|
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
|
Note
|
Half year
|
|
Half year
|
Full year
|
Continuing operations:
|
|
|
|
|
|
||
Gross premiums earned
|
|
11,521
|
|
10,950
|
23,495
|
||
Outward reinsurance premiums
|
|
(898)
|
|
46
|
(1,625)
|
||
Earned premiums, net of reinsurance
|
B1.4
|
10,623
|
|
10,996
|
21,870
|
||
Investment return
|
|
738
|
|
4,202
|
13,762
|
||
Other income
|
|
331
|
|
305
|
615
|
||
Total revenue, net of reinsurance
|
B1.4
|
11,692
|
|
15,503
|
36,247
|
||
Benefits and claims and movement in unallocated surplus of
with-profits funds, net of reinsurance
|
|
(7,748)
|
|
(11,728)
|
(28,588)
|
||
Acquisition costs and other expenditure
|
B2
|
(2,402)
|
|
(2,823)
|
(4,651)
|
||
Finance costs: interest on core structural borrowings of
shareholder-financed businesses
|
|
(164)
|
|
(153)
|
(316)
|
||
Loss attaching to corporate transactions
|
D1.1
|
(56)
|
|
-
|
(30)
|
||
Total charges, net of reinsurance
|
|
(10,370)
|
|
(14,704)
|
(33,585)
|
||
Share of profit from joint ventures and associates, net of related
tax
|
|
179
|
|
133
|
517
|
||
Profit before tax (being tax attributable to
shareholders' and policyholders' returns)note
(i)
|
|
1,501
|
|
932
|
3,179
|
||
Remove tax charge attributable to policyholders'
returns
|
|
(238)
|
|
(66)
|
(271)
|
||
Profit before tax attributable to shareholders'
returns
|
B1.1
|
1,263
|
|
866
|
2,908
|
||
Total tax charge attributable to shareholders' and policyholders'
returns
|
B3.1
|
(431)
|
|
(310)
|
(711)
|
||
Remove tax charge attributable to policyholders'
returns
|
|
238
|
|
66
|
271
|
||
Tax charge attributable to shareholders' returns
|
B3.1
|
(193)
|
|
(244)
|
(440)
|
||
Profit from continuing operations
|
B1.5
|
1,070
|
|
622
|
2,468
|
||
Loss from discontinued US operationsnote
(ii)
|
D1.2
|
(5,707)
|
|
(88)
|
(283)
|
||
(Loss) profit for the period
|
|
(4,637)
|
|
534
|
2,185
|
||
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
||
Equity holders of the Company:
|
|
|
|
|
|
||
|
From continuing operations
|
|
1,063
|
|
600
|
2,458
|
|
|
From discontinued US operations
|
|
(5,073)
|
|
(88)
|
(340)
|
|
|
|
|
|
(4,010)
|
|
512
|
2,118
|
Non-controlling interests:
|
|
|
|
|
|
||
|
From continuing operations
|
|
7
|
|
22
|
10
|
|
|
From discontinued US operations
|
|
(634)
|
|
-
|
57
|
|
|
|
|
|
(627)
|
|
22
|
67
|
(Loss) profit for the period
|
|
(4,637)
|
|
534
|
2,185
|
Earnings per share (in cents)
|
|
2021
|
|
2020
|
|||
|
|
|
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
|
|
40.9¢
|
|
23.1¢
|
94.6¢
|
|
|
Based on loss from discontinued US operationsnote
(ii)
|
|
(195.1)¢
|
|
(3.4)¢
|
(13.0)¢
|
|
Total
|
|
(154.2)¢
|
|
19.7¢
|
81.6¢
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
Based on profit from continuing operations
|
|
40.9¢
|
|
23.1¢
|
94.6¢
|
|
|
Based on loss from discontinued US operationsnote
(ii)
|
|
(195.1)¢
|
|
(3.4)¢
|
(13.0)¢
|
|
Total
|
|
(154.2)¢
|
|
19.7¢
|
81.6¢
|
|
|
|
|
|
|
|
|
|
Dividends per share (in cents)
|
|
2021
|
|
2020
|
||
|
|
Note
|
Half year
|
|
Half year
|
Full year
|
Dividends relating to reporting period:
|
B5
|
|
|
|
|
|
|
First interim ordinary dividend
|
|
5.37¢
|
|
5.37¢
|
5.37¢
|
|
Second interim ordinary dividend
|
|
-
|
|
-
|
10.73¢
|
Total
|
|
5.37¢
|
|
5.37¢
|
16.10¢
|
|
Dividends paid in reporting period:
|
B5
|
|
|
|
|
|
|
Current year first interim dividend
|
|
-
|
|
-
|
5.37¢
|
|
Second interim ordinary dividend for prior year
|
|
10.73¢
|
|
25.97¢
|
25.97¢
|
Total
|
|
10.73¢
|
|
25.97¢
|
31.34¢
|
|
|
|
|
2021 $m
|
|
2020* $m
|
|
|
|
|
Note
|
Half year
|
|
Half year
|
Full year
|
Continuing operations:
|
|
|
|
|
|
||
Profit for the period
|
|
1,070
|
|
622
|
2,468
|
||
Other comprehensive income (loss)
|
|
|
|
|
|
||
Exchange movements arising during the period
|
|
(163)
|
|
(201)
|
233
|
||
Total items that may be reclassified subsequently to profit or
loss
|
|
(163)
|
|
(201)
|
233
|
||
Total comprehensive income from continuing operations
|
|
907
|
|
421
|
2,701
|
||
Discontinued US operations:*
|
|
|
|
|
|
||
Loss for the period
|
|
(5,707)
|
|
(88)
|
(283)
|
||
Valuation movements on available-for-sale debt securities, net of
related change in amortisation of deferred acquisition costs and
related tax
|
|
(867)
|
|
(22)
|
292
|
||
Total comprehensive (loss) income for the period from discontinued
US operations
|
D1.2
|
(6,574)
|
|
(110)
|
9
|
||
Total comprehensive (loss) income for the period
|
|
(5,667)
|
|
311
|
2,710
|
||
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
||
Equity holders of the Company:
|
|
|
|
|
|
||
|
From continuing operations
|
|
905
|
|
400
|
2,697
|
|
|
From discontinued US operations
|
|
(5,844)
|
|
(110)
|
(40)
|
|
|
|
|
|
(4,939)
|
|
290
|
2,657
|
Non-controlling interests:
|
|
|
|
|
|
||
|
From continuing operations
|
|
2
|
|
21
|
4
|
|
|
From discontinued US operations
|
|
(730)
|
|
-
|
49
|
|
|
|
|
|
(728)
|
|
21
|
53
|
Total comprehensive (loss) income for the period
|
|
(5,667)
|
|
311
|
2,710
|
|
|
|
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)
|
|
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)
|
|
Share capital and share premium
|
|
|
|
|
|
|
|
|
|
|
|
|
New share capital subscribed
|
C8
|
-
|
8
|
-
|
-
|
-
|
8
|
|
-
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury shares
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
Period ended 30 Jun 2020* $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
|
|
-
|
-
|
600
|
-
|
-
|
600
|
|
22
|
|
622
|
|
Other comprehensive loss
|
|
-
|
-
|
-
|
(200)
|
-
|
(200)
|
|
(1)
|
|
(201)
|
|
Total comprehensive income (loss) from continuing
operations
|
|
-
|
-
|
600
|
(200)
|
-
|
400
|
|
21
|
|
421
|
|
Total comprehensive loss from discontinued US
operations
|
D1.2
|
-
|
-
|
(88)
|
-
|
(22)
|
(110)
|
|
-
|
|
(110)
|
|
Total comprehensive income (loss) for the period
|
|
-
|
-
|
512
|
(200)
|
(22)
|
290
|
|
21
|
|
311
|
|
Dividends
|
B5
|
-
|
-
|
(674)
|
-
|
-
|
(674)
|
|
(16)
|
|
(690)
|
|
Reserve movements in respect of share-based payments
|
|
-
|
-
|
29
|
-
|
-
|
29
|
|
-
|
|
29
|
|
Effect of transactions relating to non-controlling
interests
|
|
-
|
-
|
32
|
-
|
-
|
32
|
|
-
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital and share premium
|
|
|
|
|
|
|
|
|
|
|
|
|
New share capital subscribed
|
C8
|
-
|
10
|
-
|
-
|
-
|
10
|
|
-
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Movement in own shares in respect of share-based payment
plans
|
|
-
|
-
|
(54)
|
-
|
-
|
(54)
|
|
-
|
|
(54)
|
|
Net increase (decrease) in equity
|
|
-
|
10
|
(155)
|
(200)
|
(22)
|
(367)
|
|
5
|
|
(362)
|
|
Balance at beginning of period
|
|
172
|
2,625
|
13,575
|
893
|
2,212
|
19,477
|
|
192
|
|
19,669
|
|
Balance at end of period
|
|
172
|
2,635
|
13,420
|
693
|
2,190
|
19,110
|
|
197
|
|
19,307
|
|
|
|
|
Year ended 31 Dec 2020* $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
|
|
-
|
-
|
2,458
|
-
|
-
|
2,458
|
10
|
2,468
|
|
Other comprehensive income (loss)
|
|
-
|
-
|
-
|
239
|
-
|
239
|
(6)
|
233
|
|
Total comprehensive income from continuing operations
|
|
-
|
-
|
2,458
|
239
|
-
|
2,697
|
4
|
2,701
|
|
Total comprehensive income (loss) from discontinued US
operations
|
D1.2
|
-
|
-
|
(340)
|
-
|
300
|
(40)
|
49
|
9
|
|
Total comprehensive income for the year
|
|
-
|
-
|
2,118
|
239
|
300
|
2,657
|
53
|
2,710
|
|
Dividends
|
B5
|
-
|
-
|
(814)
|
-
|
-
|
(814)
|
(18)
|
(832)
|
|
Reserve movements in respect of share-based payments
|
|
-
|
-
|
89
|
-
|
-
|
89
|
-
|
89
|
|
Effect of transactions relating to non-controlling
interests†
|
|
-
|
-
|
(484)
|
-
|
-
|
(484)
|
1,014
|
530
|
|
Share capital and share premium
|
|
|
|
|
|
|
|
|
|
|
New share capital subscribed
|
C8
|
1
|
12
|
-
|
-
|
-
|
13
|
-
|
13
|
|
Treasury shares
|
|
|
|
|
|
|
|
|
|
|
Movement in own shares in respect of share-based payment
plans
|
|
-
|
-
|
(60)
|
-
|
-
|
(60)
|
-
|
(60)
|
|
Net increase in equity
|
|
1
|
12
|
849
|
239
|
300
|
1,401
|
1,049
|
2,450
|
|
Balance at beginning of year
|
|
172
|
2,625
|
13,575
|
893
|
2,212
|
19,477
|
192
|
19,669
|
|
Balance at end of year
|
|
173
|
2,637
|
14,424
|
1,132
|
2,512
|
20,878
|
1,241
|
22,119
|
|
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
|
Note
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Assets
|
|
|
|
|
|
||
Goodwill
|
C4.1
|
926
|
|
942
|
961
|
||
Deferred acquisition costs and other intangible assets
|
C4.2
|
6,525
|
|
18,604
|
20,345
|
||
Property, plant and equipment
|
|
525
|
|
964
|
893
|
||
Reinsurers' share of insurance contract liabilities
|
|
9,891
|
|
44,918
|
46,595
|
||
Deferred tax assets
|
C7
|
298
|
|
4,259
|
4,858
|
||
Current tax recoverable
|
|
23
|
|
387
|
444
|
||
Accrued investment income
|
|
1,092
|
|
1,517
|
1,427
|
||
Other debtors
|
|
2,238
|
|
3,211
|
3,171
|
||
Investment properties
|
|
39
|
|
23
|
23
|
||
Investments in joint ventures and associates accounted for using
the equity method
|
|
2,056
|
|
1,507
|
1,962
|
||
Loans
|
|
2,440
|
|
14,910
|
14,588
|
||
Equity securities and holdings in collective investment
schemesnote
(i)
|
|
60,466
|
|
234,698
|
278,635
|
||
Debt securitiesnote
(i)
|
|
92,728
|
|
121,462
|
125,829
|
||
Derivative assets
|
|
485
|
|
2,459
|
2,599
|
||
Other investmentsnote
(i)
|
|
-
|
|
1,569
|
1,867
|
||
Deposits
|
|
3,344
|
|
3,351
|
3,882
|
||
Assets held for distributionnote
(ii)
|
D1.2
|
335,750
|
|
-
|
-
|
||
Cash and cash equivalents
|
|
6,295
|
|
8,384
|
8,018
|
||
Total assets
|
C1
|
525,121
|
|
463,165
|
516,097
|
||
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
||
Shareholders' equity
|
|
15,713
|
|
19,110
|
20,878
|
||
Non-controlling interests
|
|
510
|
|
197
|
1,241
|
||
Total equity
|
C1
|
16,223
|
|
19,307
|
22,119
|
||
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
||
Contract liabilities (including amounts in respect of contracts
classified as investment contracts under IFRS 4)
|
C3.1
|
144,809
|
|
391,924
|
441,246
|
||
Unallocated surplus of with-profits funds
|
C3.1
|
6,273
|
|
5,512
|
5,217
|
||
Core structural borrowings of shareholder-financed
businesses
|
C5.1
|
6,404
|
|
6,499
|
6,633
|
||
Operational borrowings
|
C5.2
|
895
|
|
2,245
|
2,444
|
||
Obligations under funding, securities lending and sale and
repurchase agreements
|
|
396
|
|
9,085
|
9,768
|
||
Net asset value attributable to unit holders of consolidated
investment funds
|
|
5,770
|
|
5,967
|
5,975
|
||
Deferred tax liabilities
|
C7
|
2,735
|
|
5,278
|
6,075
|
||
Current tax liabilities
|
|
200
|
|
428
|
280
|
