Prudential (PUK) 20-F 26 Mar 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
IFRS Statement [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	1-15040
Entity Registrant Name	PRUDENTIAL PLC
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	13th Floor, One International Financial Centre, 1 Harbour View Street, Central
Entity Address, City or Town	Hong Kong
Entity Address, Country	HK
Entity Common Stock, Shares Outstanding	2,753,520,756
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Central Index Key	0001116578
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Amendment Flag	false
Auditor Name	EY LLP	KPMG LLP
Auditor Location	London, UK	London, United Kingdom
Auditor Firm ID	1438	1118
Document Financial Statement Error Correction [Flag]	false
Business Contact
IFRS Statement [Line Items]
Entity Address, Address Line One	1 Angel Court
Entity Address, City or Town	London
Entity Address, Postal Zip Code	EC2R 7AG
Entity Address, Country	GB
Contact Personnel Name	Rebecca Wyatt
City Area Code	+44 20
Local Phone Number	7220 7588
Contact Personnel Email Address	rebecca.wyatt@prudentialplc.com
American Depositary Shares, each representing 2 Ordinary Shares, 5 pence par value each
IFRS Statement [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing 2 Ordinary Shares, 5 pence par value each
Trading Symbol	PUK
Security Exchange Name	NYSE
Ordinary Shares, 5 pence par value each
IFRS Statement [Line Items]
Title of 12(b) Security	Ordinary Shares, 5 pence par value each
Trading Symbol	PUK/D
Security Exchange Name	NYSE
3.125% Senior Notes due 2030
IFRS Statement [Line Items]
Title of 12(b) Security	3.125% Senior Notes due 2030 issued by Prudential Funding (Asia) plc
Trading Symbol	PUK30
Security Exchange Name	NYSE
3.625% Senior Notes due 2032
IFRS Statement [Line Items]
Title of 12(b) Security	3.625% Senior Notes due 2032 issued by Prudential Funding (Asia) plc
Trading Symbol	PUK32
Security Exchange Name	NYSE

Consolidated income statement

Consolidated income statement - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	[1]
Continuing operations:
Insurance revenue		$ 9,371	$ 8,549
Insurance service expense:
Claims incurred		(2,913)	(2,563)
Directly attributable expenses incurred		(1,258)	(1,221)
Amortisation of insurance acquisition cash flows		(2,745)	(2,453)
Other insurance service expenses		(197)	(30)
Insurance service expense		(7,113)	(6,267)
Net expense from reinsurance contracts held		(171)	(105)
Insurance service result		2,087	2,177
Interest revenue calculated using the effective interest method		340	237
Other investment return on financial investments		9,423	(29,617)
Investment return		9,763	(29,380)
Fair value movement on investment contract liabilities		(24)	67
Net insurance and reinsurance finance income (expense)
Net finance (expense) income from insurance contracts		(8,839)	28,623
Net finance income (expense) from reinsurance contracts held		191	(1,193)
Net insurance and reinsurance finance income (expense)		(8,648)	27,430
Net investment result		1,091	(1,883)
Other revenue		369	436
Non-insurance expenditure		(990)	(1,019)
Finance costs: interest on core structural borrowings of shareholder-financed businesses		(172)	(200)
(Loss) gain attaching to corporate transactions		(22)	55
Share of loss from joint ventures and associates, net of related tax		(91)	(85)
Profit (loss) before tax (being tax attributable to shareholders' and policyholders' returns)	[2]	2,272	(519)	[3]
Tax charge attributable to policyholders' returns		(175)	(124)
Profit (loss) before tax attributable to shareholders' returns		2,097	(643)
Total tax charge attributable to shareholders' and policyholders' returns		(560)	(478)
Remove tax charge attributable to policyholders' returns		175	124
Tax charge attributable to shareholders' returns		(385)	(354)
Profit (loss) for the year		1,712	(997)
Attributable to:
Profit (loss) attributable to equity holders of the Company		1,701	(1,007)
Profit (loss) attributable to non-controlling interests		11	10
Profit (loss) for the year		$ 1,712	$ (997)
Basic
Basic earnings per share		$ 0.621	$ (0.368)
Diluted
Diluted earnings per share		$ 0.619	$ (0.368)
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures. This measure is the formal profit before tax measure under IFRS. It is not the result attributable to shareholders principally because total corporate tax of the Group includes those taxes on the income of consolidated with-profits and unit-linked funds that, through adjustments to benefits, are borne by policyholders. These amounts are required to be included in the tax charge under IAS 12. Consequently, the IFRS profit before tax measure is not representative of pre-tax profit attributable to shareholders. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Consolidated income statement I

Consolidated income statement IFRS 4 $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares
Continuing operations:
Gross premiums earned	$ 24,217
Outward reinsurance premiums	(1,844)
Earned premiums, net of reinsurance	22,373
Investment return	3,486
Other income	641
Total revenue, net of reinsurance	26,500
Benefits and claims	(17,738)
Reinsurers' share of benefits and claims	(971)
Movement in unallocated surplus of with-profits funds	(202)
Benefits and claims and movement in unallocated surplus of with-profits, net of reinsurance	(18,911)
Acquisition costs and other expenditure	(4,560)
Finance costs: interest on core structural borrowings of shareholder-financed businesses	(328)
Loss attaching to corporate transactions	(35)
Total charges net of reinsurance	(23,834)
Share of profit from joint ventures and associates, net of related tax	352
Profit (loss) before tax (being tax attributable to shareholders' and policyholders' returns)	3,018	[1]
Tax charge attributable to policyholders' returns	(342)
Profit (loss) before tax attributable to shareholders' returns	2,676
Total tax charge attributable to shareholders' and policyholders' returns	(804)
Remove tax charge attributable to policyholders' returns	342
Tax charge attributable to shareholders' returns	(462)
Profit (loss) after tax from continuing operations	2,214	[2],[3]
Loss after tax from discontinued US operations	(5,027)	[4]
Profit (loss) for the year	(2,813)
Attributable to:
Equity holders of the Company: From continuing operations	2,192
Equity holders of the Company: Based on loss from discontinued US operations	(4,234)
Profit (loss) attributable to equity holders of the Company	(2,042)
Non-controlling interests: From continuing operations	22
Non-controlling interests: From discontinued US operations	(793)
Profit (loss) attributable to non-controlling interests	(771)
Profit (loss) for the year	$ (2,813)
Basic
Based on profit continuing operations (in USD per share) | $ / shares	$ 0.834
Based on loss from discontinued US operations (in USD per share) | $ / shares	(1.611)	[4]
Total basic earnings per share (in USD per share) | $ / shares	(0.777)
Diluted
Based on profit continuing operations (in USD per share) | $ / shares	0.834
Based on loss from discontinued US operations (in USD per share) | $ / shares	(1.611)	[4]
Total diluted earnings per share (in USD per share) | $ / shares	$ (0.777)
[1] This measure is the formal profit before tax measure under IFRS. It is not the result attributable to shareholders principally because total corporate tax of the Group includes those taxes on the income of consolidated with-profits and unit-linked funds that, through adjustments to benefits, are borne by policyholders. These amounts are required to be included in the tax charge under IAS 12. Consequently, the IFRS profit before tax measure is not representative of pre-tax profit attributable to shareholders. Results for the year ended 31 December 2021 have not been re-presented and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. Discontinued operations for 2021 related to the US operations (Jackson) that were demerged from the Group in September 2021.

Consolidated statement of compr

Consolidated statement of comprehensive income - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Continuing operations:
Profit (loss) for the year		$ 1,712	$ (997)	[1],[2]	$ 2,214	[1],[3]
Other comprehensive income (loss):
Exchange movements arising during the year		(135)	(613)	[1]	(180)	[1]
Valuation movements on retained interest in Jackson classified as available-for-sale securities:
Unrealised (loss) gain arising during the year	[1],[4]		(125)		273
Deduct net gains included in the income statements on disposal	[1],[4]		(62)		(23)
Valuation movements on retained interest in Jackson classified as available-for-sale under IAS 39	[1],[4]		(187)		250
Total items that may be reclassified subsequently to profit or loss		(135)	(800)	[1]	70	[1]
Valuation movements on retained interest in Jackson classified as fair value through other comprehensive income under IFRS 9	[4]	8
Total items that will not be reclassified subsequently to profit or loss		8
Total comprehensive income (loss) from continuing operations		1,585	(1,797)	[1]	2,284	[1],[3]
Total comprehensive loss from discontinued US operations	[1],[3]				(7,068)
Total comprehensive income (loss) for the year		1,585	(1,797)	[1],[2]	(4,784)	[1],[3]
Equity holders of the Company:
From continuing operations		1,585	(1,797)	[1]	2,277	[1]
From discontinued US operations	[1]				(6,283)
Total comprehensive (loss) income, attributable to equity holders of the Company		1,585	(1,797)	[1]	(4,006)	[1]
Non-controlling interests
From continuing operations	[1]				7
From discontinued US operations	[1]				(785)
Total comprehensive (loss) income, attributable to non-controlling interests	[1]				(778)
Total comprehensive income (loss) for the year		$ 1,585	$ (1,797)	[1],[2]	$ (4,784)	[1],[3]
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 have not been re-presented and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. On the adoption of IFRS 9 at 1 January 2023, the Group elected to measure its retained interest in the equity securities of Jackson at fair value through other comprehensive income. The Group has subsequently disposed of its remaining interest in Jackson in 2023. In 2022 and 2021, these securities were measured at available-for-sale under IAS 39.

Consolidated statement of chang

Consolidated statement of changes in equity - USD ($) $ in Millions		Shareholders' equity		Share capital		Share premium		Retained earnings		Translation reserve		Fair value reserve under IFRS 9	Available-for-sale securities reserves		Non-controlling interests		Total
Reserves
Profit (loss) for the year	[1]	$ 2,192						$ 2,192							$ 22		$ 2,214	[2]
Other comprehensive (loss) income	[1]	85								$ (165)			$ 250		(15)		70
Total comprehensive income (loss) from continuing operations	[1]	2,277						2,192		(165)			250		7		2,284	[2]
Total comprehensive loss from discontinued US operations	[1]	(6,283)						(4,234)		463			(2,512)		(785)		(7,068)	[2]
Total comprehensive income (loss) for the year	[1]	(4,006)						(2,042)		298			(2,262)		(778)		(4,784)	[2]
Demerger dividend in specie of Jackson	[1]	(1,735)						(1,735)									(1,735)
Dividends	[1]	(421)						(421)							(9)		(430)
Reserve movements in respect of share-based payments	[1]	46						46									46
Effect of transactions relating to non-controlling interests	[1],[3]	(32)						(32)							(278)		(310)
New share capital subscribed	[1]	2,382		$ 9		$ 2,373											2,382
Movement in own shares in respect of share-based payment plans	[1]	(24)						(24)									(24)
Net increase (decrease) in equity	[1]	(3,790)		9		2,373		(4,208)		298			(2,262)		(1,065)		(4,855)
Balance at beginning of year at Dec. 31, 2020	[1]	20,878		173		2,637		14,424		1,132			2,512		1,241		22,119
Balance at end of year (As previously reported) at Dec. 31, 2021	[1],[4]	17,088		182		5,010		10,216		1,430			250		176		17,264
Balance at end of year (Effect of initial application of IFRS 17 and classification overlay of IFRS 9, net of tax) at Dec. 31, 2021	[4]	1,848						1,848							(1)		1,847
Balance at end of year at Dec. 31, 2021	[4]	18,936		182		5,010		12,064		1,430			250		175		19,111	[5]
Reserves
Profit (loss) for the year	[4]	(1,007)						(1,007)							10		(997)	[2]
Other comprehensive (loss) income	[4]	(790)								(603)			(187)		(10)		(800)
Total comprehensive income (loss) from continuing operations	[2]																(1,797)
Total comprehensive income (loss) for the year	[4]	(1,797)						(1,007)		(603)			(187)				(1,797)	[2]
Dividends	[4]	(474)						(474)							(8)		(482)
Reserve movements in respect of share-based payments	[4]	24						24									24
Effect of transactions relating to non-controlling interests	[4]	49						49									49
New share capital subscribed	[4]	(4)				(4)											(4)
Movement in own shares in respect of share-based payment plans	[4]	(3)						(3)									(3)
Net increase (decrease) in equity	[4]	(2,205)				(4)		(1,411)		(603)			(187)		(8)		(2,213)
Balance at end of year at Dec. 31, 2022		16,731	[4]	182	[4]	5,006	[4]	10,653	[4]	827	[4]	$ 63	$ 63	[4]	167	[4]	16,898	[4],[5]
Reserves
Profit (loss) for the year		1,701						1,701							11		1,712
Other comprehensive (loss) income		(116)								(124)		8			(11)		(127)
Total comprehensive income (loss) from continuing operations																	1,585
Total comprehensive income (loss) for the year		1,585						1,701		(124)		8					1,585
Dividends		(533)						(533)							(7)		(540)
Transfer of fair value reserve following disposal of investment in Jackson								71				(71)
Reserve movements in respect of share-based payments		(5)						(5)									(5)
Effect of transactions relating to non-controlling interests		16						16									16
New share capital subscribed		4		1		3											4
Movement in own shares in respect of share-based payment plans		25						25									25
Net increase (decrease) in equity		1,092		1		3		1,275		(124)		$ (63)			(7)		1,085
Balance at end of year at Dec. 31, 2023		$ 17,823		$ 183		$ 5,009		$ 11,928		$ 703					$ 160		$ 17,983
[1] Results for the year ended 31 December 2021 have not been re-presented and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. The $(278) million in 2021 related to the derecognition of Athene's non-controlling interest upon the demerger of Jackson The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Consolidated statement of cha_2

Consolidated statement of changes in equity (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Effect of transactions relating to non-controlling interests	$ (310)	[1],[2]
Non-controlling interests
Effect of transactions relating to non-controlling interests	(278)	[1],[2]
Athene | Non-controlling interests
Effect of transactions relating to non-controlling interests	$ (278)
[1] Results for the year ended 31 December 2021 have not been re-presented and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. The $(278) million in 2021 related to the derecognition of Athene's non-controlling interest upon the demerger of Jackson

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022	[1]	Dec. 31, 2021	[1]
Assets
Goodwill		$ 896	$ 890		$ 907
Other intangible assets		3,986	3,884		4,015
Property, plant and equipment		374	437		495
Insurance contract assets		1,180	1,134		1,250
Reinsurance contracts assets		2,426	1,856		2,787
Deferred tax assets		156	140		132
Current tax recoverable		34	18		20
Investments in joint ventures and associates accounted for using the equity method		1,940	2,259		2,698
Investment properties		39	37		38
Loans		578	590		771
Equity securities and holdings in collective investment schemes	[2]	64,753	57,679		61,601
Debt securities	[2]	83,064	77,016		99,154
Derivative assets		1,855	569		481
Deposits		5,870	6,275		4,741
Accrued investment income		1,003	983		1,017
Other debtors		1,161	968		955
Cash and cash equivalents		4,751	5,514	[3]	7,170	[3]
Total assets		174,066	160,249		188,232
Equity
Shareholders' equity		17,823	16,731		18,936
Non-controlling interests		160	167		175
Total equity		17,983	16,898	[4]	19,111	[4]
Liabilities
Insurance contract liabilities		139,840	126,242		149,798
Reinsurance contract liabilities		1,151	1,175		1,254
Investment contract liabilities without discretionary participation features		769	663		722
Core structural borrowings of shareholder-financed businesses		3,933	4,261		6,127
Operational borrowings		941	815		861
Obligations under funding, securities lending and sale and repurchase agreements		716	582		223
Net asset value attributable to unit holders of consolidated investment funds		2,711	4,193		5,664
Deferred tax liabilities		1,250	1,139		1,167
Current tax liabilities		275	208		185
Accruals, deferred income and other creditors		4,035	2,866		2,624
Provisions		224	206		234
Derivative liabilities		238	1,001		262
Total liabilities		156,083	143,351		169,121
Total equity and liabilities		$ 174,066	$ 160,249		$ 188,232
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published Included within equity securities and holdings in collective investment schemes and debt securities as at 31 December 2023 are $ 2,001 million of lent securities and assets subject to repurchase agreements (31 December 2022: $ 1,571 million) The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published.

Consolidated Statement of Fin_2

Consolidated Statement of Financial Position (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statement of Financial Position
Lent securities and assets subject to repurchase agreements	$ 2,001	$ 1,571

Consolidated statement of cash

Consolidated statement of cash flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022	[3]	Dec. 31, 2021
Cash flows from operating activities
Profit (loss) before tax (being tax attributable to shareholders' and policyholders' returns)	[1]	$ 2,272		$ (519)	[2]	$ 3,018
Adjustments to profit before tax for non-cash movements in operating assets and liabilities:
Investments		(14,539)		22,717		(14,553)
Other non-investment and non-cash assets		23		(35)		2,658
Insurance and reinsurance contract assets and liabilities under IFRS 17		12,787		(20,440)
IFRS 4 policyholder liabilities (including unallocated surplus of with-profits funds)						9,095
Other non-insurance liabilities		42		(665)		16
Investment income and interest payments included in profit before tax		(4,378)		(3,912)		(3,738)
Operating cash items:
Interest receipts		2,872		2,589		2,328
Interest payments		(75)		(16)		(11)
Dividend receipts		1,650		1,523		1,480
Tax paid		(406)		(449)		(453)
Other non-cash items		584		285		438
Net cash flows from operating activities	[4]	832		1,078		278
Cash flows from investing activities
Purchases of property, plant and equipment		(44)		(34)		(36)
Proceeds from disposal of property, plant and equipment		2
Acquisition of businesses and intangibles	[5]	(415)		(298)		(773)
Cash advanced to CPL	[4]	(176)
Disposal of Jackson shares		273		293		83
Net cash flows from investing activities		(360)		(39)		(726)
Structural borrowings of shareholder-financed operations:
Issuance of debt, net of costs	[6]			346		995
Redemption of debt	[6]	(393)		(2,075)		(1,250)
Interest paid	[6]	(188)		(204)		(314)
Payment of principal portion of lease liabilities		(93)		(101)		(118)
Equity capital:
Issues of ordinary share capital		4		(4)		2,382
External dividends:
Dividends paid to equity holders of the Company		(533)		(474)		(421)
Dividends paid to non-controlling interests		(7)		(8)		(9)
Net cash flows from financing activities		(1,210)		(2,520)		1,265
Net (decrease) increase in cash and cash equivalents from continuing operations		(738)		(1,481)		817
Net decrease in cash and cash equivalents from discontinued US operations						(1,621)
Cash and cash equivalents at 1 Jan		5,514	[3],[7]	7,170	[7]	8,018
Effect of exchange rate changes on cash and cash equivalents		(25)		(175)		(44)
Cash and cash equivalents at 31 Dec		$ 4,751		$ 5,514	[7]	$ 7,170	[3],[7]
[1] This measure is the formal profit before tax measure under IFRS. It is not the result attributable to shareholders principally because total corporate tax of the Group includes those taxes on the income of consolidated with-profits and unit-linked funds that, through adjustments to benefits, are borne by policyholders. These amounts are required to be included in the tax charge under IAS 12. Consequently, the IFRS profit before tax measure is not representative of pre-tax profit attributable to shareholders. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. Included in net cash flows from operating activities are dividends from joint ventures and associates of $209 million (2022: $112 million , 2021: $175 million). Cash advanced to CPL, the Group’s joint venture in the Chinese Mainland, of $176 million was made in anticipation of a future capital injection as described in note D3. Cash flows from acquisition of business and intangibles include amounts paid for distribution rights. There were no acquisitions of businesses in the year. Structural borrowings of shareholder-financed businesses exclude borrowings to support short-term fixed income securities programmes, lease liabilities and other borrowings of shareholder-financed businesses. Cash flows in respect of these borrowings are included within cash flows from operating activities. The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Consolidated statement of cas_2

Consolidated statement of cash flows (Parenthetical) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Borrowings
Dividends from joint ventures and associates		$ 209	$ 112		$ 175
Changes in the carrying value of the structural borrowings of shareholder-financed businesses are analysed as follows:
Issuance of core structural borrowings	[1]		346	[2]	995
Redemption of core structural borrowings	[1]	(393)	(2,075)	[2]	(1,250)
Core structural borrowings of shareholder-financed businesses
Changes in the carrying value of the structural borrowings of shareholder-financed businesses are analysed as follows:
Balance at beginning of year		4,261	6,127		6,633
Issuance of core structural borrowings			346		995
Redemption of core structural borrowings		(393)	(2,075)		(1,250)
Foreign exchange movement		58	(147)		(13)
Demerger of Jackson					(250)
Other movements		7	10		12
Balance at end of year		$ 3,933	$ 4,261		$ 6,127
[1] Structural borrowings of shareholder-financed businesses exclude borrowings to support short-term fixed income securities programmes, lease liabilities and other borrowings of shareholder-financed businesses. Cash flows in respect of these borrowings are included within cash flows from operating activities. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Basis of preparation and accoun

