|
|
Half year 2021
|
|
Half year 2020
|
|
||||
|
|
|
|
AER
|
|
CER
|
|
||
|
|
$m
|
|
$m
|
% change
|
|
$m
|
% change
|
|
|
|
notes (i)(ii)
|
|
note (i)
|
|
|
note (i)
|
|
|
New business profitnote
(v)
|
|
1,176
|
|
912
|
29%
|
|
939
|
25%
|
|
Annual premium equivalent (APE)note
(v)
|
|
2,083
|
|
1,719*
|
21%
|
|
1,780*
|
17%
|
|
New business margin (APE) (%)
|
|
56%
|
|
53%
|
6%
|
|
53%
|
6%
|
|
Present value of new business premiums (PVNBP)
|
|
11,380
|
|
9,173
|
24%
|
|
9,498
|
20%
|
|
|
|
|
|
|
|
|
|
|
|
Operating free surplus generatednotes
(iii)(v)
|
|
1,112
|
|
983*
|
13%
|
|
1,017*
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
EEV operating profitnotes
(iv)(v)
|
|
1,749
|
|
1,540
|
14%
|
|
1,578
|
11%
|
|
EEV operating profit, net of non-controlling interests
|
|
1,735
|
|
1,518
|
14%
|
|
1,556
|
12%
|
|
Operating return on average EEV shareholders' equity, net of
non-controlling interests (%)
|
|
8%
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing EEV shareholders' equity, net of non-controlling
interests
|
|
43,162
|
|
35,399
|
22%
|
|
35,988
|
20%
|
|
Closing EEV shareholders' equity, net of non-controlling interests
per share (in cents)
|
|
1,650¢
|
|
1,357¢
|
22%
|
|
1,379¢
|
20%
|
|
|
|
2021 $m
|
|
2020 $m
|
||||
|
|
Half year
|
|
Half year
|
Full year
|
|||
|
|
Insurance
and asset
management
operations
|
Other
(central)
operations
|
Discontinued
US operations
|
Group
total
|
|
Group
total
|
Group
total
|
|
Note
|
|
|
note (i)
|
|
|
note (i)
|
note (i)
|
Continuing operations:
|
|
|
|
|
|
|
|
|
New business profit
|
1
|
1,176
|
|
|
1,176
|
|
912
|
2,201
|
Profit from in-force long-term business
|
2
|
857
|
|
|
857
|
|
993
|
1,926
|
Long-term business
|
|
2,033
|
|
|
2,033
|
|
1,905
|
4,127
|
Asset management
|
|
147
|
|
|
147
|
|
126
|
253
|
Operating profit from long-term and asset management
businesses
|
|
2,180
|
|
|
2,180
|
|
2,031
|
4,380
|
Other income and expenditure
|
4
|
-
|
(359)
|
|
(359)
|
|
(398)
|
(826)
|
Operating profit (loss) before restructuring and IFRS 17
implementation costs
|
|
2,180
|
(359)
|
|
1,821
|
|
1,633
|
3,554
|
Restructuring and IFRS 17 implementation costs
|
|
(28)
|
(44)
|
|
(72)
|
|
(93)
|
(153)
|
Operating profit (loss) for the period
|
|
2,152
|
(403)
|
|
1,749
|
|
1,540
|
3,401
|
Short-term fluctuations in investment returns
|
2
|
(866)
|
(4)
|
|
(870)
|
|
795
|
1,937
|
Effect of changes in economic assumptions
|
2
|
914
|
-
|
|
914
|
|
(3,926)
|
(996)
|
Loss attaching to corporate transactions
|
2
|
-
|
(56)
|
|
(56)
|
|
-
|
(121)
|
Mark-to-market value movements on core structural
borrowings
|
5
|
-
|
170
|
|
170
|
|
41
|
(247)
|
Non-operating profit (loss)
|
|
48
|
110
|
|
158
|
|
(3,090)
|
573
|
Profit (loss) for the period from continuing
operations
|
|
2,200
|
(293)
|
|
1,907
|
|
(1,550)
|
3,974
|
Loss for the period from discontinued US
operationsnote
(i)
|
|
-
|
-
|
(10,319)
|
(10,319)
|
|
(3,252)
|
(3,941)
|
Profit (loss) for the period
|
|
2,200
|
(293)
|
(10,319)
|
(8,412)
|
|
(4,802)
|
33
|
Non-controlling interests share of profit from continuing
operations
|
|
(20)
|
-
|
-
|
(20)
|
|
(22)
|
(10)
|
Non-controlling interests share of loss from discontinued US
operations
|
|
-
|
-
|
1,145
|
1,145
|
|
-
|
130
|
Profit (loss) for the period attributable to equity holders of the
Company
|
|
2,180
|
(293)
|
(9,174)
|
(7,287)
|
|
(4,824)
|
153
|
Equity items from continuing operations:
|
|
|
|
|
|
|
|
|
Foreign exchange movements on operations
|
|
(465)
|
40
|
-
|
(425)
|
|
(513)
|
563
|
Intra-group dividends and investment in
operationsnote
(ii)
|
|
(935)
|
935
|
-
|
-
|
|
-
|
-
|
External dividends
|
|
-
|
(283)
|
-
|
(283)
|
|
(674)
|
(814)
|
Other movementsnote
(iii)
|
|
10
|
47
|
-
|
57
|
|
(211)
|
(156)
|
Equity items from discontinued US operations net of non-controlling
interestnote
(iv)
|
|
-
|
-
|
(240)
|
(240)
|
|
453
|
(450)
|
Net increase (decrease) in shareholders' equity
|
|
790
|
446
|
(9,414)
|
(8,178)
|
|
(5,769)
|
(704)
|
Shareholders' equity at beginning of period
|
|
44,317
|
(2,391)
|
12,081
|
54,007
|
|
54,711
|
54,711
|
Shareholders' equity at end of period
|
|
45,107
|
(1,945)
|
2,667
|
45,829
|
|
48,942
|
54,007
|
|
|
|
|
|
|
|
|
|
Contribution to Group EEV:
|
|
|
|
|
|
|
|
|
At
end of period:
|
|
|
|
|
|
|
|
|
Continuing operations:
|
|
|
|
|
|
|
|
|
Long-term business
|
2
|
43,682
|
-
|
-
|
43,682
|
|
35,998
|
42,861
|
Asset management and other
|
4
|
637
|
(1,945)
|
-
|
(1,308)
|
|
(1,399)
|
(1,756)
|
Shareholders' equity, excluding goodwill attributable to equity
holders
|
|
