|
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
|
Note
|
Half year
|
|
Half year*
|
Full year
|
Continuing
operations:
|
|
|
|
|
|
||
Gross
premiums earned
|
|
19,842
|
|
21,081
|
45,064
|
||
Outward
reinsurance premiums
|
B3
|
(30,149)
|
|
(673)
|
(1,583)
|
||
Earned
premiums, net of reinsurance
|
B3
|
(10,307)
|
|
20,408
|
43,481
|
||
Investment
return
|
|
3,910
|
|
31,873
|
49,555
|
||
Other
income
|
|
333
|
|
258
|
700
|
||
Total
revenue, net of reinsurance
|
B3
|
(6,064)
|
|
52,539
|
93,736
|
||
Benefits
and claims and movement in unallocated surplus of with-profits
funds, net of reinsurance
|
|
9,855
|
|
(47,448)
|
(83,905)
|
||
Acquisition
costs and other expenditure
|
B2
|
(3,032)
|
|
(3,508)
|
(7,283)
|
||
Finance
costs: interest on core structural borrowings of
shareholder-financed businesses
|
|
(163)
|
|
(293)
|
(516)
|
||
Gain
(loss) attaching to corporate transactions
|
|
-
|
|
17
|
(142)
|
||
Total
charges net of reinsurance
|
|
6,660
|
|
(51,232)
|
(91,846)
|
||
Share
of profit from joint ventures and associates, net of related
tax
|
|
133
|
|
137
|
397
|
||
Profit
before tax (being tax attributable to shareholders' and
policyholders' returns)note (i)
|
|
729
|
|
1,444
|
2,287
|
||
Remove
tax charge attributable to policyholders' returns
|
|
(66)
|
|
(285)
|
(365)
|
||
Profit
before tax attributable to shareholders' returns
|
B1.1
|
663
|
|
1,159
|
1,922
|
||
Total
tax charge attributable to shareholders' and policyholders'
returns
|
B4
|
(195)
|
|
(286)
|
(334)
|
||
Remove
tax charge attributable to policyholders' returns
|
|
66
|
|
285
|
365
|
||
Tax
(charge) credit attributable to shareholders' returns
|
B4
|
(129)
|
|
(1)
|
31
|
||
Profit from
continuing operations
|
|
534
|
|
1,158
|
1,953
|
||
Discontinued
UK and Europe operations' profit after tax
|
|
-
|
|
835
|
1,319
|
||
Re-measurement
of discontinued operations on demerger
|
|
-
|
|
-
|
188
|
||
Cumulative
exchange loss recycled from other comprehensive income
|
|
-
|
|
-
|
(2,668)
|
||
Profit (loss) from discontinued operations note (ii)
|
|
-
|
|
835
|
(1,161)
|
||
Profit
for the period
|
|
534
|
|
1,993
|
792
|
||
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
||
Equity
holders of the Company:
|
|
|
|
|
|
||
|
From
continuing operations
|
|
512
|
|
1,152
|
1,944
|
|
|
From
discontinued operations
|
|
-
|
|
835
|
(1,161)
|
|
Non-controlling
interests from continuing operations
|
|
22
|
|
6
|
9
|
||
|
|
534
|
|
1,993
|
792
|
Earnings per share
(in cents)
|
|
2020
|
|
2019
|
|||
|
|
|
Note
|
Half year
|
|
Half year*
|
Full year
|
Based
on profit attributable to equity holders of the
Company:
|
B5
|
|
|
|
|
||
|
Basic
|
|
|
|
|
|
|
|
|
Based
on profit from continuing operations
|
|
19.7¢
|
|
44.6¢
|
75.1¢
|
|
|
Based
on profit (loss) from discontinued operations
|
|
-
|
|
32.3¢
|
(44.8)¢
|
|
Total
|
|
19.7¢
|
|
76.9¢
|
30.3¢
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
Based
on profit from continuing operations
|
|
19.7 ¢
|
|
44.6¢
|
75.1¢
|
|
|
Based
on profit (loss) from discontinued operations
|
|
-
|
|
32.3¢
|
(44.8)¢
|
|
Total
|
|
19.7 ¢
|
|
76.9¢
|
30.3¢
|
|
|
|
|
|
|
|
|
|
Dividends per share
(in cents)
|
|
2020
|
|
2019
|
||
|
|
Note
|
Half year
|
|
Half year*
|
Full year
|
Dividends
relating to reporting period:
|
B6
|
|
|
|
|
|
|
First
interim ordinary dividend
|
|
5.37¢
|
|
20.29¢
|
20.29¢
|
|
Second
interim ordinary dividend
|
|
-
|
|
-
|
25.97¢
|
Total
|
|
5.37¢
|
|
20.29¢
|
46.26¢
|
|
Dividends
paid in reporting period:
|
B6
|
|
|
|
|
|
|
Current
year first interim dividend
|
|
-
|
|
-
|
20.29¢
|
|
Second
interim ordinary dividend for prior year
|
|
25.97¢
|
|
42.89¢
|
42.89¢
|
Total
|
|
25.97¢
|
|
42.89¢
|
63.18¢
|
|
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
|
Note
|
Half year
|
|
Half year*
|
Full year
|
Continuing operations
|
|
|
|
|
|
||
Profit for the period
|
|
534
|
|
1,158
|
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 period
|
|
(201)
|
|
45
|
152
|
|
|
Related
tax
|
|
-
|
|
1
|
(15)
|
|
|
|
|
|
(201)
|
|
46
|
137
|
Valuation
movements on available-for-sale debt securities:
|
|
|
|
|
|
||
|
Unrealised
gains arising in the period (before the impact of Jackson's
reinsurance transaction with Athene):
|
|
|
|
|
|
|
|
Net
unrealised gains on holdings arising in the period
|
|
2,737
|
|
3,411
|
4,208
|
|
|
Deduct
net gains included in the income statement on disposal and
impairment
|
|
(197)
|
|
(25)
|
(185)
|
|
|
|
|
|
2,540
|
|
3,386
|
4,023
|
|
Related
change in amortisation of deferred acquisition costs
|
C4.2
|
(287)
|
|
(560)
|
(631)
|
|
|
Related
tax
|
|
(472)
|
|
(593)
|
(713)
|
|
|
|
|
|
1,781
|
|
2,233
|
2,679
|
Impact
of Jackson's reinsurance transaction with Athene:
|
D1
|
|
|
|
|
||
|
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
|
|
(22)
|
|
2,233
|
2,679
|
|
|
|
|
|
|
|
|
|
Total
items that may be reclassified subsequently to profit or
loss
|
|
(223)
|
|
2,279
|
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
|
|
-
|
|
(112)
|
(108)
|
|
|
Related
tax
|
|
-
|
|
18
|
19
|
|
Total
items that will not be reclassified to profit or loss
|
|
-
|
|
(94)
|
(89)
|
||
Other comprehensive (loss) income
|
|
(223)
|
|
2,185
|
2,727
|
||
Total comprehensive income for the period from continuing
operations
|
|
311
|
|
3,343
|
4,680
|
||
|
|
|
|
|
|
||
Profit
(loss) for the period from discontinued operations
|
|
-
|
|
835
|
(1,161)
|
||
Cumulative
exchange loss recycled through profit or loss
|
|
-
|
|
-
|
2,668
|
||
Other items, net of related tax
|
|
-
|
|
4
|
203
|
||
Total comprehensive income for the period from discontinued
operations†
|
|
-
|
|
839
|
1,710
|
||
Total comprehensive
income for the period
|
|
311
|
|
4,182
|
6,390
|
||
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
||
Equity
holders of the Company
|
|
|
|
|
|
||
|
From
continuing operations
|
|
290
|
|
3,337
|
4,669
|
|
|
From
discontinued operations
|
|
-
|
|
839
|
1,710
|
|
Non-controlling
interests from continuing operations
|
|
21
|
|
6
|
11
|
||
|
|
311
|
|
4,182
|
6,390
|
|
|
|
Period ended 30 June 2020 $m
|
|||||||||
|
Note
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Translation
reserve
|
Available
-for-sale
securities
reserves
|
Shareholders'
equity
|
|
Non-
controlling
interests
|
|
Total
equity
|
|
Reserves
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
for the period
|
|
-
|
-
|
512
|
-
|
-
|
512
|
|
22
|
|
534
|
|
Other
comprehensive loss
|
|
-
|
-
|
-
|
(200)
|
(22)
|
(222)
|
|
(1)
|
|
(223)
|
|
Total other
comprehensive income (loss) for the period
|
|
-
|
-
|
512
|
(200)
|
(22)
|
290
|
|
21
|
|
311
|
|
Dividends
|
B6
|
-
|
-
|
(674)
|
-
|
-
|
(674)
|
|
(16)
|
|
(690)
|
|
Reserve
movements in respect of share-based payments
|
|
-
|
-
|
29
|
-
|
-
|
29
|
|
-
|
|
29
|
|
Effect
of transactions relating to non-controlling interests
|
|
-
|
-
|
32
|
-
|
-
|
32
|
|
-
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital and
share premium
|
|
|
|
|
|
|
|
|
|
|
|
|
New
share capital subscribed
|
C8
|
-
|
10
|
-
|
-
|
-
|
10
|
|
-
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury
shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Movement
in own shares in respect of share-based payment plans
|
|
-
|
-
|
(54)
|
-
|
-
|
(54)
|
|
-
|
|
(54)
|
|
Net
increase (decrease) in equity
|
|
-
|
10
|
(155)
|
(200)
|
(22)
|
(367)
|
|
5
|
|
(362)
|
|
Balance
at beginning of period
|
|
172
|
2,625
|
13,575
|
893
|
2,212
|
19,477
|
|
192
|
|
19,669
|
|
Balance at end of
period
|
|
172
|
2,635
|
13,420
|
693
|
2,190
|
19,110
|
|
197
|
|
19,307
|
|
|
|
Period ended 30 June 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 for the period
|
|
-
|
-
|
1,152
|
-
|
-
|
1,152
|
|
6
|
|
1,158
|
|
Other
comprehensive income (loss) from continuing operations
|
|
-
|
-
|
(94)
|
46
|
2,233
|
2,185
|
|
-
|
|
2,185
|
|
Total
comprehensive income from continuing operations for the
period
|
|
-
|
-
|
1,058
|
46
|
2,233
|
3,337
|
|
6
|
|
3,343
|
|
Total
comprehensive income from discontinued operations for the
period
|
|
-
|
-
|
838
|
1
|
-
|
839
|
|
-
|
|
839
|
|
Total comprehensive
income (loss) for the period
|
|
-
|
-
|
1,896
|
47
|
2,233
|
4,176
|
|
6
|
|
4,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
B6
|
-
|
-
|
(1,108)
|
-
|
-
|
(1,108)
|
|
-
|
|
(1,108)
|
|
Reserve
movements in respect of share-based payments
|
|
-
|
-
|
3
|
-
|
-
|
3
|
|
-
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital and
share premium
|
|
|
|
|
|
|
|
|
|
|
|
|
New
share capital subscribed
|
C8
|
-
|
13
|
-
|
-
|
-
|
13
|
|
-
|
|
13
|
|
Foreign
exchange translation differences due to change in presentation
currency
|
C8
|
(1)
|
(3)
|
-
|
-
|
-
|
(4)
|
|
-
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury
shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Movement
in own shares in respect of share-based payment plans
|
|
-
|
-
|
(12)
|
-
|
-
|
(12)
|
|
-
|
|
(12)
|
|
Movement
in Prudential plc shares purchased by unit trusts consolidated
under IFRS
|
|
-
|
-
|
1
|
-
|
-
|
1
|
|
-
|
|
1
|
|
Net
increase (decrease) in equity
|
|
(1)
|
10
|
780
|
47
|
2,233
|
3,069
|
|
6
|
|
3,075
|
|
Balance
at beginning of period
|
|
166
|
2,502
|
21,817
|
(2,050)
|
(467)
|
21,968
|
|
23
|
|
21,991
|
|
Balance at end of
period
|
|
165
|
2,512
|
22,597
|
(2,003)
|
1,766
|
25,037
|
|
29
|
|
25,066
|
|
|
|
|
Year ended 31
December 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
|
|
-
|
-
|
(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 (loss) 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
|
B6
|
-
|
-
|
(7,379)
|
-
|
-
|
(7,379)
|
-
|
(7,379)
|
|
Other
dividends
|
B6
|
-
|
-
|
(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 beginning of year
|
|
166
|
2,502
|
21,817
|
(2,050)
|
(467)
|
21,968
|
23
|
21,991
|
|
Balance at end of
year
|
|
172
|
2,625
|
13,575
|
893
|
2,212
|
19,477
|
192
|
19,669
|
|
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
|
Note
|
30 Jun
|
|
30 Jun*
|
31 Dec
|
Assets
|
|
|
|
|
|
||
Goodwill
|
C4.1
|
942
|
|
649
|
969
|
||
Deferred
acquisition costs and other intangible assets
|
C4.2
|
18,604
|
|
16,111
|
17,476
|
||
Property,
plant and equipment
|
|
964
|
|
999
|
1,065
|
||
Reinsurers'
share of insurance contract liabilitiesnote (i)
|
|
44,918
|
|
12,919
|
13,856
|
||
Deferred
tax assets
|
C7
|
4,259
|
|
3,515
|
4,075
|
||
Current
tax recoverable
|
|
387
|
|
472
|
492
|
||
Accrued
investment income
|
|
1,517
|
|
1,695
|
1,641
|
||
Other
debtors
|
|
3,211
|
|
2,560
|
2,054
|
||
Investment
properties
|
|
23
|
|
14
|
25
|
||
Investments
in joint ventures and associates accounted for using the equity
method
|
|
1,507
|
|
1,311
|
1,500
|
||
Loans
|
|
14,910
|
|
15,925
|
16,583
|
||
Equity
securities and holdings in collective investment schemesnote
(ii)
|
|
234,698
|
|
233,757
|
247,281
|
||
Debt
securitiesnote (ii)
|
|
121,462
|
|
126,856
|
134,570
|
||
Derivative
assets
|
|
2,459
|
|
1,555
|
1,745
|
||
Other
investmentsnote (ii)
|
|
1,569
|
|
1,220
|
1,302
|
||
Deposits
|
|
3,351
|
|
1,898
|
2,615
|
||
Assets
held for distributionnote (iii)
|
|
-
|
|
277,861
|
-
|
||
Cash
and cash equivalents
|
|
8,384
|
|
6,628
|
6,965
|
||
Total
assets
|
C1
|
463,165
|
|
705,945
|
454,214
|
||
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
||
Shareholders'
equity
|
|
19,110
|
|
25,037
|
19,477
|
||
Non-controlling
interests
|
|
197
|
|
29
|
192
|
||
Total
equity
|
C1
|
19,307
|
|
25,066
|
19,669
|
||
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
||
Contract
liabilities (including amounts in respect of contracts classified
as investment contracts under IFRS 4)
|
C3.1
|
391,924
|
|
362,933
|
385,678
|
||
Unallocated
surplus of with-profits funds
|
C3.1
|
5,512
|
|
3,747
|
4,750
|
||
Core
structural borrowings of shareholder-financed
businesses
|
C5.1
|
6,499
|
|
9,470
|
5,594
|
||
Operational
borrowings
|
|
2,245
|
|
2,421
|
2,645
|
||
Obligations
under funding, securities lending and sale and repurchase
agreements
|
|
9,085
|
|
8,598
|
8,901
|
||
Net
asset value attributable to unit holders of consolidated investment
funds
|
|
5,967
|
|
4,432
|
5,998
|
||
Deferred
tax liabilities
|
C7
|
5,278
|
|
4,710
|
5,237
|
||
Current
tax liabilities
|
|
428
|
|
406
|
396
|
||
Accruals,
deferred income and other liabilities
