
|
|
|
|
|
Half year 2021 $m
|
|||
|
|
With-
|
Shareholder-backed business
|
Total
|
|
Continuing operations:
|
profits
business
|
Unit-linked
liabilities
|
Other
business
|
Asia and
Africa
|
|
At beginning of period
|
86,410
|
32,506
|
46,639
|
165,555
|
|
Comprising:
|
|
|
|
|
|
|
Policyholder liabilities on the balance sheet
|
81,193
|
25,433
|
38,107
|
144,733
|
|
Unallocated surplus of with-profits funds on the balance
sheetnote
(i)
|
5,217
|
–
|
–
|
5,217
|
|
Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(ii)
|
–
|
7,073
|
8,532
|
15,605
|
Premiums:note
(iii)
|
|
|
|
|
|
|
New business
|
900
|
1,237
|
942
|
3,079
|
|
In-force
|
3,617
|
1,211
|
2,469
|
7,297
|
|
|
4,517
|
2,448
|
3,411
|
10,376
|
Surrendersnotes
(iii)(iv)
|
(393)
|
(1,724)
|
(410)
|
(2,527)
|
|
Maturities/deaths/other claim events
|
(852)
|
(101)
|
(505)
|
(1,458)
|
|
Net flows
|
3,272
|
623
|
2,496
|
6,391
|
|
Shareholders' transfers post-tax
|
(62)
|
–
|
–
|
(62)
|
|
Investment-related items and other movementsnote
(v)
|
201
|
997
|
(2,994)
|
(1,796)
|
|
Foreign exchange translation differencesnote
(vi)
|
(578)
|
(532)
|
(230)
|
(1,340)
|
|
At end of period
|
89,243
|
33,594
|
45,911
|
168,748
|
|
Comprising:
|
|
|
|
|
|
|
Policyholder liabilities on the balance sheet
|
82,970
|
25,615
|
36,224
|
144,809
|
|
Unallocated surplus of with-profits funds on the balance
sheetnote
(i)
|
6,273
|
–
|
–
|
6,273
|
|
Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(ii)
|
–
|
7,979
|
9,687
|
17,666
|
|
|
|
|
|
|
Average policyholder liability balancesnote
(vii)
|
|
|
|
|
|
|
Half year 2022
|
81,516
|
33,245
|
43,102
|
157,863
|
|
Half year 2021
|
82,082
|
33,050
|
46,275
|
161,407
|
|
Half year 2022 $m
|
||
|
Contract
liabilities
|
Reinsurers' share
of insurance
contract liabilities
|
Unallocated
surplus of
with-profits funds
|
At beginning of period
|
151,915
|
(9,753)
|
5,384
|
(Income) expense included in the income
statementnote
(i)
|
(25,193)
|
6,942
|
(779)
|
Other movementsnote
(ii)
|
69
|
–
|
–
|
Foreign exchange translation differences
|
(3,262)
|
61
|
(37)
|
At end of period
|
123,529
|
(2,750)
|
4,568
|
|
|
|
|
|
Half year 2021 $m
|
||
|
Contract
liabilities
|
Reinsurers' share
of insurance
contract liabilities
|
Unallocated
surplus of
with-profits funds
|
At beginning of period
|
441,246
|
(46,595)
|
5,217
|
Reclassification of US operations as held for
distribution
|
(296,513)
|
35,232
|
–
|
Expense included in the income statementnote
(i)
|
1,354
|
1,450
|
1,070
|
Other movementsnote
(ii)
|
25
|
–
|
–
|
Foreign exchange translation differences
|
(1,303)
|
22
|
(14)
|
At end of period
|
144,809
|
(9,891)
|
6,273
|
|
Half year 2022 $m
|
|||||
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Total
segment
|
Claims incurred, net of reinsurance
|
(894)
|
(609)
|
(533)
|
(1,345)
|
(887)
|
(4,268)
|
Decrease in policyholder liabilities, net of
reinsurance
|
13,090
|
187
|
157
|
2,865
|
2,016
|
18,315