||
Accruals, deferred income and other liabilities
|
|
8,017
|
|
16,208
|
15,508
|
||
Provisions
|
|
227
|
|
245
|
350
|
||
Derivative liabilities
|
|
412
|
|
467
|
482
|
||
Liabilities held for distributionnote
(ii)
|
D1.2
|
332,760
|
|
-
|
-
|
||
Total liabilities
|
C1
|
508,898
|
|
443,858
|
493,978
|
||
Total equity and liabilities
|
C1
|
525,121
|
|
463,165
|
516,097
|
|
|
|
|
2021 $m
|
|
2020 $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)
|
|
1,501
|
|
932
|
3,179
|
||
Adjustments to profit before tax for non-cash movements in
operating assets and liabilities:
|
|
|
|
|
|
||
|
Investments
|
|
(5,651)
|
|
(6,404)
|
(20,978)
|
|
|
Other non-investment and non-cash assets
|
|
2,693
|
|
(4,999)
|
(7,185)
|
|
|
Policyholder liabilities (including unallocated surplus of
with-profits funds)
|
|
2,424
|
|
12,082
|
27,117
|
|
|
Other liabilities (including operational borrowings)
|
|
105
|
|
382
|
155
|
|
Other itemsnote
(i)
|
|
156
|
|
(376)
|
485
|
||
Net cash flows from operating activities
|
|
1,228
|
|
1,617
|
2,773
|
||
Cash flows from investing activities
|
|
|
|
|
|
||
Net cash flows from purchases and disposals of property, plant and
equipment
|
|
(19)
|
|
(42)
|
(51)
|
||
Net cash flows from other investing activitiesnote
(ii)
|
|
(773)
|
|
(733)
|
(1,142)
|
||
Net cash flows from investing activities
|
|
(792)
|
|
(775)
|
(1,193)
|
||
Cash flows from financing activities
|
|
|
|
|
|
||
Structural borrowings of shareholder-financed
operations:note
(iii)
|
C5.1
|
|
|
|
|
||
|
Issuance of debt, net of costs
|
|
-
|
|
983
|
983
|
|
|
Interest paid
|
|
(163)
|
|
(147)
|
(294)
|
|
Payment of principal portion of lease liabilities
|
|
(54)
|
|
(53)
|
(128)
|
||
Equity capital:
|
|
|
|
|
|
||
|
Issues of ordinary share capital
|
|
8
|
|
10
|
13
|
|
External dividends:
|
|
|
|
|
|
||
|
Dividends paid to the Company's shareholders
|
B5
|
(283)
|
|
(674)
|
(814)
|
|
|
Dividends paid to non-controlling interests
|
|
(3)
|
|
(16)
|
(18)
|
|
Net cash flows from financing activities
|
|
(495)
|
|
103
|
(258)
|
||
Net increase (decrease) in cash and cash equivalents from
continuing operations
|
|
(59)
|
|
945
|
1,322
|
||
Discontinued US operations:note
(iv)
|
|
|
|
|
|
||
Net cash flows from operating activities
|
|
(442)
|
|
549
|
(807)
|
||
Net cash flows from investing activities
|
|
-
|
|
(1)
|
(2)
|
||
Net cash flows from financing activitiesnote
(v)
|
|
(18)
|
|
(15)
|
470
|
||
Net increase (decrease) in cash and cash equivalents from
discontinued US operations
|
|
(460)
|
|
533
|
(339)
|
||
Cash and cash equivalents at beginning of period
|
|
8,018
|
|
6,965
|
6,965
|
||
Effect of exchange rate changes on cash and cash
equivalents
|
|
(43)
|
|
(59)
|
70
|
||
Cash and cash equivalents at end of period
|
|
7,456
|
|
8,384
|
8,018
|
||
Comprising:
|
|
|
|
|
|
||
|
Cash and cash equivalents from continuing operations
|
|
6,295
|
|
5,891
|
6,397
|
|
|
Cash and cash equivalents from discontinued US
operations
|
D1.2
|
1,161
|
|
2,493
|
1,621
|
|
|
Balance at
|
Cash movements $m
|
|
Non-cash movements $m
|
Balance at
|
||
|
|
beginning
of period
$m
|
Issuance of debt
|
|
Foreign exchange
movement
|
Reclassification of
US operations as
held for distribution
|
Other
movements
|
end of
period
$m
|
|
30 Jun 2021
|
6,633
|
-
|
|
14
|
(250)
|
7
|
6,404
|
|
30 Jun 2020
|
5,594
|
983
|
|
(85)
|
-
|
7
|
6,499
|
|
31 Dec 2020
|
5,594
|
983
|
|
42
|
-
|
14
|
6,633
|
USD : local currency
|
Closing rate at period end
|
|
Average rate for the period to date
|
||||
|
30 Jun 2021
|
30 Jun 2020
|
31 Dec 2020
|
|
Half year 2021
|
Half year 2020
|
Full year 2020
|
Chinese yuan (CNY)
|
6.46
|
7.07
|
6.54
|
|
6.47
|
7.03
|
6.90
|
Hong Kong dollar (HKD)
|
7.77
|
7.75
|
7.75
|
|
7.76
|
7.76
|
7.76
|
Indian rupee (INR)
|
74.33
|
75.50
|
73.07
|
|
73.33
|
74.16
|
74.12
|
Indonesian rupiah (IDR)
|
14,500.00
|
14,285.00
|
14,050.00
|
|
14,273.32
|
14,574.24
|
14,541.70
|
Malaysian ringgit (MYR)
|
4.15
|
4.29
|
4.02
|
|
4.10
|
4.25
|
4.20
|
Singapore dollar (SGD)
|
1.34
|
1.40
|
1.32
|
|
1.33
|
1.40
|
1.38
|
Taiwan dollar (TWD)
|
27.86
|
29.50
|
28.10
|
|
28.02
|
30.00
|
29.44
|
Thai baht (THB)
|
32.06
|
30.87
|
30.02
|
|
30.83
|
31.62
|
31.29
|
UK pound sterling (GBP)
|
0.72
|
0.81
|
0.73
|
|
0.72
|
0.79
|
0.78
|
Vietnamese dong (VND)
|
23,016.00
|
23,206.00
|
23,082.50
|
|
23,044.83
|
23,303.21
|
23,235.84
|
|
|
|
|
2021 $m
|
|
2020 $m
|
|
2021 vs 2020 %
|
|
2020 $m
|
||
|
|
|
Note
|
Half year
|
|
AER
Half year
|
CER
Half year
|
|
AER
Half year
|
CER
Half year
|
|
AER
Full year
|
|
|
|
|
|
|
note (i)
|
note (i)
|
|
note (i)
|
note (i)
|
|
note (i)
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
|
||
China JV
|
|
139
|
|
101
|
109
|
|
38%
|
28%
|
|
251
|
||
Hong Kong
|
|
460
|
|
412
|
412
|
|
12%
|
12%
|
|
891
|
||
Indonesia
|
|
225
|
|
249
|
255
|
|
(10)%
|
(12)%
|
|
519
|
||
Malaysia
|
|
184
|
|
158
|
164
|
|
16%
|
12%
|
|
309
|
||
Singapore
|
|
320
|
|
262
|
276
|
|
22%
|
16%
|
|
574
|
||
Growth markets and othernote
(ii)
|
|
479
|
|
404
|
418
|
|
19%
|
15%
|
|
835
|
||
Eastspring
|
|
162
|
|
143
|
147
|
|
13%
|
10%
|
|
283
|
||
Total segment profit
|
|
1,969
|
|
1,729
|
1,781
|
|
14%
|
11%
|
|
3,662
|
||
Other income and expenditure:
|
|
|
|
|
|
|
|
|
|
|
||
|
Investment return and other income
|
|
-
|
|
8
|
8
|
|
n/a
|
n/a
|
|
(15)
|
|
|
Interest payable on core structural borrowings
|
|
(164)
|
|
(153)
|
(153)
|
|
(7)%
|
(7)%
|
|
(316)
|
|
|
Corporate expenditurenote
(iii)
|
|
(157)
|
|
(201)
|
(212)
|
|
22%
|
26%
|
|
(412)
|
|
Total other income and expenditure
|
|
(321)
|
|
(346)
|
(357)
|
|
7%
|
10%
|
|
(743)
|
||
Restructuring and IFRS 17 implementation costsnote
(iv)
|
|
(77)
|
|
(97)
|
(99)
|
|
21%
|
22%
|
|
(162)
|
||
Adjusted operating profit
|
B1.3
|
1,571
|
|
1,286
|
1,325
|
|
22%
|
19%
|
|
2,757
|
||
Short-term fluctuations in investment returns on shareholder-backed
business
|
B1.2
|
(212)
|
|
(418)
|
(421)
|
|
49%
|
50%
|
|
(579)
|
||
Amortisation of acquisition accounting adjustments
|
|
(2)
|
|
(2)
|
(2)
|
|
0%
|
0%
|
|
(5)
|
||
(Loss) gain attaching to corporate transactions
|
D1.1
|
(94)
|
|
-
|
-
|
|
n/a
|
n/a
|
|
735
|
||
Profit before tax attributable to shareholders
|
|
1,263
|
|
866
|
902
|
|
46%
|
40%
|
|
2,908
|
||
Tax charge attributable to shareholders' returns
|
B3
|
(193)
|
|
(244)
|
(249)
|
|
21%
|
22%
|
|
(440)
|
||
Profit from continuing operations
|
|
1,070
|
|
622
|
653
|
|
72%
|
64%
|
|
2,468
|
||
Loss from discontinued US operations
|
D1.2
|
(5,707)
|
|
(88)
|
(88)
|
|
n/a
|
n/a
|
|
(283)
|
||
(Loss) profit for the period
|
|
(4,637)
|
|
534
|
565
|
|
n/a
|
n/a
|
|
2,185
|
||
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
||
Equity holders of the Company:
|
|
|
|
|
|
|
|
|
|
|
||
|
From continuing operations
|
|
1,063
|
|
600
|
631
|
|
77%
|
68%
|
|
2,458
|
|
|
From discontinued US operations
|
|
(5,073)
|
|
(88)
|
(88)
|
|
n/a
|
n/a
|
|
(340)
|
|
|
|
|
|
(4,010)
|
|
512
|
543
|
|
n/a
|
n/a
|
|
2,118
|
Non-controlling interests:
|
|
|
|
|
|
|
|
|
|
|
||
|
From continuing operations
|
|
7
|
|
22
|
22
|
|
(68)%
|
(68)%
|
|
10
|
|
|
From discontinued US operations
|
|
(634)
|
|
-
|
-
|
|
n/a
|
n/a
|
|
57
|
|
|
|
|
|
(627)
|
|
22
|
22
|
|
n/a
|
n/a
|
|
67
|
(Loss) profit for the period
|
|
(4,637)
|
|
534
|
565
|
|
n/a
|
n/a
|
|
2,185
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (in cents)
|
|
2021
|
|
2020
|
|
2021 vs 2020 %
|
|
2020
|
||||
|
|
|
Note
|
AER
Half year
|
|
AER
Half year
|
CER
Half year
|
|
AER
Half year
|
CER
Half year
|
|
AER
Full year
|
|
|
|
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
|
|
51.6¢
|
|
38.1¢
|
39.4¢
|
|
35%
|
31%
|
|
86.6¢
|
||
Based on profit from continuing operations, net of non-controlling
interest
|
|
40.9¢
|
|
23.1¢
|
24.3¢
|
|
77%
|
68%
|
|
94.6¢
|
||
Based on loss from discontinued US operations, net of
non-controlling interest
|
|
(195.1)¢
|
|
(3.4)¢
|
(3.4)¢
|
|
n/a
|
n/a
|
|
(13.0)¢
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
Total segment (insurance and asset management
operations)
|
(208)
|
|
(448)
|
(607)
|
|
Unallocated to a segment (central operations)
|
(4)
|
|
30
|
28
|
|
Total short-term fluctuations in investment returns from continuing
operations
|
(212)
|
|
(418)
|
(579)
|
|
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
continuing
operations
|
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
|
Other investment return
|
(1,230)
|
(102)
|
(179)
|
1,003
|
(220)
|
9
|
-
|
(719)
|
-
|
(719)
|
Total revenue, net of reinsurance
|
3,331
|
792
|
846
|
4,354
|
2,125
|
350
|
(106)
|
11,692
|
-
|
11,692
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year 2020 $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
continuing
operations
|
Gross premiums earned
|
5,450
|
863
|
839
|
2,105
|
1,693
|
-
|
-
|
10,950
|
-
|
10,950
|
Outward reinsurance premiumsnote
(iii)
|
(385)
|
(35)
|
(12)
|
501
|
(23)
|
-
|
-
|
46
|
-
|
46
|
Earned premiums, net of reinsurance
|
5,065
|
828
|
827
|
2,606
|
1,670
|
-
|
-
|
10,996
|
-
|
10,996
|
Other incomenote
(ii)
|
26
|
7
|
3
|
15
|
36
|
200
|
-
|
287
|
18
|
305
|
Total external revenue
|
5,091
|
835
|
830
|
2,621
|
1,706
|
200
|
-
|
11,283
|
18
|
11,301
|
Intra-group revenue
|
-
|
-
|
-
|
-
|
-
|
81
|
(81)
|
-
|
-
|
-
|
Interest income
|
250
|
55
|
108
|
198
|
278
|
3
|
-
|
892
|
13
|
905
|
Other investment return
|
4,457
|
(727)
|
(81)
|
(273)
|
(145)
|
5
|
-
|
3,236
|
61
|
3,297
|
Total revenue, net of reinsurance
|
9,798
|
163
|
857
|
2,546
|
1,839
|
289
|
(81)
|
15,411
|
92
|
15,503
|
|
Full year 2020 $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
continuing
operations
|
Gross premiums earned
|
11,091
|
1,738
|
1,783
|
5,035
|
3,848
|
-
|
-
|
23,495
|
-
|
23,495
|
Outward reinsurance premiumsnote
(iii)
|
(1,918)
|
(62)
|
(27)
|
432
|
(50)
|
-
|
-
|
(1,625)
|
-
|
(1,625)
|
Earned premiums, net of reinsurance
|
9,173
|
1,676
|
1,756
|
5,467
|
3,798
|
-
|
-
|
21,870
|
-
|
21,870
|
Other incomenote
(ii)
|
59
|
8
|
-
|
38
|
91
|
417
|
-
|
613
|
2
|
615
|
Total external revenue
|
9,232
|
1,684
|
1,756
|
5,505
|
3,889
|
417
|
-
|
22,483
|
2
|
22,485
|
Intra-group revenue
|
-
|
-
|
-
|
-
|
1
|
164
|
(165)
|
-
|
-
|
-
|
Interest income
|
646
|
104
|
210
|
447
|
570
|
5
|
-
|
1,982
|
15
|
1,997
|
Other investment return
|
8,139
|
(115)
|
468
|
2,409
|
830
|
26
|
-
|
11,757
|
8
|
11,765
|
Total revenue, net of reinsurance
|
18,017
|
1,673
|
2,434
|
8,361
|
5,290
|
612
|
(165)
|
36,222
|
25
|
36,247
|
|
2021 $m
|
|
