|
|
|
Note
|
2020 $m
|
2019 $m
|
Continuing operations:
|
|
|
|
||
Gross premiums earned
|
|
42,521
|
45,064
|
||
Outward reinsurance premiums
|
|
(32,209)
|
(1,583)
|
||
Earned premiums, net of reinsurance
|
|
10,312
|
43,481
|
||
Investment return
|
|
44,991
|
49,555
|
||
Other income
|
|
670
|
700
|
||
Total revenue, net of reinsurance
|
|
55,973
|
93,736
|
||
Benefits and claims
|
|
(82,176)
|
(85,475)
|
||
Reinsurers’ share of benefits and claims
|
|
34,409
|
2,985
|
||
Movement in unallocated surplus of with-profits funds
|
|
(438)
|
(1,415)
|
||
Benefits and claims and movement in unallocated surplus of
with-profits funds, net of reinsurance
|
|
(48,205)
|
(83,905)
|
||
Acquisition costs and other expenditure
|
B2
|
(5,481)
|
(7,283)
|
||
Finance costs: interest on core structural borrowings of
shareholder-financed businesses
|
|
(337)
|
(516)
|
||
Loss attaching to corporate transactions
|
D1.1
|
(48)
|
(142)
|
||
Total charges net of reinsurance
|
|
(54,071)
|
(91,846)
|
||
Share of profit from joint ventures and associates, net of related
tax
|
|
517
|
397
|
||
Profit before tax (being tax attributable to
shareholders’ and policyholders’
returns)note
|
|
2,419
|
2,287
|
||
Remove tax charge attributable to policyholders'
returns
|
|
(271)
|
(365)
|
||
Profit before tax attributable to shareholders'
returns
|
B1.1
|
2,148
|
1,922
|
||
Total tax charge attributable to shareholders' and policyholders'
returns
|
B3.1
|
(234)
|
(334)
|
||
Remove tax charge attributable to policyholders'
returns
|
|
271
|
365
|
||
Tax credit attributable to shareholders' returns
|
B3.1
|
37
|
31
|
||
Profit from continuing operations
|
|
2,185
|
1,953
|
||
Loss from discontinued UK and Europe operations
|
|
–
|
(1,161)
|
||
Profit for the year
|
|
2,185
|
792
|
||
|
|
|
|
|
|
Attributable to:
|
|
|
|
||
|
Equity holders of the Company
|
|
|
|
|
|
|
From continuing operations
|
|
2,118
|
1,944
|
|
|
From discontinued operations
|
|
–
|
(1,161)
|
Non-controlling interests from continuing operations
|
|
67
|
9
|
||
Profit for the year
|
|
2,185
|
792
|
Earnings per share (in cents)
|
Note
|
2020
|
2019
|
||
Based on profit attributable to equity holders of the
Company:
|
B4
|
|
|
||
|
Basic
|
|
|
|
|
|
|
Based on profit from continuing operations
|
|
81.6¢
|
75.1¢
|
|
|
Based on loss from discontinued operations
|
|
–
|
(44.8)¢
|
|
Total
|
|
81.6¢
|
30.3¢
|
|
|
Diluted
|
|
|
|
|
|
|
Based on profit from continuing operations
|
|
81.6¢
|
75.1¢
|
|
|
Based on loss from discontinued operations
|
|
–
|
(44.8)¢
|
|
Total
|
|
81.6¢
|
30.3¢
|
Dividends per share (in cents)
|
Note
|
2020
|
2019
|
|
Dividends relating to reporting year:
|
B5
|
|
|
|
|
First interim ordinary dividend
|
|
5.37¢
|
20.29¢
|
|
Second interim ordinary dividend
|
|
10.73¢
|
25.97¢
|
Total
|
|
16.10¢
|
46.26¢
|
|
Dividends paid in reporting year:
|
B5
|
|
|
|
|
Current year first interim ordinary dividend
|
|
5.37¢
|
20.29¢
|
|
Second interim ordinary dividend for prior year
|
|
25.97¢
|
42.89¢
|
Total
|
|
31.34¢
|
63.18¢
|
|
|
|
Note
|
2020 $m
|
2019 $m
|
|
Continuing operations:
|
|
|
|
|
||
Profit for the year
|
|
2,185
|
1,953
|
|
||
Other comprehensive income (loss):
|
|
|
|
|
||
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
||
Exchange movements on foreign operations and net investment
hedges:
|
|
|
|
|
||
|
Exchange movements arising during the year
|
|
233
|
152
|
|
|
|
Related tax
|
|
–
|
(15)
|
|
|
|
|
|
|
233
|
137
|
|
Valuation movements on available-for-sale debt
securities:
|
|
|
|
|
||
|
Unrealised gains arising in the year:
|
|
|
|
|
|
|
Net unrealised gains on holdings arising during the
year
|
|
3,271
|
4,208
|
|
|
|
Deduct net gains included in the income statement on disposal and
impairment
|
|
(554)
|
(185)
|
|
|
|
|
|
|
2,717
|
4,023
|
|
|
Related change in amortisation of deferred acquisition
costs
|
C4.2
|
(41)
|
(631)
|
|
|
|
Related tax
|
|
(581)
|
(713)
|
|
|
|
|
|
|
2,095
|
2,679
|
|
|
|
Impact of Jackson’s reinsurance transaction with
Athene:
|
|
|
|
|
|
|
Gains recycled to the income statement on transfer of debt
securities to Athene
|
|
(2,817)
|
–
|
|
|
|
Related change in amortisation of deferred acquisition
costs
|
C4.2
|
535
|
–
|
|
|
|
Related tax
|
|
479
|
–
|
|
|
|
|
|
(1,803)
|
–
|
|
Total valuation movements on available -for-sale debt
securities
|
|
292
|
2,679
|
|
||
|
|
|
|
|
|
|
Total items that may be reclassified subsequently to profit or
loss
|
|
525
|
2,816
|
|
||
Items that will not be reclassified to profit or loss
|
|
|
|
|
||
Shareholders' share of actuarial gains and losses on defined
benefit pension schemes:
|
|
|
|
|
||
|
Net actuarial losses on
defined benefit pension schemes
|
|
–
|
(108)
|
|
|
|
Related tax
|
|
–
|
19
|
|
|
Total items that will not be reclassified to profit or
loss
|
|
–
|
(89)
|
|
||
Total other comprehensive income
|
|
525
|
2,727
|
|
||
Total comprehensive income for the year from continuing
operations
|
|
2,710
|
4,680
|
|
||
|
|
|
|
|
|
|
Total comprehensive income from discontinued UK and Europe
operations
|
|
–
|
1,710
|
|
||
Total comprehensive income for the year
|
|
2,710
|
6,390
|
|
||
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
||
Equity holders of the Company
|
|
|
|
|
||
|
From continuing operations
|
|
2,657
|
4,669
|
|
|
|
From discontinued operations
|
|
–
|
1,710
|
|
|
Non-controlling interests from continuing operations
|
|
53
|
11
|
|
||
Total comprehensive income for the year
|
|
2,710
|
6,390
|
|
|
|
|
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
|
|
–
|
–
|
2,118
|
–
|
–
|
2,118
|
67
|
2,185
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
Exchange movements on foreign operations and net investment hedges
net of related tax
|
|
–
|
–
|
–
|
239
|
–
|
239
|
(6)
|
233
|
|
Net unrealised valuation movements net of related change in
amortisation of deferred acquisition costs and related
tax
|
|
–
|
–
|
–
|
–
|
300
|
300
|
(8)
|
292
|
Total other 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
|
D1.2
|
–
|
–
|
(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 1 Jan
|
|
172
|
2,625
|
13,575
|
893
|
2,212
|
19,477
|
192
|
19,669
|
|
Balance at 31 Dec
|
|
173
|
2,637
|
14,424
|
1,132
|
2,512
|
20,878
|
1,241
|
22,119
|
|
|
|
Year ended 31 Dec 2019 $m
|
|||||||
|
Note
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Translation
reserve*
|
Available
-for-sale
securities
reserves
|
Shareholders'
equity
|
Non-
controlling
interests
|
Total
equity
|
|
Reserves
|
|
|
|
|
|
|
|
|
|
|
Profit from continuing operations
|
|
–
|
–
|
1,944
|
–
|
–
|
1,944
|
9
|
1,953
|
|
Other comprehensive income (loss) from continuing
operations:
|
|
|
|
|
|
|
|
|
|
|
|
Exchange movements on foreign operations and net investment hedges
net of related tax
|
|
–
|
–
|
–
|
135
|
–
|
135
|
2
|
137
|
|
Net unrealised valuation movements net of related change in
amortisation of deferred acquisition costs and related
tax
|
|
–
|
–
|
–
|
–
|
2,679
|
2,679
|
–
|
2,679
|
|
Shareholders’ share of actuarial gains and losses
on
defined benefit pension schemes net of related tax
|
|
–
|
–
|
(89)
|
–
|
–
|
(89)
|
–
|
(89)
|
Total other comprehensive income (loss) from continuing
operations
|
|
–
|
–
|
(89)
|
135
|
2,679
|
2,725
|
2
|
2,727
|
|
Total comprehensive income from continuing operations
|
|
–
|
–
|
1,855
|
135
|
2,679
|
4,669
|
11
|
4,680
|
|
Total comprehensive income from discontinued
operations*
|
|
–
|
–
|
(1,098)
|
2,808
|
–
|
1,710
|
–
|
1,710
|
|
Total comprehensive income for the year
|
|
–
|
–
|
757
|
2,943
|
2,679
|
6,379
|
11
|
6,390
|
|
Demerger dividend in specie of M&G plc
|
B5
|
–
|
–
|
(7,379)
|
–
|
–
|
(7,379)
|
–
|
(7,379)
|
|
Other dividends
|
B5
|
–
|
–
|
(1,634)
|
–
|
–
|
(1,634)
|
–
|
(1,634)
|
|
Reserve movements in respect of share-based payments
|
|
–
|
–
|
64
|
–
|
–
|
64
|
–
|
64
|
|
Effect of transactions relating to non-controlling
interests
|
|
–
|
–
|
(143)
|
–
|
–
|
(143)
|
158
|
15
|
|
Share capital and share premium
|
|
|
|
|
|
|
|
|
|
|
New share capital subscribed
|
C8
|
–
|
22
|
–
|
–
|
–
|
22
|
–
|
22
|
|
Impact of change in presentation currency in relation to share
capital and share premium
|
C8
|
6
|
101
|
–
|
–
|
–
|
107
|
–
|
107
|
|
Treasury shares
|
|
|
|
|
|
|
|
|
|
|
Movement in own shares in respect of share-based payment
plans
|
|
–
|
–
|
38
|
–
|
–
|
38
|
–
|
38
|
|
Movement in Prudential plc shares purchased by unit trusts
consolidated under IFRS
|
|
–
|
–
|
55
|
–
|
–
|
55
|
–
|
55
|
|
Net increase (decrease) in equity
|
|
6
|
123
|
(8,242)
|
2,943
|
2,679
|
(2,491)
|
169
|
(2,322)
|
|
Balance at 1 Jan
|
|
166
|
2,502
|
21,817
|
(2,050)
|
(467)
|
21,968
|
23
|
21,991
|
|
Balance at 31 Dec
|
|
172
|
2,625
|
13,575
|
893
|
2,212
|
19,477
|
192
|
19,669
|
|
|
|
|
Note
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
Assets
|
|
|
|
|||
Goodwill
|
C4.1
|
961
|
969
|
|||
Deferred acquisition costs and other intangible assets
|
C4.2
|
20,345
|
17,476
|
|||
Property, plant and equipment
|
|
893
|
1,065
|
|||
Reinsurers' share of insurance contract
liabilitiesnote
(i)
|
|
46,595
|
13,856
|
|||
Deferred tax assets
|
C7.2
|
4,858
|
4,075
|
|||
Current tax recoverable
|
C7.1
|
444
|
492
|
|||
Accrued investment income
|
|
1,427
|
1,641
|
|||
Other debtors
|
|
3,171
|
2,054
|
|||
Investment properties
|
|
23
|
25
|
|||
Investments in joint ventures and associates accounted for using
the equity method
|
|
1,962
|
1,500
|
|||
Loans
|
|
14,588
|
16,583
|
|||
Equity securities and holdings in collective investment
schemesnote
(ii)
|
|
278,635
|
247,281
|
|||
Debt securitiesnote
(ii)
|
|
125,829
|
134,570
|
|||
Derivative assets
|
|
2,599
|
1,745
|
|||
Other investmentsnote
(ii)
|
|
1,867
|
1,302
|
|||
Deposits
|
|
3,882
|
2,615
|
|||
Cash and cash equivalents
|
|
8,018
|
6,965
|
|||
Total assets
|
C1
|
516,097
|
454,214
|
|||
|
|
|
|
|||
Equity
|
|
|
|
|||
Shareholders' equity
|
|
20,878
|
19,477
|
|||
Non-controlling interests
|
D1.2
|
1,241
|
192
|
|||
Total equity
|
C1
|
22,119
|
19,669
|
|||
|
|
|
|
|||
Liabilities
|
|
|
|
|||
Insurance contract liabilities
|
C3.1
|
436,787
|
380,143
|
|||
Investment contract liabilities with discretionary participation
features
|
C3.1
|
479
|
633
|
|||
Investment contract liabilities without discretionary participation
features
|
C3.1
|
3,980
|
4,902
|
|||
Unallocated surplus of with-profits funds
|
C3.1
|
5,217
|
4,750
|
|||
Core structural borrowings of shareholder-financed
businesses
|
C5.1
|
6,633
|
5,594
|
|||
Operational borrowings
|
C5.2
|
2,444
|
2,645
|
|||
Obligations under funding, securities lending and sale and
repurchase agreements
|
|
9,768
|
8,901
|
|||
Net asset value attributable to unit holders of consolidated
investment funds
|
|
5,975
|
5,998
|
|||
Deferred tax liabilities
|
C7.2
|
6,075
|
5,237
|
|||
Current tax liabilities
|
C7.1
|
280
|
396
|
|||
Accruals, deferred income and other creditors
|
|
15,508
|
14,488
|
|||
Provisions
|
|
350
|
466
|
|||
Derivative liabilities
|
|
482
|
392
|
|||