|
|
16,208
|
|
13,487
|
14,488
|
||
Provisions
|
|
245
|
|
323
|
466
|
||
Derivative
liabilities
|
|
467
|
|
1,320
|
392
|
||
Liabilities
held for distributionnote (iii)
|
|
-
|
|
269,032
|
-
|
||
Total liabilities
|
C1
|
443,858
|
|
680,879
|
434,545
|
||
Total equity and liabilities
|
C1
|
463,165
|
|
705,945
|
454,214
|
|
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
|
Note
|
Half year
|
|
Half year*
|
Full year
|
Continuing operations:
|
|
|
|
|
|
||
Cash flows from operating activities
|
|
|
|
|
|
||
Profit
before tax (being tax attributable to shareholders' and
policyholders' returns)
|
|
729
|
|
1,444
|
2,287
|
||
Adjustments
to profit before tax for non-cash movements in
operating
assets and liabilities:
|
|
|
|
|
|
||
|
Investments
|
|
24,670
|
|
(38,673)
|
(60,812)
|
|
|
Other
non-investment and non-cash assets
|
|
(32,617)
|
|
(2,685)
|
(2,487)
|
|
|
Policyholder
liabilities (including unallocated surplus)
|
|
8,188
|
|
34,702
|
56,067
|
|
|
Other
liabilities (including operational borrowings)
|
|
1,466
|
|
4,072
|
5,097
|
|
Other
itemsnote (i)
|
|
(327)
|
|
102
|
(361)
|
||
Net
cash flows from operating activities
|
|
2,109
|
|
(1,038)
|
(209)
|
||
Cash flows from
investing activities
|
|
|
|
|
|
||
Net
cash flows from purchases and disposals of property, plant and
equipment
|
|
(43)
|
|
(21)
|
(64)
|
||
Net
cash flows from other investing activitiesnote (ii)
|
|
(733)
|
|
(102)
|
(260)
|
||
Net
cash flows from investing activities
|
|
(776)
|
|
(123)
|
(324)
|
||
Cash
flows from financing activities
|
|
|
|
|
|
||
Structural
borrowings of shareholder-financed operations:note
(iii)
|
C5.1
|
|
|
|
|
||
|
Issuance
of debt, net of costs
|
|
982
|
|
-
|
367
|
|
|
Redemption
of subordinated debt
|
|
-
|
|
(504)
|
(504)
|
|
|
Fees
paid to modify terms and conditions of debt issued by the
Group
|
|
-
|
|
(182)
|
(182)
|
|
|
Interest
paid
|
|
(157)
|
|
(289)
|
(526)
|
|
Equity
capital:
|
|
|
|
|
|
||
|
Issues
of ordinary share capital
|
|
10
|
|
13
|
22
|
|
External
dividends:
|
|
|
|
|
|
||
|
Dividends
paid to the Company's shareholders
|
B6
|
(674)
|
|
(1,108)
|
(1,634)
|
|
|
Dividends
paid to non-controlling interests
|
|
(16)
|
|
-
|
-
|
|
Net
cash flows from financing activities
|
|
145
|
|
(2,070)
|
(2,457)
|
||
Net increase
(decrease) in cash and cash equivalents from continuing
operations
|
|
1,478
|
|
(3,231)
|
(2,990)
|
||
Net cash flows from
discontinued operationsnote (iv)
|
|
-
|
|
292
|
(5,690)
|
||
Cash
and cash equivalents at beginning of period
|
|
6,965
|
|
15,442
|
15,442
|
||
Effect
of exchange rate changes on cash and cash equivalents
|
|
(59)
|
|
10
|
203
|
||
Cash and cash
equivalents at end of period
|
|
8,384
|
|
12,513
|
6,965
|
||
Comprising:
|
|
|
|
|
|
||
|
Cash
and cash equivalents from continuing operations
|
|
8,384
|
|
6,628
|
6,965
|
|
|
Cash
and cash equivalents from discontinued operations
|
|
-
|
|
5,885
|
-
|
|
|
Cash movements $m
|
|
Non-cash movements $m
|
|||||
|
|
Balance at
beginning
of period
|
Issue
of debt
|
Redemption
of debt
|
|
Foreign
exchange
movement
|
Demerger of
UK and Europe
operations
|
Other
movements
|
Balance
at end
of period
|
|
30 Jun
2020
|
5,594
|
982
|
-
|
|
(84)
|
-
|
7
|
6,499
|
|
30 Jun
2019
|
9,761
|
-
|
(504)
|
|
(6)
|
219
|
-
|
9,470
|
|
31 Dec
2019
|
9,761
|
367
|
(504)
|
|
116
|
(4,161)
|
15
|
5,594
|
$: Local currency
|
Closing rate as at period end
|
|
Average rate for the period to date
|
||||
|
30 Jun 2020
|
30 Jun 2019
|
31 Dec 2019
|
|
Half year 2020
|
Half year 2019
|
Full year 2019
|
China
|
7.07
|
6.87
|
6.97
|
|
7.03
|
6.78
|
6.91
|
Hong
Kong
|
7.75
|
7.81
|
7.79
|
|
7.76
|
7.84
|
7.84
|
Indonesia
|
14,285.00
|
14,127.50
|
13,882.50
|
|
14,574.24
|
14,192.79
|
14,140.84
|
Malaysia
|
4.29
|
4.13
|
4.09
|
|
4.25
|
4.12
|
4.14
|
Singapore
|
1.40
|
1.35
|
1.34
|
|
1.40
|
1.36
|
1.36
|
Thailand
|
30.87
|
30.69
|
29.75
|
|
31.62
|
31.61
|
31.05
|
UK
|
0.81
|
0.79
|
0.75
|
|
0.79
|
0.77
|
0.78
|
Vietnam
|
23,206.00
|
23,305.00
|
23,172.50
|
|
23,303.21
|
23,253.04
|
23,227.64
|
|
|
|
|
2020 $m
|
|
2019 $m
|
|
2020 vs 2019 %
|
2019 $m
|
||
|
|
|
Note
|
Half year
|
|
AER
Half year
|
CER
Half year
|
|
AER
Half year
|
CER
Half year
|
AER
Full year
|
|
|
|
|
|
|
note
(i)
|
note
(i)
|
|
note
(i)
|
note
(i)
|
note
(i)
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
||
Asia
|
|
|
|
|
|
|
|
|
|
||
Insurance
operations
|
|
1,590
|
|
1,417
|
1,396
|
|
12%
|
14%
|
2,993
|
||
Asset
management
|
|
143
|
|
133
|
130
|
|
8%
|
10%
|
283
|
||
Total
Asia
|
|
1,733
|
|
1,550
|
1,526
|
|
12%
|
14%
|
3,276
|
||
US
|
|
|
|
|
|
|
|
|
|
||
Insurance
operations (Jackson)
|
|
1,256
|
|
1,556
|
1,556
|
|
(19)%
|
(19)%
|
3,038
|
||
Asset
management
|
|
10
|
|
16
|
16
|
|
(38)%
|
(38)%
|
32
|
||
Total
US
|
|
1,266
|
|
1,572
|
1,572
|
|
(19)%
|
(19)%
|
3,070
|
||
Total segment
profit
|
|
2,999
|
|
3,122
|
3,098
|
|
(4)%
|
(3)%
|
6,346
|
||
Other income and
expenditure:
|
|
|
|
|
|
|
|
|
|
||
|
Investment
return and other income
|
|
18
|
|
32
|
31
|
|
(44)%
|
(42)%
|
50
|
|
|
Interest
payable on core structural borrowings
|
|
(163)
|
|
(293)
|
(286)
|
|
44%
|
43%
|
(516)
|
|
|
Corporate
expenditurenote (ii)
|
|
(205)
|
|
(212)
|
(211)
|
|
3%
|
3%
|
(460)
|
|
Total other income
and expenditure
|
|
(350)
|
|
(473)
|
(466)
|
|
26%
|
25%
|
(926)
|
||
Restructuring
and IFRS 17 implementation costs
|
|
(108)
|
|
(30)
|
(28)
|
|
(260)%
|
(286)%
|
(110)
|
||
Adjusted
operating profit
|
B1.3
|
2,541
|
|
2,619
|
2,604
|
|
(3)%
|
(2)%
|
5,310
|
||
Short-term
fluctuations in investment returns on shareholder-backed
business
|
B1.2
|
(2,706)
|
|
(1,455)
|
(1,445)
|
|
(86)%
|
(87)%
|
(3,203)
|
||
Amortisation
of acquisition accounting adjustmentsnote (iii)
|
|
(18)
|
|
(22)
|
(21)
|
|
18%
|
14%
|
(43)
|
||
Gain
(loss) attaching to corporate transactions
|
D1
|
846
|
|
17
|
20
|
|
n/a
|
n/a
|
(142)
|
||
Profit before tax attributable to shareholders
|
|
663
|
|
1,159
|
1,158
|
|
(43)%
|
(43)%
|
1,922
|
||
Tax
(charge) credit attributable to shareholders' returns
|
B4
|
(129)
|
|
(1)
|
1
|
|
n/a
|
n/a
|
31
|
||
Profit
for the period from continuing operations
|
|
534
|
|
1,158
|
1,159
|
|
(54)%
|
(54)%
|
1,953
|
||
Discontinued
UK and Europe operations' profit after tax
|
|
-
|
|
835
|
813
|
|
n/a
|
n/a
|
1,319
|
||
Re-measurement
of discontinued operations on demerger
|
|
-
|
|
-
|
-
|
|
n/a
|
n/a
|
188
|
||
Cumulative
exchange loss recycled from other comprehensive income
|
|
-
|
|
-
|
-
|
|
n/a
|
n/a
|
(2,668)
|
||
Profit (loss) for the period from discontinued
operations
|
|
-
|
|
835
|
813
|
|
n/a
|
n/a
|
(1,161)
|
||
Profit for the period
|
|
534
|
|
1,993
|
1,972
|
|
(73)%
|
(73)%
|
792
|
||
|
|
|
|
|
|
|
|
|
|
||
Attributable to:
|
|
|
|
|
|
|
|
|
|
||
Equity
holders of the Company
|
|
|
|
|
|
|
|
|
|
||
|
From
continuing operations
|
|
512
|
|
1,152
|
1,153
|
|
(56)%
|
(56)%
|
1,944
|
|
|
From
discontinued operations
|
|
-
|
|
835
|
813
|
|
n/a
|
n/a
|
(1,161)
|
|
Non-controlling
interests from continuing operations
|
|
22
|
|
6
|
6
|
|
267%
|
267%
|
9
|
||
|
|
|
|
534
|
|
1,993
|
1,972
|
|
(73)%
|
(73)%
|
792
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (in cents)
|
|
2020
|
|
2019
|
|
2020 vs 2019 %
|
2019
|
||||
|
|
|
Note
|
AER
Half year
|
|
AER
Half year
|
CER
Half year
|
|
AER
Half year
|
CER
Half year
|
AER
Full year
|
|
|
|
B5
|
note (i)
|
|
note
(i)
|
note
(i)
|
|
note
(i)
|
note
(i)
|
note
(i)
|
Based
on adjusted operating profit, net of tax, from continuing
operationsnote (iv)
|
|
79.0¢
|
|
84.5¢
|
84.3¢
|
|
(7)%
|
(6)%
|
175.0¢
|
||
Based
on profit for the period from continuing operations
|
|
19.7 ¢
|
|
44.6¢
|
44.8¢
|
|
(56)%
|
(56)%
|
75.1¢
|
||
Based
on profit (loss) for the period from discontinued
operations
|
|
-
|
|
32.3¢
|
31.5¢
|
|
n/a
|
n/a
|
(44.8)¢
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
Asia
operationsnote (i)
|
(448)
|
|
544
|
657
|
|
US
operationsnote (ii)
|
(2,288)
|
|
(1,968)
|
(3,757)
|
|
Other
operations
|
30
|
|
(31)
|
(103)
|
|
Total
|
(2,706)
|
|
(1,455)
|
(3,203)
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
Net
equity hedge resultnote (a)
|
(4,378)
|
|
(2,529)
|
(4,582)
|
|
Other
than equity-related derivativesnote (b)
|
2,114
|
|
560
|
678
|
|
Debt
securitiesnote (c)
|
175
|
|
14
|
156
|
|
Equity-type
investments: actual less longer-term return
|
(128)
|
|
(9)
|
18
|
|
Other
items
|
(71)
|
|
(4)
|
(27)
|
|
Total
net of related DAC amortisation
|
(2,288)
|
|
(1,968)
|
(3,757)
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
|
Fair
value movements on equity hedge instruments
|
(301)
|
|
(3,190)
|
(5,314)
|
|
Accounting
value movements on the variable and fixed indexed annuity guarantee
liabilities*
|
(4,503)
|
|
294
|
(22)
|
|
Fee
assessments net of claim payments
|
426
|
|
367
|
754
|
|
Total
net of related DAC amortisation
|
(4,378)
|
|
(2,529)
|
(4,582)
|
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
|
Half year
|
|
Half year
|
Full year
|
|
Credits
(charges) in the period:
|
|
|
|
|
|
|
|
Losses
on sales of impaired and deteriorating bonds
|
(148)
|
|
(24)
|
(28)
|
|
|
Bond
write-downs
|
(31)
|
|
(1)
|
(15)
|
|
|
Recoveries/reversals
|
1
|
|
1
|
1
|
|
|
Total
credits (charges) in the period
|
(178)
|
|
(24)
|
(42)
|
|
Risk
margin allowance deducted from adjusted operating
profit*
|
55
|
|
54
|
109
|
|
|
|
|
(123)
|
|
30
|
67
|
|
Interest-related
realised gains (losses):
|
|
|
|
|
|
|
|
Gains
(losses) arising in the period†
|
369
|
|
42
|
220
|
|
|
Amortisation
of gains and losses arising in current and prior periods to
adjusted operating profit
|
(67)
|
|
(59)
|
(129)
|
|
|
|
302
|
|
(17)
|
91
|
|
Related
amortisation of deferred acquisition costs
|
(4)
|
|
1
|
(2)
|
|
|
Total
short-term fluctuations related to debt securities net of related
DAC amortisation
|
175
|
|
14
|
156
|
|
|
Half year 2020
|
|
Half year 2019
|
|
Full year 2019
|
||||||
|
|
Average
book
value
|
RMR
|
Annual expected loss
|
|
Average
book
value
|
RMR
|
Annual expected loss
|
|
Average
book
value
|
RMR
|
Annual expected loss
|
|
|
$m
|
%
|
$m
|
|
$m
|
%
|
$m
|
|
$m
|
%
|
$m
|
|
A3 or
higher
|
39,118
|
0.10
|
(40)
|
|
34,318
|
0.10
|
(36)
|
|
38,811
|
0.10
|
(38)
|
|
Baa1, 2
or 3
|
21,521
|
0.24
|
(51)
|
|
24,385
|
0.23
|
(55)
|
|
22,365
|
0.24
|
(53)
|
|
Ba1, 2
or 3
|
1,383
|
0.74
|
(10)
|
|
1,008
|
0.93
|
(10)
|
|
1,094
|
0.85
|
(9)
|
|
B1, 2
or 3
|
200
|
2.39
|
(5)
|
|
246
|
2.62
|
(6)
|
|
223
|
2.56
|
(6)
|
|
Below
B3
|
108
|
3.36
|
(4)
|
|
37
|
3.42
|
(1)
|
|
75
|
3.39
|
(3)
|
|
Total
|
62,330
|
0.18
|
(110)
|
|
59,994
|
0.18
|
(108)
|
|
62,568
|
0.17
|
(109)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related
amortisation of deferred acquisition costs
|
20
|
|
|
|
18
|
|
|
|
19
|
||
|
Risk
margin reserve charge to adjusted operating profit for longer-term
credit-related losses
|
|
(90)
|
|
|
|
(90)
|
|
|
|
(90)
|
|
|
2020
|
|
2019
|
|
|
|
Half year
|
|
Half year
|
Full year
|
|
Equity-type
securities such as common and preferred stock and portfolio
holdings in mutual funds
|
4.9% to 5.8%
|
|
6.0% to
6.7%
|
5.5% to
6.7%
|
|
Other
equity-type securities such as investments in limited partnerships
and private equity funds
|
6.9% to 7.8%
|
|
8.0% to
8.7%
|
7.5% to
8.7%
|
|
2020 $m
|
|
2019 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Acquisition
costs incurred for insurance policies
|
(1,433)
|
|
(2,109)
|
(4,177)
|
Acquisition
costs deferrednote C4.2
|
614
|
|
625
|
1,422
|
Amortisation
of acquisition costsnote (i)
|
(470)
|
|
376
|
694
|
Recoveries
for expenses associated with Jackson's business ceded to Athenenote
(ii)
|
1,231
|
|
-
|
-
|
Administration
costs and other expenditurenote (iii)
|
(2,584)
|
|
(2,291)
|
(5,019)
|
Movements
in amounts attributable to external unit holders
of
consolidated investment funds
|
(390)
|
|
(109)
|
(203)
|
Total
acquisition costs and other expenditure
|
(3,032)
|
|
(3,508)
|
(7,283)
|
|
|
Half year 2020 $m
|
||||
|
|
Asia
|
US
|
Total
segment
|
Unallocated
to a
segment
|
Group
total
|
Gross
premiums earned
|
10,890
|
8,892
|
19,782
|
60
|
19,842
|
|
Outward
reinsurance premiumsnote (i)
|
50
|
(30,195)
|
(30,145)
|
(4)
|
(30,149)
|
|
Earned
premiums, net of reinsurance
|
10,940
|
(21,303)
|
(10,363)
|
56
