|
Shareholder basis
|
|
Total regulatory basis
|
||||||||
|
GMCR basis
|
|
GPCR basis
|
|
GMCR basis
|
|
GPCR basis
|
||||
$ billion
|
As
disclosed
|
Impact of
HK RBC &
C-ROSS II
|
Post
regulatory
updates
|
|
Post
regulatory
updates
|
|
As
disclosed
|
Impact of
HK RBC &
C-ROSS II
|
Post
regulatory
updates
|
|
Post
regulatory
updates
|
Capital resources
|
15.2
|
+10.3
|
25.5
|
|
25.5
|
|
42.7
|
(0.7)
|
42.0
|
|
42.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Required capital
|
3.7
|
+1.0
|
4.7
|
|
8.0
|
|
10.7
|
+0.4
|
11.1
|
|
20.6
|
GWS capital surplus
|
11.5
|
+9.3
|
20.8
|
|
17.5
|
|
32.0
|
(1.1)
|
30.9
|
|
21.4
|
GWS coverage ratio
|
408%
|
+137%
|
545%
|
|
320%
|
|
398%
|
-20%
|
378%
|
|
204%
|
|
31 Dec 2022note
(4)
|
|
31 Dec 2021note(1)
|
|
|
||||
|
Shareholder
|
Add
policyholder
|
Total
|
|
Shareholder
|
Add
policyholder
|
Total
|
|
Change
in total
|
|
|
note (3)
|
note (5)
|
|
|
note (3)
|
note (5)
|
|
note (6)
|
Group capital resources ($bn)
|
23.2
|
12.6
|
35.8
|
|
25.5
|
16.5
|
42.0
|
|
(6.2)
|
of which: Tier 1 capital resources ($bn)note
(2)
|
15.9
|
1.5
|
17.4
|
|
17.9
|
3.5
|
21.4
|
|
(4.0)
|
|
|
|
|
|
|
|
|
|
|
Group Minimum Capital Requirement ($bn)
|
4.4
|
0.9
|
5.3
|
|
4.7
|
1.8
|
6.5
|
|
(1.2)
|
Group Prescribed Capital Requirement ($bn)
|
7.6
|
10.1
|
17.7
|
|
8.0
|
12.6
|
20.6
|
|
(2.9)
|
|
|
|
|
|
|
|
|
|
|
GWS capital surplus over GPCR ($bn)
|
15.6
|
2.5
|
18.1
|
|
17.5
|
3.9
|
21.4
|
|
(3.3)
|
GWS coverage ratio over GPCR (%)
|
307%
|
|
202%
|
|
320%
|
|
204%
|
|
(2)%
|
|
|
|
|
|
|
|
|
|
|
GWS Tier 1 surplus over GMCR ($bn)
|
|
|
12.1
|
|
|
|
14.9
|
|
(2.8)
|
GWS Tier 1 coverage ratio over GMCR (%)
|
|
|
328%
|
|
|
|
328%
|
|
-
|
|
|
31 Dec 2022
|
||||
|
|
Shareholder
|
|
Total
|
||
Impact of market sensitivities
|
Surplus ($bn)
|
Coverage ratio
|
|
Surplus ($bn)
|
Coverage ratio
|
|
Base position
|
15.6
|
307%
|
|
18.1
|
202%
|
|
Impact of:
|
|
|
|
|
|
|
|
10% increase in equity markets
|
0.3
|
(3)%
|
|
1.2
|
1%
|
|
20% fall in equity markets
|
(1.9)
|
(14)%
|
|
(3.6)
|
(12)%
|
|
50 basis points reduction in interest rates
|
0.4
|
4%
|
|
0.0
|
0%
|
|
100 basis points increase in interest rates
|
(1.1)
|
(15)%
|
|
(0.6)
|
(3)%
|
|
100 basis points increase in credit spreads
|
(0.8)
|
(9)%
|
|
(1.2)
|
(6)%
|
|
|
2022 $bn
|
Total GWS surplus at 1 Jan (over GPCR) (Post regulatory
updates)
|
21.4
|
|
Shareholder free surplus generation
|
|
|
|
In force operating capital generation
|
2.0
|
|
Investment in new business
|
(0.6)
|
Total operating free surplus generation
|
1.4
|
|
|
External dividends
|
(0.5)
|
|
Non-operating movements (including market movements)
|
(1.9)
|
|
Other capital movements (including foreign exchange
movements)
|
(0.5)
|
Movement in free surplus (see EEV basis results for further
detail)
|
(1.5)
|
|
|
Other movements in GWS shareholder surplus (not included in free
surplus)
|
(0.4)
|
|
Movement in contribution from GWS policyholder surplus (over
GPCR)
|
(1.4)
|
Net movement in GWS capital surplus (over GPCR)
|
(3.3)
|
|
Total GWS surplus at 31 Dec (over GPCR)
|
18.1
|
|
31 Dec 2022 $bn
|
||
|
Capital resources
|
Required capital
|
Surplus
|
Free surplus excluding distribution rights and other
intangibles†
|
13.9
|
5.5
|
8.4
|
Restrictions applied in free surplus for China C-ROSS
IInote
(a)
|
2.1
|