|
Movement in unallocated surplus of with-profits funds
|
660
|
–
|
119
|
–
|
–
|
779
|
Benefits and claims and movement in unallocated
surplus,
net of reinsurance
|
12,856
|
(422)
|
(257)
|
1,520
|
1,129
|
14,826
|
|
|
|
|
|
|
|
|
Half year 2021 $m
|
|||||
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Total
segment
|
Claims incurred, net of reinsurance
|
(818)
|
(602)
|
(482)
|
(1,346)
|
(755)
|
(4,003)
|
(Increase) decrease in policyholder liabilities, net of
reinsurance
|
(369)
|
266
|
(68)
|
(2,197)
|
(307)
|
(2,675)
|
Movement in unallocated surplus of with-profits funds
|
(1,121)
|
–
|
51
|
–
|
–
|
(1,070)
|
Benefits and claims and movement in unallocated
surplus,
net of reinsurance
|
(2,308)
|
(336)
|
(499)
|
(3,543)
|
(1,062)
|
(7,748)
|
|
2022 $m
|
|
2021 $m
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Carrying value at beginning of period
|
907
|
|
961
|
961
|
Exchange differences
|
(36)
|
|
(35)
|
(54)
|
Carrying value at end of period
|
871
|
|
926
|
907
|
|
2022 $m
|
|
2021 $m
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Shareholder-backed business:
|
|
|
|
|
DAC related to insurance contracts as classified under IFRS
4
|
2,845
|
|
2,468
|
2,776
|
DAC related to investment management contracts, including life
assurance contracts classified as financial instruments and
investment management contracts under IFRS 4
|
39
|
|
37
|
39
|
DAC related to insurance and investment contracts
|
2,884
|
|
2,505
|
2,815
|
Distribution rights
|
3,626
|
|
3,765
|
3,782
|
Present value of acquired in-force policies for insurance contracts
as classified under
IFRS 4
|
22
|
|
31
|
28
|
Other intangibles
|
180
|
|
150
|
184
|
Present value of acquired in-force and other
intangibles
|
3,828
|
|
3,946
|
3,994
|
Total of DAC and other intangible assets attributable to
shareholdersnote
(i)
|
6,712
|
|
6,451
|
6,809
|
Other intangible assets, including computer software, attributable
to with-profits funds
|
38
|
|
74
|
49
|
Total of deferred acquisition costs and other intangible
assets
|
6,750
|
|
6,525
|
6,858
|
|
|
|
2022 $m
|
|
|
2021 $m
|
|||
|
|
|
|
Distribution
|
Other
|
Half year
|
|
Half year
|
Full year
|
|
|
|
DAC
|
rights
|
intangibles
|
Total
|
|
Total
|
Total
|
|
|
|
|
note (ii)
|
note (iii)
|
|
|
|
|
Balance at beginning of period
|
2,815
|
3,782
|
212
|
6,809
|
|
20,275
|
20,275
|
||
Removal of discontinued US operations
|
–
|
–
|
–
|
–
|
|
(13,881)
|
(13,881)
|
||
Additions
|
426
|
44
|
27
|
497
|
|
475
|
1,185
|
||
Amortisation to the income statement
|
(249)
|
(143)
|
(27)
|
(419)
|
|
(331)
|
(651)
|
||
Disposals and transfers
|
–
|
–
|
(3)
|
(3)
|
|
(3)
|
(7)
|
||
Exchange differences and other movements
|
(108)
|
(57)
|
(7)
|
(172)
|
|
(84)
|
(112)
|
||
Balance at end of period
|
2,884
|
3,626
|
202
|
6,712
|
|
6,451
|
6,809
|
|
|
2022 $m
|
|
2021 $m
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Subordinated debt:
|
|
|
|
|
|
|
US$250m 6.75% Notesnote
