31 December 2021
|
Shareholder basis
|
Total regulatory basis
|
||||||
|
GMCR basis
|
GPCR basis
|
GMCR basis
|
GPCR basis
|
||||
$ billion
|
As
disclosed
|
Impact of
HK RBC &
C-ROSS II
|
Post
regulatory
updates
|
Post
regulatory
updates
|
As
disclosed
|
Impact of
HK RBC & C-ROSS II
|
Post
regulatory
updates
|
Post
regulatory
updates
|
Capital resources
|
15.2
|
+10.3
|
25.5
|
25.5
|
42.7
|
(0.7)
|
42.0
|
42.0
|
|
|
|
|
|
|
|
|
|
Required capital
|
3.7
|
+1.0
|
4.7
|
8.0
|
10.7
|
+0.4
|
11.1
|
20.6
|
GWS capital surplus
|
11.5
|
+9.3
|
20.8
|
17.5
|
32.0
|
(1.1)
|
30.9
|
21.4
|
GWS coverage ratio
|
408%
|
+137%
|
545%
|
320%
|
398%
|
-20%
|
378%
|
204%
|
|
30 Jun 2022
|
|
31 Dec 2021
|
||||
|
Shareholder
|
Add
Policyholder
note (3)
|
Total
|
|
Shareholder
|
Add
Policyholder
note (3)
|
Total
|
Group capital resources ($bn)
|
23.7
|
13.6
|
37.3
|
|
25.5
|
16.5
|
42.0
|
of which: Tier 1 capital resources ($bn)note
(2)
|
16.3
|
2.1
|
18.4
|
|
17.9
|
3.5
|
21.4
|
|
|
|
|
|
|
|
|
Group Minimum Capital Requirement ($bn)
|
4.3
|
1.3
|
5.6
|
|
4.7
|
1.8
|
6.5
|
Group Prescribed Capital Requirement ($bn)
|
7.5
|
10.7
|
18.2
|
|
8.0
|
12.6
|
20.6
|
|
|
|
|
|
|
|
|
GWS capital surplus over GPCR ($bn)
|
16.2
|
2.9
|
19.1
|
|
17.5
|
3.9
|
21.4
|
GWS coverage ratio over GPCR (%)
|
317%
|
|
205%
|
|
320%
|
|
204%
|
|
|
|
|
|
|
|
|
GWS Tier 1 surplus over GMCR ($bn)
|
|
|
12.8
|
|
|
|
14.9
|
|
|
30 June 2022
|
||||
|
|
Shareholder
|
|
Total
|
||
Impact of market sensitivities
|
Surplus ($bn)
|
Coverage ratio
|
|
Surplus ($bn)
|
Coverage ratio
|
|
Base position
|
16.2
|
317%
|
|
19.1
|
205%
|
|
Impact of:
|
|
|
|
|
|
|
|
10% increase in equity markets
|
0.3
|
(5)%
|
|
0.9
|
(3)%
|
|
20% fall in equity markets
|
(1.7)
|
(10)%
|
|
(3.0)
|
(6)%
|
|
50 basis points reduction in interest
rates
|
0.4
|
3%
|
|
(0.2)
|
(4)%
|
|
100 basis points increase in interest
rates
|
(1.3)
|
(26)%
|
|
(0.6)
|
(4)%
|
|
100 basis points increase in credit
spreads
|
(0.7)
|
(10)%
|
|
(1.3)
|
(7)%
|
|
|
H1 2022
($bn)
|
Total GWS surplus at beginning of period (over GPCR) (Post
regulatory updates)
|
21.4
|
|
|
|
|
Shareholder free surplus generation
|
|
|
|
In force operating capital generation
|
1.1
|
|
Investment in new business
|
(0.3)
|
Total operating free surplus generation
|
0.8
|
|
|
|
|
|
External dividends
|
(0.3)
|
|
Non-operating movements (including market movements)
|
(1.3)
|
|
Other capital movements
|
(0.5)
|
Movement in free surplus (see EEV accounts for further
detail)
|
(1.3)
|
|
|
|
|
|
Other movements in GWS shareholder surplus (not included in free
surplus)
|
0.0
|
|
Movement in GWS policyholder surplus
|
(1.0)
|
|
|
|
Net movement in GWS capital surplus (over GPCR)
|
(2.3)
|
|
|
|
|
Total GWS surplus at end of period (over GPCR)
|
19.1
|
|
30 June 2022 $bn
|
||
|
Capital resources
|
Required capital
|
Surplus
|
Free surplus†
|
14.2
|
5.6
|
8.6
|
Restrictions applied in free surplus for China
C-ROSSnote
(a)
|
2.1
|
1.4
|
0.7
|
Restrictions applied in free surplus for Hong Kong