|
(10,307)
|
|
Other
incomenote (ii)
|
285
|
28
|
313
|
20
|
333
|
|
Total
external revenue
|
11,225
|
(21,275)
|
(10,050)
|
76
|
(9,974)
|
|
Intra-group
revenue
|
-
|
17
|
17
|
(17)
|
-
|
|
Interest
income
|
883
|
1,283
|
2,166
|
22
|
2,188
|
|
Other
investment return
|
3,235
|
(1,575)
|
1,660
|
62
|
1,722
|
|
Total
revenue, net of reinsurance
|
15,343
|
(21,550)
|
(6,207)
|
143
|
(6,064)
|
|
|
Half year 2019 $m
|
||||
|
|
Asia
|
US
|
Total
segment
|
Unallocated
to a
segment
|
Group
total
|
Gross
premiums earned
|
11,458
|
9,588
|
21,046
|
35
|
21,081
|
|
Outward
reinsurance premiums
|
(499)
|
(170)
|
(669)
|
(4)
|
(673)
|
|
Earned
premiums, net of reinsurance
|
10,959
|
9,418
|
20,377
|
31
|
20,408
|
|
Other
incomenote (ii)
|
228
|
14
|
242
|
16
|
258
|
|
Total
external revenue
|
11,187
|
9,432
|
20,619
|
47
|
20,666
|
|
Intra-group
revenue
|
21
|
31
|
52
|
(52)
|
-
|
|
Interest
income
|
805
|
1,460
|
2,265
|
27
|
2,292
|
|
Other
investment return
|
8,826
|
20,732
|
29,558
|
23
|
29,581
|
|
Total
revenue, net of reinsurance
|
20,839
|
31,655
|
52,494
|
45
|
52,539
|
|
|
Full year 2019 $m
|
||||
|
|
Asia
|
US
|
Total
segment
|
Unallocated
to a
segment
|
Group
total
|
Gross
premiums earned
|
23,757
|
21,209
|
44,966
|
98
|
45,064
|
|
Outward
reinsurance premiums
|
(1,108)
|
(467)
|
(1,575)
|
(8)
|
(1,583)
|
|
Earned
premiums, net of reinsurance
|
22,649
|
20,742
|
43,391
|
90
|
43,481
|
|
Other
incomenote (ii)
|
548
|
61
|
609
|
91
|
700
|
|
Total
external revenue
|
23,197
|
20,803
|
44,000
|
181
|
44,181
|
|
Intra-group
revenue
|
-
|
34
|
34
|
(34)
|
-
|
|
Interest
income
|
1,569
|
2,971
|
4,540
|
67
|
4,607
|
|
Other
investment return
|
13,406
|
31,623
|
45,029
|
(81)
|
44,948
|
|
Total
revenue, net of reinsurance
|
38,172
|
55,431
|
93,603
|
133
|
93,736
|
|
|
2020 $m
|
|
2019 $m
|
|||
Tax
charge
|
Current
tax
|
Deferred
tax
|
Half year
Total
|
|
Half year
Total
|
Full year
Total
|
|
Attributable
to shareholders:
|
|
|
|
|
|
|
|
|
Asia
operations
|
(103)
|
(127)
|
(230)
|
|
(244)
|
(468)
|
|
US
operations
|
(70)
|
183
|
113
|
|
143
|
345
|
|
Other
operations
|
(16)
|
4
|
(12)
|
|
100
|
154
|
Tax
(charge) credit attributable to shareholders' returns
|
(189)
|
60
|
(129)
|
|
(1)
|
31
|
|
Attributable
to policyholders:
|
|
|
|
|
|
|
|
|
Asia
operations
|
(69)
|
3
|
(66)
|
|
(285)
|
(365)
|
Total
tax (charge) credit
|
(258)
|
63
|
(195)
|
|
(286)
|
(334)
|
|
|
|
|
2020
|
|
|
|
2019
|
|
||||
|
|
|
|
Half year
|
|
|
Half year
|
|
Full year
|
||||
|
|
|
Asia
operations
|
US
operations
|
Other
operations
|
Total
attributable to
shareholders
|
Percentage
impact
on ETR
|
|
Total
attributable to
shareholders
|
Percentage
impact
on ETR
|
|
Total
attributable to
shareholders
|
Percentage
impact
on ETR
|
|
|
|
$m
|
$m
|
$m
|
$m
|
%
|
|
$m
|
%
|
|
$m
|
%
|
|
|
|
|
|
note (iv)
|
|
|
|
|
|
|
|
|
Adjusted
operating profit (loss)
|
1,733
|
1,266
|
(458)
|
2,541
|
|
|
2,619
|
|
|
5,310
|
|
||
Non-operating
(loss) profit
|
(450)
|
(1,458)
|
30
|
(1,878)
|
|
|
(1,460)
|
|
|
(3,388)
|
|
||
Profit
(loss) before tax
|
1,283
|
(192)
|
(428)
|
663
|
|
|
1,159
|
|
|
1,922
|
|
||
Expected
tax rate:
|
20%
|
21%
|
18%
|
21%
|
|
|
|
|
|
|
|
||
|
Tax at
the expected rate
|
257
|
(40)
|
(77)
|
140
|
21.1%
|
|
232
|
20.0%
|
|
393
|
20.4%
|
|
|
Effects
of recurring tax reconciliation items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
not taxable or taxable at concessionary rates
|
(31)
|
(14)
|
-
|
(45)
|
(6.8)%
|
|
(70)
|
(6.0)%
|
|
(126)
|
(6.6)%
|
|
|
Deductions
not allowable for tax purposes
|
12
|
6
|
3
|
21
|
3.2%
|
|
26
|
2.2%
|
|
55
|
2.9%
|
|
|
Items
related to taxation of life insurance businessesnote
(i)
|
7
|
(62)
|
-
|
(55)
|
(8.3)%
|
|
(179)
|
(15.4)%
|
|
(317)
|
(16.5)%
|
|
|
Deferred
tax adjustments
|
3
|
-
|
-
|
3
|
0.5%
|
|
(12)
|
(1.0)%
|
|
(33)
|
(1.7)%
|
|
|
Unrecognised
tax lossesnote (ii)
|
-
|
-
|
72
|
72
|
10.9%
|
|
-
|
-
|
|
46
|
2.4%
|
|
|
Effect
of results of joint ventures and associates
|
(31)
|
-
|
(6)
|
(37)
|
(5.6)%
|
|
(35)
|
(3.0)%
|
|
(100)
|
(5.2)%
|
|
|
Irrecoverable
withholding taxes
|
-
|
-
|
26
|
26
|
3.9%
|
|
27
|
2.3%
|
|
59
|
3.1%
|
|
|
Other
|
3
|
13
|
(6)
|
10
|
1.5%
|
|
5
|
0.4%
|
|
13
|
0.7%
|
|
|
Total
|
(37)
|
(57)
|
89
|
(5)
|
(0.7)%
|
|
(238)
|
(20.5)%
|
|
(403)
|
(20.9)%
|
|
Effects
of non-recurring tax reconciliation items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
to tax charge in relation to prior years
|
21
|
-
|
-
|
21
|
3.1%
|
|
20
|
1.7%
|
|
(67)
|
(3.5)%
|
|
|
Movements
in provisions for open tax mattersnote (iii)
|
(12)
|
-
|
-
|
(12)
|
(1.8)%
|
|
8
|
0.7%
|
|
(1)
|
0.0%
|
|
|
Demerger
related activities
|
-
|
-
|
-
|
-
|
-
|
|
4
|
0.4%
|
|
76
|
4.1%
|
|
|
Impact
of carry back of US losses
|
-
|
(16)
|
-
|
(16)
|
(2.4)%
|
|
-
|
-
|
|
-
|
-
|
|
|
Impact
of changes in local statutory tax rates
|
1
|
-
|
-
|
1
|
0.2%
|
|
-
|
-
|
|
-
|
-
|
|
|
Adjustments
in relation to business disposals
|
-
|
-
|
-
|
-
|
-
|
|
(25)
|
(2.2)%
|
|
(29)
|
(1.4)%
|
|
|
Total
|
10
|
(16)
|
-
|
(6)
|
(0.9)%
|
|
7
|
0.6%
|
|
(21)
|
(1.1)%
|
Total
actual tax charge (credit)
|
230
|
(113)
|
12
|
129
|
19.5%
|
|
1
|
0.1%
|
|
(31)
|
(1.6)%
|
||
Analysed
into:
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Tax on
adjusted operating profit (loss)
|
260
|
195
|
12
|
467
|
|
|
430
|
|
|
773
|
|
|
|
Tax on
non-operating (loss) profit
|
(30)
|
(308)
|
-
|
(338)
|
|
|
(429)
|
|
|
(804)
|
|
|
Actual
tax rate on:
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Adjusted
operating profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Including
non-recurring tax reconciling items
|
15%
|
15%
|
(3)%
|
18%
|
|
|
16%
|
|
|
15%
|
|
|
|
Excluding
non-recurring tax reconciling items
|
14%
|
15%
|
(3)%
|
18%
|
|
|
16%
|
|
|
15%
|
|
|
Total
profit (loss)
|
18%
|
59%
|
(3)%
|
19%
|
|
|
0%
|
|
|
(2)%
|
|
|
|
|
Half year 2020 $m
|
|
At
beginning of period
|
198
|
|
|
|
Movements
in the current period included in tax charge attributable to
shareholders
|
(12)
|
|
|
Provisions
utilised in the period
|
(34)
|
|
|
Other
movements*
|
(3)
|
|
At end
of period
|
149
|
|
|
|
Half year 2019 %
|
|
Full year 2019 %
|
||||||
|
|
|
Asia
operations
|
US
operations
|
Other
operations
|
Total
attributable to
shareholders
|
|
Asia
operations
|
US
operations
|
Other
operations
|
Total
attributable to
shareholders
|
|
Tax
rate on adjusted operating profit (loss)
|
14%
|
17%
|
10%
|
16%
|
|
13%
|
14%
|
10%
|
15%
|
|
|
Tax
rate on profit (loss) before tax
|
10%
|
35%
|
13%
|
0%
|
|
11%
|
48%
|
10%
|
(2)%
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Half year 2020
|
||||||||||||
|
|
|
Before
tax
|
Tax
|
Non-controlling interests
|
Net of tax
and non-
controlling interests
|
Basic
earnings
per share
|
Diluted
earnings
per share
|
|||||||
|
|
|
$m
|
$m
|
$m
|
$m
|
cents
|
cents
|
|||||||
Based
on adjusted operating profit
|
|
2,541
|
(467)
|
(22)
|
2,052
|
79.0¢
|
79.0¢
|
||||||||
Short-term
fluctuations in investment returns on shareholder-backed
business
|
|
(2,706)
|
513
|
-
|
(2,193)
|
(84.4)¢
|
(84.4)¢
|
||||||||
Amortisation
of acquisition accounting adjustments
|
|
(18)
|
3
|
-
|
(15)
|
(0.6)¢
|
(0.6)¢
|
||||||||
Gain
(loss) attaching to corporate transactions
|
|
846
|
(178)
|
-
|
668
|
25.7¢
|
25.7¢
|
||||||||
Based
on profit for the period
|
|
663
|
(129)
|
(22)
|
512
|
19.7¢
|
19.7¢
|
||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Half year 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
|
|||||||
Based
on adjusted operating profit
|
|
2,619
|
(430)
|
(6)
|
2,183
|
84.5¢
|
84.5¢
|
||||||||
Short-term
fluctuations in investment returns on shareholder-backed
business
|
|
(1,455)
|
407
|
-
|
(1,048)
|
(40.6)¢
|
(40.6)¢
|
||||||||
Amortisation
of acquisition accounting adjustments
|
|
(22)
|
4
|
-
|
(18)
|
(0.7)¢
|
(0.7)¢
|
||||||||
Gain
(loss) attaching to corporate transactions
|
|
17
|
18
|
-
|
35
|
1.4¢
|
1.4¢
|
||||||||
Based
on profit for the period from continuing operations
|
|
1,159
|
(1)
|
(6)
|
1,152
|
44.6¢
|
44.6¢
|
||||||||
Based
on profit for the period from discontinued operations
|
|
|
|
|
835
|
32.3¢
|
32.3¢
|
||||||||
Based
on profit for the period
|
|
|
|
|
1,987
|
76.9¢
|
76.9¢
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full year 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
|
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)¢
|
|
Gain
(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:
|
Half year
|
|
Half year
|
Full year
|
|
Basic
earnings per share
|
2,596
|
|
2,583
|
2,587
|
|
Shares
under option at end of period
|
2
|
|
4
|
4
|
|
Shares
that would have been issued at fair value on assumed option
price
|
(2)
|
|
(3)
|
(4)
|
|
Diluted
earnings per share
|
2,596
|
|
2,584
|
2,587
|
|
|
Half year 2020
|
|
Half year 2019
|
|
Full year 2019
|
|||
|
Cents per share
|
$m
|
|
Cents per share
|
$m
|
|
Cents per share
|
$m
|
|
Dividends
relating to reporting period:
|
|
|
|
|
|
|
|
|
|
|
First
interim ordinary dividend
|
5.37¢
|
140
|
|
20.29¢
|
526
|
|
20.29¢
|
528
|
|
Second
interim ordinary dividend
|
-
|
-
|
|
-
|
-
|
|
25.97¢
|
675
|
Total
|
5.37¢
|
140
|
|
20.29¢
|
526
|
|
46.26¢
|
1,203
|
|
Dividends
paid in reporting period:
|
|
|
|
|
|
|
|
|
|
|
Current
year first interim ordinary dividend
|
-
|
-
|
|
-
|
-
|
|
20.29¢
|
526
|
|
Second
interim ordinary dividend for prior year
|
25.97¢
|
674
|
|
42.89¢
|
1,108
|
|
42.89¢
|
1,108
|
Total
|
25.97¢
|
674
|
|
42.89¢
|
1,108
|
|
63.18¢
|
1,634
|
|
|
|
30 Jun 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
(ix), note C1.1
|
|
|
|
|
|
|
|
|
|
|
||
Sovereign
debt
|
|
|
|
|
|
|
|
|
|
|
||
|
Indonesia
|
381
|
580
|
455
|
-
|
-
|
1,416
|
-
|
-
|
-
|
1,416
|
|
|
Singapore
|
2,788
|
525
|
904
|
88
|
-
|
4,305
|
-
|
-
|
-
|
4,305
|
|
|
Thailand
|
-
|
-
|
1,567
|
16
|
-
|
1,583
|
-
|
-
|
-
|
1,583
|
|
|
United
Kingdom
|
-
|
7
|
-
|
-
|
-
|
7
|
-
|
154
|
-
|
161
|
|
|
United
States
|
24,656
|
23
|
2,356
|
-
|
-
|
27,035
|
5,371
|
-
|
-
|
32,406
|
|
|
Vietnam
|
-
|
14
|
2,789
|
-
|
-
|
2,803
|
-
|
-
|
-
|
2,803
|
|
|
Other
(predominantly Asia)
|
1,816
|
687
|
3,216
|
13
|
-
|
5,732
|
19
|
140
|
-
|
5,891
|
|
Subtotal
|
29,641
|
1,836
|
11,287
|
117
|
-
|
42,881
|
5,390
|
294
|
-
|
48,565
|
||
Other
government bonds
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,464
|
103
|
479
|
-
|
-
|
2,046
|
447
|
-
|
-
|
2,493
|
|
|
AA+ to
AA-
|
353
|
34
|
101
|
-
|
-
|
488
|
519
|
-
|
-
|
1,007
|
|
|
A+ to
A-
|
524
|
113
|
226
|
-
|
-
|
863
|
191
|
-
|
-
|
1,054
|
|
|
BBB+ to
BBB-
|
466
|
88
|
248
|
8
|
-
|
810
|
2
|
-
|
-
|
812
|
|
|
Below
BBB- and unrated
|
104
|
17
|
331
|
-
|
-
|
452
|
-
|
1
|
-
|
453
|
|
Subtotal
|
2,911
|
355
|
1,385
|
8
|
-
|
4,659
|
1,159
|
1
|
-
|
5,819
|
||
Corporate
bonds
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,122
|
270
|
504
|
-
|
-
|
1,896
|
265
|
-
|
-
|
2,161
|
|
|
AA+ to
AA-
|
1,575
|
273
|
1,712
|
2
|
-
|
3,562
|
973
|
-
|
-
|
4,535
|
|
|
A+ to
A-
|
6,670
|
808
|
4,723
|
-
|
-
|
12,201
|
11,792
|
-
|
-
|
23,993
|
|
|
BBB+ to
BBB-
|
7,806
|
1,043
|
3,389
|
-
|
-
|
12,238
|
14,036
|
-
|
-
|
26,274
|
|
|
Below
BBB- and unrated
|
2,835
|
655
|
945
|
3
|
-
|
4,438
|
2,046
|
7
|
-
|
6,491
|
|
Subtotal
|
20,008
|
3,049
|
11,273
|
5
|
-
|
34,335
|
29,112
|
7
|
-
|
63,454
|
||
Asset-backed
securities
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
108
|
16
|
23
|
-
|
-
|
147
|
2,227
|
-
|
-
|
2,374
|
|
|
AA+ to
AA-
|
36
|
6
|
8
|
-
|
-
|
50
|
184
|
-
|
-
|
234
|
|
|
A+ to
A-
|
17
|
-
|
25
|
-
|
-
|
42
|
575
|
-
|
-
|
617
|
|
|
BBB+ to
BBB-
|
15
|
-
|
10
|
-
|
-
|
25
|
193
|
-
|
-
|
218
|
|
|
Below
BBB- and unrated
|
6
|
-
|
-
|
-
|
-
|
6
|
175
|
-
|
-
|
181
|
|
Subtotal
|
182
|
22
|
66
|
-
|
-
|
270
|
3,354
|
-
|
-
|
3,624
|
||
Total
debt securities
|
52,742
|
5,262
|
24,011
|
130
|
-
|
82,145
|
39,015
|
302
|
-
|
121,462
|
||
Loans
|
|
|
|
|
|
|
|
|
|
|
||
|
Mortgage
loansnote C1.2
|
-
|
-
|
158
|
-
|
-
|
158
|
8,119
|
-
|
-
|
8,277
|
|
|
Policy
loans
|
1,189
|
-
|
324
|
-
|
-
|
1,513
|
4,705
|
8
|
-
|
6,226
|
|
|
Other
loans
|
389
|
-
|
18
|
-
|
-
|
407
|
-
|
-
|
-
|
407
|
|
Total
loans
|
1,578
|
-
|
500
|
-
|
-
|
2,078
|
12,824
|
8
|
-
|
14,910
|
||
Equity securities
and holdings in collective investment schemes
|
|
|
|
|
|
|
|
|