44,319
|
(1,945)
|
-
|
42,374
|
|
34,599
|
41,105
|
Goodwill attributable to equity holders
|
|
788
|
-
|
-
|
788
|
|
800
|
821
|
Total continuing operations
|
|
45,107
|
(1,945)
|
-
|
43,162
|
|
35,399
|
41,926
|
Discontinued US operations
|
|
|
|
2,667
|
2,667
|
|
13,543
|
12,081
|
Shareholders' equity at end of period
|
6
|
45,107
|
(1,945)
|
2,667
|
45,829
|
|
48,942
|
54,007
|
|
|
|
|
|
|
|
|
|
At
beginning of period:
|
|
|
|
|
|
|
|
|
Continuing operations:
|
|
|
|
|
|
|
|
|
Long-term business
|
2
|
42,861
|
-
|
-
|
42,861
|
|
37,902
|
37,902
|
Asset management and other
|
4
|
635
|
(2,391)
|
-
|
(1,756)
|
|
(355)
|
(355)
|
Shareholders' equity, excluding goodwill attributable to equity
holders
|
|
43,496
|
(2,391)
|
-
|
41,105
|
|
37,547
|
37,547
|
Goodwill attributable to equity holders
|
|
821
|
-
|
-
|
821
|
|
822
|
822
|
Total continuing operations
|
|
44,317
|
(2,391)
|
-
|
41,926
|
|
38,369
|
38,369
|
Discontinued US operations
|
|
-
|
-
|
12,081
|
12,081
|
|
16,342
|
16,342
|
Shareholders' equity at beginning of period
|
6
|
44,317
|
(2,391)
|
12,081
|
54,007
|
|
54,711
|
54,711
|
|
2021 $m
|
|
2020 $m
|
||||
|
Half year
|
|
Half year
|
Full year
|
|||
EEV shareholders' equity per share (in cents)note
(v)
|
Insurance
and asset
management
operations
|
Other
(central)
operations
|
Discontinued
US operations
|
Group
total
|
|
Group
total
|
Group
total
|
|
|
|
note (i)
|
|
|
note (i)
|
note (i)
|
At
end of period:
|
|
|
|
|
|
|
|
Continuing operations:
|
|
|
|
|
|
|
|
Based on shareholders' equity, net of goodwill attributable to
equity holders
|
1,694¢
|
(74)¢
|
-
|
1,620¢
|
|
1,326¢
|
1,576¢
|
Based on shareholders' equity at end of period
|
1,724¢
|
(74)¢
|
-
|
1,650¢
|
|
1,357¢
|
1,607¢
|
Discontinued US operations
|
-
|
-
|
102¢
|
102¢
|
|
519¢
|
463¢
|
Group total
|
1,724¢
|
(74)¢
|
102¢
|
1,752¢
|
|
1,876¢
|
2,070¢
|
|
|
|
|
|
|
|
|
At
beginning of period:
|
|
|
|
|
|
|
|
Continuing operations:
|
|
|
|
|
|
|
|
Based on shareholders' equity, net of goodwill attributable to
equity holders
|
1,668¢
|
(92)¢
|
-
|
1,576¢
|
|
1,444¢
|
1,444¢
|
Based on shareholders' equity at beginning of period
|
1,699¢
|
(92)¢
|
-
|
1,607¢
|
|
1,475¢
|
1,475¢
|
Discontinued US operations
|
-
|
-
|
463¢
|
463¢
|
|
628¢
|
628¢
|
Group total
|
1,699¢
|
(92)¢
|
463¢
|
2,070¢
|
|
2,103¢
|
2,103¢
|
EEV basis basic earnings per sharenote
(vi)
|
2021
|
|
2020
|
|||
|
Half year
|
|
Half year
|
Full year
|
||
|
Before non-
controlling
interests
|
After
non-
controlling
interests
|
Basic
earnings
per share
|
|
Basic
earnings
per share
|
Basic
earnings
per share
|
|
$m
|
$m
|
cents
|
|
cents
|
cents
|
Based on operating profit from continuing operations, after
non-controlling interests
|
1,749
|
1,735
|
66.7¢
|
|
58.5¢
|
130.6¢
|
Based on profit (loss) for the period attributable to equity
holders of the Company:
|
|
|
|
|
|
|
From continuing operations
|
1,907
|
1,887
|
72.5¢
|
|
(60.6)¢
|
152.6¢
|
From discontinued US operations
|
(10,319)
|
(9,174)
|
(352.7)¢
|
|
(125.2)¢
|
(146.7)¢
|
|
(8,412)
|
(7,287)
|
(280.2)¢
|
|
(185.8)¢
|
5.9¢
|
|
|
|
2021 $m
|
|
2020 $m
|
||||
|
|
|
Half year
|
|
Half year
|
Full year
|
|||
|
|
Insurance
and asset
management
operations
|
Other
(central)
operations
|
Discontinued
US
operations
|
Group total
|
|
Group total
|
Group total
|
|
|
|
Note
|
|
|
note (i)
|
|
|
note (i)
|
note (i)
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
Expected transfer from in-force business
|
|
1,165
|
|
|
1,165
|
|
1,009
|
1,878
|
|
Expected return on existing free surplus
|
|
84
|
|
|
84
|
|
52
|
101
|
|
Changes in operating assumptions and experience
variances
|
|
35
|
|
|
35
|
|
94
|
215
|
|
Operating free surplus generated from in-force long-term
business
|
2
|
1,284
|
|
|
1,284
|
|
1,155
|
2,194
|
|
Investment in new businessnote
(ii)
|
2
|
(319)
|
|
|
(319)
|
|
(298)
|
(559)
|
|
Long-term business
|
|
965
|
|
|
965
|
|
857
|
1,635
|
|
Asset management
|
|
147
|
|
|
147
|
|
126
|
253
|
|
Operating free surplus generated from long-term and asset
management businesses
|
|
1,112
|
|
|
1,112
|
|
983
|
1,888
|
|
Other income and expenditure
|
4
|
-
|
(359)
|
|
(359)
|
|
(398)
|
(826)
|
|
Operating free surplus generated before restructuring and IFRS 17
implementation costs
|
|
1,112
|
(359)
|
|
753
|
|
585
|
1,062
|
|
Restructuring and IFRS 17 implementation costs
|
|
(26)
|
(44)
|
|
(70)
|
|
(93)
|
(147)
|
|
Operating free surplus generated
|
|
1,086
|
(403)
|
|
683
|
|
492
|
915
|
|
Non-operating free surplus generatednote
(iii)
|
|
141
|
(60)
|
|
81
|
|
(555)
|
316
|
