|
|
|
|
|
|
|
|
|
|
Half year 2020 $m
|
|
2019 $m
|
|||
|
|
|
|
|
|
Half year*
|
Full year
|
|
Note
|
Asia
|
US
|
Group total
|
|
Group total
|
Group total
|
Continuing operations:
|
|
|
|
|
|
|
|
New business
|
3
|
912
|
248
|
1,160
|
|
2,125
|
4,405
|
Business in force
|
4
|
998
|
440
|
1,438
|
|
1,652
|
3,240
|
Long-term business
|
|
1,910
|
688
|
2,598
|
|
3,777
|
7,645
|
Asset management
|
|
126
|
8
|
134
|
|
131
|
275
|
Operating profit from long-term and asset management
businesses
|
|
2,036
|
696
|
2,732
|
|
3,908
|
7,920
|
Other income and expenditurenote
(i)
|
|
|
|
(415)
|
|
(467)
|
(923)
|
Restructuring and IFRS 17 implementation costs
|
|
|
|
(102)
|
|
(26)
|
(92)
|
Operating profit for the period
|
|
|
|
2,215
|
|
3,415
|
6,905
|
Short-term fluctuations in investment returns
|
5
|
|
|
415
|
|
2,884
|
3,254
|
Effect of changes in economic assumptions
|
6
|
|
|
(7,026)
|
|
(1,774)
|
(1,868)
|
Impact of NAIC reform, hedge modelling and other related changes in
the USnote
(ii)
|
|
|
|
-
|
|
-
|
(3,457)
|
Mark-to-market value movements on core structural
borrowings
|
7
|
|
|
17
|
|
(636)
|
(466)
|
Loss attaching to corporate transactions
|
8
|
|
|
(423)
|
|
(31)
|
(207)
|
Non-operating (loss) profit
|
|
|
|
(7,017)
|
|
443
|
(2,744)
|
(Loss) profit for the period from continuing
operations
|
|
|
|
(4,802)
|
|
3,858
|
4,161
|
Profit (loss) for the period from discontinued
operations
|
|
|
|
-
|
|
1,657
|
(4,797)
|
(Loss) profit for the period
|
|
|
|
(4,802)
|
|
5,515
|
(636)
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
Equity holders of the Company:
|
|
|
|
|
|
|
|
From continuing operations
|
|
|
|
(4,824)
|
|
3,852
|
4,152
|
From discontinued operations
|
|
|
|
-
|
|
1,657
|
(4,797)
|
Non-controlling interests from continuing operations
|
|
|
|
22
|
|
6
|
9
|
|
|
|
|
(4,802)
|
|
5,515
|
(636)
|
|
|
|
|
|
|
|
|
EEV basis basic earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
Half year
|
|
Half year
|
Full year
|
Based on operating profit from continuing operations, after
non-controlling interests (in cents)
|
|
|
|
84.5¢
|
|
132.0¢
|
266.6¢
|
Based on (loss) profit for the period attributable to equity
holders of the Company (in cents)
|
|
|
|
|
|
|
|
From
continuing operations
|
|
|
|
(185.8)¢
|
|
149.1¢
|
160.5¢
|
From
discontinued operations
|
|
|
|
-
|
|
64.2¢
|
(185.4)¢
|
|
|
|
|
(185.8)¢
|
|
213.3¢
|
(24.9)¢
|
|
|
|
|
|
|
|
|
Weighted average number of shares in the period
(millions)
|
|
|
|
2,596
|
|
2,583
|
2,587
|
|
Half year 2020 $m
|
|
2019 $m
|
||||
|
Asia
|
US
|
Other
|
Group total
|
|
Half year*
Group total
|
Full year
Group total
|
Continuing operations:
|
|
|
|
|
|
|
|
Operating profit from long-term and asset management
businesses
|
2,036
|
696
|
-
|
2,732
|
|
3,908
|
7,920
|
Other income and expenditure
|
-
|
-
|
(415)
|
(415)
|
|
(467)
|
(923)
|
Restructuring and IFRS 17 implementation costs
|
(29)
|
(9)
|
(64)
|
(102)
|
|
(26)
|
(92)
|
Operating profit (loss) for the period
|
2,007
|
687
|
(479)
|
2,215
|
|
3,415
|
6,905
|
Non-operating (loss) profit
|
(3,161)
|
(3,927)
|
71
|
(7,017)
|
|
443
|
(2,744)
|
(Loss) profit for the period from continuing
operations
|
(1,154)
|
(3,240)
|
(408)
|
(4,802)
|
|
3,858
|
4,161
|
(Loss) profit for the period from discontinued
operationsnote
(iv)
|
|
|
|
|
|
1,657
|
(4,797)
|
(Loss) profit for the period
|
(1,154)
|
(3,240)
|
(408)
|
(4,802)
|
|
5,515
|
(636)
|
Non-controlling interests
|
(22)
|
-
|
-
|
(22)
|
|
(6)
|
(9)
|
Foreign exchange movements on operations
|
(540)
|
-
|
27
|
(513)
|
|
154
|
666
|
Intra-group dividends and investment
inoperationsnote
(i)
|
(356)
|
-
|
356
|
-
|
|
-
|
-
|
External dividends
|
-
|
-
|
(674)
|
(674)
|
|
(1,108)
|
(1,634)
|
Mark-to-market value movements on Jackson assets backing surplus
and required capital
|
-
|
317
|
-
|
317
|
|
177
|
206
|
Other movementsnote
(ii)
|
89
|
124
|
(288)
|
(75)
|
|
(151)
|
95
|
Demerger dividend in specie of M&G plcnote
(iv)
|
-
|
-
|
-
|
-
|
|
-
|
(7,379)
|
Net (decrease) increase in shareholders' equity
|
(1,983)
|
(2,799)
|
(987)
|
(5,769)
|
|
4,581
|
(8,691)
|
Shareholders' equity at beginning of period
|
39,235
|
16,342
|
(866)
|
54,711
|
|
63,402
|
63,402
|
Shareholders' equity at end of period
|
37,252
|
13,543
|
(1,853)
|
48,942
|
|
67,983
|
54,711
|
|
|
|
|
|
|
|
|
Representing:
|
|
|
|
|
|
|
|
Long-term business
|
35,940
|
13,531
|
-
|
49,471
|
|
68,927
|
54,179
|
Asset management and other
|
538
|
12
|
(1,879)
|
(1,329)
|
|
(3,061)
|
(290)
|
Goodwill attributable to shareholders
|
774
|
-
|
26
|
800
|
|
2,117
|
822
|
Shareholders' equity at end of period
|
37,252
|
13,543
|
(1,853)
|
48,942
|
|
67,983
|
54,711
|
Shareholders' equity per share at end of periodnote
(iii)
|
1,428¢
|
519¢
|
(71)¢
|
1,876¢
|
|
2,615¢
|
2,103¢
|
|
|
|
|
|
|
|
|
Long-term business
|
37,843
|
16,336
|
-
|
54,179
|
|
64,174
|
64,174
|
Asset management and other
|
596
|
6
|
(892)
|
(290)
|
|
(2,874)
|
(2,874)
|
Goodwill attributable to shareholders
|
796
|
-
|
26
|
822
|
|
2,102
|
2,102
|
Shareholders' equity at beginning of period
|
39,235
|
16,342
|
(866)
|
54,711
|
|
63,402
|
63,402
|
Shareholders' equity per share at beginning of
periodnote
(iii)
|
1,508¢
|
628¢
|
(33)¢
|
2,103¢
|
|
2,445¢
|
2,445¢
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
30 Jun
|
|
30 Jun*
|
31 Dec
|
Assets less liabilities before deduction of insurance
funds
|
|
371,825
|
|
599,294
|
396,241
|
Less insurance fundsnote
|
|
|
|
|
|
Policyholder
liabilities (net of reinsurers' share) and unallocated surplus of
with-profits funds
|
|
(352,518)
|
|
(574,228)
|
(376,572)
|
Shareholders'
accrued interest in the long-term business
|
|
29,832
|
|
42,946
|
35,234
|
|
|
(322,686)
|
|
(531,282)
|
(341,338)
|
Less non-controlling interests
|
|
(197)
|
|
(29)
|
(192)
|
Total net assets attributable to equity holders of the
Company
|
|
48,942
|
|
67,983
|
54,711
|
|
|
|
|
|
|
Share capital
|
|
172
|
|
165
|
172
|
Share premium
|
|
2,635
|
|
2,512
|
2,625
|
IFRS basis shareholders' reserves
|
|
16,303
|
|
22,360
|
16,680
|
IFRS basis shareholders' equity
|
|
19,110
|
|
25,037
|
19,477
|