|
|
||
|
Direct
equities
|
14,493
|
10,345
|
1,537
|
56
|
-
|
26,431
|
263
|
4
|
-
|
26,698
|
|
|
Collective
investment schemes
|
13,455
|
6,097
|
4,175
|
10
|
-
|
23,737
|
36
|
7
|
-
|
23,780
|
|
|
US
separate account assetsnote (iii)
|
-
|
-
|
-
|
-
|
-
|
-
|
184,220
|
-
|
-
|
184,220
|
|
Total
equity securities and holdings in collective investment
schemes
|
27,948
|
16,442
|
5,712
|
66
|
-
|
50,168
|
184,519
|
11
|
-
|
234,698
|
||
Other financial investmentsnote (iv)
|
991
|
572
|
1,817
|
97
|
-
|
3,477
|
3,827
|
75
|
-
|
7,379
|
||
Total financial Investments
|
83,259
|
22,276
|
32,040
|
293
|
-
|
137,868
|
240,185
|
396
|
-
|
378,449
|
||
Investment
properties
|
-
|
-
|
7
|
-
|
-
|
7
|
7
|
9
|
-
|
23
|
||
Investments
in joint ventures and associates accounted for using the equity
method
|
-
|
-
|
1,268
|
239
|
-
|
1,507
|
-
|
-
|
-
|
1,507
|
||
Cash
and cash equivalents
|
913
|
599
|
1,242
|
132
|
-
|
2,886
|
2,493
|
3,005
|
-
|
8,384
|
||
Reinsurers'
share of insurance contract liabilitiesnote (v)
|
211
|
-
|
8,709
|
-
|
-
|
8,920
|
35,993
|
5
|
-
|
44,918
|
||
Other
assetsnote (vi)
|
1,954
|
482
|
8,051
|
799
|
(33)
|
11,253
|
17,942
|
3,828
|
(3,139)
|
29,884
|
||
Total
assets
|
86,337
|
23,357
|
51,317
|
1,463
|
(33)
|
162,441
|
296,620
|
7,243
|
(3,139)
|
463,165
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
-
|
-
|
10,535
|
994
|
-
|
11,529
|
8,955
|
(1,374)
|
-
|
19,110
|
||
Non-controlling
interests
|
-
|
-
|
2
|
159
|
-
|
161
|
-
|
36
|
-
|
197
|
||
Total
equity
|
-
|
-
|
10,537
|
1,153
|
-
|
11,690
|
8,955
|
(1,338)
|
-
|
19,307
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
liabilities and unallocated surplus of with-profits fundsnote
(iii)
|
76,647
|
21,376
|
33,541
|
-
|
-
|
131,564
|
265,655
|
217
|
-
|
397,436
|
||
Core
structural borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
250
|
6,249
|
-
|
6,499
|
||
Operational
borrowings
|
243
|
15
|
111
|
25
|
-
|
394
|
1,212
|
639
|
-
|
2,245
|
||
Other
liabilitiesnote (vii)
|
9,447
|
1,966
|
7,128
|
285
|
(33)
|
18,793
|
20,548
|
1,476
|
(3,139)
|
37,678
|
||
Total
liabilities
|
86,337
|
23,357
|
40,780
|
310
|
(33)
|
150,751
|
287,665
|
8,581
|
(3,139)
|
443,858
|
||
Total equity and
liabilities
|
86,337
|
23,357
|
51,317
|
1,463
|
(33)
|
162,441
|
296,620
|
7,243
|
(3,139)
|
463,165
|
|
|
|
30 Jun
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
|
Discontinued
operations
|
Elimination
of
intra-group
debtors
and
creditors
|
Group
total
|
|
|
|
note
(i)
|
|
|
|
|
|
note
(ii)
|
|
|
|
|
Debt
securitiesnote (ix), note C1.1
|
|
|
|
|
|
|
|
|
|
|
|
||
Sovereign
debt
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Indonesia
|
184
|
516
|
445
|
-
|
-
|
1,145
|
-
|
-
|
-
|
-
|
1,145
|
|
|
Singapore
|
2,188
|
376
|
649
|
47
|
-
|
3,260
|
-
|
-
|
-
|
-
|
3,260
|
|
|
Thailand
|
-
|
-
|
1,407
|
-
|
-
|
1,407
|
-
|
-
|
-
|
-
|
1,407
|
|
|
United
Kingdom
|
-
|
6
|
-
|
-
|
-
|
6
|
-
|
1,248
|
-
|
-
|
1,254
|
|
|
United
States
|
16,617
|
18
|
2,162
|
-
|
-
|
18,797
|
6,022
|
-
|
-
|
-
|
24,819
|
|
|
Vietnam
|
1
|
13
|
2,479
|
-
|
-
|
2,493
|
-
|
-
|
-
|
-
|
2,493
|
|
|
Other
(predominantly Asia)
|
2,314
|
638
|
2,488
|
15
|
-
|
5,455
|
9
|
74
|
-
|
-
|
5,538
|
|
Subtotal
|
21,304
|
1,567
|
9,630
|
62
|
-
|
32,563
|
6,031
|
1,322
|
-
|
-
|
39,916
|
||
Other
government bonds
|
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,658
|
44
|
440
|
-
|
-
|
2,142
|
966
|
-
|
-
|
-
|
3,108
|
|
|
AA+ to
AA-
|
176
|
8
|
88
|
-
|
-
|
272
|
493
|
-
|
-
|
-
|
765
|
|
|
A+ to
A-
|
826
|
136
|
319
|
-
|
-
|
1,281
|
262
|
-
|
-
|
-
|
1,543
|
|
|
BBB+ to
BBB-
|
316
|
72
|
357
|
-
|
-
|
745
|
4
|
-
|
-
|
-
|
749
|
|
|
Below
BBB- and unrated
|
22
|
4
|
341
|
-
|
-
|
367
|
-
|
-
|
-
|
-
|
367
|
|
Subtotal
|
2,998
|
264
|
1,545
|
-
|
-
|
4,807
|
1,725
|
-
|
-
|
-
|
6,532
|
||
Corporate
bonds
|
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
700
|
179
|
550
|
-
|
-
|
1,429
|
362
|
262
|
-
|
-
|
2,053
|
|
|
AA+ to
AA-
|
1,769
|
527
|
1,735
|
-
|
-
|
4,031
|
1,498
|
169
|
-
|
-
|
5,698
|
|
|
A+ to
A-
|
5,464
|
536
|
4,480
|
-
|
-
|
10,480
|
17,184
|
182
|
-
|
-
|
27,846
|
|
|
BBB+ to
BBB-
|
5,577
|
893
|
2,898
|
-
|
-
|
9,368
|
23,042
|
25
|
-
|
-
|
32,435
|
|
|
Below
BBB- and unrated
|
2,669
|
595
|
454
|
-
|
-
|
3,718
|
2,091
|
6
|
-
|
-
|
5,815
|
|
Subtotal
|
16,179
|
2,730
|
10,117
|
-
|
-
|
29,026
|
44,177
|
644
|
-
|
-
|
73,847
|
||
Asset-backed
securities
|
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
231
|
22
|
91
|
-
|
-
|
344
|
3,357
|
401
|
-
|
-
|
4,102
|
|
|
AA+ to
AA-
|
53
|
3
|
16
|
-
|
-
|
72
|
694
|
-
|
-
|
-
|
766
|
|
|
A+ to
A-
|
20
|
-
|
21
|
-
|
-
|
41
|
1,024
|
-
|
-
|
-
|
1,065
|
|
|
BBB+ to
BBB-
|
-
|
-
|
-
|
-
|
-
|
-
|
335
|
-
|
-
|
-
|
335
|
|
|
Below
BBB- and unrated
|
22
|
-
|
7
|
-
|
-
|
29
|
264
|
-
|
-
|
-
|
293
|
|
Subtotal
|
326
|
25
|
135
|
-
|
-
|
486
|
5,674
|
401
|
-
|
-
|
6,561
|
||
Total
debt securities
|
40,807
|
4,586
|
21,427
|
62
|
-
|
66,882
|
57,607
|
2,367
|
-
|
-
|
126,856
|
||
Loans
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Mortgage
loansnote C1.2
|
-
|
-
|
179
|
-
|
-
|
179
|
9,655
|
-
|
-
|
-
|
9,834
|
|
|
Policy
loans
|
996
|
-
|
296
|
-
|
-
|
1,292
|
4,692
|
-
|
-
|
-
|
5,984
|
|
|
Other
loans
|
80
|
-
|
19
|
-
|
-
|
99
|
-
|
8
|
-
|
-
|
107
|
|
Total
loans
|
1,076
|
-
|
494
|
-
|
-
|
1,570
|
14,347
|
8
|
-
|
-
|
15,925
|
||
Equity securities
and holdings in collective investment schemes
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Direct
equities
|
15,316
|
13,100
|
1,386
|
-
|
-
|
29,802
|
160
|
65
|
-
|
-
|
30,027
|
|
|
Collective
investment schemes
|
11,890
|
5,223
|
1,518
|
52
|
-
|
18,683
|
128
|
2
|
-
|
-
|
18,813
|
|
|
US
separate account assetsnote (iii)
|
-
|
-
|
-
|
-
|
-
|
-
|
184,917
|
-
|
-
|
-
|
184,917
|
|
Total
equity securities and holdings in collective investment
schemes
|
27,206
|
18,323
|
2,904
|
52
|
-
|
48,485
|
185,205
|
67
|
-
|
-
|
233,757
|
||
Other financial investmentsnote (iv)
|
511
|
626
|
800
|
93
|
-
|
2,030
|
2,342
|
301
|
-
|
-
|
4,673
|
||
Total financial Investments
|
69,600
|
23,535
|
25,625
|
207
|
-
|
118,967
|
259,501
|
2,743
|
-
|
-
|
381,211
|
||
Investment
properties
|
-
|
-
|
7
|
-
|
-
|
7
|
7
|
-
|
-
|
-
|
14
|
||
Investments
in joint ventures and associates accounted for using the equity
method
|
-
|
-
|
1,092
|
219
|
-
|
1,311
|
-
|
-
|
-
|
-
|
1,311
|
||
Cash
and cash equivalents
|
680
|
509
|
1,500
|
139
|
-
|
2,828
|
1,506
|
2,294
|
-
|
-
|
6,628
|
||
Reinsurers'
share of insurance contract liabilitiesnote (v)
|
105
|
-
|
4,502
|
-
|
-
|
4,607
|
8,308
|
4
|
-
|
-
|
12,919
|
||
Assets
held for distributionnote (viii)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
281,427
|
(3,566)
|
277,861
|
||
Other
assetsnote (vi)
|
3,288
|
401
|
6,572
|
542
|
(44)
|
10,759
|
16,416
|
3,269
|
-
|
(4,443)
|
26,001
|
||
Total
assets
|
73,673
|
24,445
|
39,298
|
1,107
|
(44)
|
138,479
|
285,738
|
8,310
|
281,427
|
(8,009)
|
705,945
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
-
|
-
|
9,005
|
722
|
-
|
9,727
|
8,594
|
(3,822)
|
10,538
|
-
|
25,037
|
||
Non-controlling
interests
|
-
|
-
|
2
|
15
|
-
|
17
|
-
|
12
|
-
|
-
|
29
|
||
Total
equity
|
-
|
-
|
9,007
|
737
|
-
|
9,744
|
8,594
|
(3,810)
|
10,538
|
-
|
25,066
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
liabilities and unallocated surplus of with-profits fundsnote
(iii)
|
65,004
|
22,392
|
23,470
|
-
|
-
|
110,866
|
257,279
|
61
|
-
|
(1,526)
|
366,680
|
||
Core
structural borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
250
|
9,220
|
-
|
-
|
9,470
|
||
Operational
borrowings
|
303
|
46
|
112
|
17
|
-
|
478
|
1,017
|
926
|
-
|
-
|
2,421
|
||
Liabilities
held for distributionnote (viii)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
270,889
|
(1,857)
|
269,032
|
||
Other
liabilitiesnote (vii)
|
8,367
|
2,007
|
6,709
|
353
|
(45)
|
17,391
|
18,598
|
1,913
|
-
|
(4,626)
|
33,276
|
||
Total
liabilities
|
73,674
|
24,445
|
30,291
|
370
|
(45)
|
128,735
|
277,144
|
12,120
|
270,889
|
(8,009)
|
680,879
|
||
Total equity and
liabilities
|
73,674
|
24,445
|
39,298
|
1,107
|
(45)
|
138,479
|
285,738
|
8,310
|
281,427
|
(8,009)
|
705,945
|
|
|
|
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
(ix), 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 (iii)
|
-
|
-
|
-
|
-
|
-
|
-
|
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
assetsnote (vi)
|
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
(iii)
|
70,308
|
23,571
|
26,814
|
-
|
-
|
120,693
|
269,549
|
186
|
-
|
390,428
|
||
Core
structural borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
250
|
5,344
|
-
|
5,594
|
||
Operational
borrowings
|
302
|
21
|
123
|
27
|
-
|
473
|
1,501
|
671
|
-
|
2,645
|
||
Other
liabilitiesnote (vii)
|
8,363
|
1,629
|
7,816
|
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
|
|
|
30 Jun 2020 $m
|
|
2019 $m
|
|||
|
|
Insurance
|
Asset
management
|
Total
|
|
30 Jun
Total
|
31 Dec
Total
|
|
Shareholders' equity
|
8,943
|
12
|
8,955
|
|
8,594
|
8,929
|
|
30 Jun 2020 $m
|
|
2019 $m
|
|||
|
Asia
|
US
|
Group total
|
|
30 Jun
|
31 Dec
|
Debt
securities held by consolidated investment funds
|
17,219
|
1,244
|
18,463
|
|
21,914
|
22,113
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Available-for-sale
|
37,597
|
|
56,225
|
57,091
|
|
Fair
value through profit and loss
|
1,418
|
|
1,382
|
1,437
|
|
Total
US debt securities
|
39,015
|
|
57,607
|
58,528
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Publicly
traded and SEC Rule 144A securities*
|
21,215
|
|
34,895
|
34,781
|
|
Non-SEC
Rule 144A securities
|
7,897
|
|
9,282
|
9,842
|
|
Total
US corporate bonds
|
29,112
|
|
44,177
|
44,623
|
|
|
|
Changes in unrealised
appreciation reflected in
other comprehensive income
|
|
|
|
|
30 Jun 2020 $m
|
Gains recycled to income statement on transfer of debt securities
to Athene
|
Unrealised
gains (losses)
arising in
the period
|
31 Dec 2019 $m
|
|
|
|
note D1
|
|
|
Assets
fair valued at below book value
|
|
|
|
|
|
|
Book
value*
|
2,188
|
|
|
3,121
|
|
Unrealised
gain (loss)
|
(109)
|
|
(82)
|
(27)
|
|
Fair
value (as included in statement of financial position)
|
2,079
|
|
|
3,094
|
Assets
fair valued at or above book value
|
|
|
|
|
|
|
Book
value*
|
32,190
|
|
|
50,474
|
|
Unrealised
gain (loss)
|
3,328
|
(2,817)
|
2,622
|
3,523
|
|
Fair
value (as included in statement of financial position)
|
35,518
|
|
|
53,997
|
Total
|
|
|
|
|
|
|
Book
value*
|
34,378
|
|
|
53,595
|
|
Net
unrealised gain (loss)
|
3,219
|
(2,817)
|
2,540
|
3,496
|
|
Fair
value (as included in the footnote above in the overview table and
the statement of financial position)
|
37,597
|
|
|
57,091
|
|
|
30 Jun 2020 $m
|
|
30 Jun 2019 $m
|
|
31 Dec 2019 $m
|
|||
|
|
Fair
value
|
Unrealised
loss
|
|
Fair
value
|
Unrealised
loss
|
|
Fair
value
|
Unrealised
loss
|
Between
90% and 100%
|
1,871
|
(62)
|
|
2,827
|
(41)
|
|
3,083
|
(25)
|
|
Between
80% and 90%
|
111
|
(17)
|
|
48
|
(7)
|
|
11
|
(2)
|
|
Below
80%
|
97
|
(30)
|
|
40
|
(15)
|
|
-
|
-
|
|
Total
|
2,079
|
(109)
|
|
2,915
|
(63)
|
|
3,094
|
(27)
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
1 year
to 5 years
|
(30)
|
|
(3)
|
(1)
|
|
5 years
to 10 years
|
(39)
|
|
(13)
|
(12)
|
|
More
than 10 years
|
(20)
|
|
(24)
|
(7)
|
|
Mortgage-backed
and other debt securities
|
(20)
|
|
(23)
|
(7)
|
|
Total
|
(109)
|
|
(63)
|
(27)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 Jun 2020 $m
|
|
|
30 Jun 2019 $m
|
|
31 Dec 2019 $m
|
|||||
Age
analysis
|
Non-
investment
grade
|
Investment
grade*
|
Total
|
|
Non-
investment
grade
|
Investment
grade*
|
Total
|
|
Non-
investment
grade
|
Investment
grade*
|
Total
|
Less
than 6 months
|
(24)
|
(80)
|
(104)
|
|
(1)
|
(5)
|
(6)
|
|
(1)
|
(20)
|
(21)
|
6
months to 1 year
|
(3)
|
(1)
|
(4)
|
|
(1)
|
(18)
|
(19)
|
|
(1)
|
(1)
|
(2)
|
1 year
to 2 years
|
-
|
-
|
-
|
|
(1)
|
(11)
|
(12)
|
|
-
|
(1)
|
(1)
|
2 years
to 3 years
|
(1)
|
-
|
(1)
|
|
-
|
(13)
|
(13)
|
|
-
|
(1)
|
(1)
|
More
than 3 years
|
-
|
-
|
-
|
|
-
|
(13)
|
(13)
|
|
-
|
(2)
|
(2)
|
Total
|
(28)
|
(81)
|
(109)
|
|
(3)
|
(60)
|
(63)
|
|
(2)
|
(25)
|
(27)
|
|
30 Jun 2020 $m
|
|
30 Jun 2019 $m
|
|
31 Dec 2019 $m
|
|||
Age
analysis
|
Fair
value
|
Unrealised
loss
|
|
Fair
value
|
Unrealised