Basis of preparation and accounting policies	12 Months Ended
	Dec. 31, 2023
Basis of preparation and accounting policies
Basis of preparation and accounting policies	A Basis of preparation and accounting policies A1 Basis of preparation and exchange rates Prudential plc (the ‘Company‘) together with its subsidiaries (collectively, the ‘Group' or ‘Prudential’) provides life and health insurance and asset management products in Asia and Africa. The Group is headquartered in Hong Kong. Basis of preparation These consolidated financial statements have been prepared in accordance with IFRS Standards as issued by the IASB and UK-adopted international accounting standards. At 31 December 2023, there were no unadopted standards effective for the year ended 31 December 2023 which had an impact on the consolidated financial statements of the Group, and there were no differences between UK-adopted international accounting standards and IFRS Standards as issued by the IASB in terms of their application to the Group. The Group has adopted IFRS 17, 'Insurance Contracts' and IFRS 9, 'Financial Instruments'(including any consequential amendments to other standards) as issued by the IASB and as adopted for use in the UK from 1 January 2023, as discussed in note A2.1. The transition date of the Group for IFRS 17 was 1 January 2022. Except for the changes from the adoption of these two standards and the new and amended IFRS Standards as described in note A2.2, the accounting policies applied by the Group in determining the IFRS financial results in these consolidated financial statements are the same as those previously applied in the Group's consolidated financial statements for the year ended 31 December 2022 as disclosed in the 2022 annual report. As permitted by IFRS 17, comparative results and related accounting policies presented for the year ended 31 December 2021 have not been re-presented and are as previously published in the 2022 Annual Report when the Group had not yet adopted IFRS 17 and IFRS 9. Going concern basis of accounting The Directors have made an assessment of going concern covering a period to 31 March 2025, being at least 12 months from the date these consolidated financial statements are approved. In making this assessment, the Directors have considered both the Group’s current performance, solvency and liquidity and the Group’s business plan taking into account the Group’s principal risks, and the mitigations available to address them, as well as the results of the Group’s stress and scenario testing, as described further in the Risk review section. Based on the above, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue their operations for a period to 31 March 2025, being at least 12 months from the date these consolidated financial statements are approved. No material uncertainties that may cast significant doubt on the ability of the Company and the Group to continue as a going concern have been identified. The Directors therefore consider it appropriate to continue to adopt the going concern basis of accounting in preparing these consolidated financial statements for the year ended 31 December 2023. Exchange rates The exchange rates applied for balances and transactions in currencies other than the presentation currency of the Group, US dollars (USD) were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing rate at year end ​ Average rate for the year to date USD : local currency 31 Dec 2023 31 Dec 2022 31 Dec 2021 / 1 Jan 2022 2023 2022 2021 Chinese yuan (CNY) 7.09 6.95 6.37 7.09 6.73 6.45 Hong Kong dollar (HKD) 7.81 7.81 7.80 7.83 7.83 7.77 Indian rupee (INR) ​ 83.21 ​ 82.73 ​ 74.34 ​ 82.60 ​ 78.63 ​ 73.94 Indonesian rupiah (IDR) 15,397.00 15,567.50 14,252.50 15,230.82 14,852.24 14,294.88 Malaysian ringgit (MYR) 4.60 4.41 4.17 4.56 4.40 4.15 Singapore dollar (SGD) 1.32 1.34 1.35 1.34 1.38 1.34 Taiwan dollar (TWD) ​ 30.69 ​ 30.74 ​ 27.67 ​ 31.17 ​ 29.81 ​ 27.93 Thai baht (THB) 34.37 34.56 33.19 34.80 35.06 32.01 UK pound sterling (GBP) ​ 0.78 ​ 0.83 ​ 0.74 ​ 0.80 ​ 0.81 ​ 0.73 Vietnamese dong (VND) 24,262.00 23,575.00 22,790.00 23,835.92 23,409.87 22,934.86 ​ Foreign exchange translation In order to present the consolidated financial statements in USD, the results and financial position of entities not using USD as functional currency (ie the currency of the primary economic environment in which the entity operates) must be translated into USD. All assets and liabilities of entities not operating in USD are converted at closing exchange rates while all income and expenses are converted at average exchange rates where this is a reasonable approximation of the rates prevailing on transaction dates. The impact of these foreign exchange translations into the Group’s USD presentation currency is recorded as a separate component in the Statement of comprehensive income. Upon the disposal of the entity, the related cumulative foreign exchange translation differences are recycled from other comprehensive income to the income statement as part of the gain or loss on disposal. The general principle for converting foreign currency transactions to the functional currency of an entity is to translate at the functional currency spot rate prevailing at the date of the transactions. Foreign currency monetary assets and liabilities are translated at the spot exchange rate for the functional currency at the reporting date. Changes resulting from the foreign exchange translations into the functional currency of the entity are recognised in the income statement. The consolidated financial statements do not represent Prudential’s statutory accounts for the purposes of the UK Companies Act. These financial statements are based on the prescribed formats. The Group’s external auditors have reported on the 2023, 2022 and 2021 statutory accounts. Statutory accounts for 2022 and 2021 have been delivered to the UK Registrar of Companies and those for 2023 will be delivered following the Company’s Annual General Meeting. The auditor’s reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under Section 498(2) or (3) of the UK Companies Act 2006. A2 New accounting pronouncements in 2023 A2.1 Adoption of IFRS 17 and IFRS 9 The Group adopted IFRS 17 ‘Insurance Contracts’ and IFRS 9 ‘Financial Instruments’, including any consequential amendments to other standards, from 1 January 2023. IFRS 17, ‘Insurance contracts’ IFRS 17 introduces significant changes to the way insurance and reinsurance contracts are accounted for, albeit the scope of IFRS 17 and IFRS 4 is very similar. Therefore, nearly all of the Group’s insurance and investment contracts with discretionary participation features (DPF)accounted under IFRS 4 are now accounted under IFRS 17. IFRS 4 permitted insurers to continue to use the statutory basis of accounting for insurance assets and liabilities that existed in their jurisdictions prior to January 2005. IFRS 17 replaces this with a new measurement model that establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts, reinsurance contracts and investment contracts with DPF. Insurance contracts are aggregated into groups for measurement purposes. Groups of insurance contracts are determined by identifying portfolios of insurance contracts, each comprising contracts subject to similar risks and managed together, and dividing each portfolio into annual cohorts (ie by year of issue) and each annual cohort into groups based on the profitability of contracts. Portfolios of reinsurance contracts held are assessed for aggregation separately from portfolios of insurance contracts issued. When determining 'similar risks' the Group does not divide risks within a contract, eg riders sold under a single contract would not be split by risk type. The Group have therefore identified three broad categories of risks referred to as 'dominant' risks, namely, protection, investment and to a less material extent longevity. The requirement 'managed together' is assessed within the geographical boundary of each local business unit. Each ring-fenced fund is considered to be managed separately. Under IFRS 17 groups of contracts are measured on initial recognition as the total of: – Fulfilment cash flows, comprising the best estimate of the present value of future cash flows within the contract boundary that are expected to arise and an explicit risk adjustment for non-financial risk; and – A contractual service margin (CSM) that represents the deferral of any day-one gains arising on initial recognition. Day-one losses, any subsequent losses on onerous contracts and reversal of those losses arising from groups of insurance contracts are recognised directly in the income statement. For groups of reinsurance contracts held, any net gains or losses at initial recognition are recognised as CSM unless the net cost of purchasing reinsurance relates to past events, in which case such net cost is recognised immediately in the income statement. Under IFRS 17 insurance contracts are measured under the General Measurement Model (GMM), Variable Fee Approach (VFA) or Premium Allocation Approach (PAA). The Group predominantly uses the VFA and GMM, depending on the specific characteristics of the insurance contracts. The Group makes very limited use of the PAA for some small portfolios of short duration contracts. Reinsurance contracts held are measured under the GMM. Approximately 72 per cent of the CSM (including joint ventures and associates and net of reinsurance) at transition (as described below) was calculated under the VFA and relates to the Group’s with-profits and shareholder-backed participating products and unit-linked products with a low proportion of protection riders. The remaining approximately 28 per cent of the CSM at transition was calculated under the GMM and includes the Group’s non-profit protection products and unit-linked products with a high proportion of protection riders. The fulfilment cash flows are updated each reporting date to reflect current conditions. For contracts with direct participating features which are accounted for under the VFA, on initial recognition the CSM represents the variable fee to shareholders and it is adjusted to reflect the effect of changes in economics as well as experience variances and/or assumptions changes that relate to future services. For contracts accounted for under GMM, the CSM is accreted using the discount rates determined at the date of initial recognition (the ‘locked-in discount rates’) and only adjusted to reflect the effect of non-economic experience variances and/or assumptions changes that relate to future services. The adjustments to the CSM for GMM business are determined using the locked-in discount rates. Further information on the subsequent measurement of the CSM is contained within note C3.4. IFRS 17 is applied retrospectively unless impractical to do so. The effect of adopting IFRS 17 retrospectively adjusts shareholders’ equity as at the date of transition of 1 January 2022. At the transition date, the opening balance sheet for IFRS 17 is established, as set out in the section 'Effect of adoption of IFRS 17 and IFRS 9' below. With the adoption of IFRS 17, certain line items in the Group’s consolidated statement of financial position have been replaced with new line items. For example, the Group now presents separately the carrying amount of portfolios of: – Insurance contracts issued that are assets; – Insurance contracts issued that are liabilities; – Reinsurance contracts held that are assets; and – Reinsurance contracts held that are liabilities. Further, the line items in the consolidated income statement have been changed significantly compared with reporting under IFRS 4. In accordance with the IFRS 17 requirements, the following line items are no-longer reported: Gross premiums earned, Outward reinsurance premiums, Benefits and claims, Reinsurers’ share of benefits and claims, Movements in unallocated surplus of with-profits funds and Acquisition costs. Those are replaced with the following IFRS 17 line items: – Insurance revenue; – Insurance service expenses; – Net income (expense) from reinsurance contracts held; and – Net insurance finance income (expenses). Approach to transition to IFRS 17 Transition refers to the determination of the opening balance sheet for the first year of comparative information presented under IFRS 17 (ie at 1 January 2022). The future cash flows and risk adjustment are measured on a current basis in the same manner as they would be calculated for subsequent measurement. The key component of transition is therefore the determination of the CSM. The standard requires IFRS 17 to be applied retrospectively (the 'Full Retrospective Approach') unless impracticable. If a fully retrospective approach is impracticable there is an option to choose either a Modified Retrospective Approach or a Fair Value Approach. Prudential has adopted the Modified Retrospective Approach for cohorts of business for which expected cash flows at the date of initial recognition are not available but where actual historic cash flows are available. If reasonable and supportable information necessary to apply the modified retrospective approach is not available, the fair value approach must be applied. The CSM of the groups of insurance contracts transitioned under retrospective approaches (ie full retrospective approach and modified retrospective approach) has been calculated as if the Group had only prepared annual financial statements before the transition date (ie transition CSM has been measured using a year-to-date approach). Full Retrospective Approach (FRA) Under the FRA, each group of insurance contracts has been identified, recognised and measured as if IFRS 17 had always applied. The CSM was calculated at initial recognition of a group of contracts based on the facts and circumstances at that time (ie without use of hindsight). This CSM was then rolled forward to the transition date in line with the requirements of the standard. Modified Retrospective Approach (MRA) The objective of the MRA is to achieve the closest possible outcome to retrospective application possible using reasonable and supportable information without undue cost and effort. A number of specific modifications are permitted under the MRA. The Group has adopted the following modifications: – To use information at the transition date to identify insurance contract groups; – To use information at the transition date to assess eligibility for the variable fee approach; and – To use information at the transition date to identify discretionary cash flows. General Measurement Model (GMM) Under the MRA for GMM business, the cash flows at the date of initial recognition of a group of insurance contracts have been estimated as the cash flows at the earliest available date (ie the first year when the FRA is practicable, referred to as the 'earlier date'), adjusted by the cash flows that are known to have occurred between these two dates. A number of further specific modifications are permitted. The Group has adopted the following modifications: – To estimate the risk adjustment at the date of initial recognition as the risk adjustment at the earlier date adjusted by the expected release of risk before that date based on the risk adjustment release pattern for similar contracts; – To estimate CSM amortisation in line with run-off of the coverage units; and – If there is a loss component at initial recognition, to estimate the amount allocated to the loss component before the transition date using a systematic allocation consistent with the modifications adopted above. Discount rates at the date of initial recognition were determined using observable market data at that date. Variable Fee Approach (VFA) Under the MRA for VFA business, the CSM at the transition date for a group of insurance contracts has been determined as: – The total fair value of the underlying items at that date; minus – The fulfilment cash flows at that date; plus or minus – An adjustment for: – Amounts charged to policyholders before that date; – Amounts paid before that date not varying with underlying items; – The change in the risk adjustment caused by the release from risk before that date; and minus – An estimate of the amounts that would have been recognised in profit or loss for services provided before the transition date by comparing the remaining coverage units at the transition date with the coverage units provided under the group of contracts before the transition date. In implementing this approach, the amounts charged to policyholders, the amounts paid not varying with underlying items and coverage units have been adjusted for the time value of money. Fair Value Approach (FVA) The insurance contracts of the Group under the FVA generally represent groups of contracts that were written many years ago where suitable historical information required to apply the retrospective transition approaches is no longer practicably available. Under the FVA, the CSM at the transition date is the difference between the fair value of the insurance contracts, determined in accordance with IFRS 13 Fair Value Measurement, and the fulfilment cash flows at that date. IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of groups of insurance contracts has therefore been interpreted as the compensation that a market participant would require for taking on the relevant obligation under the contracts. The fair value has been determined using a cost of capital approach by reference to a quantum of capital required to be held in order to fulfil the contracts and a required return on that capital. Expected cash flows and the required locked-in capital are projected forward over the duration of the groups of contracts and discounted at the required rate of return. These calculations are based on the following key assumptions: – The expected cash flows reflect the future cost that a market participant would expect to incur in fulfilling the obligations under the contracts. The fair value has been based on the same scope of cash flows as are included in the calculation of the best estimate liability. In particular, the same contract boundaries are assumed in the calculation of the fair value and best estimate liability. However, the measurement of those cash flows need not be the same. – The required locked-in capital is the level of capital realistically required for a business to operate in the relevant jurisdiction. – The required rate of return is compensation the Group would expect a market participant to require to enter into a transaction to transfer the liability associated with the insurance contracts at the transition date. This return has been determined using the Capital Asset Pricing Model, including allowance for both financial risk and uncertainty in non-financial risk. A number of specific modifications are permitted under the FVA. The Group has adopted the following modifications: – To use information at the transition date to identify groups of insurance contracts; – To use information at the transition date to assess eligibility for the VFA; – To use information at the transition date to identify discretionary cash flows; – To use information at the transition date to assess whether a contract meets the definition of an investment contract with DPF; and – To group annual cohorts of business. The allocation of opening CSM by transition approach is given in note C3.2(b), alongside a segmental split. IFRS 9, ‘Financial Instruments’ IFRS 9 replaced IAS 39 Financial Instruments: Recognition and Measurement for annual periods beginning on or after 1 January 2018. The Group met the eligibility criteria, under the amendments to IFRS 4 to apply the temporary exemption from IFRS 9, deferring the initial application date of IFRS 9 to align with the initial application of IFRS 17. The adoption of IFRS 9 has affected the following three areas: The classification and the measurement of financial assets and liabilities IFRS 9 redefines the classification of financial assets. Based on the way in which the assets are managed in order to generate cash flows and their contractual cash flow characteristics (whether the cash flows represent ‘solely payments of principal and interest’), financial assets are classified into one of the following categories: amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL). An option is also available at initial recognition to irrevocably designate a financial asset as at FVTPL if doing so eliminates or significantly reduces accounting mismatches. The Company has made the election under IFRS 9 to measure its retained interest in Jackson at FVOCI. Under this designation, only dividend income from this retained interest is recognised in the profit or loss of the Company. Unrealised gains and losses are recognised in other comprehensive income and there is no recycling to the profit or loss on derecognition.This was the only investment classified at FVOCI at 1 January 2023. A table explaining the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group’s financial assets and financial liabilities as at 1 January 2023 is set out in the section 'Effect of adoption of IFRS 17 and IFRS 9' below. The calculation of the impairment charge relevant for financial assets held at amortised cost or FVOCI A new impairment model based on an expected credit loss approach replaced the incurred loss impairment model under IAS 39, resulting in earlier recognition of credit losses compared with IAS 39. This aspect is the most complex area of IFRS 9 and involves significant judgements and estimation processes. As discussed above, the vast majority of the financial investments of the Group are held at FVTPL to which these requirements do not apply. Accordingly, no significant amount of additional impairment was recognised by the Group under the expected credit loss approach as a result of the adoption of IFRS 9. The hedge accounting requirements which are more closely aligned with the risk management activities The Group has not applied hedge accounting treatment under IAS 39 and therefore, there is no impact in this area for the Group upon the adoption of IFRS 9. Effect of adoption of IFRS 17 and IFRS 9 The adoption of IFRS 17 has significant changes to the accounting for insurance and reinsurance contracts, as discussed above. The Group’s approach to transition to IFRS 17 is set out in the preceding section. The Group has restated the 2022 comparative amounts and presented a restated consolidated statement of financial position as at 1 January 2022. The implementation of IFRS 9 has an insignificant impact on the Group’s financial statements. As permitted by IFRS 9, the Group has not restated the comparatives on initial application of the standard but the Group is taking advantage of the classification overlay as permitted by the Amendment to IFRS 17, ‘Initial Application of IFRS 17 and IFRS 9 – Comparative Information’ issued in December 2021. In accordance with this amendment, the balance sheet at 1 January 2022 reflects the change in classification of certain debt securities to amortised cost from fair value through profit and loss, certain loans to fair value through profit and loss from amortised cost and the recognition of IFRS 9 expected credit losses for certain mortgage loans that continue to be classified as amortised cost. With the exception of these changes, for which the overall net asset impact is insignificant at less than $5 million, the consolidated statement of financial position as of 1 January 2022 as restated under IFRS 17 has been presented to reflect the classification and measurement under IAS 39. Consolidated statement of financial position at transition date 1 January 2022 The following table shows the Group’s consolidated statement of financial position as at 1 January 2022 restated under the IFRS 17 basis and the summarised effects of the adoption of the new standard. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 Dec 2021 $m Effects of adoption of IFRS 17 $m At 1 Jan 2022 $m ​ ​ (as reported under ​ Presentation ​ Measurement ​ (as restated under ​ ​ IFRS 4) ​ changes ​ changes ​ IFRS 17) ​ ​ note (i) note (ii) ​ Assets Goodwill 907 — — 907 Deferred acquisition costs and other intangible assets: Deferred acquisition costs 2,815 (39) (2,776) — Other intangible assets 4,043 — (28) 4,015 ​ 6,858 (39) (2,804) 4,015 Insurance contract assets n/a — 1,250 1,250 Reinsurance contract assets 9,753 (22) (6,944) 2,787 Deferred tax assets 266 (134) — 132 Other non-investment and non-cash assets 3,448 (1,022) 61 2,487 Investment properties 38 — — 38 Investments in joint ventures and associates accounted for using the equity method 2,183 — 515 2,698 Total financial investments: Policy loans 1,733 (1,733) — — Other loans 829 — (58) 771 Equity securities and holdings in collective investment schemes 61,601 — — 61,601 Debt securities 99,094 — 60 99,154 Derivative assets 481 — — 481 Deposits 4,741 — — 4,741 ​ ​ 168,479 (1,733) 2 166,748 Cash and cash equivalents 7,170 — — 7,170 Total assets 199,102 (2,950) (7,920) 188,232 Equity ​ ​ ​ ​ ​ ​ ​ Shareholders' equity 17,088 — 1,848 18,936 Non-controlling interests 176 — (1) 175 Total equity 17,264 — 1,847 19,111 Liabilities ​ ​ ​ ​ ​ ​ ​ Insurance contract liabilities* 156,485 4,243 (10,930) 149,798 Reinsurance contract liabilities n/a — 1,254 1,254 Investment contract liabilities without discretionary participation features 814 — (92) 722 Core structural borrowings of shareholder-financed businesses 6,127 — — 6,127 Operational borrowings 861 — — 861 Deferred tax liabilities 2,862 (1,696) 1 1,167 Other liabilities 14,689 (5,497) — 9,192 Total liabilities 181,838 (2,950) (9,767) 169,121 Total equity and liabilities 199,102 (2,950) (7,920) 188,232 ​ * Included within insurance contract liabilities at 31 December 2021 are investment contracts with DPF and unallocated surplus of with-profits funds under IFRS 4. ​ Notes (i) The presentation changes as shown in the table above principally arise from the following effects of the adoption of IFRS 17: – Inclusion of insurance and reinsurance related receivable and payable balances within IFRS 17 insurance and reinsurance contract assets and liabilities Under IFRS 17, the measurement of a group of insurance contracts requires inclusion of all the future cash flows within the boundary of each contract and as a result, all insurance and reinsurance related receivable and payable balances (eg premiums receivable and claims payable) that were previously separately presented on the balance sheet are now in effect included within the insurance and reinsurance contract balances under IFRS 17. – Policy loans Applying the same IFRS 17 measurement principles described above, policy loans related cash flows including any accrued interest income (previously included in ‘Accrued investment income’) are also included within the fulfilment cash flows of the associated group of insurance contracts. – Deferred tax liabilities In line with IAS 12, deferred tax assets and liabilities have been netted as appropriate. The deferred tax liabilities arising from expected future distributions of the Singapore with-profits funds have been reclassified to be part of the insurance contract liabilities under IFRS 17. (ii) The measurement changes shown in the table above principally reflect the following measurement differences arising from the adoption of IFRS 17: – Deferred acquisition costs (DAC) Acquisition cash flows are taken into account in determining the day-one CSM of a group insurance contracts. As such, explicit assets for DAC are not required and the IFRS 4 balances are removed. DAC relating to investment contracts without discretionary participation features remains as an asset and has been reclassified to ‘Other debtors’ under 'Other non-investment and non-cash items’. – Insurance and reinsurance contract assets and liabilities The adjustments represent insurance and reinsurance contract measurement differences between IFRS 4 and IFRS 17, which primarily relate to the following effects: – the establishment of a CSM under IFRS 17 in accordance with the transition rules, intended to represent the unamortised amount of expected future profit deferred upon initial recognition of an insurance contract for all in-force contracts; – the establishment of an explicit risk adjustment for non-financial risk under IFRS 17; – release of prudence in the IFRS 4 policyholder liabilities to leave the best estimate liability; and – the change in treatment of the unallocated surplus of with-profits funds such that the shareholders’ share is recognised in shareholders’ equity after allowing for measurement differences between IFRS 4 and IFRS 17. Tax – Current tax assets and liabilities are calculated for each entity in the Group based on local tax rules, and the basis of tax varies between jurisdictions. For insurance entities in the Group, the current tax is calculated based on either the financial statements prepared under local generally accepted accounting principles (GAAP), or the regulatory return prepared under relevant regulatory rules, or on an alternative basis (for example, Hong Kong, where most life insurance business is taxed by reference to net premiums). Current tax assets and liabilities at transition date are not impacted by the adoption of IFRS 17 at Group level as the adoption for the Group financial statements has no impact on local tax calculations. For jurisdictions where the basis of tax is the local financial statements, current tax assets and liabilities will be calculated applying IFRS 17 if and when the standard is adopted locally, and subject to local tax rules for transitional adjustments. The impact of any such local adoption on the Group financial statements will be considered when relevant. – Deferred tax balances are adjusted to reflect the deferred tax effects of the measurement adjustments arising from transition to IFRS 17 described above. The methods of calculating deferred tax are unchanged. Where insurance and reinsurance contract assets and liabilities give rise to a tax deduction or taxable income when they are recovered or settled, measurement changes to these balances, without equal changes in current taxable income, give rise to corresponding changes to the deferred tax balances at the tax rates expected to apply when the deferred tax assets or liabilities are realised or settled. – Investments in joint ventures and associates accounted for using the equity method The adjustments represent the Group’s share of the impact of the transition of the balance sheets of the Group’s life joint ventures and associate (being CPL, India and the Takaful business in Malaysia) from IFRS 4 to IFRS 17, arising principally from the measurement differences as described above. ​ Financial assets and liabilities by IFRS 9 category The following table and the accompanying notes explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group’s financial assets and financial liabilities as at 31 December 2022/1 January, 2023. The effects of the reclassification of financial assets as a result of transition to IFRS 9 is not material. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification at initial application ​ Carrying value $m Financial instruments Original under IAS 39 New under IFRS 9 Original under IAS 39 New under IFRS 9 Financial assets Loans note (i) Amortised cost Amortised cost 140 140 Loans /debt securities note (ii) Amortised cost Mandatorily at FVTPL 26 27 Loans FVTPL Mandatorily at FVTPL 450 450 Equity securities and portfolio holdings in collective investment schemes FVTPL Mandatorily at FVTPL 57,413 57,413 Equity securities note (iii) Available-for-sale (AFS) FVOCI 266 266 Debt securities held by Eastspring note (iv) FVTPL Amortised cost 67 67 Other Debt securities FVTPL Mandatorily at FVTPL 76,922 76,922 Derivative assets FVTPL Mandatorily at FVTPL 569 569 Accrued investment income Loans and receivables Amortised cost 983 983 Deposits Loans and receivables Amortised cost 6,275 6,275 Cash and cash equivalents Loans and receivables Amortised cost 5,514 5,514 Other debtors note (i) Loans and receivables Amortised cost 968 968 Financial liabilities Investment contract liabilities w

