|
2020 ($m)
|
|
Change compared to prior year
% (CER)
|
|
Change compared to prior year
% (AER)
|
|
||||||
|
Group excluding US
|
US
|
Group total
|
|
Group excluding US
|
US
|
Group total
|
|
Group excluding US
|
US
|
Group total
|
|
|
note (iii)
|
note (iii)
|
note (iii)
|
|
|
|
|
|
|
|
|
|
New business profit
|
2,201
|
601
|
2,802
|
|
(38)%
|
(32)%
|
(37)%
|
|
(38)%
|
(32)%
|
(36)%
|
|
Annual premium equivalent (APE)
|
3,696
|
1,923
|
5,619
|
|
(28)%
|
(13)%
|
(24)%
|
|
(28)%
|
(13)%
|
(24)%
|
|
Present value of new business premiums (PVNBP)
|
21,587
|
19,229
|
40,816
|
|
(26)%
|
(14)%
|
(21)%
|
|
(26)%
|
(14)%
|
(21)%
|
|
New business margin (APE) (%)
|
60%
|
31%
|
50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EEV operating profitnote
(i)
|
3,376
|
1,844
|
5,220
|
|
(34)%
|
4%
|
(24)%
|
|
(34)%
|
4%
|
(24)%
|
|
EEV operating profit, net of non-controlling
interestsnote
(i)
|
3,366
|
1,721
|
5,087
|
|
(34)%
|
(3)%
|
(26)%
|
|
(34)%
|
(3)%
|
(26)%
|
|
Operating return on average EEV shareholders' equity, net of
non-controlling interests (%)
|
8%
|
12%
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating free surplus generatednote
(ii)
|
1,895
|
1,109
|
3,004
|
|
8%
|
(1)%
|
4%
|
|
7%
|
(1)%
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing EEV shareholders' equity, net of non-controlling
interests
|
41,926
|
12,081
|
54,007
|
|
|
|
|
|
9%
|
(26)%
|
(1)%
|
|
Closing EEV shareholders' equity, net of non-controlling interests
per share (in cents)
|
1,607¢
|
463¢
|
2,070¢
|
|
|
|
|
|
9%
|
(26)%
|
(2)%
|
|
|
|
2020 $m
|
|
2019 $m
|
|||
|
Note
|
Asia
|
US
|
Other
|
Group
total
|
|
Group
total
|
|
|
|
|
note 5
|
|
|
|
Continuing operations:
|
|
|
|
|
|
|
|
New business profit
|
1
|
2,201
|
601
|
|
2,802
|
|
4,405
|
Profit from in-force long-term business
|
2
|
1,933
|
1,273
|
|
3,206
|
|
3,240
|
Long-term business
|
|
4,134
|
1,874
|
|
6,008
|
|
7,645
|
Asset management
|
|
253
|
6
|
|
259
|
|
275
|
Operating profit from long-term and asset management
businesses
|
|
4,387
|
1,880
|
|
6,267
|
|
7,920
|
Other income and expenditure
|
|
-
|
-
|
(858)
|
(858)
|
|
(923)
|
Operating profit (loss) before restructuring and IFRS 17
implementation costs
|
|
4,387
|
1,880
|
(858)
|
5,409
|
|
6,997
|
Restructuring and IFRS 17 implementation costs
|
|
(88)
|
(36)
|
(65)
|
(189)
|
|
(92)
|
Operating profit (loss) for the year
|
|
4,299
|
1,844
|
(923)
|
5,220
|
|
6,905
|
Short-term fluctuations in investment returns
|
2
|
1,909
|
(230)
|
28
|
1,707
|
|
3,254
|
Effect of changes in economic assumptions
|
2
|
(996)
|
(5,054)
|
-
|
(6,050)
|
|
(1,868)
|
Impact of 2019 NAIC reform and related changes in the
USnote
(i)
|
|
-
|
-
|
-
|
-
|
|
(3,457)
|
Loss attaching to corporate transactions
|
2
|
(91)
|
(471)
|
(30)
|
(592)
|
|
(207)
|
Mark-to-market value movements on core structural
borrowings
|
6
|
-
|
(5)
|
(247)
|
(252)
|
|
(466)
|
Non-operating profit (loss)
|
|
822
|
(5,760)
|
(249)
|
(5,187)
|
|
(2,744)
|
Profit (loss) for the year from continuing operations
|
|
5,121
|
(3,916)
|
(1,172)
|
33
|
|
4,161
|
Loss for the year from discontinued operationsnote
(ii)
|
|
-
|
-
|
-
|
-
|
|
(4,797)
|
Profit (loss) for the year
|
|
5,121
|
(3,916)
|
(1,172)
|
33
|
|
(636)
|
Non-controlling interests share of profit
|
|
(11)
|
130
|
1
|
120
|
|
(9)
|
Profit (loss) for the year attributable to equity holders of the
Company
|
|
5,110
|
(3,786)
|
(1,171)
|
153
|
|
(645)
|
Foreign exchange movements on operations
|
|
561
|
-
|
2
|
563
|
|
666
|
Intra-group dividends and investment in
operationsnote
(iii)
|
|
(741)
|
-
|
741
|
-
|
|
-
|
External dividends
|
|
-
|
-
|
(814)
|
(814)
|
|
(1,634)
|
Mark-to-market value movements on US assets backing net
worth
|
|
-
|
552
|
-
|
552
|
|
206
|
Other movements
|
|
76
|
111
|
(207)
|
(20)
|
|
95
|
Athene equity investmentnote
(iv)
|
|
-
|
(1,112)
|
-
|
(1,112)
|
|
-
|
Non-controlling interests share of other equity items
|
|
-
|
(26)
|
-
|
(26)
|
|
-
|
Demerger dividend in specie of M&G plcnote
(ii)
|
|
-
|
-
|
-
|
-
|
|
(7,379)
|
Net increase (decrease) in shareholders' equity
|
|
5,006
|
(4,261)
|
(1,449)
|
(704)
|
|
(8,691)
|
Shareholders' equity at beginning of year
|
|
39,235
|
16,342
|
(866)
|
54,711
|
|
63,402
|
Shareholders' equity at end of year
|
|
44,241
|
12,081
|
(2,315)
|
54,007
|
|
54,711
|
|
|
|
|
|
|
|
|
Contribution to Group EEV:
|
|
|
|
|
|
|
|
At
end of year:
|
|
|
|
|
|
|
|
Long-term business
|
2
|
42,808
|
12,076
|
-
|
54,884
|
|
54,179
|
Asset management and other
|
5
|
635
|
5
|
(2,338)
|
(1,698)
|
|
(290)
|
Goodwill attributable to equity holders
|
|
798
|
-
|
23
|
821
|
|
822
|
EEV shareholders' equity ($ million)
|
|
44,241
|
12,081
|
(2,315)
|
54,007
|
|
54,711
|
EEV shareholders' equity per share (in cents)note
(v)
|
|
1,696¢
|
463¢
|
(89)¢
|
2,070¢
|
|
2,103¢
|
|
|
|
|
|
|
|
|
At
beginning of year:
|
|
|
|
|
|
|
|
Long-term business
|
2
|
37,843
|
16,336
|
-
|
54,179
|
|
64,174
|
Asset management and other
|
5
|
596
|
6
|
(892)
|
(290)
|
|
(2,874)
|
Goodwill attributable to equity holders
|
|
796
|
-
|
26
|
822
|
|
2,102
|
EEV shareholders' equity ($ million)
|
|
39,235
|
16,342
|
(866)
|
54,711
|
|
63,402
|
EEV shareholders' equity per share (in cents)note
(v)
|
|
1,508¢
|
628¢
|
(33)¢
|
2,103¢
|
|
2,445¢
|
|
|
|
|
|
|
|
|
EEV basis basic earnings per sharenote
(v)
|
|
2020
|
|
2019
|
|||
|
|
Net of tax
|
Non-
controlling
interests
|
Net of tax
and non-
controlling
interests
|
Basic
earnings
per share
|
|
Basic
earnings
per share
|
|
|
$m
|
$m
|
$m
|
cents
|
|
cents
|
Based on operating profit from continuing operations after
non-controlling interests
|
5,220
|
(133)
|
5,087
|
195.9¢
|
|
266.6¢
|
|
Based on profit for the year attributable to equity holders of the
Company:
|
|
|