|
Free surplus generated from continuing operations
|
|
1,227
|
(463)
|
|
764
|
|
(63)
|
1,231
|
|
Free surplus generated from discontinued US
operationsnote
(i)
|
|
-
|
-
|
1,303
|
1,303
|
|
1,167
|
(998)
|
|
Free surplus generated for the period
|
|
1,227
|
(463)
|
1,303
|
2,067
|
|
1,104
|
233
|
|
Equity items from continuing operations:
|
|
|
|
|
|
|
|
|
|
Net cash flows paid to parent companynote
(iv)
|
|
(1,035)
|
1,035
|
-
|
-
|
|
-
|
-
|
|
External dividends
|
|
-
|
(283)
|
-
|
(283)
|
|
(674)
|
(814)
|
|
Foreign exchange movements on operations
|
|
(69)
|
40
|
-
|
(29)
|
|
(126)
|
136
|
|
Other movements and timing differences
|
|
110
|
(53)
|
-
|
57
|
|
(189)
|
(158)
|
|
Treatment of grandfathered debt instruments under the GWS
Framework
|
4
|
-
|
1,995
|
-
|
1,995
|
|
-
|
-
|
|
Equity items from discontinued US operationsnote
(v)
|
|
-
|
-
|
(270)
|
(270)
|
|
453
|
751
|
|
Net movement in free surplus*
|
|
233
|
2,271
|
1,033
|
3,537
|
|
568
|
148
|
|
Change in amounts attributable to non-controlling
interests
|
|
(13)
|
-
|
(115)
|
(128)
|
|
(22)
|
209
|
|
Balance at beginning of period
|
|
5,983
|
2,361
|
1,749
|
10,093
|
|
9,736
|
9,736
|
|
Balance at end of period
|
|
6,203
|
4,632
|
2,667
|
13,502
|
|
10,282
|
10,093
|
|
Representing:
|
|
|
|
|
|
|
|
|
|
Free surplus excluding distribution rights and other
intangibles
|
|
5,210
|
1,710
|
2,667
|
9,587
|
|
6,379
|
6,068
|
|
Distribution rights and other intangibles
|
|
993
|
2,922
|
-
|
3,915
|
|
3,903
|
4,025
|
|
|
|
6,203
|
4,632
|
2,667
|
13,502
|
|
10,282
|
10,093
|
Contribution to Group free surplus:
|
|
2021 $m
|
|
2020 $m
|
|||||
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|||
|
|
|
Insurance
and asset
management
operations
|
Other
(central)
operations
|
Discontinued
US
operations
|
Group total
|
|
Group total
|
Group total
|
|
|
Note
|
|
|
note (i)
|
|
|
note (i)
|
note (i)
|
At
end of period:
|
|
|
|
|
|
|
|
|
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
Long-term business
|
2
|
5,566
|
-
|
-
|
5,566
|
|
3,817
|
5,348
|
|
Asset management and other
|
4
|
637
|
4,632
|
-
|
5,269
|
|
3,068
|
2,996
|
|
Total continuing operations
|
|
6,203
|
4,632
|
-
|
10,835
|
|
6,885
|
8,344
|
|
Discontinued US operations
|
|
-
|
-
|
2,667
|
2,667
|
|
3,397
|
1,749
|
|
Free surplus at end of period
|
|
6,203
|
4,632
|
2,667
|
13,502
|
|
10,282
|
10,093
|
|
|
|
|
|
|
|
|
|
|
|
At
beginning of period:
|
|
|
|
|
|
|
|
|
|
Long-term business
|
2
|
5,348
|
-
|
-
|
5,348
|
|
3,736
|
3,683
|
|
Asset management and other
|
4
|
635
|
2,361
|
-
|
2,996
|
|
4,223
|
4,276
|
|
Total continuing operations
|
|
5,983
|
2,361
|
-
|
8,344
|
|
7,959
|
7,959
|
|
Discontinued US operations
|
|
-
|
-
|
1,749
|
1,749
|
|
1,777
|
1,777
|
|
Free surplus at beginning of period
|
|
5,983
|
2,361
|
1,749
|
10,093
|
|
9,736
|
9,736
|
|
Half year 2021
|
|||||
|
New
business
profit
(NBP)note
|
Annual
premium
equivalent (APE)
|
Present
value of new
business
premiums
(PVNBP)
|
New business
margin (APE)
|
New business
margin (PVNBP)
|
Closing EEV
shareholders'
equity,
excluding
goodwill
|
|
$m
|
$m
|
$m
|
%
|
%
|
$m
|
China JV
|
228
|
448
|
2,038
|
51%
|
11%
|
3,049
|
Hong Kong
|
306
|
253
|
1,991
|
121%
|
15%
|
20,951
|
Indonesia
|
57
|
117
|
485
|
49%
|
12%
|
2,350
|
Malaysia
|
113
|
211
|
992
|
54%
|
11%
|
3,814
|
Singapore
|
215
|
379
|
2,940
|
57%
|
7%
|
7,917
|
Growth markets and other
|
257
|
675
|
2,934
|
38%
|
9%
|
5,601
|
Total continuing long-term operations
|
1,176
|
2,083
|
11,380
|
56%
|
10%
|
43,682
|
|
|
|
|
|
|
|
|
Half year 2020 (AER)
|
|||||
|
New
business
profit
(NBP)note
|
Annual
premium
equivalent (APE)
|
Present
value of new
business
premiums
(PVNBP)
|
New business
margin (APE)
|
New business
margin (PVNBP)
|
Closing EEV
shareholders'
equity,
excluding
goodwill
|
|
$m
|
$m
|
$m
|
%
|
%
|
$m
|
China JV
|
127
|
319
|
1,479
|
40%
|
9%
|
2,232
|
Hong Kong
|
353
|
388
|
2,671
|
91%
|
13%
|
16,531
|
Indonesia
|
68
|
123
|
494
|
55%
|
14%
|
2,504
|
Malaysia
|
69
|
123
|
688
|
56%
|
10%
|
3,497
|
Singapore
|
123
|
229
|
1,695
|
54%
|
7%
|
7,093
|
Growth markets and other
|
172
|
537*
|
2,146
|
32%
|
8%
|
4,141*
|
Total continuing long-term operations
|
912
|
1,719
|
9,173
|
53%
|
10%
|
35,998
|
* Restated to include amounts relating to Africa.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year 2020 (CER)
|
|||||
|
New
business
profit
(NBP)note
|
Annual
premium
equivalent (APE)
|
Present
value of new
business
premiums
(PVNBP)
|
New business
margin (APE)
|
New business
margin (PVNBP)
|
Closing EEV
shareholders'
equity,