RBCnote
(b)
|
5.3
|
0.4
|
4.9
|
Restrictions applied in free surplus for Singapore
RBCnote
(c)
|
2.0
|
0.1
|
1.9
|
Othernote
(d)
|
0.1
|
0.0
|
0.1
|
Add GWS policyholder surplus contribution
|
13.6
|
10.7
|
2.9
|
Total regulatory GWS capital surplus (over GPCR)
|
37.3
|
18.2
|
19.1
|
|
30 Jun 2022
$bn
|
Group IFRS shareholders’ equity
|
16.1
|
Remove DAC, goodwill and intangibles recognised on the IFRS
statement of financial position
|
(7.4)
|
Add debt treated as capital under GWSnote
(a)
|
4.0
|
Asset valuation differencesnote
(b)
|
(0.8)
|
Liability valuation (including insurance contracts)
differencesnote
(c)
|
10.8
|
Differences in associated net deferred tax
liabilitiesnote
(d)
|
1.1
|
Othernote
(e)
|
(0.1)
|
Contribution from Policyholder business
|
13.6
|
Group total GWS capital resources
|
37.3
|
|
|
Half year 2022
|
|
Half year 2021 AER
|
|
Half year 2021 CER
|
||||||
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Profit
|
liability
|
Margin
|
|
Profit
|
liability
|
Margin
|
|
Profit
|
liability
|
Margin
|
|
|
$m
|
$m
|
bps
|
|
$m
|
$m
|
bps
|
|
$m
|
$m
|
bps
|
|
|
note (a)
|
note (b)
|
|
|
note (a)
|
note (b)
|
|
|
note (a)
|
note (b)
|
|
Spread income
|
156
|
42,759
|
73
|
|
153
|
45,993
|
67
|
|
150
|
45,111
|
67
|
|
Fee income
|
172
|
33,540
|
103
|
|
169
|
32,888
|
103
|
|
164
|
32,096
|
102
|
|
With-profits
|
75
|
81,516
|
18
|
|
62
|
82,082
|
15
|
|
61
|
80,885
|
15
|
|
Insurance margin
|
1,683
|
|
|
|
1,467
|
|
|
|
1,434
|
|
|
|
Margin on revenues
|
1,542
|
|
|
|
1,432
|
|
|
|
1,396
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costsnote
(c)
|
(1,129)
|
2,213
|
(51)%
|
|
(990)
|
2,083
|
(48)%
|
|
(968)
|
2,036
|
(48)%
|
|
Administration expenses
|
(899)
|
76,641
|
(235)
|
|
(804)
|
79,163
|
(203)
|
|
(780)
|
77,472
|
(201)
|
|
DAC adjustments
|
223
|
|
|
|
238
|
|
|
|
233
|
|
|
Expected return on shareholder assets
|
107
|
|
|
|
101
|
|
|
|
99
|
|
|
|
|
|
1,930
|
|
|
|
1,828
|
|
|
|
1,789
|
|
|
Share of related tax charges from joint ventures and
associatesnote
(d)
|
(32)
|
|
|
|
(21)
|
|
|
|
(21)
|
|
|
|
Long-term business
|
1,898
|
|
|
|
1,807
|
|
|
|
1,768
|
|
|
|
Eastspring
|
131
|
|
|
|
162
|
|
|
|
155
|
|
|
|
Adjusted operating profit
|
2,029
|
|
|
|
1,969
|
|
|
|
1,923
|
|
|
|
|
2022 $m
|
|
2021 $m
|
|
2022 vs 2021 %
|
|
2021 $m
|
||
|
|
Half year
|
|
Half year
AER
|
Half year
CER
|
|
Half year
AER
|
Half year
CER
|
|
Full year
AER
|
CPL
|
149
|
|
139
|
139
|
|
7%
|
7%
|
|
343
|
|
Hong Kong
|
501
|
|
460
|
457
|
|
9%
|
10%
|
|
975
|
|
Indonesia
|
196
|
|
225
|
222
|
|
(13)%
|
(12)%
|
|
446
|
|
Malaysia
|
190
|
|
184
|
175
|
|
3%
|
9%
|
|
350
|
|
Singapore
|
340
|
|
320
|
312
|
|
6%
|
9%
|
|
663
|
|
Growth markets and other
|
|
|
|
|
|
|
|
|
|
|
|
Philippines
|
59
|
|
58
|
54
|
|
2%
|
9%
|
|
110
|
|
Taiwan
|
45
|
|
47
|
46
|
|
(4)%
|
(2)%
|
|
94
|
|
Thailand
|
103
|
|
91
|
83
|
|
13%
|
24%
|
|
236
|
|
Vietnam
|
155
|
|
147
|
147
|
|
5%
|
5%
|
|
317
|
|
Other*
|
192
|
|
157
|
154
|
|
22%
|