2020 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
China JV
|
148
|
|
57
|
394
|
Hong Kong
|
441
|
|
108
|
994
|
Indonesia
|
179
|
|
184
|
409
|
Malaysia
|
135
|
|
135
|
256
|
Singapore
|
141
|
|
246
|
521
|
Growth markets and other
|
330
|
|
192
|
548
|
Eastspring
|
147
|
|
126
|
253
|
Total segment
|
1,521
|
|
1,048
|
3,375
|
Unallocated to a segment (central operations)*
|
(451)
|
|
(426)
|
(907)
|
Group total profit after tax from continuing
operations
|
1,070
|
|
622
|
2,468
|
|
2021 $m
|
|
2020 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Acquisition costs incurred for insurance policies
|
(1,026)
|
|
(950)
|
(2,080)
|
Acquisition costs deferred
|
373
|
|
261
|
617
|
Amortisation of acquisition costs
|
(186)
|
|
(157)
|
(308)
|
Administration costs and other expenditure (net of other
reinsurance commission)note
|
(1,542)
|
|
(1,528)
|
(2,433)
|
Movements in amounts attributable to external unit
holders
of consolidated investment funds
|
(21)
|
|
(449)
|
(447)
|
Total acquisition costs and other expenditure from continuing
operations
|
(2,402)
|
|
(2,823)
|
(4,651)
|
|
|
2021 $m
|
|
2020 $m
|
|
Tax charge
|
Half year
Total
|
|
Half year
Total
|
Full year
Total
|
|
Attributable to shareholders:
|
|
|
|
|
|
|
Hong Kong
|
(16)
|
|
(16)
|
(15)
|
|
Indonesia
|
(45)
|
|
(61)
|
(125)
|
|
Malaysia*
|
(28)
|
|
(37)
|
(58)
|
|
Singapore
|
(23)
|
|
(47)
|
(87)
|
|
Growth markets* and other
|
(73)
|
|
(53)
|
(125)
|
|
Eastspring*
|
(15)
|
|
(17)
|
(30)
|
Total segment
|
(200)
|
|
(231)
|
(440)
|
|
|
Unallocated to a segment (central operations)
|
7
|
|
(13)
|
-
|
Tax charge attributable to shareholders
|
(193)
|
|
(244)
|
(440)
|
|
Attributable to policyholders:
|
|
|
|
|
|
|
Hong Kong
|
(40)
|
|
(30)
|
(60)
|
|
Indonesia
|
(2)
|
|
-
|
(3)
|
|
Malaysia*
|
(2)
|
|
9
|
(34)
|
|
Singapore
|
(194)
|
|
(42)
|
(170)
|
|
Growth markets* and other
|
-
|
|
(3)
|
(4)
|
Tax charge attributable to policyholders
|
(238)
|
|
(66)
|
(271)
|
|
Total tax charge from continuing operations
|
(431)
|
|
(310)
|
(711)
|
|
|
|
|
|
|
|
Analysed by:
|
|
|
|
|
|
Current tax
|
(189)
|
|
(190)
|
(383)
|
|
Deferred tax
|
(242)
|
|
(120)
|
(328)
|
|
Total tax charge from continuing operations
|
(431)
|
|
(310)
|
(711)
|
|
|
|
2021
|
|
|
2020
|
|
|||
|
|
|
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
|
|
|
|
$m
|
%
|
|
$m
|
%
|
|
$m
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating profit
|
1,571
|
|
|
1,286
|
|
|
2,757
|
|
||
Non-operating (loss) profit*
|
(308)
|
|
|
(420)
|
|
|
151
|
|
||
Profit before tax
|
1,263
|
|
|
866
|
|
|
2,908
|
|
||
|
Tax charge at the expected rate
|
(259)
|
21%
|
|
(182)
|
21%
|
|
(602)
|
21%
|
|
|
Effects of recurring tax reconciliation items:
|
|
|
|
|
|
|
|
|
|
|
|
Income not taxable or taxable at concessionary
ratesnote
(i)
|
33
|
(3)%
|
|
31
|
(4)%
|
|
102
|
(4)%
|
|
|
Deductions not allowable for tax purposes
|
(34)
|
3%
|
|
(15)
|
2%
|
|
(32)
|
1%
|
|
|
Items related to taxation of life insurance
businessesnote
(ii)
|
71
|
(6)%
|
|
(7)
|
1%
|
|
152
|
(5)%
|
|
|
Deferred tax adjustments
|
(4)
|
0%
|
|
(3)
|
0%
|
|
(26)
|
1%
|
|
|
Unrecognised tax lossesnote
(iii)
|
(66)
|
5%
|
|
(72)
|
8%
|
|
(146)
|
5%
|
|
|
Effect of results of joint ventures and
associatesnote
(iv)
|
37
|
(3)%
|
|
37
|
(4)%
|
|
129
|
(4)%
|
|
|
Irrecoverable withholding taxesnote
(v)
|
(35)
|
3%
|
|
(26)
|
3%
|
|
(35)
|
1%
|
|
|
Other
|
2
|
0%
|
|
3
|
0%
|
|
17
|
(1)%
|
|
|
Total (charge) credit
|
4
|
(1)%
|
|
(52)
|
6%
|
|
161
|
(6)%
|
|
Effects of non-recurring tax reconciliation items:
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to tax charge in relation to prior years
|
6
|
0%
|
|
(21)
|
2%
|
|
(25)
|
1%
|
|
|
Movements in provisions for open tax mattersnote
(vi)
|
59
|
(5)%
|
|
12
|
(1)%
|
|
33
|
(1)%
|
|
|
Impact of changes in local statutory tax rates
|
8
|
(1)%
|
|
(1)
|
0%
|
|
(1)
|
0%
|
|
|
Adjustments in relation to business disposals and corporate
transactions
|
(11)
|
1%
|
|
-
|
-
|
|
(6)
|
0%
|
|
|
Total (charge) credit
|
62
|
(5)%
|
|
(10)
|
1%
|
|
1
|
0%
|
Total actual tax charge
|
(193)
|
15%
|
|
(244)
|
28%
|
|
(440)
|
15%
|
||
Analysed into:
|
|
|
|
|
|
|
|
|
||
|
Tax on adjusted operating profit
|
(222)
|
|
|
(274)
|
|
|
(497)
|
|
|
|
Tax on non-operating loss
|
29
|
|
|
30
|
|
|
57
|
|
|
Actual tax rate on:
|
|
|
|
|
|
|
|
|
||
|
Adjusted operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
Including non-recurring tax reconciling itemsnote
(vii)
|
14%
|
|
|
21%
|
|
|
18%
|
|
|
|
Excluding non-recurring tax reconciling items
|
19%
|
|
|
21%
|
|
|
18%
|
|
|
Total profitnote
(vii)
|
15%
|
|
|
28%
|
|
|
15%
|
|
|
|
|
Half year 2021 $m
|
|
At beginning of period
|
113
|
|
|
|
Reclassification of US operations as held for
distribution
|
(3)
|
|
|
Movements in the current period included in tax charge attributable
to shareholders
|
(59)
|
|
|
Provisions utilised in the period
|
(4)
|
|
|
Other movements*
|
(14)
|
|
At end of period
|
33
|
|
|
|
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%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year 2020 %
|
|||||||
|
|
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Eastspring
|
Other
operations
|
Total
attributable to
shareholders
|
|
Tax rate on adjusted operating profit
|
3%
|
25%
|
20%
|
16%
|
24%
|
12%
|
(3)%
|
21%
|
|
|
Tax rate on profit before tax
|
13%
|
25%
|
22%
|
16%
|
22%
|
12%
|
(3)%
|
28%
|
|
|
|
Full year 2020 %
|
|||||||
|
|
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Eastspring
|
Other
operations
|
Total
attributable to
shareholders
|
|
Tax rate on adjusted operating profit
|
3%
|
24%
|
18%
|
14%
|
22%
|
11%
|
0%
|
18%
|
|
|
Tax rate on profit before tax
|
1%
|
23%
|
18%
|
14%
|
19%
|
11%
|
0%
|
15%
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
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
|
|
(5,337)
|
(370)
|
634
|
(5,073)
|
(195.1)¢
|
(195.1)¢
|
||||||||
Based on loss for the period
|
|
(4,074)
|
(563)
|
627
|
(4,010)
|
(154.2)¢
|
(154.2)¢
|
||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Half year 2020
|
||||||||||||
|
|
|
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
|
|
1,286
|
(274)
|
(22)
|
990
|
38.1¢
|
38.1¢
|
||||||||
Short-term fluctuations in investment returns on shareholder-backed
business
|
|
(418)
|
30
|
-
|
(388)
|
(14.9)¢
|
(14.9)¢
|
||||||||
Amortisation of acquisition accounting adjustments
|
|
(2)
|
-
|
-
|
(2)
|
(0.1)¢
|
(0.1)¢
|
||||||||
Based on profit from continuing operations
|
|
866
|
(244)
|
(22)
|
600
|
23.1¢
|
23.1¢
|
||||||||
Based on loss from discontinued US operations
|
|
(203)
|
115
|
-
|
(88)
|
(3.4)¢
|
(3.4)¢
|
||||||||
Based on profit for the period
|
|
663
|
(129)
|
(22)
|
512
|
19.7¢
|
19.7¢
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full year 2020
|
|||||
|
|
|
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
|
|
2,757
|
(497)
|
(10)
|
2,250
|
86.6¢
|
86.6¢
|
|
Short-term fluctuations in investment returns on shareholder-backed
business
|
|
(579)
|
49
|
-
|
(530)
|
(20.4)¢
|
(20.4)¢
|
|
Amortisation of acquisition accounting adjustments
|
|
(5)
|
-
|
-
|
(5)
|
(0.2)¢
|
(0.2)¢
|
|
Gain attaching to corporate transactions
|
|
735
|
8
|
-
|
743
|
28.6¢
|
28.6¢
|
|
Based on profit from continuing operations
|
|
2,908
|
(440)
|
(10)
|
2,458
|
94.6¢
|
94.6¢
|
|
Based on loss from discontinued US operations
|
|
(760)
|
477
|
(57)
|
(340)
|
(13.0)¢
|
(13.0)¢
|
|
Based on profit for the year
|
|
2,148
|
37
|
(67)
|
2,118
|
81.6¢
|
81.6¢
|
|
|
Number of shares (in millions)
|
|||
|
|
2021
|
|
2020
|
|
|
Half year
|
|
Half year
|
Full year
|
|
Weighted average number of shares for calculation of basic earnings
per share
|
2,601
|
|
2,596
|
2,597
|
|
Shares under option at end of period
|
2
|
|
2
|
2
|
|
Shares that would have been issued at fair value on assumed option
price at end of period
|
(2)
|
|
(2)
|
(2)
|
|
Weighted average number of shares for calculation of diluted
earnings per share
|
2,601
|
|
2,596
|
2,597
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year 2021
|
|
Half year 2020
|
|
Full year 2020
|
|||
|
Cents per share
|
$m
|
|
Cents per share
|
$m
|
|
Cents per share
|
$m
|
|
Dividends relating to reporting period:
|
|
|
|
|
|
|
|
|
|
|
First interim ordinary dividend
|
5.37¢
|
140
|
|
5.37¢
|
140
|
|
5.37¢
|
140
|
|
Second interim ordinary dividend
|
-
|
-
|
|
-
|
-
|
|
10.73¢
|
280
|
Total
|
5.37¢
|
140
|
|
5.37¢
|
140
|
|
16.10¢
|
420
|
|
Dividends paid in reporting period:
|
|
|
|
|
|
|
|
|
|
|
Current year first interim ordinary dividend
|
-
|
-
|
|
-
|
-
|
|
5.37¢
|
140
|
|
Second interim ordinary dividend for prior year
|
10.73¢
|
283
|
|
25.97¢
|
674
|
|
25.97¢
|
674
|
Total
|
10.73¢
|
283
|
|
25.97¢
|
674
|
|
31.34¢
|
814
|
|
|
|
30 Jun 2021 $m
|
|||||||||||||||||
|
|
|
Asia and Africa
|
US
(discont'd)
|
Unallocated
to a
segment
|
Elimina-
tion of
intra-group
debtors
and
creditors
|
Group
total
|
|||||||||||||
|
|
|
Insurance
|
|
|
|
||||||||||||||
|
|
|
With
-profits
|
Unit-linked
|
Other
|
Eastspring
|
Elimina-
tions
|
Total
|
||||||||||||
|
|
|
note (i)
|
note (i)
|
note (i)
|
|
|
|
note (vi)
|
|
|
|
||||||||
Debt securitiesnote (v),
note C1.1
|
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
|||||||||
Subtotal
|
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
|
|||||||||
Subtotal
|
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
|
|||||||||
Subtotal
|
106
|
9
|
92
|
-
|
-
|
207
|
-
|
-
|
-
|
207
|
||||||||||
Total debt securities
|
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
(ii)
|
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
(iii)
|
1,663
|
284
|
8,643
|
795
|
(67)
|
11,318
|
-
|
3,598
|
(3,289)
|
11,627
|
||||||||||
Assets held for distributionnote
D1.2
|
-
|
-
|
-
|
-
|
-
|
-
|
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
(iv)
|
9,831
|
2,130
|
8,144
|
318
|
(67)
|
20,356
|
-
|
700
|
(3,299)
|
17,757
|
||||||||||
Liabilities held for distributionnote
D1.2
|
-
|
-
|
-
|
-
|
-
|
-
|
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
|
||||||||||
|
|
|
30 Jun 2020 $m
|
|||||||||||||||||
|
|
|
Asia and Africa
|
US
(discont'd)
|
Unallocated
to a
segment
|
Elimina-
tion of
intra-group
debtors
and
creditors
|
Group
total
|
|||||||||||||
|
|
|
Insurance
|
|
|
|
||||||||||||||
|
|
|
With
-profits
|
Unit-linked
|
Other
|
Eastspring
|
Elimina-
tions
|
Total
|
||||||||||||
|
|
|
note (i)
|
note (i)
|
note (i)
|
|
|
|
|
|
|
|
||||||||
Debt securitiesnote (v),
note C1.1
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sovereign debt