|
|
|
|
|
From continuing operations
|
|
33
|
120
|
153
|
5.9¢
|
|
160.5¢
|
From discontinued operations
|
|
|
|
|
-
|
|
(185.4)¢
|
|
|
|
|
|
5.9¢
|
|
(24.9)¢
|
|
|
2020 $m
|
|
2019 $m
|
|||||
|
Asia
|
US
|
Total
insurance
and asset
management
|
Other
|
|
Group
total
|
|
Group
total
|
|
|
|
|
|
|
note 5
|
|
|
|
|
Expected transfer from in-force business
|
1,878
|
1,114
|
2,992
|
|
|
2,992
|
|
3,081
|
|
Expected return on existing free surplus
|
101
|
25
|
126
|
|
|
126
|
|
141
|
|
Changes in operating assumptions and experience
variances
|
222
|
156
|
378
|
|
|
378
|
|
558
|
|
Operating free surplus generated from in-force long-term
businessnote
(i)
|
2,201
|
1,295
|
3,496
|
|
|
3,496
|
|
3,780
|
|
Investment in new businessnote
(ii)
|
(559)
|
(192)
|
(751)
|
|
|
(751)
|
|
(1,158)
|
|
Long-term business
|
1,642
|
1,103
|
2,745
|
|
|
2,745
|
|
2,622
|
|
Asset management
|
253
|
6
|
259
|
|
|
259
|
|
275
|
|
Operating free surplus generated from long-term and asset
management businesses
|
1,895
|
1,109
|
3,004
|
|
|
3,004
|
|
2,897
|
|
Other income and expenditure
|
-
|
-
|
-
|
(858)
|
|
(858)
|
|
(923)
|
|
Operating free surplus generated before restructuring and IFRS 17
implementation costs
|
1,895
|
1,109
|
3,004
|
(858)
|
|
2,146
|
|
1,974
|
|
Restructuring and IFRS 17 implementation costs
|
(82)
|
(36)
|
(118)
|
(65)
|
|
(183)
|
|
(92)
|
|
Operating free surplus generated
|
1,813
|
1,073
|
2,886
|
(923)
|
|
1,963
|
|
1,882
|
|
Non-operating free surplus generatednote
(iii)
|
444
|
(2,046)
|
(1,602)
|
(128)
|
|
(1,730)
|
|
(1,016)
|
|
Free surplus generated from continuing operations
|
2,257
|
(973)
|
1,284
|
(1,051)
|
|
233
|
|
866
|
|
Free surplus generated from discontinued operations
|
-
|
-
|
-
|
-
|
|
-
|
|
2,512
|
|
Free surplus generated
|
2,257
|
(973)
|
1,284
|
(1,051)
|
|
233
|
|
3,378
|
|
Non-controlling interests share of profit
|
(11)
|
245
|
234
|
1
|
|
235
|
|
(9)
|
|
Free surplus generated attributable to equity holders of the
Company
|
2,246
|
(728)
|
1,518
|
(1,050)
|
|
468
|
|
3,369
|
|
Net cash flows paid to parent companynote
(iv)
|
(716)
|
-
|
(716)
|
716
|
|
-
|
|
-
|
|
External dividends
|
-
|
-
|
-
|
(814)
|
|
(814)
|
|
(1,634)
|
|
Demerger dividend in specie of M&G plc
|
-
|
-
|
-
|
-
|
|
-
|
|
(7,379)
|
|
Foreign exchange movements on operations
|
131
|
-
|
131
|
5
|
|
136
|
|
267
|
|
Mark-to-market value movements on US assets backing net
worth
|
-
|
552
|
552
|
-
|
|
552
|
|
206
|
|
Other movements and timing differences
|
49
|
111
|
160
|
(182)
|
|
(22)
|
|
(252)
|
|
Athene equity investment
|
-
|
63
|
63
|
-
|
|
63
|
|
-
|
|
Non-controlling interests share of other equity items
|
-
|
(26)
|
(26)
|
-
|
|
(26)
|
|
-
|
|
Net movement in free surplus
|
1,710
|
(28)
|
1,682
|
(1,325)
|
|
357
|
|
(5,423)
|
|
Balance at beginning of year
|
4,220
|
1,777
|
5,997
|
3,739
|
|
9,736
|
|
15,159
|
|
Balance at end of year
|
5,930
|
1,749
|
7,679
|
2,414
|
|
10,093
|
|
9,736
|
|
Representing:
|
|
|
|
|
|
|
|
|
|
Free surplus excluding distribution rights and other
intangibles
|
5,023
|
1,731
|
6,754
|
(686)
|
|
6,068
|
|
6,604
|
|
Distribution rights and other intangibles
|
907
|
18
|
925
|
3,100
|
|
4,025
|
|
3,132
|
|
|
5,930
|
1,749
|
7,679
|
2,414
|
|
10,093
|
|
9,736
|
|
Contribution to Group free surplus:
|
|
|
|
|
|
|
|
|
|
At
end of year:
|
|
|
|
|
|
|
|
|
|
Long-term businessnote
2
|
5,295
|
1,744
|
7,039
|
-
|
|
7,039
|
|
5,395
|
|
Asset management and other
|
635
|
5
|
640
|
2,414
|
|
3,054
|
|
4,341
|
|
Free surplus
|
5,930
|
1,749
|
7,679
|
2,414
|
|
10,093
|
|
9,736
|
|
|
|
|
|
|
|
|
|
|
|
At
beginning of year:
|
|
|
|
|
|
|
|
|
|
Long-term businessnote
2
|
3,624
|
1,771
|
5,395
|
-
|
|
5,395
|
|
9,587
|
|
Asset management and other
|
596
|
6
|
602
|
3,739
|
|
4,341
|
|
5,572
|
|
Free surplus
|
4,220
|
1,777
|
5,997
|
3,739
|
|
9,736
|
|
15,159
|
|
2020 $m
|
|||||
|
New
business
profit (NBP)
|
Annual
premium
equivalent (APE)
|
Present
value of new
business
premiums
(PVNBP)
|
New business
margin (APE)
|
New business
margin (PVNBP)
|
Closing EEV
shareholders'
equity
|
|
note (i)
|
|
|
|
|
note (ii)
|
Hong Kong
|
787
|
758
|
5,095
|
104%
|
15%
|
20,156
|
China JV
|
269
|
582
|
2,705
|
46%
|
10%
|
2,798
|
Indonesia
|
155
|
267
|
1,154
|
58%
|
13%
|
2,630
|
Malaysia
|
209
|
346
|
2,023
|
60%
|
10%
|
4,142
|
Singapore
|
341
|
610
|
5,354
|
56%
|
6%
|
8,160
|
Other
|
440
|
1,133
|
5,256
|
39%
|
8%
|
4,922
|
Total Asia insurance
|
2,201
|
3,696
|
21,587
|
60%
|
10%
|
42,808
|
US insurance
|
601
|
1,923
|
19,229
|
31%
|
3%
|
12,076
|
Total long-term business
|
2,802
|
5,619
|
40,816
|
50%
|
7%
|
54,884
|
|
|
|
|
|
|
|
|
2019 (AER) $m
|
|||||
|
New
business
profit (NBP)
|
Annual
premium
equivalent (APE)
|
Present
value of new
business
premiums
(PVNBP)
|
New business
margin (APE)
|
New business
margin (PVNBP)
|
Closing EEV
shareholders'
equity
|
|
note (i)
|
|
|
|
|
note (ii)
|
Hong Kong
|
2,042
|
2,016
|
12,815
|
101%
|
16%
|
18,255
|
China JV
|
262
|
590
|
2,586
|
44%
|
10%
|
2,180
|
Indonesia
|
227
|
390
|
1,668
|
58%
|
14%
|
2,737
|
Malaysia
|
210
|
355
|
2,090
|
59%
|
10%
|
3,535
|
Singapore
|
387
|
660
|
4,711
|
59%
|
8%
|
7,337
|
Other
|
394
|
1,150
|
5,374
|
34%
|
7%
|
3,799
|
Total Asia insurance
|
3,522
|
5,161
|
29,244
|
68%
|
12%
|
37,843
|
US insurance
|
883
|
2,223
|
22,231
|
40%
|
4%
|
16,336
|
Total long-term business
|
4,405
|
7,384
|
51,475
|
60%
|
9%
|
54,179
|
|
|
|
|
|
|
|
|
2019 (CER) $m
|
|||||
|
New
business
profit (NBP)
|
Annual
premium
equivalent (APE)
|
Present
value of new
business
premiums
(PVNBP)
|
New business
margin (APE)
|
New business
margin (PVNBP)
|
Closing EEV
shareholders'
equity
|
|
note (i)
|
|
|
|
|
note (ii)
|
Hong Kong
|
2,063
|
2,037
|
12,946
|
101%
|
16%
|
18,344
|
China JV