25%
|
|
219
|
|
Share of related tax charges from joint ventures and
associate
|
(32)
|
|
(21)
|
(21)
|
|
52%
|
52%
|
|
(44)
|
Long-term business
|
1,898
|
|
1,807
|
1,768
|
|
5%
|
7%
|
|
3,709
|
|
Eastspring
|
131
|
|
162
|
155
|
|
(19)%
|
(15)%
|
|
314
|
|
Adjusted operating profit
|
2,029
|
|
1,969
|
1,923
|
|
3%
|
6%
|
|
4,023
|
|
2022 $m
|
|
2021 AER $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Operating income before performance-related feesnote
(1)
|
332
|
|
374
|
747
|
Performance-related fees
|
4
|
|
6
|
15
|
Operating income (net of commission)note
(2)
|
336
|
|
380
|
762
|
Operating expensenote
(2)
|
(184)
|
|
(196)
|
(403)
|
Group's share of tax on joint ventures' operating
profit
|
(21)
|
|
(22)
|
(45)
|
Adjusted operating profit
|
131
|
|
162
|
314
|
|
|
|
|
|
Average funds managed by Eastspring Investments
|
$241.8bn
|
|
$247.6bn
|
$251.7bn
|
Margin based on operating incomenote
(3)
|
28bps
|
|
30bps
|
30bps
|
Cost/income rationote
II(v)
|
55%
|
|
52%
|
54%
|
|
|
|
|
|
|
|
Retail
|
Margin
|
Institutional*
|
Margin
|
Total
|
Margin
|
|
|
$m
|
bps
|
$m
|
bps
|
$m
|
bps
|
|
Half year 2022
|
196
|
52
|
136
|
16
|
332
|
28
|
|
Half year 2021
|
225
|
56
|
149
|
18
|
374
|
30
|
|
Full year 2021
|
449
|
56
|
298
|
17
|
747
|
30
|
|
|
2022 $bn
|
|
2021 AER $bn
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
External funds under management, excluding funds managed on behalf
of M&G plcnote
(1)
|
|
|
|
|
|
|
Retail
|
58.4
|
|
67.9
|
68.5
|
|
Institutional
|
11.0
|
|
14.9
|
13.2
|
|
Money market funds (MMF)
|
12.1
|
|
13.3
|
12.3
|
|
|
81.5
|
|
96.1
|
94.0
|
Funds managed on behalf of M&G plcnote
(2)
|
9.3
|
|
16.1
|
11.5
|
|
|
|
|
|
|
|
External funds under management
|
90.8
|
|
112.2
|
105.5
|
|
Internal funds under management
|
131.5
|
|
141.8
|
153.0
|
|
Total funds under managementnote
(3)
|
222.3
|
|
254.0
|
258.5
|
|
|
|
2022 $m
|
|
2021 AER $m
|
|
|
|
|
Half year
|
|
Half year
|
Full year
|
|
At beginning of period
|
93,956
|
|
93,863
|
93,863
|
|
|
Market gross inflows
|
43,462
|
|
49,736
|
98,963
|
|
|
Redemptions
|
(44,898)
|
|
(50,605)
|
(99,862)
|
|
|
Market and other movements
|
(11,034)
|
|
3,102
|
992
|
|
|
At end of period*
|
81,486
|
|
96,096
|
93,956
|
|
|
2022 $m
|
|
2021 AER $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
|
At beginning of period
|
11,529
|
|
15,737
|
15,737
|
|
Net flows
|
(688)
|
|
5
|
(4,040)
|
|
Market and other movements
|
(1,522)
|
|
356
|
(168)
|
|
At end of period
|
9,319
|
|
16,098
|
11,529
|
|
|
2022
|
|
|
2021 AER
|
|
|||
|
|
30 Jun
|
|
30 Jun
|
|
31 Dec
|
|||
|
|
$bn
|
% of total
|
|
$bn
|
% of total
|
|
$bn
|
% of total
|
|
Equity
|
96.6
|
43%
|
|
109.7
|
43%
|
|
107.1
|
41%
|
|
Fixed income
|
108.2
|
49%
|
|
125.8
|
50%
|
|
133.6
|
52%
|
|
Alternatives
|
2.5
|
1%
|
|
2.7
|
1%
|
|
2.7
|
1%
|
|
Money Market Funds
|
15.0
|
7%
|
|
15.8
|
6%
|
|
15.1
|
6%
|
|
Total funds under management
|
222.3
|
100%
|
|
254.0
|
100%
|
|
258.5
|
100%
|
|
|
2022 $bn
|
|
2021 $bn
|
|