1.5
|
0.6
|
Restrictions applied in free surplus for HK RBCnote
(b)
|
5.3
|
0.6
|
4.7
|
Restrictions applied in free surplus for Singapore
RBCnote
(c)
|
1.9
|
0.1
|
1.8
|
Other
|
0.0
|
(0.1)
|
0.1
|
Add GWS policyholder surplus contribution
|
12.6
|
10.1
|
2.5
|
Total regulatory GWS capital surplus (over GPCR)
|
35.8
|
17.7
|
18.1
|
|
31 Dec 2022
$bn
|
Group IFRS shareholders' equity
|
17.0
|
Remove DAC, goodwill and intangibles recognised on the IFRS
statement of financial position
|
(7.8)
|
Add debt treated as capital under GWSnote
(a)
|
4.0
|
Asset valuation differencesnote
(b)
|
(0.3)
|
Liability valuation (including insurance contracts)
differencesnote
(c)
|
9.2
|
Differences in associated net deferred tax
liabilitiesnote
(d)
|
1.3
|
Othernote
(e)
|
(0.2)
|
Contribution from Policyholder business
|
12.6
|
Group total GWS capital resources
|
35.8
|
|
|
2022
|
|
2021 AER
|
|
2021 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
|
307
|
42,722
|
72
|
|
312
|
47,270
|
66
|
|
299
|
46,137
|
65
|
|
Fee income
|
331
|
32,295
|
102
|
|
345
|
33,401
|
103
|
|
329
|
32,062
|
103
|
|
With-profits
|
160
|
81,405
|
20
|
|
135
|
84,905
|
16
|
|
133
|
84,435
|
16
|
|
Insurance margin
|
3,219
|
|
|
|
2,897
|
|
|
|
2,795
|
|
|
|
Margin on revenues
|
3,194
|
|
|
|
3,008
|
|
|
|
2,881
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costsnote
(c)
|
(2,346)
|
4,393
|
(53)%
|
|
(2,085)
|
4,194
|
(50)%
|
|
(2,000)
|
4,013
|
(50)%
|
|
Administration expenses
|
(1,732)
|
75,354
|
(230)
|
|
(1,656)
|
80,968
|
(205)
|
|
(1,581)
|
78,472
|
(201)
|
|
DAC adjustments
|
554
|
|
|
|
566
|
|
|
|
545
|
|
|
Expected return on shareholder assets
|
235
|
|
|
|
231
|
|
|
|
224
|
|
|
|
|
|
3,922
|
|
|
|
3,753
|
|
|
|
3,625
|
|
|
Share of related tax charges from joint ventures and
associatesnote
(d)
|
(76)
|
|
|
|
(44)
|
|
|
|
(42)
|
|
|
|
Long-term business
|
3,846
|
|
|
|
3,709
|
|
|
|
3,583
|
|
|
|
Eastspring
|
260
|
|
|
|
314
|
|
|
|
299
|
|
|
|
Adjusted operating profit
|
4,106
|
|
|
|
4,023
|
|
|
|
3,882
|
|
|
|
|
2022 $m
|
|
2021 $m
|
|
2022 vs 2021 %
|
||
|
|
|
|
AER
|
CER
|
|
AER
|
CER
|
CPL
|
368
|
|
343
|
329
|
|
7%
|
12%
|
|
Hong Kong
|
1,036
|
|
975
|
969
|
|
6%
|
7%
|
|
Indonesia
|
343
|
|
446
|
429
|
|
(23)%
|
(20)%
|
|
Malaysia
|
364
|
|
350
|
330
|
|
4%
|
10%
|
|
Singapore
|
678
|
|
663
|
646
|
|
2%
|
5%
|
|
Growth markets and other
|
|
|
|
|
|
|
|
|
|
Philippines
|
112
|
|
110
|
100
|
|
2%
|
12%
|
|
Taiwan
|
93
|
|
94
|
88
|
|
(1)%
|
6%
|
|
Thailand
|
266
|
|
236
|
215
|
|
13%
|
24%
|
|
Vietnam
|
327
|
|
317
|
310
|
|
3%
|
5%
|
|
Other*
|
335
|
|
219
|
210
|
|
53%
|
60%
|
|
Share of related tax charges from joint ventures and
associate
|
(76)
|
|
(44)
|
(42)
|
|
73%
|
81%
|
Long-term business
|
3,846
|
|
3,709
|
3,584
|
|
4%
|
7%
|
|
Eastspring
|
260
|
|
314
|
299
|
|
(17)%
|
(13)%
|
|
Adjusted operating profit
|
4,106
|
|
4,023
|
3,883
|
|
2%
|
6%
|
|
2022 $m
|
2021 $m
|
|
Operating income before performance-related feesnote
(1)
|
660
|
747
|
|
Performance-related fees
|
1
|
15
|
|
Operating income (net of commission)note
(2)
|
661
|
762
|
|
Operating expensenote
(2)
|
(360)
|
(403)
|
|
Group's share of tax on joint ventures' operating
profit
|
(41)
|
(45)
|
|
Adjusted operating profit
|
260
|
314
|
|
Average funds managed or advised by Eastspring
|