|
262
|
590
|
2,588
|
44%
|
10%
|
2,322
|
Indonesia
|
220
|
379
|
1,622
|
58%
|
14%
|
2,704
|
Malaysia
|
207
|
349
|
2,061
|
59%
|
10%
|
3,594
|
Singapore
|
383
|
653
|
4,659
|
59%
|
8%
|
7,464
|
Other
|
398
|
1,160
|
5,402
|
34%
|
7%
|
3,829
|
Total Asia insurance
|
3,533
|
5,168
|
29,278
|
68%
|
12%
|
38,257
|
US insurance
|
883
|
2,223
|
22,231
|
40%
|
4%
|
16,336
|
Total long-term business
|
4,416
|
7,391
|
51,509
|
60%
|
9%
|
54,593
|
|
|
Asia $m
|
US $m
|
Group $m
|
|
2019 new business profit
|
3,522
|
883
|
4,405
|
|
Foreign exchange movement
|
11
|
-
|
11
|
|
Effect of changes in interest rates and other economic
assumptions
|
2
|
(283)
|
(281)
|
|
Sales volume
|
(986)
|
(73)
|
(1,059)
|
|
Business mix, product mix and other items
|
(348)
|
74
|
(274)
|
|
2020 new business profit
|
2,201
|
601
|
2,802
|
|
|
2020 $m
|
|
2019 $m
|
||||
|
|
Free
surplus
|
Required
capital
|
Net
worth
|
Value of
in-force business
|
Embedded
value
|
|
Embedded
value
|
Total long-term business
|
|
|
|
|
|
|
|
|
Balance at beginning of year from continuing
operations
|
5,395
|
6,891
|
12,286
|
41,893
|
54,179
|
|
49,643
|
|
New business contributionnote
1
|
(751)
|
563
|
(188)
|
2,990
|
2,802
|
|
4,405
|
|
Existing business - transfer to net worth
|
2,992
|
(716)
|
2,276
|
(2,276)
|
-
|
|
-
|
|
Expected return on existing businessnote
(ii)
|
126
|
186
|
312
|
1,646
|
1,958
|
|
2,270
|
|
Changes in operating assumptions and experience
variancesnote
(iii)
|
378
|
3
|
381
|
867
|
1,248
|
|
970
|
|
Operating profit before restructuring and IFRS 17 implementation
costs
|
2,745
|
36
|
2,781
|
3,227
|
6,008
|
|
7,645
|
|
Restructuring and IFRS 17 implementation costs
|
(92)
|
-
|
(92)
|
(6)
|
(98)
|
|
(5)
|
|
Operating profit
|
2,653
|
36
|
2,689
|
3,221
|
5,910
|
|
7,640
|
|
Non-operating (loss) profitnote
(iv)
|
(1,602)
|
320
|
(1,282)
|
(3,656)
|
(4,938)
|
|
(1,840)
|
|
Profit (loss) for the year
|
1,051
|
356
|
1,407
|
(435)
|
972
|
|
5,800
|
|
Non-controlling interests share of profit
|
245
|
124
|
369
|
(239)
|
130
|
|
(1)
|
|
Profit (loss) for the year attributable to equity holders of the
Company
|
1,296
|
480
|
1,776
|
(674)
|
1,102
|
|
5,799
|
|
Foreign exchange movements
|
116
|
15
|
131
|
415
|
546
|
|
369
|
|
Intra-group dividends and investment in operations
|
(582)
|
-
|
(582)
|
-
|
(582)
|
|
(1,633)
|
|
Mark-to-market value movements on US assets backing net
worth
|
552
|
-
|
552
|
-
|
552
|
|
206
|
|
Other movementsnote
(v)
|
225
|
-
|
225
|
-
|
225
|
|
(205)
|
|
Athene equity investment
|
63
|
(548)
|
(485)
|
(627)
|
(1,112)
|
|
-
|
|
Non-controlling interests share of other equity items
|
(26)
|
-
|
(26)
|
-
|
(26)
|
|
-
|
|
Balance at end of yearnote
(i)
|
7,039
|
6,838
|
13,877
|
41,007
|
54,884
|
|
54,179
|
|
|
|
|
|
|
|
|
|
|
Asia long-term business
|
|
|
|
|
|
|
|
|
Balance at beginning of year
|
3,624
|
3,182
|
6,806
|
31,037
|
37,843
|
|
30,985
|
|
New business contributionnote
1
|
(559)
|
181
|
(378)
|
2,579
|
2,201
|
|
3,522
|
|
Existing business - transfer to net worth
|
1,878
|
(107)
|
1,771
|
(1,771)
|
-
|
|
-
|
|
Expected return on existing businessnote
(ii)
|
101
|
62
|
163
|
1,238
|
1,401
|
|
1,542
|
|
Changes in operating assumptions and experience
variancesnote
(iii)
|
222
|
(38)
|
184
|
348
|
532
|
|
824
|
|
Operating profit before restructuring and IFRS 17 implementation
costs
|
1,642
|
98
|
1,740
|
2,394
|
4,134
|
|
5,888
|
|
Restructuring and IFRS 17 implementation costs
|
(63)
|
-
|
(63)
|
(6)
|
(69)
|
|
-
|
|
Operating profit
|
1,579
|
98
|
1,677
|
2,388
|
4,065
|
|
5,888
|
|
Non-operating profitnote
(iv)
|
444
|
150
|
594
|
228
|
822
|
|
1,962
|
|
Profit for the year
|
2,023
|
248
|
2,271
|
2,616
|
4,887
|
|
7,850
|
|
Non-controlling interests share of profit
|
-
|
-
|
-
|
-
|
-
|
|
(1)
|
|
Profit for the year attributable to equity holders of the
Company
|
2,023
|
248
|
2,271
|
2,616
|
4,887
|
|
7,849
|
|
Foreign exchange movements
|
116
|
15
|
131
|
415
|
546
|
|
369
|
|
Intra-group dividends and investment in operations
|
(582)
|
-
|
(582)
|
-
|
(582)
|
|
(1,108)
|
|
Other movementsnote
(v)
|
114
|
-
|
114
|
-
|
114
|
|
(252)
|
|
Balance at end of yearnote
(i)
|
5,295
|
3,445
|
8,740
|
34,068
|
42,808
|
|
37,843
|
|
|
|
|
|
|
|
|
|
|
US long-term business
|
|
|
|
|
|
|
|
|
Balance at beginning of year
|
1,771
|
3,709
|
5,480
|
10,856
|
16,336
|
|
18,658
|
|
New business contributionnote
1
|
(192)
|
382
|
190
|
411
|
601
|
|
883
|
|
Existing business - transfer to net worth
|
1,114
|
(609)
|
505
|
(505)
|
-
|
|
-
|
|
Expected return on existing businessnote
(ii)
|
25
|
124
|
149
|
408
|
557
|
|
728
|
|
Changes in operating assumptions and experience
variancesnote
(iii)
|
156
|
41
|
197
|
519
|
716
|
|
146
|
|
Operating profit before restructuring and IFRS 17 implementation
costs
|
1,103
|
(62)
|
1,041
|
833
|
1,874
|
|
1,757
|
|
Restructuring and IFRS 17 implementation costs
|
(29)
|
-
|
(29)
|
-
|
(29)
|
|
(5)
|
|
Operating profit
|
1,074
|
(62)
|
1,012
|
833
|
1,845
|
|
1,752
|
|
Non-operating (loss) profitnote
(iv)
|
(2,046)
|
170
|
(1,876)
|
(3,884)
|
(5,760)
|
|
(3,802)
|
|
(Loss) profit for the year
|
(972)
|
108
|
(864)
|
(3,051)
|
(3,915)
|
|
(2,050)
|
|
Non-controlling interests share of profit
|
245
|
124
|
369
|
(239)
|
130
|
|
-
|
|
(Loss) profit for the year attributable to equity holders of the
Company
|
(727)
|
232
|
(495)
|
(3,290)
|
(3,785)
|
|
(2,050)
|
|
Intra-group dividends and investment in operations
|
-
|
-
|
-
|
-
|
-
|
|
(525)
|
|
Mark-to-market value movements on US assets backing net
worth
|
552
|
-
|
552
|
-
|
552
|
|
206
|
|
Other movementsnote
(v)
|
111
|
-
|
111
|
-
|
111
|
|
47
|
|
Athene equity investment
|
63
|
(548)
|
(485)
|
(627)
|
(1,112)
|
|
-
|
|
Non-controlling interests share of other equity items