(i)
|
–
|
|
250
|
–
|
|
US$300m 6.5% Notesnote
(i)
|
–
|
|
300
|
–
|
|
US$700m 5.25% Notesnote
(i)
|
–
|
|
700
|
–
|
|
US$1,000m 5.25% Notesnote
(i)
|
–
|
|
1,000
|
1,000
|
|
US$725m 4.375% Notesnote
(iii)
|
–
|
|
725
|
725
|
|
US$750m 4.875% Notes
|
749
|
|
747
|
748
|
|
€20m Medium Term Notes 2023
|
21
|
|
24
|
23
|
|
£435m 6.125% Notes 2031
|
524
|
|
596
|
584
|
|
US$1,000m 2.95% Notes 2033note
(ii)
|
995
|
|
–
|
995
|
Senior debt:note
(iv)
|
|
|
|
|
|
|
£300m 6.875% Notes 2023
|
363
|
|
411
|
404
|
|
£250m 5.875% Notes 2029
|
282
|
|
317
|
313
|
|
$1,000m 3.125% Notes 2030
|
986
|
|
984
|
985
|
|
$350m 3.625% Notes 2032note
(v)
|
346
|
|
–
|
–
|
Bank loans:
|
|
|
|
|
|
|
$350m Loan 2024note
(v)
|
–
|
|
350
|
350
|
Total core structural borrowings of shareholder-financed
businesses
|
4,266
|
|
6,404
|
6,127
|
|
|
2022 $m
|
|
2021 $m
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Shareholder-financed business:
|
|
|
|
|
|
Borrowings in respect of short-term fixed income securities
programmes (commercial paper)
|
544
|
|
500
|
500
|
|
Lease liabilities under IFRS 16
|
177
|
|
239
|
209
|
|
Other borrowings
|
5
|
|
–
|
10
|
|
Operational borrowings attributable to shareholder-financed
businesses
|
726
|
|
739
|
719
|
|
With profits business:
|
|
|
|
|
|
Lease liabilities under IFRS 16
|
109
|
|
156
|
138
|
|
Other borrowings
|
19
|
|
–
|
4
|
|
Operational borrowings attributable to with-profits
businesses
|
128
|
|
156
|
142
|
|
Total operational borrowings
|
854
|
|
895
|
861
|
Net effect on shareholders' equity from insurance
operations
|
2022 $m
|
|
2021 $m
|
||
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Shareholders’ equity of insurance operations
|
13,308
|
|
13,287
|
14,289
|
|
|
|
|
|
|
|
Sensitivity to key market risks:note
|
|
|
|
|
|
|
Interest rates and consequential effects – 1%
increase
|
(680)
|
|
(533)
|
(796)
|
|
Interest rates and consequential effects – 0.5%
decrease
|
121
|
|
(381)
|
137
|
|
Equity/property market values – 10% rise
|
305
|
|
387
|
372
|
|
Equity/property market values – 20% fall
|
(750)
|
|
(803)
|
(787)
|
|
|
|
Half year 2022 $m
|
|
|
|
|
Balance
at beginning of period
|
Movement in
income
statement
|
Other
movements
including
foreign
exchange
movements
|
Balance
at end of period
|
Deferred tax assets
|
|
|
|
|
|
Unrealised losses or gains on investments
|
|
3
|
173
|
(7)
|
169
|
Balances relating to investment and insurance
contracts
|
|
34
|
1
|
(34)
|
1
|
Short-term temporary differences
|
|
162
|
32
|
(10)
|
184
|
Unused tax losses
|
|
67
|
(41)
|
(2)
|
24
|
Total deferred tax assets
|
|
266
|
165
|
(53)
|
378
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
|
|
|
Unrealised losses or gains on investments
|
|
(242)
|
99
|
6
|
(137)
|
Balances relating to investment and insurance
contracts
|
|
(2,125)
|
(52)
|
113
|
(2,064)
|
Short-term temporary differences
|
|
(495)
|
(25)
|
22
|
(498)
|
Total deferred tax liabilities