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Indonesia
|
381
|
580
|
455
|
-
|
-
|
1,416
|
-
|
-
|
-
|
1,416
|
|||||||||
|
Singapore
|
2,788
|
525
|
904
|
88
|
-
|
4,305
|
-
|
-
|
-
|
4,305
|
|||||||||
|
Thailand
|
-
|
-
|
1,567
|
16
|
-
|
1,583
|
-
|
-
|
-
|
1,583
|
|||||||||
|
United Kingdom
|
-
|
7
|
-
|
-
|
-
|
7
|
-
|
154
|
-
|
161
|
|||||||||
|
United States
|
24,656
|
23
|
2,356
|
-
|
-
|
27,035
|
5,371
|
-
|
-
|
32,406
|
|||||||||
|
Vietnam
|
-
|
14
|
2,789
|
-
|
-
|
2,803
|
-
|
-
|
-
|
2,803
|
|||||||||
|
Other (predominantly Asia)
|
1,816
|
687
|
3,356
|
13
|
-
|
5,872
|
19
|
-
|
-
|
5,891
|
|||||||||
Subtotal
|
29,641
|
1,836
|
11,427
|
117
|
-
|
43,021
|
5,390
|
154
|
-
|
48,565
|
||||||||||
Other government bonds
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
AAA
|
1,464
|
103
|
479
|
-
|
-
|
2,046
|
447
|
-
|
-
|
2,493
|
|||||||||
|
AA+ to AA-
|
353
|
34
|
101
|
-
|
-
|
488
|
519
|
-
|
-
|
1,007
|
|||||||||
|
A+ to A-
|
524
|
113
|
226
|
-
|
-
|
863
|
191
|
-
|
-
|
1,054
|
|||||||||
|
BBB+ to BBB-
|
466
|
88
|
248
|
8
|
-
|
810
|
2
|
-
|
-
|
812
|
|||||||||
|
Below BBB- and unrated
|
104
|
17
|
332
|
-
|
-
|
453
|
-
|
-
|
-
|
453
|
|||||||||
Subtotal
|
2,911
|
355
|
1,386
|
8
|
-
|
4,660
|
1,159
|
-
|
-
|
5,819
|
||||||||||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
AAA
|
1,122
|
270
|
504
|
-
|
-
|
1,896
|
265
|
-
|
-
|
2,161
|
|||||||||
|
AA+ to AA-
|
1,575
|
273
|
1,712
|
2
|
-
|
3,562
|
973
|
-
|
-
|
4,535
|
|||||||||
|
A+ to A-
|
6,670
|
808
|
4,723
|
-
|
-
|
12,201
|
11,792
|
-
|
-
|
23,993
|
|||||||||
|
BBB+ to BBB-
|
7,806
|
1,043
|
3,389
|
-
|
-
|
12,238
|
14,036
|
-
|
-
|
26,274
|
|||||||||
|
Below BBB- and unrated
|
2,835
|
655
|
952
|
3
|
-
|
4,445
|
2,046
|
-
|
-
|
6,491
|
|||||||||
Subtotal
|
20,008
|
3,049
|
11,280
|
5
|
-
|
34,342
|
29,112
|
-
|
-
|
63,454
|
||||||||||
Asset-backed securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
AAA
|
108
|
16
|
23
|
-
|
-
|
147
|
2,227
|
-
|
-
|
2,374
|
|||||||||
|
AA+ to AA-
|
36
|
6
|
8
|
-
|
-
|
50
|
184
|
-
|
-
|
234
|
|||||||||
|
A+ to A-
|
17
|
-
|
25
|
-
|
-
|
42
|
575
|
-
|
-
|
617
|
|||||||||
|
BBB+ to BBB-
|
15
|
-
|
10
|
-
|
-
|
25
|
193
|
-
|
-
|
218
|
|||||||||
|
Below BBB- and unrated
|
6
|
-
|
-
|
-
|
-
|
6
|
175
|
-
|
-
|
181
|
|||||||||
Subtotal
|
182
|
22
|
66
|
-
|
-
|
270
|
3,354
|
-
|
-
|
3,624
|
||||||||||
Total debt securities
|
52,742
|
5,262
|
24,159
|
130
|
-
|
82,293
|
39,015
|
154
|
-
|
121,462
|
||||||||||
Loans
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Mortgage loans
|
-
|
-
|
158
|
-
|
-
|
158
|
8,119
|
-
|
-
|
8,277
|
|||||||||
|
Policy loans
|
1,189
|
-
|
332
|
-
|
-
|
1,521
|
4,705
|
-
|
-
|
6,226
|
|||||||||
|
Other loans
|
389
|
-
|
18
|
-
|
-
|
407
|
-
|
-
|
-
|
407
|
|||||||||
Total loans
|
1,578
|
-
|
508
|
-
|
-
|
2,086
|
12,824
|
-
|
-
|
14,910
|
||||||||||
Equity securities and holdings in collective investment
schemes
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Direct equities
|
14,493
|
10,345
|
1,541
|
56
|
-
|
26,435
|
263
|
-
|
-
|
26,698
|
|||||||||
|
Collective investment schemes
|
13,455
|
6,097
|
4,180
|
10
|
-
|
23,742
|
36
|
2
|
-
|
23,780
|
|||||||||
|
US separate account assets
|
-
|
-
|
-
|
-
|
-
|
-
|
184,220
|
-
|
-
|
184,220
|
|||||||||
Total equity securities and holdings in collective investment
schemes
|
27,948
|
16,442
|
5,721
|
66
|
-
|
50,177
|
184,519
|
2
|
-
|
234,698
|
||||||||||
Other financial investmentsnote
(ii)
|
991
|
572
|
1,856
|
97
|
-
|
3,516
|
3,827
|
36
|
-
|
7,379
|
||||||||||
Total financial investments
|
83,259
|
22,276
|
32,244
|
293
|
-
|
138,072
|
240,185
|
192
|
-
|
378,449
|
||||||||||
Investment properties
|
-
|
-
|
16
|
-
|
-
|
16
|
7
|
-
|
-
|
23
|
||||||||||
Investments in joint ventures and associates accounted for using
the equity method
|
-
|
-
|
1,268
|
239
|
-
|
1,507
|
-
|
-
|
-
|
1,507
|
||||||||||
Cash and cash equivalents
|
913
|
599
|
1,277
|
132
|
-
|
2,921
|
2,493
|
2,970
|
-
|
8,384
|
||||||||||
Reinsurers' share of insurance contract liabilities
|
211
|
-
|
8,714
|
-
|
-
|
8,925
|
35,993
|
-
|
-
|
44,918
|
||||||||||
Other assetsnote
(iii)
|
1,954
|
482
|
8,219
|
799
|
(33)
|
11,421
|
17,942
|
3,660
|
(3,139)
|
29,884
|
||||||||||
Total assets
|
86,337
|
23,357
|
51,738
|
1,463
|
(33)
|
162,862
|
296,620
|
6,822
|
(3,139)
|
463,165
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shareholders' equity
|
-
|
-
|
10,619
|
994
|
-
|
11,613
|
8,955
|
(1,458)
|
-
|
19,110
|
||||||||||
Non-controlling interests
|
-
|
-
|
38
|
159
|
-
|
197
|
-
|
-
|
-
|
197
|
||||||||||
Total equity
|
-
|
-
|
10,657
|
1,153
|
-
|
11,810
|
8,955
|
(1,458)
|
-
|
19,307
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Contract liabilities and unallocated surplus of with-profits
funds
|
76,647
|
21,376
|
33,758
|
-
|
-
|
131,781
|
265,655
|
-
|
-
|
397,436
|
||||||||||
Core structural borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
250
|
6,249
|
-
|
6,499
|
||||||||||
Operational borrowings
|
243
|
15
|
118
|
25
|
-
|
401
|
1,212
|
632
|
-
|
2,245
|
||||||||||
Other liabilitiesnote
(iv)
|
9,447
|
1,966
|
7,205
|
285
|
(33)
|
18,870
|
20,548
|
1,399
|
(3,139)
|
37,678
|
||||||||||
Total liabilities
|
86,337
|
23,357
|
41,081
|
310
|
(33)
|
151,052
|
287,665
|
8,280
|
(3,139)
|
443,858
|
||||||||||
Total equity and liabilities
|
86,337
|
23,357
|
51,738
|
1,463
|
(33)
|
162,862
|
296,620
|
6,822
|
(3,139)
|
463,165
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 Dec 2020 $m
|
|||||||||
|
|
|
Asia and Africa
|
US
(discont'd)
|
Unallocated
to a
segment
|
Elimina-
tion of
intra-
group
debtors
and
creditors
|
Group
total
|
|||||
|
|
|
Insurance
|
|
|
|
||||||
|
With
-profits
|
Unit-linked
|
Other
|
Eastspring
|
Elimina-
tions
|
Total
|
||||||
|
|
|
note (i)
|
note (i)
|
note (i)
|
|
|
|
note (vi)
|
|
|
|
Debt securitiesnote (v),
note C1.1
|
|
|
|
|
|
|
|
|
|
|
||
Sovereign debt
|
|
|
|
|
|
|
|
|
|
|
||
|
Indonesia
|
385
|
658
|
564
|
12
|
-
|
1,619
|
-
|
-
|
-
|
1,619
|
|
|
Singapore
|
3,939
|
551
|
979
|
117
|
-
|
5,586
|
-
|
-
|
-
|
5,586
|
|
|
Thailand
|
-
|
-
|
1,999
|
11
|
-
|
2,010
|
-
|
-
|
-
|
2,010
|
|
|
United Kingdom
|
-
|
7
|
-
|
-
|
-
|
7
|
-
|
-
|
-
|
7
|
|
|
United States
|
24,396
|
21
|
2,551
|
-
|
-
|
26,968
|
5,126
|
-
|
-
|
32,094
|
|
|
Vietnam
|
-
|
11
|
2,881
|
-
|
-
|
2,892
|
-
|
-
|
-
|
2,892
|
|
|
Other (predominantly Asia)
|
1,322
|
700
|
3,681
|
19
|
-
|
5,722
|
30
|
-
|
-
|
5,752
|
|
Subtotal
|
30,042
|
1,948
|
12,655
|
159
|
-
|
44,804
|
5,156
|
-
|
-
|
49,960
|
||
Other government bonds
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,420
|
96
|
405
|
-
|
-
|
1,921
|
377
|
-
|
-
|
2,298
|
|
|
AA+ to AA-
|
129
|
2
|
28
|
-
|
-
|
159
|
522
|
-
|
-
|
681
|
|
|
A+ to A-
|
811
|
131
|
339
|
-
|
-
|
1,281
|
188
|
-
|
-
|
1,469
|
|
|
BBB+ to BBB-
|
452
|
16
|
196
|
-
|
-
|
664
|
3
|
-
|
-
|
667
|
|
|
Below BBB- and unrated
|
631
|
9
|
451
|
-
|
-
|
1,091
|
-
|
-
|
-
|
1,091
|
|
Subtotal
|
3,443
|
254
|
1,419
|
-
|
-
|
5,116
|
1,090
|
-
|
-
|
6,206
|
||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,228
|
221
|
540
|
-
|
-
|
1,989
|
265
|
-
|
-
|
2,254
|
|
|
AA+ to AA-
|
1,943
|
476
|
1,871
|
-
|
-
|
4,290
|
869
|
-
|
-
|
5,159
|
|
|
A+ to A-
|
7,289
|
695
|
5,194
|
1
|
-
|
13,179
|
10,759
|
-
|
-
|
23,938
|
|
|
BBB+ to BBB-
|
9,005
|
1,299
|
4,785
|
-
|
-
|
15,089
|
12,686
|
-
|
-
|
27,775
|
|
|
Below BBB- and unrated
|
2,814
|
849
|
1,483
|
2
|
-
|
5,148
|
1,975
|
-
|
-
|
7,123
|
|
Subtotal
|
22,279
|
3,540
|
13,873
|
3
|
-
|
39,695
|
26,554
|
-
|
-
|
66,249
|
||
Asset-backed securities
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
74
|
9
|
24
|
-
|
-
|
107
|
2,110
|
-
|
-
|
2,217
|
|
|
AA+ to AA-
|
2
|
1
|
-
|
-
|
-
|
3
|
171
|
-
|
-
|
174
|
|
|
A+ to A-
|
15
|
-
|
16
|
-
|
-
|
31
|
741
|
-
|
-
|
772
|
|
|
BBB+ to BBB-
|
12
|
-
|
9
|
-
|
-
|
21
|
163
|
-
|
-
|
184
|
|
|
Below BBB- and unrated
|
9
|
2
|
8
|
-
|
-
|
19
|
48
|
-
|
-
|
67
|
|
Subtotal
|
112
|
12
|
57
|
-
|
-
|
181
|
3,233
|
-
|
-
|
3,414
|
||
Total debt securities
|
55,876
|
5,754
|
28,004
|
162
|
-
|
89,796
|
36,033
|
-
|
-
|
125,829
|
||
Loans
|
|
|
|
|
|
|
|
|
|
|
||
|
Mortgage loans
|
-
|
-
|
158
|
-
|
-
|
158
|
7,833
|
-
|
-
|
7,991
|
|
|
Policy loans
|
1,231
|
-
|
351
|
-
|
-
|
1,582
|
4,507
|
-
|
-
|
6,089
|
|
|
Other loans
|
492
|
-
|
16
|
-
|
-
|
508
|
-
|
-
|
-
|
508
|
|
Total loans
|
1,723
|
-
|
525
|
-
|
-
|
2,248
|
12,340
|
-
|
-
|
14,588
|
||
Equity securities and holdings in collective investment
schemes
|
|
|
|
|
|
|
|
|
|
|
||
|
Direct equities
|
15,668
|
13,064
|
3,325
|
71
|
-
|
32,128
|
253
|
-
|
-
|
32,381
|
|
|
Collective investment schemes
|
18,125
|
7,392
|
1,638
|
10
|
-
|
27,165
|
25
|
2
|
-
|
27,192
|
|
|
US separate account assets
|
-
|
-
|
-
|
-
|
-
|
-
|
219,062
|
-
|
-
|
219,062
|
|
Total equity securities and holdings in collective investment
schemes
|
33,793
|
20,456
|
4,963
|
81
|
-
|
59,293
|
219,340
|
2
|
-
|
278,635
|
||
Other financial investmentsnote
(ii)
|
1,566
|
405
|
2,173
|
97
|
-
|
4,241
|
4,094
|
13
|
-
|
8,348
|
||
Total financial investments
|
92,958
|
26,615
|
35,665
|
340
|
-
|
155,578
|
271,807
|
15
|
-
|
427,400
|
||
Investment properties
|
-
|
-
|
16
|
-
|
-
|
16
|
7
|
-
|
-
|
23
|
||
Investments in joint ventures and associates accounted for using
the equity method
|
-
|
-
|
1,689
|
273
|
-
|
1,962
|
-
|
-
|
-
|
1,962
|
||
Cash and cash equivalents
|
1,049
|
587
|
1,354
|
156
|
-
|
3,146
|
1,621
|
3,251
|
-
|
8,018
|
||
Reinsurers' share of insurance contract liabilities
|
257
|
-
|
11,106
|
-
|
-
|
11,363
|
35,232
|
-
|
-
|
46,595
|
||
Other assetsnote
(iii)
|
1,538
|
252
|
9,418
|
839
|
(62)
|
11,985
|
19,813
|
3,624
|
(3,323)
|
32,099
|
||
Total assets
|
95,802
|
27,454
|
59,248
|
1,608
|
(62)
|
184,050
|
328,480
|
6,890
|
(3,323)
|
516,097
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
-
|
-
|
12,861
|
1,102
|
-
|
13,963
|
8,511
|
(1,596)
|
-
|
20,878
|
||
Non-controlling interests
|
-
|
-
|
34
|
144
|
-
|
178
|
1,063
|
-
|
-
|
1,241
|
||
Total equity
|
-
|
-
|
12,895
|
1,246
|
-
|
14,141
|
9,574
|
(1,596)
|
-
|
22,119
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract liabilities and unallocated surplus of with-profits
funds
|
86,410
|
25,433
|
38,107
|
-
|
-
|
149,950
|
296,513
|
-
|
-
|
446,463
|
||
Core structural borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
250
|
6,383
|
-
|
6,633
|
||
Operational borrowings
|
194
|
-
|
105
|
23
|
-
|
322
|
1,498
|
624
|
-
|
2,444
|
||