Analysis of performance by segm

Analysis of performance by segment	12 Months Ended
	Dec. 31, 2023
Analysis of performance by segment
Analysis of performance by segment	B1 Analysis of performance by segment B1.1 Segment results ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis IFRS 4 basis ​ ​ ​ 2023 $m 2022 $m 2021 $m ​ ​ ​ Note ​ note (i) ​ note (i) ​ note (i) ​ Continuing operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ CPL 368 271 343 ​ Hong Kong ​ 1,013 1,162 975 ​ Indonesia 221 205 446 ​ Malaysia 305 340 350 ​ Singapore ​ ​ ​ 584 ​ 570 ​ 663 ​ Growth markets and other note (ii) ​ 746 728 932 ​ Eastspring ​ 280 260 314 ​ Other income and expenditure: ​ ​ ​ ​ Net investment return and other items note (iii) ​ (21) (44) 21 ​ Interest payable on core structural borrowings (172) (200) (328) ​ Corporate expenditure note (iv) (230) (276) (298) ​ Total other expenditure ​ (423) (520) (605) ​ Restructuring and IFRS 17 implementation costs note (v) ​ (201) (294) (185) ​ Adjusted operating profit ​ B1.2 ​ 2,893 ​ 2,722 ​ 3,233 ​ Short-term fluctuations in investment returns note (vi) ​ (774) (3,420) (458) ​ Amortisation of acquisition accounting adjustments under IFRS 4 ​ — — (5) ​ (Loss) gain attaching to corporate transactions note (vii) ​ (22) 55 (94) ​ Profit (loss) before tax attributable to shareholders ​ ​ ​ 2,097 ​ (643) ​ 2,676 ​ Tax charge attributable to shareholders' returns B3.2 (385) (354) (462) ​ Profit (loss) for the year ​ 1,712 (997) 2,214 ​ Loss from discontinued US operations D6 — — (5,027) ​ Profit (loss) for the year ​ ​ ​ 1,712 ​ (997) ​ (2,813) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity holders of the Company ​ ​ ​ ​ ​ ​ ​ ​ ​ From continuing operations ​ ​ ​ 1,701 ​ (1,007) ​ 2,192 ​ From discontinued US operations ​ ​ ​ — ​ — ​ (4,234) ​ ​ ​ ​ ​ 1,701 ​ (1,007) ​ (2,042) ​ Non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ From continuing operations ​ 11 10 22 ​ From discontinued US operations ​ ​ ​ — ​ — ​ (793) ​ ​ ​ ​ ​ 11 ​ 10 ​ (771) ​ Profit (loss) for the year ​ ​ ​ 1,712 ​ (997) ​ (2,813) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ IFRS 4 basis ​ ​ ​ ​ 2023 2022 2021 ​ Basic earnings per share (in cents) ​ Note ​ note (i) ​ note (i) ​ note (i) ​ Based on adjusted operating profit, net of tax and non-controlling interest from continuing operations ​ B4 ​ 89.0 ¢ 79.4 ¢ 101.5 ¢ Based on profit for the year from continuing operations, net of non-controlling interest B4 62.1 ¢ (36.8) ¢ 83.4 ¢ Based on loss from discontinued US operations, net of non-controlling interest ​ B4 ​ n/a ​ n/a ​ (161.1) ¢ ​ Notes (i) Segment results are attributed to the shareholders of the Group before deducting the amount attributable to the non-controlling interests. This presentation is applied consistently throughout the document. (ii) The Growth markets and other segment includes non-insurance entities that support the Group’s insurance business and the result for this segment is after deducting the corporate taxes arising from the life joint ventures and associates. In 2021, this also comprised of other non-recurring items which largely included the impact of refinements to the run-off of the allowance of prudence within IFRS 4 technical provisions. (iii) Net investment return and other items in 2023 and 2022 includes an adjustment to eliminate intercompany profits as described below. Entities within the Prudential Group can provide services to each other, the most significant example being the provision of asset management services by Eastspring to the life entities. If the associated expenses are deemed attributable to the entity’s insurance contracts then the costs are included within the estimate of future cashflows when measuring the insurance contract under IFRS 17. In the Group’s consolidated accounts, IFRS 17 requires the removal of the intercompany profit from the measurement of the insurance contract. Put another way the future cash flows include the cost to the Group (not the insurance entity) of providing the service. In the period that the service is provided the entity undertaking the service, for example Eastspring, recognises the profit it earns as part of its results. To avoid any double counting an adjustment is included with the centre’s 'net investment return and other item' to remove the benefit already recognised when valuing the insurance contract. (iv) Corporate expenditure as shown above is for head office functions. (v) Restructuring and IFRS 17 implementation costs include those incurred in insurance and asset management operations of $(81) million (2022: $(137) million; 2021: $(101) million), largely comprising the costs of Group-wide projects including the implementation of IFRS 17 (this includes one-off costs associated with embedding IFRS 17), reorganisation programmes and initial costs of establishing new business initiatives and operations. (vi) In 2021, rising interest rates across most operations led to unrealized bond losses which more than offset the impact of higher discount rates on IFRS 4 policyholder liabilities under the local reserving basis applied and equity gains on shareholder backed business in the year which led to overall negative short-term investment fluctuations for total insurance and asset management operations. (vii) The loss for 2021 of $ (94) million included $(35) million as shown separately on the Consolidated income statement largely related to costs associated with the demerger of Jackson and $(59) million arising on reinsurance transaction undertaken by the Hong Kong business under IFRS 4 basis. B1.2 Determining operating segments and performance measure of operating segments Operating segments The Group's operating and reported segments for financial reporting purposes are defined and presented in accordance with IFRS 8 ‘Operating Segments’. There have been no changes to the Group’s operating segments from those reported in the Group’s consolidated financial statements for the year ended 31 December 2022. In the first quarter of 2021, the Group reviewed its operating segments for financial reporting under IFRS 8 following changes to the business and financial management information provided to the GEC. On 13 September 2021, the Group completed the demerger of the US operations (Jackson Financial Inc.) from the Prudential plc Group. Accordingly, the US operations did not represent an operating segment as of the end of 2021. The results of US operations were reclassified as discontinued in those consolidated financial statements in accordance with IFRS 5 ‘Non-current Assets Held for Sale and Discontinued Operations’, and were therefore excluded in the analysis of performance measure of operating segments. Operations and transactions which do not form part of any business unit are reported as ‘Unallocated to a segment’ and generally comprise head office functions. Performance measure The performance measure of operating segments utilised by the Group is IFRS operating profit based on longer-term investment returns (adjusted operating profit) as described below. This measurement basis distinguishes adjusted operating profit from other constituents of total profit or loss for the year, including short-term fluctuations in investment returns and gain or loss on corporate transactions. Note B1.1 shows the reconciliation from adjusted operating profit to total profit (loss) for the year. Determination of adjusted operating profit under IFRS 17 (for 2023 and 2022) (a) Approach adopted for insurance businesses The measurement of adjusted operating profit reflects that, for the insurance business, assets and liabilities are held for the longer term. The Group believes trends in underlying performance are better understood if the effects of short-term fluctuations in market conditions, such as changes in interest rates or equity markets, are excluded. This concept was previously applied under IFRS 4, but the changing measurement model under IFRS 17 has impacted how such short-term fluctuations are determined. The method of allocating profit between operating and non-operating components involves applying longer-term rates of return to the Group’s assets held by insurance entities (including joint ventures and associates). These longer-term rates of return are not applied when assets and liabilities move broadly in tandem and hence the effect on profit from short-term market movements is more muted. In summary the Group applies the following approach when attributing the ‘net investment result’ between operating and non-operating profit: – Returns on investments that meet the definition of an ‘underlying item’, namely those investments that determine some of the amounts payable to a policyholder such as assets within unit linked funds or with-profits funds, are recorded in adjusted operating profit on an actual return basis. The exception is for investments backing the shareholders’ 10 per cent share of the estate within the Hong Kong with-profits fund. Changes in the value of these investments, including those driven by market movements, pass through the income statement with no liability offset. Consequently adjusted operating profit recognises investment return on a longer-term basis for these assets. – For insurance contracts measured under the GMM, the impact of market movements on both the non-underlying insurance contract balances and the investments they relate to are considered together. Adjusted operating profit allows for the long-term credit spread (net of the expected defaults) or long-term equity risk premium on the debt and equity-type instruments respectively. Deducted from this amount is the unwind of the illiquidity premium included in the current discount rate for the liabilities. – Some GMM BEL components are calculated by reference to the investment return of assets, even if the BEL component itself is not considered an underlying item, for example the BEL component related to future fee income or a guarantee. In these cases for the purposes of determining operating profit, the BEL component is calculated assuming a longer-term investment return and any difference between the actual return arising in the period and the longer-term investment return is taken to non-operating profit. There is no impact on the balance sheet of this allocation. – A longer-term rate of return is applied to all other investments held by the Group’s insurance business for the purposes of calculating adjusted operating profit. More details on how longer-term rates are determined are set out below. The difference between the net investment result recorded in the income statement and the longer-term returns determined using the above principles is recorded as ‘short-term fluctuations in investment returns’ as a component of non-operating profit. The ‘insurance service result’ is recognised in adjusted operating profit in full with the exception of gains or losses that arise from market and other related movements on onerous contracts measured under the variable fee approach. If these gains and losses are capable of being offset across more than one annual cohort of the same product or fund as applicable, then the adjusted operating profit is determined by amortising the net of the future profits and losses on all contracts where profits or losses can be shared. Any difference between this and the insurance service results presented in the income statement is classified as part of ‘short-term fluctuations in investment returns’, a component of non-operating profit. (b) Determination of longer-term returns The longer-term rates of return are estimates of the long-term trend investment returns having regard to past performance, current trends and future expectations. These rates are broadly stable from year to year but may be different between regions, reflecting, for example, differing expectations of inflation in each business unit. The assumptions are for the returns expected to apply in equilibrium conditions. The assumed rates of return do not reflect any cyclical variability in economic performance and are not set by reference to prevailing asset valuations. For collective investment schemes that include different types of assets (eg equities and debt securities), weighted assumptions are used reflecting the asset mix underlying the relevant fund mandates. Debt securities and loans For debt securities and loans, the longer-term rates of return are estimates of the long-term government bond yield, plus the estimated long-term credit spread over the government bond yield, less an allowance for expected credit losses. The credit spread and credit loss assumptions reflect the mix of assets by credit rating. Longer-term rates of return range from 2.8 per cent to 8.4 per cent for 2023 (2022: 2.8 per cent to 7.8 per cent). Equity-type securities For equity-type securities, the longer-term rates of return are estimates of the long-term trend investment returns for income and capital. Longer-term rates of return range from 8.6 per cent to 15.7 per cent for 2023 and 2022. Derivative value movements In the case where derivatives change the nature of other invested assets (eg by lengthening the duration of assets, hedging overseas bonds to the currency of the local liabilities, or by providing synthetic exposure to equities), the longer-term return on those invested assets reflects the impacts of the derivatives. (c) Non-insurance businesses For these businesses, the determination of adjusted operating profit reflects the underlying economic substance of the arrangements and excludes market related items only where it is expected these will unwind over time. Determination of adjusted operating profit under IFRS 4 (for 2021) (a) With-profits business For with-profits business in Hong Kong, Singapore and Malaysia, the adjusted operating profit reflected the shareholders’ share in the bonuses declared to policyholders. Value movements in the underlying assets of the with-profits funds only affected the shareholder results through indirect effects of investment performance on declared policyholder bonuses and therefore, did not affect directly the determination of adjusted operating profit. (b) Assets and liabilities held within unit-linked funds The policyholder unit liabilities were directly reflective of the underlying asset value movements. Accordingly, the adjusted operating profit reflected the current year value movements in both the unit liabilities and the backing assets, which offset one another. (c) Other shareholder-backed long-term insurance business In the case of other shareholder-financed business, the measurement of adjusted operating profit reflected the fact that, for the long-term insurance business, assets and liabilities were held for the longer term. For this business the Group believes trends in underlying performance were better understood if the effects of short-term fluctuations in market conditions, such as changes in interest rates or equity markets, were excluded. In determining the profit on this basis, the following key elements were applied to the results of the Group’s shareholder-financed businesses. (i) Policyholder liabilities that are sensitive to market conditions Under IFRS 4, the degree to which the carrying values of liabilities to policyholders were sensitive to current market conditions varies between business units depending upon the nature of the ‘grandfathered’ measurement basis. Taiwan and India applied US GAAP, whose policyholder liabilities were not sensitive to market movements as they were locked in at policy inception. Movements in liabilities for some types of business did require bifurcation between the elements that relate to longer-term market condition and short-term effects to ensure that at the net level (ie after allocated investment return and charge for policyholder benefits) the adjusted operating profit reflects longer-term market returns. For certain non-participating business, for example in Hong Kong, the economic features were more akin to asset management products with policyholder liabilities reflecting asset shares over the contract term. Consequently, for these products, the charge for policyholder benefits in the adjusted operating profit reflected the asset share feature that is calculated assuming a longer-term return assumption rather than volatile movements that would otherwise be reflected if the IFRS balance sheet reserving basis was applied. For other types of non-participating business, expected longer-term investment returns and interest rates were used to determine the movement in policyholder liabilities for determining adjusted operating profit. This ensured assets and liabilities were reflected on a consistent basis. (ii) Assets backing other shareholder-backed long-term insurance business Except in the case of assets backing liabilities which were directly matched (such as unit-linked business) adjusted operating profit for assets backing shareholder-financed business was determined on the basis of expected longer-term investment returns. Longer-term investment returns comprised actual income receivable for the year (interest/dividend income) and longer-term capital returns, determined for debt and equity-type securities on the basis described below. The difference between the actual investment returns in the reporting period and the longer-term investment returns was recognised within short-term fluctuations in investment returns. Debt securities and loans As a general principle, for debt securities and loans, the longer-term investment returns comprised the interest receivable for the year and the amortisation of interest-related realised gains and losses to the date when sold securities would have otherwise matured (or a suitable proxy for this period). All unrealised gains and losses were treated as a component of short-term investment fluctuations. Consideration was given to the need to recognise an expected longer-term level of defaults for the securities within the longer-term investment returns, based on past performance and having regard to the credit quality of the portfolio, with any difference with actual credit-related realised losses arising in the year being included in short-term fluctuations. If, under this analysis, realised gains and losses were principally considered to be interest related with no significant credit-related losses based on past performance, then all realised gains and losses to date for these operations were treated as interest related and amortised to adjusted operating profit over the period to the date those securities would otherwise have matured and no separate charge to longer-term investment returns for credit defaults was made. Equity-type securities For equity-type securities that comprised both the Group's investments in direct equities and all of its collective investment scheme holdings, the longer-term rates of return were estimates of the long-term trend investment returns for income and capital having regard to past performance, current trends and future expectations. Different rates applied to different categories of the securities within this category. For the Group’s investments in direct equities, the longer-term rates of return applied in 2021 ranged from 7.3 per cent to 16.9 per cent. For Group’s collective investment scheme holdings, the longer-term rates of return applied in 2021 ranged from 3.6 per cent to 11.0 per cent representing the range across business units of the weighted average expected longer-term return rates determined by reference to the underlying asset mix of the funds for each business unit. These rates were broadly stable from year to year but may be different between regions, reflecting, for example, differing expectations of inflation in each business unit. The assumptions were for the returns expected to apply in equilibrium conditions. The assumed rates of return did not reflect any cyclical variability in economic performance and were not set by reference to prevailing asset valuations. The longer-term investment returns for the insurance joint ventures and associates accounted for using the equity method were determined on a similar basis as the other insurance operations described above. Derivative value movements Generally, derivative value movements were excluded from adjusted operating profit. The exception was where the derivative value movements broadly offset changes in the accounting value of other assets and liabilities included in adjusted operating profit. (d) Other non-insurance businesses For these businesses, the determination of adjusted operating profit reflected the underlying economic substance of the arrangements. Generally, realised gains and losses were included in adjusted operating profit with temporary unrealised gains and losses being included in short-term fluctuations. In some instances, realised gains and losses on derivatives and other financial instruments were amortised to adjusted operating profit over a time period that reflected the underlying economic substance of the arrangements. B1.3 Revenue Accounting policies for revenue under IFRS 17 The Group recognises insurance revenue as it satisfies its performance obligations, ie as it provides services under groups of insurance contracts. The insurance revenue relating to services provided for each period represents the total of the changes in the liability for remaining coverage that relate to services for which the Group expects to receive consideration and comprises the following items. – A release of the CSM, measured based on coverage units; – Changes in the risk adjustment for non-financial risk relating to current services; – Claims and other insurance service expenses for the period expected at the beginning of the year; and – Other amounts include the revenue recognised to cover the tax charge attributable to policyholders and other items, for example experience adjustments for premium receipts for current or past services . In addition, the Group allocates a portion of premiums that relate to recovering insurance acquisition cash flows to each period using the same amortisation factor used to amortise CSM. The Group recognises the allocated amount, adjusted for interest accretion, as insurance revenue and an equal amount as insurance service expenses. Non-distinct investment components are excluded from insurance revenue and insurance service expenses. Policy fees charged on investment contracts without discretionary participation features for asset management and policy administration fees are recognised when related services are provided. Accounting policies for revenue under IFRS 4 Premiums and annuity considerations for conventional and other protection type insurance policies are recognised as revenue when due. Premiums and annuity considerations for linked policies and other investment type policies are recognised as revenue when received or, in the case of unitised or unit-linked policies, when units are issued. These amounts exclude premium taxes and similar duties where Prudential collects and settles taxes borne by the policyholder. Policy fees charged on linked policies for mortality, morbidity, asset management and policy administration are recognised when related services are provided. (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ ​ 2023 $m ​ ​ Insurance operations note (i) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth ​ ​ ​ Inter ​ ​ ​ ​ ​ ​ ​ ​ Hong ​ ​ ​ ​ ​ ​ ​ markets ​ ​ ​ -segment ​ Total ​ Unallocated ​ ​ ​ Kong Indonesia Malaysia Singapore and other Eastspring elimination segment to a segment Total Amounts relating to changes in the liability for remaining coverage: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected claims and other directly attributable expenses ​ 1,089 ​ 582 ​ 642 ​ 970 ​ 670 — — ​ 3,953 — 3,953 Change in risk adjustment for non-financial risk ​ 73 ​ 35 ​ 24 ​ 55 ​ 41 — — ​ 228 — 228 Release of CSM for services provided ​ 787 ​ 187 ​ 203 ​ 478 ​ 538 — — ​ 2,193 — 2,193 Other adjustments note (ii) ​ 73 ​ 32 ​ 31 ​ 45 ​ 71 — — ​ 252 — 252 Recovery of insurance acquisition cash flows ​ 1,207 ​ 306 ​ 234 ​ 435 ​ 563 — — 2,745 — 2,745 Insurance revenue ​ 3,229 ​ 1,142 ​ 1,134 ​ 1,983 ​ 1,883 — — 9,371 — 9,371 Other revenue note (iii) ​ 22 ​ 4 ​ 4 ​ — ​ 39 299 — 368 1 369 Total revenue from external customers note (iv) ​ 3,251 ​ 1,146 ​ 1,138 ​ 1,983 ​ 1,922 ​ 299 ​ — ​ 9,739 ​ 1 ​ 9,740 Intra-group revenue ​ — ​ — ​ — ​ — ​ — 184 (184) — ​ — ​ — Interest income ​ 1,033 ​ 92 ​ 239 ​ 785 ​ 627 7 — 2,783 164 2,947 Dividend and other investment income ​ 775 ​ 93 ​ 151 ​ 528 ​ 117 3 — 1,667 7 1,674 Investment appreciation (depreciation) ​ 2,155 ​ 50 ​ 177 ​ 1,490 ​ 1,309 4 — 5,185 (43) 5,142 Investment return ​ 3,963 ​ 235 ​ 567 ​ 2,803 ​ 2,053 ​ 198 ​ (184) ​ 9,635 ​ 128 ​ 9,763 Total revenue ​ 7,214 ​ 1,381 ​ 1,705 ​ 4,786 ​ 3,975 497 (184) 19,374 129 19,503 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ ​ 2022 $m ​ ​ Insurance operations note (i) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth ​ ​ ​ Inter ​ ​ ​ ​ ​ ​ ​ Hong ​ ​ ​ markets ​ -segment Total Unallocated ​ ​ ​ Kong ​ Indonesia ​ Malaysia ​ Singapore ​ and other ​ Eastspring ​ elimination ​ segment ​ to a segment ​ Total Amounts relating to changes in the liability for remaining coverage: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected claims and other directly attributable expenses ​ 969 438 ​ 563 935 ​ 736 ​ — ​ — 3,641 — 3,641 Change in risk adjustment for non-financial risk ​ 53 33 ​ 20 33 ​ 30 ​ — ​ — 169 — 169 Release of CSM for services provided ​ 737 274 ​ 215 442 ​ 513 ​ — ​ — 2,181 — 2,181 Other adjustments note (ii) ​ 30 16 ​ — 27 ​ 32 ​ — ​ — 105 — 105 Recovery of insurance acquisition cash flows ​ 1,051 ​ 309 ​ 231 ​ 378 ​ 484 ​ — ​ — 2,453 ​ — ​ 2,453 Insurance revenue ​ 2,840 1,070 ​ 1,029 1,815 ​ 1,795 ​ — ​ — 8,549 — 8,549 Other revenue note (iii) ​ 65 6 ​ — 1 ​ 33 ​ 330 ​ — 435 1 436 Total revenue from external customers note (iv) ​ 2,905 ​ 1,076 ​ 1,029 ​ 1,816 ​ 1,828 ​ 330 ​ — ​ 8,984 ​ 1 ​ 8,985 Intra-group revenue ​ — — ​ — — ​ 1 ​ 199 ​ (200) — — — Interest income ​ 927 83 ​ 208 724 ​ 601 ​ 4 ​ — 2,547 50 2,597 Dividend and other investment income ​ 689 77 ​ 183 576 ​ 107 ​ 1 ​ — 1,633 25 1,658 Investment depreciation ​ (23,615) (69) ​ (386) (6,679) ​ (2,860) ​ (21) ​ — (33,630) (5) (33,635) Investment return ​ (21,999) ​ 91 ​ 5 ​ (5,379) ​ (2,151) ​ 183 ​ (200) ​ (29,450) ​ 70 ​ (29,380) Total revenue ​ (19,094) 1,167 ​ 1,034 (3,563) ​ (323) ​ 513 ​ (200) (20,466) 71 (20,395) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 4 basis ​ ​ 2021 $m ​ ​ Insurance operations note (i) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth ​ ​ ​ Inter ​ ​ ​ ​ ​ ​ ​ Hong ​ ​ ​ markets ​ -segment Total Unallocated ​ ​ ​ Kong ​ Indonesia ​ Malaysia ​ Singapore ​ and other ​ Eastspring ​ elimination ​ segment ​ to a segment ​ 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 income note (iii) 52 12 — ​ 22 ​ 117 ​ 437 ​ — 640 1 641 Total external revenue note(iv) 8,527 1,693 1,853 ​ 6,131 ​ 4,372 ​ 437 ​ — 23,013 1 23,014 Intra-group revenue — ​ — ​ — ​ — ​ 1 ​ 217 ​ (218) — — — Interest income 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 10,197 1,888 1,933 ​ 7,315 ​ 4,716 ​ 665 ​ (218) 26,496 4 26,500 ​ Notes (i) The Group’s share of the results from the joint ventures and associates including CPL that are equity accounted for is presented in a single line within the Group’s profit before tax on a net of related tax basis, and therefore not shown in the analysis of revenue line items above. Revenue from external customers of CPL (Prudential’s share) in 2023 is $560 million (2022: $595 million under IFRS 17 basis; 2021: $ 3,052 million under IFRS 4 basis). Further financial information on CPL is provided in note D5.3. (ii) Other adjustments comprise experience adjustment for premium receipts relating to past and current services provided under insurance contracts and insurance revenue earned from contracts measured under the PAA as well as the revenue recognised to cover the tax charge attributable to policyholders. (iii) Other revenue comprises revenue from external customers and consists primarily of revenue from the Group’s asset management business of $299 million (2022: $330 million; 2021: $437 million). Also included in other revenue is fee income on financial instruments that are not held at FVTPL of $3 million (2022: $2 million; 2021: $1 million). (iv) Due to the nature of the business of the Group, there is no reliance on any major customers. Of the Group’s markets, other than Hong Kong, Singapore, Indonesia and Malaysia as shown above, no individual markets have revenue from external customers that exceeds 10 per cent of the Group total for the years presented. (b) Investment return included in the income statement principally comprises interest income, dividends, investment appreciation and depreciation (realised and unrealised gains and losses) on investments mandatorily classified or designated as FVTPL and realised gains and losses (including impairment losses) on items classified at amortised cost and/or FVOCI (AFS for 2022 and 2021). Movements in unrealised appreciation or depreciation of securities designated as FVOCI (AFS for 2022 and 2021) are recorded in other comprehensive income. Interest income is recognised as it accrues. Dividends on equity securities are recognised on the ex-dividend date and rental income is recognised on an accrual basis. ​ ​ ​ ​ IFRS 9 basis 2023 $m Interest income calculated using the effective interest method 340 Net gains on financial instruments at FVTPL note (i) 9,400 Dividend income from Jackson shares designated at FVOCI recognised in the income statement 7 Other investment returns (including foreign exchange gains and losses) 267 Movement in amounts attributable to external unit holders of consolidated investment funds ​ (251) Investment return recognised in the income statement 9,763 Valuation movements in Jackson shares recognised in other comprehensive income 8 Total investment return recognised in the income statement and other comprehensive income 9,771 ​ ​ ​ ​ ​ IAS 39 basis 2022 $m Interest income calculated using the effective interest method 237 Net losses on financial instruments at FVTPL note (i) (30,890) Dividend income from Jackson shares classified as AFS recognised in the income statement 24 Other investment returns (including foreign exchange gains and losses) 239 Movement in amounts attributable to external unit holders of consolidated investment funds 1,010 Investment return recognised in the income statement (29,380) Valuation movements in Jackson shares recognised in other comprehensive income (187) Total investment return recognised in the income statement and other comprehensive income (29,567) ​ ​ ​ ​ ​ IAS 39 basis 2021 $m Net realised and unrealised gains on securities at fair value through profit or loss note (ii) 624 Net realised and unrealised losses on derivatives at fair value through profit or loss note (ii) (943) Net realised losses on loans note (ii) (2) Interest income note (iii) 2,570 Dividend income 1,496 Other investment returns (including foreign exchange gains and losses) (259) Investment return recognised in the income statement 3,486 ​ Notes (i) Net gains (losses) comprise interest income on financial instruments at FVTPL, dividend and other investment income and investment appreciation (depreciation). Net realised gains and losses on the Group’s investments for 2023 recognised in the income statement amounted to a net loss of $(6.0) billion (2022: a net loss of $(9.4) billion). (ii) Net realised gains and losses on the Group’s investments for 2021 recognised in the income statement amounted a net gain of $6.0 billion. (iii) Interest income in 2021 includes $280 million in respect of financial assets not at fair value through profit and loss. The overall financial strength of Prudential and the results, both current and future, of the insurance business are in part dependent upon the quality and performance of the various investment portfolios. Prudential’s insurance investments support a range of businesses operating in many geographic areas. Each of the operations formulates a strategy based on the nature of its underlying liabilities, its level of capital and its local regulatory requirements. Prudential’s insurance business’s investments, excl