$229.4bn
|
$251.7bn
|
|
Margin based on operating incomenote
(3)
|
29bps
|
30bps
|
|
Cost/income rationote
II(v)
|
55%
|
54%
|
|
|
|
|
|
|
|
Retail
|
Margin
|
Institutional
|
Margin
|
Total
|
Margin
|
|
|
$m
|
bps
|
$m
|
bps
|
$m
|
bps
|
|
2022
|
392
|
54
|
268
|
17
|
660
|
29
|
|
2021
|
449
|
56
|
298
|
17
|
747
|
30
|
|
|
31 Dec 2022 $bn
|
31 Dec 2021 $bn
|
External funds under management, excluding funds managed on behalf
of M&G plcnote
(1)
|
|
|
|
|
Retail
|
60.1
|
68.5
|
|
Institutional
|
11.3
|
13.2
|
|
Money market funds (MMF)
|
10.5
|
12.3
|
|
|
81.9
|
94.0
|
Funds managed on behalf of M&G plcnote
(2)
|
9.3
|
11.5
|
|
|
|
|
|
External funds under management
|
91.2
|
105.5
|
|
Internal funds:
|
|
|
|
|
Internal funds under management
|
104.1
|
124.2
|
|
Internal funds under advice
|
26.1
|
28.8
|
|
|
130.2
|
153.0
|
Total funds under management or advicenote
(3)
|
221.4
|
258.5
|
|
|
|
2022 $m
|
2021 $m
|
|
At 1 Jan
|
93,956
|
93,863
|
|
|
Market gross inflows
|
81,942
|
98,963
|
|
|
Redemptions
|
(84,397)
|
(99,862)
|
|
|
Market and other movements
|
(9,552)
|
992
|
|
|
At 31 Dec
|
81,949
|
93,956
|
|
|
|
2022 $m
|
2021 $m
|
|
At 1 Jan
|
11,529
|
15,737
|
|
|
Net flows
|
(765)
|
(4,040)
|
|
|
Market and other movements
|
(1,529)
|
(168)
|
|
|
At 31 Dec
|
9,235
|
11,529
|
|
|
31 Dec 2022
|
|
|
|
31 Dec 2021
|
||||
|
|
Funds under
management
|
Funds under
advice
|
Total
|
|
Total
|
||||
|
|
$bn
|
% of Total
|
$bn
|
% of Total
|
$bn
|
% of total
|
|
$bn
|
% of total
|
|
Equity
|
92.9
|
42%
|
7.8
|
4%
|
100.7
|
46%
|
|
107.1
|
41%
|
|
Fixed income
|
86.4
|
39%
|
18.3
|
8%
|
104.7
|
47%
|
|
133.6
|
52%
|
|
Alternatives
|
2.4
|
1%
|
-
|
-
|
2.4
|
1%
|
|
2.7
|
1%
|
|
Money Market Funds
|
13.6
|
6%
|
-
|
-
|
13.6
|
6%
|
|
15.1
|
6%
|
|
Total funds
|
195.3
|
88%
|
26.1
|
12%
|
221.4
|
100%
|
|
258.5
|
100%
|
|
|
|
31 Dec 2022 $bn
|
31 Dec 2021 $bn
|
Internal funds
|
168.6
|
193.9
|
||
Eastspring external funds, including M&G plc (as analysed in
note I(iii) above)
|
91.2
|
105.5
|
||
Total Group funds under managementnote
|
259.8
|
299.4
|
|
|
31 Dec 2022 $bn
|
31 Dec 2021 $bn
|
Total investments and cash and cash equivalents held on the balance
sheet
|
151.5
|
177.9
|
|
External funds of Eastspring including M&G plc
|
91.2
|
105.5
|
|
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
|
17.1
|
16.0
|
|
Total Group funds under management
|
259.8
|
299.4
|
|
|
2022 $m
|
2021 $m
|
Net cash remitted by business unitsnote
(a)
|
1,304
|
1,451
|
|
Net interest paid
|
(204)
|
(314)
|
|
Corporate expenditurenote
(b)
|
(232)
|
(322)
|
|
Centrally funded recurring bancassurance fees
|
(220)
|
(176)
|
|
Total central outflows
|
(656)
|
(812)
|
|
Holding company cash flow before dividends and other
movements
|
648
|
639
|
|
Dividends paid
|
(474)
|
(421)
|
|
Operating holding company cash flow after dividends but before
other movements
|
174
|
218
|
|
Other movements
|
|
|
|
|
Issuance and redemption of debt
|
(1,729)
|
(255)
|
|
Hong Kong public offer and international placing
|
-
|
2,374
|
|
Other corporate activitiesnote
(c)
|
248
|
(199)
|
|
US demerger costs
|
-
|
(30)
|
Total other movements
|
(1,481)
|
1,890
|
|
Net movement in holding company cash flow
|
(1,307)
|
2,108
|
|
Cash and short-term investments at 1 Jannote
(d)
|
3,572
|
1,463
|
|
