|
|
|
Note
|
2021 $m
|
2020* $m
|
Continuing operations:
|
|
|
|
||
Gross premiums earned
|
|
24,217
|
23,495
|
||
Outward reinsurance premiums
|
|
(1,844)
|
(1,625)
|
||
Earned premiums, net of reinsurance
|
|
22,373
|
21,870
|
||
Investment return
|
|
3,486
|
13,762
|
||
Other income
|
|
641
|
615
|
||
Total revenue, net of reinsurance
|
|
26,500
|
36,247
|
||
Benefits and claims
|
C3.2
|
(17,738)
|
(34,463)
|
||
Reinsurers' share of benefits and claims
|
C3.2
|
(971)
|
6,313
|
||
Movement in unallocated surplus of with-profits funds
|
C3.2
|
(202)
|
(438)
|
||
Benefits and claims and movement in unallocated surplus of
with-profits funds, net of reinsurance
|
C3.2
|
(18,911)
|
(28,588)
|
||
Acquisition costs and other expenditure
|
B2
|
(4,560)
|
(4,651)
|
||
Finance costs: interest on core structural borrowings of
shareholder-financed businesses
|
|
(328)
|
(316)
|
||
Loss attaching to corporate transactions
|
D1.1
|
(35)
|
(30)
|
||
Total charges net of reinsurance
|
|
(23,834)
|
(33,585)
|
||
Share of profit from joint ventures and associates, net of related
tax
|
|
352
|
517
|
||
Profit before tax (being tax attributable to
shareholders' and policyholders' returns)
|
|
3,018
|
3,179
|
||
Tax charge attributable to policyholders' returns
|
|
(342)
|
(271)
|
||
Profit before tax attributable to shareholders'
returns
|
B1.1
|
2,676
|
2,908
|
||
Total tax charge attributable to shareholders' and policyholders'
returns
|
B3.1
|
(804)
|
(711)
|
||
Remove tax charge attributable to policyholders'
returns
|
|
342
|
271
|
||
Tax charge attributable to shareholders' returns
|
B3.1
|
(462)
|
(440)
|
||
Profit after tax from continuing operations
|
|
2,214
|
2,468
|
||
Loss after tax from discontinued US operations
|
D1.2
|
(5,027)
|
(283)
|
||
(Loss) profit for the year
|
|
(2,813)
|
2,185
|
||
|
|
|
|
|
|
Attributable to:
|
|
|
|
||
Equity holders of the Company:
|
|
|
|
||
|
From continuing operations
|
|
2,192
|
2,458
|
|
|
From discontinued US operations
|
|
(4,234)
|
(340)
|
|
|
|
|
|
(2,042)
|
2,118
|
|
|
|
|
|
|
Non-controlling interests:
|
|
|
|
||
|
From continuing operations
|
|
22
|
10
|
|
|
From discontinued US operations
|
|
(793)
|
57
|
|
|
|
|
|
(771)
|
67
|
(Loss) profit for the year
|
|
(2,813)
|
2,185
|
||
|
|
|
|
|
|
Earnings per share (in cents)
|
Note
|
2021
|
2020
|
||
Based on profit attributable to equity holders of the
Company:
|
B4
|
|
|
||
|
Basic
|
|
|
|
|
|
|
Based on profit from continuing operations
|
|
83.4¢
|
94.6¢
|
|
|
Based on loss from discontinued US operationsnote
(ii)
|
|
(161.1)¢
|
(13.0)¢
|
|
Total
|
|
(77.7)¢
|
81.6¢
|
|
|
Diluted
|
|
|
|
|
|
|
Based on profit from continuing operations
|
|
83.4¢
|
94.6¢
|
|
|
Based on loss from discontinued US operationsnote
(ii)
|
|
(161.1)¢
|
(13.0)¢
|
Total
|
|
(77.7)¢
|
81.6¢
|
|
|
|
|
|
Dividends per share (in cents)
|
Note
|
2021
|
2020
|
|
Dividends relating to reporting year:
|
B5
|
|
|
|
|
First interim ordinary dividend
|
|
5.37¢
|
5.37¢
|
|
Second interim ordinary dividend
|
|
11.86¢
|
10.73¢
|
Total
|
|
17.23¢
|
16.10¢
|
|
Dividends paid in reporting year:
|
B5
|
|
|
|
|
Current year first interim ordinary dividend
|
|
5.37¢
|
5.37¢
|
|
Second interim ordinary dividend for prior year
|
|
10.73¢
|
25.97¢
|
Total
|
|
16.10¢
|
31.34¢
|
|
|
|
Note
|
2021 $m
|
2020* $m
|
Continuing operations:
|
|
|
|
||
Profit for the year
|
|
2,214
|
2,468
|
||
Other comprehensive income (loss):
|
|
|
|
||
Exchange movements on foreign operations arising during the
year
|
|
(180)
|
233
|
||
Valuation movements on retained interest in Jackson classified as
available-for-sale securities
|
|
250
|
-
|
||
Total items that may be reclassified subsequently to profit or
loss
|
|
70
|
233
|
||
Total comprehensive income from continuing operations
|
|
2,284
|
2,701
|
||
|
|
|
|
|
|
Discontinued US operations:
|
|
|
|
||
Loss for the year
|
|
(5,027)
|
(283)
|
||
Valuation movements on available-for-sale debt securities, net of
related change in amortisation of deferred acquisition costs and
related tax
|
|
(763)
|
292
|
||
Cumulative valuation movements on available-for-sale debt
securities, net of related tax and change in DAC, and net
investment hedges recycled through profit or loss at the point of
demerger
|
|
(1,278)
|
-
|
||
Total comprehensive (loss) income from discontinued US
operations
|
D1.2
|
(7,068)
|
9
|
||
|
|
|
|
|
|
Total comprehensive (loss) income for the year
|
|
(4,784)
|
2,710
|
||
|
|
|
|
|
|
Attributable to:
|
|
|
|
||
Equity holders of the Company:
|
|
|
|
||
|
From continuing operations
|
|
2,277
|
2,697
|
|
|
From discontinued US operations
|
|
(6,283)
|
(40)
|
|
|
|
|
|
(4,006)
|
2,657
|
Non-controlling interests:
|
|
|
|
||
|
From continuing operations
|
|
7
|
4
|
|
|
From discontinued US operations
|
|
(785)
|
49
|
|
|
|
|
(778)
|
53
|
|
Total comprehensive (loss) income for the year
|
|
(4,784)
|
2,710
|
|
|
|
Year ended 31 Dec 2021 $m
|
|||||||
|
Note
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Translation
reserve
|
Available
-for-sale
securities
reserves
|
Shareholders'
equity
|
Non-
controlling
interests
|
Total
equity
|
|
Reserves
|
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
|
-
|
-
|
2,192
|
-
|
-
|
2,192
|
22
|
2,214
|
|
Other comprehensive (loss) income from continuing
operations:
|
|
|
|
|
|
|
|
|
|
|
|
Exchange movements on foreign operations
|
|
-
|
-
|
-
|
(165)
|
-
|
(165)
|
(15)
|
(180)
|
|
Valuation movements on retained interest in Jackson classified as
available-for-sale securities
|
|
-
|
-
|
-
|
-
|
250
|
250
|
-
|
250
|
Total comprehensive income (loss) from continuing
operations
|
|
-
|
-
|
2,192
|
(165)
|
250
|
2,277
|
7
|
2,284
|
|
Total comprehensive (loss) income from discontinued US
operations
|
D1.2
|
-
|
-
|
(4,234)
|
463
|
(2,512)
|
(6,283)
|
(785)
|
(7,068)
|
|
Total comprehensive (loss) income for the year
|
|
-
|
-
|
(2,042)
|
298
|
(2,262)
|
(4,006)
|
(778)
|
(4,784)
|
|
Demerger dividend in specie of Jackson
|
B5
|
-
|
-
|
(1,735)
|
-
|
-
|
(1,735)
|
-
|
(1,735)
|
|
Other dividends
|
B5
|
-
|
-
|
(421)
|
-
|
-
|
(421)
|
(9)
|
(430)
|
|
Reserve movements in respect of share-based payments
|
|
-
|
-
|
46
|
-
|
-
|
46
|
-
|
46
|
|
Effect of transactions relating to non-controlling
interests†
|
|
-
|
-
|
(32)
|
-
|
-
|
(32)
|
(278)
|
(310)
|
|
Share capital and share premium
|
|
|
|
|
|
|
|
|
|
|
New share capital subscribed
|
C8
|
9
|
2,373
|
-
|
-
|
-
|
2,382
|
-
|
2,382
|
|
Treasury shares
|
|
|
|
|
|
|
|
|
|
|
Movement in own shares in respect of share-based payment
plans
|
|
-
|
-
|
(24)
|
-
|
-
|
(24)
|
-
|
(24)
|
|
Net increase (decrease) in equity
|
|
9
|
2,373
|
(4,208)
|
298
|
(2,262)
|
(3,790)
|
(1,065)
|
(4,855)
|
|
Balance at 1 Jan
|
|
173
|
2,637
|
14,424
|
1,132
|
2,512
|
20,878
|
1,241
|
22,119
|
|
Balance at 31 Dec
|
|
182
|
5,010
|
10,216
|
1,430
|
250
|
17,088
|
176
|
17,264
|
|
|
|
Year ended 31 Dec 2020* $m
|
|||||||
|
Note
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Translation
reserve
|
Available
-for-sale
securities
reserves
|
Shareholders'
equity
|
Non-
controlling
interests
|
Total
equity
|
|
Reserves
|
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
|
-
|
-
|
2,458
|
-
|
-
|
2,458
|
10
|
2,468
|
|
Other comprehensive income (loss) from continuing
operations:
|
|
|
|
|
|
|
|
|
|
|
|
Exchange movements on foreign operations
|
|
-
|
-
|
-
|
239
|
-
|
239
|
(6)
|
233
|
Total comprehensive income from continuing operations
|
|
-
|
-
|
2,458
|
239
|
-
|
2,697
|
4
|
2,701
|
|
Total comprehensive (loss) income from discontinued US
operations
|
D1.2
|
-
|
-
|
(340)
|
-
|
300
|
(40)
|
49
|
9
|
|