Insurance service expenses and

Insurance service expenses and other expenditure	12 Months Ended
	Dec. 31, 2023
Insurance service expenses and other expenditure
Insurance service expenses and other expenditure	B2 Insurance service expenses and other expenditure (a) Total expenses on IFRS 17 basis Insurance service expenses arising from insurance contracts are recognised in profit or loss generally as they are incurred. They exclude repayments of investment components and comprise: – incurred claims and other insurance service expenses; – amortisation of insurance acquisition cash flows; – losses on onerous contracts and reversals of such losses; – adjustments to the liabilities for incurred claims that do not arise from the effects of the time value of money, financial risk and changes therein, which are recognised in insurance finance income (expense); and – impairment losses on assets for insurance acquisition cash flows and reversals of such impairment losses . An analysis of the expenses incurred by the Group in the year is provided in the table below. ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ 2023 $m 2022 $m Expenses attributed to insurance acquisition cash flows note (i) 4,833 ​ 3,232 Other directly attributable expenses note (ii) 1,258 ​ 1,221 Other expenditure note (iii) 990 ​ 1,019 Total expenses 7,081 ​ 5,472 ​ Notes (i) Expenses attributed to insurance acquisition cash flows represent insurance acquisition expenses incurred in the year, which are implicitly deferred within the CSM and amortised as part of the CSM amortisation. (ii) Other directly attributable expenses are those incurred in the year when providing insurance services to the policyholders, excluding the cost of claims and benefit payments. The expected other directly attributable expenses are explicitly included within the BEL and form part of the BEL release to the insurance revenue. The actual other directly attributable expenses incurred in the year form part of insurance service expenses. (iii) Other expenditure includes interest expense other than interest on core structural borrowings that is presented separately on the income statement as Finance costs. Total segment interest expense is $58 million (2022: $23 million), of which $31 million arises in the Hong Kong segment (2022: $11 million) and $23 million (2022: $9 million) arises in the Centre segment with the remainder spread broadly across the other markets. Included within interest expense is $7 million (2022: $8 million) of interest on lease liabilities. Core structural borrowings and operational borrowings (other than lease liabilities) represent financial liabilities that are not classified at FVTPL. Total depreciation and amortisation expenses relate primarily to amortisation of distribution rights intangibles as shown in note C4.2. The segmental analysis of total depreciation and amortisation is shown below. ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ 2023 $m 2022 $m Hong Kong ​ 42 ​ 43 Indonesia 11 ​ 12 Malaysia 21 ​ 21 Singapore 36 ​ 40 Growth markets and other 369 ​ 339 Eastspring 12 ​ 13 Total segment 491 ​ 468 Unallocated to a segment (central operations) 33 ​ 26 Total depreciation and amortisation 524 ​ 494 ​ (b) Acquisition costs and other expenditure on IFRS 4 basis The 2021 comparative results and the related notes have been shown on an IFRS 4 basis as previously published. The results have not been re-presented to the IFRS 17 basis as permitted by the standard. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. ​ ​ ​ ​ ​ IFRS 4 basis ​ 2021 $m Acquisition costs incurred for insurance policies 2,089 Acquisition costs deferred (848) Amortisation of acquisition costs 343 Administration costs and other expenditure (net of other reinsurance commission) 3,128 Movements in amounts attributable to external unit holders of consolidated investment funds (152) Total acquisition costs and other expenditure 4,560 ​ Notes (i) Administration costs and other expenditure include fee expenses relating to financial liabilities held at amortised cost and are part of the determination of the effective interest rate. (ii) Total depreciation and amortisation expenses are included in ‘Acquisition costs incurred for insurance policies’, ‘Administration costs and other expenditure (net of other reinsurance commission)’ and ‘Amortisation of acquisition costs’ and relate primarily to amortisation of DAC of insurance contracts and distribution rights intangibles. The segmental analysis of depreciation and amortisation is shown below. ​ ​ ​ ​ ​ IFRS 4 basis ​ 2021 $m Hong Kong 123 Indonesia 51 Malaysia 56 Singapore 162 Growth markets and other 390 Eastspring 17 Total segment 799 Unallocated to a segment (central operations) 31 Total depreciation and amortisation 830 ​ (iii) Interest expense is included in ‘Administration costs and other expenditure (net of other reinsurance commission)’ other than interest on core structural borrowings that is presented separately on the income statement as ‘Finance costs: interest on core structural borrowings of shareholder-financed businesses’. In 2021, interest expense of the central operations amounted to $(331) million comprising $(328) million of interest on core structural borrowings and $(3) million of interest on lease liabilities. Core structural borrowings and operational borrowings (other than lease liabilities) represent financial liabilities that are not classified at fair value through profit and loss. The ‘Total segment’ interest expense in 2021 is $(10) million of which $(3) million arises in the Hong Kong segment with the remainder spread broadly evenly across the other markets. Included within interest expense is $(10) million of interest on lease liabilities. ​ B2.1 Staff and employment costs Total staff and employment costs are analysed by category below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m ​ 2021 $m ​ ​ ​ ​ ​ ​ ​ ​ Discontinued US ​ ​ ​ ​ ​ ​ ​ ​ Continuing ​ operations ​ Group total Wages and salaries 1,079 ​ 1,018 ​ 973 ​ 511 1,484 Social security costs ​ 37 ​ 41 ​ 42 ​ 22 ​ 64 Defined contribution pension schemes ​ 46 ​ 40 ​ 42 ​ 29 ​ 71 Total Group 1,162 ​ 1,099 ​ 1,057 ​ 562 1,619 ​ The average number of staff employed by the Group during the years shown was: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Asia and Africa operations note (i) 14,479 ​ 13,685 ​ 13,237 Head office function 551 ​ 511 ​ 600 Total continuing operations 15,030 ​ 14,196 ​ 13,837 Discontinued US operations note (ii) — ​ — ​ 3,306 Total Group 15,030 ​ 14,196 ​ 17,143 Notes (i) The Asia and Africa operations staff numbers above exclude 621 (2022: 744 ; 2021: 440 ) commission-based sales staff who have an employment contract with the Group. (ii) Average staff numbers of the discontinued US operations were for the period up to the demerger in September 2021. B2.2 Share-based payment The Company offers discretionary share awards to certain key employees and all-employee share plans in the UK and a number of Asia locations. The compensation expense charged to the income statement is primarily based upon the fair value of the awards granted, the vesting period and the vesting conditions. The Company has established trusts to facilitate the delivery of Prudential plc shares under some of these plans. The cost to the Company of acquiring these shares held in trusts is shown as a deduction from shareholders’ equity. (a) Description of the plans The Group operates a number of share award plans that provides Prudential plc shares, or ADRs, to participants upon vesting. The plans in operation include the Prudential Long Term Incentive Plan, the Prudential Annual Incentive Plan, savings-related share option schemes, share purchase plans and deferred bonus plans. Where Executive Directors participate in these plans, details about those schemes are provided in the Compensation and Employees section. The following information is provided about plans in which the Executive Directors do not participate: Share scheme* Description Prudential Global Long Term Incentive Plan (PGLTIP) The PGLTIP provides eligible employees with conditional awards. Awards are discretionary and vest after one, two or three years subject to the employee being in employment. Vesting of awards may also be subject to performance conditions. All awards are generally made in Prudential shares. In countries where share awards are not feasible for reasons including securities and/or tax considerations, awards will be replaced by the cash value of the shares that would otherwise have vested. Prudential Agency Long-Term Incentive Plan (LTIP) Certain agents are eligible to be granted awards in Prudential shares under the Prudential Agency LTIP. These awards are structured in a similar way to the PGLTIP described above, with most awards granted with a three-year vesting period. Restricted Share Plan (RSP) The Company operates the RSP for certain employees. Awards under this plan are discretionary, and the vesting of awards may be subject to performance conditions. All awards are made in Prudential shares. Deferred bonus plans The Company operates a number of deferred bonus plans including the Group Deferred Bonus Plan (GDBP) and the Prudential Deferred Bonus Plan. There are no performance conditions attached to deferred share awards made under these arrangements. Savings-related share option schemes Eligible agents in certain business units are able to participate in the International Savings-Related Share Option Scheme for Non-Employees, which is similar to the HMRC-approved Save As You Earn (SAYE) share option scheme in the UK. Share purchase plans Eligible employees outside the UK are invited to participate in arrangements similar to the Company’s HMRC-approved UK Share Incentive Plan, which allows the purchase of Prudential plc shares. Staff based in Asia and Africa are eligible to participate in the Prudential All Employee Share Purchase Plan. ​ * The total numbers of securities available for issue under these schemes are disclosed in note I(vii) within additional unaudited financial information. ​ (b) Outstanding options and awards The following table shows the movement in outstanding options and awards under the Group’s share-based compensation plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Awards outstanding under ​ ​ Options outstanding under SAYE schemes ​ incentive plans ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 2022 2021 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ average ​ ​ ​ average ​ Number ​ average ​ ​ ​ ​ ​ ​ ​ ​ Number ​ exercise ​ Number ​ exercise ​ of options ​ exercise ​ ​ ​ ​ of options ​ price ​ of options ​ price ​ millions ​ price ​ Number of awards ​ millions £ millions £ millions £ millions Balance at beginning of year: 1.9 ​ 10.4 ​ 2.0 ​ 11.6 ​ 2.3 ​ 11.9 21.0 ​ 24.6 ​ 40.6 Granted 0.4 ​ 7.8 ​ 0.5 ​ 7.4 ​ 0.4 ​ 11.9 6.3 ​ 6.5 ​ 5.2 Modification ​ ​ ​ ​ ​ — ​ — ​ 0.1 ​ 11.8 ​ — ​ — ​ 0.7 Exercised (0.3) ​ 11.6 ​ (0.3) ​ 11.2 ​ (0.7) ​ 12.6 (10.1) ​ (7.2) ​ (8.6) Forfeited — ​ 7.8 ​ — ​ 10.8 ​ — ​ 11.1 (1.7) ​ (1.1) ​ (3.1) Cancelled (0.3) ​ 12.0 ​ (0.3) ​ 12.7 ​ (0.1) ​ 11.5 (0.1) ​ (0.1) ​ (0.1) Lapsed/Expired — ​ 10.4 ​ — ​ 13.0 ​ — ​ 12.9 (1.1) ​ (1.7) ​ (0.6) Jackson awards derecognised on demerger note ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ — ​ ​ ​ ​ ​ (9.5) Balance at end of year 1.7 ​ 9.5 ​ 1.9 ​ 10.4 ​ 2.0 ​ 11.6 14.3 ​ 21.0 ​ 24.6 Options immediately exercisable at end of year 0.2 ​ 10.8 ​ 0.3 ​ 12.5 ​ 0.2 ​ 12.3 ​ ​ ​ Note On demerger of Jackson from the Prudential Group, outstanding share awards for Prudential plc participants were adjusted to receive the demerger dividend in the form of additional Prudential plc shares, to be released on the same timetable and to the same extent as their original share awards. In the case of the International Savings-Related Share Option Scheme for Non Employees the adjustments to outstanding options were confirmed as being fair and reasonable by an independent financial adviser in accordance with the rules of that plan and the Hong Kong Stock Exchange Listing Rules. Employees of Jackson were granted replacement awards over Jackson shares, in exchange for existing Group awards outstanding under incentive plans. As designated replacement awards were granted, no cancellation was recognised in respect of the original awards. As the replacement awards are an obligation of Jackson these awards were derecognised by the Group on demerger. The weighted average share price of Prudential plc for 2023 was £10.46 (2022: £10.33, 2021: £14.31). The following table provides a summary of the range of exercise prices for Prudential plc options outstanding at 31 December: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Exercisable ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ remaining ​ Weighted average ​ ​ ​ Weighted average ​ ​ Number outstanding ​ contractual life ​ exercise prices ​ Number exercisable ​ exercise prices ​ ​ millions ​ years ​ £ ​ millions ​ £ ​ 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Between £7 and £8 ​ 0.7 ​ 0.5 ​ — ​ 3.7 ​ 4.1 ​ — ​ 7.55 ​ 7.37 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Between £9 and £10 0.3 ​ 0.4 ​ 0.4 1.4 ​ 2.2 ​ 3.2 9.64 ​ 9.64 ​ 9.64 0.1 ​ — ​ — 9.64 ​ — ​ — Between £11 and £12 0.6 ​ 0.8 ​ 1.2 2.0 ​ 2.4 ​ 2.7 11.59 ​ 11.48 ​ 11.38 — ​ 0.2 ​ 0.1 — ​ 11.12 ​ 11.04 Between £12 and £13 — ​ — ​ — — ​ — ​ — — ​ — ​ — — ​ — ​ — — ​ — ​ — Between £13 and £14 ​ 0.1 ​ 0.1 ​ 0.2 ​ 0.4 ​ 1.4 ​ 1.6 ​ 13.94 ​ 13.94 ​ 13.94 ​ 0.1 ​ — ​ 0.1 ​ 13.94 ​ — ​ 13.94 Between £14 and £15 — ​ 0.1 ​ 0.2 — ​ 0.4 ​ 1.4 — ​ 14.55 ​ 14.55 — ​ 0.1 ​ — — ​ 14.55 ​ — Total 1.7 1.9 2.0 2.6 2.6 2.6 9.50 10.43 11.61 0.2 0.3 0.2 10.82 12.48 12.26 ​ The years shown above for weighted average remaining contractual life include the time period from end of vesting period to expiration of contract. (c) Fair value of options and awards The fair value amounts estimated on the date of grant relating to all options and awards were determined by using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ Prudential SAYE Other Prudential ​ SAYE Other Prudential SAYE Other ​ ​ LTIP (TSR) ​ options ​ awards ​ LTIP (TSR) ​ options ​ awards ​ LTIP (TSR) ​ options ​ awards Dividend yield (%) — ​ 1.38 ​ — — 1.11 — — 0.81 ​ — Expected volatility (%) 31.50 ​ 30.02 ​ — 33.64 25.68 — 26.69 22.31 ​ — Risk-free interest rate (%) 4.34 ​ 4.55 ​ — 2.79 3.97 — 0.36 1.18 ​ — Expected option life (years) — ​ 3.95 ​ — — 4.52 — — 4.50 ​ — Weighted average exercise price (£) — ​ 7.75 ​ — — 7.37 — — 11.90 ​ — Weighted average share price at grant date (£) 11.59 ​ 8.89 ​ — 11.15 9.54 — 15.11 14.76 ​ — Weighted average fair value at grant date (£) 5.10 ​ 2.85 ​ 11.45 2.09 3.45 11.11 7.70 4.13 ​ 14.79 ​ The compensation costs for all awards and options are recognised in net income over the plans’ respective vesting periods. The Group uses the Black-Scholes model to value all options, and financial equivalence to value all awards other than those which have TSR performance conditions attached (some Prudential LTIP and RSP awards) for which the Group uses a Monte Carlo model in order to allow for the impact of these conditions. These models are used to calculate fair values for share options and awards at the grant date based on the quoted market price of the stock at the measurement date, the amount, if any, that the employees are required to pay, the dividend yield, expected volatility, risk-free interest rates and exercise prices. For all options and awards, the expected volatility is based on the market implied volatilities as quoted on Bloomberg. The Prudential specific at-the-money implied volatilities are adjusted to allow for the different terms and discounted exercise price on SAYE options by using information on the volatility surface of the FTSE 100. Risk-free interest rates are taken from swap spot rates with projection terms matching the corresponding vesting periods. For awards with a TSR condition, volatilities and correlations between Prudential and a basket of 12 competitor companies is required. For grants in 2023 the average volatility for the basket of competitors was 26 per cent (2022: 26 per cent, 2021: 24 per cent). Correlations for the basket are calculated for each pairing from the log of daily TSR returns for the three years prior to the valuation date. Market implied volatilities are used for both Prudential and the basket of competitors. Changes to the subjective input assumptions could materially affect the fair value estimate. Other awards, without market performance conditions or exercise price, are valued based on grant date share price. (d) Share-based payment expense charged to the income statement The total expense recognised in 2023 in the consolidated financial statements relating to share-based compensation is $81 million (2022: $104 million; 2021: $100 million), of which $71 million (2022: $97 million; 2021: $94 million) is accounted for as equity-settled. The Group had $31 million of liabilities at 31 December 2023 (31 December 2022: $27 million) relating to share-based payment awards accounted for as cash-settled. B2.3 Key management remuneration Key management constitutes the Directors of Prudential plc and other non-Director members of the GEC, as they have authority and responsibility for planning, directing and controlling the activities of the Group. Total key management remuneration is analysed in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m 2021 $m Salaries and short-term benefits (including fees paid to non-executive directors) 27.0 22.5 29.3 Post-employment benefits 1.0 1.0 1.4 Share-based payments 22.2 15.4 14.0 Payments on separation ​ — ​ 1.0 ​ 23.5 ​ 50.2 39.9 68.2 ​ The share-based payments charge comprises $7.6 million (2022: $6.7 million; 2021: $7.5 million), which is determined in accordance with IFRS 2 ‘Share-based Payment’ (see note B2.2), $9.6 million (2022: $8.7 million; 2021: $6.5 million) of deferred share awards and $5.0 million for an award made to Mr Wadhwani in 2023 to replace share-based awards from his former employer that were forfeited as a consequence of his joining Prudential. Additional details on the Directors’ emoluments, retirement benefits and other payments are given in the Compensation and Employees section. In addition to the total amounts disclosed of remuneration paid to the Directors in 2021, are amounts paid to those directors who stepped down from the Board in 2021 being $102,000 to Kai Nargolwala and $203,000 to Fields Wicker-Miurin. This is as disclosed in the 2021 Form 20-F. B2.4 Fees payable to the auditor ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m 2021 $m Audit of the Company’s annual accounts ​ 5.8 ​ 2.3 ​ 2.4 Audit of subsidiaries pursuant to legislation 8.1 4.4 5.9 Audit fees payable to the auditor note (i) ​ 13.9 ​ 6.7 ​ 8.3 Audit-related assurance services note (ii) ​ 4.0 ​ 3.5 ​ 4.5 Other assurance services 0.9 0.7 1.1 Services relating to corporate finance transactions — — 1.6 Non-audit fees payable to the auditor ​ 4.9 ​ 4.2 ​ 7.2 Total fees payable to the auditor 18.8 10.9 15.5 ​ ​ ​ ​ ​ ​ ​ Analysed into: ​ ​ ​ ​ ​ ​ Fees payable to the auditor attributable to continuing operations: ​ ​ ​ ​ ​ ​ One-off non-audit services associated with demerger and public offering note (iii) ​ — ​ — ​ 1.9 Other audit and non-audit services ​ 18.8 ​ 10.9 ​ 11.3 ​ ​ 18.8 ​ 10.9 ​ 13.2 Fees payable to the auditor attributable to discontinued US operations ​ — ​ — ​ 2.3 Total fees payable to the auditor ​ 18.8 ​ 10.9 ​ 15.5 ​ Notes (i) EY became the Group’s statutory auditor in 2023 replacing KPMG who was the statutory auditor during 2022 and 2021. The 2023 fees shown above are wholly in respect of fees payable to EY while the 2022 fees were the fees paid to KPMG. (ii) Of the audit-related assurance service fees of $4.0 million for EY in 2023 (2022: $3.5 million; 2021: $4.5 million for KPMG), $1.1 million (2022: $0.9 million, 2021: $0.6 million) relates to services that are required by law and regulation as defined by the FRC. (iii) Of the $1.9 million one-off non-audit services fees associated with the demerger of the US operations and the public offering in Hong Kong in 2021, $0.1 million was for audit-related assurance and $0.1 million for other assurance services required by law and regulation. In addition to the above, in the period from September 2021 until their appointment as the Group's statutory auditor in May 2023, EY were paid $12.4 million to provide audit assurance over the implementation of IFRS 17.