Shareholders' accrued interest in the long-term
business
|
|
29,832
|
|
42,946
|
35,234
|
EEV basis shareholders' equity
|
|
48,942
|
|
67,983
|
54,711
|
|
|
|
|
|
|
Representing:
|
|
|
|
|
|
Continuing operations
|
|
48,942
|
|
50,472
|
54,711
|
Discontinued UK and Europe operations
|
|
-
|
|
17,511
|
-
|
|
|
48,942
|
|
67,983
|
54,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual exchange rate
|
|
Constant exchange rate
|
||||||
|
Half year 2020 $m
|
|
Half year 2019 $m
|
Change %
|
|
Half year 2019 $m
|
Change %
|
|||||
|
Annual
premium
equivalent
|
New
business
profit
|
|
Annual
premium
equivalent
|
New
business
profit
|
Annual
premium
equivalent
|
New
business
profit
|
|
Annual
premium
equivalent
|
New
business
profit
|
Annual
premium
equivalent
|
New
business
profit
|
Asia
|
1,665
|
912
|
|
2,560
|
1,675
|
(35)%
|
(46)%
|
|
2,540
|
1,673
|
(34)%
|
(45)%
|
US
|
979
|
248
|
|
1,075
|
450
|
(9)%
|
(45)%
|
|
1,075
|
450
|
(9)%
|
(45)%
|
Group total
|
2,644
|
1,160
|
|
3,635
|
2,125
|
(27)%
|
(45)%
|
|
3,615
|
2,123
|
(27)%
|
(45)%
|
|
|
|
|
|
|
|
|
|
|
|
Actual exchange rate
|
|
Constant exchange rate
|
||
|
Half year 2020 $m
|
|
Half year 2019 $m
|
Change %
|
|
Half year 2019 $m
|
Change %
|
Continuing operations:
|
|
|
|
|
|
|
|
Asia
|
|
|
|
|
|
|
|
Long-term business
|
1,910
|
|
2,751
|
(31)%
|
|
2,738
|
(30)%
|
Asset management
|
126
|
|
117
|
8%
|
|
115
|
10%
|
Total
|
2,036
|
|
2,868
|
(29)%
|
|
2,853
|
(29)%
|
US
|
|
|
|
|
|
|
|
Long-term business (Jackson)
|
688
|
|
1,026
|
(33)%
|
|
1,026
|
(33)%
|
Asset management
|
8
|
|
14
|
(43)%
|
|
14
|
(43)%
|
Total
|
696
|
|
1,040
|
(33)%
|
|
1,040
|
(33)%
|
Operating profit from long-term and asset management
businesses
|
2,732
|
|
3,908
|
(30)%
|
|
3,893
|
(30)%
|
Other income and expenditure
|
(415)
|
|
(467)
|
11%
|
|
(458)
|
9%
|
Restructuring and IFRS 17 implementation costs
|
(102)
|
|
(26)
|
(292)%
|
|
(25)
|
(308)%
|
Operating profit for the period
|
2,215
|
|
3,415
|
(35)%
|
|
3,410
|
(35)%
|
Short-term fluctuations in investment returns
|
415
|
|
2,884
|
|
|
2,894
|
|
Effect of changes in economic assumptions
|
(7,026)
|
|
(1,774)
|
|
|
(1,782)
|
|
Mark-to-market value movements on core structural
borrowings
|
17
|
|
(636)
|
|
|
(619)
|
|
Loss attaching to corporate transactions
|
(423)
|
|
(31)
|
|
|
(30)
|
|
Total non-operating (loss) profit from continuing
operations
|
(7,017)
|
|
443
|
|
|
463
|
|
(Loss) profit for the period from continuing
operations
|
(4,802)
|
|
3,858
|
(224)%
|
|
3,873
|
(224)%
|
Profit for the period from discontinued operations
|
-
|
|
1,657
|
n/a
|
|
1,613
|
n/a
|
(Loss) profit for the period
|
(4,802)
|
|
5,515
|
(187)%
|
|
5,486
|
(188)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual exchange rate
|
|
Constant exchange rate
|
||
|
|
Half year 2020
|
|
Half year 2019
|
Change %
|
|
Half year 2019
|
Change %
|
Based on operating profit from continuing operations after
non-controlling interests (in cents)
|
84.5¢
|
|
132.0¢
|
(36)%
|
|
132.0¢
|
(36)%
|
|
Based on (loss) profit for the period attributable to equity
holders of the Company (in cents):
|
|
|
|
|
|
|
|
|
|
From continuing operations
|
(185.8)¢
|
|
149.1¢
|
(225)%
|
|
149.9¢
|
(224)%
|
|
From discontinued operations
|
-
|
|
64.2¢
|
n/a
|
|
62.4¢
|
n/a
|
|
|
(185.8)¢
|
|
213.3¢
|
(187)%
|
|
212.3¢
|
(188)%
|
|
|
|
|
|
|
|
|
Half year 2020
|
|||||
|
Annual premium
|
Present value
of new business
|
New business
|
|
New business margin
|
|
|
equivalents (APE)
|
premiums (PVNBP)
|
profit
|
|
APE
|
PVNBP
|
|
$m
|
$m
|
$m
|
|
%
|
%
|
|
note 14
|
note 14
|
note (i)
|
|
|
|
Asianote
(ii)
|
1,665
|
9,173
|
912
|
|
55%
|
9.9%
|
US
|
979
|
9,789
|
248
|
|
25%
|
2.5%
|
Group total
|
2,644
|
18,962
|
1,160
|
|
44%
|
6.1%
|
|
|
|
|
|
|
|
|
Half year 2019
|
|||||
|
Annual premium
|
Present value
of new business
|
New business
|
|
New business margin
|
|
|
equivalents (APE)
|
premiums (PVNBP)
|
profit
|
|
APE
|
PVNBP
|
|
$m
|
$m
|
$m
|
|
%
|
%
|
|
note 14
|
note 14
|
note (i)
|
|
|
|
Asianote
(ii)
|
2,560
|
14,218
|
1,675
|
|
65%
|
11.8%
|
US
|
1,075
|
10,752
|
450
|
|
42%
|
4.2%
|
Group total
|
3,635
|
24,970
|
2,125
|
|
58%
|
8.5%
|
|
|
|
|
|
|
|
|
Full year 2019
|
|||||
|
Annual premium
|
Present value
of new business
|
New business
|
|
New business margin
|
|
|
equivalents (APE)
|
premiums (PVNBP)
|
profit
|
|
APE
|
PVNBP
|
|
$m
|
$m
|
$m
|
|
%
|
%
|
|
note 14
|
note 14
|
|
|
|
|
Asianote
(ii)
|
5,161
|
29,244
|
3,522
|
|
68%
|
12.0%
|
US
|
2,223
|
22,231
|
883
|
|
40%
|
4.0%
|
Group total
|
7,384
|
51,475
|
4,405
|
|
60%
|
8.6%
|
|
|
|
|
|
|
|
Asia $m
|
US $m
|
Group total $m
|
|
Half year 2019 new business profit
|
1,675
|
450
|
2,125
|
|
Foreign exchange movement
|
(2)
|
-
|
(2)
|
|
Effect of changes in interest rates and other economic
assumptions
|
(78)
|
(119)
|
(197)
|
|
Impact of US EEV hedge modelling enhancements in full year
2019
|
-
|
(47)
|
(47)
|
|
Sales volume, business and product mix and other items
|
(683)
|
(36)
|
(719)
|
|
Half year 2020 new business profit
|
912
|
248
|
1,160
|
|
|
|
|
|
|
|
|
|
|
2020 $m
|
|
2019 $m
|
|||
|
|
Half year
|
|
AER
Half year
|
CER
Half year
|
|
AER
Full year
|
|
China JV
|
127
|
|
126
|
122
|
|
262
|
|
Hong Kong
|
353
|
|
1,070
|
1,081
|
|
2,042
|
|
Indonesia
|
68
|
|
85
|
82
|
|
227
|
|
Taiwan
|
35
|
|
28
|
30
|
|
75
|
|
Other
|
329
|
|
366
|
358
|
|
916
|
|
Total Asia insurance
|
912
|
|
1,675
|
1,673
|
|
3,522
|
|
Half year 2020 $m
|
|
Half year 2019 $m
|
|
Full year 2019 $m
|
||||||
|
Asia
|
US
|
Group
total
|
|
Asia
|
US
|
Group
total
|
|
Asia
|
US
|
Group
total
|
Unwind of discount and other expected returnsnote
(i)
|
753
|
299
|
1,052
|
|
805
|
459
|
1,264
|
|
1,542
|
728
|
2,270
|
Effect of changes in operating assumptionsnote
(ii)
|
118
|
-
|
118
|
|
169
|
-
|
169
|
|
539
|
1
|
540
|
Experience variances and other itemsnote
(iii)
|
127
|
141
|
268
|
|
102
|
117
|
219
|
|
285
|
145
|
430
|
Total operating profit from long-term business in
force
|
998
|
440
|
1,438
|
|
1,076
|
576
|
1,652
|
|
2,366
|
874
|
3,240
|
|
|
|
Asia $m
|
US $m
|
Group total $m
|
|
Half year 2019 unwind of discount and other expected
returns