Continuing operations:
|
30 Jun
|
|
30 Jun
|
31 Dec
|
|
Internal funds
|
168.8
|
|
181.9
|
193.9
|
|
Eastspring external funds, including M&G plc (as analysed in
note I(iii) above)
|
90.8
|
|
112.2
|
105.5
|
|
Total Group funds under managementnote
|
259.6
|
|
294.1
|
299.4
|
|
|
2022 $bn
|
|
2021 $bn
|
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Total investments and cash and cash equivalents held on the balance
sheet
|
152.4
|
|
167.9
|
177.9
|
|
External funds of Eastspring, including M&G plc
|
90.8
|
|
112.2
|
105.5
|
|
Internally managed funds held in joint ventures and associates,
excluding assets attributable to external unit holders of the
consolidated collective investment schemes and other
adjustments
|
16.4
|
|
14.0
|
16.0
|
|
Total Group funds under management
|
259.6
|
|
294.1
|
299.4
|
|
|
2022 $m
|
|
2021 $m
|
|
|
|
Half year
|
|
Half year
|
Full year
|
Net cash remitted by business unitsnote
(a)
|
1,009
|
|
1,035
|
1,451
|
|
Net interest paid
|
(117)
|
|
(163)
|
(314)
|
|
Corporate expenditurenote
(b)
|
(124)
|
|
(216)
|
(322)
|
|
Centrally funded recurring bancassurance fees
|
(220)
|
|
(176)
|
(176)
|
|
Total central outflows
|
(461)
|
|
(555)
|
(812)
|
|
Holding company cash flow before dividends and other
movements
|
548
|
|
480
|
639
|
|
Dividends paid
|
(320)
|
|
(283)
|
(421)
|
|
Operating holding company cash flow after dividends but before
other movements
|
228
|
|
197
|
218
|
|
Other movements
|
|
|
|
|
|
|
Issuance and redemption of debt
|
(1,729)
|
|
–
|
(255)
|
|
Hong Kong public offer and international placing
|
–
|
|
–
|
2,374
|
|
Other corporate activitiesnote
(c)
|
159
|
|
(256)
|
(199)
|
|
US demerger costs
|
–
|
|
(28)
|
(30)
|
Total other movements
|
(1,570)
|
|
(284)
|
1,890
|
|
Net movement in holding company cash flow
|
(1,342)
|
|
(87)
|
2,108
|
|
Cash and short-term investments at beginning of
periodnote
(d)
|
3,572
|
|
1,463
|
1,463
|
|
Foreign exchange movements
|
(87)
|
|
17
|
1
|
|
Cash and short-term investments at end of periodnote
(d)
|
2,143
|
|
1,393
|
3,572
|
AER
|
Single premiums
|
Regular premiums
|
APE
|
PVNBP
|
|||||||||
|
|
2022 Half year
|
2021 Half year
|
+/(-)
|
2022 Half year
|
2021 Half year
|
+/(-)
|
2022 Half year
|
2021 Half year
|
+/(-)
|
2022 Half year
|
2021 Half year
|
+/(-)
|
Continuing operations:
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
|
CPL (Prudential's 50% share)
|
858
|
787
|
9%
|
421
|
369
|
14%
|
507
|
448
|
13%
|
2,119
|
2,038
|
4%
|
|
Hong Kong
|
656
|
132
|
397%
|
162
|
240
|
(33)%
|
227
|
253
|
(10)%
|
1,774
|
1,991
|
(11)%
|
|
Indonesia
|
120
|
122
|
(2)%
|
98
|
105
|
(7)%
|
110
|
117
|
(6)%
|
442
|
485
|
(9)%
|
|
Malaysia
|
45
|
37
|
22%
|
168
|
207
|
(19)%
|
172
|
211
|
(18)%
|
845
|
992
|
(15)%
|
|
Singapore
|
1,715
|
1,155
|
48%
|
219
|
264
|
(17)%
|
390
|
379
|
3%
|
3,184
|
2,940
|
8%
|
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
4
|
7
|
(43)%
|
75
|
65
|
15%
|
76
|
66
|
15%
|
151
|
144
|
5%
|
|
Cambodia
|
-
|
-
|
-
|
7
|
7
|
-
|