excluding
goodwill
|
|
$m
|
$m
|
$m
|
%
|
%
|
$m
|
China JV
|
138
|
347
|
1,608
|
40%
|
9%
|
2,443
|
Hong Kong
|
353
|
388
|
2,671
|
91%
|
13%
|
16,498
|
Indonesia
|
69
|
125
|
505
|
55%
|
14%
|
2,467
|
Malaysia
|
71
|
127
|
714
|
56%
|
10%
|
3,609
|
Singapore
|
130
|
240
|
1,779
|
54%
|
7%
|
7,362
|
Growth markets and other
|
178
|
553*
|
2,221
|
32%
|
8%
|
4,184*
|
Total continuing long-term operations
|
939
|
1,780
|
9,498
|
53%
|
10%
|
36,563
|
* Restated to include amounts relating to Africa.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full year 2020 (AER)
|
|||||
|
New
business
profit
(NBP)
|
Annual
premium
equivalent (APE)
|
Present
value of new
business
premiums
(PVNBP)
|
New business
margin (APE)
|
New business
margin (PVNBP)
|
Closing EEV
shareholders'
equity,
excluding
goodwill
|
|
$m
|
$m
|
$m
|
%
|
%
|
$m
|
China JV
|
269
|
582
|
2,705
|
46%
|
10%
|
2,798
|
Hong Kong
|
787
|
758
|
5,095
|
104%
|
15%
|
20,156
|
Indonesia
|
155
|
267
|
1,154
|
58%
|
13%
|
2,630
|
Malaysia
|
209
|
346
|
2,023
|
60%
|
10%
|
4,142
|
Singapore
|
341
|
610
|
5,354
|
56%
|
6%
|
8,160
|
Growth markets and other
|
440
|
1,245*
|
5,256
|
35%
|
8%
|
4,975*
|
Total continuing long-term operations
|
2,201
|
3,808
|
21,587
|
58%
|
10%
|
42,861
|
|
|
$m
|
|
Half year 2020 new business profit
|
912
|
|
Foreign exchange movement
|
27
|
|
Sales volume
|
160
|
|
Effect of changes in interest rates and other economic
assumptions
|
26
|
|
Business mix, product mix and other items
|
51
|
|
Half year 2021 new business profit
|
1,176
|
|
|
2021 $m
|
|
2020 $m
|
|||||
|
|
Half year
|
|
Half year
|
Full year
|
||||
Continuing operations:
|
Free
surplus
|
Required
capital
|
Net
worth
|
Value of
in-force business
|
Embedded
value
|
|
Embedded
value
|
Embedded
value
|
|
|
|
|
|
|
|
note (i)
|
|
|
note (i)
|
Balance at beginning of period
|
5,348
|
3,445
|
8,793
|
34,068
|
42,861
|
|
37,902
|
37,902
|
|
New business contribution
|
(319)
|
85
|
(234)
|
1,410
|
1,176
|
|
912
|
2,201
|
|
Existing business - transfer to net worth
|
1,165
|
(121)
|
1,044
|
(1,044)
|
-
|
|
-
|
-
|
|
Expected return on existing businessnote
(ii)
|
84
|
36
|
120
|
764
|
884
|
|
753
|
1,401
|
|
Changes in operating assumptions, experience variances and other
itemsnote
(iii)
|
35
|
(16)
|
19
|
(46)
|
(27)
|
|
240
|
525
|
|
Operating profit before restructuring and IFRS 17 implementation
costs
|
965
|
(16)
|
949
|
1,084
|
2,033
|
|
1,905
|
4,127
|
|
Restructuring and IFRS 17 implementation costs
|
(24)
|
-
|
(24)
|
(2)
|
(26)
|
|
(10)
|
(69)
|
|
Operating profit
|
941
|
(16)
|
925
|
1,082
|
2,007
|
|
1,895
|
4,058
|
|
Non-operating profit (loss)note
(iv)
|
141
|
(174)
|
(33)
|
81
|
48
|
|
(3,161)
|
822
|
|
Profit (loss) for the period
|
1,082
|
(190)
|
892
|
1,163
|
2,055
|
|
(1,266)
|
4,880
|
|
Non-controlling interests share of (profit) loss
|
(7)
|
(2)
|
(9)
|
(5)
|
(14)
|
|
-
|
1
|
|
Profit (loss) for the period attributable to equity holders of the
Company
|
1,075
|
(192)
|
883
|
1,158
|
2,041
|
|
(1,266)
|
4,881
|
|
Foreign exchange movements
|
(60)
|
(40)
|
(100)
|
(323)
|
(423)
|
|
(508)
|
542
|
|
Intra-group dividends and investment in operations
|
(807)
|
-
|
(807)
|
-
|
(807)
|
|
(228)
|
(567)
|
|
Other movementsnote
(v)
|
10
|
-
|
10
|
-
|
10
|
|
98
|
103
|
|
Balance at end of period from continuing
operationsnote
(i)
|
5,566
|
3,213
|
8,779
|
34,903
|
43,682
|
|
35,998
|
42,861
|
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
Value of in-force business before deduction of cost of capital and
time value of options and guarantees
|
36,362
|
|
30,383
|
36,729
|
|
|
Cost of capital
|
(740)
|
|
(998)
|
(749)
|
|
|
Time value of options and guarantees*
|
(719)
|
|
(449)
|
(1,912)
|
|
|
Net value of in-force business
|
34,903
|
|
28,936
|
34,068
|
|
|
Free surplus
|
5,566
|
|
3,817
|
5,348
|
|
|
Required capital
|
3,213
|
|
3,245
|
3,445
|
|
|
Net worth
|
8,779
|
|
7,062
|
8,793
|
|
|
Embedded value from continuing operations
|
43,682
|
|
35,998
|
42,861
|
|
|
|
$m
|
|
Half year 2020 expected return on existing business
|
753
|
|
|
Foreign exchange movement
|
19
|
|
|
Effect of changes in interest rates and other economic
assumptions
|
87
|
|
|
Growth in opening value of in-force business and other
items
|
25
|
|
|
Half year 2021 expected return on existing business
|
884
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
|
Short-term fluctuations in investment returnsnote
(a)
|
(866)
|
|
765
|
1,909
|
|
Effect of change in economic assumptionsnote
(b)
|
914
|
|
(3,926)
|
(996)
|
|
Loss attaching to corporate transactionsnote