Foreign exchange movements
|
(113)
|
1
|
|
Inclusion of amounts at 31 Dec from additional centrally managed
entitiesnote
(e)
|
905
|
-
|
|
Cash and short-term investments at 31 Decnote
(e)
|
3,057
|
3,572
|
|
|
|
31 Dec 2022 $m
|
|
Cash and cash equivalents of Central operations held on balance
sheet note
C1
|
1,809
|
|
|
Less: amounts from commercial paper
|
(501)
|
|
|
Add: Deposits with credit institutions of Central operations held
on balance sheetnote
C1
|
1,749
|
|
|
Cash and short-term investments
|
3,057
|
|
|
31 Dec 2022 $m
|
||||
|
|
Long-term insurance business operations
|
||||
|
|
Expected generation from
all in-force business*
|
|
Expected generation from
new business written in 2022*
|
||
Expected period of emergence
|
Undiscounted
|
Discounted
|
|
Undiscounted
|
Discounted
|
|
2023
|
2,658
|
2,548
|
|
352
|
336
|
|
2024
|
2,327
|
2,089
|
|
227
|
200
|
|
2025
|
2,201
|
1,857
|
|
204
|
170
|
|
2026
|
2,155
|
1,710
|
|
174
|
138
|
|
2027
|
2,087
|
1,560
|
|
188
|
138
|
|
2028
|
2,010
|
1,416
|
|
181
|
125
|
|
2029
|
1,946
|
1,292
|
|
161
|
105
|
|
2030
|
1,905
|
1,191
|
|
153
|
93
|
|
2031
|
1,884
|
1,107
|
|
146
|
83
|
|
2032
|
1,857
|
1,032
|
|
158
|
85
|
|
2033
|
1,858
|
969
|
|
159
|
79
|
|
2034
|
1,843
|
910
|
|
148
|
69
|
|
2035
|
1,860
|
868
|
|
154
|
68
|
|
2036
|
1,867
|
825
|
|
142
|
60
|
|
2037
|
1,877
|
788
|
|
158
|
62
|
|
2038
|
1,888
|
749
|
|
137
|
51
|
|
2039
|
1,924
|
720
|
|
136
|
49
|
|
2040
|
1,947
|
688
|
|
139
|
47
|
|
2041
|
1,953
|
653
|
|
136
|
44
|
|
2042
|
1,943
|
614
|
|
145
|
44
|
|
2043-2047
|
9,769
|
2,594
|
|
695
|
183
|
|
2048-2052
|
9,986
|
1,951
|
|
687
|
134
|
|
2053-2057
|
9,842
|
1,382
|
|
648
|
98
|
|
2058-2062
|
9,929
|
983
|
|
637
|
72
|
|
Total free surplus expected to emerge in the next 40
years
|
79,516
|
30,496
|
|
6,065
|
2,533
|
|
|
2022 $m
|
Undiscounted expected free surplus generation for years 2023 to
2062
|
6,065
|
|
Less: discount effect
|
(3,532)
|
|
Discounted expected free surplus generation for years 2023 to
2062
|
2,533
|
|
Discounted expected free surplus generation for years after
2062
|
135
|
|
Discounted expected free surplus generation from new business
written in 2022
|
2,668
|
|
Free surplus investment in new business
|
(567)
|
|
Other items*
|
83
|
|
New business profit
|
2,184
|
|
|
31 Dec 2022 $m
|
Discounted expected generation from all in-force business for years
2023 to 2062
|
30,496
|
|
Discounted expected generation from all in-force business for years
after 2062
|
2,152
|
|
Discounted expected generation from all in-force business at 31
December 2022
|
32,648
|
|
Free surplus of long-term business operations at 31 December
2022
|
6,035
|
|
Other items*
|
174
|
|
EEV for long-term business operations
|
38,857
|
|
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027
|
|
Other
|
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
$m
|
|
$m
|
|
2021 expected free surplus generation for years 2022 to
2061
|
2,343
|
2,267
|
2,155
|
2,014
|
2,034
|
1,978
|
|
53,604
|
|
66,395
|
|
Less: Amounts expected to be realised in the current
year
|
(2,343)
|
-
|
-
|
-
|
-
|
-
|
|
-
|
|
(2,343)
|
|
Add: Expected free surplus to be generated in year 2062 (excluding
2022 new business)
|
-
|
-
|
-
|
-
|
-
|
-
|
|
1,101
|
|
1,101
|
|
Foreign exchange differences
|
-
|
(93)
|
(85)
|
(72)
|