Tax charge

Tax charge	12 Months Ended
	Dec. 31, 2023
Tax charge
Tax charge	B3 Tax charge Prudential is subject to tax in numerous jurisdictions and the calculation of the total tax charge inherently involves a degree of estimation and judgement. Current tax expense is charged or credited based upon amounts estimated to be payable or recoverable as a result of taxable amounts for the current year and adjustments made in relation to prior years. The positions taken in tax returns where applicable tax regulation is subject to interpretation are recognised in full in the determination of the tax charge in the consolidated financial statements if the Group considers that it is probable that the taxation authority will accept those positions. Otherwise, provisions are established based on the likely amount of the liability, or recovery, by providing for the single best estimate of the most likely outcome or the weighted average expected value where there are multiple outcomes. The total tax charge includes tax expense attributable to both policyholders and shareholders. The tax expense attributable to policyholders comprises the tax on the income of the consolidated with-profits and unit-linked funds. In certain jurisdictions, life insurance companies are taxed on both their shareholders’ profits and on their policyholders’ insurance and investment returns on certain insurance and investment products. Although both types of tax are included in the total tax charge in the Group’s Consolidated income statement, they are presented separately in the Consolidated income statement to provide the most relevant information about tax that the Group pays on its profits. Deferred taxes are provided under the liability method for all relevant temporary differences. IAS 12 ‘Income Taxes’ does not require all temporary differences to be provided for, in particular, the Group does not provide for deferred tax on undistributed earnings of subsidiaries where the Group is able to control the timing of the distribution and the temporary difference created is not expected to reverse in the foreseeable future. Deferred tax assets are only recognised when it is more likely than not that future taxable profits will be available against which these losses can be utilised. Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realised or the liability settled, based on tax rates (and laws) that have been enacted or are substantively enacted at the end of the reporting period. ​ B3.1 Total tax charge by nature The total tax charge in the income statement is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis IFRS 4 basis ​ 2023 $m 2022 $m 2021 $m Hong Kong ​ (129) ​ (106) ​ (119) Indonesia ​ (43) ​ (27) ​ (70) Malaysia ​ (98) ​ (44) ​ (73) Singapore ​ (174) ​ (61) ​ (328) Growth markets and other ​ (103) ​ (210) ​ (163) Eastspring ​ (26) ​ (26) ​ (30) Total segment note (i) ​ (573) ​ (474) ​ (783) Unallocated to a segment (central operations) ​ 13 ​ (4) ​ (21) Total tax charge notes (i)(ii) (560) (478) (804) ​ Notes (i) Profit before tax includes Prudential’s share of profit after tax from the joint ventures and associates that are equity-accounted for. Therefore, the actual tax charge in the income statement does not include tax arising from the results of joint ventures and associates including CPL. (ii) The total tax charge is analysed between current tax and deferred tax as follows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis IFRS 4 basis ​ 2023 $m 2022 $m 2021 $m Current tax expense: ​ ​ ​ Corporation tax (457) (474) (405) Adjustments in respect of prior years 1 (7) 6 Total current tax charge (456) (481) (399) ​ ​ ​ ​ ​ ​ ​ Deferred tax arising from: ​ ​ ​ Origination and reversal of temporary differences (135) — (388) Adjustment in respect of a tax loss, tax credit or temporary difference from a prior year 31 3 (17) Total deferred tax (charge) credit (104) 3 (405) Total tax charge (560) (478) (804) ​ B3.2 Reconciliation of effective tax rate In the reconciliation below, the expected tax rate reflects the corporation tax rates that are expected to apply to the taxable profit or loss for the year. It reflects the corporation tax rates of each jurisdiction weighted by reference to the amount of profit or loss contributing to the aggregate result. The reconciliation of the expected to actual tax charge/credit and the percentage impact of reconciliation items on shareholder effective tax rate are provided below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ IFRS 4 basis ​ ​ ​ 2023 2022 ​ 2021 ​ ​ $m ​ % $m ​ % $m ​ % Profit (loss) before tax (being tax attributable to shareholders’ and policyholders’ returns) 2,272 ​ ​ ​ (519) ​ 3,018 ​ ​ Tax charge attributable to policyholders’ returns note (i) (175) ​ ​ ​ (124) ​ (342) ​ ​ Profit (loss) before tax attributable to shareholders’ returns 2,097 ​ ​ ​ (643) ​ 2,676 ​ ​ Tax (charge) credit at the expected rate (399) ​ 19 % 85 13 % (539) 20 % Effects of recurring tax reconciliation items: ​ ​ ​ ​ ​ ​ ​ Income not taxable or taxable at concessionary rates note (ii) ​ 80 ​ (4) % 61 ​ 9 % 63 ​ (2) % Deductions and losses not allowable for tax purposes note (iii) (136) ​ 6 % (196) (30) % (92) 3 % Items related to taxation of life insurance businesses note (iv) 137 ​ (7) % (129) (20) % 177 (7) % Deferred tax adjustments including unrecognised tax losses 13 ​ (1) % (45) (7) % (111) 4 % Effect of results of joint ventures and associates note (v) (38) ​ 2 % (32) (5) % 80 (3) % Irrecoverable withholding taxes note (vi) (63) ​ 3 % (55) (9) % (60) 2 % Other (2) ​ 1 % (15) (2) % (8) 1 % Total (charge) credit on recurring items (9) ​ 0 % (411) (64) % 49 (2) % Effects of non-recurring tax reconciliation items: ​ ​ ​ ​ ​ ​ Adjustments to tax charge in relation to prior years note(vii) 42 ​ (2) % 1 0 % (11) 0 % Movements in provisions for open tax matters note (viii) (15) ​ 1 % (40) (6) % 47 (2) % Impact of changes in local statutory tax rates ​ — ​ 0 % — ​ 0 % 6 ​ 0 % Adjustments in relation to business disposals and corporate transactions ​ (4) ​ 0 % 11 ​ 2 % (14) ​ 1 % Total credit (charge) on non-recurring items 23 ​ (1) % (28) (4) % 28 ​ (1) % Tax charge attributable to shareholders’ returns ​ (385) ​ ​ ​ (354) ​ ​ ​ (462) ​ ​ ​ Tax charge attributable to policyholders’ returns note (i) ​ (175) ​ ​ ​ (124) ​ ​ ​ (342) ​ ​ ​ Tax charge attributable to shareholders’ and policyholders’ returns ​ (560) ​ ​ ​ (478) ​ ​ ​ (804) ​ ​ ​ Profit before tax attributable to shareholders’ returns analysed into: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted operating profit ​ 2,893 ​ ​ ​ 2,722 ​ ​ ​ 3,233 ​ ​ ​ Non-operating result note (ix) ​ (796) ​ ​ ​ (3,365) ​ ​ ​ (557) ​ ​ ​ Profit (loss) before tax attributable to shareholders’ returns ​ 2,097 ​ ​ ​ (643) ​ ​ ​ 2,676 ​ ​ ​ Tax charge attributable to shareholders' returns analysed into: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax charge on adjusted operating profit (444) ​ ​ ​ (539) (548) ​ ​ Tax credit on non-operating result note (ix) ​ 59 ​ ​ ​ 185 ​ ​ ​ 86 ​ ​ ​ Tax charge attributable to shareholders’ returns (385) ​ ​ ​ (354) ​ (462) ​ ​ Actual tax rate on: ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted operating profit: ​ ​ ​ ​ ​ ​ ​ Including non-recurring tax reconciling items note(x) 15 % ​ ​ 20 % ​ 17 % ​ ​ Excluding non-recurring tax reconciling items 16 % ​ ​ 18 % ​ ​ 18 % ​ ​ Profit before tax attributable to shareholders’ returns note (x) 18 % ​ ​ (55) % ​ ​ 17 % ​ ​ ​ Notes (i) The tax charge attributable to policyholders of $(175) million (2022: $(124) million on an IFRS 17 basis; 2021: $(342) million on an IFRS 4 basis) is equal to the profit before tax attributable to policyholders as a result of accounting for policyholder income after the deduction of expenses on a post-tax basis. (ii) Income not taxable or taxable at concessionary rates primarily relates to non-taxable investment income in Growth markets and Singapore. (iii) Deductions and losses not allowable for tax purposes primarily relates to non-deductible head office costs in Other operations. (iv) Items related to taxation of life insurance businesses primarily relates to Hong Kong where the taxable profit is computed as 5 per cent of net insurance premiums. (v) Profit before tax includes Prudential’s share of profit after tax from the joint ventures and associates. Therefore, the actual tax charge does not include tax arising from profit or loss of joint ventures and associates and is reflected as a reconciling item. (vi) The Group incurs withholding tax on remittances received from certain jurisdictions and on certain investment income. Where these withholding taxes cannot be offset against corporate income tax or otherwise recovered, they represent a cost to the Group. Irrecoverable withholding tax on remittances is included in Other operations and is not allocated to any segment. Irrecoverable withholding tax on investment income is included in the relevant segment where the investment income is reflected. (vii) Adjustments to tax charge in relation to prior years primarily relates to the recognition of a deferred tax asset in relation to historical tax losses, due to an increase in forecast taxable profit in the UK tax group. (viii) The statement of financial position contains the following provisions in relation to open tax matters. ​ ​ ​ ​ ​ 2023 $m Balance at 1 Jan (79) Movements in the current year included in tax charge attributable to shareholders ​ (15) 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) ​ 1 Balance at 31 Dec ​ (93) ​ (ix) ‘Non-operating result’ is used to refer to items excluded from adjusted operating profit and includes short-term investment fluctuations in investment returns and corporate transactions. The tax charge on non-operating result is calculated using the tax rates applicable to investment profit or loss recorded in the non-operating result for each entity, and then adjusting for any discrete items included in the total tax charge that relate specifically to the amounts (other than investment related profit or loss) included in the non-operating result. The difference between this tax on non-operating result and the tax charge calculated on profit before tax is the tax charge on adjusted operating profit. (x) The actual tax rates of the relevant business operations are shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ ​ ​ 2023 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth ​ ​ ​ ​ ​ Total ​ ​ ​ Hong ​ ​ ​ ​ ​ ​ ​ markets ​ ​ ​ Other ​ attributable to ​ ​ Kong Indonesia Malaysia Singapore and other Eastspring operations shareholders Tax rate on adjusted operating profit ​ 7 % 22 % 22 % 16 % 20 % 9 % 2 % 15 % Tax rate on profit before tax 7 % 22 % 20 % 16 % 11 % 9 % 2 % 18 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ ​ ​ 2022 % ​ ​ ​ ​ ​ ​ Growth ​ ​ Total ​ ​ Hong ​ ​ ​ ​ ​ ​ ​ markets ​ ​ ​ Other ​ attributable to ​ ​ ​ Kong ​ Indonesia ​ Malaysia ​ Singapore ​ and other ​ Eastspring ​ operations ​ shareholders Tax rate on adjusted operating profit 4 % 19 % 26 % 16 % 33 % 10 % 0 % 20 % Tax rate on profit before tax (7) % 16 % 25 % 63 % 40 % 10 % (1) % (55) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 4 basis ​ ​ 2021 % ​ ​ ​ ​ ​ ​ Growth ​ ​ Total ​ ​ Hong ​ ​ ​ ​ ​ ​ ​ markets ​ ​ ​ Other ​ attributable to ​ ​ Kong ​ Indonesia ​ Malaysia ​ Singapore ​ and other ​ Eastspring ​ operations ​ 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 % ​ Actual tax rates on adjusted operating profit for each segment for 2022 prepared applying IFRS 17 as shown in the table above are generally consistent with the tax rates previously published for 2022 results prepared applying IFRS 4. The tax rates on adjusted operating profit for Growth markets and other and the Group total as shown in the table above differ from the equivalent tax rates previously published under IFRS 4 for 2022 due primarily to differences in the proportions of adjusted operating profit contributed by entities with different tax rates. Actual tax rates on profit before tax for 2022 prepared under IFRS 17 differ from the equivalent tax rates previously published under IFRS 4 for 2022 primarily due to non-taxable and non-deductible amounts, such as investment gains or losses, making up a different proportion of total profit before tax for each segment and the Group total under each standard. ​ A number of jurisdictions in which the Group has operations – Japan, South Korea, Luxembourg, Vietnam and the UK – have implemented either a global minimum tax or a domestic minimum tax at a rate of 15 per cent, in line with the OECD proposals, effective for 2024 onwards. Malaysia has implemented both the global minimum tax and domestic minimum tax effective for 2025 onwards. Other jurisdictions where the Group has a taxable presence, including Hong Kong (where Prudential plc has been tax resident since 3 March 2023), Singapore and Thailand intend to implement the proposals for 2025 onwards. ​ For those jurisdictions where either a global minimum tax or domestic minimum tax or both have been implemented with effect for 2024, no material impact to the Group’s IFRS tax charge for the 2024 financial year is expected. The implementation of a global minimum tax and domestic minimum tax in Malaysia effective for 2025 is not expected to have a material impact for the Group’s IFRS tax charge for the 2025 financial year. These assessments consider a number of factors including whether the transitional safe harbour is expected to apply based on the most recent filings of tax returns, country by country reporting and financial statements of the relevant entities. In some jurisdictions a global minimum tax but not a domestic minimum tax regime has been implemented and the Group’s operations in that jurisdiction will not be subject to the rules as they are wholly domestic operations. ​ Luxembourg and South Korea have both implemented an undertaxed profits rule effective for 2025 onwards. The undertaxed profits rule is intended as a backstop provision to deal with jurisdictions which delay or do not implement the global minimum tax or domestic minimum tax rules. In the December 2023 public consultation and February 2024 budget, Hong Kong confirmed its intention to implement the global minimum and domestic minimum tax rules effective from 2025 onwards. As the Hong Kong rules are expected to be in force for 2025 and would apply to the Group from 2025, the undertaxed profits rules implemented in South Korea and Luxembourg are not expected to have any practical application to the Group. For those jurisdictions, such as Hong Kong and Singapore, where the proposals are expected to be implemented with effect from 2025 onwards, work is ongoing to assess the potential impact and guidance will be provided in due course during 2024.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2023
Earnings per share
Earnings per share	B4 Earnings per share Basic earnings per share are calculated based on earnings attributable to ordinary shareholders, after related tax and non-controlling interests, divided by the weighted average number of ordinary shares outstanding during the year, excluding those held in employee share trusts, which are treated as cancelled. For diluted earnings per share, the weighted average number of shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. No adjustment is made if the impact is anti-dilutive overall. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 IFRS 17 basis ​ ​ ​ ​ ​ ​ ​ ​ ​ Net of tax ​ ​ ​ ​ ​ ​ ​ ​ Non- and non- Basic Diluted ​ ​ ​ Before ​ ​ ​ controlling ​ controlling ​ earnings ​ earnings ​ ​ ​ tax ​ Tax ​ interests ​ interests ​ per share ​ per share ​ ​ $m $m ​ $m ​ $m ​ cents ​ cents ​ Based on profit for the year ​ 2,097 ​ (385) ​ (11) ​ 1,701 ​ 62.1 ¢ 61.9 ¢ Short-term fluctuations in investment returns 774 ​ (59) — ​ 715 26.1 ¢ 26.0 ¢ Loss attaching to corporate transactions 22 ​ — — ​ 22 0.8 ¢ 0.8 ¢ Based on adjusted operating profit ​ 2,893 (444) (11) ​ 2,438 89.0 ¢ 88.7 ¢ ​ ​ For 2023, the weighted average number of shares for calculating basic earnings per share, which excludes those held in employee share trusts, is 2,741 million. After including a dilutive effect of the Group's share options and awards(see note B2.2) of 6 million, the weighted average number of shares for calculating diluted earnings per share is, 2,747 million. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 IFRS 17 basis ​ ​ ​ ​ ​ ​ ​ ​ ​ Net of tax ​ ​ ​ ​ ​ ​ ​ ​ Non- and non- Basic Diluted ​ ​ ​ Before ​ ​ ​ controlling ​ controlling ​ earnings ​ earnings ​ ​ ​ tax ​ Tax ​ interests ​ interests ​ per share ​ per share ​ ​ $m $m ​ $m ​ $m ​ cents ​ cents ​ Based on loss for the year ​ (643) ​ (354) (10) ​ (1,007) (36.8) ¢ (36.8) ¢ Short-term fluctuations in investment returns ​ 3,420 (185) (1) ​ 3,234 118.2 ¢ 118.2 ¢ Gain attaching to corporate transactions ​ (55) ​ — — ​ (55) (2.0) ¢ (2.0) ¢ Based on adjusted operating profit ​ 2,722 (539) (11) ​ 2,172 79.4 ¢ 79.4 ¢ ​ ​ For 2022, the weighted average number of shares for calculating basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 (IFRS 4 basis) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net of tax ​ ​ ​ ​ ​ ​ ​ ​ Non- and non- Basic Diluted ​ ​ ​ Before ​ ​ ​ controlling ​ controlling ​ earnings ​ earnings ​ ​ ​ tax ​ Tax ​ interests ​ interests ​ per share ​ per share ​ ​ $m $m ​ $m ​ $m ​ cents ​ cents ​ Loss for the year ​ ​ ​ ​ ​ (2,042) (77.7) ¢ (77.7) ¢ Loss from discontinued US operations ​ ​ ​ ​ 4,234 161.1 ¢ 161.1 ¢ Profit from continuing operations ​ 2,676 (462) (22) ​ 2,192 83.4 ¢ 83.4 ¢ 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 ​ 94 (5) — ​ 89 3.4 ¢ 3.4 ¢ Adjusted operating profit ​ 3,233 (548) (17) ​ 2,668 101.5 ¢ 101.5 ¢ ​ For 2021, the weighted average number of shares for calculating basic earnings per share, which excludes those held in employee share trusts, was 2,628 million. There was no difference between the basic and diluted earnings per share.

Dividends

Dividends	12 Months Ended
	Dec. 31, 2023
Dividends
Dividends	B5 Dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ Cents per ​ ​ ​ ​ Cents per ​ ​ ​ ​ Cents per ​ ​ ​ ​ share ​ $m share ​ $m share ​ $m Dividends relating to reporting year: ​ ​ ​ ​ ​ ​ ​ ​ ​ First interim dividend 6.26 ¢ ​ 172 5.74 ¢ 154 5.37 ¢ 140 Second interim dividend 14.21 ¢ ​ 392 13.04 ¢ 359 11.86 ¢ 326 Total relating to reporting year 20.47 ¢ ​ 564 18.78 ¢ 513 17.23 ¢ 466 Dividends paid in reporting year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current year first interim dividend 6.26 ¢ ​ 172 5.74 ¢ 154 5.37 ¢ 138 Second interim dividend for prior year 13.04 ¢ ​ 361 11.86 ¢ 320 10.73 ¢ 283 Total paid in reporting year 19.30 ¢ ​ 533 17.60 ¢ 474 16.10 ¢ 421 ​ First and second interim dividends are recorded in the period in which they are paid. In addition to the dividends shown in the table above, on 13 September 2021, following approval by the Group’s shareholders, Prudential plc demerged its US operations (Jackson) via a dividend in specie of $1,735 million. Dividend per share The 2023 first interim dividend of 6.26 cents per ordinary share was paid to eligible shareholders on 19 October 2023. On 16 May 2024, Prudential will pay a second interim dividend of 14.21 cents per ordinary share for the year ended 31 December 2023. The second interim dividend will be paid to shareholders recorded on the UK register at 6.00pm (British Summer Time) and to shareholders on the HK branch register at 4.30pm (Hong Kong Time) on 2 April 2024 (Record Date), and also to the Holders of US American Depositary Receipts (ADRs) as at 2 April 2024. The second interim dividend will be paid on or about 23 May 2024 to shareholders with shares standing to the credit of their securities accounts with The Central Depository (Pte) Limited (CDP) at 5.00pm (Singapore Time) on the Record Date. Shareholders holding shares on the UK or HK share registers will continue to receive their dividend payments in either GBP or HKD respectively, unless they elect to receive dividend payments in USD. Elections must be made through the relevant UK or HK share registrar on or before 24 April 2024. The corresponding amounts per share in GBP and HKD are expected to be announced on or about 2 May 2024. The USD to GBP and HKD conversion rates will be determined by the actual rates achieved by Prudential buying those currencies prior to the subsequent announcement. Holders of ADRs will continue to receive their dividend payments in USD. Shareholders holding an interest in Prudential shares through CDP in Singapore will continue to receive their dividend payments in SGD at an exchange rate determined by CDP. Shareholders on the UK register are eligible to participate in a Dividend Reinvestment Plan.

Group assets and liabilities

Group assets and liabilities	12 Months Ended
	Dec. 31, 2023
Group assets and liabilities
Group assets and liabilities	C1 Group assets and liabilities C1.1 Group investments by business type The analysis below is structured to show the investments of the Group's subsidiaries by reference to the differing degrees of policyholder and shareholder economic interest of the different types of business. Debt securities are analysed below according to the issuing government for sovereign debt and to credit ratings for the rest of the securities. The Group uses the middle of the Standard & Poor’s, Moody’s and Fitch ratings, where available. Where ratings are not available from these rating agencies, local external rating agencies’ ratings and lastly internal ratings have been used. Securities with none of the ratings listed above are classified as unrated and included under the ‘below BBB- and unrated’ category. The total securities (excluding sovereign debt) that were unrated at 31 December 2023 were $1,181 million (31 December 2022: $1,152 million). Additionally, government debt is shown separately from the rating breakdowns in order to provide a more focused view of the credit portfolio. In the table below, AAA is the highest possible rating. Investment grade financial assets are classified within the range of AAA to BBB- ratings. Financial assets which fall outside this range are classified as below BBB-. The following table classifies assets into those that primarily back the Group’s participating funds that are measured under the variable fee approach, those backing unit-linked funds, other investments held within the insurance entities, Eastspring’s investments and those that are unallocated to a segment (principally centrally held investments). In terms of the investments held by the insurance businesses, those within funds with policyholder participation and those within unit-linked funds represent underlying items. The gains or losses on these investments will be offset by movements in policyholder liabilities and therefore adjusted operating profit reflects the actual investment return on these assets. The exception is for investments backing the shareholders’ 10 per cent share of the estate within the Hong Kong with-profits fund. Changes in the value of these investments, including those driven by market movements, pass through the income statement with no liability offset. Consequently adjusted operating profit recognises investment return on a longer-term basis for these assets. In terms of other assets held within the insurance entities, these largely comprise assets backing IFRS shareholders’ equity or are non-underlying items backing GMM liabilities and therefore the returns on these other investments are recognised in adjusted operating profit at a longer-term rate. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ ​ Asia and Africa ​ ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds with ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ policyholder Unit-linked ​ ​ ​ Unallocated Group ​ ​ participation ​ funds ​ Other ​ Eastspring ​ Total ​ to a segment ​ total ​ note (i) ​ ​ ​ ​ ​ ​ ​ Debt securities ​ ​ ​ ​ ​ Sovereign debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indonesia 393 611 525 — 1,529 ​ — ​ 1,529 Singapore 3,006 607 929 — 4,542 ​ — ​ 4,542 Thailand 2 4 1,957 — 1,963 ​ — ​ 1,963 United Kingdom — 5 87 — 92 ​ — ​ 92 United States 23,552 84 2,351 — 25,987 ​ — ​ 25,987 Vietnam 3,143 30 173 — 3,346 ​ — ​ 3,346 Other (predominantly Asia) 4,375 664 1,732 28 6,799 ​ — ​ 6,799 Subtotal 34,471 2,005 7,754 28 44,258 ​ — ​ 44,258 Other government bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA ​ 1,533 ​ 94 ​ 119 ​ — ​ 1,746 ​ — ​ 1,746 AA+ to AA- ​ 120 ​ 17 ​ 29 ​ — ​ 166 ​ — ​ 166 A+ to A- ​ 689 ​ 95 ​ 239 ​ — ​ 1,023 ​ — ​ 1,023 BBB+ to BBB- ​ 271 ​ 57 ​ 56 ​ — ​ 384 ​ — ​ 384 Below BBB- and unrated 502 11 63 2 578 ​ — ​ 578 Subtotal 3,115 274 506 2 3,897 ​ — ​ 3,897 Corporate bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA 1,214 147 243 — 1,604 ​ — ​ 1,604 AA+ to AA- 2,716 440 934 — 4,090 ​ — ​ 4,090 A+ to A- ​ 10,918 ​ 460 ​ 2,179 ​ — ​ 13,557 ​ 1 ​ 13,558 BBB+ to BBB- ​ 9,466 ​ 714 ​ 2,055 ​ — ​ 12,235 ​ 1 ​ 12,236 Below BBB- and unrated ​ 2,280 ​ 500 ​ 356 ​ — ​ 3,136 ​ — ​ 3,136 Subtotal ​ 26,594 ​ 2,261 ​ 5,767 ​ — ​ 34,622 ​ 2 ​ 34,624 Asset-backed securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA ​ 174 ​ 2 ​ 54 ​ — ​ 230 ​ — ​ 230 AA+ to AA- ​ 6 ​ — ​ 2 ​ — ​ 8 ​ — ​ 8 A+ to A- ​ 30 ​ — ​ 7 ​ — ​ 37 ​ — ​ 37 BBB+ to BBB- ​ 7 ​ — ​ 2 ​ — ​ 9 ​ — ​ 9 Below BBB- and unrated ​ — ​ 1 ​ — ​ — ​ 1 ​ — ​ 1 Subtotal ​ 217 ​ 3 ​ 65 ​ — ​ 285 ​ — ​ 285 Total debt securities notes (ii)(iv) ​ 64,397 ​ 4,543 ​ 14,092 ​ 30 ​ 83,062 ​ 2 ​ 83,064 Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans ​ 65 ​ — ​ 83 ​ — ​ 148 ​ — ​ 148 Other loans ​ 430 ​ — ​ — ​ — ​ 430 ​ — ​ 430 Total loans ​ 495 ​ — ​ 83 ​ — ​ 578 ​ — ​ 578 Equity securities and holdings in collective investment schemes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct equities ​ 18,711 ​ 12,075 ​ 182 ​ 128 ​ 31,096 ​ — ​ 31,096 Collective investment schemes ​ 24,529 ​ 7,546 ​ 1,580 ​ 2 ​ 33,657 ​ — ​ 33,657 Total equity securities and holdings in collective investment schemes ​ 43,240 ​ 19,621 ​ 1,762 ​ 130 ​ 64,753 ​ — ​ 64,753 Other financial investments note (iii) ​ 2,893 ​ 396 ​ 1,707 ​ 101 ​ 5,097 ​ 2,628 ​ 7,725 Total financial investments note (v) ​ 111,025 ​ 24,560 ​ 17,644 ​ 261 ​ 153,490 ​ 2,630 ​ 156,120 Investment properties ​ — ​ — ​ 39 ​ — ​ 39 ​ — ​ 39 Cash and cash equivalents ​ 1,054 ​ 647 ​ 1,287 ​ 173 ​ 3,161 ​ 1,590 ​ 4,751 Total investments ​ 112,079 ​ 25,207 ​ 18,970 ​ 434 ​ 156,690 ​ 4,220 ​ 160,910 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 $m ​ ​ Asia and Africa ​ ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds with ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ policyholder Unit-linked ​ ​ ​ ​ ​ Unallocated ​ Group ​ ​ participation ​ funds ​ Other ​ Eastspring ​ Total ​ to a segment ​ total ​ note (i) ​ ​ ​ ​ ​ ​ Debt securities ​ ​ ​ ​ ​ Sovereign debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indonesia 565 589 400 3 1,557 ​ — ​ 1,557 Singapore 3,240 507 917 67 4,731 ​ — ​ 4,731 Thailand — — 1,456 — 1,456 ​ — ​ 1,456 United Kingdom — 4 — — 4 ​ — ​ 4 United States 21,580 54 257 — 21,891 ​ — ​ 21,891 Vietnam 2,263 12 135 — 2,410 ​ — ​ 2,410 Other (predominantly Asia) 3,663 646 1,666 27 6,002 ​ — ​ 6,002 Subtotal 31,311 1,812 4,831 97 38,051 ​ — ​ 38,051 Other government bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA ​ 1,480 ​ 85 ​ 108 ​ — ​ 1,673 ​ — ​ 1,673 AA+ to AA- ​ 112 ​ 21 ​ 20 ​ — ​ 153 ​ — ​ 153 A+ to A- ​ 765 ​ 139 ​ 233 ​ — ​ 1,137 ​ — ​ 1,137 BBB+ to BBB- ​ 327 ​ 77 ​ 99 ​ — ​ 503 ​ — ​ 503 Below BBB- and unrated 483 22 67 — 572 ​ — ​ 572 Subtotal 3,167 344 527 — 4,038 ​ — ​ 4,038 Corporate bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA 1,094 181 268 — 1,543 ​ — ​ 1,543 AA+ to AA- 2,356 385 1,151 — 3,892 ​ — ​ 3,892 A+ to A- ​ 9,233 ​ 524 ​ 2,345 ​ — ​ 12,102 ​ — ​ 12,102 BBB+ to BBB- ​ 9,515 ​ 1,325 ​ 2,344 ​ 1 ​ 13,185 ​ — ​ 13,185 Below BBB- and unrated ​ 2,918 ​ 444 ​ 454 ​ — ​ 3,816 ​ — ​ 3,816 Subtotal ​ 25,116 ​ 2,859 ​ 6,562 ​ 1 ​ 34,538 ​ — ​ 34,538 Asset-backed securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA ​ 228 ​ 5 ​ 85 ​ — ​ 318 ​ — ​ 318 AA+ to AA- ​ 7 ​ 1 ​ 2 ​ — ​ 10 ​ — ​ 10 A+ to A- ​ 25 ​ — ​ 9 ​ — ​ 34 ​ — ​ 34 BBB+ to BBB- ​ 17 ​ — ​ 6 ​ — ​ 23 ​ — ​ 23 Below BBB- and unrated ​ 2 ​ 1 ​ 1 ​ — ​ 4 ​ — ​ 4 Subtotal ​ 279 ​ 7 ​ 103 ​ — ​ 389 ​ — ​ 389 Total debt securities notes (ii)(iv) ​ 59,873 ​ 5,022 ​ 12,023 ​ 98 ​ 77,016 ​ — ​ 77,016 Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans ​ 92 ​ — ​ 48 ​ — ​ 140 ​ — ​ 140 Other loans ​ 450 ​ — ​ — ​ — ​ 450 ​ — ​ 450 Total loans ​ 542 ​ — ​ 48 ​ — ​ 590 ​ — ​ 590 Equity securities and holdings in collective investment schemes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct equities ​ 15,000 ​ 11,379 ​ 202 ​ 61 ​ 26,642 ​ 266 ​ 26,908 Collective investment schemes ​ 22,015 ​ 6,760 ​ 1,992 ​ 2 ​ 30,769 ​ 2 ​ 30,771 Total equity securities and holdings in collective investment schemes ​ 37,015 ​ 18,139 ​ 2,194 ​ 63 ​ 57,411 ​ 268 ​ 57,679 Other financial investments note (iii) ​ 3,010 ​ 379 ​ 1,599 ​ 107 ​ 5,095 ​ 1,749 ​ 6,844 Total financial investments note (v) ​ 100,440 ​ 23,540 ​ 15,864 ​ 268 ​ 140,112 ​ 2,017 ​ 142,129 Investment properties ​ — ​ — ​ 37 ​ — ​ 37 ​ — ​ 37 Cash and cash equivalents ​ 1,563 ​ 749 ​ 1,266 ​ 127 ​ 3,705 ​ 1,809 ​ 5,514 Total investments ​ 102,003 ​ 24,289 ​ 17,167 ​ 395 ​ 143,854 ​ 3,826 ​ 147,680 Notes (i) Funds with policyholder participation represent investments held to support insurance products where policyholders participate in the returns of a specified pool of investments (excluding unit-linked policies) that are measured using the variable fee approach. (ii) Of the Group’s debt securities, the following amounts were held by the consolidated investment funds: ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Debt securities held by the consolidated investment funds ​ 11,116 ​ 11,899 ​ (iii) Other financial investments comprise derivative assets and deposits. (iv) The credit ratings, information or data contained in this report which are attributed and specifically provided by Standard & Poor’s, Moody’s and Fitch Solutions and their respective affiliates and suppliers (‘Content Providers’) is referred to here as the ‘Content’. Reproduction of any Content in any form is prohibited except with the prior written permission of the relevant party. The Content Providers do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content. The Content Providers expressly disclaim liability for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of the Content. A reference to a particular investment or security, a rating or any observation concerning an investment that is part of the Content is not a recommendation to buy, sell or hold any such investment or security, nor does it address the suitability of an investment or security and should not be relied on as investment advice. (v) Of the total financial investments of $156,120 million as at 31 December 2023 (31 December 2022: $142,129 million), $80,022 million (31 December 2022: $68,949 million) are expected to be recovered within one year, including equity securities and holdings in collective investment schemes. ​ C1.2 Other assets and liabilities (a) Accrued investment income and other debtors ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Interest receivable ​ 871 806 Other accrued income ​ 132 177 Total accrued investment income ​ 1,003 983 Other debtors ​ 1,161 968 Total accrued investment income and other debtors ​ 2,164 1,951 Analysed as: ​ ​ ​ Expected to be settled within one year ​ 2,048 1,882 Expected to be settled beyond one year ​ 116 69 Total accrued investment income and other debtors ​ 2,164 1,951 ​ (b) Accruals, deferred income and other creditors Accruals, deferred income and other creditors are analysed as follows (detailed maturity analysis is provided in note C2.3): ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Accruals and deferred income ​ 244 200 Interest payable ​ 35 59 Other creditors ​ 3,756 2,607 Total accruals, deferred income and other creditors ​ 4,035 2,866 ​ C1.3 Cash and cash equivalents Cash and cash equivalents consist of cash at bank and in hand, deposits held at call with banks, treasury bills and other short-term highly liquid investments with less than 90 days maturity from the date of acquisition and are analysed as follows: ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Cash ​ 1,964 1,878 Cash equivalents ​ 2,787 3,636 Total cash and cash equivalents ​ 4,751 5,514 Analysed as: ​ Held by the Group's holding and non-regulated entities and available for general use ​ 1,590 1,809 Other funds not available for general use by the Group, including funds held for the benefit of policyholders ​ 3,161 ​ 3,705 Total cash and cash equivalents ​ 4,751 ​ 5,514 ​ The Group’s cash and cash equivalents are held in the following currencies as at 31 December 2023: USD 42 per cent, MYR 14 per cent, GBP 5 per cent, HKD 6 per cent, SGD 8 per cent, and other currencies 25 per cent (31 December 2022: USD 45 per cent, MYR 14 per cent, GBP 11 per cent, HKD 5 per cent, SGD 5 per cent and other currencies 20 per cent). C1.4 Provisions An analysis of movement in total provisions held is shown below: ​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m Balance at 1 Jan 206 234 Charge (credit) to income statement: ​ Additional provisions 198 153 Unused amounts released (10) (19) Utilisation during the year (172) (154) Exchange differences 2 (8) Balance at 31 Dec 224 206 ​ Of the $224 million of provisions at 31 December 2023 (31 December 2022: $206 million), which excludes any amounts attributable to insurance contracts,the Group held $215 million (31 December 2022: $199 million) provisions for staff benefits, which are generally expected to be paid out within the next three years.