(c)
|
-
|
|
-
|
(91)
|
|
Non-operating profit (loss) from continuing operations
|
48
|
|
(3,161)
|
822
|
New business profit from continuing long-term business
|
|
|
|
|
|
|
|
|
Half year 2021* $m
|
|
Full year 2020 $m
|
New business profit
|
1,176
|
|
2,201
|
Interest rates and consequential effects - 2% increase
|
59
|
|
107
|
Interest rates and consequential effects - 1% increase
|
42
|
|
78
|
Interest rates and consequential effects - 0.5%
decrease
|
(41)
|
|
(98)
|
Equity/property yields - 1% rise
|
73
|
|
140
|
Risk discount rates - 2% increase
|
(323)
|
|
(626)
|
Risk discount rates - 1% increase
|
(185)
|
|
(372)
|
Embedded value of continuing long-term business
|
|
|
|
|
|
|
30 Jun 2021* $m
|
31 Dec 2020 $m
|
Embedded value
|
43,682
|
42,861
|
Interest rates and consequential effects - 2% increase
|
(4,477)
|
(3,589)
|
Interest rates and consequential effects - 1% increase
|
(1,986)
|
(1,429)
|
Interest rates and consequential effects - 0.5%
decrease
|
(84)
|
177
|
Equity/property yields - 1% rise
|
1,725
|
1,949
|
Equity/property market values - 20% fall
|
(1,879)
|
(1,912)
|
Risk discount rates - 2% increase
|
(9,403)
|
(9,225)
|
Risk discount rates - 1% increase
|
(5,307)
|
(5,286)
|
Group minimum capital requirements
|
155
|
150
|
|
2021 $m
|
|
2020 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
IFRS basis other income and expenditure*
|
(321)
|
|
(346)
|
(743)
|
Tax effects on IFRS basis results
|
-
|
|
(17)
|
(15)
|
Less: unwind of expected profit on internal management of the
assets of continuing long-term business
|
(38)
|
|
(35)
|
(68)
|
EEV basis other income and expenditure
|
(359)
|
|
(398)
|
(826)
|
|
2021 $m
|
|
2020 $m
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
IFRS basis shareholders' equity*
|
(1,320)
|
|
(1,458)
|
(1,596)
|
Mark-to-market value adjustment on central
borrowingsnote
5
|
(625)
|
|
(479)
|
(795)
|
EEV basis shareholders' equity
|
(1,945)
|
|
(1,937)
|
(2,391)
|
Debt instruments treated as capital resources
|
6,577
|
|
4,467
|
4,752
|
Free surplus
|
4,632
|
|
2,530
|
2,361
|
|
|
2021 $m
|
|
2020 $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
|
|
|
note (ii)
|
note (iii)
|
|
|
note (ii)
|
note (iii)
|
|
|
note (ii)
|
note (iii)
|
|
Holding company cash and short-term investmentsnote
(i)
|
(1,393)
|
-
|
(1,393)
|
|
(1,907)
|
-
|
(1,907)
|
|
(1,463)
|
-
|
(1,463)
|
|
Central borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated debt
|
4,342
|
340
|
4,682
|
|
4,271
|
196
|
4,467
|
|
4,332
|
420
|
4,752
|
|
Senior debt
|
1,712
|
285
|
1,997
|
|
1,628
|
283
|
1,911
|
|
1,701
|
375
|
2,076
|
|
Bank loan
|
350
|
-
|
350
|
|
350
|
-
|
350
|
|
350
|
-
|
350
|
Total central borrowings
|
6,404
|
625
|
7,029
|
|
6,249
|
479
|
6,728
|
|
6,383
|
795
|
7,178
|
|
Total net central funds from continuing operations
|
5,011
|
625
|
5,636
|
|
4,342
|
479
|
4,821
|
|
4,920
|
795
|
5,715
|
|
Discontinued US operations - Jackson Surplus Notes
|
|
|
|
|
250
|
109
|
359
|
|
250
|
90
|
340
|
|
Net core structural borrowings of shareholder-financed
businesses
|
|
|
|
|
4,592
|
588
|
5,180
|
|
5,170
|
885
|
6,055
|
|
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
|
|
Half year
|
|
Half year
|
Full year
|
|
Mark-to-market value adjustment at beginning of period
|
885
|
|
633
|
633
|
||
|
Mark-to-market value adjustment on Jackson Surplus Notes
reclassified as held for distribution
|
(90)
|
|
24
|
5
|
||
|
(Credit) charge included in the income statement from continuing
operations
|
(170)
|
|
(41)
|
247
|
||
|
Other movements
|
-
|
|
(28)
|
-
|
||
|
Mark-to-market value adjustment at end of period
|
625
|
|
588
|
885
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Assets less liabilities before deduction of insurance
funds
|
157,414
|
|
371,825
|
421,987
|
|
Less insurance funds (including liabilities in respect of insurance
products classified as investment contracts under IFRS
4):
|
|
|
|
|
|
|
Policyholder liabilities (net of reinsurers' share) and unallocated
surplus of with-profits fundsnote
|
(141,191)
|
|
(352,518)
|
(399,868)
|
|
Shareholders' accrued interest in the long-term
business
|
30,116
|
|
29,832
|
33,129
|
|
|
(111,075)
|
|
(322,686)
|
(366,739)
|
Less non-controlling interests
|
(510)
|
|
(197)
|
(1,241)
|
|
Total net assets attributable to equity holders of the
Company
|
45,829
|
|
48,942
|
54,007
|
|
|
|
|
|
|
|
Share capital
|
173
|
|
172
|
173
|
|
Share premium
|
2,645
|
|
2,635
|
2,637
|
|
IFRS basis shareholders' reserves
|
12,895
|
|
16,303
|
18,068
|
|
IFRS basis shareholders' equity, net of non-controlling