loss
|
|
Fair
value
|
Unrealised
loss
|
Less
than 3 months
|
60
|
(17)
|
|
33
|
(13)
|
|
-
|
-
|
3
months to 6 months
|
37
|
(13)
|
|
7
|
(2)
|
|
-
|
-
|
Total
below 80%
|
97
|
(30)
|
|
40
|
(15)
|
|
-
|
-
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
RMBS
|
|
|
|
|
|
|
Sub-prime
(30 Jun 2020: 2% AAA)
|
35
|
|
112
|
93
|
|
Alt-A
(30 Jun 2020: 35% AAA, 39% A)
|
14
|
|
129
|
116
|
|
Prime
including agency (30 Jun 2020: 85% AAA, 6% AA, 5% A)
|
263
|
|
736
|
862
|
CMBS
(30 Jun 2020: 86% AAA, 5% AA, 3% A)
|
1,646
|
|
2,884
|
3,080
|
|
CDO
funds (30 Jun 2020: 81% AAA, 9% AA, 5% A), $nil exposure to
sub-prime
|
397
|
|
449
|
696
|
|
Other
ABS (30 Jun 2020: 26% AAA, 5% AA, 48% A), $35 million exposure to
sub-prime
|
999
|
|
1,364
|
1,168
|
|
Total
US asset-backed securities
|
3,354
|
|
5,674
|
6,015
|
|
30 Jun 2020 $m
|
|
2019 $m
|
|||||||
|
Senior debt
|
|
Subordinated debt
|
|
Group
total
|
|
30 Jun
|
31 Dec
|
||
|
Total
|
|
Tier 1
|
Tier 2
|
Total
|
|
|
|
Group total
|
Group total
|
Shareholder-backed
business
|
|
|
|
|
|
|
|
|
|
|
Asia
|
549
|
|
572
|
329
|
901
|
|
1,450
|
|
858
|
993
|
Eurozone
|
223
|
|
-
|
26
|
26
|
|
249
|
|
410
|
337
|
United
Kingdom
|
352
|
|
7
|
91
|
98
|
|
450
|
|
892
|
723
|
United
States
|
1,565
|
|
5
|
52
|
57
|
|
1,622
|
|
3,037
|
3,134
|
Other
|
259
|
|
-
|
137
|
137
|
|
396
|
|
693
|
647
|
Total
|
2,948
|
|
584
|
635
|
1,219
|
|
4,167
|
|
5,890
|
5,834
|
|
|
|
|
|
|
|
|
|
|
|
With-profits
funds
|
|
|
|
|
|
|
|
|
|
|
Asia
|
534
|
|
87
|
572
|
659
|
|
1,193
|
|
1,198
|
1,130
|
Eurozone
|
77
|
|
-
|
101
|
101
|
|
178
|
|
129
|
131
|
United
Kingdom
|
182
|
|
1
|
105
|
106
|
|
288
|
|
146
|
155
|
United
States
|
670
|
|
2
|
15
|
17
|
|
687
|
|
25
|
34
|
Other
|
116
|
|
-
|
262
|
262
|
|
378
|
|
256
|
284
|
Total
|
1,579
|
|
90
|
1,055
|
1,145
|
|
2,724
|
|
1,754
|
1,734
|
|
|
30 Jun 2020 $m
|
|||
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
Quoted prices
(unadjusted)
in active markets
|
Valuation
based on
significant
observable
market inputs
|
Valuation
based on
significant
unobservable
market inputs
|
Total
|
|
Loans
|
-
|
-
|
3,606
|
3,606
|
|
Equity
securities and holdings in collective investment
schemes
|
230,670
|
3,554
|
474
|
234,698
|
|
Debt
securities
|
64,300
|
57,091
|
71
|
121,462
|
|
Other
investments (including derivative assets)
|
109
|
2,350
|
1,569
|
4,028
|
|
Derivative
liabilities
|
(65)
|
(402)
|
-
|
(467)
|
|
Total
financial investments, net of derivative liabilities
|
295,014
|
62,593
|
5,720
|
363,327
|
|
Investment
contract liabilities without discretionary participation features
held at fair value
|
-
|
(936)
|
-
|
(936)
|
|
Net
asset value attributable to unit holders of consolidated investment
funds
|
(5,521)
|
(8)
|
(438)
|
(5,967)
|
|
Other
financial liabilities held at fair value
|
-
|
-
|
(3,743)
|
(3,743)
|
|
Total
financial instruments at fair value
|
289,493
|
61,649
|
1,539
|
352,681
|
|
Percentage
of total (%)
|
82%
|
18%
|
0%
|
100%
|
|
|
|
|
|
|
|
Analysed
by business type:
|
|
|
|
|
|
Financial
investments, net of derivative liabilities at fair
value:
|
|
|
|
|
|
|
With-profits
|
67,290
|
12,963
|
314
|
80,567
|
|
Unit-linked
and variable annuity separate account
|
204,723
|
1,208
|
-
|
205,931
|
|
Non-linked
shareholder-backed business
|
23,001
|
48,422
|
5,406
|
76,829
|
Total
financial investments, net of derivative liabilities at fair
value
|
295,014
|
62,593
|
5,720
|
363,327
|
|
Other
financial liabilities at fair value
|
(5,521)
|
(944)
|
(4,181)
|
(10,646)
|
|
Group
total financial instruments at fair value
|
289,493
|
61,649
|
1,539
|
352,681
|
|
|
30 Jun 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
|
|
Loans
|
-
|
-
|
3,562
|
3,562
|
|
Equity
securities and holdings in collective investment
schemes
|
230,817
|
2,723
|
217
|
233,757
|
|
Debt
securities
|
61,763
|
65,085
|
8
|
126,856
|
|
Other
investments (including derivative assets)
|
190
|
1,361
|
1,224
|
2,775
|
|
Derivative
liabilities
|
(66)
|
(675)
|
(579)
|
(1,320)
|
|
Total
financial investments, net of derivative liabilities
|
292,704
|
68,494
|
4,432
|
365,630
|
|
Investment
contract liabilities without discretionary participation features
held at fair value
|
-
|
(847)
|
-
|
(847)
|
|
Net
asset value attributable to unit holders of consolidated investment
funds
|
(4,432)
|
-
|
-
|
(4,432)
|
|
Other
financial liabilities held at fair value
|
-
|
(6)
|
(3,922)
|
(3,928)
|
|
Total
financial instruments at fair value
|
288,272
|
67,641
|
510
|
356,423
|
|
Percentage
of total (%)
|
81%
|
19%
|
0%
|
100%
|
|
|
|
|
|
|
|
Analysed
by business type:
|
|
|
|
|
|
Financial
investments, net of derivative liabilities at fair
value:
|
|
|
|
|
|
|
With-profits
|
61,541
|
6,451
|
203
|
68,195
|
|
Unit-linked
and variable annuity separate account
|
206,548
|
1,256
|
-
|
207,804
|
|
Non-linked
shareholder-backed business
|
24,615
|
60,787
|
4,229
|
89,631
|
Total
financial investments, net of derivative liabilities at fair
value
|
292,704
|
68,494
|
4,432
|
365,630
|
|
Other
financial liabilities at fair value
|
(4,432)
|
(853)
|
(3,922)
|
(9,207)
|
|
Group
total financial instruments at fair value
|
288,272
|
67,641
|
510
|
356,423
|
|
|
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
|
|
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
|
|
2020 $m
|
|
|
2019 $m
|
|
|||
|
30 Jun
|
|
30 Jun
|
|
31 Dec
|
|||
|
Carrying
value
|
Fair
value
|
|
Carrying
value
|
Fair
value
|
|
Carrying
value
|
Fair
value
|
Assets
|
|
|
|
|
|
|
|
|
Loans
|
11,304
|
11,435
|
|
12,363
|
12,740
|
|
12,996
|
13,511
|
Liabilities
|
|
|
|
|
|
|
|
|
Investment
contract liabilities without discretionary participation
features
|
(3,730)
|
(3,793)
|
|
(3,986)
|
(3,996)
|
|
(3,891)
|
(3,957)
|
Core
structural borrowings of shareholder-financed
businesses
|
(6,499)
|
(7,087)
|
|
(9,470)
|
(10,248)
|
|
(5,594)
|
(6,227)
|
Operational
borrowings (excluding lease liabilities)
|
(1,703)
|
(1,703)
|
|
(1,858)
|
(1,857)
|
|
(2,015)
|
(2,015)
|
Obligations
under funding, securities lending and sale and repurchase
agreements
|
(9,085)
|
(9,442)
|
|
(8,598)
|
(8,769)
|
|
(8,901)
|
(9,135)
|
Total
|
(9,713)
|
(10,590)
|
|
(11,549)
|
(12,130)
|
|
(7,405)
|
(7,823)
|
|
|
|
|
|
|
|
|
|
|
|
Half year 2020
$m
|
||||||
Reconciliation
of movements in level 3 assets and liabilities measured at fair
value
|
Loans
|
Equity
securities
and
holdings in
collective
investment
schemes
|
Debt
securities
|
Other
investments
(including
derivative
assets)
|
Net asset
value
attributable
to unit
holders of
consolidated
investment funds
|
Other
financial
liabilities
|
Total
|
|
Balance
at beginning of period
|
3,587
|
276
|
6
|
1,301
|
(2)
|
(3,760)
|
1,408
|
|
Total
gains (losses) in income statement*
|
120
|
(44)
|
(6)
|
(170)
|
134
|
(91)
|
(57)
|
|
Total
gains (losses) recorded in other comprehensive income
|
-
|
(4)
|
-
|
-
|
-
|
-
|
(4)
|
|
Purchases
and other additions
|
-
|
348
|
20
|
484
|
(583)
|
-
|
269
|
|
Sales
|
-
|
(102)
|
(2)
|
(46)
|
13
|
-
|
(137)
|
|
Issues
|
52
|
-
|
-
|
-
|
-
|
(53)
|
(1)
|
|
Settlements
|
(153)
|
-
|
-
|
-
|
-
|
161
|
8
|
|
Transfers
into level 3
|
-
|
-
|
53
|
-
|
-
|
-
|
53
|
|
Balance
at end of period
|
3,606
|
474
|
71
|
1,569
|
(438)
|
(3,743)
|
1,539
|
|
|
Half year 2019
$m
|
||||||||
Reconciliation
of movements in level 3 assets and liabilities measured at fair
value
|
Loans
|
Equity
securities
and
holdings in
collective
investment
schemes
|
Debt
securities
|
Other
investments
(including
derivative
assets)
|
Derivative
liabilities
|
Borrowings
attributable
to with
-profits
businesses
|
Net asset
value
attributable
to unit
holders of
consolidated
investment funds
|
Other
financial
liabilities
|
Total
|
|
Balance
at beginning of period
|
6,054
|
656
|
1,505
|
6,714
|
(539)
|
(2,045)
|
(1,258)
|
(4,335)
|
6,752
|
|
Reclassification
to held for distribution
|
(2,509)
|
(440)
|
(1,498)
|
(5,513)
|
-
|
2,045
|
1,258
|
451
|
(6,206)
|
|
Total
gains (losses) in income statement*
|
118
|
(2)
|
6
|
19
|
(19)
|
-
|
-
|
(140)
|
(18)
|
|
Total
gains (losses) recorded in other comprehensive income
|
1
|
-
|
1
|
(12)
|
(21)
|
-
|
-
|
(10)
|
(41)
|
|
Purchases
|
-
|
3
|
-
|
164
|
-
|
-
|
-
|
-
|
167
|
|
Sales
|
-
|
-
|
(6)
|
(148)
|
-
|
-
|
-
|
-
|
(154)
|
|
Issues
|
34
|
-
|
-
|
-
|
-
|
-
|
-
|
(46)
|
(12)
|
|
Settlements
|
(136)
|
-
|
-
|
-
|
-
|
-
|
-
|
158
|
22
|
|
Balance
at end of period
|
3,562
|
217
|
8
|
1,224
|
(579)
|
-
|
-
|
(3,922)
|
510
|
|
|
|
|
|
Full year 2019
$m
|
|
|
|
||
Reconciliation
of movements in level 3 assets and liabilities measured at fair
value
|
Loans
|
Equity
securities
and
holdings in
collective
investment
schemes
|
Debt
securities
|
Other
investments
(including
derivative
assets)
|
Derivative
liabilities
|
Borrowings
attributable
to with
-profits
businesses
|
Net asset
value
attributable
to unit
holders of
consolidated
investment funds
|
Other
financial
liabilities
|
Total
|
|
Balance
at beginning of year
|
6,054
|
656
|
1,505
|
6,714
|
(539)
|
(2,045)
|
(1,258)
|
(4,335)
|
6,752
|
|
Demerger
of UK and Europe operations
|
(2,509)
|
(440)
|
(1,498)
|
(5,513)
|
-
|
2,045
|
1,258
|
451
|
(6,206)
|
|
Total
gains (losses) in income statement*
|
1
|
(11)
|
6
|
30
|
539
|
-
|
-
|
(28)
|
537
|
|
Total
gains (losses) recorded in other comprehensive income
|
-
|
3
|
-
|
(6)
|
-
|
-
|
-
|
(11)
|
(14)
|
|
Purchases
|
-
|
69
|
-
|
269
|
-
|
-
|
(2)
|
-
|
336
|
|
Sales
|
-
|
(1)
|
(7)
|
(193)
|
-
|
-
|
-
|
-
|
(201)
|
|
Issues
|
275
|
-
|
-
|
-
|
-
|
-
|
-
|
(143)
|
132
|
|
Settlements
|
(234)
|
-
|
-
|
-
|
-
|
-
|
-
|
306
|
72
|
|
Balance
at end of year
|
3,587
|
276
|
6
|
1,301
|
-
|
-
|
(2)
|
(3,760)
|
1,408
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
Equity
securities and holdings in collective investment
schemes
|
(72)
|
|
(2)
|
(11)
|
|
Debt
securities
|
(5)
|
|
-
|
-
|
|
Other
investments
|
(157)
|
|
51
|
34
|
|
Derivative
liabilities
|
-
|
|
(19)
|
-
|
|
Net
asset value attributable to unit holders of consolidated investment
funds
|
132
|
|
-
|
-
|
|
Other
financial liabilities
|
(1)
|
|
(18)
|
(4)
|
|
Total
|
(103)
|
|
12
|
19
|
|
|
Half year 2020 $m
|
||
|
|
Asia
|
US
|
Total
|
|
|
note
C3.2
|
note
C3.3
|
|
At 1 January
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
associatenote (d)
|
11,877
|
-
|
11,877
|
Net
flows:
|
|
|
|
|
|
Premiums
|
9,746
|
8,865
|
18,611
|
|
Surrenders
|
(2,083)
|
(7,455)
|
(9,538)
|
|
Maturities/deaths
|
(1,153)
|
(1,793)
|
(2,946)
|
Net
flowsnote (d)
|
6,510
|
(383)
|
6,127
|
|
Shareholders'
transfers post-tax
|
(54)
|
-
|
(54)
|
|
Investment-related
items and other movements
|
6,526
|
(3,511)
|
3,015
|
|
Foreign
exchange translation differences
|
(1,580)
|
-
|
(1,580)
|
|
At 30
June 2020
|
143,972
|
265,655
|
409,627
|
|
Comprising:
|
|
|
|
|
|
-
Policyholder liabilities on the consolidated statement of financial
position
|
|
|
|
|
(excludes
$217 million classified as unallocated to a segment)
|
126,052
|
265,655
|
391,707
|
|
-
Unallocated surplus of with-profits funds on the consolidated
statement of financial position
|
5,512
|
-
|
5,512
|
|
-
Group's share of policyholder liabilities of joint ventures and
associatenote (d)
|
12,408
|
-
|
12,408
|
|
|
Half year 2019
$m
|
|||
|
|
Asia
|
US
|
Discontinued
UK and
Europe
|
Total
|
|
note
C3.2
|
note
C3.3
|
|
|
|
At 1
January 2019
|
105,408
|
236,380
|
210,002
|
551,790
|
|
Comprising:
|
|
|
|
|
|
|
-
Policyholder liabilities on the consolidated statement of financial
position
|
|
|
|
|
|
(excludes
$50 million classified as unallocated to a segment)note
(c)
|
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
associatenote (d)
|
10,374
|
-
|
-
|
10,374
|
|
|
|
|
|
|
Reclassification
of UK and Europe liabilities as held for distribution
|
-
|
-
|
(210,002)
|
(210,002)
|
|
Net
flows:
|
|
|
|
|
|
|
Premiums
|
9,800
|
9,136
|
-
|
18,936
|
|
Surrenders
|
(1,982)
|
(8,279)
|
-
|
(10,261)
|
|
Maturities/deaths
|
(1,278)
|
(1,744)
|
-
|
(3,022)
|
Net
flowsnote (d)
|
6,540
|
(887)
|
-
|
5,653
|
|
Shareholders'
transfers post-tax
|
(49)
|
-
|
-
|
(49)
|
|
Investment-related
items and other movements
|
7,947
|
21,786
|
-
|
29,733
|
|
Foreign
exchange translation differences
|
547
|
-
|
-
|
547
|
|
At 30
June 2019
|
120,393
|
257,279
|
-
|
377,672