Measurement of financial assets

Measurement of financial assets and liabilities	12 Months Ended
	Dec. 31, 2023
Measurement of financial assets and liabilities
Measurement of financial assets and liabilities	C2 Measurement of financial assets and liabilities The Group uses the trade date method to account for regular purchases and sales of financial assets. The Group holds financial assets in accordance with IFRS 9 (2023) / IAS 39 (2022 and prior) whereby subject to specific criteria, financial instruments are required to be accounted for under one of the following categories: – Financial instruments at FVTPL: this comprises primarily instruments that are managed and the performance evaluated on a fair value basis, including liabilities related to net assets attributable to unit holders of consolidated investment funds and policyholder liabilities for investment contracts without discretionary participation features. In addition, this includes derivatives. All investments within this category are measured at fair value with all changes thereon being recognised in investment return in the income statement. – Financial instruments at FVOCI under IFRS 9 or on an AFS basis under IAS 39: these instruments are initially recognised at fair value plus attributable transaction costs and are subsequently measured at fair value. Interest and/or dividend income is recognised in the income statement. Unrealised gains and losses are recognised in other comprehensive income. Upon disposal or impairment, accumulated unrealised gains and losses are transferred from other comprehensive income to the income statement as realised gains or losses except for equity securities that have been elected to be designated at FVOCI under IFRS 9 whereby there is no recycling to the profit or loss on derecognition being the difference to the AFS treatment for equity securities under IAS 39. Subsequent to the demerger of Jackson in September 2021, the Group designated its retained interest in Jackson as AFS equity securities under IAS 39. Upon the adoption of IFRS 9, the Group made the election to measure its interest in equity securities in Jackson at FVOCI, which were disposed of entirely in 2023. There were no financial instruments at FVOCI at 31 December 2023. – Financial instruments at amortised cost: these instruments comprise non-quoted investments that have fixed or determinable payments, including loans collateralised by mortgages, deposits, and other receivables. These investments are initially recognised at fair value plus transaction costs. Subsequently, these instruments are carried at amortised cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset. When assets held at amortised cost are subject to impairment testing, estimated future cash flows are compared to the carrying value of the asset. The estimated future cash flows are discounted using the financial asset’s original or variable effective interest rate and exclude credit losses that have not yet been incurred. If, in subsequent periods, an impaired loan or receivable recovers in value (in part or in full) and this recovery can be objectively related to an event occurring after the impairment, then any amount determined to have been recovered is reversed through the income statement. C2.1 Determination of fair value The fair values of the financial instruments for which fair valuation is required under IFRS Standards are determined by the use of quoted market prices for exchange-quoted investments, or by using quotations from independent third parties, such as brokers and pricing services or by using appropriate valuation techniques. Climate change does not directly impact fair values particularly where these are built on observable inputs (ie level 1 and level 2), which represent the majority of the Group's financial instruments as discussed below. The estimated fair value of derivative financial instruments reflects the estimated amount the Group would receive or pay in an arm’s-length transaction. This amount is determined using quoted prices if exchange listed, quotations from independent third parties or valued internally using standard market practices. The fair value of the subordinated and senior debt issued by the Group is determined using quoted prices from independent third parties. Valuation approach for level 2 fair valued assets and liabilities A significant proportion of the Group’s level 2 assets are corporate bonds, structured securities and other non-national government debt securities. These assets, in line with market practice, are generally valued using a designated independent pricing service or quote from third-party brokers. These valuations are subject to a number of monitoring controls, such as comparison to multiple pricing sources where available, monthly price variances, stale price reviews and variance analysis on prices achieved on subsequent trades. When prices are not available from pricing services, quotes are sourced directly from brokers. Prudential seeks to obtain a number of quotes from different brokers so as to obtain the most comprehensive information available on their executability. The selected quote is the one which best represents an executable quote for the security at the measurement date. Generally, no adjustment is made to the prices obtained from independent third parties. Adjustments are made in only limited circumstances, where it is determined that the third-party valuations obtained do not reflect fair value (eg either because the value is stale and/or the values are extremely diverse in range). Securities valued in such manner are classified as level 3 where these significant inputs are not based on observable market data. Valuation approach for level 3 fair valued assets and liabilities Investments valued using valuation techniques include financial investments which by their nature do not have an externally quoted price based on regular trades, and financial investments for which markets are no longer active as a result of market conditions, eg market illiquidity. The Group’s valuation policies, procedures and analyses for instruments categorised as level 3 are overseen by Business Unit committees as part of the Group’s wider financial reporting governance processes. The procedures undertaken include approval of valuation methodologies, verification processes, and resolution of significant or complex valuation issues. In addition, the Group has minimum standards for independent price verification to ensure valuation accuracy is regularly independently verified. Adherence to this policy is monitored across the business units. C2.2 Valuation hierarchy (a) Assets and liabilities at fair value The table below shows the assets and liabilities carried at fair value analysed by level of the IFRS 13 ‘Fair Value Measurement’ defined fair value hierarchy. This hierarchy is based on the inputs to the fair value measurement and reflects the lowest level input that is significant to that measurement. All assets and liabilities held at fair value are classified as FVTPL at 31 December 2023. At 31 December 2022, $266 million of financial assets classified as AFS under IAS 39 related to the Group’s retained interest in Jackson, which was disposed of in 2023. All assets and liabilities held at fair value are measured on a recurring basis. Financial instruments at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ ​ ​ Quoted prices ​ Valuation based ​ Valuation based ​ ​ ​ ​ (unadjusted) ​ on significant ​ on significant ​ ​ ​ ​ in active ​ observable ​ unobservable ​ ​ ​ markets market inputs market inputs Total ​ ​ ​ note (iii) ​ Loans — ​ 430 ​ — ​ 430 ​ Equity securities and holdings in collective investment schemes 56,327 ​ 5,562 ​ 2,864 ​ 64,753 ​ Debt securities note (i) 64,004 ​ 19,020 ​ 40 ​ 83,064 ​ Derivative assets 1,460 ​ 395 ​ — ​ 1,855 ​ Derivative liabilities (58) ​ (180) ​ — ​ (238) ​ Total financial investments, net of derivative liabilities 121,733 ​ 25,227 ​ 2,904 ​ 149,864 ​ Investment contract liabilities without DPF note (ii) — ​ (769) ​ — ​ (769) ​ Net asset value attributable to unit holders of consolidated investment funds (2,711) ​ — ​ — ​ (2,711) ​ Total financial instruments at fair value 119,022 ​ 24,458 ​ 2,904 ​ 146,384 ​ Percentage of total (%) ​ 81 % 17 % 2 % 100 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 $m ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ ​ ​ ​ Quoted prices ​ Valuation based ​ Valuation based ​ ​ ​ ​ (unadjusted) ​ on significant ​ on significant ​ ​ ​ ​ in active ​ observable ​ unobservable ​ ​ ​ markets market inputs market inputs Total ​ ​ ​ note (iii) ​ Loans — ​ 447 3 450 ​ Equity securities and holdings in collective investment schemes 49,725 ​ 7,130 824 57,679 ​ Debt securities note (i) 57,148 ​ 19,763 38 76,949 ​ Derivative assets 82 ​ 487 — 569 ​ Derivative liabilities (778) ​ (223) — (1,001) ​ Total financial investments, net of derivative liabilities 106,177 ​ 27,604 865 134,646 ​ Investment contract liabilities without DPF note (ii) — ​ (663) — (663) Net asset value attributable to unit holders of consolidated investment funds (4,193) ​ — — (4,193) Total financial instruments at fair value 101,984 ​ 26,941 865 129,790 Percentage of total (%) ​ 78 % 21 % 1 % 100 % Notes (i) Of the total level 2 debt securities of $19,020 million at 31 December 2023 (31 December 2022: $19,763 million), $10 million (31 December 2022: $37 million) are valued internally. (ii) For Investment contract liabilities without DPF, it is assumed that these investment contracts are not quoted in an active market and do not have readily available published prices and that their fair values are determined using valuation techniques. It is assumed that all significant inputs used in the valuation are observable and these investment contract liabilities are classified in level 2. (iii) At 31 December 2023, the Group held $2,904 million (31 December 2022: $865 million) of net financial instruments at fair value within level 3. This represents 2 per cent (2022: less than one per cent) of the total fair valued financial assets, net of financial liabilities and comprises the following: – Equity securities and holdings in collective investment schemes of $2,863 million (31 December 2022: $823 million) are externally valued using the net asset value of the invested entities and consist primarily of property and infrastructure funds held by the participating funds. Equity securities of $1 million (31 December 2022: $1 million) are internally valued. Internal valuations are inherently more subjective than external valuations; and – Other sundry individual financial instruments of a net asset of $40 million(31 December 2022: $41 million). Of the net financial instruments of $2,904 million (31 December 2022: $865 million) referred to above: – A net asset of $2,866 million (31 December 2022: $830 million) is held by the Group’s with-profits and unit-linked funds and therefore shareholders’ profit and equity are not immediately impacted by movements in the valuation of these financial instruments; and – The remaining level 3 investments comprise a net asset of $38 million (31 December 2022: $35 million) and are primarily corporate bonds valued using external prices adjusted to reflect the specific known conditions relating to these bonds (eg distressed securities). If the value of all these level 3 financial instruments decreased by 10 per cent, the change in valuation would be $(4) million (31 December 2022: $(4) million), which would reduce shareholders’ equity by this amount before tax. Transfers into and transfers out of levels The Group’s policy is to recognise transfers into and out of levels as of the end of each reporting period except for material transfers which are recognised as of the date of the event or change in circumstances that caused the transfer. Transfers are deemed to have occurred when there is a material change in the observed valuation inputs or a change in the level of trading activities of the securities. During 2023, the transfers between levels within the portfolios included transfers from level 1 to level 2 of $505 million and transfers from level 2 to level 1 of $1,708 million. These transfers primarily reflect the change in the observed valuation inputs of equity securities and debt securities and, in certain cases, the change in the level of trading activities of the securities. There were transfers from level 2 to level 3 of $1,489 million in the period relating to certain of the underlying investments of the Group’s consolidated investment funds, which are now deemed to have more unobservable inputs. Reconciliation of movements in level 3 assets and liabilities measured at fair value The following table reconciles the value of level 3 fair valued assets and liabilities at the beginning of the period to that presented at the end of the period. Total investment return recorded in the income statement represents interest and dividend income, realised gains and losses, unrealised gains and losses on the assets classified at fair value through profit and loss and foreign exchange movements on an individual entity’s overseas investments. Total gains and losses recorded in other comprehensive income comprises the translation of investments into the Group's presentational currency of US dollars. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ securities ​ ​ ​ ​ ​ ​ ​ ​ and holdings ​ ​ ​ ​ ​ ​ ​ ​ in collective ​ ​ ​ ​ ​ ​ ​ ​ investment ​ Debt ​ ​ ​ Loans schemes securities Group total Balance at 1 Jan 3 ​ 824 ​ 38 ​ 865 Total gains in income statement note — ​ 25 ​ 2 ​ 27 Total gains recorded in other comprehensive income — 6 — 6 Purchases and other additions ​ — ​ 524 ​ — ​ 524 Sales ​ (3) ​ (4) ​ — ​ (7) Transfers into level 3 — 1,489 — 1,489 Balance at 31 Dec — 2,864 40 2,904 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 $m ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ securities ​ ​ ​ ​ ​ ​ ​ ​ and holdings ​ ​ ​ ​ ​ ​ ​ ​ in collective ​ ​ ​ ​ ​ ​ ​ ​ investment ​ Debt ​ ​ ​ Loans schemes securities Group total Balance at 1 Jan 5 577 58 640 Total losses in income statement note (2) (31) (2) (35) Total losses recorded in other comprehensive income — (6) (3) (9) Purchases and other additions — 305 — 305 Sales — (21) — (21) Transfers (out of) level 3 — — (15) (15) Balance at 31 Dec 3 824 38 865 Note Of the total net gain in the income statement of $27 million at 2023 (2022: net loss of $(35) million), $29 million (2022: $(12) million) relates to net unrealised gains and losses of financial instruments still held at the end of the year, which can be analysed as follows: ​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m Loans ​ — ​ (2) Equity securities and holdings in collective investment schemes 27 (8) Debt securities 2 (2) Net unrealised gains and losses of financial instruments still held at the end of the year 29 (12) ​ (b) Assets and liabilities at amortised cost and their fair value The table below shows the financial assets and liabilities carried at amortised cost on the statement of financial position and their fair value. Deposits, cash and cash equivalents, accrued investment income, other debtors, accruals, deferred income and other creditors are excluded from the analysis below, as these are carried at amortised cost which approximates fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ value value value value Assets ​ ​ ​ ​ ​ ​ ​ ​ Debt securities — ​ — 67 67 Loans 148 ​ 179 140 206 Liabilities ​ ​ ​ ​ ​ ​ ​ Core structural borrowings of shareholder-financed businesses (3,933) ​ (3,659) (4,261) (3,834) Operational borrowings (excluding lease liabilities) (707) ​ (707) (516) (516) Obligations under funding, securities lending and sale and repurchase agreements (716) ​ (716) (582) (582) Net financial liabilities at amortised cost ​ (5,208) ​ (4,903) ​ (5,152) ​ (4,659) ​ ​ The fair value of the assets and liabilities in the table above, with the exception of the subordinated and senior debt issued by the Group, has been estimated from the discounted cash flows expected to be received or paid. All the assets and liabilities in the table above have been classified within level 2 at 31 December 2023 and 2022, reflecting the observability of the inputs used to derive their fair value. The fair value of the subordinated and senior debt issued by the Group is determined using quoted prices from independent third parties. C2.3 Additional information on financial instruments (a) Financial risk Liquidity analysis The vast majority of the Group’s financial assets are held to back the Group’s policyholder liabilities. Although asset/liability matching is an important component of managing policyholder liabilities (both those classified as insurance and those classified as investments), this profile is mainly relevant for managing market risk rather than liquidity risk. Within each business unit, this asset/liability matching is performed on a portfolio-by-portfolio basis. In terms of liquidity risk, a large proportion of the policyholder liabilities contain discretionary surrender values or surrender charges, meaning that many of the Group’s liabilities are expected to be held for the long term.Much of the Group’s investment portfolios are in marketable securities, which can therefore be converted quickly to liquid assets. For the reasons provided above, an analysis of the Group’s assets by contractual maturity is not considered meaningful to evaluate the nature and extent of the Group’s liquidity risk. Contractual maturities of financial liabilities on an undiscounted cash flow basis The following table sets out the contractual maturities for applicable classes of financial liabilities, excluding derivative liabilities that are separately presented. The financial liabilities are included in the column relating to the contractual maturities of the undiscounted cash flows (including contractual interest payments) based on the earliest period in which the Group can be required to pay assuming conditions are consistent with those of year end. For investment contracts without DPF, the maturity profile is based on undiscounted cash flow projections of expected benefit payments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ ​ ​ ​ Contractual maturity profile for financial liabilities ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ carrying ​ 1 year ​ ​ ​ ​ ​ ​ ​ 10-15 ​ 15-20 ​ Over ​ No stated ​ undiscounted ​ value or less 1-2 years 2-5 years 5-10 years years years 20 years maturity cash flows Investment contracts without DPF note ​ 769 ​ 155 ​ 169 ​ 68 ​ 149 ​ 24 ​ 9 ​ 5 ​ 273 ​ 852 Core structural borrowings of shareholder-financed businesses 3,933 ​ 126 ​ 126 ​ 379 ​ 3,555 ​ — ​ — ​ — ​ 750 ​ 4,936 Lease liabilities under IFRS 16 ​ 234 ​ 76 ​ 62 ​ 86 ​ 25 ​ 2 ​ — ​ — ​ — ​ 251 Other operational borrowings 707 ​ 707 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 707 Obligations under funding, securities lending and sale and repurchase agreements 716 ​ 716 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 716 Accruals, deferred income and other liabilities 4,035 ​ 3,845 ​ — ​ — ​ — ​ — ​ — ​ — ​ 190 ​ 4,035 Net asset value attributable to unit holders of consolidated investment funds 2,711 ​ 2,711 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 2,711 Total non-derivative financial liabilities ​ 13,105 ​ 8,336 ​ 357 ​ 533 ​ 3,729 ​ 26 ​ 9 ​ 5 ​ 1,213 ​ 14,208 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 $m ​ ​ ​ ​ Contractual maturity profile for financial liabilities ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ carrying ​ 1 year ​ ​ ​ ​ ​ ​ ​ 10-15 ​ 15-20 ​ Over ​ No stated ​ undiscounted ​ value or less 1-2 years 2-5 years 5-10 years years years 20 years maturity cash flows Investment contracts without DPF note ​ 663 ​ 11 ​ 163 ​ 206 ​ 98 ​ 22 ​ 8 ​ 4 ​ 243 ​ 755 Core structural borrowings of shareholder-financed businesses 4,261 509 124 ​ 370 2,598 1,024 — — 750 5,375 Lease liabilities under IFRS 16 ​ 299 ​ 101 ​ 76 ​ 127 ​ 28 ​ 9 ​ — ​ — ​ — ​ 341 Other operational borrowings 516 516 — ​ — — — — — — 516 Obligations under funding, securities lending and sale and repurchase agreements 582 582 — ​ — — — — — — 582 Accruals, deferred income and other liabilities 2,866 2,686 — ​ — — — — — 180 2,866 Net asset value attributable to unit holders of consolidated investment funds 4,193 4,193 — ​ — — — — — — 4,193 Total non-derivative financial liabilities 13,380 8,598 363 ​ 703 2,724 1,055 8 4 1,173 14,628 ​ Note The undiscounted cash flows of investment contracts without DPF included under the 'No stated maturity’ category in the maturity profile shown above are mostly repayable on demand due to most of these investment contracts having options to surrender early, though often subject to surrender or other penalties therefore, these options are unlikely to be exercised in practice. Maturity analysis of derivatives The following table shows the carrying value of the gross and net derivative positions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value of net derivatives $m ​ ​ ​ ​ ​ ​ Net ​ ​ Derivative ​ Derivative ​ derivative ​ assets liabilities position 31 Dec 2023 1,855 ​ (238) ​ 1,617 31 Dec 2022 569 ​ (1,001) ​ (432) ​ All net derivatives are carried at fair value and are considered to be due within one year or less, representing the basis on which they are managed (ie to manage principally asset or liability value exposures). The Group has no cash flow hedges and, in general, contractual maturities are not considered essential for an understanding of the timing of the cash flows for these instruments. Credit risk The Group’s maximum exposure to credit risk of financial instruments before any allowance for collateral or allocation of losses to policyholders is represented by the carrying value of financial instruments on the balance sheet that have exposures to credit risk comprising cash and cash equivalents, deposits, debt securities, loans and derivative assets, accrued investment income and other debtors. Further details of collateral in place in relation to derivatives, securities lending, repurchase and reverse repurchase agreements and other transactions are provided in note (c) below. The Group’s exposure to credit risk is further discussed in the Risk review report. The majority of Group’s financial instruments are carried at FVTPL. The total value of assets held at amortised cost is $12,933 million (31 December 2022: $13,947 million), comprising primarily cash and cash equivalents, deposits and accrued investment income where the credit risk is considered to be low by nature. There are no material expected credit losses recognised on these assets. At 31 December 2023, $9 million (31 December 2022: $7 million) are past their due date and as recovery is anticipated, immaterial expected credit loss provision has been established. In addition, the Group did not take possession of any other collateral held as security in both years. Foreign exchange risk The Group is exposed to exchange gains and losses on financial assets and liabilities held by the Group’s business units in a currency other than the functional currency of the relevant business units or the currency to which the functional currency is pegged (eg financial assets and liabilities of USD denominated business in Hong Kong). The exchange risks inherent in these exposures are mitigated through the use of derivatives, mainly forward currency contracts and currency swaps as described in note (b) below. The amount of exchange loss on financial instruments recognised in the income statement in 2023, except for those arising on financial instruments measured at FVTPL, is $(38) million (2022: $234 million gain). Derivatives and hedging Derivative financial instruments are used to reduce or manage investment, interest rate and currency exposures, to facilitate efficient portfolio management and for investment purposes. The Group does not regularly seek to apply fair value or cash flow hedging treatment under IFRS 9/IAS 39. The Group has no net investment, fair value or cash flow hedges under IFRS 9 and IAS 39 at 31 December 2023 and 2022, respectively. All derivatives that are not designated as hedging instruments are carried at fair value, with movements in fair value being recorded in the income statement. Derivatives held and their purpose The Group enters into a variety of exchange traded and over-the-counter derivative financial instruments, including futures, options, forward contracts, swaps and swaptions. All over-the-counter derivative transactions are conducted under standardised ISDA (International Swaps and Derivatives Association Inc) master agreements and collateral agreements are in place between the individual entities and relevant counterparties under each of these market master agreements. The collateral management for these transactions is conducted under the usual and customary terms and conditions set out in the Credit Support Annex to the ISDA master agreement. Derivatives are used for efficient portfolio management to obtain cost effective and management of exposure to various markets in accordance with the Group’s investment strategies and to manage exposure to interest rate, currency, credit and other business risks. The Group also uses interest rate derivatives to reduce exposure to interest rate volatility. (b) Derecognition, collateral and offsetting Derecognition of financial assets and liabilities The Group’s policy is to derecognise financial assets when it is deemed that substantially all the risks and rewards of ownership have been transferred. The Group derecognises financial liabilities only when the obligation specified in the contract is discharged, cancelled or has expired. Reverse repurchase agreements The Group is party to various reverse repurchase agreements under which securities are purchased from third parties with an obligation to resell the securities. The securities are not recognised as investments in the statement of financial position but the right to receive the cash paid is recognised as deposits. The Group has entered into reverse repurchase transactions under which it purchased securities and had taken on the obligation to resell the securities. At 31 December 2023, the fair value of the collateral held in respect of these transactions, which is represented by the purchased securities was $3,623 million (31 December 2022: $3,244 million). Securities lending and repurchase agreements The Group is also party to various securities lending agreements (including repurchase agreements) under which securities are loaned to third parties on a short-term basis. The loaned securities are not derecognised; rather, they continue to be recognised within the appropriate investment classification. To the extent cash collateral is received it is recognised on the statement of financial position with the obligation to repay the cash paid recognised as a liability. Other collateral is not recognised. At 31 December 2023, the Group had $2,001 million (31 December 2022: $1,571 million) of lent securities and assets subject to repurchase agreements. The cash and securities collateral held or pledged under such agreements were $2,042 million (31 December 2022: $1,679 million). Collateral and pledges under derivative transactions At 31 December 2023, the Group had pledged $457 million (31 December 2022: $62 million) for liabilities and held collateral of $1,586 million (31 December 2022: $234 million) for assets in respect of derivative transactions. These transactions are conducted under terms that are usual and customary to collateralised transactions including, where relevant, standard securities lending and repurchase agreements. The Group has entered into collateral arrangements in relation to derivative transactions, which permit sale or re-pledging of underlying collateral. The Group has not sold any non-cash collateral held or re-pledged any non-cash collateral. Offsetting assets and liabilities The Group’s derivative instruments, repurchase agreements and securities lending agreements are subject to master netting arrangements and collateral arrangements. A master netting arrangement with a counterparty creates a right of offset for amounts due to and due from that same counterparty that is enforceable in the event of a default or bankruptcy. The Group recognises amounts subject to master netting arrangements on a gross basis within the consolidated balance sheets. The following tables present the gross and net information about the Group’s financial instruments subject to master netting arrangements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ ​ ​ ​ Related amounts not offset ​ ​ ​ ​ Gross amount ​ in the balance sheet ​ ​ ​ included in the ​ ​ ​ Net amount ​ ​ balance ​ Financial ​ Cash ​ Securities ​ included in the ​ ​ sheet ​ instruments ​ collateral ​ collateral ​ balance sheet ​ ​ note (i) ​ note (ii) ​ ​ ​ ​ ​ note (iv) Derivative assets 1,820 ​ (138) ​ (1,529) ​ (11) ​ 142 Reverse repurchase agreements 3,616 ​ (12) ​ — ​ (3,604) ​ — Total financial assets 5,436 ​ (150) ​ (1,529) ​ (3,615) ​ 142 Derivative liabilities (225) ​ 138 ​ 57 ​ — ​ (30) Securities lending and repurchase agreements (713) ​ — ​ (18) ​ 730 ​ (1) Total financial liabilities (938) ​ 138 ​ 39 ​ 730 ​ (31) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 $m ​ ​ ​ ​ Related amounts not offset ​ ​ ​ ​ Gross amount ​ in the balance sheet ​ ​ ​ included in the ​ ​ ​ Net amount ​ ​ balance ​ Financial ​ Cash ​ Securities ​ included in the ​ ​ sheet ​ instruments ​ collateral ​ collateral ​ balance sheet ​ ​ note (i) ​ note (ii) ​ ​ ​ note (iii) ​ note (iv) Derivative assets 457 (179) (217) ​ — 61 Reverse repurchase agreements 3,174 — — (3,174) — Total financial assets 3,631 (179) (217) (3,174) 61 Derivative liabilities (284) 179 27 6 (72) Securities lending and repurchase agreements (582) — 13 566 (3) Total financial liabilities (866) 179 40 572 (75) Notes (i) The Group has not offset any of the amounts included in the balance sheet. (ii) Represents the amount that could be offset under master netting or similar arrangements where the Group does not satisfy the full criteria to offset in the balance sheet. (iii) Excludes initial margin amounts for exchange-traded derivatives. (iv) In the tables above, the amounts of assets or liabilities included in the balance sheet would be offset first by financial instruments that have the right of offset under master netting or similar arrangements with any remaining amount reduced by the amount of cash and securities collateral. The actual amount of collateral may be greater than amounts presented in the tables.