interests
|
15,713
|
|
19,110
|
20,878
|
|
Shareholders' accrued interest in the long-term
business
|
30,116
|
|
29,832
|
33,129
|
|
EEV basis shareholders' equity, net of non-controlling
interests
|
45,829
|
|
48,942
|
54,007
|
|
|
|
|
|
|
|
Analysed as:
|
|
|
|
|
|
|
Continuing operations
|
43,162
|
|
35,399
|
41,926
|
|
Discontinued US operations
|
2,667
|
|
13,543
|
12,081
|
EEV basis shareholders' equity, net of non-controlling
interests
|
45,829
|
|
48,942
|
54,007
|
|
Risk discount rate %
|
||||||||
|
New business
|
|
In-force business
|
||||||
|
2021
|
|
2020
|
|
2021
|
|
2020
|
||
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
China JV
|
7.6
|
|
7.9
|
7.7
|
|
7.6
|
|
7.9
|
7.7
|
Hong Kongnote
(b)
|
2.4
|
|
1.8
|
2.0
|
|
2.7
|
|
2.7
|
2.1
|
Indonesia
|
9.2
|
|
10.6
|
8.9
|
|
10.6
|
|
10.6
|
10.0
|
Malaysia
|
5.4
|
|
5.5
|
4.4
|
|
5.8
|
|
5.6
|
4.9
|
Philippines
|
11.2
|
|
10.7
|
10.3
|
|
11.2
|
|
10.7
|
10.3
|
Singapore
|
3.2
|
|
2.5
|
2.3
|
|
3.7
|
|
3.0
|
2.9
|
Taiwan
|
3.5
|
|
2.8
|
3.0
|
|
2.6
|
|
2.4
|
2.5
|
Thailand
|
9.1
|
|
9.1
|
8.5
|
|
9.1
|
|
9.1
|
8.5
|
Vietnam
|
3.9
|
|
4.7
|
4.3
|
|
4.1
|
|
5.0
|
4.5
|
Total weighted averagenotes
(b)(c)
|
5.2
|
|
4.4
|
4.1
|
|
4.2
|
|
4.1
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
10-year government bond yield %
|
|
Equity return (geometric) %
|
||||||
|
2021
|
|
2020
|
|
2021
|
|
2020
|
||
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
China JV
|
3.1
|
|
2.9
|
3.2
|
|
7.1
|
|
7.4
|
7.2
|
Hong Kongnote
(b)
|
1.5
|
|
0.7
|
0.9
|
|
5.0
|
|
3.6
|
4.4
|
Indonesia
|
7.1
|
|
7.8
|
6.5
|
|
11.4
|
|
12.6
|
10.8
|
Malaysia
|
3.4
|
|
3.0
|
2.6
|
|
6.9
|
|
7.0
|
6.1
|
Philippines
|
3.9
|
|
2.9
|
3.1
|
|
8.2
|
|
7.7
|
7.3
|
Singapore
|
1.6
|
|
1.0
|
0.9
|
|
5.1
|
|
5.0
|
4.4
|
Taiwan
|
0.5
|
|
0.5
|
0.3
|
|
4.5
|
|
5.0
|
4.3
|
Thailand
|
1.8
|
|
1.4
|
1.3
|
|
6.1
|
|
6.1
|
5.5
|
Vietnam
|
2.2
|
|
3.0
|
2.6
|
|
6.5
|
|
7.8
|
6.8
|
Total weighted average (new business)notes
(b)(c)
|
2.7
|
|
2.1
|
2.1
|
|
6.2
|
|
6.0
|
5.8
|
Total weighted average (in-force business)notes
(b)(c)
|
2.2
|
|
1.8
|
1.7
|
|
5.7
|
|
5.4
|
5.3
|
|
%
|
China JV
|
25.0
|
Hong Kong
|
16.5 per cent on 5 per cent of premium income
|
Indonesia
|
2020 and 2021: 22.0; from 2022: 20.0
|
Malaysia
|
24.0
|
Philippines
|
up to 30 June 2020: 30.0; from 1 July 2020: 25.0
|
Singapore
|
17.0
|
Taiwan
|
20.0
|
Thailand
|
20.0
|
Vietnam
|
20.0
|
|
Single premiums
|
|
Regular premiums
|
|
Annual premium equivalents (APE)
|
|
Present value of new business premiums (PVNBP)
|
||||||||||||
|
2021 $m
|
|
2020 $m
|
|
2021 $m
|
|
2020 $m
|
|
2021 $m
|
|
2020 $m
|
|
2021 $m
|
|
2020 $m
|
||||
Continuing operations:
|
Half
year
|
|
Half
year
|
Full
year
|
|
Half
year
|
|
Half
year
|
Full
year
|
|
Half
year
|
|
Half
year
|
Full
year
|
|
Half
year
|
|
Half
year
|
Full
year
|
China JVnote
(b)
|
787
|
|
592
|
1,068
|
|
369
|
|
260
|
475
|
|
448
|
|
319
|
582
|
|
2,038
|
|
1,479
|
2,705
|
Hong Kong
|
132
|
|
78
|
184
|
|
240
|
|
380
|
741
|
|
253
|
|
388
|
758
|
|
1,991
|
|
2,671
|
5,095
|
Indonesia
|
122
|
|
112
|
226
|
|
105
|
|
112
|
244
|
|
117
|
|
123
|
267
|
|
485
|
|
494
|
1,154
|
Malaysia
|
37
|
|
45
|
90
|
|
207
|
|
118
|
337
|
|
211
|
|
123
|
346
|
|
992
|
|
688
|
2,023
|
Singapore
|
1,155
|
|
420
|
1,496
|
|
264
|
|
187
|
460
|
|
379
|
|
229
|
610
|
|
2,940
|
|
1,695
|
5,354
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africanote
(c)
|
7
|
|
8
|
17
|
|
65
|
|
53
|
110
|
|
66
|
|
54
|
112
|
|
144
|
|
-
|
-
|
Cambodia
|
-
|
|
-
|
-
|
|
7
|
|
4
|
10
|
|
7
|
|
4
|
10
|
|
30
|
|
20
|
45
|
Indianote
(d)
|
143
|
|
102
|
225
|
|
98
|
|
73
|
154
|
|
112
|
|
83
|
177
|
|
579
|
|
298
|
902
|
Laos
|
-
|
|
-
|
-
|
|
-
|
|
-
|
1
|
|
-
|
|
-
|
1
|
|
1
|
|
-
|
3
|
Myanmar
|
-
|
|
-
|
-
|
|
1
|
|
-
|
-
|
|
1
|
|
-
|
-
|
|
1
|
|
-
|
1
|
Philippines
|
40
|
|
15
|
49
|
|
86
|
|
54
|
134
|
|
90
|
|
56
|
139
|
|
340
|
|
205
|
528
|
Taiwan
|
78
|
|
112
|
201
|
|
178
|
|
144
|
367
|
|
187
|
|
155
|
387
|
|
662
|
|
623
|
1,445
|
Thailand
|
75
|
|
65
|
122
|
|
92
|
|
84
|
171
|
|
99
|
|
90
|
183
|
|
406
|
|
389
|
768
|
Vietnam
|
20
|
|
9
|
21
|
|
111
|
|
94
|
234
|
|
113
|
|
95
|
236
|
|
771
|
|
611
|
1,564
|
Total continuing operations
|
2,596
|
|
1,558
|
3,699
|
|
1,823
|
|
1,563
|
3,438
|
|
2,083
|
|
1,719
|
3,808
|
|
11,380
|
|
9,173
|
21,587
|
|
|
Closing rate at period end
|
|
Average rate for the period to date
|
||||
|
USD : local currency
|
30 Jun 2021
|
30 Jun 2020
|
31 Dec 2020
|
|
Half year 2021
|
Half year 2020
|
Full year 2020
|
|