Total comprehensive income for the year
|
|
-
|
-
|
2,118
|
239
|
300
|
2,657
|
53
|
2,710
|
|
Dividends
|
B5
|
-
|
-
|
(814)
|
-
|
-
|
(814)
|
(18)
|
(832)
|
|
Reserve movements in respect of share-based payments
|
|
-
|
-
|
89
|
-
|
-
|
89
|
-
|
89
|
|
Effect of transactions relating to non-controlling
interests†
|
|
-
|
-
|
(484)
|
-
|
-
|
(484)
|
1,014
|
530
|
|
Share capital and share premium
|
|
|
|
|
|
|
|
|
|
|
New share capital subscribed
|
C8
|
1
|
12
|
-
|
-
|
-
|
13
|
-
|
13
|
|
Treasury shares
|
|
|
|
|
|
|
|
|
|
|
Movement in own shares in respect of share-based payment
plans
|
|
-
|
-
|
(60)
|
-
|
-
|
(60)
|
-
|
(60)
|
|
Net increase in equity
|
|
1
|
12
|
849
|
239
|
300
|
1,401
|
1,049
|
2,450
|
|
Balance at 1 Jan
|
|
172
|
2,625
|
13,575
|
893
|
2,212
|
19,477
|
192
|
19,669
|
|
Balance at 31 Dec
|
|
173
|
2,637
|
14,424
|
1,132
|
2,512
|
20,878
|
1,241
|
22,119
|
|
|
|
|
Note
|
31 Dec 2021 $m
|
31 Dec 2020 $m
|
|
|
|
|
|
|
note (i)
|
Assets
|
|
|
|
|||
Goodwill
|
C4.1
|
907
|
961
|
|||
Deferred acquisition costs and other intangible assets
|
C4.2
|
6,858
|
20,345
|
|||
Property, plant and equipment
|
|
478
|
893
|
|||
Reinsurers' share of insurance contract liabilities
|
|
9,753
|
46,595
|
|||
Deferred tax assets
|
C7.2
|
266
|
4,858
|
|||
Current tax recoverable
|
C7.1
|
20
|
444
|
|||
Accrued investment income
|
|
1,171
|
1,427
|
|||
Other debtors
|
|
1,779
|
3,171
|
|||
Investment properties
|
|
38
|
23
|
|||
Investments in joint ventures and associates accounted for using
the equity method
|
|
2,183
|
1,962
|
|||
Loans
|
C1
|
2,562
|
14,588
|
|||
Equity securities and holdings in collective investment
schemesnote
(ii)
|
C1
|
61,601
|
278,635
|
|||
Debt securitiesnote
(ii)
|
C1
|
99,094
|
125,829
|
|||
Derivative assets
|
|
481
|
2,599
|
|||
Other investments
|
C2.2
|
-
|
1,867
|
|||
Deposits
|
|
4,741
|
3,882
|
|||
Cash and cash equivalents
|
|
7,170
|
8,018
|
|||
Total assets
|
C1
|
199,102
|
516,097
|
|||
|
|
|
|
|||
Equity
|
|
|
|
|||
Shareholders' equity
|
|
17,088
|
20,878
|
|||
Non-controlling interests
|
|
176
|
1,241
|
|||
Total equity
|
C1
|
17,264
|
22,119
|
|||
|
|
|
|
|||
Liabilities
|
|
|
|
|||
Insurance contract liabilities
|
C3.2
|
150,755
|
436,787
|
|||
Investment contract liabilities with discretionary participation
features
|
C3.2
|
346
|
479
|
|||
Investment contract liabilities without discretionary participation
features
|
C3.2
|
814
|
3,980
|
|||
Unallocated surplus of with-profits funds
|
C3.2
|
5,384
|
5,217
|
|||
Core structural borrowings of shareholder-financed
businesses
|
C5.1
|
6,127
|
6,633
|
|||
Operational borrowings
|
C5.2
|
861
|
2,444
|
|||
Obligations under funding, securities lending and sale and
repurchase agreements
|
|
223
|
9,768
|
|||
Net asset value attributable to unit holders of consolidated
investment funds
|
|
5,664
|
5,975
|
|||
Deferred tax liabilities
|
C7.2
|
2,862
|
6,075
|
|||
Current tax liabilities
|
C7.1
|
185
|
280
|
|||
Accruals, deferred income and other creditors
|
|
7,983
|
15,508
|
|||
Provisions
|
|
372
|
350
|
|||
Derivative liabilities
|
|
262
|
482
|
|||
Total liabilities
|
C1
|
181,838
|
493,978
|
|||
Total equity and liabilities
|
C1
|
199,102
|
516,097
|
|
|
|
Note
|
2021 $m
|
2020* $m
|
Continuing operations:
|
|
|
|
||
Cash flows from operating activities
|
|
|
|
||
Profit before tax (being tax attributable to
shareholders' and policyholders' returns)
|
|
3,018
|
3,179
|
||
Adjustments to profit before tax for non-cash movements in
operating assets and liabilities:
|
|
|
|
||
|
Investments
|
|
(14,553)
|
(20,978)
|
|
|
Other non-investment and non-cash assets
|
|
2,658
|
(7,185)
|
|
|
Policyholder liabilities (including unallocated surplus of
with-profits funds)
|
|
9,095
|
27,670
|
|
|
Other liabilities (including operational borrowings)
|
|
16
|
155
|
|
Investment income and interest payments included in profit before
tax
|
|
(3,738)
|
(2,931)
|
||
Operating cash items:
|
|
|
|
||
|
Interest receipts
|
|
2,328
|
1,833
|
|
|
Interest payments
|
|
(11)
|
(25)
|
|
|
Dividend receipts
|
|
1,480
|
1,305
|
|
|
Tax paid
|
|
(453)
|
(551)
|
|
Other non-cash items
|
|
438
|
301
|
||
Net cash flows from operating activitiesnote
(i)
|
|
278
|
2,773
|
||
Cash flows from investing activities
|
|
|
|
||
Purchases of property, plant and equipment
|
|
(36)
|
(57)
|
||
Proceeds from disposal of property, plant and
equipment
|
|
-
|
6
|
||
Acquisition of business and intangiblesnote
(ii)
|
|
(773)
|
(1,142)
|
||
Disposal of businessesnote
(iii)
|
|
83
|
-
|
||
Net cash flows from investing activities
|
|
(726)
|
(1,193)
|
||
Cash flows from financing activities
|
|
|
|
||
Structural borrowings of shareholder-financed
operations:note
(iv)
|
C5.1
|
|
|
||
|
Issuance of debt, net of costs
|
|
995
|
983
|
|
|
Redemption of debt
|
|
(1,250)
|
-
|
|
|
Interest paid
|
|
(314)
|
(294)
|
|
Payment of principal portion of lease liabilities
|
|
(118)
|
(128)
|
||
Equity capital:
|
|
|
|
||
|
Issues of ordinary share capital
|
C8
|
2,382
|
13
|
|
External dividends:
|
|
|
|
||
|
Dividends paid to the Company's shareholders
|
B5
|
(421)
|
(814)
|
|
|
Dividends paid to non-controlling interests
|
|
(9)
|
(18)
|
|
Net cash flows from financing activities
|
|
1,265
|
(258)
|
||
Net increase (decrease) in cash and cash equivalents from
continuing operations
|
|
817
|
1,322
|
||
Net decrease in cash and cash equivalents from discontinued US
operations
|
D1.2
|
(1,621)
|
(339)
|
||
Cash and cash equivalents at 1 Jan
|
|
8,018
|
6,965
|
||
Effect of exchange rate changes on cash and cash
equivalents
|
|
(44)
|
70
|
||
Cash and cash equivalents at 31 Dec
|
|
7,170
|
8,018
|
||
Comprising:
|
|
|
|
||
Cash and cash equivalents from continuing operations
|
|
7,170
|
6,397
|
||
Cash and cash equivalents from discontinued US
operations
|
|
-
|
1,621
|
|
|
|
Cash movements $m
|
|
Non-cash movements $m
|
|
|||
|
|
Balance at
1 Jan
$m
|
Issuance
|
Redemption
|
|
Foreign
exchange
movement
|
Demerger
of Jackson
|
Other
movements
|
Balance at
31 Dec
$m
|
|
2021
|
6,633
|
995
|
(1,250)
|
|
(13)
|
(250)
|
12
|
6,127
|
|
2020
|
5,594
|
983
|
-
|
|
42
|
-
|
14
|
6,633
|
|
Closing rate at year end
|
|
Average rate for the year to date
|
||
USD : local currency
|
31 Dec 2021
|
31 Dec 2020
|
|
31 Dec 2021
|
31 Dec 2020
|
Chinese yuan (CNY)
|
6.37
|
6.54
|
|
6.45
|
6.90
|
Hong Kong dollar (HKD)
|
7.80
|
7.75
|
|
7.77
|
7.76
|
Indian rupee (INR)
|
74.34
|
73.07
|
|
73.94
|
74.12
|
Indonesian rupiah (IDR)
|
14,252.50
|
14,050.00
|
|
14,294.88
|
14,541.70
|
Malaysian ringgit (MYR)
|
4.17
|
4.02
|
|
4.15
|
4.20
|
Singapore dollar (SGD)
|
1.35
|
1.32
|
|
1.34
|
1.38
|
Taiwan dollar (TWD)
|
27.67
|
28.10
|
|
27.93
|
29.44
|
Thai baht (THB)
|
33.19
|
30.02
|
|
32.01
|
31.29
|
UK pound sterling (GBP)
|
0.74
|
0.73
|
|
0.73
|
0.78
|
Vietnamese dong (VND)
|
22,790.00
|
23,082.50
|
|
22,934.86
|
23,235.84
|
|
|
|
|
2021 $m
|
|
2020* $m
|
|
2021 vs 2020 %
|
|
||
|
|
|
|
|
|
AER
|
CER
|
|
AER
|
CER
|
|
|
|
|
Note
|
note (i)
|
|
note (i)
|
note (i)
|
|
note (i)
|
note (i)
|
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
||
CPL
|
|
343
|
|
251
|
269
|
|
37%
|
28%
|
|
||
Hong Kong
|
|
975
|
|
891
|
889
|
|
9%
|
10%
|
|
||
Indonesia
|
|
446
|
|
519
|
529
|
|
(14)%
|
(16)%
|
|
||
Malaysia
|
|
350
|
|
309
|
313
|
|
13%
|
12%
|
|
||
Singapore
|
|
663
|
|
574
|
589
|
|
16%
|
13%
|
|
||
Growth markets and othernote
(ii)
|
|
932
|
|
835
|
841
|
|
12%
|
11%
|
|
||
Eastspring
|
|
314
|
|
283
|
286
|
|
11%
|
10%
|
|
||
Total segment profit
|
|
4,023
|
|
3,662
|
3,716
|
|
10%
|
8%
|
|
||
Other income and expenditure:
|
|
|
|
|
|
|
|
|
|
||
|
Investment return and other income
