XML 276 R224.htm IDEA: XBRL DOCUMENT v3.24.0.1
Reconciliation of measurement components of insurance contract balances (Details) - GBP (£)
£ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of reconciliation of changes in insurance contracts by components [line items]    
Insurance contract assets £ 0  
Liabilities arising from insurance and participating investment contracts (110,300)  
Relating to future services    
Contracts initially recognised in the year (71) £ (75)
Increase (decrease) through changes that relate to future service, insurance contracts liability (asset) 59 (1,488)
Adjustments to liabilities for incurred claims (3) (57)
Cash flows    
Insurance contract assets 1 0
Liabilities arising from insurance and participating investment contracts (120,148) (110,300)
Life    
Disclosure of reconciliation of changes in insurance contracts by components [line items]    
Insurance contract assets 0 24
Liabilities arising from insurance and participating investment contracts (109,920) (124,885)
Net asset (liability) (109,920) (124,861)
Relating to current services    
CSM recognised for services provided 329 245
Changes in risk adjustment for non-financial risk for risk expired 84 103
Experience adjustments 96 (282)
Increase (decrease) through changes that relate to current service, insurance contracts liability (asset) 509 66
Relating to future services    
Contracts initially recognised in the year (71) (75)
Changes in estimates that adjust the CSM 0 0
Changes in estimates that result in losses and reversal of losses on onerous contracts 129 (1,411)
Increase (decrease) through changes that relate to future service, insurance contracts liability (asset) 58 (1,486)
Adjustments to liabilities for incurred claims 0 0
Insurance service result 567 (1,420)
Net finance income (expense) from insurance and participating investment contracts (11,684) 15,950
Exchange differences 32 (94)
Total change in profit or loss (11,085) 14,436
Cash flows    
Premiums received (9,768) (8,861)
Claims and other insurance service expenses paid 10,721 9,099
Insurance acquisition cash flows 203 200
Increase (decrease) through cash flows, insurance contracts liability (asset) 1,156 438
Transfer to other items in the balance sheet 66 67
Insurance contract assets 1 0
Liabilities arising from insurance and participating investment contracts (119,784) (109,920)
Net asset (liability) (119,783) (109,920)
Life | Includes drawdown feature    
Cash flows    
Changes in estimates that result in losses and reversal of losses on onerous contracts   1,242
Present value of future cash flows £m | Life    
Disclosure of reconciliation of changes in insurance contracts by components [line items]    
Insurance contract assets 0 149
Liabilities arising from insurance and participating investment contracts (104,545) (121,344)
Net asset (liability) (104,545) (121,195)
Relating to current services    
CSM recognised for services provided 0 0
Changes in risk adjustment for non-financial risk for risk expired 0 0
Experience adjustments 99 (189)
Increase (decrease) through changes that relate to current service, insurance contracts liability (asset) 99 (189)
Relating to future services    
Contracts initially recognised in the year 107 2,364
Changes in estimates that adjust the CSM 390 (158)
Changes in estimates that result in losses and reversal of losses on onerous contracts 109 (1,835)
Increase (decrease) through changes that relate to future service, insurance contracts liability (asset) 606 371
Adjustments to liabilities for incurred claims 0 (4)
Insurance service result 705 178
Net finance income (expense) from insurance and participating investment contracts (11,621) 16,055
Exchange differences 30 (88)
Total change in profit or loss (10,886) 16,145
Cash flows    
Premiums received (9,768) (8,861)
Claims and other insurance service expenses paid 10,721 9,099
Insurance acquisition cash flows 203 200
Increase (decrease) through cash flows, insurance contracts liability (asset) 1,156 438
Transfer to other items in the balance sheet 66 67
Insurance contract assets 0 0
Liabilities arising from insurance and participating investment contracts (114,209) (104,545)
Net asset (liability) (114,209) (104,545)
Present value of future cash flows £m | Life | Includes drawdown feature    
Relating to future services    
Contracts initially recognised in the year   2,281
Changes in estimates that adjust the CSM   2,175
Risk adjustment for non- financial risk £m    
Relating to future services    
Contracts initially recognised in the year (86) (646)