Chinese yuan (CNY)
|
6.46
|
7.07
|
6.54
|
|
6.47
|
7.03
|
6.90
|
|
Hong Kong dollar (HKD)
|
7.77
|
7.75
|
7.75
|
|
7.76
|
7.76
|
7.76
|
|
Indian rupee (INR)
|
74.33
|
75.50
|
73.07
|
|
73.33
|
74.16
|
74.12
|
|
Indonesian rupiah (IDR)
|
14,500.00
|
14,285.00
|
14,050.00
|
|
14,273.32
|
14,574.24
|
14,541.70
|
|
Malaysian ringgit (MYR)
|
4.15
|
4.29
|
4.02
|
|
4.10
|
4.25
|
4.20
|
|
Singapore dollar (SGD)
|
1.34
|
1.40
|
1.32
|
|
1.33
|
1.40
|
1.38
|
|
Taiwan dollar (TWD)
|
27.86
|
29.50
|
28.10
|
|
28.02
|
30.00
|
29.44
|
|
Thai baht (THB)
|
32.06
|
30.87
|
30.02
|
|
30.83
|
31.62
|
31.29
|
|
UK pound sterling (GBP)
|
0.72
|
0.81
|
0.73
|
|
0.72
|
0.79
|
0.78
|
|
Vietnamese dong (VND)
|
23,016.00
|
23,206.00
|
23,082.50
|
|
23,044.83
|
23,303.21
|
23,235.84
|
AER
|
Single premiums
|
Regular premiums
|
APEnote
(2)
|
PVNBPnote
(2)
|
|||||||||
|
|
2021
Half
year
|
2020
Half
year
|
+/(-)
|
2021
Half
year
|
2020
Half
year
|
+/(-)
|
2021
Half
year
|
2020
Half
year
|
+/(-)
|
2021
Half
year
|
2020
Half
year
|
+/(-)
|
Continuing operations
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
|
China JVnote
(3)
|
787
|
592
|
33%
|
369
|
260
|
42%
|
448
|
319
|
40%
|
2,038
|
1,479
|
38%
|
|
Hong Kong
|
132
|
78
|
69%
|
240
|
380
|
(37)%
|
253
|
388
|
(35)%
|
1,991
|
2,671
|
(25)%
|
|
Indonesia
|
122
|
112
|
9%
|
105
|
112
|
(6)%
|
117
|
123
|
(5)%
|
485
|
494
|
(2)%
|
|
Malaysia
|
37
|
45
|
(18)%
|
207
|
118
|
75%
|
211
|
123
|
72%
|
992
|
688
|
44%
|
|
Singapore
|
1,155
|
420
|
175%
|
264
|
187
|
41%
|
379
|
229
|
66%
|
2,940
|
1,695
|
73%
|
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
7
|
8
|
(13)%
|
65
|
53
|
23%
|
66
|
54
|
22%
|
144
|
-
|
-
|
|
Cambodia
|
-
|
-
|
-
|
7
|
4
|
75%
|
7
|
4
|
75%
|
30
|
20
|
50%
|
|
Indianote
(4)
|
143
|
102
|
40%
|
98
|
73
|
34%
|
112
|
83
|
35%
|
579
|
298
|
94%
|
|
Laos
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
-
|
-
|
|
Myanmar
|
-
|
-
|
-
|
1
|
-
|
-
|
1
|
-
|
-
|
1
|
-
|
-
|
|
Philippines
|
40
|
15
|
167%
|
86
|
54
|
59%
|
90
|
56
|
61%
|
340
|
205
|
66%
|
|
Taiwan
|
78
|
112
|
(30)%
|
178
|
144
|
24%
|
187
|
155
|
21%
|
662
|
623
|
6%
|
|
Thailand
|
75
|
65
|
15%
|
92
|
84
|
10%
|
99
|
90
|
10%
|
406
|
389
|
4%
|
|
Vietnam
|
20
|
9
|
122%
|
111
|
94
|
18%
|
113
|
95
|
19%
|
771
|
611
|
26%
|
Total continuing operations
|
2,596
|
1,558
|
67%
|
1,823
|
1,563
|
17%
|
2,083
|
1,719
|
21%
|
11,380
|
9,173
|
24%
|
CER
|
Single premiums
|
Regular premiums
|
APEnote(2)
|
PVNBPnote(2)
|
|||||||||
|
|
2021
Half
year
|
2020
Half
year
|
+/(-)
|
2021
Half
year
|
2020
Half
year
|
+/(-)
|
2021
Half
year
|
2020
Half
year
|
+/(-)
|
2021
Half
year
|
2020
Half
year
|
+/(-)
|
Continuing operations
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
|
China JVnote
(3)
|
787
|
643
|
22%
|
369
|
283
|
30%
|
448
|
347
|
29%
|
2,038
|
1,608
|
27%
|
|
Hong Kong
|
132
|
78
|
69%
|
240
|
380
|
(37)%
|
253
|
388
|
(35)%
|
1,991
|
2,671
|
(25)%
|
|
Indonesia
|
122
|
114
|
7%
|
105
|
114
|
(8)%
|
117
|
125
|
(6)%
|
485
|
505
|
(4)%
|
|
Malaysia
|
37
|
46
|
(20)%
|
207
|
123
|
68%
|
211
|
127
|
66%
|
992
|
714
|
39%
|
|
Singapore
|
1,155
|
441
|
162%
|
264
|
196
|
35%
|
379
|
240
|
58%
|
2,940
|
1,779
|
65%
|
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
7
|
7
|
-
|
65
|
50
|
30%
|
66
|
51
|
29%
|
144
|
-
|
-
|
|
Cambodia
|
-
|
-
|
-
|
7
|
4
|
75%
|
7
|
4
|
75%
|
30
|
20
|
50%
|
|
Indianote
(4)
|
143
|
103
|
39%
|
98
|
74
|
32%
|
112
|
84
|
33%
|
579
|
302
|
92%
|
|
Laos
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
1
|
-
|
|
Myanmar
|
-
|
-
|
-
|
1
|
-
|
-
|
1
|
-
|
-
|
1
|
-
|
-
|
|
Philippines
|
40
|
16
|
150%
|
86
|
57
|
51%
|
90
|
58
|
55%
|
340
|
215
|
58%
|
|
Taiwan
|
78
|
121
|
(36)%
|
178
|
154
|
16%
|
187
|
167
|
12%
|
662
|
666
|
(1)%
|
|
Thailand
|
75
|
67
|
12%
|
92
|
85
|
8%
|
99
|
92
|
8%
|
406
|
399
|
2%
|
|
Vietnam
|
20
|
10
|
100%
|
111
|
95
|
17%
|
113
|
97
|
16%
|
771
|
618
|
25%
|
Total continuing operations
|
2,596
|
1,646
|
58%
|
1,823
|
1,615
|
13%
|
2,083
|
1,780
|
17%
|
11,380
|
9,498
|
20%
|
APE
|
2020 $m AER
|
2020 $m CER
|
2021 $m AER
|
|||
Continuing operations
|
H1
|
H2
|
H1
|
H2
|
H1
|
|
China JVnote
(3)
|
319
|
263
|
347
|
274
|
448
|
|
Hong Kong
|
388
|
370
|
388
|
370
|
253
|
|
Indonesia
|
123
|
144
|
125
|
147
|
117
|
|
Malaysia
|
123
|
223
|
127
|
228
|
211
|
|
Singapore
|
229
|
381
|
240
|
391
|
379
|
|
Growth markets:
|
|
|
|
|
|
|
|
Africa
|
54
|
58
|
51
|
57
|
66
|
|
Cambodia
|
4
|
6
|
4
|
6
|
7
|
|
Indianote
(4)
|
83
|
94
|
84
|
95
|
112
|
|
Laos
|
-
|
1
|
-
|
1
|
-
|
|
Myanmar
|
-
|
-
|
-
|
-
|
1
|
|