Other liabilitiesnote
(iv)
|
9,198
|
2,021
|
8,141
|
339
|
(62)
|
19,637
|
20,645
|
1,479
|
(3,323)
|
38,438
|
||
Total liabilities
|
95,802
|
27,454
|
46,353
|
362
|
(62)
|
169,909
|
318,906
|
8,486
|
(3,323)
|
493,978
|
||
Total equity and liabilities
|
95,802
|
27,454
|
59,248
|
1,608
|
(62)
|
184,050
|
328,480
|
6,890
|
(3,323)
|
516,097
|
|
2021 $m
|
|
2020 $m
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Debt securities held by consolidated investment funds from
continuing operations
|
14,791
|
|
17,219
|
15,928
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 $m
|
|
2020 $m
|
|||||||
|
Senior debt
|
|
Subordinated debt
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
||
|
Total
|
|
Tier 1
|
Tier 2
|
Total
|
|
Group
total
|
|
Group total
|
Group total
|
Shareholder-backed business
|
|
|
|
|
|
|
|
|
|
|
Asia
|
890
|
|
180
|
86
|
266
|
|
1,156
|
|
1,414
|
1,307
|
Eurozone
|
89
|
|
-
|
41
|
41
|
|
130
|
|
82
|
78
|
United Kingdom
|
147
|
|
3
|
67
|
70
|
|
217
|
|
168
|
199
|
United States
|
1,000
|
|
3
|
41
|
44
|
|
1,044
|
|
621
|
939
|
Other
|
101
|
|
1
|
58
|
59
|
|
160
|
|
188
|
159
|
Continuing operations
|
2,227
|
|
187
|
293
|
480
|
|
2,707
|
|
2,473
|
2,682
|
|
|
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 (a)
|
note (b)
|
|
|
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
|
|
Other investments (including 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,
from continuing operations:
|
|
|
|
|
|
|
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 continuing operations (%)
|
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)
|
|
Group total financial instruments at fair value from continuing
operations
|
121,949
|
24,779
|
509
|
147,237
|
|
|
30 Jun 2020 $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 (a)
|
note (b)
|
|
Loans
|
-
|
-
|
3,606
|
3,606
|
|
Equity securities and holdings in collective investment
schemes
|
230,670
|
3,554
|
474
|
234,698
|
|
Debt securities
|
64,300
|
57,091
|
71
|
121,462
|
|
Other investments (including derivative assets)
|
109
|
2,350
|
1,569
|
4,028
|
|
Derivative liabilities
|
(65)
|
(402)
|
-
|
(467)
|
|
Total financial investments, net of derivative
liabilities
|
295,014
|
62,593
|
5,720
|
363,327
|
|
Investment contract liabilities without discretionary participation
features
|
-
|
(936)
|
-
|
(936)
|
|
Net asset value attributable to unit holders of consolidated
investment funds
|
(5,521)
|
(8)
|
(438)
|
(5,967)
|
|
Other financial liabilities held at fair value
|
-
|
-
|
(3,743)
|
(3,743)
|
|
Total financial instruments at fair value
|
289,493
|
61,649
|
1,539
|
352,681
|
|
Percentage of total (%)
|
82%
|
18%
|
0%
|
100%
|
|
|
|
|
|
|
|
Analysed by business type:
|
|
|
|
|
|
Financial investments, net of derivative liabilities at fair value,
from continuing operations:
|
|
|
|
|
|
|
With-profits
|
67,290
|
12,963
|
314
|
80,567
|
|
Unit-linked
|
20,503
|
1,208
|
-
|
21,711
|
|
Non-linked shareholder-backed business
|
17,453
|
12,624
|
61
|
30,138
|
Total financial investments, net of derivative liabilities at fair
value
|
105,246
|
26,795
|
375
|
132,416
|
|
Other financial liabilities at fair value
|
(5,521)
|
(944)
|
-
|
(6,465)
|
|
Total financial instruments, net of derivative liabilities, at fair
value from continuing operations
|
99,725
|
25,851
|
375
|
125,951
|
|
Percentage of total continuing operations (%)
|
79%
|
21%
|
0%
|
100%
|
|
|
|
|
|
|
|
Total financial instruments, net of derivative liabilities, at fair
value from discontinued US operationsnote
(c)
|
189,768
|
35,798
|
1,164
|
226,730
|
|
Group total financial instruments at fair value
|
289,493
|
61,649
|
1,539
|
352,681
|
|
|
31 Dec 2020 $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 (a)
|
note (b)
|
|
Loans
|
-
|
416
|
3,461
|
3,877
|
|
Equity securities and holdings in collective investment
schemes
|
272,863
|
5,224
|
548
|
278,635
|
|
Debt securities
|
75,998
|
49,769
|
62
|
125,829
|
|
Other investments (including derivative assets)
|
123
|
2,477
|
1,866
|
4,466
|
|
Derivative liabilities
|
(298)
|
(184)
|
-
|
(482)
|
|
Total financial investments, net of derivative
liabilities
|
348,686
|
57,702
|
5,937
|
412,325
|
|
Investment contract liabilities without discretionary participation
features
|
-
|
(792)
|
-
|
(792)
|
|
Net asset value attributable to unit holders of consolidated
investment funds
|
(5,464)
|
(17)
|
(494)
|
(5,975)
|
|
Other financial liabilities held at fair value
|
-
|
-
|
(3,589)
|
(3,589)
|
|
Total financial instruments at fair value
|
343,222
|
56,893
|
1,854
|
401,969
|
|
Percentage of total (%)
|
86%
|
14%
|
0%
|
100%
|
|
|
|
|
|
|
|
Analysed by business type:
|
|
|
|
|
|
Financial investments, net of derivative liabilities at fair value,
from continuing operations:
|
|
|
|
|
|
|
With-profits
|
78,203
|
11,481
|
395
|
90,079
|
|
Unit-linked
|
25,144
|
1,075
|
-
|
26,219
|
|
Non-linked shareholder-backed business
|
20,999
|
12,068
|
89
|
33,156
|
Total financial investments, net of derivative liabilities at fair
value
|
124,346
|
24,624
|
484
|
149,454
|
|
Other financial liabilities at fair value
|
(5,464)
|
(809)
|
-
|
(6,273)
|
|
Total financial instruments, net of derivative liabilities, at fair
value from continuing operations
|
118,882
|
23,815
|
484
|
143,181
|
|
Percentage of total continuing operations (%)
|
83%
|
17%
|
0%
|
100%
|
|
|
|
|
|
|
|
Total financial instruments, net of derivative liabilities, at fair
value from discontinued US operationsnote
(c)
|
224,340
|
33,078
|
1,370
|
258,788
|
|
Group total financial instruments at fair value
|
343,222
|
56,893
|
1,854
|
401,969
|
|
|
Half year 2021 $m
|
|||||
|
|
Continuing operations
|
|
|
|||
Reconciliation of movements in level 3 assets and liabilities
measured at fair value
|
Loans
|
Equity
securities
and
holdings in
collective
investment
schemes
|
Debt
securities
|
Net asset
value
attributable
to unit
holders of
consolidated
investment funds
|
US (discont'd)
|
Group
total
|
|
Balance at beginning of period
|
6
|
445
|
33
|
-
|
1,370
|
1,854
|
|
Total gains (losses) in income statementnote
|
(1)
|
21
|
-
|
-
|
199
|
219
|
|
Total gains (losses) recorded in other comprehensive
income
|
-
|
(5)
|
(1)
|
-
|
-
|
(6)
|
|
Purchases and other additions
|
-
|
11
|
-
|
-
|
125
|
136
|
|
Sales
|
-
|
-
|
-
|
-
|
(302)
|
(302)
|
|
Issues
|
-
|
-
|
-
|
-
|
(175)
|
(175)
|
|
Settlements
|
-
|
-
|
-
|
-
|
140
|
140
|
|
Transfers out of level 3
|
-
|
-
|
-
|
-
|
(20)
|
(20)
|
|
Balance at end of period
|
5
|
472
|
32
|
-
|
1,337
|
1,846
|
|
|
Half year 2020 $m
|
|||||
|
|
Continuing operations
|
|
|
|||
Reconciliation of movements in level 3 assets and liabilities
measured at fair value
|
Loans
|
Equity
securities
and
holdings in
collective
investment
schemes
|
Debt
securities
|
Net asset
value
attributable
to unit
holders of
consolidated
investment funds
|
US (discont'd)
|
Group total
|
|
Balance at beginning of period
|
-
|
264
|
6
|
(2)
|
1,140
|
1,408
|
|
Total gains (losses) in income statementnote
|
-
|
(10)
|
(1)
|
2
|
(48)
|
(57)
|
|
Total gains (losses) recorded in other comprehensive
income
|
-
|
(4)
|
-
|
-
|
-
|
(4)
|
|
Purchases and other additions
|
-
|
175
|
-
|
-
|
94
|
269
|
|
Sales
|
-
|
(69)
|
-
|
-
|
(68)
|
(137)
|
|
Issues
|
-
|
-
|
-
|
-
|
(1)
|
(1)
|
|
Settlements
|
-
|
-
|
-
|
-
|
8
|
8
|
|
Transfers into level 3
|
-
|
-
|
14
|
-
|
39
|
53
|
|
Balance at end of period
|
-
|
356
|
19
|
-
|
1,164
|
1,539
|
|
|
Full year 2020 $m
|
|||||
|
|
Continuing operations
|
|
|
|||
Reconciliation of movements in level 3 assets and liabilities
measured at fair value
|
Loans
|
Equity
securities
and
holdings in
collective
investment
schemes
|
Debt
securities
|
Net asset
value
attributable
to unit
holders of
consolidated
investment funds
|
US (discont'd)
|
Group total
|
|
Balance at beginning of year
|
-
|
264
|
6
|
(2)
|
1,140
|
1,408
|
|
Total gains (losses) in income statementnote
|
-
|
49
|
(5)
|
2
|
(72)
|
(26)
|
|
Total gains (losses) recorded in other comprehensive
income
|
-
|
9
|
-
|
-
|
(2)
|
7
|
|
Purchases and other additions
|
-
|
255
|
-
|
-
|
363
|
618
|
|
Sales
|
-
|
(132)
|
-
|
-
|
(123)
|
(255)
|
|
Issues
|
6
|
-
|
-
|
-
|
(204)
|
(198)
|
|
Settlements
|
-
|
-
|
-
|
-
|
247
|
247
|
|
Transfers into level 3
|
-
|
-
|
32
|
-
|
21
|
53
|
|
Balance at end of year
|
6
|
445
|
33
|
-
|
1,370
|
1,854
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
|
Loan
|
(1)
|
|
-
|
-
|
|
Equity securities and holdings in collective investment
schemes
|
21
|
|
(38)
|
11
|
|
Debt securities
|
-
|
|
-
|
1
|
|
Total continuing operations
|
20
|
|
(38)
|
12
|
|
2021 $m
|
|
|
2020 $m
|
|
|||
|
30 Jun
|
|
30 Jun
|
|
31 Dec
|
|||
|
Carrying
value
|
Fair
value
|
|
Carrying
value
|
Fair
value
|
|
Carrying
value
|
Fair
value
|
Assets
|
|
|
|
|
|
|
|
|
Loans
|
1,875
|
2,245
|
|
2,086
|
1,947
|
|
1,826
|
2,026
|
Liabilities
|
|
|
|
|
|
|
|
|
Core structural borrowings of shareholder-financed
businesses
|
(6,404)
|
(7,029)
|
|
(6,249)
|
(6,728)
|
|
(6,383)
|
(7,178)
|
Operational borrowings (excluding lease liabilities)
|
(500)
|
(500)
|
|
(549)
|
(549)
|
|
(501)
|
(501)
|
Obligations under funding, securities lending and sale and
repurchase agreements
|
(396)
|
(396)
|
|
-
|
-
|
|
(271)
|
(231)
|
Total continuing operations
|
(5,425)
|
(5,680)
|
|
(4,712)
|
(5,330)
|
|
(5,329)
|
(5,884)
|
Discontinued US operations
|
|
|
|
(5,001)
|
(5,260)
|
|
(5,497)
|
(5,516)
|
Group total
|
|
|
|
(9,713)
|
(10,590)
|
|
(10,826)
|
(11,400)
|
|
|
Half year 2021 $m
|
|||
|
|
With-
|
Shareholder-backed business
|
Total
|
|
|
|
profits
business
|
Unit-linked
liabilities
|
Other
business
|
continuing
operations
|
At 1 January 2021
|
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
sheet
|
5,217
|
-
|
-
|
5,217
|
|
- Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(a)
|
-
|
7,073
|
8,532
|
15,605
|
Premiums:note
(b)
|
|
|
|
|
|
|
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
(b)(c)
|
(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
(d)
|
201
|
997
|
(2,994)
|
(1,796)
|
|
Foreign exchange translation differencesnote
(e)
|
(578)
|
(532)
|
(230)
|
(1,340)
|
|
At 30 June 2021
|
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
sheet
|
6,273
|
-
|
-
|
6,273
|
|
- Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(a)
|
-
|
7,979
|
9,687
|
17,666
|
|
|
|
|
|
|
|
|
Half year 2020 $m
|
|||
|
|
With-
|
Shareholder-backed business
|
Total
|
|
|
|
profits business
|
Unit-linked
liabilities
|
Other
business
|
continuing
operations
|
|
|