Total liabilities
|
C1
|
493,978
|
434,545
|
|||
Total equity and liabilities
|
C1
|
516,097
|
454,214
|
|
|
|
Note
|
2020 $m
|
2019 $m
|
Continuing operations:
|
|
|
|
||
Cash flows from operating activities
|
|
|
|
||
Profit before tax (being tax attributable to
shareholders' and policyholders' returns)
|
|
2,419
|
2,287
|
||
Adjustments to profit before tax for non-cash movements in
operating assets and liabilities:
|
|
|
|
||
|
Investments
|
|
(19,875)
|
(60,812)
|
|
|
Other non-investment and non-cash assets
|
|
(35,633)
|
(2,487)
|
|
|
Policyholder liabilities (including unallocated surplus of
with-profits funds)
|
|
53,593
|
56,067
|
|
|
Other liabilities (including operational borrowings)
|
|
1,372
|
5,234
|
|
Investment income and interest payments included in profit before
tax
|
|
(5,059)
|
(4,803)
|
||
Operating cash items:
|
|
|
|
||
|
Interest receipts and payments
|
|
4,191
|
4,277
|
|
|
Dividend receipts
|
|
1,297
|
978
|
|
|
Tax paid
|
|
(555)
|
(717)
|
|
Other non-cash items
|
|
216
|
(96)
|
||
Net cash flows from operating activitiesnote
(i)
|
|
1,966
|
(72)
|
||
Cash flows from investing activities
|
|
|
|
||
Purchases of property, plant and equipment
|
|
(59)
|
(64)
|
||
Proceeds from disposal of property, plant and
equipment
|
|
6
|
–
|
||
Acquisition of business and intangiblesnote
(ii)
|
|
(1,142)
|
(635)
|
||
Disposal of businesses
|
|
–
|
375
|
||
Net cash flows from investing activities
|
|
(1,195)
|
(324)
|
||
Cash flows from financing activities
|
|
|
|
||
Structural borrowings of shareholder-financed
operations:note
(iii)
|
C5.1
|
|
|
||
|
Issuance of debt, net of costs
|
|
983
|
367
|
|
|
Redemption of subordinated debt
|
|
–
|
(504)
|
|
|
Fees paid to modify terms and conditions of debt issued by the
Group
|
|
–
|
(182)
|
|
|
Interest paid
|
|
(314)
|
(526)
|
|
Payment of principal portion of lease liabilities
|
|
(138)
|
(137)
|
||
Equity capital:
|
|
|
|
||
|
Issues of ordinary share capital
|
|
13
|
22
|
|
Non-controlling equity investment by Athene into the US
business
|
D1.2
|
500
|
–
|
||
External dividends:
|
|
|
|
||
|
Dividends paid to the Company's shareholders
|
B5
|
(814)
|
(1,634)
|
|
|
Dividends paid to non-controlling interests
|
|
(18)
|
–
|
|
Net cash flows from financing activities
|
|
212
|
(2,594)
|
||
Net increase (decrease) in cash and cash equivalents from
continuing operations
|
|
983
|
(2,990)
|
||
Net cash flows from discontinued operations
|
|
–
|
(5,690)
|
||
Cash and cash equivalents at 1 Jan
|
|
6,965
|
15,442
|
||
Effect of exchange rate changes on cash and cash
equivalents
|
|
70
|
203
|
||
Cash and cash equivalents at 31 Dec
|
|
8,018
|
6,965
|
|
|
Cash movements $m
|
|
Non-cash movements $m
|
|||||
|
|
Balance at
1 Jan
|
Issue
of debt
|
Redemption
of debt
|
|
Foreign
exchange
movement
|
Demerger of
UK and Europe
operations
|
Other
movements
|
Balance at
31 Dec
|
|
2020
|
5,594
|
983
|
–
|
|
42
|
–
|
14
|
6,633
|
|
2019
|
9,761
|
367
|
(504)
|
|
116
|
(4,161)
|
15
|
5,594
|
|
Closing rate at year end
|
|
Average rate for the year to date
|
||
USD : local currency
|
31 Dec 2020
|
31 Dec 2019
|
|
31 Dec 2020
|
31 Dec 2019
|
Chinese yuan (CNY)
|
6.54
|
6.97
|
|
6.90
|
6.91
|
Hong Kong dollar (HKD)
|
7.75
|
7.79
|
|
7.76
|
7.84
|
Indian rupee (INR)
|
73.07
|
71.38
|
|
74.12
|
70.43
|
Indonesian rupiah (IDR)
|
14,050.00
|
13,882.50
|
|
14,541.70
|
14,140.84
|
Malaysian ringgit (MYR)
|
4.02
|
4.09
|
|
4.20
|
4.14
|
Singapore dollar (SGD)
|
1.32
|
1.34
|
|
1.38
|
1.36
|
Taiwan dollar (TWD)
|
28.10
|
29.98
|
|
29.44
|
30.91
|
Thai baht (THB)
|
30.02
|
29.75
|
|
31.29
|
31.05
|
UK pound sterling (GBP)
|
0.73
|
0.75
|
|
0.78
|
0.78
|
Vietnamese dong (VND)
|
23,082.50
|
23,172.50
|
|
23,235.84
|
23,227.64
|
|
|
|
|
2020 $m
|
|
2019 $m
|
|
2020 vs 2019 %
|
|
||
|
|
|
|
|
|
AER
|
CER
|
|
AER
|
CER
|
|
|
|
|
Note
|
note (i)
|
|
note (i)
|
note (i)
|
|
note (i)
|
note (i)
|
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
||
Asia
|
|
|
|
|
|
|
|
|
|
||
Insurance operations
|
|
3,384
|
|
2,993
|
2,978
|
|
13%
|
14%
|
|
||
Asset management
|
|
283
|
|
283
|
278
|
|
–
|
2%
|
|
||
Total Asia
|
|
3,667
|
|
3,276
|
3,256
|
|
12%
|
13%
|
|
||
US
|
|
|
|
|
|
|
|
|
|
||
Insurance operations
|
|
2,787
|
|
3,038
|
3,038
|
|
(8)%
|
(8)%
|
|
||
Asset management
|
|
9
|
|
32
|
32
|
|
(72)%
|
(72)%
|
|
||
Total US
|
|
2,796
|
|
3,070
|
3,070
|
|
(9)%
|
(9)%
|
|
||
Total segment profit
|
|
6,463
|
|
6,346
|
6,326
|
|
2%
|
2%
|
|
||
Other income and expenditure:
|
|
|
|
|
|
|
|
|
|
||
|
Investment return and other income
|
|
6
|
|
50
|
50
|
|
(88)%
|
(88)%
|
|
|
|
Interest payable on core structural borrowings
|
|
(337)
|
|
(516)
|
(518)
|
|
35%
|
35%
|
|
|
|
Corporate expenditurenote
(ii)
|
|
(417)
|
|
(460)
|
(463)
|
|
9%
|
10%
|
|
|
Total other income and expenditure
|
|
(748)
|
|
(926)
|
(931)
|
|
19%
|
20%
|
|
||
Restructuring and IFRS 17 implementation costsnote
(iii)
|
|
(208)
|
|
(110)
|
(110)
|
|
(89)%
|
(89)%
|
|
||
Adjusted operating profit
|
B1.3
|
5,507
|
|
5,310
|
5,285
|
|
4%
|
4%
|
|
||
Short-term fluctuations in investment returns on
shareholder-backed business
|
B1.2
|
(4,841)
|
|
(3,203)
|
(3,191)
|
|
(51)%
|
(52)%
|
|
||
Amortisation of acquisition accounting
adjustmentsnote
(iv)
|
|
(39)
|
|
(43)
|
(43)
|
|
9%
|
9%
|
|
||
Gain (loss) attaching to corporate transactions
|
D1.1
|
1,521
|
|
(142)
|
(143)
|
|
n/a
|
n/a
|
|
||
Profit before tax attributable to shareholders
|
|
2,148
|
|
1,922
|
1,908
|
|
12%
|
13%
|
|
||
Tax credit attributable to shareholders' returns
|
B3
|
37
|
|
31
|
36
|
|
19%
|
3%
|
|
||
Profit for the year from continuing operations
|
|
2,185
|
|
1,953
|
1,944
|
|
12%
|
12%
|
|
||
Loss for the year from discontinued operations
|
|
–
|
|
(1,161)
|
(1,165)
|
|
n/a
|
n/a
|
|
||
Profit for the year
|
|
2,185
|
|
792
|
779
|
|
176%
|
180%
|
|
||
Attributable to:
|
|
|
|
|
|
|
|
|
|
||
Equity holders of the Company
|
|
|
|
|
|
|
|
|
|
||
|
From continuing operations
|
|
2,118
|
|
1,944
|
1,935
|
|
9%
|
9%
|
|
|
|
From discontinued operations
|
|
–
|
|
(1,161)
|
(1,165)
|
|
n/a
|
n/a
|
|
|
Non-controlling interests from continuing operations
|
|
67
|
|
9
|
9
|
|
n/a
|
n/a
|
|
||
|
|
|
|
2,185
|
|
792
|
779
|
|
176%
|
180%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (in cents)
|
|
2020
|
|
2019
|
|
2020 vs 2019 %
|
|
||||
|
|
|
|
|
|
AER
|
CER
|
|
AER
|
CER
|
|
|
|
|
Note
|
note (i)
|
|
note (i)
|
note (i)
|
|
note (i)
|
note (i)
|
|
Based on adjusted operating profit, net of tax, from continuing
operations
|
B4
|
175.5¢
|
|
175.0¢
|
174.6¢
|
|
0%
|
1%
|
|
||
Based on profit for the year from continuing
operations
|
B4
|
81.6¢
|
|
75.1¢
|
75.1¢
|
|
9%
|
9%
|
|
||
Based on profit (loss) for the year from discontinued
operations
|
B4
|
–
|
|
(44.8)¢
|
(45.1)¢
|
|
n/a
|
n/a
|
|
|
|
2020 $m
|
2019 $m
|
Asia operationsnote
(i)
|
(607)
|
657
|
|
US operationsnote
(ii)
|
(4,262)
|
(3,757)
|
|
Other operations
|
28
|
(103)
|
|
Total
|
(4,841)
|
(3,203)
|
|
|
2020 $m
|
2019 $m
|
Net equity hedge resultnote
(a)
|
(6,334)
|
(4,582)
|
|
Other than equity-related derivativesnote
(b)
|
1,682
|
678
|
|
Debt securitiesnote
(c)
|
474
|
156
|
|
Equity-type investments: actual less longer-term
return
|
(40)
|
18
|
|
Other items
|
(44)
|
(27)
|
|
Total net of related DAC amortisation
|
(4,262)
|
(3,757)
|
|
|
2020 $m
|
2019 $m
|
|
Fair value movements on equity hedge instruments*
|
(5,219)
|
(5,314)
|
|
Accounting value movements on the variable and fixed index annuity
guarantee liabilities*
|
(2,030)
|
(22)
|
|
Fee assessments net of claim payments
|
915
|
754
|
|
Total net of related DAC amortisation
|
(6,334)
|
(4,582)
|
|
|
|
2020 $m
|
2019 $m
|
|
Credits (charges) in the year:
|
|
|
|
|
|
Losses on sales of impaired and deteriorating bonds
|
(148)
|
(28)
|
|
|
Bond write-downs
|
(32)
|
(15)
|
|
|
Recoveries/reversals
|
1
|
1
|
|
|
Total credits (charges) in the year
|
(179)
|
(42)
|
|
Risk margin allowance deducted from adjusted operating
profit*
|
92
|
109
|
|
|
|
|
(87)
|
67
|
|
Interest-related realised gains (losses):
|
|
|
|
|
|
Gains (losses) arising in the year†
|
724
|
220
|
|
|
Amortisation of gains and losses arising in current and prior years
to adjusted operating profit
|
(168)
|
(129)
|
|
|
|
556
|
91
|
|
Related amortisation of DAC
|
5
|
(2)
|
|
|
Total short-term fluctuations related to debt securities net of
related DAC amortisation
|
474
|
156
|
|
Moody’s rating category (or equivalent under NAIC ratings of
mortgage-backed securities)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
||||
|
|
Average
book value
|
RMR
|
Annual
expected loss
|
|
Average
book value
|
RMR
|
Annual
expected loss
|
|
|
$m
|
%
|
$m
|
|
$m
|
%
|
$m
|
|
|
|
|
|
|
|
|
|
|
A3 or higher
|
32,541
|
0.10
|
(31)
|
|
38,811
|
0.10
|
(38)
|
|
Baa1, 2 or 3
|
17,513
|
0.24
|
(42)
|
|
22,365
|
0.24
|
(53)
|
|
Ba1, 2 or 3
|
1,314
|
0.75
|
(10)
|
|
1,094
|
0.85
|
(9)
|
|
B1, 2 or 3
|
206
|
2.36
|
(5)
|
|
223
|
2.56
|
(6)
|
|
Below B3
|
108
|
3.36
|
(4)
|
|
75
|
3.39
|
(3)
|
|
Total
|
51,682
|
0.18
|
(92)
|
|
62,568
|
0.17
|
(109)
|
|
|
|
|
|
|
|
|
|
|
Related amortisation of DAC
|
12
|
|
|
|
19
|
||
|
Risk margin reserve charge to adjusted operating profit for
longer-term credit-related losses†
|
(80)
|
|
|
|
(90)
|
|
2020
|
2019
|
Equity-type securities such as common and preferred stock and
portfolio holdings in mutual funds
|
4.8% to 5.8%
|
5.5% to 6.7%
|
Other equity-type securities such as investments in limited
partnerships and private equity funds
|
6.8% to 7.8%
|
7.5% to 8.7%
|
|
2020 $m
|
2019 $m
|
Acquisition costs incurred for insurance policies
|
(3,070)
|
(4,177)
|
Acquisition costs deferrednote
C4.2
|
1,357
|
1,422
|
Amortisation of acquisition costsnote
(i)
|
81
|
694
|
Recoveries for expenses associated with Jackson’s business
ceded to Athenenote
(ii)
|
1,203
|
–
|
Administration costs and other expenditure (net of other
reinsurance commission)note
(iii)
|
(4,609)
|
(5,019)
|
Movements in amounts attributable to external unit holders of
consolidated investment funds
|
(443)
|
(203)
|
Total acquisition costs and other expenditure
|
(5,481)
|
(7,283)
|
|
|
2020 $m
|
|
2019 $m
|
||
|
Current tax
|
Deferred tax
|
Total
|
|
Total
|
|
Attributable to shareholders:
|
|
|
|
|
|
|
|
Asia operations
|
(229)
|
(209)
|
(438)
|
|
(468)
|
|
US operations
|
59
|
408
|
467
|
|
345
|
|
Other operations
|
8
|
-
|
8
|
|
154
|
Tax (charge) credit attributable to shareholders'
returns
|
(162)
|
199
|
37
|
|
31
|
|
Attributable to policyholders:
|
|
|
|
|
|
|
|
Asia operations
|
(152)
|
(119)
|
(271)
|
|
(365)
|
Total tax (charge) credit
|
(314)
|
80
|
(234)
|
|
(334)
|
|
|
|
2020
|
|
2019
|
|||||
|
|
|
Asia
operations
|
US
operations
|
Other
operations
|
Total
attributable to
shareholders
|
Percentage
impact
on ETR
|
|
Total
attributable to
shareholders
|
Percentage
impact
on ETR
|
|
|
|
$m
|
$m
|
$m
|
$m
|
%
|
|
$m
|
%
|
|
|
|
|
|
|
|
|
|
note (vii)
|
|
Adjusted operating profit (loss)
|
3,667
|
2,796
|
(956)
|
5,507