(70)
|
(66)
|
|
(1,242)
|
|
(1,628)
|
|
New business
|
-
|
352
|
227
|
204
|
174
|
188
|
|
4,920
|
|
6,065
|
|
Operating movements
|
-
|
48
|
(14)
|
39
|
20
|
(35)
|
|
|
|
|
|
Non-operating and other movements*
|
-
|
84
|
44
|
16
|
(3)
|
22
|
|
9,705
|
|
9,926
|
|
2022 expected free surplus generation for years 2023 to
2062
|
-
|
2,658
|
2,327
|
2,201
|
2,155
|
2,087
|
|
68,088
|
|
79,516
|
|
2022 $m
|
Expected transfer from in-force business to free
surplus
|
2,406
|
Expected return on existing free surplus
|
347
|
Changes in operating assumptions and experience
variances
|
(227)
|
Underlying free surplus generated from long-term business in force
before restructuring and IFRS 17 implementation costs
|
2,526
|
|
|
2022 free surplus expected to be generated at 31 December
2021
|
2,343
|
AER
|
Single premiums
|
Regular premiums
|
APE
|
PVNBP
|
|||||||||
|
|
2022
|
2021
|
+/(-)
|
2022
|
2021
|
+/(-)
|
2022
|
2021
|
+/(-)
|
2022
|
2021
|
+/(-)
|
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
|
CPL (Prudential's 50% share)
|
1,254
|
1,760
|
(29)%
|
759
|
600
|
27%
|
884
|
776
|
14%
|
3,521
|
3,761
|
(6)%
|
|
Hong Kong
|
842
|
808
|
4%
|
438
|
469
|
(7)%
|
522
|
550
|
(5)%
|
3,295
|
4,847
|
(32)%
|
|
Indonesia
|
250
|
258
|
(3)%
|
222
|
226
|
(2)%
|
247
|
252
|
(2)%
|
1,040
|
1,067
|
(3)%
|
|
Malaysia
|
99
|
74
|
34%
|
350
|
453
|
(23)%
|
359
|
461
|
(22)%
|
1,879
|
2,137
|
(12)%
|
|
Singapore
|
2,628
|
2,412
|
9%
|
507
|
502
|
1%
|
770
|
743
|
4%
|
6,091
|
6,214
|
(2)%
|
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
9
|
15
|
(40)%
|
148
|
133
|
11%
|
149
|
134
|
11%
|
308
|
288
|
7%
|
|
Cambodia
|
-
|
-
|
-
|
18
|
14
|
29%
|
18
|
14
|
29%
|
69
|
59
|
17%
|
|
India (Prudential's 22% share)
|
273
|
285
|
(4)%
|
196
|
200
|
(2)%
|
223
|
228
|
(2)%
|
1,148
|
1,172
|
(2)%
|
|
Laos
|
-
|
-
|
-
|
-
|
1
|
(100)%
|
-
|
1
|
(100)%
|
1
|
2
|
(50)%
|
|
Myanmar
|
-
|
-
|
-
|
3
|
1
|
200%
|
3
|
1
|
200%
|
6
|
3
|
100%
|
|
Philippines
|
61
|
89
|
(31)%
|
176
|
168
|
5%
|
182
|
177
|
3%
|
615
|
655
|
(6)%
|
|
Taiwan
|
157
|
172
|
(9)%
|
486
|
379
|
28%
|
503
|
397
|
27%
|
1,835
|
1,417
|
29%
|
|
Thailand
|
150
|
142
|
6%
|
220
|
204
|
8%
|
235
|
218
|
8%
|
932
|
882
|
6%
|
|
Vietnam
|
99
|
55
|
80%
|
288
|
237
|
22%
|
298
|
242
|
23%
|
1,666
|
1,649
|
1%
|
Total insurance operations
|
5,822
|
6,070
|
(4)%
|
3,811
|
3,587
|
6%
|
4,393
|
4,194
|
5%
|
22,406
|
24,153
|
(7)%
|
CER
|
Single premiums
|
Regular premiums
|
APE
|
PVNBP
|
|||||||||
|
|
2022
|
2021
|
+/(-)
|
2022
|
2021
|
+/(-)
|
2022
|
2021
|
+/(-)
|
2022
|
2021
|
+/(-)
|
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
|
CPL (Prudential's 50% share)
|
1,254
|
1,685
|
(26)%
|
759
|
575
|
32%
|
884
|
743
|
19%
|
3,521
|
3,602
|
(2)%
|
|
Hong Kong
|
842
|
802
|
5%
|
438
|
466
|
(6)%
|
522
|
546
|
(4)%
|
3,295
|
4,812
|
(32)%
|
|
Indonesia
|
250
|
249
|
0%
|
222
|
218
|
2%
|
247
|
243
|
2%
|
1,040
|
1,027
|
1%
|
|
Malaysia
|
99
|
70
|
41%
|
350
|
427
|
(18)%
|
359
|
434
|
(17)%
|
1,879
|
2,013
|
(7)%
|
|
Singapore
|
2,628
|
2,350
|
12%
|
507
|
489
|
4%
|
770
|
724
|
6%
|
6,091
|
6,056
|
1%
|
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
9
|
13
|
(31)%
|
148
|
124
|
19%
|
149
|
125
|
19%
|
308
|
266
|
16%
|
|
Cambodia
|
-
|
-
|
-
|
18
|
14
|
29%
|
18
|
14
|
29%
|
69
|
58
|
19%
|
|