|
(26)
|
-
|
(26)
|
-
|
(26)
|
|
-
|
|
Balance at end of yearnote
(i)
|
1,744
|
3,393
|
5,137
|
6,939
|
12,076
|
|
16,336
|
|
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
|||||
|
|
|
Asia
|
US
|
Group total
|
|
Asia
|
US
|
Group total
|
|
Value of in-force business before deduction of cost of
capital and time value of options and
guarantees
|
36,729
|
7,416
|
44,145
|
|
32,396
|
11,417
|
43,813
|
|
|
Cost of capital
|
(749)
|
(457)
|
(1,206)
|
|
(866)
|
(370)
|
(1,236)
|
|
|
Time value of options and guarantees*
|
(1,912)
|
(20)
|
(1,932)
|
|
(493)
|
(191)
|
(684)
|
|
|
Net value of in-force business
|
34,068
|
6,939
|
41,007
|
|
31,037
|
10,856
|
41,893
|
|
|
Free surplus
|
5,295
|
1,744
|
7,039
|
|
3,624
|
1,771
|
5,395
|
|
|
Required capital
|
3,445
|
3,393
|
6,838
|
|
3,182
|
3,709
|
6,891
|
|
|
Net worth
|
8,740
|
5,137
|
13,877
|
|
6,806
|
5,480
|
12,286
|
|
|
Embedded value
|
42,808
|
12,076
|
54,884
|
|
37,843
|
16,336
|
54,179
|
|
|
|
Asia $m
|
US $m
|
Group total $m
|
|
2019 expected return on existing business
|
1,542
|
728
|
2,270
|
|
|
Foreign exchange movement
|
(8)
|
-
|
(8)
|
|
|
Effect of changes in interest rates and other economic
assumptions
|
(312)
|
(114)
|
(426)
|
|
|
Growth in opening value of in-force business and other
items
|
179
|
(57)
|
122
|
|
|
2020 expected return on existing business
|
1,401
|
557
|
1,958
|
|
|
31 Dec 2020 $m
|
|
31 Dec 2019 $m
|
||||
|
|
Asia
|
US
|
Group total
|
|
Asia
|
US
|
Group total
|
|
Short-term fluctuations in investment returnsnote
(a)
|
1,909
|
(230)
|
1,679
|
|
2,451
|
876
|
3,327
|
|
Effect of changes in economic assumptionsnote
(b)
|
(996)
|
(5,054)
|
(6,050)
|
|
(667)
|
(1,201)
|
(1,868)
|
|
Impact of 2019 NAIC reform and related changes in the
US
|
-
|
-
|
-
|
|
-
|
(3,457)
|
(3,457)
|
|
Mark-to-market value movements on core structural
borrowingsnote
6(iii)
|
-
|
(5)
|
(5)
|
|
-
|
(18)
|
(18)
|
|
Loss (gain) attaching to corporate transactionsnote
(c)
|
(91)
|
(471)
|
(562)
|
|
178
|
(2)
|
176
|
|
Non-operating profit (loss)
|
822
|
(5,760)
|
(4,938)
|
|
1,962
|
(3,802)
|
(1,840)
|
|
|
2020 $m
|
2019 $m
|
|
Loss on reinsurance of Jackson's in-force fixed and fixed indexed
annuity portfolio*
|
(457)
|
-
|
|
Gain on disposals†
|
-
|
178
|
|
Other transactions‡
|
(105)
|
(2)
|
|
Total
|
(562)
|
176
|
New business profit from long-term business
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
2020 $m
|
|
2019 $m
|
||||
|
Asia
|
US
|
Group
total
|
|
Asia
|
US
|
Group
total
|
New business profit
|
2,201
|
601
|
2,802
|
|
3,522
|
883
|
4,405
|
Interest rates and consequential effects - 2% increase
|
107
|
669
|
776
|
|
n/a
|
n/a
|
n/a
|
Interest rates and consequential effects - 1% increase
|
78
|
375
|
453
|
|
(46)
|
207
|
161
|
Interest rates and consequential effects - 0.5%
decrease
|
(98)
|
(149)
|
(247)
|
|
(121)
|
(123)
|
(244)
|
Equity/property yields - 1% rise
|
140
|
88
|
228
|
|
210
|
70
|
280
|
Risk discount rates - 2% increase
|
(626)
|
112
|
(514)
|
|
n/a
|
n/a
|
n/a
|
Risk discount rates - 1% increase
|
(372)
|
33
|
(339)
|
|
(715)
|
(22)
|
(737)
|
Embedded value of long-term business
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
31 Dec 2020 $m
|
|
31 Dec 2019 $m
|
||||
|
Asia
|
US
|
Group
total
|
|
Asia
|
US
|
Group
total
|
Embedded value
|
42,808
|
12,076
|
54,884
|
|
37,843
|
16,336
|
54,179
|
Interest rates and consequential effects - 2% increase
|
(3,589)
|
2,275
|
(1,314)
|
|
n/a
|
n/a
|
n/a
|
Interest rates and consequential effects - 1% increase
|
(1,429)
|
1,667
|
238
|
|
(1,408)
|
798
|
(610)
|
Interest rates and consequential effects - 0.5%
decrease
|
177
|
(162)
|
15
|
|
(28)
|
(686)
|
(714)
|
Equity/property yields - 1% rise
|
1,949
|
506
|
2,455
|
|
1,758
|
556
|
2,314
|
Equity/property market values - 10% fall
|
n/a
|
n/a
|
n/a
|
|
(810)
|
(1,205)
|
(2,015)
|
Equity/property market values - 20% fall
|
(1,912)
|
(2,173)
|
(4,085)
|
|
n/a
|
n/a
|
n/a
|
Risk discount rates - 2% increase
|
(9,225)
|
(568)
|
(9,793)
|
|
n/a
|
n/a
|
n/a
|
Risk discount rates - 1% increase
|
(5,286)
|
(286)
|
(5,572)
|
|
(5,263)
|
(509)
|
(5,772)
|
Group minimum capital requirements
|
150
|
275
|
425
|
|
175
|
221
|
396
|
New business profit from long-term business
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
2020 $m
|
|
2019 $m
|
||||
|
|
Asia
|
US
|
Group total
|
|
Asia
|
US
|
Group total
|
New business profit
|
2,201
|
601
|
2,802
|
|
3,522
|
883
|
4,405
|
|
Maintenance expenses - 10% decrease
|
47
|
18
|
65
|
|
67
|
15
|
82
|
|
Lapse rates - 10% decrease
|
156
|
(4)
|
152
|
|
211
|
24
|
235
|
|
Mortality and morbidity - 5% decrease
|
106
|
(12)
|
94
|
|
116
|
(2)
|
114
|
Embedded value of long-term business
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
31 Dec 2020 $m
|
|
31 Dec 2019 $m
|
||||
|
|
Asia
|
US
|
Group total
|
|
Asia
|
US
|
Group total
|
Embedded value
|
42,808
|
12,076
|
54,884
|
|
37,843
|
16,336
|
54,179
|
|
Maintenance expenses - 10% decrease
|
476
|
193
|
669
|
|
411
|
200
|
611
|
|
Lapse rates - 10% decrease
|
1,774
|
251
|
2,025
|
|
1,459
|
624
|
2,083
|
|
Mortality and morbidity - 5% decrease
|
1,689
|
(20)
|
1,669
|
|
1,323
|
94
|
1,417
|
|
Total
expected
|
Expected period of conversion of future post-tax distributable
earnings
and required capital flows to free surplus at 31 Dec
|
|||||
|
emergence
|
1-5 years
|
6-10 years
|
11-15 years
|
16-20 years
|
21-40 years
|
40+ years
|
2020 ($m)
|
38,594
|
9,112
|
6,932
|
5,511
|
4,234
|
9,193
|
3,612
|
(%)
|
100%
|
24%
|
18%
|
14%
|
11%
|
24%
|
9%
|
|
|
|
|
|
|
|
|
2019 ($m)
|
34,295
|
8,561
|
6,335
|
4,394
|
3,398
|
7,715
|
3,892
|
(%)
|
100%
|
25%
|
18%
|
13%
|
10%
|
23%
|
11%
|
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