|
|
note (g)
|
|
At 1 January 2020
|
70,308
|
28,850
|
33,598
|
132,756
|
|
Comprising:
|
|
|
|
|
|
|
- Policyholder liabilities on the balance sheet
|
65,558
|
23,571
|
27,000
|
116,129
|
|
- Unallocated surplus of with-profits funds on the balance
sheet
|
4,750
|
-
|
-
|
4,750
|
|
- Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(a)
|
-
|
5,279
|
6,598
|
11,877
|
Premiums:note
(b)
|
|
|
|
|
|
|
New business
|
375
|
909
|
1,009
|
2,293
|
|
In-force
|
4,216
|
1,148
|
2,089
|
7,453
|
|
|
4,591
|
2,057
|
3,098
|
9,746
|
Surrendersnotes
(b)(c)
|
(381)
|
(1,209)
|
(493)
|
(2,083)
|
|
Maturities/deaths/other claim events
|
(676)
|
(87)
|
(390)
|
(1,153)
|
|
Net flows
|
3,534
|
761
|
2,215
|
6,510
|
|
Shareholders' transfers post-tax
|
(54)
|
-
|
-
|
(54)
|
|
Investment-related items and other movementsnotes
(d)(g)
|
3,387
|
(2,243)
|
5,419
|
6,563
|
|
Foreign exchange translation differencesnote
(e)
|
(528)
|
(794)
|
(264)
|
(1,586)
|
|
At 30 June 2020
|
76,647
|
26,574
|
40,968
|
144,189
|
|
Comprising:
|
|
|
|
|
|
|
- Policyholder liabilities on the balance sheet
|
71,135
|
21,376
|
33,758
|
126,269
|
|
- Unallocated surplus of with-profits funds on the balance
sheet
|
5,512
|
-
|
-
|
5,512
|
|
- Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(a)
|
-
|
5,198
|
7,210
|
12,408
|
|
|
|
|
|
|
Average policyholder liability balancesnote
(f)
|
|
|
|
|
|
|
Half year 2021
|
82,082
|
33,050
|
46,275
|
161,407
|
|
Half year 2020
|
68,347
|
27,712
|
37,283
|
133,342
|
|
Contract
liabilities
|
Reinsurers' share
of insurance
contract liabilities
|
Unallocated
surplus of
with-profits funds
|
|
$m
|
$m
|
$m
|
At 1 January 2021
|
441,246
|
(46,595)
|
5,217
|
Reclassification of US operations as held for
distribution
|
(296,513)
|
35,232
|
-
|
Income and expense included in the income
statementnotes
(a)(c)
|
1,354
|
1,450
|
1,070
|
Other movementsnote
(b)
|
25
|
-
|
-
|
Foreign exchange translation differences
|
(1,303)
|
22
|
(14)
|
At 30 June 2021
|
144,809
|
(9,891)
|
6,273
|
|
|
|
|
At 1 January 2020
|
385,678
|
(13,856)
|
4,750
|
Income and expense included in the income
statementnote
(a)
|
|
|
|
From continuing operations
|
11,251
|
(3,466)
|
742
|
From discontinued US operations
|
(3,696)
|
(27,600)
|
-
|
|
7,555
|
(31,066)
|
742
|
Other movementsnote
(b)
|
|
|
|
From continuing operations
|
88
|
-
|
-
|
From discontinued US operations
|
(198)
|
-
|
-
|
|
(110)
|
-
|
-
|
Foreign exchange translation differences
|
(1,199)
|
4
|
20
|
At 30 June 2020
|
391,924
|
(44,918)
|
5,512
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
Half year 2020 $m
|
|||||
|
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Total segment*
|
|
Claims incurred, net of reinsurance
|
(775)
|
(460)
|
(376)
|
(1,046)
|
(632)
|
(3,289)
|
|
(Increase) decrease in policyholder liabilities, net of
reinsurance
|
(7,510)
|
758
|
(39)
|
(473)
|
(433)
|
(7,697)
|
|
Movement in unallocated surplus of with-profits funds
|
(624)
|
-
|
(118)
|
-
|
-
|
(742)
|
|
Benefits and claims and movement in unallocated
surplus,
net of reinsurance
|
(8,909)
|
298
|
(533)
|
(1,519)
|
(1,065)
|
(11,728)
|
|
2021 $m
|
|
2020 $m
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Carrying value at beginning of period
|
961
|
|
969
|
969
|
Exchange differences
|
(35)
|
|
(27)
|
(8)
|
Carrying value at end of period
|
926
|
|
942
|
961
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Deferred acquisition costs and other intangible assets attributable
to shareholdersnote
C4.3
|
6,451
|
|
18,538
|
20,275
|
|
Other intangible assets, including computer software, attributable
to with-profits funds
|
74
|
|
66
|
70
|
|
Total of deferred acquisition costs and other intangible
assets
|
6,525
|
|
18,604
|
20,345
|
|
Analysed as:
|
|
|
|
|
|
Deferred acquisition costs and other intangible assets from
continuing operations
|
|
|
|
|
|
|
Attributable to shareholder-backed
businessnote
|
6,451
|
|
5,990
|
6,394
|
|
Attributable to with-profits business
|
74
|
|
66
|
70
|
Deferred acquisition costs and other intangible assets from
discontinued US operations
|
-
|
|
12,548
|
13,881
|
|
Total of Deferred acquisition costs and other intangible
assets
|
6,525
|
|
18,604
|
20,345
|
|
2021 $m
|
|
2020 $m
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
DAC related to insurance contracts as classified under IFRS
4
|
2,468
|
|
2,039
|
2,319
|
DAC related to investment management contracts, including life
assurance contracts classified as financial instruments and
investment management contracts under IFRS 4
|
37
|
|
34
|
34
|
DAC related to insurance and investment contracts
|
2,505
|
|
2,073
|
2,353
|
Distribution rights
|
3,765
|
|
3,747
|
3,851
|
Present value of acquired in-force policies for insurance contracts
as classified under
IFRS 4 (PVIF)
|
31
|
|
34
|
34
|
Other intangibles
|
150
|
|
136
|
156
|
Present value of acquired in-force (PVIF) and other intangibles
attributable to shareholders
|
3,946
|
|
3,917
|
4,041
|
Total of DAC and other intangible assets
|
6,451
|
|
5,990
|
6,394
|
|
|
|
2021 $m
|
|
2020 $m
|
||||
|
|
|
DAC
|
Other
|
Half year
|
|
Half year
|
|
Full year
|
|
|
|
|
intangibles
|
Total
|
|
Total
|
|
Total
|
|
|
|
|
note
|
|
|
|
|
|
Balance at beginning of period:
|
16,216
|
4,059
|
20,275
|
|
17,409
|
|
17,409
|
||
Reclassification of US operations as held for
distribution
|
(13,863)
|
(18)
|
(13,881)
|
|
-
|
|
-
|
||
Additions
|
374
|
101
|
475
|
|
1,518
|
|
2,471
|
||
Amortisation to the income statement:
|
|
|
|
|
|
|
|
||
|
From continuing operations
|
(186)
|
(145)
|
(331)
|
|
(262)
|
|
(518)
|
|
|
From discontinued US operations in the 2020
comparatives
|
-
|
-
|
-
|
|
(321)
|
|
374
|
|
|
|
|
(186)
|
(145)
|
(331)
|
|
(583)
|
|
(144)
|
|
Amortisation of DAC related to the discontinued US operations
recognised within other comprehensive income in the 2020
comparatives
|
-
|
-
|
-
|
|
248
|
|
494
|
|
Disposals and transfers
|
-
|
(3)
|
(3)
|
|
(13)
|
|
(12)
|
||
Exchange differences and other movements
|
(36)
|
(48)
|
(84)
|
|
(41)
|
|
57
|
||
Balance at end of period
|
2,505
|
3,946
|
6,451
|
|
18,538
|
|
20,275
|
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Continuing operations:
|
|
|
|
|
||
|
Subordinated debt:
|
|
|
|
|
|
|
|
US$250m 6.75% Notesnote
(i)
|
250
|
|
250
|
250
|
|
|
US$300m 6.5% Notesnote
(i)
|
300
|
|
300
|
300
|
|
|
US$700m 5.25% Notes
|
700
|
|
700
|
700
|
|
|
US$1,000m 5.25% Notes
|
1,000
|
|
997
|
999
|
|
|
US$725m 4.375% Notes
|
725
|
|
723
|
723
|
|
|
US$750m 4.875% Notes
|
747
|
|
746
|
746
|
|
|
€20m Medium Term Notes 2023
|
24
|
|
22
|
24
|
|
|
£435m 6.125% Notes 2031
|
596
|
|
533
|
590
|
|
Senior debt:note
(ii)
|
|
|
|
|
|
|
|
£300m 6.875% Notes 2023
|
411
|
|
366
|
406
|
|
|
£250m 5.875% Notes 2029
|
317
|
|
280
|
312
|
|
|
$1,000m 3.125% Notes 2030
|
984
|
|
982
|
983
|
|
Bank loans:
|
|
|
|
|
|
|
|
$350m Loan 2024
|
350
|
|
350
|
350
|
Total continuing operations
|
6,404
|
|
6,249
|
6,383
|
||
Discontinued US operations: Jackson US$250m 8.15% Surplus Notes
2027note
(iii)
|
|
|
250
|
250
|
||
Total core structural borrowings of shareholder-financed
businesses
|
|
|
6,499
|
6,633
|
|
|
|
|
|
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Shareholder-financed business
|
|
|
|
|
|
Borrowings in respect of short-term fixed income securities
programmes (commercial paper)
|
500
|
|
506
|
501
|
|
Lease liabilities under IFRS 16
|
239
|
|
260
|
251
|
|
Other borrowings
|
-
|
|
24
|
-
|
|
Operational borrowings from continuing operations
|
739
|
|
790
|
752
|
|
Discontinued US operations:
|
|
|
|
|
|
Non-recourse borrowings of consolidated investment
funds
|
|
|
1,081
|
994
|
|
Lease liabilities under IFRS 16
|
|
|
58
|
51
|
|
Senior debt issued through the Federal Home Loan Bank of
Indianapolis (FHLB)
|
|
|
73
|
453
|
|
Operational borrowings from discontinued US operations
|
|
|
1,212
|
1,498
|
|
Group total operational borrowings attributable to
shareholder-financed businesses
|
|
|
2,002
|
2,250
|
|
|
|
|
|
|
|
With profits business
|
|
|
|
|
|
Lease liabilities under IFRS 16
|
156
|
|
224
|
194
|
|
Other borrowings
|
-
|
|
19
|
-
|
|
Total continuing and Group total operational borrowings
attributable to with-profits businesses
|
156
|
|
243
|
194
|
|
Group total operational borrowings
|
895
|
|
2,245
|
2,444
|
|
|
|
|
|
|
Net effect on shareholders' equity from continuing insurance
operations
|
2021 $m
|
|
2020 $m
|
||
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Shareholders' equity from continuing insurance
operations
|
13,287
|
|
10,619
|
12,861
|
|
|
Sensitivity to key market risks*:
|
|
|
|
|
|
Interest rates and consequential effects - 1% increase
|
(533)
|
|
64
|
(318)
|
|
Interest rates and consequential effects - 0.5%
decrease
|
(381)
|
|
(1,203)
|
(1,274)
|
|
Equity/property market values - 10% rise
|
387
|
|
302
|
410
|
|
Equity/property market values - 20% fall
|
(803)
|
|
(559)
|
(848)
|
|
Half year 2021 $m
|
||||
|
Balance
at 1 Jan
|
Remove
discontinued
US operations
|
Movement in
income
statement
|
Other
movements
including
foreign
exchange
movements
|
Balance
at 30 Jun
|
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
|
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
|
(6,075)
|
3,523
|
(263)
|
80
|
(2,735)
|
|
|
|
|
|
|
|
Half year 2020 $m
|
||||
|
Balance
at 1 Jan
|
Movement in
income
statement
|
Movement
through
other
comprehensive
income
|
Other
movements
including
foreign
exchange
movements
|
Balance
at 30 Jun
|
Deferred tax assets
|
|
|
|
|
|
Unrealised losses or gains on investments
|
-
|
-
|
-
|
1
|
1
|
Balances relating to investment and insurance
contracts
|
32
|
8
|
-
|
(1)
|
39
|
Short-term temporary differences
|
133
|
27
|
-
|
(5)
|
155
|
Unused tax losses
|
106
|
(47)
|
-
|
1
|
60
|
Total continuing operations
|
271
|
(12)
|
-
|
(4)
|
255
|
Discontinued US operations
|
3,804
|
194
|
-
|
6
|
4,004
|
Group total
|
4,075
|
182
|
-
|
2
|
4,259
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
|
|
|
Unrealised losses or gains on investments
|
(289)
|
19
|
-
|
5
|
(265)
|
Balances relating to investment and insurance
contracts
|
(1,507)
|
(110)
|
-
|
68
|
(1,549)
|
Short-term temporary differences
|
(350)
|
(17)
|
-
|
6
|
(361)
|
Total continuing operations
|
(2,146)
|
(108)
|
-
|
79
|
(2,175)
|
Discontinued US operations
|
(3,091)
|
(11)
|
7
|
(8)
|
(3,103)
|
Group total
|
(5,237)
|
(119)
|
7
|
71
|
(5,278)
|
|
30 Jun 2021
|
|
30 Jun 2020
|
|
31 Dec 2020
|
||||||
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
|