7
|
7
|
-
|
30
|
30
|
-
|
|
India (Prudential's 22% share)
|
135
|
143
|
(6)%
|
106
|
98
|
8%
|
120
|
112
|
7%
|
609
|
579
|
5%
|
|
Laos
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
(100)%
|
|
Myanmar
|
-
|
-
|
-
|
1
|
1
|
-
|
1
|
1
|
-
|
4
|
1
|
300%
|
|
Philippines
|
36
|
40
|
(10)%
|
84
|
86
|
(2)%
|
87
|
90
|
(3)%
|
297
|
340
|
(13)%
|
|
Taiwan
|
86
|
78
|
10%
|
271
|
178
|
52%
|
281
|
187
|
50%
|
994
|
662
|
50%
|
|
Thailand
|
72
|
75
|
(4)%
|
92
|
92
|
-
|
99
|
99
|
-
|
394
|
406
|
(3)%
|
|
Vietnam
|
66
|
20
|
230%
|
130
|
111
|
17%
|
136
|
113
|
20%
|
885
|
771
|
15%
|
Total insurance operations
|
3,793
|
2,596
|
46%
|
1,834
|
1,823
|
1%
|
2,213
|
2,083
|
6%
|
11,728
|
11,380
|
3%
|
CER
|
Single premiums
|
Regular premiums
|
APE
|
PVNBP
|
|||||||||
|
|
2022 Half year
|
2021 Half year
|
+/(-)
|
2022 Half year
|
2021 Half year
|
+/(-)
|
2022 Half year
|
2021 Half year
|
+/(-)
|
2022 Half year
|
2021 Half year
|
+/(-)
|
Continuing operations:
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
$m
|
$m
|
%
|
|
CPL (Prudential's 50% share)
|
858
|
785
|
9%
|
421
|
368
|
14%
|
507
|
447
|
13%
|
2,119
|
2,034
|
4%
|
|
Hong Kong
|
656
|
130
|
405%
|
162
|
238
|
(32)%
|
227
|
251
|
(10)%
|
1,774
|
1,975
|
(10)%
|
|
Indonesia
|
120
|
120
|
-
|
98
|
104
|
(6)%
|
110
|
116
|
(5)%
|
442
|
479
|
(8)%
|
|
Malaysia
|
45
|
36
|
25%
|
168
|
199
|
(16)%
|
172
|
202
|
(15)%
|
845
|
952
|
(11)%
|
|
Singapore
|
1,715
|
1,128
|
52%
|
219
|
257
|
(15)%
|
390
|
370
|
5%
|
3,184
|
2,869
|
11%
|
|
Growth markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
4
|
7
|
(43)%
|
75
|
64
|
17%
|
76
|
65
|
17%
|
151
|
144
|
5%
|
|
Cambodia
|
-
|
-
|
-
|
7
|
7
|
-
|
7
|
7
|
-
|
30
|
30
|
-
|
|
India (Prudential's 22% share)
|
135
|
139
|
(3)%
|
106
|
94
|
13%
|
120
|
108
|
11%
|
609
|
557
|
9%
|
|
Laos
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
(100)%
|
|
Myanmar
|
-
|
-
|
-
|
1
|
1
|
-
|
1
|
1
|
-
|
4
|
1
|
300%
|
|
Philippines
|
36
|
37
|
(3)%
|
84
|
80
|
5%
|
87
|
83
|
5%
|
297
|
315
|
(6)%
|
|
Taiwan
|
86
|
76
|
13%
|
271
|
173
|
57%
|
281
|
181
|
55%
|
994
|
645
|
54%
|
|
Thailand
|
72
|
68
|
6%
|
92
|
84
|
10%
|
99
|
91
|
9%
|
394
|
371
|
6%
|
|
Vietnam
|
66
|
20
|
230%
|
130
|
112
|
16%
|
136
|
114
|
19%
|
885
|
774
|
14%
|
Total insurance operations
|
3,793
|
2,546
|
49%
|
1,834
|
1,781
|
3%
|
2,213
|
2,036
|
9%
|
11,728
|
11,147
|
5%
|
APE
|
2021 $m AER
|
2021 $m CER
|
2022 $m AER
|
|||
Continuing operations:
|
H1
|
H2
|
H1
|
H2
|
H1
|
|
CPL (Prudential's 50% share)
|
448
|
328
|
447
|
325
|
507
|
|
Hong Kong
|
253
|
297
|
251
|
295
|
227
|
|
Indonesia
|
117
|
135
|
116
|
134
|
110
|
|
Malaysia
|
211
|
250
|
202
|
245
|
172
|
|
Singapore
|
379
|
364
|
370
|
362
|
390
|
|
Growth markets:
|
|
|
|
|
|
|
|
Africa
|
66
|
68
|
65
|
66
|
76
|
|
Cambodia
|
7
|
7
|
7
|
7
|
7
|
|
India (Prudential's 22% share)
|
112
|
116
|
108
|
113
|
120
|
|
Laos
|
-
|
1
|
-
|
-
|
-
|
|
Myanmar
|
1
|
-
|
1
|
-
|
1
|
|
Philippines
|
90
|
87
|
83
|
84
|
87
|
|