|
|
Comprising:
|
|
|
|
|
|
|
-
Policyholder liabilities on the consolidated statement of financial
position
|
|
|
|
|
|
(excludes
$61 million classified as unallocated to a segment)note
(c)
|
105,593
|
257,279
|
-
|
362,872
|
|
-
Unallocated surplus of with-profits funds on the consolidated
statement of financial position
|
3,747
|
-
|
-
|
3,747
|
|
-
Group's share of policyholder liabilities of joint ventures and
associatenote (d)
|
11,053
|
-
|
-
|
11,053
|
Average
policyholder liability balancesnote (e)
|
|
|
|
|
|
|
Half year
2020
|
133,141
|
267,602
|
-
|
400,743
|
|
Half
year 2019
|
109,428
|
246,830
|
-
|
356,258
|
|
Half year 2020 $m
|
||
|
Asia
|
US
|
Total
|
At 1 January 2020
|
62,262
|
269,549
|
331,811
|
Net
flows:
|
|
|
|
Premiums
|
5,155
|
8,865
|
14,020
|
Surrenders
|
(1,702)
|
(7,455)
|
(9,157)
|
Maturities/deaths
|
(477)
|
(1,793)
|
(2,270)
|
Net
flowsnote
|
2,976
|
(383)
|
2,593
|
Investment-related
items and other movements
|
3,139
|
(3,511)
|
(372)
|
Foreign
exchange translation differences
|
(1,052)
|
-
|
(1,052)
|
At 30 June
2020
|
67,325
|
265,655
|
332,980
|
|
|
|
|
Comprising:
|
|
|
|
- Policyholder liabilities on the consolidated statement of
financial position
|
54,917
|
265,655
|
320,572
|
(excludes
$217 million classified as unallocated to a segment)
|
|
|
|
- Group's share of policyholder liabilities relating to joint
ventures and associate
|
12,408
|
-
|
12,408
|
|
|
|
|
|
Half year 2019 $m
|
|||
|
Asia
|
US
|
Discontinued
UK and Europe
|
Total
|
At 1 January
2019
|
51,705
|
236,380
|
51,911
|
339,996
|
Reclassification
of UK and Europe liabilities as held for distribution
|
-
|
-
|
(51,911)
|
(51,911)
|
Net
flows:
|
|
|
|
|
Premiums
|
5,076
|
9,136
|
-
|
14,212
|
Surrenders
|
(1,714)
|
(8,279)
|
-
|
(9,993)
|
Maturities/deaths
|
(567)
|
(1,744)
|
-
|
(2,311)
|
Net
flowsnote
|
2,795
|
(887)
|
-
|
1,908
|
Investment-related
items and other movements
|
2,100
|
21,786
|
-
|
23,886
|
Foreign
exchange translation differences
|
315
|
-
|
-
|
315
|
At 30 June
2019
|
56,915
|
257,279
|
-
|
314,194
|
|
|
|
|
|
Comprising:
|
|
|
|
|
- Policyholder liabilities on the consolidated statement of
financial position
|
|
|
|
|
(excludes
$61 million classified as unallocated to a segment)
|
45,862
|
257,279
|
-
|
303,141
|
- Group's share of policyholder liabilities relating to joint
ventures and associate
|
11,053
|
-
|
-
|
11,053
|
|
Contract liabilities
|
Reinsurers' share of insurance contract
liabilities
|
Unallocated
surplus of
with-profits funds
|
|
$m
|
$m
|
$m
|
At 1 January 2020
|
385,678
|
(13,856)
|
4,750
|
Income
and expense included in the income statementnote (a)
|
7,555
|
(31,066)
|
742
|
Other
movementsnote (b)
|
(110)
|
-
|
-
|
Foreign
exchange translation differences
|
(1,199)
|
4
|
20
|
At 30
June 2020
|
391,924
|
(44,918)
|
5,512
|
|
|
|
|
At 1 January
2019
|
521,286
|
(14,193)
|
20,180
|
Removal
of opening balances relating to the discontinued UK and Europe
operationsnote (c)
|
(193,020)
|
2,169
|
(16,982)
|
Income
and expense included in the income statement
|
33,996
|
(880)
|
655
|
Other
movementsnote (b)
|
53
|
-
|
(116)
|
Foreign
exchange translation differences
|
618
|
(15)
|
10
|
At 30 June
2019
|
362,933
|
(12,919)
|
3,747
|
|
|
Half year 2020 $m
|
|||
|
|
With-profits
business
|
Shareholder-backed business
|
Total
|
|
|
|
Unit-linked
liabilities
|
Other
business
|
||
At 1
January 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 associatenote (a)
|
-
|
5,279
|
6,598
|
11,877
|
Premiums:
|
|
|
|
|
|
|
New
business
|
375
|
909
|
1,009
|
2,293
|
|
In-force
|
4,216
|
1,148
|
2,089
|
7,453
|
|
|
4,591
|
2,057
|
3,098
|
9,746
|
Surrendersnote
(b)
|
(381)
|
(1,209)
|
(493)
|
(2,083)
|
|
Maturities/deaths
|
(676)
|
(87)
|
(390)
|
(1,153)
|
|
Net
flows
|
3,534
|
761
|
2,215
|
6,510
|
|
Shareholders'
transfers post tax
|
(54)
|
-
|
-
|
(54)
|
|
Investment-related
items and other movements note (c)
|
3,387
|
(2,243)
|
5,382
|
6,526
|
|
Foreign
exchange translation differencesnote (d)
|
(528)
|
(794)
|
(258)
|
(1,580)
|
|
At 30 June
2020
|
76,647
|
26,574
|
40,751
|
143,972
|
|
Comprising:
|
|
|
|
|
|
|
-
Policyholder liabilities on the consolidated statement of financial
position
|
71,135
|
21,376
|
33,541
|
126,052
|
|
-
Unallocated surplus of with-profits funds on the consolidated
statement of financial position
|
5,512
|
-
|
-
|
5,512
|
|
-
Group's share of policyholder liabilities relating to joint
ventures and associatenote (a)
|
-
|
5,198
|
7,210
|
12,408
|
|
|
|
|
|
|
|
|
Half year 2019 $m
|
|||
|
|
With-profits
business
|
Shareholder-backed business
|
Total
|
|
|
|
Unit-linked
liabilities
|
Other
business
|
||
At 1 January
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 associatenote (a)
|
-
|
4,858
|
5,516
|
10,374
|
Premiums:
|
|
|
|
|
|
|
New
business
|
769
|
1,003
|
1,180
|
2,952
|
|
In-force
|
3,955
|
1,206
|
1,687
|
6,848
|
|
|
4,724
|
2,209
|
2,867
|
9,800
|
Surrendersnote
(b)
|
(268)
|
(1,385)
|
(329)
|
(1,982)
|
|
Maturities/deaths
|
(711)
|
(89)
|
(478)
|
(1,278)
|
|
Net
flows
|
3,745
|
735
|
2,060
|
6,540
|
|
Shareholders'
transfers post-tax
|
(49)
|
-
|
-
|
(49)
|
|
Investment-related
items and other movementsnote (c)
|
5,847
|
753
|
1,347
|
7,947
|
|
Foreign
exchange translation differencesnote (d)
|
232
|
176
|
139
|
547
|
|
At 30 June
2019
|
63,478
|
27,368
|
29,547
|
120,393
|
|
Comprising:
|
|
|
|
|
|
|
-
Policyholder liabilities on the consolidated statement of financial
position
|
59,731
|
22,392
|
23,470
|
105,593
|
|
-
Unallocated surplus of with-profits funds on the consolidated
statement of financial position
|
3,747
|
-
|
-
|
3,747
|
|
-
Group's share of policyholder liabilities relating to joint
ventures and associatenote (a)
|
-
|
4,976
|
6,077
|
11,053
|
Average
policyholder liability balancesnote (e)
|
|
|
|
|
|
|
Half year 2020
|
68,347
|
27,712
|
37,082
|
133,141
|
|
Half
year 2019
|
55,118
|
26,536
|
27,774
|
109,428
|
|
|
Half year 2020 $m
|
||
|
|
Variable annuity
separate account
liabilities
|
General
account
and other
business
|
Total
|
|
|
|
note (d)
|
|
At 1
January 2020
|
195,070
|
74,479
|
269,549
|
|
Premiums
|
6,544
|
2,321
|
8,865
|
|
Surrenders
|
(5,353)
|
(2,102)
|
(7,455)
|
|
Maturities/deaths
|
(848)
|
(945)
|
(1,793)
|
|
Net
flowsnote (a)
|
343
|
(726)
|
(383)
|
|
Transfers
from separate to general account
|
(1,042)
|
1,042
|
-
|
|
Investment-related
items and other movementsnote (b)
|
(10,151)
|
6,640
|
(3,511)
|
|
At 30
June 2020
|
184,220
|
81,435
|
265,655
|
|
|
|
|
|
|
|
|
Half year 2019 $m
|
||
|
Variable annuity
separate account
liabilities
|
General
account
and other
business
|
Total
|
|
At 1
January 2019
|
163,301
|
73,079
|
236,380
|
|
Premiums
|
6,032
|
3,104
|
9,136
|
|
Surrenders
|
(6,008)
|
(2,271)
|
(8,279)
|
|
Maturities/deaths
|
(782)
|
(962)
|
(1,744)
|
|
Net
flowsnote (a)
|
(758)
|
(129)
|
(887)
|
|
Transfers
from general to separate account
|
637
|
(637)
|
-
|
|
Investment-related
items and other movements
|
21,737
|
49
|
21,786
|
|
At 30
June 2019
|
184,917
|
72,362
|
257,279
|
|
Average
policyholder liability balancesnote (c)
|
|
|
|
|
|
Half year 2020
|
189,645
|
77,957
|
267,602
|
|
Half
year 2019
|
174,109
|
72,721
|
246,830
|
|
2020 $m
|
|
2019 $m
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Carrying
value at beginning of period
|
969
|
|
2,365
|
2,365
|
Reclassification/Demerger
of UK and Europe operations
|
-
|
|
(1,731)
|
(1,731)
|
Additions
in the period
|
-
|
|
-
|
299
|
Exchange
differences
|
(27)
|
|
15
|
36
|
Carrying
value at end of period
|
942
|
|
649
|
969
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Deferred
acquisition costs and other intangible assets attributable to
shareholders
|
18,538
|
|
16,037
|
17,409
|
|
Other
intangible assets, including computer software, attributable to
with-profits funds
|
66
|
|
74
|
67
|
|
Total
of deferred acquisition costs and other intangible
assets
|
18,604
|
|
16,111
|
17,476
|
|
2020 $m
|
|
2019 $m
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Deferred
acquisition costs related to insurance contracts as classified
under IFRS 4
|
14,567
|
|
13,142
|
14,206
|
Deferred
acquisition costs related to investment management contracts,
including life assurance contracts classified as financial
instruments and investment management contracts under IFRS
4
|
34
|
|
34
|
33
|
Deferred
acquisition costs related to insurance and investment
contracts
|
14,601
|
|
13,176
|
14,239
|
Present
value of acquired in-force policies for insurance contracts as
classified under
IFRS 4
(PVIF)
|
34
|
|
39
|
38
|
Distribution
rights and other intangibles
|
3,903
|
|
2,822
|
3,132
|
Present
value of acquired in-force (PVIF) and other intangibles
attributable to shareholders
|
3,937
|
|
2,861
|
3,170
|
Total
of deferred acquisition costs and other intangible assetsnote
(a)
|
18,538
|
|
16,037
|
17,409
|
|
|
2020 $m
|
|
|
|
|
2019 $m
|
|
||||
|
|
Deferred acquisition costs
|
|
PVIF and other
|
|
30 Jun
|
|
30 Jun
|
|
31 Dec
|
|
|
|
|
Asia
|
US*
|
|
intangibles†
|
|
Total
|
|
Total
|
|
Total
|
|
Balance
at beginning of period:
|
1,999
|
12,240
|
|
3,170
|
|
17,409
|
|
15,008
|
|
15,008
|
|
|
Removal
of UK and Europe operations from opening balance
|
-
|
-
|
|
-
|
|
-
|
|
(143)
|
|
(143)
|
|
|
Additions‡
|
261
|
353
|
|
904
|
|
1,518
|
|
1,469
|
|
2,601
|
|
|
Amortisation
to the income statement:note (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
operating profit
|
(157)
|
(363)
|
|
(111)
|
|
(631)
|
|
(371)
|
|
(792)
|
|
|
Non-operating
profit (loss)
|
-
|
50
|
|
(2)
|
|
48
|
|
616
|
|
1,243
|
|
|
(157)
|
(313)
|
|
(113)
|
|
(583)
|
|
245
|
|
451
|
|
|
Disposals
and transfers
|
-
|
-
|
|
(13)
|
|
(13)
|
|
(6)
|
|
(11)
|
|
|
Exchange
differences and other movements
|
(30)
|
-
|
|
(11)
|
|
(41)
|
|
24
|
|
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
|
-
|
248
|
|
-
|
|
248
|
|
(560)
|
|
(631)
|
|
|
Balance at end of
period
|
2,073
|
12,528
|
|
3,937
|
|
18,538
|
|
16,037
|
|
17,409
|
|
|
2020 $m
|
|
2019 $m
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Variable
annuity and other business
|
12,975
|
|
12,038
|
12,935
|
Cumulative
shadow DAC (for unrealised gains/losses booked in other
comprehensive income)*
|
(447)
|
|
(622)
|
(695)
|
Total
DAC for US operations
|
12,528
|
|
11,416
|
12,240
|
|
|
|
2020 $m
|
|
2019
$m
|
|
|
|
|
30 Jun
|
|
30
Jun
|
31
Dec
|
Central
operations:
|
|
|
|
|
||
Subordinated
and other debt not substituted to M&G plc in 2019:
|
|
|
|
|
||
|
Subordinated
debt:
|
|
|
|
|
|
|
|
US$250m
6.75% Notesnote (i)
|
250
|
|
250
|
250
|
|
|
US$300m
6.5% Notesnote (i)
|
300
|
|
300
|
300
|
|
|
US$700m
5.25% Notes
|
700
|
|
700
|
700
|
|
|
US$1,000m
5.25% Notes
|
997
|
|
994
|
996
|
|
|
US$725m
4.375% Notes
|
723
|
|
721
|
721
|
|
|
US$750m
4.875% Notes
|
746
|
|
743
|
744
|
|
|
€20m
Medium Term Notes 2023
|
22
|
|
23
|
22
|
|
|
£435m
6.125% Notes 2031
|
533
|
|
548
|
571
|
|
Senior
debt:note (ii)
|
|
|
|
|
|
|
|
£300m
6.875% Notes 2023
|
366
|
|
375
|
392
|
|
|
£250m
5.875% Notes 2029
|
280
|
|
285
|
298
|
|
|
$1,000m
3.125% Notes 2030note (iii)
|
982
|
|
-
|
-
|
|
Bank
loansnote (iv)
|
|
|
|
|
|
|
|
$350m
Loan 2024
|
350
|
|
-
|
350
|
|
|
£275m
Loan 2022
|
-
|
|
350
|
-
|
Total
debt not substituted to M&G plc in 2019
|
6,249
|
|
5,289
|
5,344
|
||
Subordinated
debt substituted to M&G plc in 2019
|
-
|
|
3,931
|
-
|
||
Total central
operations
|
6,249
|
|
9,220
|
5,344
|
||
Jackson
US$250m 8.15% Surplus Notes 2027note (v)
|
250
|
|
250
|
250
|
||
Total core
structural borrowings of shareholder-financed
businesses
|
6,499
|
|
9,470
|
5,594
|
|
|
|
|
|
|
|
|
|
2020 $m
|
|
2019 $m
|
||
|
|
30 Jun
|
|
30 Jun
|
|
31 Dec
|
Borrowings
in respect of short-term fixed income securities programmes -
commercial paper
|
506
|
|
841
|
|
520
|
|
Lease
liabilities under IFRS 16
|
318
|
|
291
|
|
371
|
|
Non-recourse
borrowings of consolidated investment fundsnote (a)
|
1,081
|
|
694
|
|
1,045
|
|
Other
borrowingsnote (b)
|
97
|
|
292
|
|
406
|
|
Operational
borrowings attributable to shareholder-financed
businesses
|
2,002
|
|
2,118
|
|
2,342
|
|
|
|
|
|
|
|
|
Lease
liabilities under IFRS 16
|
224
|
|
272
|
|
259
|
|
Other
borrowings
|
19
|
|
31
|
|
44
|
|
Operational
borrowings attributable to with-profits businesses