|
805
|
459
|
1,264
|
|
|
Foreign exchange movement
|
(11)
|
-
|
(11)
|
|
|
Effect of changes in interest rates and other economic
assumptions
|
(165)
|
(76)
|
(241)
|
|
|
Impact of US EEV hedge modelling enhancements in full year
2019
|
-
|
(86)
|
(86)
|
|
|
Growth in opening value of in-force business and other
items
|
124
|
2
|
126
|
|
|
Half year 2020 unwind of discount and other expected
returns
|
753
|
299
|
1,052
|
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
|
Half year
|
|
Half year
|
Full year
|
|
Spread experience variance
|
(12)
|
|
16
|
38
|
|
|
Amortisation of interest-related realised gains and
losses
|
53
|
|
47
|
102
|
|
|
Other items
|
100
|
|
54
|
5
|
|
|
Total US experience variances and other items
|
141
|
|
117
|
145
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
Asia
|
|
|
|
|
|
|
Hong Kong
|
966
|
|
1,161
|
1,526
|
|
Indonesia
|
(157)
|
|
6
|
(14)
|
|
Malaysia
|
(30)
|
|
10
|
(20)
|
|
Singapore
|
(18)
|
|
198
|
338
|
|
Taiwan
|
72
|
|
120
|
147
|
|
Thailand
|
(75)
|
|
117
|
319
|
|
Other
|
7
|
|
44
|
155
|
Total Asianote
(i)
|
765
|
|
1,656
|
2,451
|
|
US
|
|
|
|
|
|
|
Investment return related experience on fixed income
securitiesnote
(ii)
|
(123)
|
|
(21)
|
(243)
|
|
Investment return related impact due to changed expectation of
profits on in-force variable annuity business in future periods
based on current period separate account return, net of related
hedging activity and other itemsnote
(iii)
|
(257)
|
|
1,275
|
1,119
|
Total US
|
(380)
|
|
1,254
|
876
|
|
Other operations
|
30
|
|
(26)
|
(73)
|
|
Group total
|
415
|
|
2,884
|
3,254
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
Asia
|
|
|
|
|
|
|
Hong Kong
|
(3,470)
|
|
(618)
|
(853)
|
|
Indonesia
|
(42)
|
|
43
|
141
|
|
Malaysia
|
10
|
|
44
|
127
|
|
Singapore
|
(179)
|
|
(131)
|
18
|
|
Taiwan
|
(172)
|
|
(85)
|
(142)
|
|
Thailand
|
(2)
|
|
(80)
|
(220)
|
|
Other
|
(71)
|
|
106
|
262
|
Total Asianote
(i)
|
(3,926)
|
|
(721)
|
(667)
|
|
US
|
|
|
|
|
|
|
Variable annuity businessnote
(ii)
|
(3,491)
|
|
(1,461)
|
(1,556)
|
|
General account businessnote
(iii)
|
391
|
|
408
|
355
|
Total US
|
(3,100)
|
|
(1,053)
|
(1,201)
|
|
Group total
|
(7,026)
|
|
(1,774)
|
(1,868)
|
|
|
2020 $m
|
|
2019 $m
|
||||||||
|
|
|
30 Jun
|
|
|
30 Jun
|
|
31 Dec
|
||||
|
|
IFRS
basis
|
Mark-to
-market
value
adjustment
|
EEV
basis at
market
value
|
|
IFRS
basis
|
Mark-to
-market
value
adjustment
|
EEV
basis at
market
value
|
|
IFRS
basis
|
Mark-to
-market
value
adjustment
|
EEV
basis at
market
value
|
Holding company cash and short-term investmentsnote
(i)
|
(1,907)
|
-
|
(1,907)
|
|
(3,010)
|
-
|
(3,010)
|
|
(2,207)
|
-
|
(2,207)
|
|
Central borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated and other debt not substituted to M&G plc in
2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated debt
|
4,271
|
196
|
4,467
|
|
4,279
|
207
|
4,486
|
|
4,304
|
327
|
4,631
|
|
Senior debtnote
(ii)
|
1,628
|
283
|
1,911
|
|
660
|
226
|
886
|
|
690
|
221
|
911
|
|
Bank loan
|
350
|
-
|
350
|
|
350
|
-
|
350
|
|
350
|
-
|
350
|
|
6,249
|
479
|
6,728
|
|
5,289
|
433
|
5,722
|
|
5,344
|
548
|
5,892
|
|
Subordinated debt substituted to M&G plc in
2019note
(ii)
|
-
|
-
|
-
|
|
3,931
|
266
|
4,197
|
|
-
|
-
|
-
|
|
Total central borrowings
|
6,249
|
479
|
6,728
|
|
9,220
|
699
|
9,919
|
|
5,344
|
548
|
5,892
|
|
Total net central funds
|
4,342
|
479
|
4,821
|
|
6,210
|
699
|
6,909
|
|
3,137
|
548
|
3,685
|
|
Jackson Surplus Notes
|
250
|
109
|
359
|
|
250
|
79
|
329
|
|
250
|
85
|
335
|
|
Net core structural borrowings of shareholder-financed
businessesnote
(iii)
|
4,592
|
588
|
5,180
|
|
6,460
|
778
|
7,238
|
|
3,387
|
633
|
4,020
|
|
|
2020 $m
|
|
2019 $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
|
Mark-to-market value adjustment at beginning of period
|
633
|
|
233
|
233
|
|
Mark-to-market value adjustment on subordinated debt substituted to
M&G plc at fair value in October 2019 at beginning of
period
|
-
|
|
-
|
(82)
|
|
Change in fair value of debt under IFRS as a result of consent
process in preparation for the demerger
|
-
|
|
(219)
|
-
|
|
(Credit) charge in the period included in the income
statement*
|
(17)
|
|
766
|
466
|
|
Effect of foreign exchange movements
|
(28)
|
|
(2)
|
16
|
|
Mark-to-market value adjustment at end of period
|
588
|
|
778
|
633
|
|
2020 $m
|
|
2019 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Loss on reinsurance of Jackson's in-force fixed and fixed indexed
annuity portfolionote
(i)
|
(423)
|
|
-
|
-
|
Gain on disposalsnote
(ii)
|
-
|
|
181
|
178
|
Other transactionsnote
(iii)
|
-
|
|
(212)
|
(385)
|
Total
|
(423)
|
|
(31)
|
(207)
|
|
|
|
|
|
|
|
Half year 2020 $m
|
||||
|
|
Free
surplus
|
Required
capital
|
Total
net worth
|
Value of
in-force
business
|
Total
embedded
value
|
Groupnote
(i)
|
|
|
|
|
|
|
Shareholders' equity at beginning of period
|
5,395
|
6,891
|
12,286
|
41,893
|
54,179
|
|
New business contributionnote
3
|
(517)
|
369
|
(148)
|
1,308
|
1,160
|
|
Existing business - transfer to net worth
|
1,665
|
(459)
|
1,206
|
(1,206)
|
-
|
|
Expected return on existing businessnote
4
|
70
|
103
|
173
|
879
|
1,052
|
|
Changes in operating assumptions and experience
variancesnote
4
|
130
|
121
|
251
|
135
|
386
|
|
Restructuring and IFRS 17 implementation costs
|
(17)
|
-
|
(17)
|
-
|
(17)
|
|
Operating profit
|
1,331
|
134
|
1,465
|
1,116
|
2,581
|
|
Non-operating (loss) profit
|
186
|
1,586
|
1,772
|
(8,860)
|
(7,088)
|
|
(Loss) profit for the period
|
1,517
|
1,720
|
3,237
|
(7,744)
|
(4,507)
|
|
Foreign exchange movements
|
(72)
|
(55)
|
(127)
|
(378)
|
(505)
|
|
Intra-group dividends and investment in operations
|
(235)
|
-
|
(235)
|
-
|
(235)
|
|
Other movements
|
539
|
-
|
539
|
-
|
539
|
|
Shareholders' equity at end of periodnote
(ii)
|
7,144
|
8,556
|
15,700
|
33,771
|
49,471
|
|
|
|
|
|
|
|
|
Asia
|
|
|
|
|
|
|
Shareholders' equity at beginning of period
|
3,624
|
3,182
|
6,806
|
31,037
|
37,843
|
|
New business contributionnote
3
|
(298)
|
104
|
(194)
|
1,106
|
912
|
|
Existing business - transfer to net worth
|
1,009
|
(205)
|
804
|
(804)
|
-
|
|