India (Prudential's 22% share)
|
273
|
268
|
2%
|
196
|
188
|
4%
|
223
|
215
|
4%
|
1,148
|
1,102
|
4%
|
|
Laos
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
2
|
(50)%
|
|
Myanmar
|
-
|
-
|
-
|
3
|
1
|
200%
|
3
|
1
|
200%
|
6
|
3
|
100%
|
|
Philippines
|
61
|
80
|
(24)%
|
176
|
152
|
16%
|
182
|
160
|
14%
|
615
|
592
|
4%
|
|
Taiwan
|
157
|
162
|
(3)%
|
486
|
355
|
37%
|
503
|
372
|
35%
|
1,835
|
1,327
|
38%
|
|
Thailand
|
150
|
130
|
15%
|
220
|
186
|
18%
|
235
|
199
|
18%
|
932
|
806
|
16%
|
|
Vietnam
|
99
|
54
|
83%
|
288
|
232
|
24%
|
298
|
237
|
26%
|
1,666
|
1,615
|
3%
|
Total insurance operations
|
5,822
|
5,863
|
(1)%
|
3,811
|
3,427
|
11%
|
4,393
|
4,013
|
9%
|
22,406
|
23,281
|
(4)%
|
APE
|
AER
|
CER
|
|||||||
|
2022 $m
|
2021 $m
|
2022 $m
|
2021 $m
|
|||||
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
|
CPL (Prudential's 50% share)
|
507
|
377
|
448
|
328
|
488
|
396
|
430
|
313
|
|
Hong Kong
|
227
|
295
|
253
|
297
|
227
|
295
|
251
|
295
|
|
Indonesia
|
110
|
137
|
117
|
135
|
107
|
140
|
113
|
130
|
|
Malaysia
|
172
|
187
|
211
|
250
|
167
|
192
|
196
|
238
|
|
Singapore
|
390
|
380
|
379
|
364
|
386
|
384
|
366
|
358
|
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
Africa
|
76
|
73
|
66
|
68
|
72
|
77
|
62
|
63
|
|
Cambodia
|
7
|
11
|
7
|
7
|
7
|
11
|
7
|
7
|
|
India (Prudential's 22% share)
|
120
|
103
|
112
|
116
|
116
|
107
|
105
|
110
|
|
Laos
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
-
|
|
Myanmar
|
1
|
2
|
1
|
-
|
1
|
2
|
1
|
-
|
|
Philippines
|
87
|
95
|
90
|
87
|
84
|
98
|
80
|
80
|
|
Taiwan
|
281
|
222
|
187
|
210
|
269
|
234
|
175
|
197
|
|
Thailand
|
99
|
136
|
99
|
119
|
96
|
139
|
87
|
112
|
|
Vietnam
|
136
|
162
|
113
|
129
|
134
|
164
|
111
|
126
|
Total insurance operations
|
2,213
|
2,180
|
2,083
|
2,111
|
2,154
|
2,239
|
1,984
|
2,029
|
PVNBP
|
AER
|
CER
|
|||||||
|
|
2022 $m
|
2021 $m
|
2022 $m
|
2021 $m
|
||||
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
|
CPL (Prudential's 50% share)
|
2,119
|
1,402
|
2,038
|
1,723
|
2,040
|
1,481
|
1,958
|
1,644
|
|
Hong Kong
|
1,774
|
1,521
|
1,991
|
2,856
|
1,773
|
1,522
|
1,974
|
2,838
|
|
Indonesia
|
442
|
598
|
485
|
582
|
430
|
610
|
466
|
561
|
|
Malaysia
|
845
|
1,034
|
992
|
1,145
|
820
|
1,059
|
924
|
1,089
|
|
Singapore
|
3,184
|
2,907
|
2,940
|
3,274
|
3,152
|
2,939
|
2,841
|
3,215
|
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
Africa
|
151
|
157
|
144
|
144
|
144
|
164
|
133
|
133
|
|
Cambodia
|
30
|
39
|
30
|
29
|
30
|
39
|
30
|
28
|
|
India (Prudential's 22% share)
|
609
|
539
|
579
|
593
|
590
|
558
|
540
|
562
|
|
Laos
|
-
|
1
|
1
|
1
|
-
|
1
|
1
|
1
|
|
Myanmar
|
4
|
2
|
1
|
2
|
3
|
3
|
1
|
2
|
|
Philippines
|
297
|
318
|
340
|
315
|
284
|
331
|
301
|
291
|
|
Taiwan
|
994
|
841
|
662
|
755
|
958
|
877
|
622
|
705
|
|
Thailand
|
394
|
538
|
406
|
476
|
379
|
553
|
357
|
449
|
|
Vietnam
|
885
|
781
|
771
|
878
|
867
|
799
|
757
|
858
|
Total insurance operations
|
11,728
|
10,678
|
11,380
|
12,773
|
11,470
|
10,936
|
10,905
|
12,376
|
|
AER
|
CER
|
||||||
|
2022
|
2021
|
2022
|
2021
|
||||
|
HY
|
FY
|
HY
|
FY
|
HY
|
FY
|
HY
|
FY
|
New business profit ($m)
|
|
|
|
|
|
|
|
|
CPL (Prudential's 50% share)
|
217
|
387
|
228
|
352
|
209
|
387
|
219
|
337
|
Hong Kong
|
211
|
384
|
306
|
736
|
211
|
384
|
303
|
731
|
Indonesia