|
|
|
5,310
|
|
||
Non-operating profit (loss)*
|
153
|
(3,510)
|
(2)
|
(3,359)
|
|
|
(3,388)
|
|
||
Profit (loss) before tax
|
3,820
|
(714)
|
(958)
|
2,148
|
|
|
1,922
|
|
||
Expected tax rate:
|
20%
|
21%
|
18%
|
21%
|
|
|
|
|
||
|
Tax at the expected rate
|
764
|
(150)
|
(172)
|
442
|
20.6%
|
|
393
|
20.4%
|
|
|
Effects of recurring tax reconciliation items:
|
|
|
|
|
|
|
|
|
|
|
|
Income not taxable or taxable at concessionary
ratesnote
(i)
|
(102)
|
(45)
|
–
|
(147)
|
(6.8)%
|
|
(126)
|
(6.6)%
|
|
|
Deductions not allowable for tax purposes
|
32
|
11
|
–
|
43
|
2.0%
|
|
55
|
2.9%
|
|
|
Items related to taxation of life insurance
businessesnote
(ii)
|
(152)
|
(106)
|
–
|
(258)
|
(12.0)%
|
|
(317)
|
(16.5)%
|
|
|
Deferred tax adjustments
|
26
|
–
|
–
|
26
|
1.2%
|
|
(33)
|
(1.7)%
|
|
|
Unrecognised tax lossesnote
(iii)
|
–
|
–
|
146
|
146
|
6.8%
|
|
46
|
2.4%
|
|
|
Effect of results of joint ventures and
associatesnote
(iv)
|
(123)
|
–
|
(6)
|
(129)
|
(6.0)%
|
|
(100)
|
(5.2)%
|
|
|
Irrecoverable withholding taxes
|
1
|
–
|
34
|
35
|
1.6%
|
|
59
|
3.1%
|
|
|
Other
|
(10)
|
(3)
|
(7)
|
(20)
|
(1.0)%
|
|
13
|
0.7%
|
|
|
Total
|
(328)
|
(143)
|
167
|
(304)
|
(14.2)%
|
|
(403)
|
(20.9)%
|
|
Effects of non-recurring tax reconciliation items:
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to tax charge in relation to prior
yearsnote
(v)
|
21
|
(158)
|
4
|
(133)
|
(6.2)%
|
|
(67)
|
(3.5)%
|
|
|
Movements in provisions for open tax mattersnote
(vi)
|
(20)
|
–
|
(13)
|
(33)
|
(1.5)%
|
|
(1)
|
(0.1)%
|
|
|
M&G demerger related activities
|
–
|
–
|
–
|
–
|
0.0%
|
|
76
|
4.0%
|
|
|
Impact of carry back of US losses under the CARES Act
|
–
|
(16)
|
–
|
(16)
|
(0.7)%
|
|
–
|
–
|
|
|
Impact of changes in local statutory tax rates
|
1
|
–
|
–
|
1
|
0.0%
|
|
–
|
–
|
|
|
Adjustments in relation to business disposals and corporate
transactions
|
–
|
–
|
6
|
6
|
0.3%
|
|
(29)
|
(1.5)%
|
|
|
Total
|
2
|
(174)
|
(3)
|
(175)
|
(8.1)%
|
|
(21)
|
(1.1)%
|
Total actual tax charge (credit)
|
438
|
(467)
|
(8)
|
(37)
|
(1.7)%
|
|
(31)
|
(1.6)%
|
||
Analysed into:
|
|
|
|
|
|
|
|
|
||
|
Tax charge (credit) on adjusted operating profit
(loss)
|
495
|
313
|
(8)
|
800
|
|
|
773
|
|
|
|
Tax credit on non-operating profit (loss)*
|
(57)
|
(780)
|
–
|
(837)
|
|
|
(804)
|
|
|
Actual tax rate on:
|
|
|
|
|
|
|
|
|
||
|
Adjusted operating profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
Including non-recurring tax reconciling items
|
13%
|
11%
|
1%
|
15%
|
|
|
15% note
(vii)
|
|
|
|
Excluding non-recurring tax reconciling items
|
13%
|
16%
|
0%
|
17%
|
|
|
15%
|
|
|
Total profit (loss)
|
11%
|
65%
|
1%
|
(2)%
|
|
|
(2)%note
(vii)
|
|
|
|
|
2020 $m
|
|
Balance at 1 Jan
|
198
|
|
|
|
Movements in the current year included in tax charge attributable
to shareholders
|
(33)
|
|
|
Provisions utilised in the year
|
(34)
|
|
|
Other movements*
|
(18)
|
|
Balance at 31 Dec
|
113
|
|
|
2019
|
|||
|
|
Asia
operations
|
US
operations
|
Other
operations
|
Total
attributable to
shareholders
|
|
Tax rate on adjusted operating profit (loss)
|
13%
|
14%
|
10%
|
15%
|
|
Tax rate on profit (loss) before tax
|
11%
|
48%
|
10%
|
(2)%
|
|
|
|
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
|
|
|
Note
|
B1.1
|
B3
|
|
|
|
|
Based on adjusted operating profit
|
|
5,507
|
(800)
|
(148)
|
4,559
|
175.5¢
|
175.5¢
|
|
Short-term fluctuations in investment returns on shareholder-backed
business
|
|
(4,841)
|
987
|
75
|
(3,779)
|
(145.5)¢
|
(145.5)¢
|
|
Amortisation of acquisition accounting adjustments
|
|
(39)
|
7
|
2
|
(30)
|
(1.1)¢
|
(1.1)¢
|
|
Gain (loss) attaching to corporate transactions
|
|
1,521
|
(157)
|
4
|
1,368
|
52.7¢
|
52.7¢
|
|
Based on profit for the year
|
|
2,148
|
37
|
(67)
|
2,118
|
81.6¢
|
81.6¢
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|||||
|
|
|
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
|
|
|
Note
|
B1.1
|
B3
|
|
|
|
|
Based on adjusted operating profit
|
|
5,310
|
(773)
|
(9)
|
4,528
|
175.0¢
|
175.0¢
|
|
Short-term fluctuations in investment returns on shareholder-backed
business
|
|
(3,203)
|
772
|
–
|
(2,431)
|
(94.0)¢
|
(94.0)¢
|
|
Amortisation of acquisition accounting adjustments
|
|
(43)
|
8
|
–
|
(35)
|
(1.3)¢
|
(1.3)¢
|
|
Loss attaching to corporate transactions
|
|
(142)
|
24
|
–
|
(118)
|
(4.6)¢
|
(4.6)¢
|
|
Based on profit for the year from continuing
operations
|
|
1,922
|
31
|
(9)
|
1,944
|
75.1¢
|
75.1¢
|
|
Based on loss for the year from discontinued
operations
|
|
|
|
|
(1,161)
|
(44.8)¢
|
(44.8)¢
|
|
Based on profit for the year
|
|
|
|
|
783
|
30.3¢
|
30.3¢
|
Number of shares (in millions)
|
2020
|
2019
|
Weighted average number of shares for calculation of basic earnings
per share
|
2,597
|
2,587
|
Shares under option at end of year
|
2
|
4
|
Shares that would have been issued at fair value on assumed option
price at end of year
|
(2)
|
(4)
|
Weighted average number of shares for calculation of diluted
earnings per share
|
2,597
|
2,587
|
|
|
2020
|
|
2019
|
||
|
Cents per share
|
$m
|
|
Cents per share
|
$m
|
|
Dividends relating to reporting year:
|
|
|
|
|
|
|
|
First interim ordinary dividend
|
5.37¢
|
140
|
|
20.29¢
|
528
|
|
Second interim ordinary dividend
|
10.73¢
|
280
|
|
25.97¢
|
675
|
Total
|
16.10¢
|
420
|
|
46.26¢
|
1,203
|
|
Dividends paid in reporting year:
|
|
|
|
|
|
|
|
Current year first interim ordinary dividend
|
5.37¢
|
140
|
|
20.29¢
|
526
|
|
Second interim ordinary dividend for prior year
|
25.97¢
|
674
|
|
42.89¢
|
1,108
|
Total
|
31.34¢
|
814
|
|
63.18¢
|
1,634
|
|
|
|
31 Dec 2020 $m
|
|||||||||
|
|
|
Asia insurance
|
|
|
|
|
|
|
|
||
|
|
|
With
-profits
business
|
Unit-linked
assets and
liabilities
|
Other
business
|
Asia
Asset
manage-
ment
|
Elimina-
tions
|
Total
Asia
|
US
|
Unallocated
to a segment
|
Elimination
of intra-group
debtors
and
creditors
|
Group
total
|
|
|
|
note (i)
|
|
|
|
|
|
note (ii)
|
|
|
|
Debt securitiesnote (iii),
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
|
3,508
|
19
|
–
|
5,549
|
30
|
173
|
–
|
5,752
|
|
Subtotal
|
30,042
|
1,948
|
12,482
|
159
|
–
|
44,631
|
5,156
|
173
|
–
|
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
|
450
|
–
|
–
|
1,090
|
–
|
1
|
–
|
1,091
|
|
Subtotal
|
3,443
|
254
|
1,418
|
–
|
–
|
5,115
|
1,090
|
1
|
–
|
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
|
1,477
|
2
|
–
|
5,142
|
1,975
|
6
|
–
|
7,123
|
|
Subtotal
|
22,279
|
3,540
|
13,867
|
3
|
–
|
39,689
|
26,554
|
6
|
–
|
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
|
27,824
|
162
|
–
|
89,616
|
36,033
|
180
|
–
|
125,829
|
||
Loans
|
|
|
|
|
|
|
|
|
|
|
||
|
Mortgage loansnote
C1.2
|
–
|
–
|
158
|
–
|
–
|
158
|
7,833
|
–
|
–
|
7,991
|
|
|
Policy loans
|
1,231
|
–
|
341
|
–
|
–
|
1,572
|
4,507
|
10
|
–
|
6,089
|
|
|
Other loans
|
492
|
–
|
16
|
–
|
–
|
508
|
–
|
–
|
–
|
508
|
|
Total loans
|
1,723
|
–
|
515
|
–
|
–
|
2,238
|
12,340
|
10
|
–
|
14,588
|
||
Equity securities and holdings in collective investment
schemes
|
|
|
|
|
|
|
|
|
|
|
||
|
Direct equities
|
15,668
|
13,064
|
3,321
|
71
|
–
|
32,124
|
253
|
4
|
–
|
32,381
|
|
|
Collective investment schemes
|
18,125
|
7,392
|
1,633
|
10
|
–
|
27,160
|
25
|
7
|
–
|
27,192
|
|
|
US separate account assetsnote
(ii)
|
–
|
–
|
–
|
–
|
–
|
–
|
219,062
|
–
|
–
|
219,062
|
|
Total equity securities and holdings in collective investment
schemes
|
33,793
|
20,456
|
4,954
|
81
|
–
|
59,284
|
219,340
|
11
|
–
|
278,635
|
||
Other financial investmentsnote
(iv)
|
1,566
|
405
|
2,139
|
97
|
–
|
4,207
|
4,094
|
47
|
–
|
8,348
|
||
Total financial investments
|
92,958
|
26,615
|
35,432
|
340
|
–
|
155,345
|
271,807
|
248
|
–
|
427,400
|
||
Investment properties
|
–
|
–
|
6
|
–
|
–
|
6
|
7
|
10
|
–
|
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
|
1,317
|
156
|
–
|
3,109
|
1,621
|
3,288
|
–
|
8,018
|
||
Reinsurers' share of insurance contract
liabilitiesnote
(v)
|
257
|
–
|
11,102
|
–
|
–
|
11,359
|
35,232
|
4
|
–
|
46,595
|
||
Other assets
|
1,538
|
252
|
9,254
|
839
|
(62)
|
11,821
|
19,813
|
3,788
|
(3,323)
|
32,099
|
||
Total assets
|
95,802
|
27,454
|
58,800
|
1,608
|
(62)
|
183,602
|
328,480
|
7,338
|
(3,323)
|
516,097
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
–
|
–
|
12,785
|
1,102
|
–
|
13,887
|
8,511
|
(1,520)
|
–
|
20,878
|
||
Non-controlling interests
|
–
|
–
|
2
|
144
|
–
|
146
|
1,063
|
32
|
–
|
1,241
|
||
Total equity
|
–
|
–
|
12,787
|
1,246
|
–
|
14,033
|
9,574
|
(1,488)
|
–
|
22,119
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract liabilities and unallocated surplus of with-profits
fundsnote
(ii)
|
86,410
|
25,433
|
37,845
|
–
|
–
|
149,688
|
296,513
|
262
|
–
|
446,463
|
||
Core structural borrowings
|
–
|
–
|
–
|
–
|
–
|
–
|
250
|
6,383
|
–
|
6,633
|
||
Operational borrowings
|
194
|
–
|
99
|
23
|
–
|
316
|
1,498
|
630
|
–
|
2,444
|
||
Other liabilities
|
9,198
|
2,021
|
8,069
|
339
|
(62)
|
19,565
|
20,645
|
1,551
|
(3,323)
|
38,438
|
||
Total liabilities
|
95,802
|
27,454
|
46,013
|
362
|
(62)
|
169,569
|
318,906
|
8,826
|
(3,323)
|
493,978
|
||
Total equity and liabilities
|
95,802
|
27,454
|
58,800
|
1,608
|
(62)
|
183,602
|
328,480
|
7,338
|
(3,323)
|
516,097
|
|
|
|
31 Dec 2019 $m
|
|||||||||
|
|
|
Asia insurance
|
|
|
|
|
|
|
|
||
|
|
|
With
-profits
business
|
Unit-linked
assets and
liabilities
|
Other
business
|
Asia
Asset
manage-
ment
|
Elimina-
tions
|
Total
Asia
|
US
|
Unallocated
to a segment
|
Elimination
of intra-group
debtors
and
creditors
|
Group
total
|
|
|
|
note (i)
|
|
|
|
|
|
note (ii)
|
|
|
|
Debt securitiesnote (iii),
note C1.1
|
|
|
|
|
|
|
|
|
|
|
||
Sovereign debt
|
|
|
|
|
|
|
|
|
|
|
||
|
Indonesia
|
222
|
610
|
488
|
–
|
–
|
1,320
|
–
|
–
|
–
|
1,320
|
|
|
Singapore
|
3,514
|
554
|
708
|
94
|
–
|
4,870
|
–
|
–
|
–
|
4,870
|
|
|
Thailand
|
–
|
–
|
1,398
|
19
|
–
|
1,417
|
–
|
–
|
–
|
1,417
|
|
|
United Kingdom
|
–
|
7
|
–
|
–
|
–
|
7
|
–
|
615
|
–
|
622
|
|
|
United States
|
20,479
|
113
|
2,827
|
–
|
–
|
23,419
|
6,160
|
597
|
–
|
30,176
|
|
|
Vietnam
|
1
|
15
|
2,900
|
–
|
–
|
2,916
|
–
|
–
|
–
|
2,916
|
|
|
Other (predominantly Asia)
|
1,745
|
665
|
2,809
|
13
|
–
|
5,232
|
9
|
116
|
–
|
5,357
|
|
Subtotal
|
25,961
|
1,964
|
11,130
|
126
|
–
|
39,181
|
6,169
|
1,328
|
–
|
46,678
|
||
Other government bonds
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,752
|
81
|
538
|
–
|
–
|
2,371
|
977
|
–
|
–
|
3,348
|
|
|
AA+ to AA-
|
135
|
8
|
78
|
–
|
–
|
221
|
495
|
–
|
–
|
716
|
|
|
A+ to A-
|
890
|
159
|
389
|
–
|
–
|
1,438
|
245
|
–
|
–
|
1,683
|
|
|
BBB+ to BBB-
|
356
|
88
|
201
|
–
|
–
|
645
|
4
|
–
|
–
|
649
|
|
|
Below BBB- and unrated
|
31
|
9
|
381
|
–
|
–
|
421
|
–
|
2
|
–
|
423
|
|
Subtotal
|
3,164
|
345
|
1,587
|
–
|
–
|
5,096
|
1,721
|
2
|
–
|
6,819
|
||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
732
|
384
|
516
|
–
|
–
|
1,632
|
341
|
–
|
–
|
1,973
|
|
|
AA+ to AA-
|
1,574
|
441
|
1,908
|
–
|
–
|
3,923
|
1,566
|
–
|
–
|
5,489
|
|
|
A+ to A-
|
5,428
|
542
|
5,063
|
–
|
–
|
11,033
|
17,784
|
–
|
–
|
28,817
|
|
|
BBB+ to BBB-