Required capitalnote
2
|
3,445
|
3,182
|
Value of in-force business (VIF)note
2
|
34,068
|
31,037
|
Other items*
|
1,081
|
76
|
Asia long-term business operations
|
38,594
|
34,295
|
|
2020 $m
|
2019 $m
|
IFRS basis other income and expenditure*
|
(748)
|
(926)
|
Tax effects on IFRS basis results
|
(17)
|
82
|
Less: unwind of expected profit on internal management of the
assets of the Asia long-term business
|
(68)
|
(56)
|
Less: unwind of expected profit on internal management of the
assets of the US long-term business
|
(25)
|
(23)
|
EEV basis other income and expenditure
|
(858)
|
(923)
|
Other operations:
|
31 Dec 2020 $m
|
31 Dec 2019 $m
|
IFRS basis shareholders' equity*
|
(1,520)
|
(318)
|
Mark-to-market value adjustment on central
borrowingsnote
6
|
(795)
|
(548)
|
EEV basis shareholders' equity
|
(2,315)
|
(866)
|
Record applicable subordinated debt as available
capitalnote
6
|
4,752
|
4,631
|
Less: goodwill attributable to equity holders
|
(23)
|
(26)
|
Free surplus
|
2,414
|
3,739
|
|
|
|
31 Dec 2020 $m
|
|
|
31 Dec 2019 $m
|
||
|
|
IFRS
basis
|
Mark-to
-market
value
adjustment
|
EEV
basis at
market
value
|
|
IFRS
basis
|
Mark-to
-market
value
adjustment
|
EEV
basis at
market
value
|
|
|
note (ii)
|
note (iii)
|
|
|
note (ii)
|
note (iii)
|
|
Holding company cash and short-term investmentsnote
(i)
|
(1,463)
|
-
|
(1,463)
|
|
(2,207)
|
-
|
(2,207)
|
|
Central borrowings:
|
|
|
|
|
|
|
|
|
|
Subordinated debt
|
4,332
|
420
|
4,752
|
|
4,304
|
327
|
4,631
|
|
Senior debt
|
1,701
|
375
|
2,076
|
|
690
|
221
|
911
|
Bank loan
|
350
|
-
|
350
|
|
350
|
-
|
350
|
|
Total central borrowings
|
6,383
|
795
|
7,178
|
|
5,344
|
548
|
5,892
|
|
Total net central funds
|
4,920
|
795
|
5,715
|
|
3,137
|
548
|
3,685
|
|
Jackson Surplus Notes
|
250
|
90
|
340
|
|
250
|
85
|
335
|
|
Net core structural borrowings of shareholder-financed
businesses
|
5,170
|
885
|
6,055
|
|
3,387
|
633
|
4,020
|
|
|
|
|
2020 $m
|
2019 $m
|
|
Mark-to-market value adjustment at beginning of year
|
633
|
233
|
||
|
Charge included in the income statement*
|
252
|
466
|
||
|
Movement on subordinated debt substituted to M&G plc and
foreign exchange movements
|
-
|
(66)
|
||
|
Mark-to-market value adjustment at end of year
|
885
|
633
|
||
|
*
|
Representing:
|
|
|
|
|
|
|
Total central borrowings
|
247
|
448
|
|
|
|
Jackson Surplus Notes
|
5
|
18
|
|
|
|
Total
|
252
|
466
|
|
|
31 Dec 2020 $m
|
|
31 Dec 2019 $m
|
Assets less liabilities before deduction of insurance
funds
|
421,987
|
|
396,241
|
|
Less insurance fundsnote
(i)
|
|
|
|
|
|
Policyholder liabilities (net of reinsurers' share) and unallocated
surplus of with-profits funds
|
(399,868)
|
|
(376,572)
|
|
Shareholders' accrued interest in the long-term
business
|
33,129
|
|
35,234
|
|
|
(366,739)
|
|
(341,338)
|
Less non-controlling interests
|
(1,241)
|
|
(192)
|
|
Total net assets attributable to equity holders of the
Company
|
54,007
|
|
54,711
|
|
|
|
|
|
|
Share capital
|
173
|
|
172
|
|
Share premium
|
2,637
|
|
2,625
|
|
IFRS basis shareholders' reserves
|
18,068
|
|
16,680
|
|
IFRS basis shareholders' equity
|
20,878
|
|
19,477
|
|
Shareholders' accrued interest in the long-term
business
|
33,129
|
|
35,234
|
|
EEV basis shareholders' equitynote
(ii)
|
54,007
|
|
54,711
|
|
Risk discount rate %
|
|
10-year government bond yield %
|
|
Equity return
(geometric) %
|
||||||
|
New business
|
|
In-force business
|
|
|
||||||
|
31 Dec
|
31 Dec
|
|
31 Dec
|
31 Dec
|
|
31 Dec
|
31 Dec
|
|
31 Dec
|
31 Dec
|
|
2020
|
2019
|
|
2020
|
2019
|
|
2020
|
2019
|
|
2020
|
2019
|
China JV
|
7.7
|
8.2
|
|
7.7
|
8.2
|
|
3.2
|
3.2
|
|
7.2
|
7.7
|
Hong Kongnote
(1)
|
2.0
|
3.7
|
|
2.1
|
3.7
|
|
0.9
|
1.9
|
|
4.4
|
4.8
|
Indonesia
|
8.9
|
10.8
|
|
10.0
|
10.8
|
|
6.5
|
7.2
|
|
10.8
|
11.9
|
Malaysia
|
4.4
|
5.8
|
|
4.9
|
5.9
|
|
2.6
|
3.3
|
|
6.1
|
7.3
|
Philippines
|
10.3
|
12.3
|
|
10.3
|
12.3
|
|
3.1
|
4.6
|
|
7.3
|
9.3
|
Singapore
|
2.3
|
3.3
|
|
2.9
|
3.9
|
|
0.9
|
1.7
|
|
4.4
|
5.7
|
Taiwan
|
3.0
|
3.4
|
|
2.5
|
3.0
|
|
0.3
|
0.7
|
|
4.3
|
5.2
|
Thailand
|
8.5
|
9.2
|
|
8.5
|
9.2
|
|
1.3
|
1.5
|
|
5.5
|
6.2
|
Vietnam
|
4.3
|
5.3
|
|
4.5
|
5.5
|
|
2.6
|
3.4
|
|
6.8
|
8.1
|
Total weighted average (new business)note
(3)
|
4.1
|
4.9
|
|
n/a
|
n/a
|
|
2.1
|
2.6
|
|
5.8
|
6.1
|
Total weighted average (in-force business)note
(3)
|
n/a
|
n/a
|
|
3.6
|
4.9
|
|
1.7
|
2.6
|
|
5.3
|
6.1
|
|
|
|
31 Dec 2020 %
|
31 Dec 2019 %
|
Risk discount rate:
|
|
|
||
|
Variable annuitynote
|
6.0
|
6.5
|
|
|
Non-variable annuitynote
|
3.2
|
3.7
|
|
|
New business weighted average
|
5.7
|
6.1
|
|
|
In-force business weighted average
|
5.8
|
6.2
|
|
Allowance for long-term defaults included in projected
spreadnote
8(i)(h)
|
0.2
|
0.2
|
||
US 10-year treasury bond yield
|
0.9
|
1.9
|
||
Equity risk premium (geometric)
|
3.5
|
2.9
|
||
Pre-tax expected long-term nominal rate of return for US equities
(geometric)
|
4.4
|
4.8
|
||
Expected long-term rate of inflation
|
3.0
|
2.9
|
||
S&P 500 equity return volatilitynote
(ii)(b)
|
17.5
|
17.5
|
|
|
%
|
Asia operations:
|
|
|
|
China JV
|
25.0
|
|
Hong Kong
|
16.5 per cent on 5 per cent of premium income
|
|
Indonesianote
|
2019: 25.0; 2020 and 2021: 22.0; from 2022: 20.0
|
|
Malaysia
|
24.0
|
|
Philippines
|
30.0
|
|
Singapore
|
17.0
|
|
Taiwan
|
20.0
|
|
Thailand
|
20.0
|
|
Vietnam
|
20.0
|
US operations
|
21.0
|
|
Single premiums
|
|
Regular premiums
|
|
Annual premium equivalent (APE)
|
|
Present value of new business premiums (PVNBP)
|
||||
|
2020 $m
|
2019 $m
|
|
2020 $m
|
2019 $m
|
|
2020 $m
|
2019 $m
|
|
2020 $m
|
2019 $m
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
Cambodia
|
-
|
-
|
|
10
|
24
|
|
10
|
24
|
|
45
|
111
|
China JVnote
(b)
|
1,068
|
710
|
|
475
|
518
|
|
582
|
590
|
|
2,705
|
2,586
|