Philippines
|
56
|
83
|
58
|
85
|
90
|
|
Taiwan
|
155
|
232
|
167
|
240
|
187
|
|
Thailand
|
90
|
93
|
92
|
93
|
99
|
|
Vietnam
|
95
|
141
|
97
|
141
|
113
|
Total insurance operations
|
1,719
|
2,089
|
1,780
|
2,128
|
2,083
|
PVNBP
|
2020 $m AER
|
2020 $m CER
|
2021 $m AER
|
|||
Continuing operations
|
H1
|
H2
|
H1
|
H2
|
H1
|
|
China JVnote
(3)
|
1,479
|
1,226
|
1,608
|
1,278
|
2,038
|
|
Hong Kong
|
2,671
|
2,424
|
2,671
|
2,419
|
1,991
|
|
Indonesia
|
494
|
660
|
505
|
671
|
485
|
|
Malaysia
|
688
|
1,335
|
714
|
1,361
|
992
|
|
Singapore
|
1,695
|
3,659
|
1,779
|
3,763
|
2,940
|
|
Growth markets:
|
|
|
|
|
|
|
|
Africa
|
-
|
-
|
-
|
-
|
144
|
|
Cambodia
|
20
|
25
|
20
|
25
|
30
|
|
Indianote
(4)
|
298
|
604
|
302
|
610
|
579
|
|
Laos
|
-
|
3
|
1
|
2
|
1
|
|
Myanmar
|
-
|
1
|
-
|
1
|
1
|
|
Philippines
|
205
|
323
|
215
|
328
|
340
|
|
Taiwan
|
623
|
822
|
666
|
853
|
662
|
|
Thailand
|
389
|
379
|
399
|
381
|
406
|
|
Vietnam
|
611
|
953
|
618
|
958
|
771
|
Total insurance operations
|
9,173
|
12,414
|
9,498
|
12,650
|
11,380
|
|
2020 AER
|
2020 CER
|
2021 AER
|
||
Continuing operations:
|
HY
|
FY
|
HY
|
FY
|
HY
|
New business profit ($m)
|
|
|
|
|
|
China JV
|
127
|
269
|
138
|
288
|
228
|
Hong Kong
|
353
|
787
|
353
|
787
|
306
|
Indonesia
|
68
|
155
|
69
|
158
|
57
|
Malaysia
|
69
|
209
|
71
|
214
|
113
|
Singapore
|
123
|
341
|
130
|
353
|
215
|
Growth markets and other
|
172
|
440
|
178
|
447
|
257
|
Total insurance business
|
912
|
2,201
|
939
|
2,247
|
1,176
|
|
|
|
|
|
|
New business margin (NBP as a % of APE)
|
|
|
|
|
|
China JV
|
40%
|
46%
|
40%
|
46%
|
51%
|
Hong Kong
|
91%
|
104%
|
91%
|
104%
|
121%
|
Indonesia
|
55%
|
58%
|
55%
|
58%
|
49%
|
Malaysia
|
56%
|
60%
|
56%
|
60%
|
54%
|
Singapore
|
54%
|
56%
|
54%
|
56%
|
57%
|
Growth markets and other
|
32%
|
35%
|
32%
|
35%
|
38%
|
Total insurance business
|
53%
|
58%
|
53%
|
57%
|
56%
|
|
|
|
|
|
|
New business margin (NBP as a % of PVNBP)
|
|
|
|
|
|
China JV
|
9%
|
10%
|
9%
|
10%
|
11%
|
Hong Kong
|
13%
|
15%
|
13%
|
15%
|
15%
|
Indonesia
|
14%
|
13%
|
14%
|
13%
|
12%
|
Malaysia
|
10%
|
10%
|
10%
|
10%
|
11%
|
Singapore
|
7%
|
6%
|
7%
|
6%
|
7%
|
Growth markets and other
|
8%
|
8%
|
8%
|
8%
|
9%
|
Total insurance business
|
10%
|
10%
|
10%
|
10%
|
10%
|
|
|
2020 $m
|
|
|
2021 $m
|
|
|
Eastspring:
|
|
H1
|
H2
|
|
|
H1
|
|
Third-party retail:note
(5)
|
|
|
|
|
|
|
|
Opening FUM
|
|
73,644
|
59,346
|
|
|
66,838
|
|
Net flows:note
(6)
|
|
|
|
|
|
|
|
- Gross Inflows
|
|
19,983
|
17,329
|
|
|
17,491
|
|
- Redemptions
|
|
(28,009)
|
(19,931)
|
|
|
(18,281)
|
|
|
|
(8,026)
|
(2,602)
|
|
|
(790)
|
|
Other movements
|
|
(6,272)
|
10,094
|
|
|
1,855
|
|
Closing FUMnote
(7)
|
|
59,346
|
66,838
|
|
|
67,903
|
|
|
|
|
|
|
|
|
|
Third-party institutional:
|
|
|
|
|
|
|
|
Opening FUM
|
|
11,024
|
9,957
|
|
|
13,827
|
|
Net flows:
|
|
|
|
|
|
|
|
- Gross Inflows
|
|
1,621
|
1,494
|
|
|
1,264
|
|
- Redemptions
|
|
(1,957)
|
(502)
|
|
|
(983)
|
|
|
|
(336)
|
992
|
|
|
281
|
|
Other movements
|
|
(731)
|
2,878
|
|
|
793
|
|
Closing FUMnote
(7)
|
|
9,957
|
13,827
|
|
|
14,901
|
|
|
|
|
|
|
|
|
|
Total third-party closing FUM (excluding MMF and funds held on
behalf of M&G plc)
|
|
69,303
|
80,665
|
|
|
82,804
|
|
|
2021 $m
|
|
2020 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
EEV operating profit for the period
|
1,749
|
|
1,540
|
3,401
|
Operating profit attributable to non-controlling
interests
|
(14)
|
|
(22)
|
(10)
|
EEV operating profit, net of non-controlling interests
|
1,735
|
|
1,518
|
3,391
|
|
|
|
|
|
Shareholders' equity at beginning of period
|
41,926
|
|
38,369
|
38,369
|
Shareholders' equity at end of period
|
43,162
|
|
35,399
|
41,926
|
Average shareholders' equity
|
42,544
|
|
36,884
|
40,148
|
Operating return on average shareholders' equity (%)
|
8%
|
|
8%
|
8%
|
|
Half year 2021
|
|
Half year 2020
|
Full year 2020
|
New business profit ($ million)*
|
1,176
|
|
912
|
2,201
|
Average EEV basis shareholders' equity from insurance and asset
management
operations ($ million)
|
44,712
|
|
38,328
|
41,819
|
New business profit on embedded value (%)
|
5%
|
|
5%
|
5%
|
|
|
2021 $m
|
|
2020 $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
Shareholders' equity at beginning of period
|
|
44,317
|
|
39,320
|
39,320
|
Shareholders' equity at end of period
|
|
45,107
|
|
37,336
|
44,317
|
Average shareholders' equity
|
|
44,712
|
|
38,328
|
41,819
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By: /s/ Mark FitzPatrick
|
|
|
|
Mark
FitzPatrick
|
|
Group
Chief Financial Officer and Chief Operating Officer
|