|
|
21
|
|
(15)
|
(15)
|
|
n/a
|
n/a
|
|
|
|
Interest payable on core structural borrowingsnote
(iii)
|
|
(328)
|
|
(316)
|
(316)
|
|
(4)%
|
(4)%
|
|
|
|
Corporate expenditurenote
(iv)
|
|
(298)
|
|
(412)
|
(428)
|
|
28%
|
30%
|
|
|
Total other income and expenditure
|
|
(605)
|
|
(743)
|
(759)
|
|
19%
|
20%
|
|
||
Restructuring and IFRS 17 implementation costsnote
(v)
|
|
(185)
|
|
(162)
|
(167)
|
|
(14)%
|
(11)%
|
|
||
Adjusted operating profit
|
B1.2
|
3,233
|
|
2,757
|
2,790
|
|
17%
|
16%
|
|
||
Short-term fluctuations in investment returns on shareholder-backed
businessnote
(vi)
|
|
(458)
|
|
(579)
|
(554)
|
|
21%
|
17%
|
|
||
Amortisation of acquisition accounting adjustments
|
|
(5)
|
|
(5)
|
(5)
|
|
0%
|
0%
|
|
||
(Loss) gain attaching to corporate transactions
|
D1.1
|
(94)
|
|
735
|
733
|
|
n/a
|
n/a
|
|
||
Profit before tax attributable to shareholders
|
|
2,676
|
|
2,908
|
2,964
|
|
(8)%
|
(10)%
|
|
||
Tax charge attributable to shareholders' returns
|
B3
|
(462)
|
|
(440)
|
(450)
|
|
(5)%
|
(3)%
|
|
||
Profit for the year from continuing operations
|
|
2,214
|
|
2,468
|
2,514
|
|
(10)%
|
(12)%
|
|
||
Loss from discontinued US operations
|
|
(5,027)
|
|
(283)
|
(283)
|
|
n/a
|
n/a
|
|
||
(Loss) profit for the year
|
|
(2,813)
|
|
2,185
|
2,231
|
|
n/a
|
n/a
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
||
Equity holders of the Company
|
|
|
|
|
|
|
|
|
|
||
|
From continuing operations
|
|
2,192
|
|
2,458
|
2,504
|
|
(11)%
|
(12)%
|
|
|
|
From discontinued US operations
|
|
(4,234)
|
|
(340)
|
(340)
|
|
n/a
|
n/a
|
|
|
|
|
|
|
(2,042)
|
|
2,118
|
2,164
|
|
n/a
|
n/a
|
|
Non-controlling interests
|
|
|
|
|
|
|
|
|
|
||
|
From continuing operations
|
|
22
|
|
10
|
10
|
|
n/a
|
n/a
|
|
|
|
From discontinued US operations
|
|
(793)
|
|
57
|
57
|
|
n/a
|
n/a
|
|
|
|
|
|
|
(771)
|
|
67
|
67
|
|
n/a
|
n/a
|
|
(Loss) profit for the year
|
|
(2,813)
|
|
2,185
|
2,231
|
|
n/a
|
n/a
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (in cents)
|
|
2021
|
|
2020
|
|
2021 vs 2020 %
|
|
||||
|
|
|
|
|
|
AER
|
CER
|
|
AER
|
CER
|
|
|
|
|
Note
|
|
|
note (i)
|
note (i)
|
|
note (i)
|
note (i)
|
|
Based on adjusted operating profit, net of tax and non-controlling
interest from continuing operations
|
B4
|
101.5¢
|
|
86.6¢
|
87.6¢
|
|
17%
|
16%
|
|
||
Based on profit from continuing operations, net of non-controlling
interest
|
B4
|
83.4¢
|
|
94.6¢
|
96.4¢
|
|
(12)%
|
(13)%
|
|
||
Based on loss for the year from discontinued US operations, net of
non-controlling interest
|
B4
|
(161.1)¢
|
|
(13.0)¢
|
(13.1)¢
|
|
n/a
|
n/a
|
|
|
|
2021 $m
|
|||||||||
|
|
Insurance
operationsnote
(i)
|
|
|
|
|
|
||||
|
|
Hong Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Eastspring
|
Inter
-segment
elimination
|
Total
segment
|
Unallocated
to a segment
|
Group
total
|
Gross premiums earned
|
10,032
|
1,724
|
1,900
|
6,246
|
4,315
|
-
|
-
|
24,217
|
-
|
24,217
|
|
Outward reinsurance premiums
|
(1,557)
|
(43)
|
(47)
|
(137)
|
(60)
|
-
|
-
|
(1,844)
|
-
|
(1,844)
|
|
Earned premiums, net of reinsurance
|
8,475
|
1,681
|
1,853
|
6,109
|
4,255
|
-
|
-
|
22,373
|
-
|
22,373
|
|
Other incomenote
(ii)
|
52
|
12
|
-
|
22
|
117
|
437
|
-
|
640
|
1
|
641
|
|
Total external revenuenote
(iii)
|
8,527
|
1,693
|
1,853
|
6,131
|
4,372
|
437
|
-
|
23,013
|
1
|
23,014
|
|
Intra-group revenue
|
-
|
-
|
-
|
-
|
1
|
217
|
(218)
|
-
|
-
|
-
|
|
Interest incomenote
B1.3b
|
934
|
87
|
220
|
707
|
618
|
3
|
-
|
2,569
|
1
|
2,570
|
|
Dividend and other investment income
|
679
|
74
|
160
|
506
|
86
|
-
|
-
|
1,505
|
19
|
1,524
|
|
Investment appreciation (depreciation)
|
57
|
34
|
(300)
|
(29)
|
(361)
|
8
|
-
|
(591)
|
(17)
|
(608)
|
|
Total revenue, net of reinsurance
|
10,197
|
1,888
|
1,933
|
7,315
|
4,716
|
665
|
(218)
|
26,496
|
4
|
26,500
|
|
|
2020 $m
|
|||||||||
|
|
Insurance
operationsnote
(i)
|
|
|
|
|
|
||||
|
|
Hong Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Eastspring
|
Inter
-segment
elimination
|
Total
segment
|
Unallocated
to a segment
|
Group
total
|
Gross premiums earned
|
11,091
|
1,738
|
1,783
|
5,035
|
3,848
|
-
|
-
|
23,495
|
-
|
23,495
|
|
Outward reinsurance premiumsnote
(iv)
|
(1,918)
|
(62)
|
(27)
|
432
|
(50)
|
-
|
-
|
(1,625)
|
-
|
(1,625)
|
|
Earned premiums, net of reinsurance
|
9,173
|
1,676
|
1,756
|
5,467
|
3,798
|
-
|
-
|
21,870
|
-
|
21,870
|
|
Other incomenote
(ii)
|
59
|
8
|
-
|
38
|
91
|
417
|
-
|
613
|
2
|
615
|
|
Total external revenuenote
(iii)
|
9,232
|
1,684
|
1,756
|
5,505
|
3,889
|
417
|
-
|
22,483
|
2
|
22,485
|
|
Intra-group revenue
|
-
|
-
|
-
|
-
|
1
|
164
|
(165)
|
-
|
-
|
-
|
|
Interest incomenote
B1.3b
|
646
|
104
|
210
|
447
|
570
|
5
|
-
|
1,982
|
15
|
1,997
|
|
Dividend and other investment income
|
646
|
86
|
99
|
364
|
65
|
5
|
-
|
1,265
|
32
|
1,297
|
|
Investment appreciation (depreciation)
|
7,493
|
(201)
|
369
|
2,045
|
765
|
21
|
-
|
10,492
|
(24)
|
10,468
|
|
Total revenue, net of reinsurance
|
18,017
|
1,673
|
2,434
|
8,361
|
5,290
|
612
|
(165)
|
36,222
|
25
|
36,247
|
|
2021 $m
|
2020 $m
|
CPL
|
278
|
394
|
Hong Kong
|
1,068
|
994
|
Indonesia
|
362
|
409
|
Malaysia
|
265
|
256
|
Singapore
|
394
|
521
|
Growth markets and other
|
434
|
548
|
Eastspring
|
284
|
253
|
Total segment
|
3,085
|
3,375
|
Unallocated to a segment (central operations)note
|
(871)
|
(907)
|
Group total profit after tax from continuing
operations
|
2,214
|
2,468
|
|
2021 $m
|
2020 $m
|
Acquisition costs incurred for insurance policies
|
(2,089)
|
(2,080)
|
Acquisition costs deferred
|
848
|
617
|
Amortisation of acquisition costs
|
(343)
|
(308)
|
Administration costs and other expenditure (net of other
reinsurance commission) note
|
(3,128)
|
(2,433)
|
Movements in amounts attributable to external unit holders of
consolidated investment funds
|
152
|
(447)
|
Total acquisition costs and other expenditure from continuing
operations
|
(4,560)
|
(4,651)
|
Tax charge
|
2021 $m
|
2020 $m
|
|
Attributable to shareholders:
|
|
|
|
|
Hong Kong
|
(40)
|
(15)
|
|
Indonesia
|
(74)
|
(125)
|
|
Malaysia
|
(71)
|
(58)
|
|
Singapore
|
(67)
|
(87)
|
|
Growth markets and other
|
(159)
|
(125)
|
|
Eastspring
|
(30)
|
(30)
|
Total segment
|
(441)
|
(440)
|
|
Unallocated to a segment (central operations)
|
(21)
|
-
|
|
Tax charge attributable to shareholders
|
(462)
|
(440)
|
|
Attributable to policyholders:
|
|
|
|
|
Hong Kong
|
(79)
|
(60)
|
|
Indonesia
|
4
|
(3)
|
|
Malaysia
|
(2)
|
(34)
|
|
Singapore
|
(261)
|
(170)
|
|
Growth markets and other
|
(4)
|
(4)
|
Tax charge attributable to policyholders
|
(342)
|
(271)
|
|
Total tax charge from continuing operations
|
(804)
|
(711)
|
|
|
|
2021
|
|
2020
|
||
|
|
|
Tax
attributable to
shareholders
|
Percentage
impact
on ETR
|
|
Tax
attributable to
shareholders
|
Percentage
impact
on ETR
|
Continuing operations:
|
$m
|
%
|
|
$m
|
%
|
||
Adjusted operating profit
|
3,233
|
|
|
2,757
|
|
||
Non-operating (loss) profitnote
(i)
|
(557)
|
|
|
151
|
|
||
Profit before tax
|
2,676
|
|
|
2,908
|
|
||
|
Tax charge at the expected rate
|
(539)
|
20%
|
|
(602)
|
21%
|
|
|
Effects of recurring tax reconciliation items:
|
|
|
|
|
|
|
|
|
Income not taxable or taxable at concessionary
ratesnote
(ii)
|
63
|
(2)%
|
|
102
|
(4)%
|
|
|
Deductions not allowable for tax purposes
|
(92)
|
3%
|
|
(32)
|
1%
|
|
|
Items related to taxation of life insurance
businessesnote
(iii)
|
177
|
(7)%
|
|
152
|
(5)%
|
|
|
Deferred tax adjustments including unrecognised tax
lossesnote
(iv)
|
(111)
|
4%
|
|
(172)
|
6%
|
|
|
Effect of results of joint ventures and
associatesnote
(v)
|
80
|
(3)%
|
|
129
|
(4)%
|
|
|
Irrecoverable withholding taxesnote
(vi)
|