|
|
(2,862)
|
22
|
141
|
(2,699)
|
|
|
|
|
|
|
|
Half year 2021 $m
|
||||
|
Balance
at beginning of period
|
Removal of
discontinued
US operations
|
Movement in
income
statement
|
Other
movements
including
foreign
exchange
movements
|
Balance
at end of period
|
Deferred tax assets
|
|
|
|
|
|
Unrealised losses or gains on investments
|
–
|
–
|
1
|
–
|
1
|
Balances relating to investment and insurance
contracts
|
87
|
–
|
(1)
|
(37)
|
49
|
Short-term temporary differences
|
4,662
|
(4,513)
|
5
|
(3)
|
151
|
Unused tax losses
|
109
|
(29)
|
16
|
1
|
97
|
Total deferred tax assets
|
4,858
|
(4,542)
|
21
|
(39)
|
298
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
|
|
|
Unrealised losses or gains on investments
|
(1,063)
|
691
|
73
|
2
|
(297)
|
Balances relating to investment and insurance
contracts
|
(1,765)
|
–
|
(322)
|
71
|
(2,016)
|
Short-term temporary differences
|
(3,247)
|
2,832
|
(14)
|
7
|
(422)
|
Total deferred tax liabilities
|
(6,075)
|
3,523
|
(263)
|
80
|
(2,735)
|
|
Full year 2021 $m
|
||||
|
Balance
at beginning of year
|
Removal of
discontinued
US operations
|
Movement in
income
statement
|
Other
movements
including
foreign
exchange
movements
|
Balance
at end of year
|
Deferred tax assets
|
|
|
|
|
|
Unrealised losses or gains on investments
|
–
|
–
|
3
|
–
|
3
|
Balances relating to investment and insurance
contracts
|
87
|
–
|
(16)
|
(37)
|
34
|
Short-term temporary differences
|
4,662
|
(4,513)
|
15
|
(2)
|
162
|
Unused tax losses
|
109
|
(29)
|
(14)
|
1
|
67
|
Total deferred tax assets
|
4,858
|
(4,542)
|
(12)
|
(38)
|
266
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
|
|
|
Unrealised losses or gains on investments
|
(1,063)
|
691
|
127
|
3
|
(242)
|
Balances relating to investment and insurance
contracts
|
(1,765)
|
–
|
(433)
|
73
|
(2,125)
|
Short-term temporary differences
|
(3,247)
|
2,832
|
(87)
|
7
|
(495)
|
Total deferred tax liabilities
|
(6,075)
|
3,523
|
(393)
|
83
|
(2,862)
|
|
30 Jun 2022
|
|
30 Jun 2021
|
|
31 Dec 2021
|
||||||
Issued shares of 5p each
|
Number of
ordinary
shares
|
Share
capital
|
Share
premium
|
|
Number of
ordinary
shares
|
Share
capital
|
Share
premium
|
|
Number of
ordinary
shares
|
Share
capital
|
Share
premium
|
fully paid:
|
|
$m
|
$m
|
|
|
$m
|
$m
|
|
|
$m
|
$m
|
Balance at beginning of period
|
2,746,412,265
|
182
|
5,010
|
|
2,609,489,702
|
173
|
2,637
|
|
2,609,489,702
|
173
|
2,637
|
Shares issued under share-based schemes
|
2,902,591
|
–
|
–
|
|
6,121,839
|
–
|
8
|
|
6,142,213
|
–
|
8
|
Shares issued under Hong Kong public offer and international
placing in 2021note
|
–
|
–
|
–
|
|
–
|
–
|
–
|
|
130,780,350
|
9
|
2,365
|
Balance at end of period
|
2,749,314,856
|
182
|
5,010
|
|
2,615,611,541
|
173
|
2,645
|
|
2,746,412,265
|
182
|
5,010
|
|
Number of shares
|
|
Share price range
|
|
Exercisable
|
|
|
to subscribe for
|
|
from
|
to
|
|
by year
|
30 Jun 2022
|
1,734,638
|
|
964p
|
1,455p
|
|
2027
|