|
5,443
|
883
|
3,497
|
–
|
–
|
9,823
|
22,775
|
–
|
–
|
32,598
|
|
|
Below BBB- and unrated
|
2,111
|
569
|
781
|
3
|
–
|
3,464
|
2,157
|
2
|
–
|
5,623
|
|
Subtotal
|
15,288
|
2,819
|
11,765
|
3
|
–
|
29,875
|
44,623
|
2
|
–
|
74,500
|
||
Asset-backed securities
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
236
|
19
|
104
|
–
|
–
|
359
|
3,658
|
–
|
–
|
4,017
|
|
|
AA+ to AA-
|
132
|
6
|
46
|
–
|
–
|
184
|
780
|
–
|
–
|
964
|
|
|
A+ to A-
|
1
|
–
|
14
|
–
|
–
|
15
|
1,006
|
–
|
–
|
1,021
|
|
|
BBB+ to BBB-
|
–
|
–
|
–
|
–
|
–
|
–
|
359
|
–
|
–
|
359
|
|
|
Below BBB- and unrated
|
–
|
–
|
–
|
–
|
–
|
–
|
212
|
–
|
–
|
212
|
|
Subtotal
|
369
|
25
|
164
|
–
|
–
|
558
|
6,015
|
–
|
–
|
6,573
|
||
Total debt securities
|
44,782
|
5,153
|
24,646
|
129
|
–
|
74,710
|
58,528
|
1,332
|
–
|
134,570
|
||
Loans
|
|
|
|
|
|
|
|
|
|
|
||
|
Mortgage loansnote
C1.2
|
–
|
–
|
165
|
–
|
–
|
165
|
9,904
|
–
|
–
|
10,069
|
|
|
Policy loans
|
1,089
|
–
|
316
|
–
|
–
|
1,405
|
4,707
|
9
|
–
|
6,121
|
|
|
Other loans
|
374
|
–
|
19
|
–
|
–
|
393
|
–
|
–
|
–
|
393
|
|
Total loans
|
1,463
|
–
|
500
|
–
|
–
|
1,963
|
14,611
|
9
|
–
|
16,583
|
||
Equity securities and holdings in collective investment
schemes
|
|
|
|
|
|
|
|
|
|
|
||
|
Direct equities
|
14,143
|
12,440
|
1,793
|
59
|
–
|
28,435
|
150
|
4
|
–
|
28,589
|
|
|
Collective investment schemes
|
15,230
|
6,652
|
1,680
|
14
|
–
|
23,576
|
40
|
6
|
–
|
23,622
|
|
|
US separate account assetsnote
(ii)
|
–
|
–
|
–
|
–
|
–
|
–
|
195,070
|
–
|
–
|
195,070
|
|
Total equity securities and holdings in collective investment
schemes
|
29,373
|
19,092
|
3,473
|
73
|
–
|
52,011
|
195,260
|
10
|
–
|
247,281
|
||
Other financial investmentsnote
(iv)
|
963
|
383
|
1,363
|
106
|
–
|
2,815
|
2,791
|
56
|
–
|
5,662
|
||
Total financial investments
|
76,581
|
24,628
|
29,982
|
308
|
–
|
131,499
|
271,190
|
1,407
|
–
|
404,096
|
||
Investment properties
|
–
|
–
|
7
|
–
|
–
|
7
|
7
|
11
|
–
|
25
|
||
Investments in joint ventures and associates accounted for using
the equity method
|
–
|
–
|
1,263
|
237
|
–
|
1,500
|
–
|
–
|
–
|
1,500
|
||
Cash and cash equivalents
|
963
|
356
|
1,015
|
156
|
–
|
2,490
|
1,960
|
2,515
|
–
|
6,965
|
||
Reinsurers' share of insurance contract
liabilitiesnote
(v)
|
152
|
–
|
5,306
|
–
|
–
|
5,458
|
8,394
|
4
|
–
|
13,856
|
||
Other assets
|
1,277
|
237
|
6,983
|
826
|
(35)
|
9,288
|
17,696
|
3,440
|
(2,652)
|
27,772
|
||
Total assets
|
78,973
|
25,221
|
44,556
|
1,527
|
(35)
|
150,242
|
299,247
|
7,377
|
(2,652)
|
454,214
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
–
|
–
|
9,801
|
1,065
|
–
|
10,866
|
8,929
|
(318)
|
–
|
19,477
|
||
Non-controlling interests
|
–
|
–
|
2
|
153
|
–
|
155
|
–
|
37
|
–
|
192
|
||
Total equity
|
–
|
–
|
9,803
|
1,218
|
–
|
11,021
|
8,929
|
(281)
|
–
|
19,669
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract liabilities and unallocated surplus of with-profits
fundsnote
(ii)
|
70,308
|
23,571
|
26,814
|
–
|
–
|
120,693
|
269,549
|
186
|
–
|
390,428
|
||
Core structural borrowings
|
–
|
–
|
–
|
–
|
–
|
–
|
250
|
5,344
|
–
|
5,594
|
||
Operational borrowings
|
303
|
21
|
122
|
27
|
–
|
473
|
1,501
|
671
|
–
|
2,645
|
||
Other liabilities
|
8,362
|
1,629
|
7,817
|
282
|
(35)
|
18,055
|
19,018
|
1,457
|
(2,652)
|
35,878
|
||
Total liabilities
|
78,973
|
25,221
|
34,753
|
309
|
(35)
|
139,221
|
290,318
|
7,658
|
(2,652)
|
434,545
|
||
Total equity and liabilities
|
78,973
|
25,221
|
44,556
|
1,527
|
(35)
|
150,242
|
299,247
|
7,377
|
(2,652)
|
454,214
|
|
|
31 Dec 2020 $m
|
|
31 Dec 2019 $m
|
||
|
|
Insurance
|
Asset
management
|
Total
|
|
Total
|
|
Shareholders' equity
|
8,506
|
5
|
8,511
|
|
8,929
|
|
|
31 Dec 2020 $m
|
|
31 Dec 2019 $m
|
||
|
Asia
|
US
|
Total
|
|
Total
|
|
Debt securities held by consolidated investment funds
|
15,928
|
1,145
|
17,073
|
|
22,113
|
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
Available-for-sale
|
34,650
|
57,091
|
|
Fair value through profit and loss
|
1,383
|
1,437
|
|
Total US debt securities
|
36,033
|
58,528
|
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
Publicly traded and SEC Rule 144A securities*
|
17,870
|
34,781
|
|
Non-SEC Rule 144A securities
|
8,684
|
9,842
|
|
Total US corporate bonds
|
26,554
|
44,623
|
|
|
|
Changes in unrealised appreciation (depreciation) reflected in
other comprehensive income
|
|
|
|
|
31 Dec 2020 $m
|
Gains recycled to income statement on transfer of debt securities
to Athene
|
Unrealised
gains (losses)
arising in
the year
|
31 Dec 2019 $m
|
|
|
|
note D1.1
|
|
|
Assets fair valued at below book value
|
|
|
|
|
|
|
Book value
|
5,111
|
|
|
3,121
|
|
Unrealised loss
|
(144)
|
|
(117)
|
(27)
|
|
Fair value (as included in statement of financial
position)
|
4,967
|
|
|
3,094
|
Assets fair valued at or above book value
|
|
|
|
|
|
|
Book value
|
26,143
|
|
|
50,474
|
|
Unrealised gain
|
3,540
|
(2,817)
|
2,834
|
3,523
|
|
Fair value (as included in statement of financial
position)
|
29,683
|
|
|
53,997
|
Total
|
|
|
|
|
|
|
Book value
|
31,254
|
|
|
53,595
|
|
Net unrealised gain (loss)
|
3,396
|
(2,817)
|
2,717
|
3,496
|
|
Fair value (as included in the statement of financial
position)
|
34,650
|
|
|
57,091
|
|
|
31 Dec 2020 $m
|
|
31 Dec 2019 $m
|
||
|
|
Fair
value
|
Unrealised
loss
|
|
Fair
value
|
Unrealised
loss
|
Between 90% and 100%
|
4,902
|
(128)
|
|
3,083
|
(25)
|
|
Between 80% and 90%
|
13
|
(2)
|
|
11
|
(2)
|
|
Below 80%
|
52
|
(14)
|
|
–
|
–
|
|
Total
|
4,967
|
(144)
|
|
3,094
|
(27)
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
1 year to 5 years
|
(12)
|
(1)
|
5 years to 10 years
|
(15)
|
(12)
|
More than 10 years
|
(115)
|
(7)
|
Mortgage-backed and other debt securities
|
(2)
|
(7)
|
Total
|
(144)
|
(27)
|
|
31 Dec 2020 $m
|
|
31 Dec 2019 $m
|
||||
Age analysis
|
Non-
investment
grade
|
Investment
grade*
|
Total
|
|
Non-
investment
grade
|
Investment
grade*
|
Total
|
Less than 6 months
|
(15)
|
(118)
|
(133)
|
|
(1)
|
(20)
|
(21)
|
6 months to 1 year
|
(4)
|
(7)
|
(11)
|
|
(1)
|
(1)
|
(2)
|
1 year to 2 years
|
–
|
–
|
–
|
|
–
|
(1)
|
(1)
|
2 years to 3 years
|
–
|
–
|
–
|
|
–
|
(1)
|
(1)
|
More than 3 years
|
–
|
–
|
–
|
|
–
|
(2)
|
(2)
|
Total
|
(19)
|
(125)
|
(144)
|
|
(2)
|
(25)
|
(27)
|
|
31 Dec 2020 $m
|
|
Age analysis
|
Fair value
|
Unrealised loss
|
Less than 3 months
|
–
|
–
|
3 months to 6 months
|
51
|
(14)
|
More than 6 months
|
1
|
–
|
Total below 80%
|
52
|
(14)
|
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
RMBS
|
|
|
|
|
Sub-prime (31 Dec 2020: 1% AAA)
|
29
|
93
|
|
Alt-A (31 Dec 2020: 30% AAA, 41% A)
|
12
|
116
|
|
Prime including agency (31 Dec 2020: 90% AAA, 1% AA, 5%
A)
|
224
|
862
|
CMBS (31 Dec 2020: 87% AAA, 5% AA, 4% A)
|
1,588
|
3,080
|
|
CDO funds (31 Dec 2020: 78% AAA, 8% AA, 14% A), $nil exposure to
sub-prime
|
524
|
696
|
|
Other ABS (31 Dec 2020: 14% AAA, 6% AA, 68% A), $27 million
exposure to sub-prime
|
856
|
1,168
|
|
Total US asset-backed securities
|
3,233
|
6,015
|
|
31 Dec 2020 $m
|
|
31 Dec 2019 $m
|
||||||
|
Senior debt
|
|
Subordinated debt
|
|
Group total
|
|
Group total
|
||
Shareholder-backed business
|
Total
|
|
Tier 1
|
Tier 2
|
Total
|
|
|
|
|
Asia
|
902
|
|
175
|
242
|
417
|
|
1,319
|
|
993
|
Eurozone
|
223
|
|
4
|
12
|
16
|
|
239
|
|
337
|
United Kingdom
|
360
|
|
6
|
79
|
85
|
|
445
|
|
723
|
United States
|
1,464
|
|
7
|
81
|
88
|
|
1,552
|
|
3,134
|
Other
|
189
|
|
2
|
41
|
43
|
|
232
|
|
647
|
Total
|
3,138
|
|
194
|
455
|
649
|
|
3,787
|
|
5,834
|
|
|
|
|
|
|
|
|
|
|
With-profits funds
|
|
|
|
|
|
|
|
|
|
Asia
|
402
|
|
557
|
437
|
994
|
|
1,396
|
|
1,130
|
Eurozone
|
41
|
|
21
|
10
|
31
|
|
72
|
|
131
|
United Kingdom
|
198
|
|
11
|
106
|
117
|
|
315
|
|
155
|
United States
|
1,028
|
|
14
|
82
|
96
|
|
1,124
|
|
34
|
Other
|
186
|
|
8
|
204
|
212
|
|
398
|
|
284
|
Total
|
1,855
|
|
611
|
839
|
1,450
|
|
3,305
|
|
1,734
|
|
|
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 (i)
|
note (ii)
|
|
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 held at fair value
|
–
|
(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:
|
|
|
|
|
|
|
With-profits
|
78,203
|
11,481
|
395
|
90,079
|
|
Unit-linked and variable annuity separate account
|
244,206
|
1,075
|
–
|
245,281
|
|
Non-linked shareholder-backed business
|
26,277
|
45,146
|
5,542
|
76,965
|
Total financial investments, net of derivative liabilities at fair
value
|
348,686
|
57,702
|
5,937
|
412,325
|
|
Other financial liabilities at fair value
|
(5,464)
|
(809)
|
(4,083)
|
(10,356)
|
|
Group total financial instruments at fair value
|
343,222
|
56,893
|
1,854
|
401,969
|
|
|
31 Dec 2019 $m
|
|||
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
|
Quoted prices
(unadjusted)
in active markets
|
Valuation
based
on significant
observable
market inputs
|
Valuation
based
on significant
unobservable
market inputs
|
Total
|
|
|
|
note (i)
|
note (ii)
|
|
Loans
|
–
|
–
|
3,587
|
3,587
|
|
Equity securities and holdings in collective investment
schemes
|
243,285
|
3,720
|
276
|
247,281
|
|
Debt securities
|
67,927
|
66,637
|
6
|
134,570
|
|
Other investments (including derivative assets)
|
70
|
1,676
|
1,301
|
3,047
|
|
Derivative liabilities
|
(185)
|
(207)
|
–
|
(392)
|
|
Total financial investments, net of derivative
liabilities
|
311,097
|
71,826
|
5,170
|
388,093
|
|
Investment contract liabilities without discretionary participation
features held at fair value
|
–
|
(1,011)
|
–
|
(1,011)
|
|
Net asset value attributable to unit holders of consolidated
investment funds
|
(5,973)
|
(23)
|
(2)
|
(5,998)
|
|
Other financial liabilities held at fair value
|
–
|
–
|
(3,760)
|
(3,760)
|
|
Total financial instruments at fair value
|
305,124
|
70,792
|
1,408
|
377,324
|
|
Percentage of total (%)
|
81%
|
19%
|
0%
|
100%
|
|
|
|
|
|
|
|
Analysed by business type:
|
|
|
|
|
|
Financial investments, net of derivative liabilities at fair
value:
|
|
|
|
|
|
|
With-profits
|
66,061
|
7,762
|
260
|
74,083
|
|
Unit-linked and variable annuity separate account
|
217,838
|
1,486
|
–
|
219,324
|
|
Non-linked shareholder-backed business
|
27,198
|
62,578
|
4,910
|
94,686
|
Total financial investments, net of derivative liabilities at fair
value
|
311,097
|
71,826
|
5,170
|
388,093
|
|
Other financial liabilities at fair value
|
(5,973)
|
(1,034)
|
(3,762)
|
(10,769)
|
|
Group total financial instruments at fair value
|
305,124
|
70,792
|
1,408
|
377,324
|
|
|
Asia
|
US
|
Discontinued
UK and
Europe
operations
|
Total
|
|
|
$m
|
$m
|
$m
|
$m
|
|
|
note C3.2
|
note C3.3
|
|
|
Balance at 1 Jan 2019note
(a)
|
105,408
|
236,380
|
210,002
|
551,790
|
|
Comprising:note
(b)
|
|
|
|
|
|
|
– Policyholder liabilities on the consolidated statement of
financial position
|
|
|
|
|
|
(excludes $50 million classified as unallocated to a
segment)
|
91,836
|
236,380
|
193,020
|
521,236
|
|
– Unallocated surplus of with-profits funds on the
consolidated statement of financial position
|
3,198
|
–
|
16,982
|
20,180
|
|
– Group's share of policyholder liabilities of joint ventures