(60)
|
2%
|
|
(35)
|
1%
|
|
|
Other
|
(8)
|
1%
|
|
17
|
(1)%
|
|
|
Total credit
|
49
|
(2)%
|
|
161
|
(6)%
|
|
Effects of non-recurring tax reconciliation items:
|
|
|
|
|
|
|
|
|
Adjustments to tax charge in relation to prior years
|
(11)
|
0%
|
|
(25)
|
1%
|
|
|
Movements in provisions for open tax mattersnote
(vii)
|
47
|
(2)%
|
|
33
|
(1)%
|
|
|
Impact of changes in local statutory tax rates
|
6
|
0%
|
|
(1)
|
0%
|
|
|
Adjustments in relation to business disposals and corporate
transactions
|
(14)
|
1%
|
|
(6)
|
0%
|
|
|
Total credit
|
28
|
(1)%
|
|
1
|
0%
|
Total actual tax charge
|
(462)
|
17%
|
|
(440)
|
15%
|
||
Analysed into:
|
|
|
|
|
|
||
|
Tax charge on adjusted operating profit
|
(548)
|
|
|
(497)
|
|
|
|
Tax credit on non-operating resultnote
(i)
|
86
|
|
|
57
|
|
|
Actual tax rate on:
|
|
|
|
|
|
||
|
Adjusted operating profit:
|
|
|
|
|
|
|
|
|
Including non-recurring tax reconciling itemsnote
(viii)
|
17%
|
|
|
18%
|
|
|
|
Excluding non-recurring tax reconciling items
|
18%
|
|
|
18%
|
|
|
Total profitnote
(viii)
|
17%
|
|
|
15%
|
|
|
|
|
2021 $m
|
|
Balance at 1 Jan
|
113
|
|
|
|
Removal of discontinued US operations
|
(3)
|
|
|
Movements in the current year included in tax charge attributable
to shareholders
|
(47)
|
|
|
Provisions utilised in the year
|
(4)
|
|
|
Other movements (including interest arising on open tax matters and
amounts included in the Group's share of profits from joint
ventures and associates, net of related tax)
|
(17)
|
|
Balance at 31 Dec
|
42
|
|
|
|
2021 %
|
|||||||
|
|
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Eastspring
|
Other
operations
|
Total
attributable to
shareholders
|
|
Tax rate on adjusted operating profit
|
5%
|
17%
|
21%
|
15%
|
22%
|
10%
|
(3)%
|
17%
|
|
|
Tax rate on profit before tax
|
4%
|
17%
|
21%
|
15%
|
27%
|
10%
|
(2)%
|
17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 %
|
|||||||
|
|
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Eastspring
|
Other
operations
|
Total
attributable to
shareholders
|
|
Tax rate on adjusted operating profit
|
3%
|
24%
|
18%
|
14%
|
22%
|
11%
|
0%
|
18%
|
|
|
Tax rate on profit before tax
|
1%
|
23%
|
18%
|
14%
|
19%
|
11%
|
0%
|
15%
|
|
|
|
2021
|
|||||
|
|
|
Before
tax
|
Tax
|
Non-controlling interests
|
Net of tax
and non-
controlling
interests
|
Basic
earnings
per share
|
Diluted
earnings
per share
|
|
|
Note
|
$m
|
$m
|
$m
|
$m
|
cents
|
cents
|
Based on adjusted operating profit
|
|
3,233
|
(548)
|
(17)
|
2,668
|
101.5¢
|
101.5¢
|
|
Short-term fluctuations in investment returns on shareholder-backed
business
|
|
(458)
|
81
|
(5)
|
(382)
|
(14.5)¢
|
(14.5)¢
|
|
Amortisation of acquisition accounting adjustments
|
|
(5)
|
-
|
-
|
(5)
|
(0.2)¢
|
(0.2)¢
|
|
Loss attaching to corporate transactions
|
D1.1
|
(94)
|
5
|
-
|
(89)
|
(3.4)¢
|
(3.4)¢
|
|
Based on profit from continuing operations
|
|
2,676
|
(462)
|
(22)
|
2,192
|
83.4¢
|
83.4¢
|
|
Based on loss from discontinued US operations
|
D1.2
|
|
|
|
(4,234)
|
(161.1)¢
|
(161.1)¢
|
|
Based on loss for the year
|
|
|
|
|
(2,042)
|
(77.7)¢
|
(77.7)¢
|
|
|
|
2020
|
|||||
|
|
|
Before
tax
|
Tax
|
Non-controlling interests
|
Net of tax
and non-
controlling
interests
|
Basic
earnings
per share
|
Diluted
earnings
per share
|
|
|
Note
|
$m
|
$m
|
$m
|
$m
|
cents
|
cents
|
Based on adjusted operating profit
|
|
2,757
|
(497)
|
(10)
|
2,250
|
86.6¢
|
86.6¢
|
|
Short-term fluctuations in investment returns on shareholder-backed
business
|
|
(579)
|
49
|
-
|
(530)
|
(20.4)¢
|
(20.4)¢
|
|
Amortisation of acquisition accounting adjustments
|
|
(5)
|
-
|
-
|
(5)
|
(0.2)¢
|
(0.2)¢
|
|
Gain attaching to corporate transactions
|
D1.1
|
735
|
8
|
-
|
743
|
28.6¢
|
28.6¢
|
|
Based on profit from continuing operations
|
|
2,908
|
(440)
|
(10)
|
2,458
|
94.6¢
|
94.6¢
|
|
Based on loss from discontinued US operations
|
D1.2
|
|
|
|
(340)
|
(13.0)¢
|
(13.0)¢
|
|
Based on profit for the year
|
|
|
|
|
2,118
|
81.6¢
|
81.6¢
|
Number of shares (in millions)
|
2021
|
2020
|
Weighted average number of shares for calculation of basic earnings
per share
|
2,628
|
2,597
|
Shares under option at end of year
|
2
|
2
|
Shares that would have been issued at fair value on assumed option
price at end of year
|
(2)
|
(2)
|
Weighted average number of shares for calculation of diluted
earnings per share
|
2,628
|
2,597
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
||
|
Cents per share
|
$m
|
|
Cents per share
|
$m
|
|
Dividends relating to reporting year:
|
|
|
|
|
|
|
|
First interim ordinary dividend
|
5.37¢
|
140
|
|
5.37¢
|
140
|
|
Second interim ordinary dividend
|
11.86¢
|
326
|
|
10.73¢
|
280
|
Total
|
17.23¢
|
466
|
|
16.10¢
|
420
|
|
Dividends paid in reporting year:
|
|
|
|
|
|
|
|
Current year first interim ordinary dividend
|
5.37¢
|
138
|
|
5.37¢
|
140
|
|
Second interim ordinary dividend for prior year
|
10.73¢
|
283
|
|
25.97¢
|
674
|
Total
|
16.10¢
|
421
|
|
31.34¢
|
814
|
|
|
|
31 Dec 2021 $m
|
||||||||
|
|
|
Asia and Africa
|
|
|
|
|||||
|
|
|
Insurance
|
|
|
|
|
|
|
||
|
|
|
With-profits
|
Unit-linked
|
Other
|
Eastspring
|
Elimina-
tions
|
Total
|
Unallo-
cated
to a
segment
|
Elimination
of intra-group
debtors and
creditors
|
Group
total
|
|
|
|
note (i)
|
note (i)
|
note (i)
|
|
|
|
|
|
|
Debt securitiesnote
(ii)
|
|
|
|
|
|
|
|
|
|
||
Sovereign debt
|
|
|
|
|
|
|
|
|
|
||
|
Indonesia
|
414
|
598
|
609
|
11
|
-
|
1,632
|
-
|
-
|
1,632
|
|
|
Singapore
|
3,684
|
550
|
1,068
|
126
|
-
|
5,428
|
-
|
-
|
5,428
|
|
|
Thailand
|
-
|
-
|
1,577
|
3
|
-
|
1,580
|
-
|
-
|
1,580
|
|
|
United Kingdom
|
-
|
7
|
-
|
-
|
-
|
7
|
226
|
-
|
233
|
|
|
United States
|
28,552
|
47
|
3,525
|
-
|
-
|
32,124
|
-
|
-
|
32,124
|
|
|
Vietnam
|
-
|
20
|
3,022
|
-
|
-
|
3,042
|
-
|
-
|
3,042
|
|
|
Other (predominantly Asia)
|
2,030
|
720
|
4,001
|
21
|
-
|
6,772
|
-
|
-
|
6,772
|
|
Subtotal
|
34,680
|
1,942
|
13,802
|
161
|
-
|
50,585
|
226
|
-
|
50,811
|
||
Other government bonds
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,472
|
86
|
246
|
-
|
-
|
1,804
|
-
|
-
|
1,804
|
|
|
AA+ to AA-
|
45
|
2
|
12
|
-
|
-
|
59
|
-
|
-
|
59
|
|
|
A+ to A-
|
667
|
119
|
304
|
-
|
-
|
1,090
|
-
|
-
|
1,090
|
|
|
BBB+ to BBB-
|
121
|
16
|
116
|
-
|
-
|
253
|
-
|
-
|
253
|
|
|
Below BBB- and unrated
|
204
|
15
|
450
|
-
|
-
|
669
|
-
|
-
|
669
|
|
Subtotal
|
2,509
|
238
|
1,128
|
-
|
-
|
3,875
|
-
|
-
|
3,875
|
||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,222
|
236
|
411
|
-
|
-
|
1,869
|
-
|
-
|
1,869
|
|
|
AA+ to AA-
|
2,203
|
359
|
1,858
|
-
|
-
|
4,420
|
-
|
-
|
4,420
|
|
|
A+ to A-
|
9,046
|
675
|
5,294
|
-
|
-
|
15,015
|
-
|
-
|
15,015
|
|
|
BBB+ to BBB-
|
9,523
|
1,711
|
5,105
|
-
|
-
|
16,339
|
-
|
-
|
16,339
|
|
|
Below BBB- and unrated
|
4,009
|
678
|
1,827
|
-
|
-
|
6,514
|
-
|
-
|
6,514
|
|
Subtotal
|
26,003
|
3,659
|
14,495
|
-
|
-
|
44,157
|
-
|
-
|
44,157
|
||
Asset-backed securities
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
88
|
6
|
74
|
-
|
-
|
168
|
-
|
-
|
168
|
|
|
AA+ to AA-
|
6
|
1
|
4
|
-
|
-
|
11
|
-
|
-
|
11
|
|
|
A+ to A-
|
26
|
-
|
17
|
-
|
-
|
43
|
-
|
-
|
43
|
|
|
BBB+ to BBB-
|
15
|
-
|
9
|
-
|
-
|
24
|
-
|
-
|
24
|
|
|
Below BBB- and unrated
|
2
|
2
|
1
|
-
|
-
|
5
|
-
|
-
|
5
|
|
Subtotal
|
137
|
9
|
105
|
-
|
-
|
251
|
-
|
-
|
251
|
||
Total debt securities
|
63,329
|
5,848
|
29,530
|
161
|
-
|
98,868
|
226
|
-
|
99,094
|
||
Loans
|
|
|
|
|
|
|
|
|
|
||
|
Mortgage loans
|
-
|
-
|
150
|
-
|
-
|
150
|
-
|
-
|
150
|
|
|
Policy loans
|
1,365
|
-
|
368
|
-
|
-
|
1,733
|
-
|
-
|
1,733
|
|
|
Other loans
|
668
|
-
|
11
|
-
|
-
|
679
|
-
|
-
|
679
|
|
Total loans
|
2,033
|
-
|
529
|
-
|
-
|
2,562
|
-
|