2,609,489,702
|
173
|
2,637
|
|
2,601,159,949
|
172
|
2,625
|
|
2,601,159,949
|
172
|
2,625
|
Shares issued under share-based schemes
|
6,121,839
|
-
|
8
|
|
7,700,498
|
-
|
10
|
|
8,329,753
|
1
|
12
|
Balance at end of period
|
2,615,611,541
|
173
|
2,645
|
|
2,608,860,447
|
172
|
2,635
|
|
2,609,489,702
|
173
|
2,637
|
|
Number of shares
|
|
Share price range
|
|
Exercisable
|
|
|
to subscribe for
|
|
from
|
to
|
|
by year
|
30 Jun 2021
|
1,774,131
|
|
964p
|
1,455p
|
|
2026
|
30 Jun 2020
|
2,197,782
|
|
1,104p
|
1,455p
|
|
2025
|
31 Dec 2020
|
2,320,320
|
|
964p
|
1,455p
|
|
2026
|
|
Number of shares
purchased
(in millions)
|
Cost*
$m
|
Half year 2021
|
2.8
|
60.1
|
Half year 2020
|
5.8
|
75.2
|
Full year 2020
|
6.3
|
83.0
|
|
2021 $m
|
|
2020 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Loss attaching to corporate transactions as shown separately on the
condensed consolidated income statementnote
(i)
|
(56)
|
|
-
|
(30)
|
(Loss) gain arising on reinsurance transaction undertaken by the
Hong Kong businessnote
(ii)
|
(38)
|
|
-
|
765
|
Total (loss) gain attaching to corporate transactions from
continuing operationsnote
B1.1
|
(94)
|
|
-
|
735
|
|
2021 $m
|
|
2020 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Gross premiums earned
|
9,969
|
|
8,892
|
19,026
|
Outward reinsurance premiumsnote
(a)
|
(187)
|
|
(30,195)
|
(30,584)
|
Earned premiums, net of reinsurance
|
9,782
|
|
(21,303)
|
(11,558)
|
Investment return and other income
|
25,597
|
|
(247)
|
31,321
|
Total revenue, net of reinsurancenote
(b)
|
35,379
|
|
(21,550)
|
19,763
|
Benefits and claims, net of reinsurance
|
(32,025)
|
|
21,583
|
(19,617)
|
Acquisition costs and other expenditure
|
(1,133)
|
|
(236)
|
(888)
|
Loss attaching to corporate transactionsnote
(c)
|
(51)
|
|
-
|
(18)
|
Total charge, net of reinsurance
|
(33,209)
|
|
21,347
|
(20,523)
|
Profit (loss) before tax
|
2,170
|
|
(203)
|
(760)
|
Tax (charge) credit
|
(370)
|
|
115
|
477
|
Profit (loss) after tax
|
1,800
|
|
(88)
|
(283)
|
Re-measurement to fair value
|
(7,507)
|
|
-
|
-
|
Loss for the period
|
(5,707)
|
|
(88)
|
(283)
|
Attributable to:
|
|
|
|
|
Equity holders of the Company
|
(5,073)
|
|
(88)
|
(340)
|
Non-controlling interests from continuing operations
|
(634)
|
|
-
|
57
|
Loss for the period
|
(5,707)
|
|
(88)
|
(283)
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
Loss for the period
|
(5,707)
|
|
(88)
|
(283)
|
|
Other comprehensive (loss) income
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
Valuation movements on available-for-sale debt securities in the
period
|
(1,232)
|
|
2,540
|
2,717
|
|
Valuation movements on available-for-sale debt securities recycled
to profit or loss
|
25
|
|
(2,817)
|
(2,817)
|
|
|
|
(1,207)
|
|
(277)
|
(100)
|
Related change in amortisation of DAC
|
99
|
|
248
|
494
|
|
Related tax
|
241
|
|
7
|
(102)
|
|
Total items that may be reclassified subsequently to profit or
loss
|
(867)
|
|
(22)
|
292
|
|
Total comprehensive (loss) income for the period
|
(6,574)
|
|
(110)
|
9
|
|
Attributable to:
|
|
|
|
|
|
Equity holders of the Company
|
(5,844)
|
|
(110)
|
(40)
|
|
Non-controlling interests from continuing operations
|
(730)
|
|
-
|
49
|
|
Total comprehensive (loss) income for the period
|
(6,574)
|
|
(110)
|
9
|
|
2021 $m
|
|
2020 $m
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Assets
|
|
|
|
|
Deferred acquisition costs and other intangible assets
|
13,836
|
|
12,549
|
13,881
|
Reinsurers' share of insurance contract liabilities
|
34,263
|
|
35,993
|
35,232
|
Separate account assetsnotes
(a)(b)
|
239,806
|
|
184,220
|
219,062
|
Other financial investmentsnotes
(b)(c)
|
48,929
|
|
55,972
|
52,745
|
Other assetsnote
(d)
|
4,975
|
|
5,393
|
5,939
|
Cash and cash equivalents
|
1,161
|
|
2,493
|
1,621
|
Adjustment for remeasurement of the carrying value of the business
to fair valuenote
(d)
|
(7,210)
|
|
-
|
-
|
Total assets held for distribution
|
335,760
|
|
296,620
|
328,480
|
Equity
|
|
|
|
|
Shareholders' equity
|
2,667
|
|
8,955
|
8,511
|
Non-controlling interests
|
333
|
|
-
|
1,063
|
Total Equity
|
3,000
|
|
8,955
|
9,574
|
Liabilities
|
|
|
|
|
Policyholder liabilitiesnote
(a)
|
311,947
|
|
265,655
|
296,513
|
Other liabilitiesnotes
(b)(d)
|
20,761
|
|
21,962
|
22,350
|
Derivative liabilitiesnote
(b)
|
52
|
|
48
|
43
|
Total liabilities
|
332,760
|
|
287,665
|
318,906
|
Total equity and liabilities
|
335,760
|
|
296,620
|
328,480
|
|
|
|
30 Jun 2021 $m
|
|||
|
|
Level 1
|
Level 2
|
Level 3*
|
|
|
|
|
Quoted prices
(unadjusted)
in active markets
|
Valuation
based on
significant
observable
market inputs
|
Valuation
based on
significant
unobservable
market inputs
|
Total
|
|
|
Loans
|
-
|
-
|
3,538
|
3,538
|
|
|
Equity securities and holdings in collective investment
schemes
|
239,814
|
58
|
103
|
239,975
|
|
|
Debt securities
|
4,468
|
28,529
|
31
|
33,028
|
|
|
Other investments (including derivative assets)
|
-
|
1,466
|
1,968
|
3,434
|
|
|
Derivative liabilities
|
-
|
(52)
|
-
|
(52)
|
|
|
Total financial investments, net of derivative
liabilities
|
244,282
|
30,001
|
5,640
|
279,923
|
|
|
Net asset value attributable to unit holders of consolidated
investment funds
|
-
|
-
|
(599)
|
(599)
|
|
|
Other financial liabilities held at fair value
|
-
|
-
|
(3,704)
|
(3,704)
|
|
|
Discontinued US operations' total financial instruments at fair
value
|
244,282
|
30,001
|
1,337
|
275,620
|
Chair
Shriti
Vadera
Executive Directors
Michael
Wells
Mark
FitzPatrick CA
James
Turner FCA FCSI FRM
|
Independent Non-executive Directors
The
Hon. Philip Remnant CBE FCA
Jeremy
Anderson CBE
Chua
Sock Koong
David
Law ACA
Ming
Lu
Anthony
Nightingale CMG SBS JP
Alice
Schroeder
Thomas
Watjen
Fields
Wicker-Miurin OBE
Jeanette
Wong
Amy
Yip
|
|
30 Jun 2021
|
|
31 Dec 2020
|
||||
Amounts attributable to Prudential plc
|
Total
|
Less
policyholder
|
Shareholder
|
|
Total
|
Less
policyholder
|
Shareholder
|
Capital resources ($bn)
|
37.2
|
(23.6)
|
13.6
|
|
34.9
|
(22.1)
|
12.8
|
Group Minimum Capital Requirement ($bn)
|
10.6
|
(7.1)
|
3.5
|
|
10.1
|
(6.7)
|
3.4
|
GWS capital surplus (over GMCR) ($bn)
|
26.6
|
(16.5)
|
10.1
|
|
24.8
|
(15.4)
|
9.4
|
GWS coverage ratio (over GMCR) (%)
|
349%
|
|
383%
|
|
344%
|
|
370%
|
|
|
|
|
Shareholder
|
||
30 Jun 2021 ($bn)
|
Total Asia
and Africa
|
Less policyholder
|
|
Asia and Africa
|
Unallocated
to a segment
|
Group
|
Capital resources
|
35.7
|
(23.6)
|
|
12.1
|
1.5
|
13.6
|
Group Minimum Capital Requirement
|
10.6
|
(7.1)
|
|
3.5
|
-
|
3.5
|
GWS capital surplus (over GMCR)
|
25.1
|
(16.5)
|
|
8.6
|
1.5
|
10.1
|
|
|
|
|
|
|
|
|
|
|
|
Shareholder
|
||
31 Dec 2020 ($bn)
|
Total Asia
and Africa
|
Less policyholder
|
|
Asia and Africa
|
Unallocated
to a segment
|
Group
|
Capital resources
|
33.7
|
(22.1)
|
|
11.6
|
1.2
|
12.8
|
Group Minimum Capital Requirement
|
10.1
|
(6.7)
|
|
3.4
|
-
|
3.4
|
GWS capital surplus (over GMCR)
|
23.6
|
(15.4)
|
|
8.2
|
1.2
|
9.4
|
|
|
30 Jun 2021
|
|
Impact of market sensitivities
|
Surplus
($bn)
|
Ratio
(%)
|
|
Base position
|
10.1
|
383%
|
|
Impact of:
|
|
|
|
|
10% increase in equity markets
|
0.3
|
6%
|
|
20% fall in equity markets
|
(0.6)
|
(6)%
|
|
40% fall in equity markets
|
(1.0)
|
(4)%
|
|
50 basis points reduction in interest rates
|
(0.3)
|
(20)%
|
|
100 basis points increase in interest rates
|
(0.5)
|
(2)%
|
|
100 basis points increase in credit spreads
|
(0.3)
|
(1)%
|
|
|
2021 $bn
|
|
|
Half year
|
Balance at beginning of period on a LCSM basis
|
7.8
|
|
Treatment of grandfathered debt instruments under the GWS
Framework
|
1.6
|
|
Restated balance at beginning of period on a GWS basis
|
9.4
|
|
Operating:
|
|
|
|
Operating capital generation from the in-force
business
|
0.8
|
|
Investment in new business
|
(0.1)
|
Operating capital generation
|
0.7
|
|
Non-operating and other capital movements:
|
|
|
|
Non-operating experience (including market movements)
|
0.1
|
|
Corporate activities
|
0.2
|
Non-operating results
|
0.3
|
|
External dividends
|
(0.3)
|
|
Net movement in shareholder capital surplus
|
2.3
|
|
Balance at end of period
|
10.1
|
|
30 Jun 2021 $bn
|
||
|
Asia and Africa
|
Unallocated to a segment
|
Group total
|
Estimated Group shareholder excluding Jackson GWS capital surplus
(over GMCR)
|
8.6
|
1.5
|
10.1
|
Increase required capital for EEV free surplusnote
(a)
|
(0.7)
|
-
|
(0.7)
|
Adjust surplus assets to market valuenote
(b)
|
0.4
|
-
|
0.4
|
Add back inadmissible assetsnote
(c)
|
0.2
|
-
|
0.2
|
Deductions applied to EEV free surplusnote
(d)
|
(3.3)
|
-
|
(3.3)
|
Other
|
-
|
0.2
|
0.2
|
Add investment in Jackson held at fair value for EEV
|
-
|
2.7
|
2.7
|
EEV free surplus excluding intangibles*
|
5.2
|
4.4
|
9.6
|
|
30 Jun 2021
$bn
|
Group IFRS shareholders' equity
|
15.7
|
Less investment in Jackson held at fair value for IFRS
|
(2.7)
|
Remove DAC, goodwill and intangibles recognised on the IFRS
statement of financial position
|
(7.2)
|
Add grandfathered debt treated as capital instruments at the net
proceeds valuenote
(a)
|
6.0
|
Valuation differencesnote
(b)
|
2.0
|
Othernote
(c)
|
(0.2)
|
Estimated Group shareholder excluding Jackson GWS capital
resources
|
13.6
|
|
|
Half year 2021
|
|
Half year 2020 AER
|
|
Half year 2020 CER
|
||||||
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Profit
|
liability
|
Margin
|
|
Profit
|
liability
|
Margin
|
|
Profit
|
liability
|
Margin
|
|
|
$m
|
$m
|
bps
|
|
$m
|
$m
|
bps
|
|
$m
|
$m
|
bps
|
|
|
note (a)
|
note (b)
|
|
|
note (a)
|
note (b)
|
|
|
note (a)
|
note (b)
|
|
Spread income
|
153
|
45,993
|
67
|
|
146
|
37,082
|
79
|
|
152
|
37,845
|
80
|
|
Fee income
|
169
|
32,888
|
103
|
|
135
|
26,516
|
102
|
|
140
|
27,319
|
102
|
|
With-profits
|
62
|
82,082
|
15
|
|
58
|
68,347
|
17
|
|
59
|
68,970
|
17
|
|
Insurance margin
|
1,467
|
|
|
|
1,287
|
|
|
|
1,326
|
|
|
|
Margin on revenues*
|
1,432
|
|
|
|
1,378
|
|
|
|
1,419
|
|
|
|
Expenses:* note
(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costsnote
(d)
|
(990)
|
2,083
|
(48)%
|
|
(875)
|
1,719
|
(51)%
|
|
(904)
|
1,780
|
(51)%
|
|
Administration expenses
|
(804)
|
79,163
|
(203)
|
|
(737)
|
63,799
|
(231)
|
|
(758)
|
65,368
|
(232)
|
|
DAC adjustments
|
238
|
|
|
|
117
|
|
|
|
123
|
|
|
Expected return on shareholder assets*
|
101
|
|
|
|
95
|
|
|
|
97
|
|
|
|
|
|
1,828
|
|
|
|
1,604
|
|
|
|
1,654
|
|
|
Share of related tax charges from joint ventures and
associatesnote
(e)
|
(21)
|
|
|
|
(18)
|
|
|
|
(20)
|
|
|
|
Long-term business
|
1,807
|
|
|
|
1,586
|
|
|
|
1,634
|
|
|
|
Eastspring
|
162