Expected return on existing businessnote
4
|
52
|
35
|
87
|
666
|
753
|
|
Changes in operating assumptions and experience
variancesnote
4
|
99
|
101
|
200
|
45
|
245
|
|
Restructuring and IFRS 17 implementation costs
|
(10)
|
-
|
(10)
|
-
|
(10)
|
|
Operating profit
|
852
|
35
|
887
|
1,013
|
1,900
|
|
Non-operating (loss) profit
|
(508)
|
83
|
(425)
|
(2,736)
|
(3,161)
|
|
(Loss) profit for the period
|
344
|
118
|
462
|
(1,723)
|
(1,261)
|
|
Foreign exchange movements
|
(72)
|
(55)
|
(127)
|
(378)
|
(505)
|
|
Intra-group dividends and investment in operations
|
(235)
|
-
|
(235)
|
-
|
(235)
|
|
Other movements
|
98
|
-
|
98
|
-
|
98
|
|
Shareholders' equity at end of period
|
3,759
|
3,245
|
7,004
|
28,936
|
35,940
|
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
Shareholders' equity at beginning of period
|
1,771
|
3,709
|
5,480
|
10,856
|
16,336
|
|
New business contributionnote
3
|
(219)
|
265
|
46
|
202
|
248
|
|
Existing business - transfer to net worth
|
656
|
(254)
|
402
|
(402)
|
-
|
|
Expected return on existing businessnote
4
|
18
|
68
|
86
|
213
|
299
|
|
Changes in operating assumptions and experience
variancesnote
4
|
31
|
20
|
51
|
90
|
141
|
|
Restructuring and IFRS 17 implementation costs
|
(7)
|
-
|
(7)
|
-
|
(7)
|
|
Operating profit
|
479
|
99
|
578
|
103
|
681
|
|
Loss (gain) on reinsurance of in-force fixed and fixed indexed
annuity portfolionote
8
|
851
|
(627)
|
224
|
(647)
|
(423)
|
|
Other non-operating (loss) profit
|
(157)
|
2,130
|
1,973
|
(5,477)
|
(3,504)
|
|
(Loss) profit for the period
|
1,173
|
1,602
|
2,775
|
(6,021)
|
(3,246)
|
|
Intra-group dividends and investment in operations
|
-
|
-
|
-
|
-
|
-
|
|
Other movements
|
441
|
-
|
441
|
-
|
441
|
|
Shareholders' equity at end of period
|
3,385
|
5,311
|
8,696
|
4,835
|
13,531
|
|
|
30 Jun 2020 $m
|
31 Dec 2019 $m
|
|||||
|
|
Asia
|
US
|
Group
totalnote
(i)
|
|
Asia
|
US
|
Group
totalnote
(i)
|
Value of in-force business before deduction of cost of
capital and time value of options and
guarantees
|
30,383
|
6,674
|
37,057
|
|
32,396
|
11,417
|
43,813
|
|
Cost of capital
|
(998)
|
(481)
|
(1,479)
|
|
(866)
|
(370)
|
(1,236)
|
|
Time value of options and guaranteesnote
(iii)
|
(449)
|
(1,358)
|
(1,807)
|
|
(493)
|
(191)
|
(684)
|
|
Net value of in-force business
|
28,936
|
4,835
|
33,771
|
|
31,037
|
10,856
|
41,893
|
|
Total net worth
|
7,004
|
8,696
|
15,700
|
|
6,806
|
5,480
|
12,286
|
|
Total embedded value
|
35,940
|
13,531
|
49,471
|
|
37,843
|
16,336
|
54,179
|
|
|
Half year 2020 $m
|
|||||
|
Asia
|
US
|
Total
insurance
and asset
management
|
Other
|
|
Group
total
|
|
|
|
note (a)
|
note (b)
|
|
|
|
|
Operating free surplus generated before impact of US EEV hedge
modelling enhancements and restructuring and IFRS 17 implementation
costsnote
(d)
|
988
|
1,029
|
2,017
|
(415)
|
|
1,602
|
|
Impact of US EEV hedge modelling enhancements in full year
2019note
(d)
|
-
|
(535)
|
(535)
|
-
|
|
(535)
|
|
Operating free surplus generated before restructuring and IFRS 17
implementation costs
|
988
|
494
|
1,482
|
(415)
|
|
1,067
|
|
Restructuring and IFRS 17 implementation costs
|
(29)
|
(9)
|
(38)
|
(64)
|
|
(102)
|
|
Operating free surplus generated
|
959
|
485
|
1,444
|
(479)
|
|
965
|
|
Gain on reinsurance of Jackson's in-force fixed and fixed indexed
annuity portfolionote
8(i)
|
-
|
851
|
851
|
-
|
|
851
|
|
Other non-operating lossnote
(e)
|
(508)
|
(157)
|
(665)
|
(47)
|
|
(712)
|
|
Free surplus generated
|
451
|
1,179
|
1,630
|
(526)
|
|
1,104
|
|
Net cash flows paid to parent companynote
(f)
|
(400)
|
-
|
(400)
|
400
|
|
-
|
|
External dividends
|
-
|
-
|
-
|
(674)
|
|
(674)
|
|
Foreign exchange movements on foreign operations, timing
differences and other itemsnote
(g)
|
26
|
441
|
467
|
(351)
|
|
116
|
|
Net movement in free surplus
|
77
|
1,620
|
1,697
|
(1,151)
|
|
546
|
|
Balance at beginning of period
|
4,220
|
1,777
|
5,997
|
3,739
|
|
9,736
|
|
Balance at end of periodnote
(h)
|
4,297
|
3,397
|
7,694
|
2,588
|
|
10,282
|
|
Representing:
|
|
|
|
|
|
|
|
Free surplus excluding distribution rights and other
intangibles
|
3,426
|
3,377
|
6,803
|
(424)
|
|
6,379
|
|
Distribution rights and other intangibles
|
871
|
20
|
891
|
3,012
|
|
3,903
|
|
|
4,297
|
3,397
|
7,694
|
2,588
|
|
10,282
|
|
|
Half year 2019 $m
|
|
|
|||||
|
|
Continuing operations
|
|
Discontinued
UK and
Europe
operations
|
|
Group
total
|
|||
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
|
|
|
|
|
|
|
note (a)
|
note (b)
|
|
|
|
|
|
|
Operating free surplus generated before restructuring and IFRS 17
implementation costsnote
(d)
|
886
|
1,075
|
1,961
|
(467)
|
|
-
|
|
1,494
|
|
Restructuring and IFRS 17 implementation costs
|
(17)
|
(1)
|
(18)
|
(8)
|
|
-
|
|
(26)
|
|
Operating free surplus generated
|
869
|
1,074
|
1,943
|
(475)
|
|
-
|
|
1,468
|
|
Non-operating profit (loss) from continuing
operationsnote
(e)
|
872
|
(525)
|
347
|
(239)
|
|
-
|
|
108
|
|
Free surplus generated from discontinued operations
|
-
|
-
|
-
|
-
|
|
1,260
|
|
1,260
|
|
Free surplus generated in the period
|
1,741
|
549
|
2,290
|
(714)
|
|
1,260
|
|
2,836
|
|
Net cash flows to parent companynote
(f)
|
(578)
|
(525)
|
(1,103)
|
1,562
|
|
(459)
|
|
-
|
|
External dividends
|
-
|
-
|
-
|
(1,108)
|
|
-
|
|
(1,108)
|
|
Foreign exchange movements, timing differences and other
itemsnote
(g)
|
(45)
|
163
|
118
|
377
|
|
(972)
|
|
(477)
|
|
Net movement in free surplus
|
1,118
|
187
|
1,305
|
117
|
|
(171)
|
|
1,251
|
|
Balance at beginning of period
|
2,591
|
2,760
|
5,351
|
3,831
|
|
5,977
|
|
15,159
|
|
Balance at end of periodnote
(h)
|
3,709
|
2,947
|
6,656
|
3,948
|
|
5,806
|
|
16,410
|
|
Representing:
|
|
|
|
|
|
|
|
|
|
Free surplus excluding distribution rights and
other intangibles
|
3,151
|
2,921
|
6,072
|
1,710
|
|
5,781
|
|
13,563
|
|
Distribution rights and other intangibles
|
558
|
26
|
584
|
2,238
|
|
25
|
|
2,847
|
|
|
|
3,709
|
2,947
|
6,656
|
3,948
|
|
5,806
|
|
16,410
|
|
|
Full year 2019 $m
|
|||||||
|
|
Continuing operations
|
|
Discontinued
UK and Europe
operations
|
|
Group
total
|
|||
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
|
|
|
|
|
|
|