and associatesnote
(c)
|
10,374
|
–
|
–
|
10,374
|
Removal of discontinued UK and Europe operations
|
–
|
–
|
(210,002)
|
(210,002)
|
|
Net flows:note
(d)
|
|
|
|
|
|
|
Premiums
|
20,094
|
20,976
|
–
|
41,070
|
|
Surrenders
|
(4,156)
|
(17,342)
|
–
|
(21,498)
|
|
Maturities/deaths/other claim events
|
(2,800)
|
(3,387)
|
–
|
(6,187)
|
Net flows
|
13,138
|
247
|
–
|
13,385
|
|
Shareholders' transfers post-tax
|
(99)
|
–
|
–
|
(99)
|
|
Investment-related items and other movements
|
12,824
|
32,922
|
–
|
45,746
|
|
Foreign exchange translation differences
|
1,299
|
–
|
–
|
1,299
|
|
Balance at 31 Dec 2019/1 Jan 2020
|
132,570
|
269,549
|
–
|
402,119
|
|
Comprising:
|
|
|
|
|
|
|
– Policyholder liabilities on the consolidated statement of
financial position
|
|
|
|
|
|
(excludes $186 million classified as unallocated to a
segment)
|
115,943
|
269,549
|
–
|
385,492
|
|
– Unallocated surplus of with-profits funds on the
consolidated statement of financial position
|
4,750
|
–
|
–
|
4,750
|
|
– Group's share of policyholder liabilities of joint ventures
and associatesnote
(c)
|
11,877
|
–
|
–
|
11,877
|
Net flows:note
(d)
|
|
|
|
|
|
|
Premiums
|
20,760
|
18,671
|
–
|
39,431
|
|
Surrenders
|
(4,730)
|
(15,832)
|
–
|
(20,562)
|
|
Maturities/deaths/other claim events
|
(2,565)
|
(3,708)
|
–
|
(6,273)
|
Net flows
|
13,465
|
(869)
|
–
|
12,596
|
|
Shareholders' transfers post-tax
|
(116)
|
–
|
–
|
(116)
|
|
Investment-related items and other movements
|
17,269
|
27,833
|
–
|
45,102
|
|
Foreign exchange translation differences
|
2,105
|
–
|
–
|
2,105
|
|
Balance at 31 Dec 2020
|
165,293
|
296,513
|
–
|
461,806
|
|
Comprising:
|
|
|
|
|
|
|
– Policyholder liabilities on the consolidated statement of
financial position
|
|
|
|
|
|
(excludes $262 million classified as unallocated to a
segment)
|
144,471
|
296,513
|
–
|
440,984
|
|
– Unallocated surplus of with-profits funds on the
consolidated statement of financial position
|
5,217
|
–
|
–
|
5,217
|
|
– Group's share of policyholder liabilities of joint ventures
and associatesnote
(c)
|
15,605
|
–
|
–
|
15,605
|
Average policyholder liability balancesnote
(e)
|
|
|
|
|
|
|
2020
|
143,948
|
283,031
|
–
|
426,979
|
|
2019
|
115,015
|
252,965
|
–
|
367,980
|
|
|
Asia
|
US
|
Discontinued
UK and
Europe
operations
|
Total
|
|
|
$m
|
$m
|
$m
|
$m
|
Balance at 1 Jan 2019
|
51,705
|
236,380
|
51,911
|
339,996
|
|
Removal of discontinued UK and Europe operations
|
–
|
–
|
(51,911)
|
(51,911)
|
|
Net flows:
|
|
|
|
|
|
|
Premiums
|
10,372
|
20,976
|
–
|
31,348
|
|
Surrenders
|
(3,610)
|
(17,342)
|
–
|
(20,952)
|
|
Maturities/deaths/other claim events
|
(1,168)
|
(3,387)
|
–
|
(4,555)
|
Net flowsnote
|
5,594
|
247
|
–
|
5,841
|
|
Investment-related items and other movements
|
4,186
|
32,922
|
–
|
37,108
|
|
Foreign exchange translation differences
|
777
|
–
|
–
|
777
|
|
Balance at 31 Dec 2019/1 Jan 2020
|
62,262
|
269,549
|
–
|
331,811
|
|
Comprising:
|
|
|
|
|
|
|
- Policyholder liabilities on the consolidated statement of
financial position
|
|
|
|
|
|
(excludes $186 million classified as unallocated to a
segment)
|
50,385
|
269,549
|
–
|
319,934
|
|
- Group's share of policyholder liabilities relating to joint
ventures and associates
|
11,877
|
–
|
–
|
11,877
|
Net flows:
|
|
|
|
|
|
|
Premiums
|
11,028
|
18,671
|
–
|
29,699
|
|
Surrenders
|
(3,933)
|
(15,832)
|
–
|
(19,765)
|
|
Maturities/deaths/other claim events
|
(970)
|
(3,708)
|
–
|
(4,678)
|
Net flowsnote
|
6,125
|
(869)
|
–
|
5,256
|
|
Investment-related items and other movements
|
9,143
|
27,833
|
–
|
36,976
|
|
Foreign exchange translation differences
|
1,353
|
–
|
–
|
1,353
|
|
Balance at 31 Dec 2020
|
78,883
|
296,513
|
–
|
375,396
|
|
Comprising:
|
|
|
|
|
|
|
- Policyholder liabilities on the consolidated statement of
financial position
|
|
|
|
|
|
(excludes $262 million classified as unallocated to a
segment)
|
63,278
|
296,513
|
–
|
359,791
|
|
- Group's share of policyholder liabilities relating to joint
ventures and associates
|
15,605
|
–
|
–
|
15,605
|
|
Gross
insurance
contract
liabilities
|
Reinsurer's
share of
insurance
contract
liabilities
|
Investment
contract
liabilities
|
Unallocated
surplus of
with-profits
funds
|
|
$m
|
$m
|
$m
|
$m
|
|
note (e)
|
note (a),(e)
|
note (b)
|
|
Balance at 1 Jan 2019
|
(410,947)
|
14,193
|
(110,339)
|
(20,180)
|
Removal of discontinued UK and Europe operations
|
87,824
|
(2,169)
|
105,196
|
16,982
|
Income and expense included in the income statement for continuing
operationsnote
(c)
|
(55,579)
|
1,795
|
(311)
|
(1,415)
|
Other movementsnote
(d)
|
–
|
–
|
(63)
|
(112)
|
Foreign exchange translation differences
|
(1,441)
|
37
|
(18)
|
(25)
|
Balance at 31 Dec 2019/1 Jan 2020
|
(380,143)
|
13,856
|
(5,535)
|
(4,750)
|
Income and expense included in the income
statementnote
(c)
|
(55,034)
|
32,723
|
349
|
(438)
|
Other movementsnote
(d)
|
-
|
-
|
765
|
-
|
Foreign exchange translation differences
|
(1,610)
|
16
|
(38)
|
(29)
|
Balance at 31 Dec 2020
|
(436,787)
|
46,595
|
(4,459)
|
(5,217)
|
|
|
|
Shareholder-backed business
|
|
|
|
|
With-profits
business
|
Unit-linked
liabilities
|
Other
business
|
Total
|
|
|
$m
|
$m
|
$m
|
$m
|
Balance at 1 Jan 2019
|
53,703
|
25,704
|
26,001
|
105,408
|
|
Comprising:
|
|
|
|
|
|
|
– Policyholder liabilities on the consolidated statement of
financial position
|
50,505
|
20,846
|
20,485
|
91,836
|
|
– Unallocated surplus of with-profits funds on the
consolidated statement of financial position
|
3,198
|
–
|
–
|
3,198
|
|
– Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(a)
|
–
|
4,858
|
5,516
|
10,374
|
Premiums
|
|
|
|
|
|
|
New business
|
1,611
|
1,837
|
2,419
|
5,867
|
|
In-force
|
8,111
|
2,361
|
3,755
|
14,227
|
|
|
9,722
|
4,198
|
6,174
|
20,094
|
Surrendersnote
(b)
|
(546)
|
(2,929)
|
(681)
|
(4,156)
|
|
Maturities/deaths/other claim events
|
(1,632)
|
(149)
|
(1,019)
|
(2,800)
|
|
Net flows
|
7,544
|
1,120
|
4,474
|
13,138
|
|
Shareholders' transfers post-tax
|
(99)
|
–
|
–
|
(99)
|
|
Investment-related items and other movements
|
8,638
|
1,663
|
2,523
|
12,824
|
|
Foreign exchange translation differencesnote
(d)
|
522
|
363
|
414
|
1,299
|
|
Balance at 31 Dec 2019/1 Jan 2020
|
70,308
|
28,850
|
33,412
|
132,570
|
|
Comprising:
|
|
|
|
|
|
|
– Policyholder liabilities on the consolidated statement of
financial position
|
65,558
|
23,571
|
26,814
|
115,943
|
|
– Unallocated surplus of with-profits funds on the
consolidated statement of financial position
|
4,750
|
–
|
–
|
4,750
|
|
– Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(a)
|
–
|
5,279
|
6,598
|
11,877
|
Premiums
|
|
|
|
|
|
|
New business
|
1,338
|
1,851
|
2,063
|
5,252
|
|
In-force
|
8,393
|
2,358
|
4,757
|
15,508
|
|
|
9,731
|
4,209
|
6,820
|
20,760
|
Surrendersnote
(b)
|
(797)
|
(2,982)
|
(951)
|
(4,730)
|
|
Maturities/deaths/other claim events
|
(1,595)
|
(196)
|
(774)
|
(2,565)
|
|
Net flows
|
7,339
|
1,031
|
5,095
|
13,465
|
|
Shareholders' transfers post-tax
|
(116)
|
–
|
–
|
(116)
|
|
Investment-related items and other movementsnote
(c)
|
8,127
|
2,107
|
7,035
|
17,269
|
|
Foreign exchange translation differencesnote
(d)
|
752
|
518
|
835
|
2,105
|
|
Balance at 31 Dec 2020
|
86,410
|
32,506
|
46,377
|
165,293
|
|
Comprising:
|
|
|
|
|
|
|
– Policyholder liabilities on the consolidated statement of
financial position
|
81,193
|
25,433
|
37,845
|
144,471
|
|
– Unallocated surplus of with-profits funds on the
consolidated statement of financial position
|
5,217
|
–
|
–
|
5,217
|
|
– Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(a)
|
–
|
7,073
|
8,532
|
15,605
|
Average policyholder liability balancesnote
(e)
|
|
|
|
|
|
|
2020
|
73,375
|
30,678
|
39,895
|
143,948
|
|
2019
|
58,032
|
27,277
|
29,706
|
115,015
|
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
Policyholder liabilities
|
144,471
|
115,943
|
|
|
|
|
|
Expected maturity:
|
31 Dec 2020 %
|
31 Dec 2019 %
|
|
|
0 to 5 years
|
20
|
18
|
|
5 to 10 years
|
19
|
18
|
|
10 to 15 years
|
15
|
15
|
|
15 to 20 years
|
12
|
13
|
|
20 to 25 years
|
10
|
11
|
|
Over 25 years
|
24
|
25
|
|
|
Variable
annuity
separate
account
liabilities
|
General
account
and other
business
|
Total
|
|
|
$m
|
$m
|
$m
|
Balance at 1 Jan 2019
|
163,301
|
73,079
|
236,380
|
|
Premiums
|
12,776
|
8,200
|
20,976
|
|
Surrenders
|
(12,767)
|
(4,575)
|
(17,342)
|
|
Maturities/deaths/other claim events
|
(1,564)
|
(1,823)
|
(3,387)
|
|
Net flowsnote
(a)
|
(1,555)
|
1,802
|
247
|
|
Transfers from general to separate account
|
951
|
(951)
|
–
|
|
Investment-related items and other movementsnote
(b)
|
32,373
|
549
|
32,922
|
|
Balance at 31 Dec 2019/1 Jan 2020
|
195,070
|
74,479
|
269,549
|
|
Premiums
|
14,990
|
3,681
|
18,671
|
|
Surrenders
|
(11,300)
|
(4,532)
|
(15,832)
|
|
Maturities/deaths/other claim events
|
(1,854)
|
(1,854)
|
(3,708)
|
|
Net flowsnote
(a)
|
1,836
|
(2,705)
|
(869)
|
|
Transfers from separate to general account
|
(2,190)
|
2,190
|
–
|
|
Investment-related items and other movementsnote
(b)
|
24,346
|
3,487
|
27,833
|
|
Balance at 31 Dec 2020
|
219,062
|
77,451
|
296,513
|
|
Average policyholder liability balancesnote
(c)
|
|
|
|
|
|
2020
|
207,066
|
75,965
|
283,031
|
|
2019
|
179,186
|
73,779
|
252,965
|
|
|
31 Dec 2020
|
|
31 Dec 2019
|
||||
|
|
Variable
annuity separate
account liabilities
|
General
account
and other
business
|
Total
|
|
Variable
annuity separate
account liabilities
|
General
account
and other
business
|
Total
|
|
|
$m
|
$m
|
$m
|
|
$m
|
$m
|
$m
|
Policyholder liabilities
|
219,062
|
77,451
|
296,513
|
|
195,070
|
74,479
|
269,549
|
|
|
|
|
|
|
|
|
|
|
Expected maturity:
|
%
|
%
|
%
|
|
%
|
%
|
%
|
|
|
0 to 5 years
|
39
|
36
|
39
|
|
41
|
45
|
42
|
|
5 to 10 years
|
27
|
22
|
26
|
|
27
|
27
|
27
|
|
10 to 15 years
|
16
|
17
|
16
|
|
16
|
13
|
15
|
|
15 to 20 years
|
9
|
11
|
10
|
|
9
|
8
|
9
|
|
20 to 25 years
|
5
|
6
|
5
|
|
4
|
4
|
4
|
|
Over 25 years
|
4
|
8
|
4
|
|
3
|
3
|
3
|
|
2020 $m
|
2019 $m
|
Carrying value at 1 Jan
|
969
|
2,365
|
Removal of discontinued UK and Europe operations
|
–
|
(1,731)
|
Additions in the year
|
–
|
299
|
Exchange differences
|
(8)
|
36
|
Carrying value at 31 Dec
|
961
|
969
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
DAC and other intangible assets attributable to
shareholders
|
20,275
|
17,409
|
Other intangible assets, including computer software, attributable
to with-profits funds
|
70
|
67
|
Total of DAC and other intangible assets
|
20,345
|
17,476
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
DAC related to insurance contracts as classified under IFRS
4
|
16,182
|
14,206
|
DAC related to investment management contracts, including life
assurance contracts classified as financial instruments and
investment management contracts under IFRS 4
|
34
|
33
|
DAC related to insurance and investment contracts
|
16,216
|
14,239
|
Present value of acquired in-force policies for insurance contracts
as classified under IFRS 4 (PVIF)
|
34
|
38
|
Distribution rights and other intangibles