Risk adjustment for non- financial risk £m | Life    
Disclosure of reconciliation of changes in insurance contracts by components [line items]    
Insurance contract assets 0 (53)
Liabilities arising from insurance and participating investment contracts (1,165) (1,599)
Net asset (liability) (1,165) (1,652)
Relating to current services    
CSM recognised for services provided 0 0
Changes in risk adjustment for non-financial risk for risk expired 84 103
Experience adjustments 0 0
Increase (decrease) through changes that relate to current service, insurance contracts liability (asset) 84 103
Relating to future services    
Contracts initially recognised in the year (86) (646)
Changes in estimates that adjust the CSM (12) 603
Changes in estimates that result in losses and reversal of losses on onerous contracts 20 424
Increase (decrease) through changes that relate to future service, insurance contracts liability (asset) (78) 381
Adjustments to liabilities for incurred claims 0 4
Insurance service result 6 488
Net finance income (expense) from insurance and participating investment contracts 0 0
Exchange differences 0 (1)
Total change in profit or loss 6 487
Cash flows    
Premiums received 0 0
Claims and other insurance service expenses paid 0 0
Insurance acquisition cash flows 0 0
Increase (decrease) through cash flows, insurance contracts liability (asset) 0 0
Transfer to other items in the balance sheet 0 0
Insurance contract assets 1 0
Liabilities arising from insurance and participating investment contracts (1,160) (1,165)
Net asset (liability) (1,159) (1,165)
Risk adjustment for non- financial risk £m | Life | Includes drawdown feature    
Relating to future services    
Contracts initially recognised in the year   (551)
Changes in estimates that adjust the CSM   (534)
Contractual service margin    
Relating to future services    
Contracts initially recognised in the year (92) (1,793)
Contractual service margin | Life    
Disclosure of reconciliation of changes in insurance contracts by components [line items]    
Insurance contract assets 0 (72)
Liabilities arising from insurance and participating investment contracts (4,210) (1,942)
Net asset (liability) (4,210) (2,014)
Relating to current services    
CSM recognised for services provided 329 245
Changes in risk adjustment for non-financial risk for risk expired 0 0
Experience adjustments (3) (93)
Increase (decrease) through changes that relate to current service, insurance contracts liability (asset) 326 152
Relating to future services    
Contracts initially recognised in the year (92) (1,793)
Changes in estimates that adjust the CSM (378) (445)
Changes in estimates that result in losses and reversal of losses on onerous contracts 0 0
Increase (decrease) through changes that relate to future service, insurance contracts liability (asset) (470) (2,238)
Adjustments to liabilities for incurred claims 0 0
Insurance service result (144) (2,086)
Net finance income (expense) from insurance and participating investment contracts (63) (105)
Exchange differences 2 (5)
Total change in profit or loss (205) (2,196)
Cash flows    
Premiums received 0 0
Claims and other insurance service expenses paid 0 0
Insurance acquisition cash flows 0 0
Increase (decrease) through cash flows, insurance contracts liability (asset) 0 0
Transfer to other items in the balance sheet 0 0
Insurance contract assets 0 0
Liabilities arising from insurance and participating investment contracts (4,415) (4,210)
Net asset (liability) (4,415) (4,210)
Contractual service margin | Life | Includes drawdown feature    
Relating to future services    
Contracts initially recognised in the year   (1,730)
Changes in estimates that adjust the CSM   (399)
Contracts under the modified retrospective approach    
Disclosure of reconciliation of changes in insurance contracts by components [line items]    
Liabilities arising from insurance and participating investment contracts   (508)
Relating to future services    
Contracts initially recognised in the year   (1,331)
Cash flows    
Changes in estimates that result in losses and reversal of losses on onerous contracts   399
Contracts under the modified retrospective approach | Life    
Disclosure of reconciliation of changes in insurance contracts by components [line items]    
Insurance contract assets 0 0
Liabilities arising from insurance and participating investment contracts 0 0
Net asset (liability) 0 0
Relating to current services    
CSM recognised for services provided 0 0