note (a)
|
note (b)
|
|
|
|
|
|
|
Operating free surplus generated before impact of US EEV hedge
modelling enhancements and restructuring costsnote
(d)
|
1,772
|
2,028
|
3,800
|
(923)
|
|
-
|
|
2,877
|
|
Impact of US EEV hedge modelling enhancements
|
-
|
(903)
|
(903)
|
-
|
|
-
|
|
(903)
|
|
Operating free surplus generated before restructuring and IFRS 17
implementation costs
|
1,772
|
1,125
|
2,897
|
(923)
|
|
-
|
|
1,974
|
|
Restructuring and IFRS 17 implementation costs
|
(31)
|
(5)
|
(36)
|
(56)
|
|
-
|
|
(92)
|
|
Operating free surplus generated
|
1,741
|
1,120
|
2,861
|
(979)
|
|
-
|
|
1,882
|
|
Non-operating (loss) profit from continuing
operationsnote
(e)
|
1,195
|
(1,763)
|
(568)
|
(448)
|
|
-
|
|
(1,016)
|
|
Free surplus generated from discontinued operations
|
-
|
-
|
-
|
-
|
|
2,512
|
|
2,512
|
|
Free surplus generated
|
2,936
|
(643)
|
2,293
|
(1,427)
|
|
2,512
|
|
3,378
|
|
Net cash flows paid to parent companynote
(f)
|
(950)
|
(525)
|
(1,475)
|
2,159
|
|
(684)
|
|
-
|
|
Demerger dividend in specie of M&G plc
|
-
|
-
|
-
|
-
|
|
(7,379)
|
|
(7,379)
|
|
External dividends
|
-
|
-
|
-
|
(1,634)
|
|
-
|
|
(1,634)
|
|
Foreign exchange movements on foreign operations, timing
differences and other itemsnote
(g)
|
(357)
|
185
|
(172)
|
810
|
|
(426)
|
|
212
|
|
Net movement in free surplus
|
1,629
|
(983)
|
646
|
(92)
|
|
(5,977)
|
|
(5,423)
|
|
Balance at beginning of year
|
2,591
|
2,760
|
5,351
|
3,831
|
|
5,977
|
|
15,159
|
|
Balance at end of yearnote
(h)
|
4,220
|
1,777
|
5,997
|
3,739
|
|
-
|
|
9,736
|
|
Representing:
|
|
|
|
|
|
|
|
|
|
Free surplus excluding distribution rights and
other intangibles
|
3,624
|
1,753
|
5,377
|
1,227
|
|
-
|
|
6,604
|
|
Distribution rights and other intangibles
|
596
|
24
|
620
|
2,512
|
|
-
|
|
3,132
|
|
|
4,220
|
1,777
|
5,997
|
3,739
|
|
-
|
|
9,736
|
|
|
|
Half year 2020 $m
|
|
Half year 2019 $m
|
|
% change
|
||
|
|
|
|
AER
|
CER
|
|
AER
|
CER
|
|
|
Operating free surplus generated from in-force life
business
|
1,160
|
|
1,092
|
1,075
|
|
6%
|
8%
|
|
|
Investment in new businessnote
(c)
|
(298)
|
|
(323)
|
(319)
|
|
8%
|
7%
|
|
|
Long-term business
|
862
|
|
769
|
756
|
|
12%
|
14%
|
|
|
Asset management
|
126
|
|
117
|
115
|
|
8%
|
10%
|
|
|
Total Asia
|
988
|
|
886
|
871
|
|
12%
|
13%
|
|
|
|
Half year 2020 $m
|
|
Half year 2019 $m
|
|
% change
|
|
Operating free surplus generated from in-force life business before
EEV hedge modelling enhancementsnote
(d)
|
1,240
|
|
1,405
|
|
(12)%
|
|
|
Impact of EEV hedge modelling enhancements in full year
2019note
(d)
|
(535)
|
|
-
|
|
n/a
|
|
|
Operating free surplus generated from in-force life
business
|
705
|
|
1,405
|
|
(50)%
|
|
|
Investment in new businessnote
(c)
|
(219)
|
|
(344)
|
|
36%
|
|
|
Long-term business
|
486
|
|
1,061
|
|
(54)%
|
|
|
Asset management
|
8
|
|
14
|
|
(43)%
|
|
|
Total US
|
494
|
|
1,075
|
|
(54)%
|
|
|
|
Half year 2020 $m
|
||||
|
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
Group
total
|
|
|
Foreign exchange movements
|
(107)
|
-
|
(107)
|
(19)
|
(126)
|
|
|
Mark-to-market value movements on Jackson assets backing surplus
and required capital
|
-
|
317
|
317
|
-
|
317
|
|
|
Other items (including intra-group loans and other intra-group
transfers between operations and other non-cash items)
|
133
|
124
|
257
|
(332)
|
(75)
|
|
|
|
|
26
|
441
|
467
|
(351)
|
116
|
|
|
|
Half year 2019 $m
|
|||||
|
|
|
Continuing operations
|
Discontinued UK and Europe operations
|
Group
total
|
|||
|
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
|
|
|
|
Foreign exchange movements
|
44
|
-
|
44
|
(26)
|
(7)
|
11
|
|
|
Mark-to-market value movements on Jackson assets backing surplus
and required capital
|
-
|
177
|
177
|
-
|
-
|
177
|
|
|
Other items (including intra-group loans and other intra-group
transfers between operations and other non-cash items)
|
(89)
|
(14)
|
(103)
|
403
|
(965)
|
(665)
|
|
|
|
|
(45)
|
163
|
118
|
377
|
(972)
|
(477)
|
|
|
|
|
|
|
|
|
|
|
|
|
Full year 2019 $m
|
|||||
|
|
|
Continuing operations
|
Discontinued UK and Europe operations
|
Group
total
|
|||
|
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
|
|
|
|
Foreign exchange movements
|
99
|
-
|
99
|
91
|
77
|
267
|
|
|
Mark-to-market value movements on Jackson assets backing surplus
and required capital
|
-
|
206
|
206
|
-
|
-
|
206
|
|
|
Other items (including intra-group loans and other intra-group
transfers between operations and other non-cash
items)*
|
(456)
|
(21)
|
(477)
|
719
|
(503)
|
(261)
|
|
|
|
|
(357)
|
185
|
(172)
|
810
|
(426)
|
212
|
|
|
|
30 Jun 2020 $m
|
||||
|
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
Group total
|
|
|
Long-term business
|
3,759
|
3,385
|
7,144
|
-
|
7,144
|
|
|
Asset management and other
|
538
|
12
|
550
|
2,588
|
3,138
|
|
|
Total
|
4,297
|
3,397
|
7,694
|
2,588
|
10,282
|
|
|
|
|
|
|
|
|
|
|
|
|
30 Jun 2019 $m
|
||||
|
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
Group total
|
|
|
Long-term business
|
3,315
|
2,883
|
6,198
|
-
|
6,198
|
|
|
Asset management and other
|
394
|
64
|
458
|
3,948
|
4,406
|
|
|
Total
|
3,709
|
2,947
|
6,656
|
3,948
|
10,604
|
|
|
|
|
|
|
|
|
|
|
|
|
31 Dec 2019 $m
|
||||
|
|
Asia
|
US
|
Total insurance
and asset
management
|
Other
|
Group total
|
|
|
Long-term business
|
3,624
|
1,771
|
5,395
|
-
|
5,395
|
|
|
Asset management and other
|
596
|
6
|
602
|
3,739
|
4,341
|
|
|
Total
|
4,220
|
1,777
|
5,997
|
3,739
|
9,736
|
New business profit from long-term business
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
Half year 2020 $m
|
|
Full year 2019 $m
|
||||
|
Asia
|
US
|
Group
total
|
|
Asia
|
US
|
Group
total
|
New business profitnote
3
|
912
|
248
|
1,160
|
|
3,522
|
883
|
4,405
|
Interest rates and consequential effects - 1% increase
|
64
|
143
|
207
|
|
(46)
|
207
|
161
|
Interest rates and consequential effects - 0.5%
decrease
|
(68)
|
(85)
|
(153)
|
|
(121)
|
(123)
|
(244)
|
Equity/property yields - 1% rise
|
62
|
34
|
96
|
|
210
|
70
|
280
|
Risk discount rates - 1% increase
|
(176)
|
(3)
|
(179)
|
|
(715)
|
(22)
|
(737)
|
Embedded value of long-term business
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