|
4,025
|
3,132
|
Present value of acquired in-force (PVIF) and other intangibles
attributable to shareholders
|
4,059
|
3,170
|
Total of DAC and other intangible assetsnote
(a)
|
20,275
|
17,409
|
|
|
|
2020 $m
|
|
2019 $m
|
|||||
|
|
|
DAC
|
|
PVIF and
|
|
|
|
|
|
|
|
|
Asia
|
US*
|
|
other
intangibles†
|
|
Total
|
|
Total
|
|
|
|
|
note (b)
|
|
|
|
|
|
|
|
Balance at 1 Jan
|
1,999
|
12,240
|
|
3,170
|
|
17,409
|
|
15,008
|
|
|
Removal of discontinued UK and Europe operations
|
–
|
–
|
|
–
|
|
–
|
|
(143)
|
|
|
Additions‡
|
617
|
740
|
|
1,114
|
|
2,471
|
|
2,601
|
|
|
Amortisation to the income statement:note
(c)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating profit
|
(308)
|
(423)
|
|
(220)
|
|
(951)
|
|
(792)
|
|
|
Non-operating profit (loss)**
|
–
|
812
|
|
(5)
|
|
807
|
|
1,243
|
|
|
(308)
|
389
|
|
(225)
|
|
(144)
|
|
451
|
|
|
Disposals and transfers
|
–
|
–
|
|
(12)
|
|
(12)
|
|
(11)
|
|
|
Exchange differences and other movements
|
45
|
–
|
|
12
|
|
57
|
|
134
|
|
|
Amortisation of DAC related to net unrealised valuation movements
on the US insurance operation's available-for-sale securities
recognised within other comprehensive income
|
–
|
494
|
|
–
|
|
494
|
|
(631)
|
|
|
Balance at 31 Dec
|
2,353
|
13,863
|
|
4,059
|
|
20,275
|
|
17,409
|
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
|
Variable annuity and other business
|
14,064
|
12,935
|
|
Cumulative shadow DAC (for unrealised gains/losses booked in other
comprehensive income)*
|
(201)
|
(695)
|
|
Total DAC for US operations
|
13,863
|
12,240
|
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
Central operations:
|
|
|
|
Subordinated debt:
|
|
|
|
|
US$250m 6.75% Notesnote
(i)
|
250
|
250
|
|
US$300m 6.5% Notesnote
(i)
|
300
|
300
|
|
US$700m 5.25% Notes
|
700
|
700
|
|
US$1,000m 5.25% Notes
|
999
|
996
|
|
US$725m 4.375% Notes
|
723
|
721
|
|
US$750m 4.875% Notes
|
746
|
744
|
|
€20m Medium Term Notes 2023
|
24
|
22
|
|
£435m 6.125% Notes 2031
|
590
|
571
|
Senior debt:note
(ii)
|
|
|
|
|
£300m 6.875% Notes 2023
|
406
|
392
|
|
£250m 5.875% Notes 2029
|
312
|
298
|
|
$1,000m 3.125% Notes 2030note
(iii)
|
983
|
–
|
$350m Loan 2024note
(iv)
|
350
|
350
|
|
Total central operations
|
6,383
|
5,344
|
|
Jackson US$250m 8.15% Surplus Notes 2027note
(v)
|
250
|
250
|
|
Total core structural borrowings of shareholder-financed
businesses
|
6,633
|
5,594
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
Borrowings in respect of short-term fixed income securities
programmes – commercial paper
|
501
|
520
|
Lease liabilities under IFRS 16
|
302
|
371
|
Non-recourse borrowings of consolidated investment
fundsnote
(a)
|
994
|
1,045
|
Bank loans and overdrafts
|
–
|
29
|
Other borrowingsnote
(b)
|
453
|
377
|
Operational borrowings attributable to shareholder-financed
businesses
|
2,250
|
2,342
|
Lease liabilities under IFRS 16
|
194
|
259
|
Other borrowings
|
–
|
44
|
Operational borrowings attributable to with-profits
businesses
|
194
|
303
|
Total operational borrowings
|
2,444
|
2,645
|
Type of business
|
|
Market and credit risk
|
|
Insurance and lapse risk
|
||
Asia insurance operations
|
|
|
|
|||
All business
|
|
|
|
Mortality and/or morbidity risk
Persistency risk
|
||
With-profits business
|
|
Net neutral direct exposure (indirect exposure to investment
performance, which is subject to smoothing through declared
bonuses)
|
|
|
||
Unit-linked business
|
|
Net neutral direct exposure (indirect exposure to investment
performance, through asset management fees)
|
|
|
||
Non-participating business
|
|
Asset/liability mismatch risk which results in sensitivity to
interest rates and credit spreads, particularly for operations
where the insurance liability basis is sensitive to current market
movements
Indirect exposure to investment performance through policyholder
charges and guarantees in some cases
|
|
|
||
|
|
|
|
|
|
|
US insurance operations
|
|
|
|
|||
All business
|
|
Asset/liability mismatch risk
Adjusted operating profit is sensitive to market conditions, both
with respect to income earned on spread-based products and
indirectly with respect to income earned on variable annuity asset
management fees.
|
|
Mortality risk
|
||
Variable annuity business
|
|
Net effect of market risk (equity and interest rates) arising from
incidence of guarantee features and variability of asset management
fees, offset by derivative hedging programme*
|
|
Persistency and utilisation risk (risk that utilisation of
withdrawal benefits or lapse levels differ from those
assumed)
|
||
General account business
|
|
Credit risk and market risk (equity and interest rate) in meeting
guaranteed rates of accumulation on general account annuity and
interest sensitive life products which may lead to smaller spread
profits, being the difference between the earned rate and the
policyholder crediting rate. As at 1 June 2020, the risk has been
substantially transferred for the fixed and fixed index annuity
products as part of the reinsurance transaction with Athene
described in note D1.1.
Shareholders' equity is impacted by interest rate and credit risk
via impairments and unrealised gains/losses on fixed income
securities. For those instruments classified as available-for-sale
under IAS 39, unrealised gains/losses do not directly impact
profit, unless they are considered permanent reductions in
value.
|
|
Persistency risk, mitigated in some cases by the application of
market value adjustments
|
31 December 2020
|
|
Asia insurance $m
|
|
US insurance $m
|
||
|
|
Decrease of 0.5%
|
Increase of 1%
|
|
Decrease of 0.5%
|
Increase of 1%
|
Net effect on shareholders' equity*
|
|
(1,274)
|
(318)
|
|
(594)
|
(68)
|
31 December 2019
|
|
Asia insurance $m
|
|
US insurance $m
|
||
|
|
Decrease of 1%
|
Increase of 1%
|
|
Decrease of 1%
|
Increase of 1%
|
Net effect on shareholders' equity*
|
|
(702)
|
(718)
|
|
20
|
(553)
|
|
31 Dec 2020 $m
|
|
31 Dec 2019 $m
|
||
|
Decrease of 20%
|
Increase of 10%
|
|
Decrease of 20%
|
Increase of 10%
|
Net effect on shareholders' equity*
|
(848)
|
410
|
|
(816)
|
408
|
|
|
31 Dec 2020 $m
|
|
31 Dec 2019 $m
|
||
|
|
Account
value
|
Net
amount
at risk
|
|
Account
value
|
Net
amount
at risk
|
Return of net deposits plus a minimum return
|
|
|
|
|
|
|
|
GMDB
|
170,510
|
2,340
|
|
150,576
|
2,477
|
|
GMWB – premium only
|
2,858
|
12
|
|
2,753
|
16
|
|
GMWB
|
248
|
11
|
|
257
|
14
|
|
GMAB – premium only
|
39
|
–
|
|
37
|
–
|
Highest specified anniversary account value minus withdrawals
post-anniversary
|
|
|
|
–
|
–
|
|
|
GMDB
|
13,512
|
86
|
|
12,547
|
69
|
|
GMWB – highest anniversary only
|
3,459
|
41
|
|
3,232
|
51
|
|
GMWB
|
646
|
55
|
|
698
|
52
|
Combination net deposits plus minimum return, highest specified
anniversary account value minus withdrawals
post-anniversary
|
|
|
|
–
|
–
|
|
|
GMDB
|
8,891
|
615
|
|
8,159
|
687
|
|
GMIB
|
1,675
|
556
|
|
1,688
|
616
|
|
GMWB
|
159,857
|
5,656
|
|
140,529
|
7,160
|
|
31 Dec 2020 $m
|
|
31 Dec 2019 $m
|
||
|
Decrease of 20%
|
Increase of 10%
|
|
Decrease of 20%
|
Increase of 10%
|
Net effect on shareholders' equity*
|
744
|
299
|
|
762
|
608
|
Mutual fund type:
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
|
|
Equity
|
132,213
|
121,520
|
|
Bond
|
20,203
|
19,341
|
|
Balanced
|
39,626
|
30,308
|
|
Money market
|
1,862
|
956
|
|
Total
|
193,904
|
172,125
|
|
2020 $m
|
||||
|
Balance
at 1 Jan
|
Movement in
income
statement
|
Movement
through
other
comprehensive
income
and equity
|
Other
movements
including
foreign
currency
movements
|
Balance
at 31 Dec
|
Deferred tax assets
|
|
|
|
|
|
Unrealised losses or gains on investments
|
–
|
–
|
–
|
–
|
–
|
Balances relating to investment and insurance
contracts
|
32
|
55
|
–
|
–
|
87
|
Short-term temporary differences
|
3,889
|
765
|
–
|
8
|
4,662
|
Unused tax losses
|
154
|
(50)
|
–
|
5
|
109
|
Total
|
4,075
|
770
|
–
|
13
|
4,858
|
Deferred tax liabilities
|
|
|
|
|
|
Unrealised losses or gains on investments
|
(877)
|
(78)
|
(102)
|
(6)
|
(1,063)
|
Balances relating to investment and insurance
contracts
|
(1,507)
|
(235)
|
–
|
(23)
|
(1,765)
|
Short-term temporary differences
|
(2,853)
|
(377)
|
–
|
(17)
|
(3,247)
|
Total
|
(5,237)
|
(690)
|
(102)
|
(46)
|
(6,075)
|
|
|
|
|
2019 $m
|
|
|
|
Balance
at 1 Jan
|
Demerger
of UK and
Europe
operations
|
Movement in
income
statement
|
Movement
through
other
comprehensive
income
and equity
|
Other
movements
including
foreign
currency
movements
|
Balance
at 31 Dec
|
Deferred tax assets
|
|
|
|
|
|
|
Unrealised losses or gains on investments
|
144
|
–
|
(16)
|
–
|
(128)
|
–
|
Balances relating to investment and insurance
contracts
|
1
|
–
|
60
|
–
|
(29)
|
32
|
Short-term temporary differences
|
2,998
|
(160)
|
1,066
|
(15)
|
–
|
3,889
|
Unused tax losses
|
162
|
–
|
8
|
–
|
(16)
|
154
|
Total
|
3,305
|
(160)
|
1,118
|
(15)
|
(173)
|
4,075
|
Deferred tax liabilities
|
|
|
|
|
|
|
Unrealised losses or gains on investments
|
(1,104)
|
1,053
|
(231)
|
(713)
|
118
|
(877)
|
Balances relating to investment and insurance
contracts
|
(1,276)
|
–
|
(246)
|
–
|
15
|
(1,507)
|
Short-term temporary differences
|
(2,742)
|
298
|
(414)
|
19
|
(14)
|
(2,853)
|
Total
|
(5,122)
|
1,351
|
(891)
|
(694)
|
119
|
(5,237)
|
|
2020
|
|
2019
|
||||
Issued shares of 5p each fully paid
|
Number of
ordinary
shares
|
Share
capital
|
Share
premium
|
|
Number of
ordinary
shares
|
Share
capital
|
Share
premium
|
|
|
$m
|
$m
|
|
|
$m
|
$m
|
Balance at 1 Jan
|
2,601,159,949
|
172
|
2,625
|
|
2,593,044,409
|
166
|
2,502
|
Shares issued under share-based schemes
|
8,329,753
|
1
|
12
|
|
8,115,540
|
–
|
22
|
Impact of change in presentation currency
|
–
|
–
|
–
|
|
–
|
6
|
101
|
Balance at 31 Dec
|
2,609,489,702
|
173
|
2,637
|
|
2,601,159,949
|
172
|
2,625
|
|
|
|
Share
price range
|
|
|
|
|
Number of shares to subscribe for
|
|
from
|
to
|
|
Exercisable by year
|
31 Dec 2020
|
2,320,320
|
|
964p
|
1,455p
|
|
2026
|
31 Dec 2019
|
3,805,447
|
|
1,104p
|
1,455p
|
|
2025
|
|
|
|
2020
|
|
|
|
|
|
2019
|
|
|
||||
|
Number
|
|
Share price
|
|
|
|
Number
|
|
Share price
|
|
|
||||
|
of shares
|
|
Low
|
|
High
|
|
Cost*
|
|
of shares
|
|
Low
|
|
High
|
|
Cost*
|
|
|
|
£
|
|
£
|
|
$
|
|
|
|
£
|
|
£
|
|
$
|
January
|
62,395
|
|
14.42
|
|
14.68
|
|
1,195,275
|
|
75,165
|
|
14.25
|
|
14.29
|
|
1,384,926
|
February
|
62,680
|
|
14.57
|
|
14.60
|
|
1,183,717
|
|
71,044
|
|
15.00
|
|
15.18
|
|
1,390,865
|
March
|
79,057
|
|
11.18
|
|
11.40
|
|
1,110,374
|
|
68,497
|
|
15.20
|
|
16.32
|
|
1,385,182
|
April
|
5,363,563
|
|
10.21
|
|
10.48
|
|
68,010,967
|
|
2,638,429
|
|
15.65
|
|
16.73
|
|
54,052,710
|
May
|
81,377
|
|
11.16
|
|
11.30
|
|
1,117,783
|
|
73,417
|
|
16.35
|
|
16.45
|
|
1,550,109
|
June
|
167,724
|
|
11.86
|
|
12.67
|
|
2,540,749
|
|
217,800
|
|
16.20
|
|
16.36
|
|
4,484,773
|
July
|
87,239
|
|
12.30
|
|
12.51
|
|
1,365,109
|
|
60,514
|
|
17.47
|
|
17.71
|
|
1,321,427
|
August
|
72,287
|
|
12.21
|
|
12.33
|
|
1,167,008
|
|
72,671
|
|
14.86
|
|
15.21
|
|
1,318,593