Hong Kong
|
184
|
387
|
|
741
|
1,977
|
|
758
|
2,016
|
|
5,095
|
12,815
|
Indianote
(c)
|
225
|
155
|
|
154
|
245
|
|
177
|
260
|
|
902
|
1,179
|
Indonesia
|
226
|
292
|
|
244
|
361
|
|
267
|
390
|
|
1,154
|
1,668
|
Laos
|
-
|
-
|
|
1
|
-
|
|
1
|
-
|
|
3
|
-
|
Malaysia
|
90
|
209
|
|
337
|
333
|
|
346
|
355
|
|
2,023
|
2,090
|
Myanmar
|
-
|
-
|
|
-
|
-
|
|
-
|
-
|
|
1
|
-
|
Philippines
|
49
|
51
|
|
134
|
153
|
|
139
|
158
|
|
528
|
561
|
Singapore
|
1,496
|
1,217
|
|
460
|
539
|
|
610
|
660
|
|
5,354
|
4,711
|
Taiwan
|
201
|
544
|
|
367
|
278
|
|
387
|
332
|
|
1,445
|
1,418
|
Thailand
|
122
|
192
|
|
171
|
140
|
|
183
|
159
|
|
768
|
763
|
Vietnam
|
21
|
22
|
|
234
|
215
|
|
236
|
217
|
|
1,564
|
1,342
|
Total Asia
|
3,682
|
3,779
|
|
3,328
|
4,783
|
|
3,696
|
5,161
|
|
21,587
|
29,244
|
US
|
|
|
|
|
|
|
|
|
|
|
|
Variable annuities
|
14,564
|
12,692
|
|
-
|
-
|
|
1,456
|
1,270
|
|
14,564
|
12,692
|
Elite Access (variable annuities)
|
2,057
|
2,002
|
|
-
|
-
|
|
206
|
200
|
|
2,057
|
2,002
|
Fixed annuities
|
327
|
1,194
|
|
-
|
-
|
|
33
|
119
|
|
327
|
1,194
|
Fixed indexed annuities
|
997
|
3,821
|
|
-
|
-
|
|
100
|
382
|
|
997
|
3,821
|
Institutional
|
1,284
|
2,522
|
|
-
|
-
|
|
128
|
252
|
|
1,284
|
2,522
|
Total US
|
19,229
|
22,231
|
|
-
|
-
|
|
1,923
|
2,223
|
|
19,229
|
22,231
|
Group totalnote
(d)
|
22,911
|
26,010
|
|
3,328
|
4,783
|
|
5,619
|
7,384
|
|
40,816
|
51,475
|
|
|
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
|
AER
|
|
Single premiums
|
Regular premiums
|
APEnote
(2)
|
PVNBPnote
(2)
|
||||||||
|
|
2020
|
2019
|
+/(-)
|
2020
|
2019
|
+/(-)
|
2020
|
2019
|
+/(-)
|
2020
|
2019
|
+/(-)
|
|
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cambodia
|
-
|
-
|
-
|
10
|
24
|
(58)%
|
10
|
24
|
(58)%
|
45
|
111
|
(59)%
|
|
China JVnote
(3)
|
1,068
|
710
|
50%
|
475
|
518
|
(8)%
|
582
|
590
|
(1)%
|
2,705
|
2,586
|
5%
|
|
Hong Kong
|
184
|
387
|
(52)%
|
741
|
1,977
|
(63)%
|
758
|
2,016
|
(62)%
|
5,095
|
12,815
|
(60)%
|
|
Indianote
(4)
|
225
|
155
|
45%
|
154
|
245
|
(37)%
|
177
|
260
|
(32)%
|
902
|
1,179
|
(23)%
|
|
Indonesia
|
226
|
292
|
(23)%
|
244
|
361
|
(32)%
|
267
|
390
|
(32)%
|
1,154
|
1,668
|
(31)%
|
|
Laos
|
-
|
-
|
-
|
1
|
-
|
-
|
1
|
-
|
-
|
3
|
-
|
-
|
|
Malaysia
|
90
|
209
|
(57)%
|
337
|
333
|
1%
|
346
|
355
|
(3)%
|
2,023
|
2,090
|
(3)%
|
|
Myanmar
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
-
|
-
|
|
Philippines
|
49
|
51
|
(4)%
|
134
|
153
|
(12)%
|
139
|
158
|
(12)%
|
528
|
561
|
(6)%
|
|
Singapore
|
1,496
|
1,217
|
23%
|
460
|
539
|
(15)%
|
610
|
660
|
(8)%
|
5,354
|
4,711
|
14%
|
|
Taiwan
|
201
|
544
|
(63)%
|
367
|
278
|
32%
|
387
|
332
|
17%
|
1,445
|
1,418
|
2%
|
|
Thailand
|
122
|
192
|
(36)%
|
171
|
140
|
22%
|
183
|
159
|
15%
|
768
|
763
|
1%
|
|
Vietnam
|
21
|
22
|
(5)%
|
234
|
215
|
9%
|
236
|
217
|
9%
|
1,564
|
1,342
|
17%
|
|
Total Asia
|
3,682
|
3,779
|
(3)%
|
3,328
|
4,783
|
(30)%
|
3,696
|
5,161
|
(28)%
|
21,587
|
29,244
|
(26)%
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable annuities
|
14,564
|
12,692
|
15%
|
-
|
-
|
-
|
1,456
|
1,270
|
15%
|
14,564
|
12,692
|
15%
|
|
Elite Access (variable annuity)
|
2,057
|
2,002
|
3%
|
-
|
-
|
-
|
206
|
200
|
3%
|
2,057
|
2,002
|
3%
|
|
Fixed annuities
|
327
|
1,194
|
(73)%
|
-
|
-
|
-
|
33
|
119
|
(72)%
|
327
|
1,194
|
(73)%
|
|
Fixed indexed annuities
|
997
|
3,821
|
(74)%
|
-
|
-
|
-
|
100
|
382
|
(74)%
|
997
|
3,821
|
(74)%
|
|
Wholesale
|
1,284
|
2,522
|
(49)%
|
-
|
-
|
-
|
128
|
252
|
(49)%
|
1,284
|
2,522
|
(49)%
|
|
Total US
|
19,229
|
22,231
|
(14)%
|
-
|
-
|
-
|
1,923
|
2,223
|
(13)%
|
19,229
|
22,231
|
(14)%
|
|
Group total
|
22,911
|
26,010
|
(12)%
|
3,328
|
4,783
|
(30)%
|
5,619
|
7,384
|
(24)%
|
40,816
|
51,475
|
(21)%
|
CER
|
Single premiums
|
Regular premiums
|
APEnote(2)
|
PVNBPnote(2)
|
|||||||||
|
|
2020
|
2019
|
+/(-)
|
2020
|
2019
|
+/(-)
|
2020
|
2019
|
+/(-)
|
2020
|
2019
|
+/(-)
|
|
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cambodia
|
-
|
-
|
-
|
10
|
24
|
(58)%
|
10
|
24
|
(58)%
|
45
|
110
|
(59)%
|
|
China JVnote
(3)
|
1,068
|
711
|
50%
|
475
|
518
|
(8)%
|
582
|
590
|
(1)%
|
2,705
|
2,588
|
5%
|
|
Hong Kong
|
184
|
391
|
(53)%
|
741
|
1,997
|
(63)%
|
758
|
2,037
|
(63)%
|
5,095
|
12,946
|
(61)%
|
|
Indianote
(4)
|
225
|
147
|
53%
|
154
|
233
|
(34)%
|
177
|
247
|
(28)%
|
902
|
1,120
|
(19)%
|
|
Indonesia
|
226
|
284
|
(20)%
|
244
|
351
|
(30)%
|
267
|
379
|
(30)%
|
1,154
|
1,622
|
(29)%
|
|
Laos
|
-
|
-
|
-
|
1
|
-
|
-
|
1
|
-
|
-
|
3
|
-
|
-
|
|
Malaysia
|
90
|
206
|
(56)%
|
337
|
329
|
2%
|
346
|
349
|
(1)%
|
2,023
|
2,061
|
(2)%
|
|
Myanmar
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
-
|
-
|
|
Philippines
|
49
|
53
|
(8)%
|
134
|
160
|
(16)%
|
139
|
165
|
(16)%
|
528
|
586
|
(10)%
|
|
Singapore
|
1,496
|
1,204
|
24%
|
460
|
533
|
(14)%
|
610
|
653
|
(7)%
|
5,354
|
4,659
|
15%
|
|
Taiwan
|
201
|
571
|
(65)%
|
367
|
291
|
26%
|
387
|
349
|
11%
|
1,445
|
1,489
|
(3)%
|
|
Thailand
|
122
|
191
|
(36)%
|
171
|
139
|
23%
|
183
|
158
|
16%
|
768
|
756
|
2%
|
|
Vietnam
|
21
|
22
|
(5)%
|
234
|
215
|
9%
|
236
|
217
|
9%
|
1,564
|
1,341
|
17%
|
|
Total Asia
|
3,682
|
3,780
|
(3)%
|
3,328
|
4,790
|
(31)%
|
3,696
|
5,168
|
(28)%
|
21,587
|
29,278
|
(26)%
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable annuities
|
14,564
|
12,692
|
15%
|
-
|
-
|
-
|
1,456
|
1,270
|
15%
|
14,564
|
12,692
|
15%
|
|
Elite Access (variable annuity)
|
2,057
|
2,002
|
3%
|
-
|
-
|
-
|
206
|
200
|
3%
|
2,057
|
2,002
|
3%
|
|
Fixed annuities
|
327
|
1,194
|
(73)%
|
-
|
-
|
-
|
33
|
119
|
(72)%
|
327
|
1,194
|
(73)%
|
|
Fixed indexed annuities
|
997
|
3,821
|
(74)%
|
-
|
-
|
-
|
100
|
382
|
(74)%
|
997
|
3,821
|
(74)%
|
|
Wholesale
|
1,284
|
2,522
|
(49)%
|
-
|
-
|
-
|
128
|
252
|
(49)%
|
1,284
|