30 Jun 2020 $m
|
|
31 Dec 2019 $m
|
||||
|
Asia
|
US
|
Group
total
|
|
Asia
|
US
|
Group
total
|
Shareholders' equitynote
9
|
35,940
|
13,531
|
49,471
|
|
37,843
|
16,336
|
54,179
|
Interest rates and consequential effects - 1% increase
|
(510)
|
1,362
|
852
|
|
(1,408)
|
798
|
(610)
|
Interest rates and consequential effects - 0.5%
decrease
|
(730)
|
92
|
(638)
|
|
(28)
|
(686)
|
(714)
|
Equity/property yields - 1% rise
|
1,413
|
542
|
1,955
|
|
1,758
|
556
|
2,314
|
Equity/property market values - 10% fall
|
n/a
|
n/a
|
n/a
|
|
(810)
|
(1,205)
|
(2,015)
|
Equity/property market values - 20% fall
|
(1,577)
|
(764)
|
(2,341)
|
|
n/a
|
n/a
|
n/a
|
Risk discount rates - 1% increase
|
(4,621)
|
(417)
|
(5,038)
|
|
(5,263)
|
(509)
|
(5,772)
|
Group minimum capital requirements
|
246
|
287
|
533
|
|
175
|
221
|
396
|
|
Risk discount rate %
|
||||||||
|
New business
|
|
In-force business
|
||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
China JV
|
7.9
|
|
8.0
|
8.2
|
|
7.9
|
|
8.0
|
8.2
|
Hong Kongnotes
(2)(4)
|
1.8
|
|
3.8
|
3.7
|
|
2.7
|
|
3.8
|
3.7
|
Indonesia
|
10.6
|
|
11.8
|
10.8
|
|
10.6
|
|
11.8
|
10.8
|
Malaysianote
(4)
|
5.5
|
|
6.2
|
5.8
|
|
5.6
|
|
6.2
|
5.9
|
Philippines
|
10.7
|
|
12.5
|
12.3
|
|
10.7
|
|
12.5
|
12.3
|
Singaporenote
(4)
|
2.5
|
|
3.5
|
3.3
|
|
3.0
|
|
4.3
|
3.9
|
Taiwan
|
2.8
|
|
4.3
|
3.4
|
|
2.4
|
|
4.2
|
3.0
|
Thailand
|
9.1
|
|
9.6
|
9.2
|
|
9.1
|
|
9.6
|
9.2
|
Vietnam
|
4.7
|
|
9.1
|
5.3
|
|
5.0
|
|
9.0
|
5.5
|
Total weighted averagenote
(1)
|
4.4
|
|
5.0
|
4.9
|
|
4.1
|
|
5.2
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
10-year government bond yield %
|
|
Expected long-term inflation %
|
||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
China JV
|
2.9
|
|
3.3
|
3.2
|
|
3.0
|
|
3.0
|
3.0
|
Hong Kongnotes
(2)(4)
|
0.7
|
|
2.0
|
1.9
|
|
2.5
|
|
2.5
|
2.5
|
Indonesia
|
7.8
|
|
7.5
|
7.2
|
|
4.5
|
|
4.5
|
4.5
|
Malaysianote
(4)
|
3.0
|
|
3.7
|
3.3
|
|
2.5
|
|
2.5
|
2.5
|
Philippines
|
2.9
|
|
5.0
|
4.6
|
|
4.0
|
|
4.0
|
4.0
|
Singaporenote
(4)
|
1.0
|
|
2.0
|
1.7
|
|
2.0
|
|
2.0
|
2.0
|
Taiwan
|
0.5
|
|
0.7
|
0.7
|
|
1.5
|
|
1.5
|
1.5
|
Thailand
|
1.4
|
|
2.1
|
1.5
|
|
3.0
|
|
3.0
|
3.0
|
Vietnam
|
3.0
|
|
4.7
|
3.4
|
|
5.5
|
|
5.5
|
5.5
|
|
|
2020 %
|
|
2019 %
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
Hong Kong (US dollar denominated business)
|
3.6
|
|
4.6
|
4.8
|
|
Malaysia
|
7.0
|
|
7.4
|
7.3
|
|
Singapore
|
5.0
|
|
5.8
|
5.7
|
|
|
|
2020 %
|
|
2019 %
|
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Risk discount rate:
|
|
|
|
|
||
|
Variable annuity:
|
|
|
|
|
|
|
|
Risk discount rate
|
5.3
|
|
6.4
|
6.5
|
|
|
Additional allowance for credit risk included in risk discount
ratenote
12(i)(h)
|
0.3
|
|
0.2
|
0.2
|
|
Non-variable annuity:
|
|
|
|
|
|
|
|
Risk discount rate
|
2.9
|
|
3.7
|
3.7
|
|
|
Additional allowance for credit risk included in risk discount
ratenote
12(i)(h)
|
1.5
|
|
1.0
|
1.0
|
|
Total weighted average:
|
|
|
|
|
|
|
|
New business
|
4.8
|
|
6.1
|
6.1
|
|
|
In-force business
|
4.9
|
|
6.1
|
6.2
|
Allowance for long-term defaults included in projected
spreadnote
12(i)(h)
|
0.19
|
|
0.17
|
0.17
|
||
US 10-year treasury bond yield
|
0.7
|
|
2.0
|
1.9
|
||
Equity risk premium (geometric)
|
2.9
|
|
2.6
|
2.9
|
||
Pre-tax expected long-term nominal rate of return for US equities
(geometric)
|
3.6
|
|
4.6
|
4.8
|
||
Expected long-term rate of inflation
|
2.7
|
|
2.8
|
2.9
|
||
S&P 500 equity return volatilitynote
(ii)(b)
|
17.5
|
|
17.5
|
17.5
|
|
2020 %
|
|
2019 %
|
|
|
Jan to Jun issues
|
|
Jan to Jun issues
|
Jul to Dec issues
|
Fixed annuity business*
|
0.85
|
|
1.50
|
0.85
|
Fixed indexed annuity business†
|
0.50
|
|
0.50
|
0.50
|
Institutional business
|
1.00
|
|
0.50
|
0.50
|
|
|
Single premiums
|
|
Regular premiums
|
|
Annual premium equivalents (APE)
|
|
Present value of new business premiums (PVNBP)
|
||||||||||||
|
|
2020 $m
|
|
2019 $m
|
|
2020 $m
|
|
2019 $m
|
|
2020 $m
|
|
2019 $m
|
|
2020 $m
|
|
2019 $m
|
||||
|
|
Half
year
|
|
Half
year
|
Full
year
|
|
Half
year
|
|
Half
year
|
Full
year
|
|
Half
year
|
|
Half
year
|
Full
year
|
|
Half
year
|
|
Half
year
|
Full
year
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cambodia
|
-
|
|
-
|
-
|
|
4
|
|
14
|
24
|
|
4
|
|
15
|
24
|
|
20
|
|
66
|
111
|
|
China JVnote
(b)
|
592
|
|
468
|
710
|
|
260
|
|
303
|
518
|
|
319
|
|
350
|
590
|
|
1,479
|
|
1,534
|
2,586
|
|
Hong Kong
|
78
|
|
213
|
387
|
|
380
|
|
1,052
|
1,977
|
|
388
|
|
1,075
|
2,016
|
|
2,671
|
|
6,701
|
12,815
|
|
Indianote
(c)
|
102
|
|
78
|
155
|
|
73
|
|
129
|
245
|
|
83
|
|
137
|
260
|
|
298
|
|
618
|
1,179
|
|
Indonesia
|
112
|
|
121
|
292
|
|
112
|
|
144
|
361
|
|
123
|
|
156
|
390
|
|
494
|
|
666
|
1,668
|
|
Malaysia
|
45
|
|
90
|
209
|
|
118
|
|
149
|
333
|
|
123
|
|
158
|
355
|
|
688
|
|
881
|
2,090
|
|
Philippines
|
15
|
|
14
|
51
|
|
54
|
|
70
|
153
|
|
56
|
|
71
|
158
|
|
205
|
|
239
|
561
|
|
Singapore
|
420
|
|
500
|
1,217
|
|
187
|
|
249
|
539
|
|
229
|
|
299
|
660
|
|
1,695
|
|
2,100
|
4,711
|
|
Taiwan
|
112
|
|
253
|
544
|
|
144
|
|
125
|
278
|
|
155
|
|
149
|
332
|
|
623
|
|
625
|
1,418
|
|
Thailand
|
65
|
|
95
|
192
|
|
84
|
|
53
|
140
|
|
90
|
|
62
|
159
|
|
389
|
|
318
|
763
|
|
Vietnam
|
9
|
|
13
|
22
|
|
94
|
|
87
|
215
|
|
95
|
|
88
|
217
|
|
611
|
|
470
|
1,342
|
|
Total Asia
|
1,550
|
|
1,845
|
3,779
|
|
1,510
|
|
2,375
|
4,783
|
|
1,665
|
|
2,560
|
5,161
|
|
9,173
|
|
14,218
|
29,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable annuities
|
6,417
|
|
6,283
|
12,692
|
|
-
|
|
-
|
-
|
|
643
|
|
628
|
1,270
|
|
6,417
|
|
6,283
|
12,692
|
|
Elite Access
(variable annuities)
|
882
|
|
961
|
2,002
|
|
-
|
|
-
|
-
|
|
88
|
|
96
|
200
|
|
882
|
|
961
|
2,002
|
|
Fixed annuities
|
314
|
|
229
|
1,194
|
|
-
|
|
-
|
-
|
|
31
|
|
23
|
119
|
|
314
|
|
229
|
1,194
|
|
Fixed indexed annuities
|
892
|
|
1,201
|
3,821
|
|
-
|
|
-
|
-
|
|
89
|
|
120
|
382
|
|
892
|
|
1,201
|
3,821
|
|
Institutional
|
1,284
|
|
2,078
|
2,522
|
|
-
|
|
-
|
-
|
|
128
|
|
208
|
252
|
|
1,284
|
|
2,078
|
2,522
|
|
Total US
|
9,789
|
|
10,752
|
22,231
|
|
-
|
|
-
|
-
|
|
979
|
|
1,075
|
2,223