-
|
2,562
|
||
Equity securities and holdings in collective investment
schemes
|
|
|
|
|
|
|
|
|
|
||
|
Direct equities
|
10,290
|
12,812
|
2,286
|
84
|
-
|
25,472
|
683
|
-
|
26,155
|
|
|
Collective investment schemes
|
23,950
|
7,704
|
3,787
|
3
|
-
|
35,444
|
2
|
-
|
35,446
|
|
Total equity securities and holdings in collective investment
schemes
|
34,240
|
20,516
|
6,073
|
87
|
-
|
60,916
|
685
|
-
|
61,601
|
||
Other financial investmentsnote
(iii)
|
1,561
|
149
|
2,318
|
106
|
-
|
4,134
|
1,088
|
-
|
5,222
|
||
Total financial investments
|
101,163
|
26,513
|
38,450
|
354
|
-
|
166,480
|
1,999
|
-
|
168,479
|
||
Investment properties
|
-
|
-
|
38
|
-
|
-
|
38
|
-
|
-
|
38
|
||
Investments in joint ventures and associates accounted for using
the equity method
|
-
|
-
|
1,878
|
305
|
-
|
2,183
|
-
|
-
|
2,183
|
||
Cash and cash equivalents
|
905
|
911
|
1,444
|
181
|
-
|
3,441
|
3,729
|
-
|
7,170
|
||
Reinsurers' share of insurance contract
liabilitiesnote
C3.3
|
225
|
-
|
9,528
|
-
|
-
|
9,753
|
-
|
-
|
9,753
|
||
Other assets
|
1,184
|
166
|
9,191
|
759
|
(51)
|
11,249
|
3,608
|
(3,378)
|
11,479
|
||
Total assets
|
103,477
|
27,590
|
60,529
|
1,599
|
(51)
|
193,144
|
9,336
|
(3,378)
|
199,102
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
-
|
-
|
14,289
|
1,120
|
-
|
15,409
|
1,679
|
-
|
17,088
|
||
Non-controlling interests
|
-
|
-
|
45
|
131
|
-
|
176
|
-
|
-
|
176
|
||
Total equity
|
-
|
-
|
14,334
|
1,251
|
-
|
15,585
|
1,679
|
-
|
17,264
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Contract liabilities and unallocated surplus of with-profits
funds
|
94,002
|
25,651
|
37,646
|
-
|
-
|
157,299
|
-
|
-
|
157,299
|
||
Core structural borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
6,127
|
-
|
6,127
|
||
Operational borrowings
|
142
|
-
|
106
|
18
|
-
|
266
|
595
|
-
|
861
|
||
Other liabilities
|
9,333
|
1,939
|
8,443
|
330
|
(51)
|
19,994
|
935
|
(3,378)
|
17,551
|
||
Total liabilities
|
103,477
|
27,590
|
46,195
|
348
|
(51)
|
177,559
|
7,657
|
(3,378)
|
181,838
|
||
Total equity and liabilities
|
103,477
|
27,590
|
60,529
|
1,599
|
(51)
|
193,144
|
9,336
|
(3,378)
|
199,102
|
|
|
|
31 Dec 2020 $m
|
|||||||||
|
|
|
Asia and Africa
|
|
|
|
|
|||||
|
|
|
Insurance
|
|
|
|
|
|
|
|
||
|
|
|
With-profits
|
Unit-linked
|
Other
|
Eastspring
|
Elimina-
tions
|
Total
|
US
discont'd
|
Unallo-
cated
to a
segment
|
Elimination
of intra-group
debtors and
creditors
|
Group
total
|
|
|
|
note (i)
|
note (i)
|
note (i)
|
|
|
|
|
|
|
|
Debt securitiesnote
(ii)
|
|
|
|
|
|
|
|
|
|
|
||
Sovereign debt
|
|
|
|
|
|
|
|
|
|
|
||
|
Indonesia
|
385
|
658
|
564
|
12
|
-
|
1,619
|
-
|
-
|
-
|
1,619
|
|
|
Singapore
|
3,939
|
551
|
979
|
117
|
-
|
5,586
|
-
|
-
|
-
|
5,586
|
|
|
Thailand
|
-
|
-
|
1,999
|
11
|
-
|
2,010
|
-
|
-
|
-
|
2,010
|
|
|
United Kingdom
|
-
|
7
|
-
|
-
|
-
|
7
|
-
|
-
|
-
|
7
|
|
|
United States
|
24,396
|
21
|
2,551
|
-
|
-
|
26,968
|
5,126
|
-
|
-
|
32,094
|
|
|
Vietnam
|
-
|
11
|
2,881
|
-
|
-
|
2,892
|
-
|
-
|
-
|
2,892
|
|
|
Other (predominantly Asia)
|
1,322
|
700
|
3,681
|
19
|
-
|
5,722
|
30
|
-
|
-
|
5,752
|
|
Subtotal
|
30,042
|
1,948
|
12,655
|
159
|
-
|
44,804
|
5,156
|
-
|
-
|
49,960
|
||
Other government bonds
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,420
|
96
|
405
|
-
|
-
|
1,921
|
377
|
-
|
-
|
2,298
|
|
|
AA+ to AA-
|
129
|
2
|
28
|
-
|
-
|
159
|
522
|
-
|
-
|
681
|
|
|
A+ to A-
|
811
|
131
|
339
|
-
|
-
|
1,281
|
188
|
-
|
-
|
1,469
|
|
|
BBB+ to BBB-
|
452
|
16
|
196
|
-
|
-
|
664
|
3
|
-
|
-
|
667
|
|
|
Below BBB- and unrated
|
631
|
9
|
451
|
-
|
-
|
1,091
|
-
|
-
|
-
|
1,091
|
|
Subtotal
|
3,443
|
254
|
1,419
|
-
|
-
|
5,116
|
1,090
|
-
|
-
|
6,206
|
||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
1,228
|
221
|
540
|
-
|
-
|
1,989
|
265
|
-
|
-
|
2,254
|
|
|
AA+ to AA-
|
1,943
|
476
|
1,871
|
-
|
-
|
4,290
|
869
|
-
|
-
|
5,159
|
|
|
A+ to A-
|
7,289
|
695
|
5,194
|
1
|
-
|
13,179
|
10,759
|
-
|
-
|
23,938
|
|
|
BBB+ to BBB-
|
9,005
|
1,299
|
4,785
|
-
|
-
|
15,089
|
12,686
|
-
|
-
|
27,775
|
|
|
Below BBB- and unrated
|
2,814
|
849
|
1,483
|
2
|
-
|
5,148
|
1,975
|
-
|
-
|
7,123
|
|
Subtotal
|
22,279
|
3,540
|
13,873
|
3
|
-
|
39,695
|
26,554
|
-
|
-
|
66,249
|
||
Asset-backed securities
|
|
|
|
|
|
|
|
|
|
|
||
|
AAA
|
74
|
9
|
24
|
-
|
-
|
107
|
2,110
|
-
|
-
|
2,217
|
|
|
AA+ to AA-
|
2
|
1
|
-
|
-
|
-
|
3
|
171
|
-
|
-
|
174
|
|
|
A+ to A-
|
15
|
-
|
16
|
-
|
-
|
31
|
741
|
-
|
-
|
772
|
|
|
BBB+ to BBB-
|
12
|
-
|
9
|
-
|
-
|
21
|
163
|
-
|
-
|
184
|
|
|
Below BBB- and unrated
|
9
|
2
|
8
|
-
|
-
|
19
|
48
|
-
|
-
|
67
|
|
Subtotal
|
112
|
12
|
57
|
-
|
-
|
181
|
3,233
|
-
|
-
|
3,414
|
||
Total debt securities
|
55,876
|
5,754
|
28,004
|
162
|
-
|
89,796
|
36,033
|
-
|
-
|
125,829
|
||
Loans
|
|
|
|
|
|
|
|
|
|
|
||
|
Mortgage loans
|
-
|
-
|
158
|
-
|
-
|
158
|
7,833
|
-
|
-
|
7,991
|
|
|
Policy loans
|
1,231
|
-
|
351
|
-
|
-
|
1,582
|
4,507
|
-
|
-
|
6,089
|
|
|
Other loans
|
492
|
-
|
16
|
-
|
-
|
508
|
-
|
-
|
-
|
508
|
|
Total loans
|
1,723
|
-
|
525
|
-
|
-
|
2,248
|
12,340
|
-
|
-
|
14,588
|
||
Equity securities and holdings in collective investment
schemes
|
|
|
|
|
|
|
|
|
|
|
||
|
Direct equities
|
15,668
|
13,064
|
3,325
|
71
|
-
|
32,128
|
253
|
-
|
-
|
32,381
|
|
|
Collective investment schemes
|
18,125
|
7,392
|
1,638
|
10
|
-
|
27,165
|
25
|
2
|
-
|
27,192
|
|
|
US separate account assets
|
-
|
-
|
-
|
-
|
-
|
-
|
219,062
|
-
|
-
|
219,062
|
|
Total equity securities and holdings in collective investment
schemes
|
33,793
|
20,456
|
4,963
|
81
|
-
|
59,293
|
219,340
|
2
|
-
|
278,635
|
||
Other financial investments
|
1,566
|
405
|
2,173
|
97
|
-
|
4,241
|
4,094
|
13
|
-
|
8,348
|
||
Total financial investments
|
92,958
|
26,615
|
35,665
|
340
|
-
|
155,578
|
271,807
|
15
|
-
|
427,400
|
||
Investment properties
|
-
|
-
|
16
|
-
|
-
|
16
|
7
|
-
|
-
|
23
|
||
Investments in joint ventures and associates accounted for using
the equity method
|
-
|
-
|
1,689
|
273
|
-
|
1,962
|
-
|
-
|
-
|
1,962
|
||
Cash and cash equivalents
|
1,049
|
587
|
1,354
|
156
|
-
|
3,146
|
1,621
|
3,251
|
-
|
8,018
|
||
Reinsurers' share of insurance contract
liabilitiesnote
C3.3
|
257
|
-
|
11,106
|
-
|
-
|
11,363
|
35,232
|
-
|
-
|
46,595
|
||
Other assets
|
1,538
|
252
|
9,418
|
839
|
(62)
|
11,985
|
19,813
|
3,624
|
(3,323)
|
32,099
|
||
Total assets
|
95,802
|
27,454
|
59,248
|
1,608
|
(62)
|
184,050
|
328,480
|
6,890
|
(3,323)
|
516,097
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
-
|
-
|
12,861
|
1,102
|
-
|
13,963
|
8,511
|
(1,596)
|
-
|
20,878
|
||
Non-controlling interests
|
-
|
-
|
34
|
144
|
-
|
178
|
1,063
|
-
|
-
|
1,241
|
||
Total equity
|
-
|
-
|
12,895
|
1,246
|
-
|
14,141
|
9,574
|
(1,596)
|
-
|
22,119
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract liabilities and unallocated surplus of with-profits
funds
|
86,410
|
25,433
|
38,107
|
-
|
-
|
149,950
|
296,513
|
-
|
-
|
446,463
|
||
Core structural borrowings
|
-
|
-
|
-
|
-
|
-
|
-
|
250
|
6,383
|
-
|
6,633
|
||
Operational borrowings
|
194
|
-
|
105
|
23
|
-
|
322
|
1,498
|
624
|
-
|
2,444
|
||
Other liabilities
|
9,198
|
2,021
|
8,141
|
339
|
(62)
|
19,637
|
20,645
|
1,479
|
(3,323)
|
38,438
|
||
Total liabilities
|
95,802
|
27,454
|
46,353
|
362
|
(62)
|
169,909
|
318,906
|
8,486
|
(3,323)
|
493,978
|
||
Total equity and liabilities
|
95,802
|
27,454
|
59,248
|
1,608
|
(62)
|
184,050
|
328,480
|
6,890
|
(3,323)
|
516,097
|
|
|
|
31 Dec 2021 $m
|
31 Dec 2020 $m
|
|
|
|
Total
|
Total
|
|
Debt securities held by consolidated investment funds from
continuing operations
|
15,076
|
15,928
|
|
|