2,522
|
(49)%
|
|
Total US
|
19,229
|
22,231
|
(14)%
|
-
|
-
|
-
|
1,923
|
2,223
|
(13)%
|
19,229
|
22,231
|
(14)%
|
|
Group total
|
22,911
|
26,011
|
(12)%
|
3,328
|
4,790
|
(31)%
|
5,619
|
7,391
|
(24)%
|
40,816
|
51,509
|
(21)%
|
|
|
AER
|
CER
|
||||||
|
|
2020 $m
|
2019 $m
|
2020 $m
|
2019 $m
|
||||
|
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
H1
|
H2
|
Asia
|
|
|
|
|
|
|
|
|
|
Cambodia
|
4
|
6
|
15
|
9
|
4
|
6
|
14
|
10
|
|
China JVnote
(3)
|
319
|
263
|
350
|
240
|
327
|
255
|
344
|
246
|
|
Hong Kong
|
388
|
370
|
1,075
|
941
|
389
|
369
|
1,086
|
951
|
|
Indianote
(4)
|
83
|
94
|
137
|
123
|
83
|
94
|
130
|
117
|
|
Indonesia
|
123
|
144
|
156
|
234
|
123
|
144
|
152
|
227
|
|
Laos
|
|
-
|
1
|
-
|
-
|
-
|
1
|
-
|
-
|
Malaysia
|
123
|
223
|
158
|
197
|
124
|
222
|
155
|
194
|
|
Myanmar
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Philippines
|
56
|
83
|
71
|
87
|
56
|
83
|
74
|
91
|
|
Singapore
|
229
|
381
|
299
|
361
|
232
|
378
|
294
|
359
|
|
Taiwan
|
155
|
232
|
149
|
183
|
158
|
229
|
158
|
191
|
|
Thailand
|
90
|
93
|
62
|
97
|
91
|
92
|
63
|
95
|
|
Vietnam
|
95
|
141
|
88
|
129
|
95
|
141
|
88
|
129
|
|
Total Asia
|
1,665
|
2,031
|
2,560
|
2,601
|
1,682
|
2,014
|
2,558
|
2,610
|
|
US
|
|
|
|
|
|
|
|
|
|
Variable annuities
|
643
|
813
|
628
|
642
|
643
|
813
|
628
|
642
|
|
Elite Access (variable annuity)
|
88
|
118
|
96
|
104
|
88
|
118
|
96
|
104
|
|
Fixed annuities
|
31
|
2
|
23
|
96
|
31
|
2
|
23
|
96
|
|
Fixed indexed annuities
|
89
|
11
|
120
|
262
|
89
|
11
|
120
|
262
|
|
Wholesale
|
128
|
-
|
208
|
44
|
128
|
-
|
208
|
44
|
|
Total US
|
979
|
944
|
1,075
|
1,148
|
979
|
944
|
1,075
|
1,148
|
|
Group total
|
2,644
|
2,975
|
3,635
|
3,749
|
2,661
|
2,958
|
3,633
|
3,758
|
|
AER
|
CER
|
||||||
|
2020
|
2019
|
2020
|
2019
|
||||
|
HY
|
FY
|
HY
|
FY
|
HY
|
FY
|
HY
|
FY
|
New business profit ($m)
|
|
|
|
|
|
|
|
|
Asia
|
912
|
2,201
|
1,675
|
3,522
|
919
|
2,201
|
1,681
|
3,533
|
US
|
248
|
601
|
450
|
883
|
248
|
601
|
450
|
883
|
Group total
|
1,160
|
2,802
|
2,125
|
4,405
|
1,167
|
2,802
|
2,131
|
4,416
|
|
|
|
|
|
|
|
|
|
APE ($m)note
(2)
|
|
|
|
|
|
|
|
|
Asia
|
1,665
|
3,696
|
2,560
|
5,161
|
1,682
|
3,696
|
2,558
|
5,168
|
US
|
979
|
1,923
|
1,075
|
2,223
|
979
|
1,923
|
1,075
|
2,223
|
Group total
|
2,644
|
5,619
|
3,635
|
7,384
|
2,661
|
5,619
|
3,633
|
7,391
|
|
|
|
|
|
|
|
|
|
New business margin (NBP as a % of APE)
|
|
|
|
|
|
|
|
|
Asia
|
55%
|
60%
|
65%
|
68%
|
55%
|
60%
|
66%
|
68%
|
US
|
25%
|
31%
|
42%
|
40%
|
25%
|
31%
|
42%
|
40%
|
Group total
|
44%
|
50%
|
58%
|
60%
|
44%
|
50%
|
59%
|
60%
|
|
|
|
|
|
|
|
|
|
PVNBP ($m)note
(2)
|
|
|
|
|
|
|
|
|
Asia
|
9,173
|
21,587
|
14,218
|
29,244
|
9,259
|
21,587
|
14,217
|
29,278
|
US
|
9,789
|
19,229
|
10,752
|
22,231
|
9,789
|
19,229
|
10,752
|
22,231
|
Group total
|
18,962
|
40,816
|
24,970
|
51,475
|
19,048
|
40,816
|
24,969
|
51,509
|
|
|
|
|
|
|
|
|
|
New business margin (NBP as a % of PVNBP)
|
|
|
|
|
|
|
|
|
Asia
|
9.9%
|
10.2%
|
11.8%
|
12.0%
|
9.9%
|
10.2%
|
11.8%
|
12.1%
|
US
|
2.5%
|
3.1%
|
4.2%
|
4.0%
|
2.5%
|
3.1%
|
4.2%
|
4.0%
|
Group total
|
6.1%
|
6.9%
|
8.5%
|
8.6%
|
6.1%
|
6.9%
|
8.5%
|
8.6%
|
|
|
2020 $m
|
|
|
2019 $m
|
|
||
Eastspring investment operations:*
|
|
H1
|
H2
|
|
|
H1
|
H2
|
|
Third-party retail:note
(5)
|
|
|
|
|
|
|
|
|
Opening FUM
|
|
73,644
|
59,346
|
|
|
55,198
|
62,441
|
|
Net Flows:note
(6)
|
|
(8,026)
|
(2,602)
|
|
|
2,682
|
3,313
|
|
- Gross Inflows
|
|
19,983
|
17,329
|
|
|
19,628
|
23,005
|
|
- Redemptions
|
|
(28,009)
|
(19,931)
|
|
|
(16,946)
|
(19,692)
|
|
Other Movements†
|
|
(6,272)
|
10,094
|
|
|
4,561
|
7,890
|
|
Closing FUMnote
(7)
|
|
59,346
|
66,838
|
|
|
62,441
|
73,644
|
|
|
|
|
|
|
|
|
|
|
Third-party institutional:
|
|
|
|
|
|
|
|
|
Opening FUM
|
|
11,024
|
9,957
|
|
|
7,788
|
9,431
|
|
Net Flows:
|
|
(336)
|
992
|
|
|
1,274
|
1,071
|
|
- Gross Inflows
|
|
1,621
|
1,494
|
|
|
1,661
|
1,802
|
|
- Redemptions
|
|
(1,957)
|
(502)
|
|
|
(387)
|
(731)
|
|
Other Movements
|
|
(731)
|
2,878
|
|
|
369
|
522
|
|
Closing FUMnote
(7)
|
|
9,957
|
13,827
|
|
|
9,431
|
11,024
|
|
|
|
|
|
|
|
|
|
|
Total third-party (excluding MMF)
|
|
69,303
|
80,665
|
|
|
71,872
|
84,668
|
|
|
|
31 Dec 2020 $m
|
||||
|
|
Asia long-term business operations
|
||||
|
|
Expected generation from
all in-force
business*
|
|
Expected generation from
new business written in
2020*
|
||
Expected period of emergence
|
Undiscounted
|
Discounted
|
|
Undiscounted
|
Discounted
|
|
2021
|
2,156
|
2,088
|
|
261
|
252
|
|
2022
|
2,084
|
1,924
|
|
184
|
166
|
|
2023
|
2,085
|
1,843
|
|
176
|
151
|
|
2024
|
1,978
|
1,679
|
|
158
|
130
|
|
2025
|
1,928
|
1,578
|
|
160
|
126
|
|
2026
|
1,895
|
1,495
|
|
149
|
114
|
|
2027
|
1,924
|
1,472
|
|
155
|
118
|
|
2028
|
1,938
|
1,440
|
|
154
|
112
|
|
2029
|
1,647
|
1,146
|
|
148
|
104
|
|
2030
|
1,953
|
1,379
|
|
151
|
103
|
|
2031
|
1,867
|
1,267
|
|
142
|
92
|
|
2032
|
1,794
|
1,169
|
|
140
|
87
|
|
2033
|
1,726
|
1,085
|
|
128
|
75
|
|
2034
|
1,679
|
1,022
|
|
122
|
68
|
|
2035
|
1,641
|
968
|
|
133
|
69
|
|
2036
|
1,592
|
916
|
|
111
|
58
|
|
2037
|
1,571
|
880
|
|
110
|
56
|
|
2038
|
1,558
|
846
|
|
109
|
53
|
|
2039
|
1,552
|
822
|
|
108
|
50
|
|
2040
|
1,507
|
770
|
|
117
|
50
|
|
2041-2045
|
7,008
|
3,315
|
|
510
|
208
|
|
2046-2050
|
6,287
|
2,589
|
|
485
|
162
|
|
2051-2055
|
5,218
|
1,878
|
|
433
|
124
|
|
2056-2060
|
4,488
|
1,411
|
|
398
|
96
|
|
Total free surplus expected to
|
|
|
|
|
|
|
|
emerge in the next 40 years
|
59,076
|
34,982
|
|
4,742
|
2,624
|
|
|
2020 $m
|
Undiscounted expected free surplus generation for years 2021 to
2060
|
4,742
|
|
Less: discount effect
|
(2,118)
|
|
Discounted expected free surplus generation for years 2021 to
2060
|
2,624
|
|