Taiwan
|
187
|
210
|
181
|
204
|
281
|
|
Thailand
|
99
|
119
|
91
|
116
|
99
|
|
Vietnam
|
113
|
129
|
114
|
128
|
136
|
Total insurance operations
|
2,083
|
2,111
|
2,036
|
2,079
|
2,213
|
PVNBP
|
2021 $m AER
|
2021 $m CER
|
2022 $m AER
|
|||
Continuing operations:
|
H1
|
H2
|
H1
|
H2
|
H1
|
|
CPL (Prudential's 50% share)
|
2,038
|
1,723
|
2,034
|
1,708
|
2,119
|
|
Hong Kong
|
1,991
|
2,856
|
1,975
|
2,840
|
1,774
|
|
Indonesia
|
485
|
582
|
479
|
577
|
442
|
|
Malaysia
|
992
|
1,145
|
952
|
1,121
|
845
|
|
Singapore
|
2,940
|
3,274
|
2,869
|
3,248
|
3,184
|
|
Growth markets:
|
|
|
|
|
|
|
|
Africa
|
144
|
144
|
144
|
134
|
151
|
|
Cambodia
|
30
|
29
|
30
|
29
|
30
|
|
India (Prudential's 22% share)
|
579
|
593
|
557
|
580
|
609
|
|
Laos
|
1
|
1
|
1
|
1
|
-
|
|
Myanmar
|
1
|
2
|
1
|
2
|
4
|
|
Philippines
|
340
|
315
|
315
|
304
|
297
|
|
Taiwan
|
662
|
755
|
645
|
732
|
994
|
|
Thailand
|
406
|
476
|
371
|
467
|
394
|
|
Vietnam
|
771
|
878
|
774
|
875
|
885
|
Total insurance operations
|
11,380
|
12,773
|
11,147
|
12,618
|
11,728
|
|
2021 AER
|
2021 CER
|
2022 AER
|
||
Continuing operations:
|
HY
|
FY
|
HY
|
FY
|
HY
|
New business profit ($m)
|
|
|
|
|
|
CPL (Prudential's 50% share)
|
228
|
352
|
227
|
350
|
217
|
Hong Kong
|
306
|
736
|
304
|
731
|
211
|
Indonesia
|
57
|
125
|
56
|
124
|
52
|
Malaysia
|
113
|
232
|
109
|
226
|
70
|
Singapore
|
215
|
523
|
210
|
515
|
244
|
Growth markets and other
|
257
|
558
|
249
|
543
|
304
|
Total insurance business
|
1,176
|
2,526
|
1,155
|
2,489
|
1,098
|
|
|
|
|
|
|
New business margin (NBP as a % of APE)
|
|
|
|
|
|
CPL
|
51%
|
45%
|
51%
|
45%
|
43%
|
Hong Kong
|
121%
|
134%
|
121%
|
134%
|
93%
|
Indonesia
|
49%
|
50%
|
48%
|
50%
|
47%
|
Malaysia
|
54%
|
50%
|
54%
|
51%
|
41%
|
Singapore
|
57%
|
70%
|
57%
|
70%
|
63%
|
Growth markets and other
|
38%
|
40%
|
38%
|
40%
|
38%
|
Total insurance business
|
56%
|
60%
|
57%
|
60%
|
50%
|
|
|
|
|
|
|
New business margin (NBP as a % of PVNBP)
|
|
|
|
|
|
CPL
|
11%
|
9%
|
11%
|
9%
|
10%
|
Hong Kong
|
15%
|
15%
|
15%
|
15%
|
12%
|
Indonesia
|
12%
|
12%
|
12%
|
12%
|
12%
|
Malaysia
|
11%
|
11%
|
11%
|
11%
|
8%
|
Singapore
|
7%
|
8%
|
7%
|
8%
|
8%
|
Growth markets and other
|
9%
|
9%
|
9%
|
9%
|
9%
|
Total insurance business
|
10%
|
10%
|
10%
|
10%
|
9%
|
|
|
2021 $m
|
|
|
2022 $m
|
|
|
Eastspring:
|
|
H1
|
H2
|
|
|
H1
|
|
Third-party retail:note
|
|
|
|
|
|
|
|
Opening FUM
|
|
66,838
|
67,903
|
|
|
68,516
|
|
Net flows:
|
|
|
|
|
|
|
|
- Gross Inflows
|
|
17,491
|
17,065
|
|
|
11,050
|
|
- Redemptions
|
|
(18,281)
|
(15,148)
|
|
|
(12,808)
|
|
|
|
(790)
|
1,917
|
|
|
(1,758)
|
|
Other movements
|
|
1,855
|
(1,304)
|
|
|
(8,351)
|
|
Closing FUM
|
|
67,903
|
68,516
|
|
|
58,407
|
|
|
|
|
|
|
|
|
|
Third-party institutional:
|
|
|
|
|
|
|
|
Opening FUM
|
|
13,827
|
14,901
|
|
|
13,192
|
|
Net flows:
|
|
|
|
|
|
|
|
- Gross Inflows
|
|
1,264
|
1,194
|
|
|
561
|
|
- Redemptions
|
|
(983)
|
(1,989)
|
|
|
(589)
|
|
|
|
281
|
(795)
|
|
|
(28)
|
|
Other movements
|
|
793