31 Dec 2021 $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
|
|
Continuing operations
|
|
note (i)
|
note (ii)
|
|
|
Loans
|
-
|
616
|
5
|
621
|
|
Equity securities and holdings in collective investment
schemes
|
54,107
|
6,917
|
577
|
61,601
|
|
Debt securities
|
76,049
|
22,987
|
58
|
99,094
|
|
Other investments (including derivative assets)
|
359
|
122
|
-
|
481
|
|
Derivative liabilities
|
(146)
|
(116)
|
-
|
(262)
|
|
Total financial investments, net of derivative
liabilities
|
130,369
|
30,526
|
640
|
161,535
|
|
Investment contract liabilities without discretionary participation
features
|
-
|
(814)
|
-
|
(814)
|
|
Net asset value attributable to unit holders of consolidated
investment funds
|
(5,618)
|
(46)
|
-
|
(5,664)
|
|
Total financial instruments at fair value for continuing
operations
|
124,751
|
29,666
|
640
|
155,057
|
|
Percentage of total (%)
|
81%
|
19%
|
0%
|
100%
|
|
|
|
|
|
|
|
Analysed by business type:
|
|
|
|
|
|
Financial investments, net of derivative liabilities at fair
value
|
|
|
|
|
|
|
With-profits
|
82,489
|
15,438
|
506
|
98,433
|
|
Unit-linked
|
24,024
|
2,343
|
5
|
26,372
|
|
Non-linked shareholder-backed business
|
23,856
|
12,745
|
129
|
36,730
|
Total financial investments net of derivative liabilities, at fair
value
|
130,369
|
30,526
|
640
|
161,535
|
|
Percentage of total continuing operations (%)
|
81%
|
19%
|
0%
|
100%
|
|
|
|
|
|
|
|
Total financial investments, net of derivative liabilities at fair
value
|
130,369
|
30,526
|
640
|
161,535
|
|
Other financial liabilities at fair value
|
(5,618)
|
(860)
|
-
|
(6,478)
|
|
Group total financial instruments at fair value
|
124,751
|
29,666
|
640
|
155,057
|
|
|
31 Dec 2020 $m
|
|||
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
|
Quoted prices
(unadjusted)
in active markets
|
Valuation
based
on significant
observable
market inputs
|
Valuation
based
on significant
unobservable
market inputs
|
Total
|
|
|
|
note (i)
|
note (ii)
|
|
Loans
|
-
|
416
|
3,461
|
3,877
|
|
Equity securities and holdings in collective investment
schemes
|
272,863
|
5,224
|
548
|
278,635
|
|
Debt securities
|
75,998
|
49,769
|
62
|
125,829
|
|
Other investments (including derivative assets)
|
123
|
2,477
|
1,866
|
4,466
|
|
Derivative liabilities
|
(298)
|
(184)
|
-
|
(482)
|
|
Total financial investments, net of derivative
liabilities
|
348,686
|
57,702
|
5,937
|
412,325
|
|
Investment contract liabilities without discretionary participation
features
|
-
|
(792)
|
-
|
(792)
|
|
Net asset value attributable to unit holders of consolidated
investment funds
|
(5,464)
|
(17)
|
(494)
|
(5,975)
|
|
Other financial liabilities held at fair value
|
-
|
-
|
(3,589)
|
(3,589)
|
|
Total financial instruments at fair value
|
343,222
|
56,893
|
1,854
|
401,969
|
|
Percentage of total (%)
|
86%
|
14%
|
0%
|
100%
|
|
|
|
|
|
|
|
Analysed by business type:
|
|
|
|
|
|
Financial investments, net of derivative liabilities at fair value,
from continuing operations:
|
|
|
|
|
|
|
With-profits
|
78,203
|
11,481
|
395
|
90,079
|
|
Unit-linked
|
25,144
|
1,075
|
-
|
26,219
|
|
Non-linked shareholder-backed business
|
20,999
|
12,068
|
89
|
33,156
|
Total financial investments, net of derivative liabilities at fair
value
|
124,346
|
24,624
|
484
|
149,454
|
|
Other financial liabilities at fair value
|
(5,464)
|
(809)
|
-
|
(6,273)
|
|
Total financial instruments, net of derivative liabilities, at fair
value from continuing operations
|
118,882
|
23,815
|
484
|
143,181
|
|
Percentage of total continuing operations (%)
|
83%
|
17%
|
0%
|
100%
|
|
|
|
|
|
|
|
Total financial instruments, net of derivative liabilities, at fair
value from discontinued US operations
|
224,340
|
33,078
|
1,370
|
258,788
|
|
Group total financial instruments at fair value
|
343,222
|
56,893
|
1,854
|
401,969
|
|
|
With-
|
|
Shareholder-backed business
|
|
Total
|
|
|
|
profits business
|
|
Unit-linked
liabilities
|
Other
business
|
|
continuing
operations
|
|
|
$m
|
|
$m
|
$m
|
|
$m
|
At 1 Jan 2020
|
70,308
|
|
28,850
|
33,598
|
|
132,756
|
|
Comprising:
|
|
|
|
|
|
|
|
|
- Policyholder liabilities on the balance sheet
|
|
|
|
|
|
|
|
(excludes $269,549 million from discontinued US
operations)
|
65,558
|
|
23,571
|
27,000
|
|
116,129
|
|
- Unallocated surplus of with-profits funds on the balance
sheetnote
(viii)
|
4,750
|
|
-
|
-
|
|
4,750
|
|
- Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(i)
|
-
|
|
5,279
|
6,598
|
|
11,877
|
Premiums:note
(ii)
|
|
|
|
|
|
|
|
|
New business
|
1,338
|
|
1,851
|
2,063
|
|
5,252
|
|
In-force
|
8,393
|
|
2,358
|
4,757
|
|
15,508
|
|
|
9,731
|
|
4,209
|
6,820
|
|
20,760
|
Surrendersnotes
(ii)(iii)
|
(797)
|
|
(2,982)
|
(951)
|
|
(4,730)
|
|
Maturities/deaths/other claim events
|
(1,595)
|
|
(196)
|
(774)
|
|
(2,565)
|
|
Net flows
|
7,339
|
|
1,031
|
5,095
|
|
13,465
|
|
Shareholders' transfers post-tax
|
(116)
|
|
-
|
-
|
|
(116)
|
|
Investment-related items and other movementsnotes
(iv)(vii)
|
8,127
|
|
2,107
|
7,108
|
|
17,342
|
|
Foreign exchange translation differencesnote
(v)
|
752
|
|
518
|
838
|
|
2,108
|
|
At 31 Dec 2020/1 Jan 2021
|
86,410
|
|
32,506
|
46,639
|
|
165,555
|
|
Comprising:
|
|
|
|
|
|
|
|
|
- Policyholder liabilities on the balance sheet
|
|
|
|
|
|
|
|
(excludes $296,513 million from discontinued US
operations)
|
81,193
|
|
25,433
|
38,107
|
|
144,733
|
|
- Unallocated surplus of with-profits funds on the balance
sheetnote
(viii)
|
5,217
|
|
-
|
-
|
|
5,217
|
|
- Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(i)
|
-
|
|
7,073
|
8,532
|
|
15,605
|
Premiums:note
(ii)
|
|
|
|
|
|
|
|
|
New business
|
1,990
|
|
3,038
|
2,172
|
|
7,200
|
|
In-force
|
7,096
|
|
2,406
|
5,286
|
|
14,788
|
|
|
9,086
|
|
5,444
|
7,458
|
|
21,988
|
Surrendersnotes
(ii)(iii)
|
(844)
|
|
(3,326)
|
(734)
|
|
(4,904)
|
|
Maturities/deaths/other claim events
|
(2,116)
|
|
(215)
|
(1,123)
|
|
(3,454)
|
|
Net flows
|
6,126
|
|
1,903
|
5,601
|
|
13,630
|
|
Shareholders' transfers post tax
|
(134)
|
|
-
|
-
|
|
(134)
|
|
Investment-related items and other movementsnote
(iv)
|
2,499
|
|
897
|
(3,505)
|
|
(109)
|
|
Foreign exchange translation differencesnote
(v)
|
(899)
|
|
(550)
|
(239)
|
|
(1,688)
|
|
At 31 Dec 2021
|
94,002
|
|
34,756
|
48,496
|
|
177,254
|
|
Comprising:
|
|
|
|
|
|
|
|
|
- Policyholder liabilities on the balance sheet
|
88,618
|
|
25,651
|
37,646
|
|
151,915
|
|
- Unallocated surplus of with-profits funds on the balance
sheetnote
(viii)
|
5,384
|
|
-
|
-
|
|
5,384
|
|
- Group's share of policyholder liabilities relating to joint
ventures and associatesnote
(i)
|
-
|
|
9,105
|
10,850
|
|
19,955
|
|
|
|
|
|
|
|
|
Average policyholder liability balancesnote
(vi)
|
|
|
|
|
|
|
|
|
2021
|
84,905
|
|
33,631
|
47,568
|
|
166,104
|
|
2020
|
73,375
|
|
30,678
|
40,119
|
|
144,172
|
|
|
31 Dec 2021 $m
|
31 Dec 2020 $m
|
Policyholder liabilities
|
151,915
|
144,733
|
|
|
|
|
|
Expected maturity:
|
31 Dec 2021 %
|
31 Dec 2020 %
|
|
|
0 to 5 years
|
20
|
20
|
|
5 to 10 years
|
18
|
19
|
|
10 to 15 years
|
15
|
15
|
|
15 to 20 years
|
12
|
12
|
|
20 to 25 years
|
10
|
10
|
|
Over 25 years
|
25
|
24
|
|
Gross
insurance
contract
liabilities
|
Reinsurers'
share of
insurance
contract
liabilities
|
Investment
contract
liabilities
|
Unallocated
surplus of
with-profits
funds
|
|
$m
|
$m
|
$m
|
$m
|
At 1 Jan 2020
|
(380,143)
|
13,856
|
(5,535)
|
(4,750)
|
Income and expense included in the income
statementnote
(i)
|
|
|
|
|
From continuing operations
|
(27,367)
|
5,885
|
135
|
(438)
|
From discontinued US operations
|
(27,667)
|
26,838
|
214
|
-
|
|
(55,034)
|
32,723
|
349
|
(438)
|
Other movementsnote
(ii)
|
|
|
|
|
From continuing operations