Discounted expected free surplus generation for years after
2060
|
252
|
|
Discounted expected free surplus generation from new business
written in 2020
|
2,876
|
|
Free surplus investment in new business
|
(559)
|
|
Other items*
|
(116)
|
|
New business profit
|
2,201
|
|
|
31 Dec 2020 $m
|
Discounted expected generation from all in-force business for years
2021 to 2060
|
34,982
|
|
Discounted expected generation from all in-force business for years
after 2060
|
3,612
|
|
Discounted expected generation from all in-force business at 31
December 2020
|
38,594
|
|
Free surplus of long-term business operations at 31 December
2020
|
5,295
|
|
Other items*
|
(1,081)
|
|
EEV for long-term business operations
|
42,808
|
|
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
|
Other
|
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
$m
|
|
$m
|
|
2019 expected free surplus
generation
for years 2020 to 2059
|
1,963
|
2,088
|
1,941
|
1,965
|
1,895
|
1,874
|
|
51,297
|
|
63,023
|
|
Less: Amounts expected to be realised
in the current year
|
(1,963)
|
-
|
-
|
-
|
-
|
-
|
|
-
|
|
(1,963)
|
|
Add: Expected free surplus to be
generated in year 2060*
|
-
|
-
|
-
|
-
|
-
|
-
|
|
1,204
|
|
1,204
|
|
Foreign exchange differences
|
-
|
23
|
24
|
23
|
21
|
20
|
|
652
|
|
763
|
|
New business
|
-
|
261
|
184
|
176
|
158
|
160
|
|
3,803
|
|
4,742
|
|
Operating movements
|
-
|
11
|
53
|
42
|
43
|
18
|
|
|
|
|
|
Non-operating and other movements
|
-
|
(227)
|
(118)
|
(121)
|
(139)
|
(144)
|
|
(8,111)
|
|
(8,693)
|
|
2020 expected free surplus generation
for years 2021 to 2060
|
-
|
2,156
|
2,084
|
2,085
|
1,978
|
1,928
|
|
48,845
|
|
59,076
|
|
2020 $m
|
Expected transfer from in-force business to free surplus in
2020
|
1,878
|
Expected return on existing free surplus
|
101
|
Changes in operating assumptions and experience
variances
|
222
|
Underlying free surplus generated from long-term business in force
before restructuring and IFRS 17 implementation costs
|
2,201
|
|
|
2020 free surplus expected to be generated at 31 December
2019
|
1,963
|
|
2020
|
|||
|
Asia
|
US
|
Other
|
Group
|
EEV basis operating profit (loss) for the year
|
4,387
|
1,880
|
(858)
|
5,409
|
Operating profit (loss) attributable to non-controlling
interests
|
(11)
|
(123)
|
1
|
(133)
|
EEV basis operating profit (loss) for the year, net of
non-controlling interest ($ million)
|
4,376
|
1,757
|
(857)
|
5,276
|
Restructuring and IFRS 17 implementation costs
|
(88)
|
(36)
|
(65)
|
(189)
|
EEV basis operating profit (loss) for the year, after restructuring
and IFRS 17 implementation costs, net of non-controlling interests
($ million)
|
4,288
|
1,721
|
(922)
|
5,087
|
Average EEV basis shareholders' equity ($ million)
|
41,738
|
14,212
|
(1,591)
|
54,359
|
Operating return on average shareholders' equity, before
restructuring and IFRS 17 implementation costs (%)
|
10%
|
12%
|
n/a
|
10%
|
Operating return on average shareholders' equity, after
restructuring and IFRS 17 implementation costs (%)
|
10%
|
12%
|
n/a
|
9%
|
|
|
|
|
|
|
2019
|
|
|
|
|
Asia
|
US
|
|
|
EEV basis operating profit for the year
|
6,138
|
1,782
|
|
|
Operating profit attributable to non-controlling
interests
|
(6)
|
-
|
|
|
EEV basis operating profit for the year, net of non-controlling
interest ($ million)
|
6,132
|
1,782
|
|
|
Restructuring and IFRS 17 implementation costs
|
(31)
|
(5)
|
|
|
EEV basis operating profit for the year, after restructuring and
IFRS 17 implementation costs, net of non-controlling interests ($
million)
|
6,101
|
1,777
|
|
|
Average EEV basis shareholders' equity ($ million)
|
35,622
|
17,526
|
|
|
Operating return on average shareholders' equity, before
restructuring and IFRS 17 implementation costs (%)
|
17%
|
10%
|
|
|
Operating return on average shareholders' equity, after
restructuring and IFRS 17 implementation costs (%)
|
17%
|
10%
|
|
|
|
2020
|
|
2019
|
||
|
Asia
|
US
|
|
Asia
|
US
|
New business profit ($ million)*
|
2,201
|
601
|
|
3,522
|
883
|
Average EEV basis shareholders' equity ($ million)
|
41,738
|
14,212
|
|
35,622
|
17,526
|
New business profit over embedded value (%)
|
5%
|
4%
|
|
10%
|
5%
|
|
2020 $m
|
|
2019 $m
|
||||
|
Asia
|
US
|
Other
|
Group
|
|
Asia
|
US
|
Balance at beginning of year
|
39,235
|
16,342
|
(866)
|
54,711
|
|
32,008
|
18,709
|
Balance at end of year
|
44,241
|
12,081
|
(2,315)
|
54,007
|
|
39,235
|
16,342
|
Average EEV basis shareholders' equity
|
41,738
|
14,212
|
(1,591)
|
54,359
|
|
35,622
|
17,526
|
|
31 Dec 2020
|
|||
|
Asia
|
US
|
Other
|
Group
total
|
Closing EEV shareholders' equity ($ million)
|
44,241
|
12,081
|
(2,315)
|
54,007
|
Less: Goodwill attributable to equity holders ($
million)
|
(798)
|
-
|
(23)
|
(821)
|
Closing EEV shareholders' equity excluding goodwill attributable to
equity holders ($ million)
|
43,443
|
12,081
|
(2,338)
|
53,186
|
Shareholders' equity per share (in cents)
|
1,696¢
|
463¢
|
(89)¢
|
2,070¢
|
Shareholders' equity per share excluding goodwill attributable to
equity holders (in cents)
|
1,666¢
|
463¢
|
(90)¢
|
2,039¢
|
|
|
|
|
|
|
31 Dec 2019
|
|||
|
Asia
|
US
|
Other
|
Group
total
|
Closing EEV shareholders' equity ($ million)
|
39,235
|
16,342
|
(866)
|
54,711
|
Less: Goodwill attributable to equity holders ($
million)
|
(796)
|
-
|
(26)
|
(822)
|
Closing EEV shareholders' equity excluding goodwill attributable to
equity holders ($ million)
|
38,439
|
16,342
|
(892)
|
53,889
|
Shareholders' equity per share (in cents)
|
1,508¢
|
628¢
|
(33)¢
|
2,103¢
|
Shareholders' equity per share excluding goodwill attributable to
equity holders (in cents)
|
1,478¢
|
628¢
|
(34)¢
|
2,072¢
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By: /s/ Mark
FitzPatrick
|
|
|
|
Mark
FitzPatrick
|
|
Group
Chief Financial Officer and Chief Operating Officer
|