|
52
|
125
|
57
|
125
|
50
|
125
|
55
|
120
|
Malaysia
|
70
|
159
|
113
|
232
|
67
|
159
|
105
|
219
|
Singapore
|
244
|
499
|
215
|
523
|
241
|
499
|
208
|
510
|
Growth markets and other
|
304
|
630
|
257
|
558
|
296
|
630
|
241
|
526
|
Total insurance business
|
1,098
|
2,184
|
1,176
|
2,526
|
1,074
|
2,184
|
1,131
|
2,443
|
|
|
|
|
|
|
|
|
|
New business margin (NBP as a % of APE)
|
|
|
|
|
|
|
|
|
CPL
|
43%
|
44%
|
51%
|
45%
|
43%
|
44%
|
51%
|
45%
|
Hong Kong
|
93%
|
74%
|
121%
|
134%
|
93%
|
74%
|
121%
|
134%
|
Indonesia
|
47%
|
51%
|
49%
|
50%
|
47%
|
51%
|
49%
|
49%
|
Malaysia
|
41%
|
44%
|
54%
|
50%
|
40%
|
44%
|
54%
|
50%
|
Singapore
|
63%
|
65%
|
57%
|
70%
|
62%
|
65%
|
57%
|
70%
|
Growth markets and other
|
38%
|
39%
|
38%
|
40%
|
38%
|
39%
|
38%
|
40%
|
Total insurance business
|
50%
|
50%
|
56%
|
60%
|
50%
|
50%
|
57%
|
61%
|
|
|
|
|
|
|
|
|
|
New business margin (NBP as a % of PVNBP)
|
|
|
|
|
|
|
|
|
CPL
|
10%
|
11%
|
11%
|
9%
|
10%
|
11%
|
11%
|
9%
|
Hong Kong
|
12%
|
12%
|
15%
|
15%
|
12%
|
12%
|
15%
|
15%
|
Indonesia
|
12%
|
12%
|
12%
|
12%
|
12%
|
12%
|
12%
|
12%
|
Malaysia
|
8%
|
8%
|
11%
|
11%
|
8%
|
8%
|
11%
|
11%
|
Singapore
|
8%
|
8%
|
7%
|
8%
|
8%
|
8%
|
7%
|
8%
|
Growth markets and other
|
9%
|
10%
|
9%
|
9%
|
9%
|
10%
|
9%
|
9%
|
Total insurance business
|
9%
|
10%
|
10%
|
10%
|
9%
|
10%
|
10%
|
10%
|
|
|
2022 $m
|
|
|
2021 $m
|
|
||
Eastspring:
|
|
H1
|
H2
|
|
|
H1
|
H2
|
|
Third-party retail:note
|
|
|
|
|
|
|
|
|
Opening FUM
|
|
68,516
|
58,407
|
|
|
66,838
|
67,903
|
|
Net flows:
|
|
|
|
|
|
|
|
|
- Gross Inflows
|
|
11,050
|
8,504
|
|
|
17,491
|
17,065
|
|
- Redemptions
|
|
(12,808)
|
(8,520)
|
|
|
(18,281)
|
(15,148)
|
|
|
|
(1,758)
|
(16)
|
|
|
(790)
|
1,917
|
|
Other movements
|
|
(8,351)
|
1,752
|
|
|
1,855
|
(1,304)
|
|
Closing FUM
|
|
58,407
|
60,143
|
|
|
67,903
|
68,516
|
|
|
|
|
|
|
|
|
|
|
Third-party institutional:
|
|
|
|
|
|
|
|
|
Opening FUM
|
|
13,192
|
10,988
|
|
|
13,827
|
14,901
|
|
Net flows:
|
|
|
|
|
|
|
|
|
- Gross Inflows
|
|
561
|
763
|
|
|
1,264
|
1,194
|
|
- Redemptions
|
|
(589)
|
(547)
|
|
|
(983)
|
(1,989)
|
|
|
|
(28)
|
216
|
|
|
281
|
(795)
|
|
Other movements
|
|
(2,176)
|
107
|
|
|
793
|
(914)
|
|
Closing FUM
|
|
10,988
|
11,311
|
|
|
14,901
|
13,192
|
|
|
|
|
|
|
|
|
|
|
Total third-party closing FUM (excluding MMF and funds held on
behalf of M&G plc)
|
|
69,395
|
71,454
|
|
|
82,804
|
81,708
|
|
|
31 Dec 2022 $m
|
31 Dec 2021 $m
|
Core structural borrowings of shareholder-financed
businesses
|
4,261
|
6,127
|
Less holding company cash and short-term investments
|
(3,057)
|
(3,572)
|
Net core structural borrowings of shareholder-financed
businesses
|
1,204
|
2,555
|
Closing shareholders' equity
|
16,960
|
17,088
|
Closing shareholders' equity plus net core structural
borrowings
|
18,164
|
19,643
|
IFRS gearing ratio
|
7%
|
13%
|
|
2022 $m
|
2021 $m
|
Adjusted operating profit
|
3,375
|
3,233
|
Tax on adjusted operating profit
|
(614)
|
(548)
|
Adjusted operating profit attributable to non-controlling
interests
|
(11)
|
(17)
|
Adjusted operating profit, net of tax and non-controlling
interests
|
2,750
|
2,668
|
|
|
|
Shareholders' equity at 1 Jan
|
17,088
|
12,367
|
Shareholders' equity at 31 Dec
|
16,960
|
17,088
|
Average shareholders' equity
|
17,024
|
14,728
|