|
-
|
-
|
276
|
-
|
From discontinued US operations
|
-
|
-
|
489
|
-
|
|
-
|
-
|
765
|
-
|
Foreign exchange translation differences
|
(1,610)
|
16
|
(38)
|
(29)
|
Balance at 31 Dec 2020/1 Jan 2021
|
(436,787)
|
46,595
|
(4,459)
|
(5,217)
|
Removal of discontinued US operations
|
293,325
|
(35,232)
|
3,188
|
-
|
Income and expense included in the income
statementnotes
(i)(iii)
|
(9,082)
|
(1,552)
|
189
|
(202)
|
Other movementsnote
(ii)
|
-
|
-
|
(75)
|
-
|
Foreign exchange translation differences
|
1,789
|
(58)
|
(3)
|
35
|
At 31 Dec 2021
|
(150,755)
|
9,753
|
(1,160)
|
(5,384)
|
|
|
2021 $m
|
|||||
|
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Total
segment
|
|
Claims incurred, net of reinsurance
|
(1,687)
|
(1,184)
|
(1,015)
|
(3,037)
|
(1,590)
|
(8,513)
|
|
(Increase) decrease in policyholder liabilities, net of
reinsurance
|
(6,088)
|
167
|
(260)
|
(2,856)
|
(1,159)
|
(10,196)
|
|
Movement in unallocated surplus of with-profits funds
|
(250)
|
-
|
48
|
-
|
-
|
(202)
|
|
Benefits and claims and movement in unallocated
surplus,
net of reinsurance
|
(8,025)
|
(1,017)
|
(1,227)
|
(5,893)
|
(2,749)
|
(18,911)
|
|
|
|
|
|
|
|
|
|
|
2020 $m
|
|||||
|
|
Hong
Kong
|
Indonesia
|
Malaysia
|
Singapore
|
Growth
markets
and other
|
Total
segment
|
|
Claims incurred, net of reinsurance
|
(1,735)
|
(942)
|
(867)
|
(2,334)
|
(1,199)
|
(7,077)
|
|
(Increase) decrease in policyholder liabilities, net of
reinsurance
|
(14,168)
|
260
|
(773)
|
(4,284)
|
(2,108)
|
(21,073)
|
|
Movement in unallocated surplus of with-profits funds
|
(338)
|
-
|
(100)
|
-
|
-
|
(438)
|
|
Benefits and claims and movement in unallocated
surplus,
net of reinsurance
|
(16,241)
|
(682)
|
(1,740)
|
(6,618)
|
(3,307)
|
(28,588)
|
|
2021 $m
|
2020 $m
|
Carrying value at 1 Jan
|
961
|
969
|
Exchange differences
|
(54)
|
(8)
|
Carrying value at 31 Dec
|
907
|
961
|
|
31 Dec 2021 $m
|
31 Dec 2020 $m
|
|
Deferred acquisition costs and other intangible assets attributable
to shareholdersnote
(a)
|
6,809
|
20,275
|
|
Other intangible assets, including computer software, attributable
to with-profits funds
|
49
|
70
|
|
Total of deferred acquisition costs and other intangible
assets
|
6,858
|
20,345
|
|
Analysed as:
|
|
|
|
Deferred acquisition costs and other intangible assets from
continuing operations
|
|
|
|
|
Attributable to shareholder-backed businessnote
|
6,809
|
6,394
|
|
Attributable to with-profits business
|
49
|
70
|
Deferred acquisition costs and other intangible assets from
discontinued US operations
|
-
|
13,881
|
|
Total of deferred acquisition costs and other intangible
assets
|
6,858
|
20,345
|
|
31 Dec 2021 $m
|
31 Dec 2020 $m
|
DAC related to insurance contracts as classified under IFRS
4
|
2,776
|
2,319
|
DAC related to investment management contracts, including life
assurance contracts classified as financial instruments and
investment management contracts under IFRS 4
|
39
|
34
|
DAC related to insurance and investment contracts
|
2,815
|
2,353
|
Distribution rights
|
3,782
|
3,851
|
Present value of acquired in-force policies for insurance contracts
as classified under IFRS 4
|
28
|
34
|
Other intangibles
|
184
|
156
|
Present value of acquired in-force policies (PVIF) and other
intangibles attributable to shareholders
|
3,994
|
4,041
|
Total of DAC and other intangible assets
|
6,809
|
6,394
|
|
|
2021 $m
|
|
2020 $m
|
||
|
|
DAC
|
PVIF and other
intangibles
|
Total
|
|
Total
|
|
|
note
|
note
|
|
|
|
Balance at 1 Jan
|
16,216
|
4,059
|
20,275
|
|
17,409
|
|
Removal of discontinued US operations
|
(13,863)
|
(18)
|
(13,881)
|
|
-
|
|
Additions
|
848
|
337
|
1,185
|
|
2,471
|
|
Amortisation to the income statement:
|
|
|
|
|
|
|
|
From continuing operations
|
(343)
|
(308)
|
(651)
|
|
(518)
|
|
From discontinued US operations
|
-
|
-
|
-
|
|
374
|
|
(343)
|
(308)
|
(651)
|
|
(144)
|
|
Amortisation of DAC related to the discontinued US operations
recognised within other comprehensive income
|
-
|
-
|
-
|
|
494
|
|
Disposals and transfers
|
-
|
(7)
|
(7)
|
|
(12)
|
|
Exchange differences and other movements
|
(43)
|
(69)
|
(112)
|
|
57
|
|
Balance at 31 Dec
|
2,815
|
3,994
|
6,809
|
|
20,275
|
|
|
31 Dec 2021 $m
|
31 Dec 2020 $m
|
Continuing operations:
|
|
|
|
Subordinated debt:
|
|
|
|
|
US$250m 6.75% Notesnote
(i)
|
-
|
250
|
|
US$300m 6.5% Notesnote
(i)
|
-
|
300
|
|
US$700m 5.25% Notesnote
(i)
|
-
|
700
|
|
US$1,000m 5.25% Notesnote
(i)
|
1,000
|
999
|
|
US$725m 4.375% Notesnote
(iii)
|
725
|
723
|
|
US$750m 4.875% Notes
|
748
|
746
|
|
€20m Medium Term Notes 2023
|
23
|
24
|
|
£435m 6.125% Notes 2031
|
584
|
590
|
|
US$1,000m 2.95% Notes 2033note
(ii)
|
995
|
-
|
Senior debt:note
(iv)
|
|
|
|
|
£300m 6.875% Notes 2023
|
404
|
406
|
|
£250m 5.875% Notes 2029
|
313
|
312
|
|
$1,000m 3.125% Notes 2030
|
985
|
983
|
Bank loans:
|
|
|
|
$350m Loan 2024
|
350
|
350
|
|
Total continuing operations
|
6,127
|
6,383
|
|
Discontinued US operations: Jackson US$250m 8.15% Surplus Notes
2027
|
|
250
|
|
Total core structural borrowings of shareholder-financed
businesses
|
|
6,633
|
|
31 Dec 2021 $m
|
31 Dec 2020 $m
|
Shareholder-financed business:
|
|
|
Borrowings in respect of short-term fixed income securities
programmes - commercial paper
|
500
|
501
|
Lease liabilities under IFRS 16
|
209
|
251
|
Other borrowings
|
10
|
-
|
Operational borrowings from continuing operations
|
719
|
752
|
Discontinued US operationsnote
|
|
1,498
|
Group total operational borrowings attributable to
shareholder-financed businesses
|
|
2,250
|
|
|
|
With-profits business:
|
|
|
Lease liabilities under IFRS 16
|
138
|
194
|
Other borrowings
|
4
|
-
|
Group total operational borrowings
|
861
|
2,444
|
|
|
31 Dec 2020 $m
|
Non-recourse borrowings of consolidated investment
funds
|
|
994
|
Lease liabilities under IFRS 16
|
|
51
|
Senior debt issued through the Federal Home Loan Bank of
Indianapolis (FHLB)
|
|
453
|
Operational borrowings from discontinued US operations
|
|
1,498
|
Type of business
|
Market and credit risk
|
Insurance and lapse risk
|
All insurance business
|
|
Mortality and/or morbidity risk
Persistency risk
|
With-profits business
|
Net neutral direct exposure (indirect exposure to investment
performance, which is subject to smoothing through declared
bonuses)
|
|
Unit-linked business
|
Net neutral direct exposure (indirect exposure to investment
performance, through asset management fees)
|
|
Non-participating business
|
Asset/liability mismatch risk which results in sensitivity to
interest rates and credit spreads, particularly for operations
where the insurance liability basis is sensitive to current market
movements
Profit and shareholders' equity are also sensitive to the impact of
current market movements on assets held in excess of
non-participating policyholder liabilities
Indirect exposure to investment performance through policyholder
charges and guarantees in some cases
|
|
Net effect on shareholders' equity from continuing insurance
operations
|
31 Dec 2021 $m
|
31 Dec 2020 $m
|
|
Shareholders' equity from continuing insurance
operations
|
14,289
|
12,861
|
|
|
Sensitivity to key market risks*:
|
|
|
|
Interest rates and consequential effects - 1% increase
|
(796)
|
(318)
|
|
Interest rates and consequential effects - 0.5%
decrease
|
137
|
(1,274)
|
|
Equity/property market values - 10% rise
|
372
|
410
|
|
Equity/property market values - 20% fall
|
(787)
|
(848)
|
|
2021 $m
|
||||
|
Balance
at 1 Jan
|
Removal of
discontinued
US operations
|
Movement in
income
statement
|
Other
movements
including
foreign
exchange
movements
|
Balance
at 31 Dec
|
Deferred tax assets
|
|
|
|
|
|