|
243
|
|
303
|
|
303
|
|
|
|
|
|
|
|
|
Total operational
borrowings
|
2,245
|
|
2,421
|
|
2,645
|
30 June 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*
|
(1,203)
|
64
|
|
(90)
|
(123)
|
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)
|
30 June
2020
|
Asia insurance $m
|
|
US insurance $m
|
||
|
Decrease of 20%
|
Increase of 10%
|
|
Decrease of 20%
|
Increase of 10%
|
Net
effect on shareholders' equity*
|
(559)
|
302
|
|
2,174
|
(484)
|
31 December
2019
|
Asia insurance $m
|
|
US insurance $m
|
||
|
Decrease of 20%
|
Increase of 10%
|
|
Decrease of 20%
|
Increase of 10%
|
Net
effect on shareholders' equity*
|
(816)
|
408
|
|
762
|
608
|
|
Half year 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 30 Jun
|
Deferred tax
assets
|
|
|
|
|
|
Unrealised
losses or gains on investments
|
-
|
-
|
-
|
1
|
1
|
Balances
relating to investment and insurance contracts
|
32
|
8
|
-
|
(1)
|
39
|
Short-term
temporary differences
|
3,889
|
238
|
-
|
1
|
4,128
|
Unused
tax losses
|
154
|
(64)
|
-
|
1
|
91
|
Total
|
4,075
|
182
|
-
|
2
|
4,259
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
|
|
|
Unrealised
losses or gains on investments
|
(877)
|
19
|
7
|
3
|
(848)
|
Balances
relating to investment and insurance contracts
|
(1,507)
|
(110)
|
-
|
68
|
(1,549)
|
Short-term
temporary differences
|
(2,853)
|
(28)
|
-
|
-
|
(2,881)
|
Total
|
(5,237)
|
(119)
|
7
|
71
|
(5,278)
|
|
30 Jun 2020
|
|
30 Jun 2019
|
|
31 Dec 2019
|
||||||
Issued
shares of 5p each
|
Number of ordinary shares
|
Share
capital
|
Share
premium
|
|
Number of ordinary shares
|
Share
capital
|
Share premium
|
|
Number of ordinary shares
|
Share
capital
|
Share
premium
|
fully
paid:
|
|
$m
|
$m
|
|
|
$m
|
$m
|
|
|
$m
|
$m
|
Balance at
beginning of period
|
2,601,159,949
|
172
|
2,625
|
|
2,593,044,409
|
166
|
2,502
|
|
2,593,044,409
|
166
|
2,502
|
Shares
issued under share-based schemes
|
7,700,498
|
-
|
10
|
|
6,751,790
|
-
|
13
|
|
8,115,540
|
-
|
22
|
Impact
of change in presentation currency
|
-
|
-
|
-
|
|
-
|
(1)
|
(3)
|
|
-
|
6
|
101
|
Balance at end of
period
|
2,608,860,447
|
172
|
2,635
|
|
2,599,796,199
|
165
|
2,512
|
|
2,601,159,949
|
172
|
2,625
|
|
Number of shares
|
|
Share price range
|
|
Exercisable
|
|
|
to subscribe for
|
|
from
|
to
|
|
by year
|
30 Jun
2020
|
2,197,782
|
|
1,104p
|
1,455p
|
|
2025
|
30 Jun
2019
|
3,808,687
|
|
901p
|
1,455p
|
|
2024
|
31 Dec
2019
|
3,805,447
|
|
1,104p
|
1,455p
|
|
2025
|
|
Number of shares
purchased
(in millions)
|
Cost*
$m
|
Half year 2020
|
5.8
|
75.2
|
Half
year 2019
|
3.1
|
64.2
|
Full
year 2019
|
3.7
|
73.8
|
|
2020 $m
|
|
2019 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Gain
arising on reinsurance of Jackson's in-force fixed and fixed
indexed annuity businessnote (i)
|
846
|
|
-
|
-
|
Gain on
disposalsnote (ii)
|
-
|
|
270
|
265
|
Other
transactionsnote (iii)
|
-
|
|
(253)
|
(407)
|
Total
gain (loss) attaching to corporate transactions
|
846
|
|
17
|
(142)
|
Chairman
Paul
Manduca
Executive
Directors
Michael
Wells
Mark
FitzPatrick CA
James
Turner FCA FCSI FRM
|
Independent
Non-executive Directors
The
Hon. Philip Remnant CBE FCA
Jeremy
Anderson CBE
David
Law ACA
Kaikhushru
Nargolwala FCA
Anthony
Nightingale CMG SBS JP
Alice
Schroeder
Shriti
Vadera
Thomas
Watjen
Fields
Wicker-Miurin OBE
Amy
Yip
|
|
30 Jun 2020
|
|
31 Dec 2019
|
||||
|
Total
|
Less
policyholder
|
Shareholder
|
|
Total
|
Less
policyholder
|
Shareholder
|
Available
capital ($bn)
|
37.0
|
(19.3)
|
17.7
|
|
33.1
|
(19.1)
|
14.0
|
Group
Minimum Capital Requirement ($bn)
|
11.5
|
(6.2)
|
5.3
|
|
9.5
|
(5.0)
|
4.5
|
LCSM surplus (over
GMCR) ($bn)
|
25.5
|
(13.1)
|
12.4
|
|
23.6
|
(14.1)
|
9.5
|
LCSM
ratio (over GMCR) (%)
|
323%
|
|
334%
|
|
348%
|
|
309%
|
|
|
|
|
Shareholder
|
|||
30 Jun
2020 ($bn)
|
Total
Asia
|
Less
policyholder
|
|
Asia
|
US
|
Unallocated
to a segment
|
Group
total
|
Available
capital
|
29.0
|
(19.3)
|
|
9.7
|
8.2
|
(0.2)
|
17.7
|
Group
Minimum Capital Requirement
|
9.4
|
(6.2)
|
|
3.2
|
2.1
|
-
|
5.3
|
LCSM
surplus (over GMCR)
|
19.6
|
(13.1)
|
|
6.5
|
6.1
|
(0.2)
|
12.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholder
|
|||
31 Dec
2019 ($bn)
|
Total
Asia
|
Less
policyholder
|
|
Asia
|
US
|
Unallocated
to a segment
|
Group
total
|
Available
capital
|
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
|
|
|
30 Jun 2020
|
|
31 Dec 2019
|
||
Impact of market
sensitivities
|
LCSM surplus
($bn)
|
LCSM ratio
(%)
|
|
LCSM surplus
($bn)
|
LCSM ratio
(%)
|
|
Base
position
|
12.4
|
334%
|
|
9.5
|
309%
|
|
Impact
of:
|
|
|
|
|
|
|
|
10%
instantaneous increase in equity markets
|
(0.7)
|
(3)%
|
|
n/a
|
n/a
|
|
20%
instantaneous fall in equity markets
|
(0.2)
|
(5)%
|
|
1.5
|
(9)%
|
|
40%
fall in equity marketsnote (1)
|
(1.2)
|
(19)%
|
|
(0.2)
|
(39)%
|
|
50
basis points reduction in interest rates
|
(0.2)
|
(13)%
|
|
(0.2)
|
(17)%
|
|
100
basis points increase in interest rates
|
(0.1)
|
24%
|
|
(1.3)
|
(19)%
|
|
100
basis points increase in credit spreadsnote (2)
|
0.2
|
12%
|
|
(1.6)
|
(36)%
|
|
|
2020 ($bn)
|
2019 ($bn)
|
|
|
Half year
|
Full year
|
Balance at
beginning of period
|
9.5
|
9.7
|
|
Operating:
|
|
|
|
|
Operating
capital generation from the in-force business
|
1.2
|
2.5
|
|
Investment
in new business
|
(0.2)
|
(0.6)
|
Operating capital
generation
|
1.0
|
1.9
|
|
Non-operating and
other capital movements:
|
|
|
|
|
Non-operating
experience (including market movements and modelling
changes)
|
0.4
|
(0.6)
|
|
Regulatory
changes
|
2.2
|
0.1
|
|
Reinsurance
of US fixed and fixed indexed annuity in-force portfolio to
Athene
|
0.8
|
-
|
|
Other
corporate activities (excluding demerger items)
|
(0.8)
|
(0.8)
|
|
Demerger
costs
|
-
|
(0.4)
|
|
Subordinated
debt redemption
|
-
|
(0.5)
|
|
Demerger
related impacts
|
-
|
1.0
|
Non-operating
results
|
2.6
|
(1.2)
|
|
Remittances
from discontinued operations (M&G plc)
|
-
|
0.7
|
|
External
dividends
|
(0.7)
|
(1.6)
|
|
Net
dividend impact
|
(0.7)
|
(0.9)
|
|
|
|
|
|
Net movement in
LCSM surplus
|
2.9
|
(0.2)
|
|
Balance at end of
period
|
12.4
|
9.5
|
|
30 Jun 2020 $bn
|
|
31 Dec 2019 $bn
|
|||
|
Asia
|
US
|
Unallocated to a segment
|
Group total
|
|
Group total
|
Estimated Group
shareholder LCSM surplus (over GMCR)
|
6.5
|
6.1
|
(0.2)
|
12.4
|
|
9.5
|
Increase
required capital for EEV free surplusnote (1)
|
(0.7)
|
(3.2)
|
-
|
(3.9)
|
|
(2.8)
|
Adjust
surplus assets and core structural borrowings to market valuenote
(2)
|
0.3
|
0.2
|
(0.3)
|
0.2
|
|
0.3
|
Add
back inadmissible assetsnote (3)
|
0.2
|
0.1
|
-
|
0.3
|
|
0.2
|
Deductions
applied to EEV free surplusnote (4)
|
(2.8)
|
-
|
-
|
(2.8)
|
|
(0.9)
|
Other
|
(0.1)
|
0.2
|
0.1
|
0.2
|
|
0.3
|
EEV free surplus
excluding intangibles*
|
3.4
|
3.4
|
(0.4)
|
6.4
|
|
6.6
|
|
30 Jun 2020
$bn
|
31
Dec 2019
$bn
|
Group IFRS
shareholders' equity
|
19.1
|
19.5
|
Remove
DAC, goodwill and intangibles recognised on the IFRS statement of
financial position
|
(19.3)
|
(18.2)
|
Add
subordinated debt at IFRS book valuenote (1)
|
4.5
|
4.6
|
Valuation
differencesnote (2)
|
13.5
|
8.6
|
Other
|
(0.1)
|
(0.5)
|
Estimated Group
shareholder LCSM available capital
|
17.7
|
14.0
|
|
|
2020 $bn
|
|
2019 $bn
|
|
|
|
30 Jun
|
|
30 Jun*
|
31 Dec
|
Asia
operations:
|
|
|
|
|
|
|
Internal
funds
|
149.7
|
|
127.9
|
141.9
|
|
Eastspring
Investments external funds, including M&G plc (as analysed in
note I(v))
|
98.1
|
|
110.1
|
124.7
|
|
|
247.8
|
|
238.0
|
266.6
|
US
operations - internal funds
|
242.9
|
|
261.3
|
273.4
|
|
Other
operations
|
3.4
|
|
5.0
|
3.9
|
|
Total
Group funds under management
|
494.1
|
|
504.3
|
543.9
|
|
|
2020 $bn
|
|
2019 $bn
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Total
investments and cash and cash equivalents held by the continuing
operations on the consolidated statement of financial
position
|
388.4
|
|
389.2
|
412.6
|
|
External
funds of Eastspring Investments, including M&G plc
|
98.1
|
|
110.1
|
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
|
7.6
|
|
5.0
|
6.6
|
|
Total
Group funds under management
|
494.1
|
|
504.3
|
543.9
|
|
|
2020 $m
|
|
2019
$m
|
|
|
|
Half year
|
|
Half
year
|
Full
year
|
|
|
|
|
note
(f)
|
note
(f)
|
Net cash remitted by business units:note (a)
|
|
|
|
|
|
From
continuing operations
|
|
|
|
|
|
|
Asianote
(b)
|
400
|
|
578
|
950
|
|
Jacksonnote
(b)
|
-
|
|
509
|
509
|
|
Other
operations
|
32
|
|
6
|
6
|
|
Total
continuing operations
|
432
|
|
1,093
|
1,465
|
From
discontinued UK and Europe operations
|
-
|
|
453
|
684
|
|
Net cash
remittances by business units
|
432
|
|
1,546
|
2,149
|
|
Net
interest paidnote (c)
|
(147)
|
|
(283)
|
(527)
|
|
Tax
received
|
94
|
|
120
|
265
|
|
Corporate
activities
|
(119)
|
|
(125)
|
(260)
|
|
Total
central outflows
|
(172)
|
|
(288)
|
(522)
|
|
Holding company
cash flow before dividends and other movements
|
260
|
|
1,258
|
1,627
|
|
Dividends
paid
|
(674)
|
|
(1,108)
|
(1,634)
|
|
Operating holding company cash flow after dividends but before
other movements
|
(414)
|
|
150
|
(7)
|
|
Other movements
|
|
|
|
|
|
|
Issuance
and redemption of debt for continuing operations
|
982
|
|
(504)
|
(504)
|
|
Other
corporate activities relating to continuing operationsnote
(d)
|
(762)
|
|
(330)
|
(338)
|
|
Transactions
to effect the demerger, including debt substitutionnote
(e)
|
-
|
|
(237)
|
(146)
|
|
Demerger
costs
|
(17)
|
|
(211)
|
(424)
|
|
Early
settlement of UK-inflation-linked derivative liability
|
-
|
|
-
|
(587)
|
Total other
movements
|
203
|
|
(1,282)
|
(1,999)
|
|
Total holding
company cash flow
|
(211)
|
|
(1,132)
|
(2,006)
|
|
Cash
and short-term investments at beginning of period
|
2,207
|
|
4,121
|
4,121
|
|
Foreign
exchange movements
|
(89)
|
|
21
|
92
|
|
Cash and short-term
investments at end of period
|
1,907
|
|
3,010
|
2,207
|
|
|
Half year 2020
|
||||
|
|
Asia
|
US
|
Group
total
|
Average
liability
|
Margin
|
|
|
$m
|
$m
|
$m
|
$m
|
bps
|
|
|
note (b)
|
note (c)
|
|
|
|
Spread
income
|
146
|
273
|
419
|
93,964
|
89
|
|
Fee
income
|
135
|
1,596
|
1,731
|
208,714
|
166
|
|
With-profits
|
58
|
-
|
58
|
68,347
|
17
|
|
Insurance
margin
|
1,287
|
708
|
1,995
|
|
|
|
Margin
on revenues
|
1,345
|
|
1,345
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
Acquisition
costs
|
(864)
|
(484)
|
(1,348)
|
2,644
|
(51)%
|
|
Administration
expenses
|
(711)
|
(853)
|
(1,564)
|
310,524
|
(101)
|
|
DAC
adjustments
|
117
|
(10)
|
107
|
|
|
Expected
return on shareholder assets
|
95
|
26
|
121
|
|
|
|
|
|
1,608
|
1,256
|
2,864
|
|
|
Share
of related tax charges from joint ventures and
associate
|
(18)
|
-
|
(18)
|
|
|
|
Adjusted
operating profit - long-term business
|
1,590
|
1,256
|
2,846
|
|
|
|
Adjusted
operating profit - asset management
|
143
|
10
|
153
|
|
|
|
Total
segment adjusted operating profit
|
1,733
|
1,266
|
2,999
|
|
|
|
|
Half year 2019 AER
|
||||
|
|
Asia
|
US
|
Group
total
|
Average
liability
|
Margin
|
|
|
$m
|
$m
|
$m
|
$m
|
bps
|
|
|
note (b)
|
note (c)
|
|
|
|
Spread
income
|
154
|
298
|
452
|
83,861
|
108
|
|
Fee
income
|
144
|
1,601
|
1,745
|
203,145
|
172
|
|
With-profits
|
53
|
-
|
53
|
55,118
|
19
|
|
Insurance
margin
|
1,103
|
711
|
1,814
|
|
|
|
Margin
on revenues
|
1,454
|
|
1,454
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
Acquisition
costs
|
(1,038)
|
(494)
|
(1,532)
|
3,635
|
(42)%
|
|
Administration
expenses
|
(708)
|
(825)
|
(1,533)
|
290,416
|
(106)
|
|
DAC
adjustments
|
170
|
247
|
417
|
|
|
Expected
return on shareholder assets
|
90
|
18
|
108
|
|
|
|
|
|
1,422
|
1,556
|
2,978
|
|
|
Share
of related tax charges from joint ventures and
associate
|
(5)
|
-
|
(5)
|
|
|
|
Adjusted
operating profit - long-term business
|
1,417
|
1,556
|
2,973
|
|
|
|
Adjusted
operating profit - asset management
|
133
|
16
|
149
|
|
|
|
Total
segment adjusted operating profit
|
1,550
|
1,572
|
3,122
|
|
|
|
|
Half year 2019
CER
|
||||
|
|
Asia
|
US
|
Group
total
|
Average
liability
|
Margin
|
|
|
$m
|
$m
|
$m
|
$m
|
bps
|
|
|
note
(b)
|
note
(c)
|
|
note
(1)
|
note
(2)
|
Spread
income
|
150
|
298
|
448
|
84,020
|
107
|
|
Fee
income
|
140
|
1,601
|
1,741
|
202,997
|
172
|
|
With-profits
|
52
|
-
|
52
|
55,170
|
19
|
|
Insurance
margin
|
1,086
|
711
|
1,797
|
|
|
|
Margin
on revenues
|
1,440
|
-
|
1,440