|
(914)
|
|
|
(2,176)
|
|
Closing FUM
|
|
14,901
|
13,192
|
|
|
10,988
|
|
|
|
|
|
|
|
|
|
Total third-party closing FUM (excluding MMF and funds held on
behalf of M&G plc)
|
|
82,804
|
81,708
|
|
|
69,395
|
|
|
2022 $m
|
|
2021 $m
|
|
Continuing operations:
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Core structural borrowings of shareholder-financed
businesses
|
4,266
|
|
6,404
|
6,127
|
Less holding company cash and short-term investments
|
(2,143)
|
|
(1,393)
|
(3,572)
|
Net core structural borrowings of shareholder-financed
businesses
|
2,123
|
|
5,011
|
2,555
|
Closing shareholders’ equity
|
16,109
|
|
13,046
|
17,088
|
Closing shareholders’ equity plus net core structural
borrowings
|
18,232
|
|
18,057
|
19,643
|
IFRS gearing ratio
|
12%
|
|
28%
|
13%
|
|
2022 $m
|
|
2021 $m
|
|
Continuing operations:
|
Half year
|
|
Half year
|
Full year
|
Adjusted operating profit
|
1,661
|
|
1,571
|
3,233
|
Tax on adjusted operating profit
|
(314)
|
|
(222)
|
(548)
|
Adjusted operating profit attributable to non-controlling
interests
|
(4)
|
|
(7)
|
(17)
|
Adjusted operating profit, net of tax and non-controlling
interests
|
1,343
|
|
1,342
|
2,668
|
|
|
|
|
|
Shareholders’ equity at beginning of period
|
17,088
|
|
12,367
|
12,367
|
Shareholders’ equity at end of period
|
16,109
|
|
13,046
|
17,088
|
Average shareholders’ equity
|
16,599
|
|
12,707
|
14,728
|
Operating return on average shareholders’ equity
(%)
|
16%
|
|
21%
|
18%
|
|
2022
|
|
2021
|
|
|
30 Jun
|
|
30 Jun
|
31 Dec
|
Number of issued shares at the end of the period
|
2,749
|
|
2,616
|
2,746
|
|
|
|
|
|
Closing IFRS shareholders’ equity for continuing operations
($ million)
|
16,109
|
|
13,046
|
17,088
|
Shareholders’ equity per share (cents) for continuing
operations
|
586¢
|
|
499¢
|
622¢
|
Closing IFRS shareholders’ equity for discontinuing
operations ($ million)
|
–
|
|
2,667
|
–
|
Shareholders’ equity per share (cents) for discontinued US
operations
|
–
|
|
102¢
|
–
|
Group Shareholders’ equity per share (cents)
|
586¢
|
|
601¢
|
622¢
|
|
2022 $m
|
|
2021 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
IFRS revenue
|
271
|
|
350
|
665
|
Share of revenue from joint ventures and associates
|
149
|
|
147
|
314
|
Commissions
|
(84)
|
|
(117)
|
(217)
|
Performance-related fees
|
(4)
|
|
(6)
|
(15)
|
Operating income before performance-related feesnote
|
332
|
|
374
|
747
|
|
|
|
|
|
IFRS charges
|
205
|
|
262
|
498
|
Share of expenses from joint ventures and associates
|
63
|
|
51
|
122
|
Commissions
|
(84)
|
|
(117)
|
(217)
|
Operating expense
|
184
|
|
196
|
403
|
Cost/income ratio (operating expense/operating income before
performance-related fees)
|
55%
|
|
52%
|
54%
|
|
2022 $m
|
|
2021 $m
|
||
Continuing operations:
|
Half year
|
|
Half year
AER
|
Half year
CER
|
Full year
AER
|
IFRS gross premiums earned
|
12,241
|
|
11,521
|
11,287
|
24,217
|
Less: General insurance premium
|
(60)
|
|
(62)
|
(61)
|
(124)
|
Less: IFRS gross earned premium from new regular and single premium