Operating return on average shareholders' equity (%)
|
16%
|
18%
|
|
31 Dec 2022
|
31 Dec 2021
|
Number of issued shares at the end of the year (million
shares)
|
2,750
|
2,746
|
Closing IFRS shareholders' equity ($ million)
|
16,960
|
17,088
|
Shareholders' equity per share (cents)
|
617¢
|
622¢
|
|
2022 $m
|
2021 $m
|
IFRS revenue
|
513
|
665
|
Share of revenue from joint ventures and associates
|
303
|
314
|
Commissions
|
(155)
|
(217)
|
Performance-related fees
|
(1)
|
(15)
|
Operating income before
performance-related feesnote
|
660
|
747
|
|
|
|
IFRS charges
|
398
|
498
|
Share of expenses from joint ventures and associates
|
117
|
122
|
Commissions
|
(155)
|
(217)
|
Operating expense
|
360
|
403
|
Cost/income ratio (operating expense/operating income before
performance-related fees)
|
55%
|
54%
|
|
2022 $m
|
|
2021 $m
|
|
|
|
|
AER
|
CER
|
IFRS gross premiums earned
|
23,344
|
|
24,217
|
23,546
|
Less: General insurance premium
|
(124)
|
|
(124)
|
(123)
|
Less: IFRS gross earned premium from new regular and single premium
business
|
(6,807)
|
|
(6,500)
|
(6,243)
|
Add: Renewal premiums from joint ventures and
associatesnote
|
2,262
|
|
2,295
|
2,182
|
Renewal insurance premiums
|
18,675
|
|
19,888
|
19,362
|
|
|
|
|
|
Annual premium equivalent (APE)
|
4,393
|
|
4,194
|
4,013
|
Life weighted premium income
|
23,068
|
|
24,082
|
23,375
|
|
2022 $m
|
2021 $m
|
Gross premiums earned
|
23,344
|
24,217
|
Less: premiums from in-force renewal businessnote
(a)
|
(16,413)
|
(17,593)
|
Less: 90% of single premiums on new business sold in the
yearnote
(b)
|
(3,839)
|
(3,602)
|
Add: APE sales from joint ventures and associates on equity
accounting methodnote
(c)
|
1,182
|
1,104
|
Other adjustmentsnote
(d)
|
119
|
68
|
Annual premium equivalent (APE)
|
4,393
|
4,194
|
|
2022 $m
|
2021 $m
|
IFRS gross premiums earned
|
23,344
|
24,217
|
Gross premiums earned from joint ventures and
associates
|
4,439
|
4,579
|
Total Group
|
27,783
|
28,796
|
|
31 Dec 2022 $m
|
31 Dec 2021 $m
|
IFRS shareholders' equity
|
16,960
|
17,088
|
Less: DAC assigned zero value for EEV purposes
|
(3,254)
|
(2,815)
|
Add: Value of in-force business of long-term
businessnote
(a)
|
27,266
|
35,456
|
Othernote
(b)
|
1,212
|
(2,374)
|
EEV shareholders' equity
|
42,184
|
47,355
|
|
2022
|
2021
|
EEV operating profit for the year
|
3,952
|
3,543
|
Operating profit attributable to non-controlling
interests
|
(29)
|
(28)
|
EEV operating profit, net of non-controlling interest ($
million)
|
3,923
|
3,515
|
|
|
|
Shareholders' equity at 1 Jan*
|
47,584
|
41,926
|
Shareholders' equity at 31 Dec
|
42,184
|
47,355
|
Average shareholders' equity ($ million)
|
44,884
|
44,641
|
Operating return on average shareholders' equity (%)
|
9%
|
8%
|
|
2022
|
2021
|
New business profit ($ million)*
|
2,184
|
2,526
|
Average EEV basis shareholders' equity for long-term insurance
business operations, excluding goodwill attributable to equity
holders ($ million)
|
41,866
|
43,754
|
New business profit on embedded value (%)
|
5%
|
6%
|
|
2022 $m
|
2021 $m
|
Shareholders' equity at 1 Jan*
|
44,875
|
42,861
|
Shareholders' equity at 31 Dec
|
38,857
|
44,646
|
Average shareholders' equity
|
41,866
|
43,754
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By:
/s/ James Turner
|
|
|
|
James
Turner
|
|
Group
Chief Financial Officer
|