|
|
|
|
143
|
|
|
|
147
|
|
|
|
Adjusted operating profit
|
1,969
|
|
|
|
1,729
|
|
|
|
1,781
|
|
|
|
|
2021 $m
|
|
2020 $m
|
|
2021 vs 2020 %
|
|
2020 $m
|
||
|
|
Half year
|
|
Half year
AER
|
Half year
CER
|
|
Half year
AER
|
Half year
CER
|
|
Full year
AER
|
China JV
|
139
|
|
101
|
109
|
|
38%
|
28%
|
|
251
|
|
Hong Kong
|
460
|
|
412
|
412
|
|
12%
|
12%
|
|
891
|
|
Indonesia
|
225
|
|
249
|
255
|
|
(10)%
|
(12)%
|
|
519
|
|
Malaysia
|
184
|
|
158
|
164
|
|
16%
|
12%
|
|
309
|
|
Singapore
|
320
|
|
262
|
276
|
|
22%
|
16%
|
|
574
|
|
Growth markets and other
|
|
|
|
|
|
|
|
|
|
|
|
Philippines
|
58
|
|
40
|
42
|
|
45%
|
38%
|
|
95
|
|
Taiwan
|
47
|
|
37
|
39
|
|
27%
|
21%
|
|
85
|
|
Thailand
|
91
|
|
75
|
77
|
|
21%
|
18%
|
|
210
|
|
Vietnam
|
147
|
|
125
|
127
|
|
18%
|
16%
|
|
270
|
|
Other*
|
157
|
|
145
|
153
|
|
8%
|
3%
|
|
221
|
|
Share of related tax charges from joint ventures and
associate
|
(21)
|
|
(18)
|
(20)
|
|
17%
|
5%
|
|
(46)
|
Long-term business
|
1,807
|
|
1,586
|
1,634
|
|
14%
|
11%
|
|
3,379
|
|
Eastspring
|
162
|
|
143
|
147
|
|
13%
|
10%
|
|
283
|
|
Adjusted operating profit
|
1,969
|
|
1,729
|
1,781
|
|
14%
|
11%
|
|
3,662
|
|
2021 $m
|
|
2020 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Operating income before performance-related feesnote
(1)
|
374
|
|
313
|
646
|
Performance-related fees
|
6
|
|
2
|
7
|
Operating income (net of commission)note
(2)
|
380
|
|
315
|
653
|
Operating expensenote
(2)
|
(196)
|
|
(157)
|
(336)
|
Group's share of tax on joint ventures' operating
profit
|
(22)
|
|
(15)
|
(34)
|
Adjusted operating profit
|
162
|
|
143
|
283
|
Average funds managed by Eastspring Investments
|
$247.6bn
|
|
$224.1bn
|
$227.1bn
|
Margin based on operating incomenote
(3)
|
30bps
|
|
28bps
|
28bps
|
Cost/income rationote
II(v)
|
52%
|
|
50%
|
52%
|
|
|
|
|
|
|
|
Retail
|
Margin
|
Institutional*
|
Margin
|
Total
|
Margin
|
|
|
$m
|
bps
|
$m
|
bps
|
$m
|
bps
|
|
Half year 2021
|
225
|
56
|
149
|
18
|
374
|
30
|
|
Half year 2020
|
188
|
50
|
125
|
17
|
313
|
28
|
|
Full year 2020
|
390
|
52
|
256
|
17
|
646
|
28
|
|
|
2021 $bn
|
|
2020 $bn
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
External funds under management, excluding funds managed on behalf
of M&G plcnote
(1)
|
|
|
|
|
|
|
Retail
|
67.9
|
|
59.4
|
66.9
|
|
Institutional
|
14.9
|
|
10.0
|
13.8
|
|
Money market funds (MMF)
|
13.3
|
|
13.0
|
13.2
|
|
|
96.1
|
|
82.4
|
93.9
|
Funds managed on behalf of M&G plcnote
(2)
|
16.1
|
|
15.7
|
15.7
|
|
|
|
|
|
|
|
External funds under management
|
112.2
|
|
98.1
|
109.6
|
|
Internal funds under management
|
141.8
|
|
121.6
|
138.2
|
|
Total funds under managementnote
(3)
|
254.0
|
|
219.7
|
247.8
|
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
At beginning of period
|
93,863
|
|
98,005
|
98,005
|
|
|
Market gross inflows
|
49,736
|
|
69,839
|
116,743
|
|
|
Redemptions
|
(50,605)
|
|
(78,172)
|
(126,668)
|
|
|
Market and other movements
|
3,102
|
|
(7,348)
|
5,783
|
|
|
At end of period*
|
96,096
|
|
82,324
|
93,863
|
|
|
2021 $m
|
|
At beginning of period
|
15,737
|
|
Net flows
|
5
|
|
Market and other movements
|
356
|
|
At end of period
|
16,098
|
|
|
2021
|
|
|
2020
|
||||
|
|
30 Jun
|
|
30 Jun
|
|
31 Dec
|
|||
|
|
$bn
|
% of total
|
|
$bn
|
% of total
|
|
$bn
|
% of total
|
|
Equity
|
109.7
|
43%
|
|
86.3
|
39%
|
|
103.9
|
42%
|
|
Fixed income
|
125.8
|
50%
|
|
115.7
|
53%
|
|
125.7
|
51%
|
|
Alternatives
|
2.7
|
1%
|
|
2.9
|
1%
|
|
2.7
|
1%
|
|
Money Market Funds
|
15.8
|
6%
|
|
14.8
|
7%
|
|
15.5
|
6%
|
|
Total funds under management
|
254.0
|
100%
|
|
219.7
|
100%
|
|
247.8
|
100%
|
|
|
2021 $bn
|
|
2020 $bn
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Continuing operations:
|
|
|
|
|
|
|
Internal funds
|
181.9
|
|
153.1
|
175.0
|
|
Eastspring external funds, including M&G plc (as analysed in
note I(iii) above)
|
112.2
|
|
98.1
|
109.6
|
Total Group funds under managementnote
|
294.1
|
|
251.2
|
284.6
|
|
|
2021 $bn
|
|
2020 $bn
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Total investments and cash and cash equivalents held by the
continuing operations on the balance sheet
|
167.9
|
|
145.7
|
164.0
|
|
External funds of Eastspring, including M&G plc
|
112.2
|
|
98.1
|
109.6
|
|
Internally managed funds held in joint ventures and associates,
excluding assets attributable to external unit holders of the
consolidated collective investment schemes and other
adjustments
|
14.0
|
|
7.4
|
11.0
|
|
Total Group funds under management
|
294.1
|
|
251.2
|
284.6
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
Net cash remitted by continuing
operations:note
(a)
|
|
|
|
|
|
|
Insurance and asset management business
|
1,035
|
|
446
|
877
|
|
Other operations
|
-
|
|
32
|
55
|
Net cash remitted by business units
|
1,035
|
|
478
|
932
|
|
Net interest paid
|
(163)
|
|
(147)
|
(294)
|
|
Tax received
|
-
|
|
94
|
94
|
|
Corporate activitiesnote
(b)
|
(216)
|
|
(194)
|
(432)
|
|
Centrally funded recurring bancassurance feesnote
(c)
|
(176)
|
|
(176)
|
(220)
|
|
Total central outflows
|
(555)
|
|
(423)
|
(852)
|
|
Holding company cash flow before dividends and other
movements
|
480
|
|
55
|
80
|
|
Dividends paid
|
(283)
|
|
(674)
|
(814)
|
|
Operating holding company cash flow after dividends but before
other movements
|
197
|
|
(619)
|
(734)
|
|
Other movements
|
|
|
|
|
|
|
Issuance and redemption of debt for continuing
operations
|
-
|
|
983
|
983
|
|
Other corporate activities relating to continuing
operationsnote
(c)
|
(256)
|
|
(558)
|
(954)
|
|
UK and Europe demerger costs
|
-
|
|
(17)
|
(17)
|
|
US demerger costs
|
(28)
|
|
-
|
(20)
|
Total other movements
|
(284)
|
|
408
|
(8)
|
|
Total holding company cash flow
|
(87)
|
|
(211)
|
(742)
|
|
Cash and short-term investments at beginning of period
|
1,463
|
|
2,207
|
2,207
|
|
Foreign exchange movements
|
17
|
|
(89)
|
(2)
|
|
Cash and short-term investments at end of period
|
1,393
|
|
1,907
|
1,463
|
|
2021 $m
|
|
2020 $m
|
|
Continuing operations:
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Core structural borrowings of shareholder-financed
businesses
|
6,404
|
|
6,249
|
6,383
|
Less holding company cash and short-term investments
|
(1,393)
|
|
(1,907)
|
(1,463)
|
Net core structural borrowings of shareholder-financed
businesses
|
5,011
|
|
4,342
|
4,920
|
Closing shareholders' equity
|
13,046
|
|
10,155
|
12,367
|
Closing shareholders' equity plus net core structural
borrowings
|
18,057
|
|
14,497
|
17,287
|
IFRS gearing ratio
|
28%
|
|
30%
|
28%
|
|
2021 $m
|
|
2020 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Adjusted operating profit
|
1,571
|
|
1,286
|
2,757
|
Tax on adjusted operating profit
|
(222)
|
|
(274)
|
(497)
|
Adjusted operating profit attributable to non-controlling
interests
|
(7)
|
|
(22)
|
(10)
|
Adjusted operating profit, net of tax and non-controlling
interests
|
1,342
|
|
990
|
2,250
|
|
|
|
|
|
Shareholders' equity at beginning of period
|
12,367
|
|
10,548
|
10,548
|
Shareholders' equity at end of period
|
13,046
|
|
10,155
|
12,367
|
Average shareholders' equity
|
12,707
|
|
10,352
|
11,458
|
Operating return on average shareholders' equity (%)
|
21%
|
|
19%
|
20%
|
|
2021
|
|
2020
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Number of issued shares at the end of the period
|
2,616
|
|
2,609
|
2,609
|
|
|
|
|
|
Closing IFRS shareholders' equity for continuing operations ($
million)
|
13,046
|
|
10,155
|
12,367
|
Shareholders' equity per share (cents) for continuing
operations
|
499¢
|
|
389¢
|
474¢
|
|
|
|
|
|
Closing IFRS shareholders' equity for discontinuing operations ($
million)
|
2,667
|
|
8,955
|
8,511
|
Shareholders' equity per share (cents) for discontinued US
operations
|
102¢
|
|
343¢
|
326¢
|
Group Shareholders' equity per share (cents)
|
601¢
|
|
732¢
|
800¢
|
|
2021 $m
|
|
2020 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
IFRS revenue
|
350
|
|
289
|
612
|
Share of revenue from joint ventures and associates
|
147
|
|
111
|
235
|
Commissions
|
(117)
|
|
(85)
|
(194)
|
Performance-related fees
|
(6)
|
|
(2)
|
(7)
|
Operating income before performance-related feesnote
|
374
|
|
313
|
646
|
|
|
|
|
|
IFRS charges
|
262
|
|
197
|
446
|
Share of expenses from joint ventures and associates
|
51
|
|
45
|
84
|
Commissions
|
(117)
|
|
(85)
|
(194)
|
Operating expense
|
196
|
|
157
|
336
|
Cost/income ratio (operating expense/operating income before
performance-related fees)
|
52%
|
|
50%
|
52%
|
|
2021 $m
|
|
2020 $m
|
||
|
Half year
|
|
AER
Half year
|
CER
Half year
|
AER
Full year
|
IFRS gross premiums earned
|
11,521
|
|
10,950
|
11,169
|
23,495
|
Less: General insurance premium
|
(62)
|
|
(66)
|
(66)
|
(130)
|
Less: IFRS gross earned premium from new regular and single premium
business
|
(2,764)
|
|
(2,079)
|
(2,148)
|
(5,112)
|
Add: Renewal premiums from joint ventures and
associates*
|
1,150
|
|
932
|
984
|
1,957
|
Renewal insurance premiums
|
9,845
|
|
9,737
|
9,939
|
20,210
|
|
|
|
|
|
|
Annual premium equivalent (APE)
|
2,083
|
|
1,719
|
1,780
|
3,808
|
Life weighted premium income
|
11,928
|
|
11,456
|
11,719
|
24,018
|
|
2021 $m
|
|
2020 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
IFRS gross premiums earned
|
11,521
|
|
10,950
|
23,495
|
Gross premiums earned from joint ventures and
associates
|
2,066
|
|
1,628
|
3,233
|
Total Group (continuing operations)
|
13,587
|
|
12,578
|
26,728
|
|
2021 $m
|
|
2020 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Gross premiums earned
|
11,521
|
|
10,950
|
23,495
|
Less: premiums from in-force renewal businessnote
(a)
|
(8,695)
|
|
(8,805)
|
(18,253)
|
Less: 90% of single premiums on new business sold in the
periodnote
(b)
|
(1,490)
|
|
(770)
|
(2,147)
|
Add: APE sales from joint ventures and associates on equity
accounting methodnote
(c)
|
607
|
|
422
|
820
|
Other adjustmentsnote
(d)
|
140
|
|
(78)
|
(107)
|
Annual premium equivalent (APE)
|
2,083
|
|
1,719
|
3,808
|
|
2021 $m
|
|
2020 $m
|
|
Continuing operations:
|
30 Jun
|
|
30 Jun
|
31 Dec
|
IFRS shareholders' equity
|
13,046
|
|
10,155
|
12,367
|
Less: DAC assigned zero value for EEV purposes
|
(2,505)
|
|
(2,073)
|
(2,353)
|
Add: Value of in-force business of long-term
businessnote
(a)
|
34,903
|
|
28,936
|
34,068
|
Othernote
(b)
|
(2,282)
|
|
(1,619)
|
(2,156)
|
EEV shareholders' equity
|
43,162
|
|
35,399
|
41,926
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By: /s/ Mark FitzPatrick
|
|
|
|
Mark
FitzPatrick
|
|
Group
Chief Financial Officer and Chief Operating Officer
|