business
|
(3,990)
|
|
(2,764)
|
(2,698)
|
(6,500)
|
Add: Renewal premiums from joint ventures and
associatesnote
|
1,097
|
|
1,150
|
1,130
|
2,295
|
Renewal insurance premiums
|
9,288
|
|
9,845
|
9,658
|
19,888
|
|
|
|
|
|
|
Annual premium equivalent (APE)
|
2,213
|
|
2,083
|
2,036
|
4,194
|
Life weighted premium income
|
11,501
|
|
11,928
|
11,694
|
24,082
|
|
2022 $m
|
|
2021 $m
|
|
Continuing operations:
|
Half year
|
|
Half year
|
Full year
|
Gross premiums earned
|
12,241
|
|
11,521
|
24,217
|
Less: premiums from in-force renewal businessnote
(a)
|
(8,191)
|
|
(8,695)
|
(17,593)
|
Less: 90% of single premiums on new business sold in the
periodnote
(b)
|
(2,510)
|
|
(1,490)
|
(3,602)
|
Add: APE sales from joint ventures and associates on equity
accounting methodnote
(c)
|
662
|
|
607
|
1,104
|
Other adjustmentsnote
(d)
|
11
|
|
140
|
68
|
Annual premium equivalent (APE)
|
2,213
|
|
2,083
|
4,194
|
|
2022 $m
|
|
2021 $m
|
|
Continuing operations:
|
Half year
|
|
Half year
|
Full year
|
IFRS gross premiums earned
|
12,241
|
|
11,521
|
24,217
|
Gross premiums earned from joint ventures and
associates
|
2,368
|
|
2,066
|
4,579
|
Total Group
|
14,609
|
|
13,587
|
28,796
|
|
2022 $m
|
|
2021 $m
|
|
Continuing operations:
|
30 Jun
|
|
30 Jun
|
31 Dec
|
IFRS shareholders’ equity
|
16,109
|
|
13,046
|
17,088
|
Less: DAC assigned zero value for EEV purposes
|
(2,884)
|
|
(2,505)
|
(2,815)
|
Add: Value of in-force business of long-term
businessnote
(a)
|
27,381
|
|
34,903
|
35,456
|
Othernote
(b)
|
1,694
|
|
(2,282)
|
(2,374)
|
EEV shareholders’ equity
|
42,300
|
|
43,162
|
47,355
|
|
2022* $m
|
|
2021 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
EEV operating profit for the period
|
1,806
|
|
1,749
|
3,543
|
Operating profit attributable to non-controlling
interests
|
(10)
|
|
(14)
|
(28)
|
EEV operating profit, net of non-controlling interests
|
1,796
|
|
1,735
|
3,515
|
|
|
|
|
|
Shareholders’ equity at beginning of period
|
47,584
|
|
41,926
|
41,926
|
Shareholders’ equity at end of period
|
42,300
|
|
43,162
|
47,355
|
Average shareholders’ equity
|
44,942
|
|
42,544
|
44,641
|
Operating return on average shareholders’ equity
(%)
|
8%
|
|
8%
|
8%
|
|
2022
|
|
2021
|
|
|
Half year
|
|
Half year
|
Full year
|
New business profit ($ million)*
|
1,098
|
|
1,176
|
2,526
|
Average EEV basis shareholders’ equity for continuing
long-term business operations, excluding goodwill attributable to
equity holders ($ million)
|
41,920
|
|
43,272
|
43,754
|
New business profit on embedded value (%)
|
5%
|
|
5%
|
6%
|
|
2022* $m
|
|
2021 $m
|
|
|
Half year
|
|
Half year
|
Full year
|
Shareholders’ equity at beginning of period
|
44,875
|
|
42,861
|
42,861
|
Shareholders’ equity at end of period
|
38,965
|
|
43,682
|
44,646
|
Average shareholders’ equity
|
41,920
|
|
43,272
|
43,754
|
|
PRUDENTIAL
PUBLIC LIMITED COMPANY
|
|
|
|
By:
/s/ Mark FitzPatrick
|
|
|
|
Mark
FitzPatrick
|
|
Group
Chief Financial Officer and Chief Operating Officer
|