|
|
9,789
|
|
10,752
|
22,231
|
|
Group totalnote
(d)
|
11,339
|
|
12,597
|
26,010
|
|
1,510
|
|
2,375
|
4,783
|
|
2,644
|
|
3,635
|
7,384
|
|
18,962
|
|
24,970
|
51,475
|
|
|
Average rate
|
|
Closing rate
|
||||
|
$ : local currency
|
Half year 2020
|
Half year 2019
|
% appreciation
(depreciation) of USD
against local currency
|
|
30 Jun
2020
|
30 Jun
2019
|
% appreciation
(depreciation) of USD
against local currency
|
|
China
|
7.03
|
6.78
|
4%
|
|
7.07
|
6.87
|
3%
|
|
Hong Kong
|
7.76
|
7.84
|
(1)%
|
|
7.75
|
7.81
|
(1)%
|
|
Indonesia
|
14,574.24
|
14,192.79
|
3%
|
|
14,285.00
|
14,127.50
|
1%
|
|
Malaysia
|
4.25
|
4.12
|
3%
|
|
4.29
|
4.13
|
4%
|
|
Singapore
|
1.40
|
1.36
|
3%
|
|
1.4
|
1.35
|
4%
|
|
Thailand
|
31.62
|
31.61
|
0%
|
|
30.87
|
30.69
|
1%
|
|
UK
|
0.79
|
0.77
|
3%
|
|
0.81
|
0.79
|
2%
|
|
Vietnam
|
23,303.21
|
23,253.04
|
0%
|
|
23,206.00
|
23,305.00
|
0%
|
|
|
Average rate
|
|
Closing rate
|
||||
|
$ : local currency
|
Half year 2020
|
Full year 2019
|
% appreciation (depreciation) of USD against local
currency
|
|
30 Jun
2020
|
31 Dec
2019
|
% appreciation (depreciation) of USD against local
currency
|
|
China
|
7.03
|
6.91
|
2%
|
|
7.07
|
6.97
|
1%
|
|
Hong Kong
|
7.76
|
7.84
|
(1)%
|
|
7.75
|
7.79
|
(1)%
|
|
Indonesia
|
14,574.24
|
14,140.84
|
3%
|
|
14,285.00
|
13,882.50
|
3%
|
|
Malaysia
|
4.25
|
4.14
|
3%
|
|
4.29
|
4.09
|
5%
|
|
Singapore
|
1.40
|
1.36
|
3%
|
|
1.4
|
1.34
|
4%
|
|
Thailand
|
31.62
|
31.05
|
2%
|
|
30.87
|
29.75
|
4%
|
|
UK
|
0.79
|
0.78
|
1%
|
|
0.81
|
0.75
|
7%
|
|
Vietnam
|
23,303.21
|
23,227.64
|
0%
|
|
23,206.00
|
23,172.50
|
0%
|
AER
|
|
Single premiums
|
Regular premiums
|
APEnote
(2)
|
PVNBPnote
(2)
|
||||||||
|
|
2020
Half
year
|
2019
Half
year
|
+/(-)
|
2020
Half
year
|
2019
Half
year
|
+/(-)
|
2020
Half
year
|
2019
Half
year
|
+/(-)
|
2020
Half
year
|
2019
Half
year
|
+/(-)
|
|
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cambodia
|
-
|
-
|
-
|
4
|
14
|
(71)%
|
4
|
15
|
(73)%
|
20
|
66
|
(70)%
|
|
China JVnote
(3)
|
592
|
468
|
26%
|
260
|
303
|
(14)%
|
319
|
350
|
(9)%
|
1,479
|
1,534
|
(4)%
|
|
Hong Kong
|
78
|
213
|
(63)%
|
380
|
1,052
|
(64)%
|
388
|
1,075
|
(64)%
|
2,671
|
6,701
|
(60)%
|
|
Indianote
(4)
|
102
|
78
|
31%
|
73
|
129
|
(43)%
|
83
|
137
|
(39)%
|
298
|
618
|
(52)%
|
|
Indonesia
|
112
|
121
|
(7)%
|
112
|
144
|
(22)%
|
123
|
156
|
(21)%
|
494
|
666
|
(26)%
|
|
Malaysia
|
45
|
90
|
(50)%
|
118
|
149
|
(21)%
|
123
|
158
|
(22)%
|
688
|
881
|
(22)%
|
|
Philippines
|
15
|
14
|
7%
|
54
|
70
|
(23)%
|
56
|
71
|
(21)%
|
205
|
239
|
(14)%
|
|
Singapore
|
420
|
500
|
(16)%
|
187
|
249
|
(25)%
|
229
|
299
|
(23)%
|
1,695
|
2,100
|
(19)%
|
|
Taiwan
|
112
|
253
|
(56)%
|
144
|
125
|
15%
|
155
|
149
|
4%
|
623
|
625
|
(0)%
|
|
Thailand
|
65
|
95
|
(32)%
|
84
|
53
|
58%
|
90
|
62
|
45%
|
389
|
318
|
22%
|
|
Vietnam
|
9
|
13
|
(31)%
|
94
|
87
|
8%
|
95
|
88
|
8%
|
611
|
470
|
30%
|
|
Total Asia
|
1,550
|
1,845
|
(16)%
|
1,510
|
2,375
|
(36)%
|
1,665
|
2,560
|
(35)%
|
9,173
|
14,218
|
(35)%
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable annuities
|
6,417
|
6,283
|
2%
|
-
|
-
|
-
|
643
|
628
|
2%
|
6,417
|
6,283
|
2%
|
|
Elite Access (variable
annuity)
|
882
|
961
|
(8)%
|
-
|
-
|
-
|
88
|
96
|
(8)%
|
882
|
961
|
(8)%
|
|
Fixed annuities
|
314
|
229
|
37%
|
-
|
-
|
-
|
31
|
23
|
35%
|
314
|
229
|
37%
|
|
Fixed indexed annuities
|
892
|
1,201
|
(26)%
|
-
|
-
|
-
|
89
|
120
|
(26)%
|
892
|
1,201
|
(26)%
|
|
Wholesale
|
1,284
|
2,078
|
(38)%
|
-
|
-
|
-
|
128
|
208
|
(38)%
|
1,284
|
2,078
|
(38)%
|
|
Total US
|
9,789
|
10,752
|
(9)%
|
-
|
-
|
-
|
979
|
1,075
|
(9)%
|
9,789
|
10,752
|
(9)%
|
|
Group total
|
11,339
|
12,597
|
(10)%
|
1,510
|
2,375
|
(36)%
|
2,644
|
3,635
|
(27)%
|
18,962
|
24,970
|
(24)%
|
CER
|
|
Single premiums
|
Regular premiums
|
APEnote
(2)
|
PVNBPnote
(2)
|
||||||||
|
|
2020
Half
year
|
2019
Half
year
|
+/(-)
|
2020
Half
year
|
2019
Half
year
|
+/(-)
|
2020
Half
year
|
2019
Half
year
|
+/(-)
|
2020
Half
year
|
2019
Half
year
|
+/(-)
|
|
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cambodia
|
-
|
-
|
-
|
4
|
14
|
(71)%
|
4
|
14
|
(71)%
|
20
|
66
|
(70)%
|
|
China JVnote
(3)
|
592
|
449
|
32%
|
260
|
292
|
(11)%
|
319
|
337
|
(5)%
|
1,479
|
1,479
|
-
|
|
Hong Kong
|
78
|
215
|
(64)%
|
380
|
1,063
|
(64)%
|
388
|
1,086
|
(64)%
|
2,671
|
6,771
|
(61)%
|
|
Indianote
(4)
|
102
|
74
|
38%
|
73
|
123
|
(41)%
|
83
|
130
|
(36)%
|
298
|
584
|
(49)%
|
|
Indonesia
|
112
|
119
|
(6)%
|
112
|
140
|
(20)%
|
123
|
152
|
(19)%
|
494
|
648
|
(24)%
|
|
Malaysia
|
45
|
88
|
(49)%
|
118
|
145
|
(19)%
|
123
|
153
|
(20)%
|
688
|
854
|
(19)%
|
|
Philippines
|
15
|
15
|
-
|
54
|
71
|
(24)%
|
56
|
73
|
(23)%
|
205
|
246
|
(17)%
|
|
Singapore
|
420
|
485
|
(13)%
|
187
|
241
|
(22)%
|
229
|
290
|
(21)%
|
1,695
|
2,041
|
(17)%
|
|
Taiwan
|
112
|
262
|
(57)%
|
144
|
129
|
12%
|
155
|
155
|
-
|
623
|
645
|
(3)%
|
|
Thailand
|
65
|
96
|
(32)%
|
84
|
53
|
58%
|
90
|
62
|
45%
|
389
|
318
|
22%
|
|
Vietnam
|
9
|
12
|
(25)%
|
94
|
87
|
8%
|
95
|
88
|
8%
|
611
|
469
|
30%
|
|
Total Asia
|
1,550
|
1,815
|
(15)%
|
1,510
|
2,358
|
(36)%
|
1,665
|
2,540
|
(34)%
|
9,173
|
14,121
|
(35)%
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable annuities
|
6,417
|
6,283
|
2%
|
-
|
-
|
-
|
643
|
628
|
2%
|
6,417
|
6,283
|
2%
|
|
Elite Access (variable
annuity)
|
882
|
961
|
(8)%
|
-
|
-
|
-
|
88
|
96
|
(8)%
|
882
|
961
|
(8)%
|
|
Fixed annuities
|
314
|
229
|
37%
|
-
|
-
|
-
|
31
|
23
|
35%
|
314
|
229
|
37%
|
|
Fixed indexed annuities
|
892
|
1,201
|
(26)%
|
-
|
-
|
-
|
89
|
120
|
(26)%
|
892
|
1,201
|
(26)%
|
|
Wholesale
|
1,284
|
2,078
|
(38)%
|
-
|
-
|
-
|
128
|
208
|
(38)%
|
1,284
|
2,078
|
(38)%
|
|
Total US
|
9,789
|
10,752
|
(9)%
|
-
|
-
|
-
|
979
|
1,075
|
(9)%
|
9,789
|
10,752
|
(9)%
|
|
Group total
|
11,339
|
12,567
|
(10)%
|
1,510
|
2,358
|
(36)%
|
2,644
|
3,615
|
(27)%
|
18,962
|
24,873
|
(24)%
|
|
|
2019 $m
|
2020 $m
|
|||
|
|
AER
|
CER
|
AER
|
||
|
|
H1
|
H2
|
H1
|
H2
|
H1
|
Asia
|
|
|
|
|
|
|
Cambodia
|
15
|
9
|
14
|
10
|
4
|
|
China JVnote
(3)
|
350
|
240
|
337
|
242
|
319
|
|
Hong Kong
|
1,075
|
941
|
1,086
|
950
|
388
|
|
Indianote