|
September
|
75,368
|
|
11.61
|
|
11.68
|
|
1,138,447
|
|
73,284
|
|
14.14
|
|
14.76
|
|
1,318,767
|
October
|
116,802
|
|
11.49
|
|
11.71
|
|
1,764,694
|
|
178,359
|
|
13.78
|
|
14.24
|
|
3,148,811
|
November
|
74,178
|
|
10.62
|
|
12.76
|
|
1,233,127
|
|
75,904
|
|
13.38
|
|
13.85
|
|
1,309,146
|
December
|
70,814
|
|
12.78
|
|
12.83
|
|
1,217,842
|
|
68,573
|
|
13.07
|
|
13.13
|
|
1,178,206
|
Total
|
6,313,484
|
|
|
|
|
|
83,045,092
|
|
3,673,657
|
|
|
|
|
|
73,843,515
|
|
2020 $m
|
2019 $m
|
Gain on disposalsnote
(i)
|
–
|
265
|
Other transactionsnote
(ii)
|
(48)
|
(407)
|
Total gain (loss) attaching to corporate transactions as shown
separately on the consolidated income statement
|
(48)
|
(142)
|
Gain arising on reinsurance of Jackson’s
in-force fixed and fixed index annuity businessnote
(iii)
|
804
|
–
|
Gain arising on reinsurance transaction undertaken
by the Hong Kong businessnote
(iv)
|
765
|
–
|
Total gain (loss) attaching to corporate transactions
|
1,521
|
(142)
|
|
31 Dec 2020
|
|
31 Dec 2019
|
||||
Amounts attributable to Prudential plc
|
Total
|
Less
policyholder
|
Shareholder
|
|
Total
|
Less
policyholder
|
Shareholder
|
Capital resources ($bn)
|
37.9
|
(22.1)
|
15.8
|
|
33.1
|
(19.1)
|
14.0
|
Group Minimum Capital Requirement ($bn)
|
11.5
|
(6.7)
|
4.8
|
|
9.5
|
(5.0)
|
4.5
|
LCSM surplus (over GMCR) ($bn)
|
26.4
|
(15.4)
|
11.0
|
|
23.6
|
(14.1)
|
9.5
|
LCSM ratio (over GMCR) (%)
|
329%
|
|
328%
|
|
348%
|
|
309%
|
Amounts attributable to Prudential plc
|
|
|
|
Shareholder
|
|||
31 Dec 2020 ($bn)
|
Total
Asia
|
Less
policyholder
|
|
Asia
|
US
|
Unallocated to
a segment
|
Group total
|
Capital resources
|
33.7
|
(22.1)
|
|
11.6
|
4.6
|
(0.4)
|
15.8
|
Group Minimum Capital Requirement
|
10.1
|
(6.7)
|
|
3.4
|
1.4
|
-
|
4.8
|
LCSM surplus (over GMCR)
|
23.6
|
(15.4)
|
|
8.2
|
3.2
|
(0.4)
|
11.0
|
|
|
|
|
|
|
|
|
Amounts attributable to Prudential plc
|
|
|
|
Shareholder
|
|||
31 Dec 2019 ($bn)
|
Total
Asia
|
Less
policyholder
|
|
Asia
|
US
|
Unallocated to
a segment
|
Group total
|
Capital resources
|
26.8
|
(19.1)
|
|
7.7
|
5.3
|
1.0
|
14.0
|
Group Minimum Capital Requirement
|
8.0
|
(5.0)
|
|
3.0
|
1.5
|
-
|
4.5
|
LCSM surplus (over GMCR)
|
18.8
|
(14.1)
|
|
4.7
|
3.8
|
1.0
|
9.5
|
|
|
31 Dec 2020
|
|
31 Dec 2019
|
||
Impact of market
sensitivitiesnote
(1)
|
LCSM surplus
($bn)
|
LCSM ratio
(%)
|
|
LCSM surplus
($bn)
|
LCSM ratio
(%)
|
|
Base position
|
11.0
|
328%
|
|
9.5
|
309%
|
|
Impact of:
|
|
|
|
|
|
|
|
10% instantaneous increase in equity markets
|
0.3
|
15%
|
|
n/a
|
n/a
|
|
20% instantaneous fall in equity markets
|
0.6
|
(13)%
|
|
1.5
|
(9)%
|
|
40% fall in equity marketsnote
(2)
|
(0.2)
|
(23)%
|
|
(0.2)
|
(39)%
|
|
50 basis points reduction in interest rates
|
(1.2)
|
(39)%
|
|
(0.2)
|
(17)%
|
|
100 basis points increase in interest rates
|
(1.0)
|
11%
|
|
(1.3)
|
(19)%
|
|
100 basis points increase in credit spreadsnote
(3)
|
0.1
|
14%
|
|
(1.6)
|
(36)%
|
|
|
2020 ($bn)
|
2019 ($bn)
|
Balance at 1 Jan
|
9.5
|
9.7
|
|
Operating:
|
|
|
|
|
Operating capital generation from the in-force
business
|
2.2
|
2.5
|
|
Investment in new business
|
(0.2)
|
(0.6)
|
Operating capital generation
|
2.0
|
1.9
|
|
Non-operating and other capital movements:
|
|
|
|
|
Non-operating experience (including market movements)
|
(2.0)
|
(0.6)
|
|
Regulatory changes
|
2.2
|
0.1
|
|
Reinsurance of US fixed and fixed indexed annuity in-force
portfolio to Athene
|
0.8
|
–
|
|
Athene US equity investment
|
(0.2)
|
-
|
|
US hedge modelling revision
|
(0.4)
|
-
|
|
Other corporate activities
|
(0.1)
|
(0.8)
|
|
M&G Demerger costs
|
-
|
(0.4)
|
|
Subordinated debt redemption
|
-
|
(0.5)
|
|
M&G Demerger related impacts
|
-
|
1.0
|
Non-operating results
|
0.3
|
(1.2)
|
|
|
Remittances from discontinued operations (M&G plc)
|
-
|
0.7
|
|
External dividends
|
(0.8)
|
(1.6)
|
Net dividend impact
|
(0.8)
|
(0.9)
|
|
Net movement in LCSM surplus
|
1.5
|
(0.2)
|
|
Balance at 31 Dec
|
11.0
|
9.5
|
|
31 Dec 2020 $bn
|
|
31 Dec 2019 $bn
|
|||
|
Asia
|
US
|
Unallocated to a segment
|
Group total
|
|
Group total
|
Estimated Group shareholder LCSM surplus (over GMCR)
|
8.2
|
3.2
|
(0.4)
|
11.0
|
|
9.5
|
Increase required capital for EEV free surplusnote
(1)
|
(0.8)
|
(2.0)
|
-
|
(2.8)
|
|
(2.8)
|
Adjust surplus assets and core structural borrowings to market
valuenote
(2)
|
0.5
|
0.3
|
(0.4)
|
0.4
|
|
0.3
|
Add back inadmissible assetsnote
(3)
|
0.2
|
0.1
|
-
|
0.3
|
|
0.2
|
Deductions applied to EEV free surplusnote
(4)
|
(3.1)
|
-
|
-
|
(3.1)
|
|
(0.9)
|
Other
|
-
|
0.1
|
0.2
|
0.3
|
|
0.3
|
EEV free surplus excluding intangibles*
|
5.0
|
1.7
|
(0.6)
|
6.1
|
|
6.6
|
|
31 Dec 2020 $bn
|
31 Dec 2019 $bn
|
Group IFRS shareholders’ equity
|
20.9
|
19.5
|
Remove DAC, goodwill and intangibles recognised on the IFRS
statement of financial position
|
(21.1)
|
(18.2)
|
Add subordinated debt at IFRS book valuenote
(1)
|
4.6
|
4.6
|
Valuation differencesnote
(2)
|
11.3
|
8.6
|
Othernote
(3)
|
0.1
|
(0.5)
|
Estimated Group shareholder LCSM capital resources
|
15.8
|
14.0
|
|
|
|
31 Dec 2020 $bn
|
31 Dec 2019 $bn
|
Asia operations:
|
|
|
||
|
Internal funds
|
171.4
|
141.9
|
|
|
Eastspring Investments external funds, including M&G plc* (as
analysed in note I(v))
|
109.6
|
124.7
|
|
|
|
|
281.0
|
266.6
|
US operations – internal funds
|
273.7
|
273.4
|
||
Other operations
|
3.6
|
3.9
|
||
Total Group funds under management
|
558.3
|
543.9
|
|
|
|
31 Dec 2020 $bn
|
31 Dec 2019 $bn
|
|
Total investments and cash and cash equivalents on the consolidated
statement of financial position
|
437.4
|
412.6
|
|
|
External funds of Eastspring Investments, including M&G
plc
|
109.6
|
124.7
|
|
|
Internally managed funds held in joint ventures and associate,
excluding assets attributable to external unit holders of the
consolidated collective investment schemes and other
adjustments
|
11.3
|
6.6
|
|
|
Total Group funds under management
|
558.3
|
543.9
|
|
|
2020 $m
|
2019 $m
|
Net cash remitted by business
unitsnote
(a):
|
|
|
|
From continuing operations
|
|
|
|
|
Asianote
(b)
|
716
|
950
|
|
Jacksonnote
(b)
|
–
|
509
|
|
Other operationsnote
(c)
|
55
|
6
|
|
Total continuing operations
|
771
|
1,465
|
From discontinued UK and Europe operations
|
–
|
684
|
|
Net cash remittances by business units
|
771
|
2,149
|
|
Net interest paidnote
(d)
|
(294)
|
(527)
|
|
Tax received
|
94
|
265
|
|
Corporate activities
|
(235)
|
(260)
|
|
Total central outflows
|
(435)
|
(522)
|
|
Holding company cash flow before dividends and other
movements
|
336
|
1,627
|
|
Dividends paid
|
(814)
|
(1,634)
|
|
Operating holding company cash flow after dividends but before
other movements
|
(478)
|
(7)
|
|
Other movements
|
|
|
|
|
Issuance and redemption of debt for continuing
operations
|
983
|
(504)
|
|
Other non-operating transactions relating to continuing
operationsnote
(e)
|
(1,230)
|
(338)
|
|
Transactions to effect the demerger, including debt
substitutionnote
(f)
|
–
|
(146)
|
|
Demerger costs associated with the discontinued UK and Europe
operations
|
(17)
|
(424)
|
|
Early settlement of UK-inflation-linked derivative
liability
|
–
|
(587)
|
Total other movements
|
(264)
|
(1,999)
|
|
Total holding company cash flow
|
(742)
|
(2,006)
|
|
Cash and short-term investments at 1 Jan
|
2,207
|
4,121
|
|
Foreign exchange movements
|
(2)
|
92
|
|
Cash and short-term investments at 31 Dec
|
1,463
|
2,207
|
|
|
2020
|
||||
|
|
Asia
|
US
|
Group
total
|
Average
liability
|
Margin
|
|
|
$m
|
$m
|
$m
|
$m
|
bps
|
|
|
note (b)
|
note (c)
|
|
|
|
Spread income
|
296
|
521
|
817
|
86,596
|
94
|
|
Fee income
|
282
|
3,386
|
3,668
|
217,863
|
168
|
|
With-profits
|
117
|
–
|
117
|
73,375
|
16
|
|
Insurance margin
|
2,648
|
1,298
|
3,946
|
|
|
|
Margin on revenues
|
2,936
|
–
|
2,936
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
Acquisition costs*
|
(1,904)
|
(991)
|
(2,895)
|
5,619
|
(52)%
|
|
Administration expenses
|
(1,539)
|
(1,744)
|
(3,283)
|
312,215
|
(105)
|
|
DAC adjustments
|
382
|
317
|
699
|
|
|
Expected return on shareholder assets
|
212
|
–
|
212
|
|
|
|
|
|
3,430
|
2,787
|
6,217
|
|
|
Share of related tax charges from joint ventures and
associates
|
(46)
|
–
|
(46)
|
|
|
|
Adjusted operating profit from long-term business
|
3,384
|
2,787
|
6,171
|
|
|
|
Adjusted operating profit from asset management
|
283
|
9
|
292
|
|
|
|
Total segment adjusted operating profit
|
3,667
|
2,796
|
6,463
|
|
|
|
|
2019 AER
|
||||
|
|
Asia
|
US
|
Group
total
|
Average
liability
|
Margin
|
|
|
$m
|
$m
|
$m
|
$m
|
bps
|
|
|
note (b)
|
note (c)
|
|
|
|
Spread income
|
321
|
642
|
963
|
86,887
|
111
|
|
Fee income
|
286
|
3,292
|
3,578
|
208,353
|
172
|
|
With-profits
|
107
|
-
|
107
|
58,032
|
18
|
|
Insurance margin
|
2,244
|
1,317
|
3,561
|
|
|
|
Margin on revenues
|
3,035
|
-
|
3,035
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
Acquisition costs*
|
(2,156)
|
(1,074)
|
(3,230)
|
7,384
|
(44)%
|
|
Administration expenses
|
(1,437)
|
(1,675)
|
(3,112)
|
303,339
|
(103)
|
|
DAC adjustments
|
430
|
510
|
940
|
|
|
Expected return on shareholder assets
|
194
|
26
|
220
|
|
|
|
|
3,024
|
3,038
|
6,062
|
|
|
|
Share of related tax charges from joint ventures and
associates
|
(31)
|
-
|
(31)
|
|
|
|
Adjusted operating profit from long-term business
|
2,993
|
3,038
|
6,031
|
|
|
|
Adjusted operating profit from asset management
|
283
|
32
|
315
|
|
|
|
Total segment adjusted operating profit
|
3,276
|
3,070
|
6,346
|
|
|
|
|
2019 CER
|
||||
|
|
Asia
|
US
|
Group
total
|
Average
liability
|
Margin
|
|
|
$m
|
$m
|
$m
|
$m
|
bps
|
|
|
note (b)
|
note (c)
|
|
|
|
Spread income
|
319
|
642
|
961
|
87,413
|
110
|
|
Fee income
|
283
|
3,292
|
3,575
|
208,095
|
172
|
|
With-profits
|
107
|
–
|
107
|
58,492
|
18
|
|
Insurance margin
|
2,234
|
1,317
|
3,551
|
|
|
|
Margin on revenues
|
3,032
|
–
|
3,032
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
Acquisition costs*
|
(2,156)
|
(1,074)
|
(3,230)
|
7,391
|
(44)%
|
|
Administration expenses
|
(1,430)
|
(1,675)
|
(3,105)
|
303,607
|
(102)
|
|
DAC adjustments
|
426
|
510
|
936
|
|
|
Expected return on shareholder assets
|
193
|
26
|
219
|
|
|
|
|
|
3,008
|
3,038
|
6,046
|
|
|
Share of related tax charges from joint ventures and
associates
|
(30)
|
–
|
(30)
|
|
|
|
Adjusted operating profit from long-term business
|
2,978
|
3,038
|
6,016
|
|
|
|
Adjusted operating profit from asset management
|
278
|
32
|
310
|
|
|
|
Total segment adjusted operating profit
|
3,256
|
3,070
|
6,326
|
|
|
|
|
2020
|
|
2019 AER
|
|
2019 CER
|
||||||
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Profit
|
liability
|
Margin
|
|
Profit
|
liability
|
Margin
|
|
Profit
|
liability
|
Margin
|
|
|
$m
|
$m
|
bps
|
|
$m
|
$m
|
bps
|
|
$m
|
$m
|
bps
|
|
|
note (1)
|
note (2)
|
|
|
note (1)
|
note (2)
|
|
|
note (1)
|
note (2)
|
|
Spread income
|
296
|
39,895
|
74
|
|
321
|
29,706
|
108
|
|
319
|
30,232
|
106
|
|
Fee income
|
282
|
28,014
|
101
|
|
286
|
27,413
|
104
|
|
283
|
27,155
|
104
|
|