Unrealised losses or gains on investments
|
-
|
-
|
3
|
-
|
3
|
Balances relating to investment and insurance
contracts
|
87
|
-
|
(16)
|
(37)
|
34
|
Short-term temporary differences
|
4,662
|
(4,513)
|
15
|
(2)
|
162
|
Unused tax losses
|
109
|
(29)
|
(14)
|
1
|
67
|
Total
|
4,858
|
(4,542)
|
(12)
|
(38)
|
266
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
|
|
|
Unrealised losses or gains on investments
|
(1,063)
|
691
|
127
|
3
|
(242)
|
Balances relating to investment and insurance
contracts
|
(1,765)
|
-
|
(433)
|
73
|
(2,125)
|
Short-term temporary differences
|
(3,247)
|
2,832
|
(87)
|
7
|
(495)
|
Total
|
(6,075)
|
3,523
|
(393)
|
83
|
(2,862)
|
|
|
|
2020 $m
|
|
|
|
Balance
at 1 Jan
|
Movement in
income
statement
|
Movement
through
other
comprehensive
income
|
Other
movements
including
foreign
exchange
movements
|
Balance
at 31 Dec
|
Deferred tax assets
|
|
|
|
|
|
Unrealised losses or gains on investments
|
-
|
-
|
-
|
-
|
-
|
Balances relating to investment and insurance
contracts
|
32
|
55
|
-
|
-
|
87
|
Short-term temporary differences
|
133
|
14
|
-
|
2
|
149
|
Unused tax losses
|
106
|
(31)
|
-
|
5
|
80
|
Total continuing operations
|
271
|
38
|
-
|
7
|
316
|
Discontinued US operations
|
3,804
|
732
|
-
|
6
|
4,542
|
Group total
|
4,075
|
770
|
-
|
13
|
4,858
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
|
|
|
Unrealised losses or gains on investments
|
(289)
|
(78)
|
-
|
(5)
|
(372)
|
Balances relating to investment and insurance
contracts
|
(1,507)
|
(235)
|
-
|
(23)
|
(1,765)
|
Short-term temporary differences
|
(350)
|
(53)
|
-
|
(12)
|
(415)
|
Total continuing operations
|
(2,146)
|
(366)
|
-
|
(40)
|
(2,552)
|
Discontinued US operations
|
(3,091)
|
(324)
|
(102)
|
(6)
|
(3,523)
|
Group total
|
(5,237)
|
(690)
|
(102)
|
(46)
|
(6,075)
|
|
2021
|
|
2020
|
||||
Issued shares of 5p each fully paid
|
Number of
ordinary
shares
|
Share
capital
|
Share
premium
|
|
Number of
ordinary
shares
|
Share
capital
|
Share
premium
|
|
|
$m
|
$m
|
|
|
$m
|
$m
|
Balance at 1 Jan
|
2,609,489,702
|
173
|
2,637
|
|
2,601,159,949
|
172
|
2,625
|
Shares issued under share-based schemes
|
6,142,213
|
-
|
8
|
|
8,329,753
|
1
|
12
|
Shares issued under Hong Kong public offer and international
placing in 2021 (see below)
|
130,780,350
|
9
|
2,365
|
|
-
|
-
|
-
|
Balance at 31 Dec
|
2,746,412,265
|
182
|
5,010
|
|
2,609,489,702
|
173
|
2,637
|
|
|
|
Share price
range
|
|
|
|
|
Number of shares to subscribe for
|
|
from
|
to
|
|
Exercisable by year
|
31 Dec 2021
|
2,022,535
|
|
964p
|
1,455p
|
|
2027
|
31 Dec 2020
|
2,320,320
|
|
964p
|
1,455p
|
|
2026
|
|
|
|
2021
|
|
|
|
|
|
2020
|
|
|
||||
|
Number
|
|
Share price
|
|
|
|
Number
|
|
Share price
|
|
|
||||
|
of shares
|
|
Low
|
|
High
|
|
Cost
|
|
of shares
|
|
Low
|
|
High
|
|
Cost
|
|
|
|
£
|
|
£
|
|
$
|
|
|
|
£
|
|
£
|
|
$
|
January
|
74,817
|
|
14.12
|
|
14.48
|
|
1,443,158
|
|
62,395
|
|
14.42
|
|
14.68
|
|
1,195,275
|
February
|
69,865
|
|
12.42
|
|
12.96
|
|
1,251,067
|
|
62,680
|
|
14.57
|
|
14.60
|
|
1,183,717
|
March
|
55,545
|
|
14.91
|
|
15.49
|
|
1,189,784
|
|
79,057
|
|
11.18
|
|
11.40
|
|
1,110,374
|
April
|
2,438,884
|
|
15.45
|
|
15.55
|
|
52,512,098
|
|
5,363,563
|
|
10.21
|
|
10.48
|
|
68,010,967
|
May
|
52,989
|
|
15.82
|
|
15.96
|
|
1,183,836
|
|
81,377
|
|
11.16
|
|
11.30
|
|
1,117,783
|
June
|
121,472
|
|
14.62
|
|
14.89
|
|
2,508,974
|
|
167,724
|
|
11.86
|
|
12.67
|
|
2,540,749
|
July
|
60,473
|
|
13.62
|
|
13.78
|
|
1,145,078
|
|
87,239
|
|
12.30
|
|
12.51
|
|
1,365,109
|
August
|
57,004
|
|
14.20
|
|
14.37
|
|
1,128,450
|
|
72,287
|
|
12.21
|
|
12.33
|
|
1,167,008
|
September
|
312,226
|
|
14.89
|
|
15.24
|
|
7,961,098
|
|
75,368
|
|
11.61
|
|
11.68
|
|
1,138,447
|
October
|
436,771
|
|
14.48
|
|
14.99
|
|
8,410,274
|
|
116,802
|
|
11.49
|
|
11.71
|
|
1,764,694
|
November
|
53,867
|
|
14.77
|
|
14.83
|
|
1,072,374
|
|
74,178
|
|
10.62
|
|
12.76
|
|
1,233,127
|
December
|
76,926
|
|
13.20
|
|
13.24
|
|
1,355,942
|
|
70,814
|
|
12.78
|
|
12.83
|
|
1,217,842
|
Total
|
3,810,839
|
|
|
|
|
|
81,162,133
|
|
6,313,484
|
|
|
|
|
|
83,045,092
|
|
2021 $m
|
2020 $m
|
Loss attaching to corporate transactions as shown separately on the
consolidated income statementnote
|
(35)
|
(30)
|
(Loss) gain arising on reinsurance transaction undertaken by the
Hong Kong business
|
(59)
|
765
|
Total (loss) gain attaching to corporate transactions from
continuing operationsnote
B1.1
|
(94)
|
735
|
|
2021 $m
|
2020 $m
|
Gross premiums earned
|
14,047
|
19,026
|
Outward reinsurance premiumsnote
(i)
|
(274)
|
(30,584)
|
Earned premiums, net of reinsurance
|
13,773
|
(11,558)
|
Investment return and other income
|
32,199
|
31,321
|
Total revenue, net of reinsurance
|
45,972
|
19,763
|
Benefits and claims, net of reinsurance
|
(41,350)
|
(19,617)
|
Acquisition costs and other expenditure
|
(2,305)
|
(906)
|
Total charge, net of reinsurance
|
(43,655)
|
(20,523)
|
Profit (loss) before tax
|
2,317
|
(760)
|
Tax (charge) credit
|
(363)
|
477
|
Profit (loss) after tax
|
1,954
|
(283)
|
Remeasurement to fair value on demergernote
(iii)
|
(8,259)
|
-
|
Cumulative valuation movements on available-for-sale debt
securities, net of related tax and change in DAC, and net
investment hedges recycled from other comprehensive
incomenote
(ii)
|
1,278
|
-
|
Loss for the year
|
(5,027)
|
(283)
|
Attributable to:
|
|
|
Equity holders of the Company
|
(4,234)
|
(340)
|
Non-controlling interests
|
(793)
|
57
|
Loss for the year
|
(5,027)
|
(283)
|
|
|
2021 $m
|
2020 $m
|
Loss for the year
|
(5,027)
|
(283)
|
|
Other comprehensive (loss) income
|
|
|
|
Valuation movements in the year on available-for-sale debt
securities
|
(1,053)
|
(100)
|
|
Related change in amortisation of DAC
|
80
|
494
|
|
Related tax
|
210
|
(102)
|
|
|
|
(763)
|
292
|
Cumulative valuation movements on available-for-sale debt
securities, net of related tax and change in DAC, and net
investment hedges recycled through profit or loss at the point of
demerger
|
(1,278)
|
-
|
|
Other comprehensive (loss) income for the year
|
(2,041)
|
292
|
|
Total comprehensive (loss) income for the year
|
(7,068)
|
9
|
|
Attributable to:
|
|
|
|
Equity holders of the Company
|
(6,283)
|
(40)
|
|
Non-controlling interests
|
(785)
|
49
|
|
Total comprehensive (loss) income for the year
|
(7,068)
|
9
|
|
2021 $m
|
2020 $m
|
Net cash flows from operating activities
|
(423)
|
(807)
|
Net cash flows from investing activities
|
-
|
(2)
|
Net cash flows from financing activitiesnote
|
2,329
|
470
|
Cash divested upon demerger
|
(3,527)
|
-
|
Net decrease in cash and cash equivalents
|
(1,621)
|
(339)
|
Cash and cash equivalents at 1 Jan
|
1,621
|
1,960
|
Cash and cash equivalents at 31 Dec
|
-
|
1,621
|
|
13 September 2021 $m
|
Deferred acquisition costs and other intangible assets
|
14,018
|
Reinsurers' share of insurance contract liabilities
|
34,014
|
Financial investments
|
293,562
|
Cash and cash equivalents
|
3,527
|
Policyholder liabilities
|
(316,495)
|
Net other assets and liabilities
|
(17,861)
|
Net assets and liabilities of discontinued US operations at
demerger before remeasurement to fair value
|
10,765
|
Adjustment for remeasurement of the carrying value of the business
to fair value on demerger
|
(8,259)
|
Net assets and liabilities of discontinued US operations at
demerger after remeasurement to fair value
|
2,506
|
Attributable to:
|
|
Equity holders of the Company
|
2,228
|
Non-controlling interests
|
278
|
|
2,506
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By: /s/ Mark FitzPatrick
|
|
|
|
Mark
FitzPatrick
|
|
Group
Chief Financial Officer and Chief Operating
Officer
|