30 Jun 2021
|
1,774,131
|
|
964p
|
1,455p
|
|
2026
|
31 Dec 2021
|
2,022,535
|
|
964p
|
1,455p
|
|
2027
|
|
Number of shares
purchased
(in millions)
|
Cost
$m
|
Half year 2022
|
5.2
|
69.9
|
Half year 2021
|
2.8
|
60.1
|
Full year 2021
|
3.8
|
81.2
|
|
2022 $m
|
|
2021 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Gain (loss) attaching to corporate transactions as shown separately
on the condensed consolidated income statementnote
|
62
|
|
(56)
|
(35)
|
Loss arising on reinsurance transaction undertaken by the Hong Kong
business
|
(35)
|
|
(38)
|
(59)
|
Total gain (loss) attaching to corporate
transactionsnote
B1.1
|
27
|
|
(94)
|
(94)
|
|
2021 $m
|
|
|
Half year
|
Full year
|
Total revenue, net of reinsurance
|
35,379
|
45,972
|
Total charge, net of reinsurance
|
(33,209)
|
(43,655)
|
Profit before tax
|
2,170
|
2,317
|
Tax charge
|
(370)
|
(363)
|
Profit after tax
|
1,800
|
1,954
|
Remeasurement to fair valuenote
(i)
|
(7,507)
|
(8,259)
|
Cumulative valuation movements on available-for-sale debt
securities, net of related tax and change in DAC, and net
investment hedges recycled from other comprehensive
incomenote
(ii)
|
–
|
1,278
|
Loss for the period
|
(5,707)
|
(5,027)
|
|
|
|
Attributable to:
|
|
|
Equity holders of the Company
|
(5,073)
|
(4,234)
|
Non-controlling interests
|
(634)
|
(793)
|
Loss for the period
|
(5,707)
|
(5,027)
|
|
|
2021 $m
|
|
|
|
Half year
|
Full year
|
Loss for the period
|
(5,707)
|
(5,027)
|
|
Other comprehensive loss:
|
|
|
|
Valuation movements on available-for-sale debt securities, net of
related tax and change in DAC
|
(867)
|
(763)
|
|
Cumulative valuation movements on available-for-sale debt
securities, net of related tax and change in DAC, and net
investment hedges recycled through profit or loss at the point of
demerger
|
–
|
(1,278)
|
|
Other comprehensive loss for the period
|
(867)
|
(2,041)
|
|
Total comprehensive loss for the period
|
(6,574)
|
(7,068)
|
|
|
|
|
|
Attributable to:
|
|
|
|
Equity holders of the Company
|
(5,844)
|
(6,283)
|
|
Non-controlling interests
|
(730)
|
(785)
|
|
Total comprehensive loss for the period
|
(6,574)
|
(7,068)
|
|
2021 $m
|
|
|
Half year
|
Full year
|
Net cash flows from operating activities
|
(442)
|
(423)
|
Net cash flows from financing activitiesnote
|
(18)
|
2,329
|
Cash divested upon demerger
|
–
|
(3,527)
|
Net decrease in cash and cash equivalents
|
(460)
|
(1,621)
|
Cash and cash equivalents at beginning of period
|
1,621
|
1,621
|
Cash and cash equivalents at end of period
|
1,161
|
–
|
Chair
Shriti
Vadera
Executive Directors
Mark
FitzPatrick CA
James
Turner FCA FCSI FRM
|
Independent Non-executive Directors
Lord
Remnant CBE FCA
Jeremy
Anderson CBE
Chua
Sock Koong
David
Law ACA
Ming
Lu
George
Sartorel
Thomas
Watjen
Jeanette
Wong
Amy
Yip
|
|
PRUDENTIAL PUBLIC LIMITED COMPANY
|
|
|
|
By: /s/ Mark FitzPatrick
|
|
|
|
Mark FitzPatrick
|
|
Group Chief Financial Officer and Chief Operating
Officer
|