With-profits
|
117
|
73,375
|
16
|
|
107
|
58,032
|
18
|
|
107
|
58,492
|
18
|
|
Insurance margin
|
2,648
|
|
|
|
2,244
|
|
|
|
2,234
|
|
|
|
Margin on revenues
|
2,936
|
|
|
|
3,035
|
|
|
|
3,032
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costsnote
(3)
|
(1,904)
|
3,696
|
(52)%
|
|
(2,156)
|
5,161
|
(42)%
|
|
(2,156)
|
5,168
|
(42)%
|
|
Administration expenses
|
(1,539)
|
67,909
|
(227)
|
|
(1,437)
|
57,119
|
(252)
|
|
(1,430)
|
57,387
|
(249)
|
|
DAC adjustmentsnote
(4)
|
382
|
|
|
|
430
|
|
|
|
426
|
|
|
Expected return on shareholder assets
|
212
|
|
|
|
194
|
|
|
|
193
|
|
|
|
|
|
3,430
|
|
|
|
3,024
|
|
|
|
3,008
|
|
|
Share of related tax charges from joint ventures and
associatesnote
(5)
|
(46)
|
|
|
|
(31)
|
|
|
|
(30)
|
|
|
|
Adjusted operating profit from long-term business
|
3,384
|
|
|
|
2,993
|
|
|
|
2,978
|
|
|
|
Adjusted operating profit from asset management (Eastspring
Investments)
|
283
|
|
|
|
283
|
|
|
|
278
|
|
|
|
Total Asia adjusted operating profit
|
3,667
|
|
|
|
3,276
|
|
|
|
3,256
|
|
|
|
|
2020
|
|
2019
|
||||
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Profit
|
liability
|
Margin
|
|
Profit
|
liability
|
Margin
|
|
|
$m
|
$m
|
bps
|
|
$m
|
$m
|
bps
|
|
|
|
note (1)
|
note (2)
|
|
|
note (1)
|
note (2)
|
Spread income
|
521
|
46,701
|
112
|
|
642
|
57,181
|
112
|
|
Fee income
|
3,386
|
189,849
|
178
|
|
3,292
|
180,940
|
182
|
|
Insurance margin
|
1,298
|
|
|
|
1,317
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
Acquisition costsnote
(3)
|
(991)
|
1,923
|
(52)%
|
|
(1,074)
|
2,223
|
(48)%
|
|
Administration expenses
|
(1,744)
|
244,306
|
(71)
|
|
(1,675)
|
246,220
|
(68)
|
|
DAC adjustments
|
317
|
|
|
|
510
|
|
|
Expected return on shareholder assets
|
-
|
|
|
|
26
|
|
|
|
Adjusted operating profit from long-term
businessnote
(4)
|
2,787
|
|
|
|
3,038
|
|
|
|
Adjusted operating profit from asset management
|
9
|
|
|
|
32
|
|
|
|
Total US adjusted operating profit
|
2,796
|
|
|
|
3,070
|
|
|
|
|
2020 $m
|
|||
|
|
Before acquisition costs
|
Acquisition costs and DAC adjustments
|
After acquisition costs
|
|
|
|
and DAC adjustments
|
Incurred
|
Deferred
|
and DAC adjustments
|
Total adjusted operating profit before acquisition costs and DAC
adjustments
|
3,461
|
–
|
–
|
3,461
|
|
Acquisition costs
|
–
|
(991)
|
740
|
(251)
|
|
DAC adjustments – amortisation of previously deferred
acquisition costs:
|
|
|
|
|
|
|
Normal
|
–
|
–
|
(753)
|
(753)
|
|
Deceleration
|
–
|
–
|
330
|
330
|
Total US adjusted operating profit – long-term
business
|
3,461
|
(991)
|
317
|
2,787
|
|
|
2019 $m
|
|||
|
|
Before acquisition costs
|
Acquisition costs and DAC adjustments
|
After acquisition costs
|
|
|
|
and DAC adjustments
|
Incurred
|
Deferred
|
and DAC adjustments
|
Total adjusted operating profit before acquisition costs and DAC
adjustments
|
3,602
|
–
|
–
|
3,602
|
|
Acquisition costs
|
–
|
(1,074)
|
807
|
(267)
|
|
DAC adjustments – amortisation of previously deferred
acquisition costs:
|
|
|
|
|
|
|
Normal
|
–
|
–
|
(577)
|
(577)
|
|
Deceleration
|
–
|
–
|
280
|
280
|
Total US adjusted operating profit – long-term
business
|
3,602
|
(1,074)
|
510
|
3,038
|
|
2020 $m
|
|
2019 $m
|
|
2020 vs 2019 %
|
||
|
|
|
AER
|
CER
|
|
AER
|
CER
|
China JV
|
251
|
|
219
|
219
|
|
15%
|
15%
|
Hong Kong
|
891
|
|
734
|
742
|
|
21%
|
20%
|
Indonesia
|
519
|
|
540
|
525
|
|
(4)%
|
(1)%
|
Malaysia
|
309
|
|
276
|
272
|
|
12%
|
14%
|
Philippines
|
95
|
|
73
|
76
|
|
30%
|
25%
|
Singapore
|
574
|
|
493
|
487
|
|
16%
|
18%
|
Taiwan
|
85
|
|
74
|
77
|
|
15%
|
10%
|
Thailand
|
210
|
|
170
|
169
|
|
24%
|
24%
|
Vietnam
|
270
|
|
237
|
237
|
|
14%
|
14%
|
Other
|
73
|
|
70
|
68
|
|
4%
|
7%
|
Non-recurrent items*
|
153
|
|
138
|
136
|
|
11%
|
13%
|
Total insurance operations
|
3,430
|
|
3,024
|
3,008
|
|
13%
|
14%
|
Share of related tax charges from joint ventures and
associate
|
(46)
|
|
(31)
|
(30)
|
|
(48)%
|
(53)%
|
Total long-term business
|
3,384
|
|
2,993
|
2,978
|
|
13%
|
14%
|
Asset management (Eastspring Investments)
|
283
|
|
283
|
278
|
|
–
|
2%
|
Total Asia adjusted operating profit
|
3,667
|
|
3,276
|
3,256
|
|
12%
|
13%
|
|
2020 $m
|
2019 $m
|
|
Operating income before performance-related feesnote
(1)
|
646
|
636
|
|
Performance-related fees
|
7
|
12
|
|
Operating income (net of commission)note
(2)
|
653
|
648
|
|
Operating expensenote
(2)
|
(336)
|
(329)
|
|
Group's share of tax on joint ventures' operating
profit
|
(34)
|
(36)
|
|
Adjusted operating profit
|
283
|
283
|
|
|
|
|
|
Average funds managed by Eastspring Investments
|
$227.1bn
|
$214.0bn
|
|
Margin based on operating income*
|
28bps
|
30bps
|
|
Cost/income ratio†
|
52%
|
52%
|
|
|
|
|
|
|
|
Retail
|
Margin*
|
Institutional‡
|
Margin*
|
Total
|
Margin*
|
|
|
$m
|
bps
|
$m
|
bps
|
$m
|
bps
|
|
2020
|
390
|
52
|
256
|
17
|
646
|
28
|
|
2019
|
392
|
52
|
244
|
18
|
636
|
30
|
|
|
31 Dec 2020 $bn
|
31 Dec 2019 $bn
|
External funds under management, excluding funds managed on behalf
of M&G plcnote
(1)
|
|
|
|
|
Retail
|
66.9
|
73.7
|
|
Institutional
|
13.8
|
11.0
|
|
Money market funds (MMF)
|
13.2
|
13.3
|
|
|
93.9
|
98.0
|
Funds managed on behalf of M&G plcnote
(2)
|
15.7
|
26.7
|
|
External funds under management including M&G plc
|
109.6
|
124.7
|
|
Internal funds under management
|
138.2
|
116.4
|
|
Total funds under managementnote
(3)
|
247.8
|
241.1
|
|
|
2020 $m
|
2019 $m
|
At 1 Jan
|
98,005
|
77,762
|
|
Market gross inflows
|
116,743
|
282,699
|
|
Redemptions
|
(126,668)
|
(276,215)
|
|
Market and other movements
|
5,783
|
13,759
|
|
At 31 Dec
|
93,863
|
98,005
|
|
|
2020 $m
|
|
At 1 Jan
|
26,717
|
|
|
Net flows
|
(10,033)
|
|
|
Other
|
(947)
|
|
|
At 31 Dec
|
15,737
|
|
|
31 Dec 2020
|
|
31 Dec 2019
|
||
|
$bn
|
% of total
|
|
$bn
|
% of total
|
Equity
|
103.9
|
42%
|
|
107.0
|
44%
|
Fixed income
|
125.7
|
51%
|
|
116.2
|
48%
|
Alternatives
|
2.7
|
1%
|
|
3.4
|
2%
|
Money Market Funds
|
15.5
|
6%
|
|
14.5
|
6%
|
Total funds under management
|
247.8
|
100%
|
|
241.1
|
100%
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
Core structural borrowings of shareholder-financed
businesses
|
6,633
|
5,594
|
Less holding company cash and short-term investments
|
(1,463)
|
(2,207)
|
Net core structural borrowings of shareholder-financed
businesses
|
5,170
|
3,387
|
Closing shareholders’ equity
|
20,878
|
19,477
|
Closing shareholders’ equity plus net core structural
borrowings
|
26,048
|
22,864
|
IFRS net gearing ratio
|
20%
|
15%
|
|
2020 $m
|
|||
|
Asia
|
US
|
Other
|
Group
|
Adjusted operating profit
|
3,667
|
2,796
|
(956)
|
5,507
|
Tax on adjusted operating profit
|
(495)
|
(313)
|
8
|
(800)
|
Operating profit attributable to non-controlling
interests
|
(11)
|
(138)
|
1
|
(148)
|
Adjusted operating profit, net of tax and non-controlling
interests
|
3,161
|
2,345
|
(947)
|
4,559
|
Average shareholders’ equity
|
12,377
|
8,720
|
(919)
|
20,178
|
Operating return on average shareholders’ equity
(%)
|
26%
|
27%
|
n/a
|
23%
|
|
2019 $m
|
|||||
Continuing operations
|
Asia
|
US
|
Other
|
Group
|
Add back
demerger-
related
items*
|
Adjusted
Group
(excluding
demerger-
related
items)
|
Adjusted operating profit
|
3,276
|
3,070
|
(1,036)
|
5,310
|
179
|
5,489
|
Tax on adjusted operating profit
|
(436)
|
(437)
|
100
|
(773)
|
(34)
|
(807)
|
Operating profit attributable to non-controlling
interests
|
(6)
|
-
|
(3)
|
(9)
|
–
|
(9)
|
Adjusted operating profit, net of tax and non-controlling
interests
|
2,834
|
2,633
|
(939)
|
4,528
|
145
|
4,673
|
Closing shareholders’ equity
|
10,866
|
8,929
|
(318)
|
19,477
|
–
|
19,477
|
Operating return on closing shareholders’ equity
(%)
|
26%
|
29%
|
n/a
|
23%
|
–
|
24%
|
Supplementary information:
|
|
|
|
|
|
|
Average shareholders’ equity
|
9,521
|
8,046
|
|
|
|
|
Operating return on average shareholders’ equity
(%)
|
30%
|
33%
|
|
|
|
|
|
2020 $m
|
|
2019 $m
|
||||
|
Asia
|
US
|
Other
|
Group
|
|
Asia
|
US
|
Balance at 1 Jan
|
10,866
|
8,929
|
(318)
|
19,477
|
|
8,175
|
7,163
|
Balance at 31 Dec
|
13,887
|
8,511
|
(1,520)
|
20,878
|
|
10,866
|
8,929
|
Average shareholders' equity
|
12,377
|
8,720
|
(919)
|
20,178
|
|
9,521
|
8,046
|
|
2020
|
|||
|
Asia
|
US
|
Other
|
Group
total
|
Closing IFRS shareholders’ equity ($ million)
|
13,887
|
8,511
|
(1,520)
|
20,878
|
Shareholders’ equity per share (cents)
|
532¢
|
326¢
|
(58)¢
|
800¢
|
|
|
|
|
|
|
2019
|
|||
|
Asia
|
US
|
Other
|
Group
total
|
Closing IFRS shareholders’ equity ($ million)
|
10,866
|
8,929
|
(318)
|
19,477
|
Shareholders’ equity per share (cents)
|
418¢
|
343¢
|
(12)¢
|
749¢
|
|
Eastspring Investments
|
|
|
2020 $m
|
2019 $m
|
Operating income before
performance-related feesnote
|
646
|
636
|
Share of joint venture revenue
|
(235)
|
(244)
|
Commission
|
194
|
165
|
Performance-related fees
|
7
|
12
|
IFRS revenue
|
612
|
569
|
|
|
|
Operating expense
|
336
|
329
|
Share of joint venture expense
|
(84)
|
(102)
|
Commission
|
194
|
165
|
IFRS charges
|
446
|
392
|
Cost/income ratio: operating expense/operating income before
performance-related fees
|
52%
|
52%
|
|
2020 $m
|
|
2019 $m
|
|
|
|
|
AER
|
CER
|
Asia renewal insurance premium
|
20,123
|
|
19,007
|
19,011
|
Add: General insurance premium
|
130
|
|
135
|
136
|
Add: IFRS gross earned premium from new regular and single premium
business
|
5,045
|
|
6,386
|
6,404
|
Less: Renewal premiums from joint ventures
|
(1,957)
|
|
(1,771)
|
(1,733)
|
Asia segment IFRS gross premiums earned
|
23,341
|
|
23,757
|
23,818
|
|
|
|
|
|
Asia renewal insurance premium (as above)
|
20,123
|
|
19,007
|
19,011
|
Asia APE
|
3,696
|
|
5,161
|
5,168
|
Asia life weighted premium income
|
23,819
|
|
24,168
|
24,179
|
|
2020 $m
|
|
2019 $m
|
||||
|
Asia
|
US
|
Total
segment
|
|
Asia
|
US
|
Total
segment
|
|
|
|
note (a)
|
|
|
|
note (a)
|
Gross premiums earned
|
23,341
|
19,026
|
42,367
|
|
23,757
|
21,209
|
44,966
|
Less: premiums from in-force renewal businessnote
(b)
|
(18,166)
|
(845)
|
(19,011)
|
|
(17,236)
|
(956)
|
(18,192)
|
Adjustment to include 10% of single premiumsnote
(c)
|
(2,131)
|
(17,306)
|
(19,437)
|
|
(2,606)
|
(20,008)
|
(22,614)
|
Add: deposit accounting for investment contractsnote
(d)
|
–
|
1,284
|
1,284
|
|
255
|
2,522
|
2,777
|
Inclusion of APE Sales from joint ventures and associates on equity
accounting methodnote
(e)
|
820
|
–
|
820
|
|
899
|
–
|
899
|
Other adjustmentsnote
(f)
|
(168)
|
(236)
|
(404)
|
|
92
|
(544)
|
(452)
|
Annual premium equivalents (APE)
|
3,696
|
1,923
|
5,619
|
|
5,161
|
2,223
|
7,384
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
EEV shareholders’ equity
|
54,007
|
54,711
|
Less: Value of in-force business of long-term
businessnote
(a)
|
(41,007)
|
(41,893)
|
Deferred acquisition costs assigned zero value for EEV
purposes
|
16,216
|
14,239
|
Othernote
(b)
|
(8,338)
|
(7,580)
|
IFRS shareholders’ equity
|
20,878
|
19,477
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By:
/s/ Mark FitzPatrick
|
|
|
|
Mark
FitzPatrick
|
|
Group
Chief Financial Officer and Chief Operating Officer
|