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
Acquisition
costs
|
(1,029)
|
(494)
|
(1,523)
|
3,615
|
(42)%
|
|
Administration
expenses
|
(695)
|
(825)
|
(1,520)
|
290,426
|
(105)
|
|
DAC
adjustments
|
169
|
247
|
416
|
|
|
Expected
return on shareholder assets
|
88
|
18
|
106
|
|
|
|
|
|
1,401
|
1,556
|
2,957
|
|
|
Share
of related tax charges from joint ventures and
associate
|
(5)
|
-
|
(5)
|
|
|
|
Adjusted
operating profit - long-term business
|
1,396
|
1,556
|
2,952
|
|
|
|
Adjusted
operating profit - asset management
|
130
|
16
|
146
|
|
|
|
Total
segment adjusted operating profit
|
1,526
|
1,572
|
3,098
|
|
|
|
|
Half year 2020
|
|
Half year 2019 AER
|
|
Half year 2019 CERnote (6)
|
||||||
|
|
|
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
|
146
|
37,082
|
79
|
|
154
|
27,774
|
111
|
|
150
|
27,933
|
107
|
|
Fee
income
|
135
|
27,712
|
97
|
|
144
|
26,536
|
109
|
|
140
|
26,388
|
106
|
|
With-profits
|
58
|
68,347
|
17
|
|
53
|
55,118
|
19
|
|
52
|
55,170
|
19
|
|
Insurance
margin
|
1,287
|
|
|
|
1,103
|
|
|
|
1,086
|
|
|
|
Margin
on revenues
|
1,345
|
|
|
|
1,454
|
|
|
|
1,440
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
costsnote (3)
|
(864)
|
1,665
|
(52)%
|
|
(1,038)
|
2,560
|
(41)%
|
|
(1,029)
|
2,540
|
(41)%
|
|
Administration
expenses
|
(711)
|
64,794
|
(219)
|
|
(708)
|
54,310
|
(261)
|
|
(695)
|
54,320
|
(256)
|
|
DAC
adjustmentsnote (4)
|
117
|
|
|
|
170
|
|
|
|
169
|
|
|
Expected
return on shareholder assets
|
95
|
|
|
|
90
|
|
|
|
88
|
|
|
|
|
|
1,608
|
|
|
|
1,422
|
|
|
|
1,401
|
|
|
Share
of related tax charges from joint ventures and associatenote
(5)
|
(18)
|
|
|
|
(5)
|
|
|
|
(5)
|
|
|
|
Adjusted
operating profit - long-term business
|
1,590
|
|
|
|
1,417
|
|
|
|
1,396
|
|
|
|
Adjusted
operating profit - asset management
(Eastspring
Investments)
|
143
|
|
|
|
133
|
|
|
|
130
|
|
|
|
Total
Asia adjusted operating profit
|
1,733
|
|
|
|
1,550
|
|
|
|
1,526
|
|
|
|
|
Half year 2020
|
|
Half year 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
|
273
|
56,882
|
96
|
|
298
|
56,087
|
106
|
|
Fee
income
|
1,596
|
181,002
|
176
|
|
1,601
|
176,609
|
181
|
|
Insurance
margin
|
708
|
-
|
-
|
|
711
|
-
|
-
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Acquisition
costsnote (3)
|
(484)
|
979
|
(49)%
|
|
(494)
|
1,075
|
(46)%
|
|
Administration
expenses
|
(853)
|
245,730
|
(69)
|
|
(825)
|
236,106
|
(70)
|
|
DAC
adjustments
|
(10)
|
|
|
|
247
|
|
|
Expected
return on shareholder assets
|
26
|
|
|
|
18
|
|
|
|
Adjusted
operating profit - long-term business
|
1,256
|
|
|
|
1,556
|
|
|
|
Adjusted
operating profit - asset management
|
10
|
|
|
|
16
|
|
|
|
Total
US adjusted operating profit
|
1,266
|
|
|
|
1,572
|
|
|
|
|
Half year 2020 $m
|
|
Half year 2019 $m
|
||||||
|
|
Before acquisition costs and DAC
adjustments
|
Acquisition costs
|
After acquisition costs and DAC
adjustments
|
|
Before acquisition costs and DAC
adjustments
|
Acquisition costs
|
After acquisition costs and DAC
adjustments
|
||
|
|
|
Incurred
|
Deferred
|
|
|
|
Incurred
|
Deferred
|
|
Total
adjusted operating profit before acquisition costs and DAC
adjustments
|
1,750
|
-
|
-
|
1,750
|
|
1,803
|
-
|
-
|
1,803
|
|
Less
investment in new business
|
-
|
(484)
|
353
|
(131)
|
|
-
|
(494)
|
369
|
(125)
|
|
Other
DAC adjustments - amortisation of previously deferred acquisition
costs:
|
|
|
|
|
|
|
|
|
|
|
|
Normal
|
-
|
-
|
(331)
|
(331)
|
|
-
|
-
|
(313)
|
(313)
|
|
Deceleration
(acceleration)
|
-
|
-
|
(32)
|
(32)
|
|
-
|
-
|
191
|
191
|
Total
US adjusted operating profit - long-term business
|
1,750
|
(484)
|
(10)
|
1,256
|
|
1,803
|
(494)
|
247
|
1,556
|
|
|
2020 $m
|
|
2019 $m
|
|
Half year 2020 vs half year
2019 %
|
|
2019 $m
|
||
|
|
Half year
|
|
Half year
AER
|
Half year
CER
|
|
AER
|
CER
|
|
Full year
AER
|
China
JV
|
101
|
|
89
|
86
|
|
13%
|
17%
|
|
219
|
|
Hong
Kong
|
412
|
|
337
|
340
|
|
22%
|
21%
|
|
734
|
|
Indonesia
|
249
|
|
258
|
251
|
|
(3)%
|
(1)%
|
|
540
|
|
Malaysia
|
158
|
|
141
|
136
|
|
12%
|
16%
|
|
276
|
|
Philippines
|
40
|
|
34
|
34
|
|
18%
|
18%
|
|
73
|
|
Singapore
|
262
|
|
228
|
219
|
|
15%
|
20%
|
|
493
|
|
Taiwan
|
37
|
|
31
|
32
|
|
19%
|
16%
|
|
74
|
|
Thailand
|
75
|
|
62
|
63
|
|
21%
|
19%
|
|
170
|
|
Vietnam
|
125
|
|
108
|
108
|
|
16%
|
16%
|
|
237
|
|
Other
|
45
|
|
38
|
39
|
|
18%
|
15%
|
|
70
|
|
Non-recurrent
items*
|
104
|
|
96
|
93
|
|
8%
|
12%
|
|
138
|
|
Total
insurance operations
|
1,608
|
|
1,422
|
1,401
|
|
13%
|
15%
|
|
3,024
|
|
Share
of related tax charges from joint ventures and
associate
|
(18)
|
|
(5)
|
(5)
|
|
260%
|
260%
|
|
(31)
|
|
Total long-term
business
|
1,590
|
|
1,417
|
1,396
|
|
12%
|
14%
|
|
2,993
|
|
Asset
management (Eastspring Investments)
|
143
|
|
133
|
130
|
|
8%
|
10%
|
|
283
|
|
Total
Asia
|
1,733
|
|
1,550
|
1,526
|
|
12%
|
14%
|
|
3,276
|
|
2020 $m
|
|
2019 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Operating
income before performance-related feesnote (1)
|
313
|
|
309
|
636
|
Performance-related
fees
|
2
|
|
1
|
12
|
Operating
income (net of commission)note (2)
|
315
|
|
310
|
648
|
Operating
expensenote (2)
|
(157)
|
|
(157)
|
(329)
|
Group's
share of tax on joint ventures' operating profit
|
(15)
|
|
(20)
|
(36)
|
Adjusted
operating profit
|
143
|
|
133
|
283
|
Average
funds managed by Eastspring Investments
|
$224.1bn
|
|
$206.7bn
|
$214.0bn
|
Margin
based on operating income*
|
28bps
|
|
30bps
|
30bps
|
Cost/income
ratio†
|
50%
|
|
51%
|
52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
Margin*
|
Institutional‡
|
Margin*
|
Total
|
Margin*
|
|
|
$m
|
bps
|
$m
|
bps
|
$m
|
bps
|
|
30 Jun
2020
|
188
|
50
|
125
|
17
|
313
|
28
|
|
30 Jun
2019
|
191
|
51
|
118
|
18
|
309
|
30
|
|
31 Dec
2019
|
392
|
52
|
244
|
18
|
636
|
30
|
|
|
2020 $bn
|
|
2019 $bn
|
|
|
|
30 Jun
|
|
30 Jun*
|
31 Dec
|
External
funds under management, excluding funds managed on behalf of
M&G plcnote (1)
|
|
|
|
|
|
|
Retail
|
59.4
|
|
62.4
|
73.7
|
|
Institutional
|
10.0
|
|
9.4
|
11.0
|
|
Money
market funds (MMF)
|
13.0
|
|
13.4
|
13.3
|
|
|
82.4
|
|
85.2
|
98.0
|
Funds
managed on behalf of M&G plcnote (2)
|
15.7
|
|
24.9
|
26.7
|
|
|
|
|
|
|
|
External
funds under management including M&G plc
|
98.1
|
|
110.1
|
124.7
|
|
Internal
funds under management
|
121.6
|
|
105.6
|
116.4
|
|
Total
funds under managementnote (3)
|
219.7
|
|
215.7
|
241.1
|
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
At
beginning of period
|
98,005
|
|
77,762
|
77,762
|
|
|
Market
gross inflows
|
69,839
|
|
154,998
|
282,699
|
|
|
Redemptions
|
(78,172)
|
|
(152,306)
|
(276,215)
|
|
|
Market
and other movements
|
(7,348)
|
|
4,770
|
13,759
|
|
|
At end
of period*
|
82,324
|
|
85,224
|
98,005
|
|
|
2020 $m
|
|
|
30 Jun
|
|
At
beginning of period
|
26,717
|
|
Net
flows
|
(7,258)
|
|
Other
|
(3,717)
|
|
At end
of period
|
15,742
|
|
|
30 Jun 2020
|
|
30 Jun 2019
|
|
31 Dec 2019
|
|||
|
|
$bn
|
% of total
|
|
$bn
|
% of total
|
|
$bn
|
% of total
|
|
Equity
|
86.3
|
39%
|
|
98.8
|
46%
|
|
107.0
|
44%
|
|
Fixed
income
|
115.7
|
53%
|
|
99.3
|
46%
|
|
116.2
|
48%
|
|
Alternatives
|
2.9
|
1%
|
|
3.1
|
1%
|
|
3.4
|
2%
|
|
Money
Market Funds
|
14.8
|
7%
|
|
14.5
|
7%
|
|
14.5
|
6%
|
|
Total
funds under management
|
219.7
|
100%
|
|
215.7
|
100%
|
|
241.1
|
100%
|
|
2020 $m
|
|
2019 $m
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Core
structural borrowings of shareholder-financed
businesses
|
6,499
|
|
9,470
|
5,594
|
Less
holding company cash and short-term investments
|
(1,907)
|
|
(3,010)
|
(2,207)
|
Net core structural
borrowings of shareholder-financed businesses
|
4,592
|
|
6,460
|
3,387
|
Closing
shareholders' equity
|
19,110
|
|
25,037
|
19,477
|
Closing
shareholders' equity plus net core structural
borrowings
|
23,702
|
|
31,497
|
22,864
|
IFRS gearing
ratio
|
19%
|
|
21%
|
15%
|
|
Half year 2020* $m
|
|
Half year 2019* $m
|
||||
|
Asia
|
US
|
Other
|
Group†
|
|
Asia
|
US
|
Adjusted
operating profit
|
1,733
|
1,266
|
(458)
|
2,541
|
|
1,550
|
1,572
|
Tax on
adjusted operating profit
|
(260)
|
(195)
|
(12)
|
(467)
|
|
(217)
|
(263)
|
Operating
profit attributable to non-controlling interests
|
(22)
|
-
|
-
|
(22)
|
|
(5)
|
-
|
Adjusted
operating profit, net of tax and non-controlling
interests
|
1,451
|
1,071
|
(470)
|
2,052
|
|
1,328
|
1,309
|
Average
shareholders' equity
|
11,198
|
8,942
|
(846)
|
19,294
|
|
8,951
|
7,879
|
Operating return on average shareholders' equity
(%)
|
26%
|
24%
|
n/a
|
21%
|
|
30%
|
33%
|
|
Full year 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%
|
|
|
|
|
|
Half year 2020 $m
|
|
Half year 2019 $m
|
|
Full year 2019 $m
|
|||||
|
Asia
|
US
|
Other
|
Group
|
|
Asia
|
US
|
|
Asia
|
US
|
Balance
at beginning of period
|
10,866
|
8,929
|
(318)
|
19,477
|
|
8,175
|
7,163
|
|
8,175
|
7,163
|
Balance
at end of period
|
11,529
|
8,955
|
(1,374)
|
19,110
|
|
9,727
|
8,594
|
|
10,866
|
8,929
|
Average
shareholders' equity
|
11,198
|
8,942
|
(846)
|
19,294
|
|
8,951
|
7,879
|
|
9,521
|
8,046
|
|
|
30 Jun
2020
|
|
|||
|
Asia
|
US
|
Other
|
Total
continuing
operations
|
Discontinued
UK and Europe
operations
|
Group total
|
Closing
IFRS shareholders' equity ($ million)
|
11,529
|
8,955
|
(1,374)
|
19,110
|
-
|
19,110
|
Shareholders' funds
per share (cents)
|
442¢
|
343¢
|
(53)¢
|
732¢
|
-
|
732¢
|
|
|
|
|
|
|
|
|
|
30 Jun
2019
|
|
|||
|
Asia
|
US
|
Other
|
Total
continuing
operations
|
Discontinued
UK and Europe
operations
|
Group total
|
Closing
IFRS shareholders' equity ($ million)
|
9,727
|
8,594
|
(3,822)
|
14,499
|
10,538
|
25,037
|
Shareholders' funds
per share (cents)
|
374¢
|
331¢
|
(147)¢
|
558¢
|
405¢
|
963¢
|
|
|
|
|
|
|
|
|
|
31 Dec
2019
|
|
|||
|
Asia
|
US
|
Other
|
Total
continuing
operations
|
Discontinued
UK and Europe
operations
|
Group total
|
Closing
IFRS shareholders' equity ($ million)
|
10,866
|
8,929
|
(318)
|
19,477
|
-
|
19,477
|
Shareholders' funds
per share (cents)
|
418¢
|
343¢
|
(12)¢
|
749¢
|
-
|
749¢
|
|
Eastspring
Investments
|
|||
|
2020 $m
|
|
2019 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Operating
income before performance-related feesnote
|
313
|
|
309
|
636
|
Share
of joint venture revenue
|
(111)
|
|
(120)
|
(244)
|
Commission
|
85
|
|
88
|
165
|
Performance-related
fees
|
2
|
|
1
|
12
|
IFRS
revenue
|
289
|
|
278
|
569
|
|
|
|
|
|
Operating
expense
|
157
|
|
157
|
329
|
Share
of joint venture expense
|
(45)
|
|
(52)
|
(102)
|
Commission
|
85
|
|
88
|
165
|
IFRS
charges
|
197
|
|
193
|
392
|
Cost/income
ratio: operating expense/operating income before
performance-related fees
|
50%
|
|
51%
|
52%
|
|
2020 $m
|
|
2019
$m
|
||
|
Half year
|
|
AER
Half year
|
CER
Half year
|
Full year
|
Asia renewal
insurance premium
|
9,702
|
|
9,177
|
9,123
|
19,007
|
Add:
General insurance premium
|
66
|
|
65
|
65
|
135
|
Add:
IFRS gross earned premium from new regular and single premium
business
|
2,054
|
|
3,113
|
3,101
|
6,386
|
Less:
Renewal premiums from joint ventures
|
(932)
|
|
(897)
|
(858)
|
(1,771)
|
Asia segment IFRS
gross premiums earned
|
10,890
|
|
11,458
|
11,431
|
23,757
|
|
|
|
|
|
|
Asia
renewal insurance premium (as above)
|
9,702
|
|
9,177
|
9,123
|
19,007
|
Asia
APE
|
1,665
|
|
2,560
|
2,540
|
5,161
|
Asia life weighted
premium income
|
11,367
|
|
11,737
|
11,663
|
24,168
|
|
2020 $m
|
|
2019 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Annual
premium equivalents (APE)
|
2,644
|
|
3,635
|
7,384
|
Adjustment
to include 100% of single premiums on new business sold in the
periodnote (a)
|
10,205
|
|
11,337
|
23,409
|
Premiums
from in-force business and other adjustmentsnote (b)
|
6,993
|
|
6,109
|
14,271
|
Gross
premiums earned
|
19,842
|
|
21,081
|
45,064
|
|
2020 $m
|
|
2019 $m
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
EEV shareholders'
equity
|
48,942
|
|
67,983
|
54,711
|
Less:
Value of in-force business of long-term businessnote
(a)
|
(33,771)
|
|
(45,267)
|
(41,893)
|
Deferred
acquisition costs assigned zero value for EEV purposes
|
14,601
|
|
13,291
|
14,239
|
Othernote
(b)
|
(10,662)
|
|
(10,970)
|
(7,580)
|
IFRS shareholders'
equity
|
19,110
|
|
25,037
|
19,477
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By: /s/ Mark FitzPatrick
|
|
|
|
Mark
FitzPatrick
|
|
Group
Chief Financial Officer and Chief Operating Officer
|