Changes in risk adjustment for non-financial risk for risk expired 0 0
Experience adjustments 0 0
Increase (decrease) through changes that relate to current service, insurance contracts liability (asset) 0 0
Relating to future services    
Contracts initially recognised in the year 0 0
Changes in estimates that adjust the CSM 0 0
Changes in estimates that result in losses and reversal of losses on onerous contracts 0 0
Increase (decrease) through changes that relate to future service, insurance contracts liability (asset) 0 0
Adjustments to liabilities for incurred claims 0 0
Insurance service result 0 0
Net finance income (expense) from insurance and participating investment contracts 0 0
Exchange differences 0 0
Total change in profit or loss 0 0
Cash flows    
Premiums received 0 0
Claims and other insurance service expenses paid 0 0
Insurance acquisition cash flows 0 0
Increase (decrease) through cash flows, insurance contracts liability (asset) 0 0
Transfer to other items in the balance sheet 0 0
Insurance contract assets 0 0
Liabilities arising from insurance and participating investment contracts 0 0
Net asset (liability) 0 0
Contracts under the fair value transition approach    
Disclosure of reconciliation of changes in insurance contracts by components [line items]    
Liabilities arising from insurance and participating investment contracts   (1,419)
Contracts under the fair value transition approach | Life    
Disclosure of reconciliation of changes in insurance contracts by components [line items]    
Insurance contract assets 0 (67)
Liabilities arising from insurance and participating investment contracts (1,441) (1,359)
Net asset (liability) (1,441) (1,426)
Relating to current services    
CSM recognised for services provided 130 123
Changes in risk adjustment for non-financial risk for risk expired 0 0
Experience adjustments (1) 0
Increase (decrease) through changes that relate to current service, insurance contracts liability (asset) 129 123
Relating to future services    
Contracts initially recognised in the year 0 0
Changes in estimates that adjust the CSM (170) (83)
Changes in estimates that result in losses and reversal of losses on onerous contracts 0 0
Increase (decrease) through changes that relate to future service, insurance contracts liability (asset) (170) (83)
Adjustments to liabilities for incurred claims 0 0
Insurance service result (41) 40
Net finance income (expense) from insurance and participating investment contracts 7 (50)
Exchange differences 2 (5)
Total change in profit or loss (32) (15)
Cash flows    
Premiums received 0 0
Claims and other insurance service expenses paid 0 0
Insurance acquisition cash flows 0 0
Increase (decrease) through cash flows, insurance contracts liability (asset) 0 0
Transfer to other items in the balance sheet 0 0
Insurance contract assets 0 0
Liabilities arising from insurance and participating investment contracts (1,473) (1,441)
Net asset (liability) (1,473) (1,441)
Other contracts | Life    
Disclosure of reconciliation of changes in insurance contracts by components [line items]    
Insurance contract assets 0 (5)
Liabilities arising from insurance and participating investment contracts (2,769) (583)
Net asset (liability) (2,769) (588)
Relating to current services    
CSM recognised for services provided 199 122
Changes in risk adjustment for non-financial risk for risk expired 0 0
Experience adjustments (2) (93)
Increase (decrease) through changes that relate to current service, insurance contracts liability (asset) 197 29
Relating to future services    
Contracts initially recognised in the year (92) (1,793)
Changes in estimates that adjust the CSM (208) (362)
Changes in estimates that result in losses and reversal of losses on onerous contracts 0 0
Increase (decrease) through changes that relate to future service, insurance contracts liability (asset) (300) (2,155)
Adjustments to liabilities for incurred claims 0 0
Insurance service result (103) (2,126)
Net finance income (expense) from insurance and participating investment contracts (70) (55)
Exchange differences 0 0
Total change in profit or loss (173) (2,181)
Cash flows    
Premiums received 0 0
Claims and other insurance service expenses paid 0 0
Insurance acquisition cash flows 0 0
Increase (decrease) through cash flows, insurance contracts liability (asset) 0 0
Transfer to other items in the balance sheet 0 0
Insurance contract assets 0 0
Liabilities arising from insurance and participating investment contracts (2,942) (2,769)
Net asset (liability) £ (2,942) £ (2,769)