(4)
|
137
|
123
|
130
|
117
|
83
|
|
Indonesia
|
156
|
234
|
152
|
226
|
123
|
|
Malaysia
|
158
|
197
|
153
|
192
|
123
|
|
Philippines
|
71
|
87
|
73
|
89
|
56
|
|
Singapore
|
299
|
361
|
290
|
355
|
229
|
|
Taiwan
|
149
|
183
|
155
|
187
|
155
|
|
Thailand
|
62
|
97
|
62
|
94
|
90
|
|
Vietnam
|
88
|
129
|
88
|
128
|
95
|
|
Total Asia
|
2,560
|
2,601
|
2,540
|
2,590
|
1,665
|
|
US
|
|
|
|
|
|
|
Variable annuities
|
628
|
642
|
628
|
642
|
643
|
|
Elite Access (variable
annuity)
|
96
|
104
|
96
|
104
|
88
|
|
Fixed annuities
|
23
|
96
|
23
|
96
|
31
|
|
Fixed indexed annuities
|
120
|
262
|
120
|
262
|
89
|
|
Wholesale
|
208
|
44
|
208
|
44
|
128
|
|
Total US
|
1,075
|
1,148
|
1,075
|
1,148
|
979
|
|
Group total
|
3,635
|
3,749
|
3,615
|
3,738
|
2,644
|
|
2019
|
2020
|
|||
|
AER
|
CER
|
AER
|
||
|
HY
|
FY
|
HY
|
FY
|
HY
|
New business profit ($m)
|
|
|
|
|
|
Asia
|
1,675
|
3,522
|
1,673
|
3,515
|
912
|
US
|
450
|
883
|
450
|
883
|
248
|
Group total
|
2,125
|
4,405
|
2,123
|
4,398
|
1,160
|
|
|
|
|
|
|
APE ($m)note
(2)
|
|
|
|
|
|
Asia
|
2,560
|
5,161
|
2,540
|
5,130
|
1,665
|
US
|
1,075
|
2,223
|
1,075
|
2,223
|
979
|
Group total
|
3,635
|
7,384
|
3,615
|
7,353
|
2,644
|
|
|
|
|
|
|
New business margin (NBP as a % of APE)
|
|
|
|
|
|
Asia
|
65%
|
68%
|
66%
|
69%
|
55%
|
US
|
42%
|
40%
|
42%
|
40%
|
25%
|
Group total
|
58%
|
60%
|
59%
|
60%
|
44%
|
|
|
|
|
|
|
PVNBP ($m)note
(2)
|
|
|
|
|
|
Asia
|
14,218
|
29,244
|
14,121
|
29,081
|
9,173
|
US
|
10,752
|
22,231
|
10,752
|
22,231
|
9,789
|
Group total
|
24,970
|
51,475
|
24,873
|
51,312
|
18,962
|
|
|
|
|
|
|
New business margin (NBP as a % of PVNBP)
|
|
|
|
|
|
Asia
|
11.8%
|
12.0%
|
11.8%
|
12.1%
|
9.9%
|
US
|
4.2%
|
4.0%
|
4.2%
|
4.0%
|
2.5%
|
Group total
|
8.5%
|
8.6%
|
8.5%
|
8.6%
|
6.1%
|
|
|
2019 $m
|
|
|
2020 $m
|
|
|
Eastspring investment operations (excluding those managed on behalf
of M&G plc):
|
|
H1
|
H2
|
|
|
H1
|
|
Third-party retail:note
(5)
|
|
|
|
|
|
|
|
Opening FUM
|
|
55,198
|
62,441
|
|
|
73,644
|
|
Net Flows:note
(6)
|
|
2,682
|
3,313
|
|
|
(8,026)
|
|
- Gross Inflows
|
|
19,628
|
23,005
|
|
|
19,983
|
|
- Redemptions
|
|
(16,946)
|
(19,692)
|
|
|
(28,009)
|
|
Other Movements*
|
|
4,561
|
7,890
|
|
|
(6,272)
|
|
Closing FUMnote
(7)
|
|
62,441
|
73,644
|
|
|
59,346
|
|
|
|
|
|
|
|
|
|
Third-party institutional:
|
|
|
|
|
|
|
|
Opening FUM
|
|
7,788
|
9,431
|
|
|
11,024
|
|
Net Flows:
|
|
1,274
|
1,071
|
|
|
(336)
|
|
- Gross Inflows
|
|
1,661
|
1,802
|
|
|
1,621
|
|
- Redemptions
|
|
(387)
|
(731)
|
|
|
(1,957)
|
|
Other Movements
|
|
369
|
522
|
|
|
(731)
|
|
Closing FUMnote
(7)
|
|
9,431
|
11,024
|
|
|
9,957
|
|
|
|
|
|
|
|
|
|
Total third-party (excluding MMF)
|
|
71,872
|
84,668
|
|
|
69,303
|
|
|
Half year 2020*
|
||||
|
Asia
|
US
|
|
Other
|
Group
|
EEV basis operating profit for the period from continuing
operations, net of tax ($ million)
|
2,036
|
696
|
|
(517)
|
2,215
|
Average EEV basis shareholders' equity ($ million)
|
38,244
|
14,943
|
|
(1,360)
|
51,827
|
Operating return on average shareholders' equity (%)
|
11%
|
9%
|
|
n/a
|
9%
|
|
Half year 2019*†
|
Full year 2019†
|
||
|
Asia
|
US
|
Asia
|
US
|
EEV basis operating profit for the period from continuing
operations, net of tax ($ million)
|
2,868
|
1,040
|
6,138
|
1,782
|
Average EEV basis shareholders' equity ($ million)
|
33,758
|
19,141
|
35,622
|
17,526
|
Operating return on average shareholders' equity (%)
|
17%
|
11%
|
17%
|
10%
|
|
Half year 2020*
|
|
Half year 2019*†
|
|
Full year 2019†
|
|||
|
Asia
|
US
|
|
Asia
|
US
|
|
Asia
|
US
|
New business profit ($ million)
|
912
|
248
|
|
1,675
|
450
|
|
3,522
|
883
|
Average EEV basis shareholders' equity ($ million)
|
38,244
|
14,943
|
|
33,758
|
19,141
|
|
35,622
|
17,526
|
New business profit over embedded value (%)
|
5%
|
3%
|
|
10%
|
5%
|
|
10%
|
5%
|
|
Half year 2020 $m
|
|
Half year 2019 $m
|
|
Full year 2019 $m
|
|||||
|
Asia
|
US
|
Other
|
Group
|
|
Asia
|
US
|
|
Asia
|
US
|
Balance at beginning of period
|
39,235
|
16,342
|
(866)
|
54,711
|
|
32,008
|
18,709
|
|
32,008
|
18,709
|
Balance at end of period
|
37,252
|
13,543
|
(1,853)
|
48,942
|
|
35,507
|
19,573
|
|
39,235
|
16,342
|
Average EEV basis shareholders' equity
|
38,244
|
14,943
|
(1,360)
|
51,827
|
|
33,758
|
19,141
|
|
35,622
|
17,526
|
|
30 Jun 2020
|
|||
|
Asia
|
US
|
Other
|
Group
total
|
Closing EEV shareholders' equity ($ million)
|
37,252
|
13,543
|
(1,853)
|
48,942
|
Less: Goodwill attributable to shareholders ($
million)
|
(774)
|
-
|
(26)
|
(800)
|
Closing EEV shareholders' equity excluding goodwill attributable to
shareholders ($ million)
|
36,478
|
13,543
|
(1,879)
|
48,142
|
Shareholders' funds per share (in cents)
|
1,428¢
|
519¢
|
(71)¢
|
1,876¢
|
Shareholders' funds per share excluding goodwill attributable to
shareholders (in cents)
|
1,398¢
|
519¢
|
(72)¢
|
1,845¢
|
|
|
|
|
|
|
30 Jun 2019
|
|||
|
Asia
|
US
|
Other
|
Group
total
|
Closing EEV shareholders' equity ($ million)
|
35,507
|
19,573
|
(4,608)
|
50,472
|
Less: Goodwill attributable to shareholders ($
million)
|
(649)
|
-
|
-
|
(649)
|
Closing EEV shareholders' equity excluding goodwill attributable to
shareholders ($ million)
|
34,858
|
19,573
|
(4,608)
|
49,823
|
Shareholders' funds per share (in cents)
|
1,366¢
|
753¢
|
(177)¢
|
1,941¢
|
Shareholders' funds per share excluding goodwill attributable to
shareholders (in cents)
|
1,341¢
|
753¢
|
(177)¢
|
1,916¢
|
|
|
|
|
|
|
31 Dec 2019
|
|||
|
Asia
|
US
|
Other
|
Group
total
|
Closing EEV shareholders' equity ($ million)
|
39,235
|
16,342
|
(866)
|
54,711
|
Less: Goodwill attributable to shareholders ($
million)
|
(796)
|
-
|
(26)
|
(822)
|
Closing EEV shareholders' equity excluding goodwill attributable to
shareholders ($ million)
|
38,439
|
16,342
|
(892)
|
53,889
|
Shareholders' funds per share (in cents)
|
1,508¢
|
628¢
|
(33)¢
|
2,103¢
|
Shareholders' funds per share excluding goodwill attributable to
shareholders (in cents)
|
1,478¢
|
628¢
|
(34)¢
|
2,072¢
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By: /s/ Mark FitzPatrick
|
|
|
|
Mark
FitzPatrick
|
|
Group
Chief Financial Officer and Chief Operating Office
|