Insurance and reinsurance contr

Insurance and reinsurance contracts	12 Months Ended
	Dec. 31, 2023
Insurance and reinsurance contracts
Insurance and reinsurance contracts	C3 Insurance and reinsurance contracts Portfolios of insurance contracts that are assets and those that are liabilities, and portfolios of reinsurance contracts that are assets and those that are liabilities, are presented separately in the statement of financial position. Any assets or liabilities recognised for cash flows arising before the recognition of the related group of contracts (including any assets for insurance acquisition cash flows) are included in the carrying amount of the related portfolios of contracts. The amounts recorded in the balance sheet as insurance and reinsurance contract asset and liabilities are set out in the table below (on the left hand side), broken out into their component parts. Additionally presented on the right hand side are the same amounts but including the Group’s share of the relevant amounts of its joint venture and associates, which are equity accounted for on the statement of financial position and hence all assets and liabilities of those businesses are included in a separate line. Management believe that the movement in the CSM is a key driver for understanding changes in profitability from period to period and as the Group’s share of the results of the joint ventures and associates are included in the Group’s adjusted operating and total profit, it is relevant to understand the movement in insurance assets and liabilities including those entities too. Therefore note C3 comprises: – Note C3.1 which sets out the components of assets and liabilities as described above. It also provides adjusted shareholders’ equity which includes the Contractual service margin net of tax and other adjustments, which management believes is a better measure of value than IFRS shareholders’ equity alone as it includes the Group’s future expected profits (based on assumptions at 31 December) on policies that are in-force at the balance sheet date. – Note C3.2 which contains the required IFRS 17 disclosures on how certain insurance and reinsurance contract balances have moved during the year, including an analysis of the movement of CSM by transition type. These exclude JV and associate balances. – Note C3.3 includes the disclosures in C3.2 which management believe would be helpful to show on a basis that includes the Group’s share of joint ventures and associates, together with a further breakdown of the movement in insurance and reinsurance contract balances by segment. The difference in most cases between the notes in C3.2 and C3.3 is solely the addition of the joint venture and associate amounts and so no explicit reconciliation has been provided to bridge between the two. ​ C3.1 Group overview (a) Analysis of Group insurance and reinsurance contract assets and liabilities The table below provides an analysis of portfolio of insurance and reinsurance (RI) contract assets and liabilities held on the Group’s statement of financial position: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates Including JVs and associates note (i) ​ ​ Assets ​ Liabilities ​ Net liabilities (assets) ​ Assets ​ Liabilities ​ Net liabilities (assets) ​ ​ Insurance ​ RI ​ Insurance ​ RI ​ Insurance ​ RI ​ Insurance ​ RI ​ Insurance ​ RI ​ Insurance ​ RI ​ ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ ​ ​ ​ ​ note (ii) ​ ​ ​ ​ ​ note (ii) ​ As at 31 Dec 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Best estimate liabilities (BEL) 3,952 1,175 120,115 1,182 116,163 7 3,998 1,315 139,673 1,222 135,675 (93) Risk adjustment for non-financial risk (RA) (631) (84) 1,713 (21) 2,344 63 (630) (67) 1,969 (24) 2,599 43 Contractual service margin (CSM) (2,173) 1,335 18,011 (10) 20,184 (1,345) (2,176) 1,321 20,176 (19) 22,352 (1,340) Insurance contract balances 1,148 2,426 139,839 1,151 138,691 (1,275) 1,192 2,569 161,818 1,179 160,626 (1,390) Assets for insurance acquisition cash flows 32 — 1 — (31) — 32 — 1 — (31) — Insurance and reinsurance contract (assets) liabilities 1,180 2,426 139,840 1,151 138,660 (1,275) 1,224 2,569 161,819 1,179 160,595 (1,390) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at 31 Dec 2022 Best estimate liabilities (BEL) 3,540 508 107,582 1,162 104,042 654 3,562 652 124,297 1,193 120,735 541 Risk adjustment for non-financial risk (RA) (505) (39) 1,418 (44) 1,923 (5) (502) (21) 1,662 (47) 2,164 (26) Contractual service margin (CSM) (1,929) 1,387 17,239 57 19,168 (1,330) (1,921) 1,369 19,383 54 21,304 (1,315) Insurance contract balances 1,106 1,856 126,239 1,175 125,133 (681) 1,139 2,000 145,342 1,200 144,203 (800) Assets for insurance acquisition cash flows 28 — 3 — (25) — 28 — 3 — (25) — Insurance and reinsurance contract (assets) liabilities 1,134 1,856 126,242 1,175 125,108 (681) 1,167 2,000 145,345 1,200 144,178 (800) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at 1 Jan 2022 (transition date) Best estimate liabilities (BEL) 3,818 1,752 126,438 1,474 122,620 (278) 3,993 1,916 142,146 1,501 138,153 (415) Risk adjustment for non-financial risk (RA) (547) (15) 1,661 (46) 2,208 (31) (575) 1 1,868 (49) 2,443 (50) Contractual service margin (CSM) (2,050) 1,050 21,699 (174) 23,749 (1,224) (2,161) 1,023 23,787 (176) 25,948 (1,199) Insurance contract balances 1,221 2,787 149,798 1,254 148,577 (1,533) 1,257 2,940 167,801 1,276 166,544 (1,664) Assets for insurance acquisition cash flows 29 — — — (29) — 29 — — — (29) — Insurance and reinsurance contract (assets) liabilities 1,250 2,787 149,798 1,254 148,548 (1,533) 1,286 2,940 167,801 1,276 166,515 (1,664) Notes (i) The Group’s investments in JVs and associates are accounted for on an equity method and the Group’s share of insurance and reinsurance contract liabilities and assets as shown above relate to the life business of CPL, India and Takaful business in Malaysia. (ii) At 31 December 2023 and 2022 the Group’s exposure to credit risk arising from insurance contracts issued is not material to the Group as premiums receivable from an individual party (policyholders and intermediaries) is not material to the Group. (b) Adjusted shareholders’ equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m 1 Jan 2022 (transition date) $m ​ ​ ​ ​ Group’s ​ ​ ​ ​ ​ Group’s ​ ​ ​ ​ ​ Group’s ​ ​ ​ ​ Balances ​ share ​ Total ​ Balances ​ share ​ Total ​ Balances ​ share ​ Total ​ ​ excluding ​ relating to ​ including ​ excluding ​ relating to ​ including ​ excluding ​ relating to ​ including ​ ​ JVs and ​ JVs and ​ JVs and ​ JVs and ​ JVs and ​ JVs and ​ JVs and ​ JVs and ​ JVs and ​ associates associates associates associates associates associates associates associates associates Shareholders’ equity 15,883 ​ 1,940 ​ 17,823 ​ 14,472 2,259 16,731 16,238 2,698 18,936 CSM, net of reinsurance 18,839 ​ 2,173 ​ 21,012 ​ 17,838 2,151 19,989 22,525 2,224 24,749 Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders 1,367 ​ — ​ 1,367 ​ 1,295 — 1,295 1,144 — 1,144 Less: Related tax adjustments (2,347) ​ (509) ​ (2,856) ​ (2,295) (509) (2,804) (2,531) (527) (3,058) Adjusted shareholders’ equity 33,742 ​ 3,604 ​ 37,346 ​ 31,310 3,901 35,211 37,376 4,395 41,771 ​ C3.2 Analysis of movements in insurance and reinsurance contract balances (excluding JVs and associates ) (a) Analysis of movements in insurance and reinsurance contract balances by measurement component An analysis of movements in insurance and reinsurance contract balances by measurement component and excluding the Group’s share of insurance and reinsurance contract liabilities and assets relate to the life JVs and associates is set out below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates ​ ​ 2023 $m ​ ​ Insurance ​ Reinsurance ​ BEL RA CSM Total BEL RA CSM Total ​ ​ ​ ​ note (b) ​ ​ ​ ​ ​ ​ ​ note (b) ​ ​ Opening assets ​ (3,540) ​ 505 ​ 1,929 ​ (1,106) ​ (508) ​ 39 ​ (1,387) ​ (1,856) Opening liabilities ​ 107,582 ​ 1,418 ​ 17,239 ​ 126,239 ​ 1,162 ​ (44) ​ 57 ​ 1,175 Net opening balance at 1 Jan ​ 104,042 ​ 1,923 ​ 19,168 ​ 125,133 ​ 654 ​ (5) ​ (1,330) ​ (681) Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM ​ (1,181) ​ 343 ​ 838 ​ — ​ 57 ​ 43 ​ (100) ​ — Changes in estimates that result in losses or reversal of losses on onerous contracts ​ 196 ​ (6) ​ — ​ 190 ​ (98) ​ — ​ — ​ (98) New contracts in the year ​ (2,461) ​ 295 ​ 2,173 ​ 7 ​ 75 ​ (5) ​ (70) ​ — ​ ​ (3,446) ​ 632 ​ 3,011 ​ 197 ​ 34 ​ 38 ​ (170) ​ (98) Changes that relate to current service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Release of CSM to profit or loss ​ — ​ — ​ (2,193) ​ (2,193) ​ — ​ — ​ 203 ​ 203 Release of risk adjustment to profit or loss ​ — ​ (228) ​ — ​ (228) ​ — ​ 24 ​ — ​ 24 Experience adjustments ​ (176) ​ — ​ — ​ (176) ​ 45 ​ — ​ — ​ 45 ​ ​ (176) ​ (228) ​ (2,193) ​ (2,597) ​ 45 ​ 24 ​ 203 ​ 272 Changes that relate to past service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to assets/liabilities for incurred claims ​ 144 ​ (2) ​ — ​ 142 ​ (3) ​ — ​ — ​ (3) Insurance service result ​ (3,478) ​ 402 ​ 818 ​ (2,258) ​ 76 ​ 62 ​ 33 ​ 171 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net finance (income) expense from insurance and reinsurance contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accretion of interest on GMM contracts (43) ​ 47 ​ 229 ​ 233 ​ 6 ​ (2) ​ (49) ​ (45) Other net finance (income) expense 8,650 ​ (32) ​ (12) ​ 8,606 ​ (156) ​ 10 ​ – ​ (146) ​ ​ 8,607 ​ 15 ​ 217 ​ 8,839 ​ (150) ​ 8 ​ (49) ​ (191) Total amount recognised in income statement 5,129 ​ 417 ​ 1,035 ​ 6,581 ​ (74) ​ 70 ​ (16) ​ (20) Effect of movements in exchange rates 225 ​ 4 ​ (19) ​ 210 ​ 1 ​ (2) ​ 1 ​ — Total amount recognised in comprehensive income 5,354 ​ 421 ​ 1,016 ​ 6,791 ​ (73) ​ 68 ​ (15) ​ (20) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums received net of ceding commissions paid 22,294 ​ — ​ — ​ 22,294 ​ (1,032) ​ — ​ — ​ (1,032) Insurance acquisition cash flows (4,270) ​ — ​ — ​ (4,270) ​ — ​ — ​ — ​ — Claims and other insurance service expenses net of recoveries from reinsurance received* (11,082) ​ — ​ — ​ (11,082) ​ 458 ​ — ​ — ​ 458 Total cash flows 6,942 ​ — ​ — ​ 6,942 ​ (574) ​ — ​ — ​ (574) Other changes note (175) ​ — ​ — ​ (175) ​ — ​ — ​ — ​ — Closing assets (3,952) ​ 631 ​ 2,173 ​ (1,148) ​ (1,175) ​ 84 ​ (1,335) ​ (2,426) Closing liabilities 120,115 ​ 1,713 ​ 18,011 ​ 139,839 ​ 1,182 ​ (21) ​ (10) ​ 1,151 Net closing balance at 31 Dec 116,163 ​ 2,344 ​ 20,184 ​ 138,691 ​ 7 ​ 63 ​ (1,345) ​ (1,275) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates ​ ​ 2022 $m ​ ​ Insurance ​ Reinsurance ​ ​ BEL RA CSM Total BEL RA CSM Total ​ ​ ​ note (b) ​ ​ ​ note (b) ​ Opening assets (3,818) 547 2,050 (1,221) (1,752) 15 (1,050) (2,787) Opening liabilities 126,438 1,661 21,699 149,798 1,474 (46) (174) 1,254 Net opening balance at 1 Jan 122,620 2,208 23,749 148,577 (278) (31) (1,224) (1,533) Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM 4,043 (222) (3,821) — 280 10 (290) — Changes in estimates that result in losses or reversal of losses on onerous contracts 79 (52) — 27 (3) — — (3) New contracts in the period (1,811) 232 1,582 3 (45) 1 44 — ​ 2,311 (42) (2,239) 30 232 11 (246) (3) Changes that relate to current service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Release of CSM to profit or loss — — (2,181) (2,181) — — 168 168 Release of risk adjustment to profit or loss — (169) — (169) — 2 — 2 Experience adjustments (108) — — (108) (87) — — (87) ​ (108) (169) (2,181) (2,458) (87) 2 168 83 Changes that relate to past service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to assets/liabilities for incurred claims 144 2 — 146 25 — — 25 Insurance service result 2,347 (209) (4,420) (2,282) 170 13 (78) 105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net finance (income) expense from insurance and reinsurance contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accretion of interest on GMM contracts 13 9 218 240 (3) (1) (41) (45) Other net finance (income) expense (28,954) (26) 117 (28,863) 1,224 10 4 1,238 ​ (28,941) (17) 335 (28,623) 1,221 9 (37) 1,193 Total amount recognised in income statement (26,594) (226) (4,085) (30,905) 1,391 22 (115) 1,298 Effect of movements in exchange rates (1,595) (59) (496) (2,150) (19) 4 9 (6) Total amount recognised in comprehensive income (28,189) (285) (4,581) (33,055) 1,372 26 (106) 1,292 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums received net of ceding commissions paid 23,464 — — 23,464 (970) — — (970) Insurance acquisition cash flows (3,138) — — (3,138) — — — — Claims and other insurance service expenses net of recoveries from reinsurance received* (10,650) — — (10,650) 519 — — 519 Total cash flows 9,676 — — 9,676 (451) — — (451) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other changes note (65) — — (65) 11 — — 11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing assets (3,540) 505 1,929 (1,106) (508) 39 (1,387) (1,856) Closing liabilities 107,582 1,418 17,239 126,239 1,162 (44) 57 1,175 Net closing balance at 31 Dec 104,042 1,923 19,168 125,133 654 (5) (1,330) (681) * Note Other changes include movements in insurance contract liabilities arising from adjustments to remove the incurred non-cash expenses (such as depreciation,amortisation) from insurance contract asset/liability balance. Accretion of interest includes interest on policy loans. (b) CSM transition approach The table below provides an analysis of CSM by transition approach excluding JVs and associates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance contracts (excluding JVs and associates) ​ ​ 2023 $m ​ 2022 $m ​ ​ Contracts ​ Contracts ​ Other ​ ​ ​ Contracts ​ Contracts ​ Other ​ ​ ​ under MRA under FVA contracts* Total CSM under MRA under FVA contracts* Total CSM Balance at 1 Jan ​ 822 ​ 3,635 ​ 14,711 ​ 19,168 ​ 944 ​ 4,798 ​ 18,007 ​ 23,749 Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM ​ 143 ​ 462 ​ 233 ​ 838 ​ 18 ​ (686) ​ (3,153) ​ (3,821) New contracts in the year ​ — ​ — ​ 2,173 ​ 2,173 ​ — ​ — ​ 1,582 ​ 1,582 ​ ​ 143 ​ 462 ​ 2,406 ​ 3,011 ​ 18 ​ (686) ​ (1,571) ​ (2,239) Changes that relate to current service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Release of CSM to profit or loss ​ (135) ​ (434) ​ (1,624) ​ (2,193) ​ (122) ​ (466) ​ (1,593) ​ (2,181) ​ ​ 8 ​ 28 ​ 782 ​ 818 ​ (104) ​ (1,152) ​ (3,164) ​ (4,420) Net finance income (expenses) from insurance contracts ​ 24 ​ 3 ​ 190 ​ 217 ​ 35 ​ 40 ​ 260 ​ 335 Effect of movements in exchange rates ​ (25) ​ 8 ​ (2) ​ (19) ​ (53) ​ (51) ​ (392) ​ (496) Balance at 31 Dec ​ 829 ​ 3,674 ​ 15,681 ​ 20,184 ​ 822 ​ 3,635 ​ 14,711 ​ 19,168 ​ * Other contracts represent groups of insurance contracts measured under the full retrospective approach at the transition date, 1 January 2022 and groups of contracts recognised on or after the transition date. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance contracts (excluding JVs and associates) ​ ​ 2023 $m ​ 2022 $m ​ ​ Contracts ​ Contracts ​ Other ​ ​ ​ Contracts ​ Contracts ​ Other ​ ​ ​ under MRA under FVA contracts* Total CSM under MRA under FVA contracts* Total CSM Balance at 1 Jan ​ — ​ (34) ​ (1,296) ​ (1,330) ​ — ​ (26) ​ (1,198) ​ (1,224) Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM ​ — ​ (19) ​ (81) ​ (100) ​ — ​ (18) ​ (272) ​ (290) New contracts in the year ​ — ​ — ​ (70) ​ (70) ​ — ​ — ​ 44 ​ 44 ​ ​ — ​ (19) ​ (151) ​ (170) ​ — ​ (18) ​ (228) ​ (246) Changes that relate to current service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Release of CSM to profit or loss ​ — ​ 8 ​ 195 ​ 203 ​ — ​ 8 ​ 160 ​ 168 ​ ​ — ​ (11) ​ 44 ​ 33 ​ — ​ (10) ​ (68) ​ (78) Net finance income (expenses) from reinsurance contracts ​ — ​ (1) ​ (48) ​ (49) ​ — ​ — ​ (37) ​ (37) Effect of movements in exchange rates ​ — ​ 1 ​ — ​ 1 ​ — ​ 2 ​ 7 ​ 9 Balance at 31 Dec ​ — ​ (45) ​ (1,300) ​ (1,345) ​ — ​ (34) ​ (1,296) ​ (1,330) ​ * Other contracts represent groups of reinsurance contracts measured under the full retrospective approach at the transition date, 1 January 2022 and groups of contracts recognised on or after the transition date. ​ An analysis of insurance revenue by transition approach is included in note C3.2(c). ​ (c) Analysis of movements in insurance and reinsurance contract balances by remaining coverage and incurred claims (excluding JVs and associates) An analysis of movements in insurance and reinsurance contract balances by remaining coverage and incurred claims and excluding JVs and associates is set out below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates ​ 2023 $m ​ ​ Insurance Reinsurance ​ ​ Liabilities for remaining ​ ​ ​ Liabilities for remaining ​ ​ ​ ​ coverage ​ ​ ​ ​ ​ coverage ​ ​ ​ ​ ​ ​ Excluding ​ ​ Liabilities ​ ​ ​ Excluding ​ ​ Liabilities ​ ​ ​ ​ loss ​ Loss ​ for incurred ​ ​ ​ loss ​ Loss ​ for incurred ​ ​ ​ ​ component ​ component ​ claims ​ Total ​ component ​ component ​ claims ​ Total ​ ​ note (i) ​ ​ ​ note (i) ​ ​ Opening assets ​ (1,200) ​ 14 ​ 80 ​ (1,106) ​ (1,460) ​ (29) ​ (367) ​ (1,856) Opening liabilities ​ 123,855 ​ 622 ​ 1,762 ​ 126,239 ​ 1,220 ​ (6) ​ (39) ​ 1,175 Net opening balance at 1 Jan ​ 122,655 ​ 636 ​ 1,842 ​ 125,133 ​ (240) ​ (35) ​ (406) ​ (681) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contracts measured under the modified retrospective approach (247) — — (247) ​ ​ ​ ​ ​ ​ ​ ​ Contracts measured under the fair value approach (733) — — (733) ​ ​ ​ ​ ​ ​ ​ ​ Other contracts note (ii) (8,391) — — (8,391) ​ ​ ​ ​ ​ ​ ​ ​ ​ (9,371) — — (9,371) ​ ​ ​ ​ ​ ​ ​ ​ Insurance service expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred claims and other directly attributable expenses — (42) 4,071 4,029 ​ ​ ​ ​ ​ ​ ​ ​ Amortisation of insurance acquisition cash flows 2,745 — — 2,745 ​ ​ ​ ​ ​ ​ ​ ​ Losses or reversal of losses on onerous contracts — 197 — 197 ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to liability for incurred claims — — 142 142 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,745 ​ 155 ​ 4,213 ​ 7,113 ​ ​ ​ ​ ​ ​ ​ ​ Net (income) expense from reinsurance contracts held ​ ​ ​ ​ ​ ​ ​ ​ 640 (98) ​ (371) ​ 171 Insurance service result (6,626) 155 4,213 (2,258) ​ 640 (98) ​ (371) ​ 171 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment components and premium refunds (7,095) — 7,095 — ​ (1) — ​ 1 ​ — Net finance (income) expenses from insurance and reinsurance contracts 8,792 15 32 8,839 ​ (191) — ​ — ​ (191) Total amount recognised in income statement (4,929) 170 11,340 6,581 ​ 448 (98) ​ (370) ​ (20) Effect of movement in exchange rates 220 (4) (6) 210 ​ (1) – ​ 1 ​ — Total amount recognised in comprehensive income (4,709) 166 11,334 6,791 ​ 447 (98) ​ (369) ​ (20) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums received net of ceding commissions 22,294 — — 22,294 ​ (1,032) — ​ — ​ (1,032) Insurance acquisition cash flows (4,270) — — (4,270) ​ — — ​ — ​ — Claims and other insurance service expenses net of recoveries from reinsurance received* — — (11,082) (11,082) ​ — — ​ 458 ​ 458 Total cash flows 18,024 — (11,082) 6,942 ​ (1,032) — ​ 458 ​ (574) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other changes note (iii) (236) 23 38 (175) ​ 2 (1) ​ (1) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing assets (1,285) 20 117 (1,148) ​ (2,023) (119) ​ (284) ​ (2,426) Closing liabilities 137,019 805 2,015 139,839 ​ 1,200 (15) ​ (34) ​ 1,151 Net closing balance at 31 Dec 135,734 825 2,132 138,691 ​ (823) (134) ​ (318) ​ (1,275) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates ​ ​ 2022 $m ​ ​ Insurance Reinsurance ​ ​ Liabilities for remaining ​ ​ ​ Liabilities for remaining ​ ​ ​ ​ coverage ​ ​ ​ ​ ​ coverage ​ ​ ​ ​ ​ ​ Excluding ​ ​ Liabilities ​ ​ ​ Excluding ​ ​ Liabilities ​ ​ ​ ​ loss ​ Loss ​ for incurred ​ ​ ​ loss ​ Loss ​ for incurred ​ ​ ​ ​ component ​ component ​ claims ​ Total ​ component ​ component ​ claims ​ Total ​ ​ note (i) ​ ​ ​ note (i) ​ ​ Opening assets ​ (1,308) ​ 17 ​ 70 ​ (1,221) ​ (2,431) ​ (32) ​ (324) ​ (2,787) Opening liabilities ​ 147,209 ​ 651 ​ 1,938 ​ 149,798 ​ 1,314 ​ (1) ​ (59) ​ 1,254 Net opening balance at 1 Jan ​ 145,901 ​ 668 ​ 2,008 ​ 148,577 ​ (1,117) ​ (33) ​ (383) ​ (1,533) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance revenue Contracts measured under the modified retrospective approach (367) — — (367) ​ ​ ​ ​ ​ ​ ​ Contracts measured under the fair value approach (1,083) — — (1,083) ​ ​ ​ ​ ​ ​ ​ Other contracts note (ii) (7,099) — — (7,099) ​ ​ ​ ​ ​ ​ ​ ​ (8,549) — — (8,549) ​ ​ ​ ​ ​ ​ ​ ​ Insurance service expense ​ ​ ​ ​ ​ ​ ​ Incurred claims and other directly attributable expenses — (41) 3,679 3,638 ​ ​ ​ ​ ​ ​ ​ Amortisation of insurance acquisition cash flows 2,453 — — 2,453 ​ ​ ​ ​ ​ ​ ​ Losses or reversal of losses on onerous contracts — 30 — 30 ​ ​ ​ ​ ​ ​ ​ Adjustments to liability for incurred claims — — 146 146 ​ ​ ​ ​ ​ ​ ​ ​ 2,453 (11) 3,825 6,267 ​ ​ ​ ​ ​ ​ ​ ​ Net (income) expense from reinsurance contracts held ​ ​ ​ ​ ​ ​ ​ 487 (2) (380) 105 Insurance service result (6,096) (11) 3,825 (2,282) 487 (2) (380) 105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment components and premium refunds (6,895) — 6,895 — 179 — (179) — Net finance (income) expenses from insurance and reinsurance contracts (28,605) (21) 3 (28,623) 1,182 — 11 1,193 Total amount recognised in income statement (41,596) (32) 10,723 (30,905) 1,848 (2) (548) 1,298 Effect of movement in exchange rates (2,044) (15) (91) (2,150) (10) 2 2 (6) Total amount recognised in comprehensive income (43,640) (47) 10,632 (33,055) 1,838 — (546) 1,292 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows Premiums received net of ceding commissions paid 23,464 — — 23,464 (970) — — (970) Insurance acquisition cash flows (3,138) — — (3,138) — — — — Claims and other insurance service expenses net of recoveries from reinsurance received* — — (10,650) (10,650) — — 519 519 Total cash flows 20,326 — (10,650) 9,676 (970) — 519 (451) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other changes note (iii) 68 15 (148) (65) 9 (2) 4 11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing assets (1,200) 14 80 (1,106) (1,460) (29) (367) (1,856) Closing liabilities 123,855 622 1,762 126,239 1,220 (6) (39) 1,175 Net closing balance at 31 Dec 122,655 636 1,842 125,133 (240) (35) (406) (681) * ​ Notes (i) The Group establishes a loss component of the liability for remaining coverage for onerous groups of insurance contracts. The loss component determines the amounts of fulfilment cash flows that are subsequently presented in profit or loss as reversals of losses on onerous contracts and are excluded from insurance revenue when they occur. (ii) Other contracts represent groups of insurance and reinsurance contracts measured under the full retrospective approach at the transition date, 1 January 2022 and groups of contracts recognised on or after the transition date. (iii) Other changes include adjustments to remove the incurred non-cash expenses (such as depreciation and amortisation) from insurance contract asset/liability balance. ​ (d) Effect of insurance and reinsurance contracts initially recognised in the year The following tables summarise the effect on the measurement components arising from the initial recognition of insurance and reinsurance contracts in the year, excluding the effect from the Group’s share of the amounts relating to life JVs and associates. ​ (i) Insurance contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates ​ ​ 2023 $m 2022 $m ​ ​ Profitable Onerous ​ ​ Profitable Onerous ​ ​ ​ contracts ​ contracts ​ ​ ​ contracts ​ contracts ​ ​ ​ issued issued Total issued issued Total Estimate of present value of expected future cash outflows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance acquisition cash flows ​ 4,365 ​ 101 ​ 4,466 ​ 2,416 ​ 49 ​ 2,465 Claims and other directly attributable expenses 17,125 348 17,473 12,153 420 12,573 ​ ​ 21,490 ​ 449 ​ 21,939 ​ 14,569 ​ 469 ​ 15,038 Estimate of present value of expected future cash inflows (23,916) (484) (24,400) (16,379) (470) (16,849) Risk adjustment for non-financial risk 253 42 295 228 4 232 CSM 2,173 — 2,173 1,582 — 1,582 Loss recognised on initial recognition — 7 7 — 3 3 ​ (ii) Reinsurance contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates ​ ​ 2023 $m 2022 $m ​ ​ Contracts Contracts ​ ​ Contracts Contracts ​ ​ ​ initiated without ​ initiated with ​ ​ ​ initiated without ​ initiated with ​ ​ ​ ​ loss-recovery ​ loss-recovery ​ ​ ​ loss-recovery ​ loss-recovery ​ ​ ​ component component Total component component Total Estimate of present value of expected future cash outflows ​ 1,022 ​ (1) ​ 1,021 ​ 762 ​ — ​ 762 Estimate of present value of expected future cash inflows ​ (946) ​ — ​ (946) ​ (813) ​ 6 ​ (807) Risk adjustment for non-financial risk ​ (5) ​ — ​ (5) ​ 1 ​ — ​ 1 CSM (71) 1 (70) 50 (6) 44 Profit (loss) recognised on initial recognition — — — — — — ​ C3.3 Analysis of movements in insurance and reinsurance contract balances (including JVs and associates) (a) Analysis of movements in insurance and reinsurance contract balances by measurement component An analysis of movements in insurance and reinsurance contract balances by measurement component and including the Group’s share of insurance and reinsurance contract liabilities and assets relate to the life JVs and associates is set out below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Including JVs and associates ​ ​ 2023 $m ​ ​ Insurance ​ Reinsurance ​ BEL RA CSM Total BEL RA CSM Total ​ ​ ​ ​ ​ ​ note (b) ​ ​ ​ ​ ​ ​ ​ note (b) ​ ​ Opening assets (3,562) 502 1,921 (1,139) (652) 21 (1,369) (2,000) Opening liabilities 124,297 1,662 19,383 145,342 1,193 (47) 54 1,200 Net opening balance at 1 Jan 120,735 2,164 21,304 144,203 541 (26) (1,315) (800) Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM ​ (1,142) ​ 341 ​ 801 ​ — ​ 62 ​ 43 ​ (105) ​ — Changes in estimates that result in losses or reversal of losses on onerous contracts 224 (8) — 216 (93) — — (93) New contracts in the year (2,687) 317 2,429 59 86 (6) (81) (1) ​ ​ (3,605) ​ 650 ​ 3,230 ​ 275 ​ 55 ​ 37 ​ (186) ​ (94) Changes that relate to current service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Release of CSM to profit or loss — — (2,414) (2,414) — — 206 206 Release of risk adjustment to profit or loss — (242) — (242) — 27 — 27 Experience adjustments (170) — — (170) 50 — — 50 ​ ​ (170) ​ (242) ​ (2,414) ​ (2,826) ​ 50 ​ 27 ​ 206 ​ 283 Changes that relate to past service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to assets/liabilities for incurred claims 130 (3) — ​ 127 — — — — Insurance service result (3,645) 405 816 (2,424) 105 64 20 189 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net finance (income) expense from insurance and reinsurance contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accretion of interest on GMM contracts 158 52 307 517 (3) (3) (47) (53) Other net finance (income) expense 10,379 (20) (12) 10,347 (155) 9 — (146) ​ ​ 10,537 ​ 32 ​ 295 ​ 10,864 ​ (158) ​ 6 ​ (47) ​ (199) Total amount recognised in income statement 6,892 437 1,111 8,440 (53) 70 (27) (10) Effect of movements in exchange rates (49) (2) (63) (114) 2 (1) 2 3 Total amount recognised in comprehensive income 6,843 435 1,048 8,326 (51) 69 (25) (7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums received net of ceding commissions paid 26,224 — — 26,224 (1,137) — — (1,137) Insurance acquisition cash flows (4,802) — — (4,802) — — — — Claims and other insurance service expenses net of recoveries from reinsurance received* (13,144) — — (13,144) 554 — — 554 Total cash flows 8,278 — — 8,278 (583) — — (583) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other changes note ​ (181) ​ — ​ — ​ (181) ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing assets (3,998) 630 2,176 (1,192) (1,315) 67 (1,321) (2,569) Closing liabilities 139,673 1,969 20,176 161,818 1,222 (24) (19) 1,179 Net closing balance at 31 Dec 135,675 2,599 22,352 160,626 (93) 43 (1,340) (1,390) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Including JVs and associates ​ ​ 2022 $m ​ ​ Insurance ​ Reinsurance ​ BEL RA CSM Total BEL RA CSM Total ​ ​ ​ ​ ​ ​ note (b) ​ ​ ​ ​ ​ ​ ​ note (b) ​ ​ Opening assets (3,993) 575 2,161 (1,257) (1,916) (1) (1,023) (2,940) Opening liabilities 142,146 1,868 23,787 167,801 1,501 (49) (176) 1,276 Net opening balance at 1 Jan 138,153 2,443 25,948 166,544 (415) (50) (1,199) (1,664) Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM 4,214 (226) (3,988) — 284 10 (294) — Changes in estimates that result in losses or reversal of losses on onerous contracts 162 (52) — 110 (17) — — (17) New contracts in the period (2,210) 259 2,027 76 (37) — 37 — ​ 2,166 (19) (1,961) 186 230 10 (257) (17) Changes that relate to current service Release of CSM to profit or loss — — (2,413) (2,413) — — 171 171 Release of risk adjustment to profit or loss — (184) — (184) — 5 — 5 Experience adjustments (119) — — (119) (80) — — (80) ​ (119) (184) (2,413) (2,716) (80) 5 171 96 Changes that relate to past service Adjustments to assets/liabilities for incurred claims 133 1 — 134 28 — — 28 Insurance service result 2,180 (202) (4,374) (2,396) 178 15 (86) 107 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net finance (income) expense from insurance and reinsurance contracts Accretion of interest on GMM contracts 182 13 294 489 (8) (6) (39) (53) Other net finance (income) expense (28,612) (12) 117 (28,507) 1,215 10 4 1,229 ​ (28,430) 1 411 (28,018) 1,207 4 (35) 1,176 Total amount recognised in income statement (26,250) (201) (3,963) (30,414) 1,385 19 (121) 1,283 Effect of movements in exchange rates (3,070) (78) (681) (3,829) 3 5 5 13 Total amount recognised in comprehensive income (29,320) (279) (4,644) (34,243) 1,388 24 (116) 1,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows Premiums received net of ceding commissions paid 27,916 — — 27,916 (1,013) — — (1,013) Insurance acquisition cash flows (3,690) — — (3,690) — — — — Claims and other insurance service expenses net of recoveries from reinsurance received* (12,241) — — (12,241) 567 — — 567 Total cash flows 11,985 — — 11,985 (446) — — (446) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other changes note (83) — — (83) 14 — — 14 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing assets (3,562) 502 1,921 (1,139) (652) 21 (1,369) (2,000) Closing liabilities 124,297 1,662 19,383 145,342 1,193 (47) 54 1,200 Net closing balance at 31 Dec 120,735 2,164 21,304 144,203 541 (26) (1,315) (800) ​ * ​ Note Other changes include movements in insurance contract liabilities arising from adjustments to remove the incurred non-cash expenses (such as depreciation, amortisation) from insurance contract asset/liability balance. Accretion of interest includes interest on policy loans. (b) Analysis of CSM by transition approach including JVs and associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance contracts (including JVs and associates) ​ ​ 2023 $m ​ 2022 $m ​ Contracts Contracts Other ​ Contracts Contracts Other ​ ​ ​ under MRA ​ under FVA ​ contracts* ​ Total CSM ​ under MRA ​ under FVA ​ contracts* ​ Total CSM Balance at 1 Jan ​ 2,033 ​ 4,102 ​ 15,169 ​ 21,304 ​ 2,467 ​ 5,355 ​ 18,126 ​ 25,948 Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM ​ 117 ​ 496 ​ 188 ​ 801 (92) (707) (3,189) (3,988) New contracts in the year ​ — ​ — ​ 2,429 ​ 2,429 — — 2,027 2,027 ​ ​ 117 ​ 496 ​ 2,617 ​ 3,230 (92) (707) (1,162) (1,961) Changes that relate to current service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Release of CSM to profit or loss ​ (247) ​ (458) ​ (1,709) ​ (2,414) (250) (511) (1,652) (2,413) ​ ​ (130) ​ 38 ​ 908 ​ 816 (342) (1,218) (2,814) (4,374) Net finance income (expenses) from insurance contracts ​ 66 ​ 9 ​ 220 ​ 295 83 54 274 411 Effect of movements in exchange rates ​ (47) ​ (6) ​ (10) ​ (63) (175) (89) (417) (681) Balance at 31 Dec ​ 1,922 ​ 4,143 ​ 16,287 ​ 22,352 2,033 4,102 15,169 21,304 ​ * Other contracts represent groups of insurance contracts measured under the full retrospective approach at the transition date, 1 January 2022 and groups of contracts recognised on or after the transition date. The majority of the CSM on transition on insurance contracts under MRA arises from CPL while the majority of the CSM on transition under FVA arises from the Hong Kong and Singapore businesses. The transition approach adopted by the Group’s main business segments for the different cohorts of their insurance contracts is summarised in the table below. The overlap between approaches reflects the fact that the approaches used vary by insurance contract portfolio and year of issue (cohort). ​ ​ ​ ​ ​ ​ ​ ​ FRA MRA FVA ​ Cohort Cohort Cohort CPL n/a 2016 – 2021 Pre 2016 H

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2023
Intangible assets
Intangible assets	C4 Intangible assets C4.1 Goodwill Business combination Business acquisitions are accounted for by applying the purchase method of accounting, which adjusts the net assets of the acquired company to fair value at the date of purchase. The excess of the acquisition consideration over the fair value of the assets and liabilities of the acquired business is recorded as goodwill. The Group chooses the full goodwill method or the partial goodwill method to calculate goodwill on an acquisition-by-acquisition basis. Expenses related to acquiring new subsidiaries are charged to the income statement in the period in which they are incurred and not included in goodwill. Income and expenses of acquired businesses are included in the income statement from the date of acquisition. Where the Group writes a put option, which if exercised triggers the purchase of non-controlling interests as part of its business acquisition, the put option is recognised as a financial liability at the acquisition date. Where risks and rewards remain with the non-controlling interests, a corresponding amount is deducted from equity. Any subsequent changes to the carrying amount of the put option liability are also recognised within equity. Goodwill Goodwill is capitalised and carried on the Group consolidated statement of financial position as an intangible asset at initial value less any accumulated impairment losses. Goodwill impairment testing is conducted annually and when there is an indication that the goodwill may be impaired. Goodwill shown on the consolidated statement of financial position represents amounts allocated to businesses in Asia and Africa in respect of both acquired asset management and life businesses. There has been no impairment as at 31 December 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m Carrying value at 1 Jan 890 ​ 907 Exchange differences 6 ​ (17) Carrying value at 31 Dec 896 ​ 890 ​ Impairment testing Goodwill does not generate cash flows independently of other groups of assets and thus is assigned to CGUs for the purposes of impairment testing. These CGUs are based upon how management monitors the business and represent the lowest level to which goodwill can be allocated on a reasonable basis. Of the carrying value at 31 December 2023, $449 million (31 December 2022: $445 million) relates to asset management business in Thailand and $238 million (31 December 2022: $234 million) relates to the acquisition of UOB Life in Singapore. Other goodwill amounts are allocated across CGUs, which are not individually material. Goodwill is tested for impairment by comparing the CGU’s carrying amount, including any goodwill, with its recoverable amount. The Group’s methodology of assessing whether goodwill may be impaired for acquired life and asset management operations is discussed below. For acquired life businesses, the Group routinely compares the aggregate of net asset value and acquired goodwill on an IFRS basis of the acquired life business with the value of the current in-force business as determined using the EEV methodology. Any excess of IFRS value over EEV carrying value is then compared with EEV basis value of current and projected future new business to determine whether there is any indication that the goodwill in the IFRS statement of financial position may be impaired. The methodology and assumptions underpinning the Group’s EEV basis of reporting are included in the EEV basis supplementary information in this Annual Report. The goodwill in respect of asset management businesses comprises mainly the goodwill arising from the acquisition of Thanachart Fund Management Co., Ltd in 2019 and TMB Asset Management Co., Ltd in Thailand in 2018. The two acquired entities were merged as Eastspring Asset Management (Thailand) Co., Ltd in 2022. The goodwill impairment testing for these businesses is prepared as a single CGU reflecting that these businesses are managed together. The recoverable amount has been determined by calculating the value in use of the combined business calculated using a discounted cash flow valuation. For the combined Thailand asset management business, the valuation is based on a number of key assumptions as follows: – Cash flow projections based on the latest five-year business plan or forecast; – A constant growth rate of 3.5 per cent (2022: 3.5 per cent) on forecast cash flows beyond the terminal year of the cash flow projection period; – The risk discount rate applied in accordance with the nature of the businesses. The pre-tax discount rate applied is 9.0 per cent (31 December 2022: 9.0 per cent); and – The c ontinuation of asset management contracts on similar terms. The key assumptions used in the impairment testing, including the cash flow projections, are subject to fluctuations in the external market and economic conditions. No material impairment is expected to occur if a reasonably possible change is made to each of the individual key assumptions, which the Group has taken to be a 10 per cent fall in cashflow projections, a 1 per cent fall in the growth rate or a 1 per cent increase in the discount rate. A more significant fall or a combination of effects could have a larger impact on the recoverable value and so there are circumstances where an impairment could occur. C4.2 Other intangible assets Intangible assets acquired on the purchase of a subsidiary or portfolio of contracts are measured at fair value on acquisition. Other intangible assets, such as distribution rights and software, are valued initially at the price paid to acquire or cost to develop them and are subsequently carried at cost less amortisation and any accumulated impairment losses. For intangibles other than goodwill, amortisation follows the pattern in which the future economic benefits are expected to be consumed. If the pattern cannot be determined reliably, a straight-line method is applied. For software, the amortisation generally represents the licence period of the software acquired. Amortisation of intangible assets is charged to the Consolidated income statement and allocated between attributable and non-attributable expenses for the Group's insurance entities as shown in note B2. Impairment testing is conducted when there is an indication that the intangible asset may be impaired. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m ​ 2022 $m ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution ​ Other ​ ​ ​ Distribution ​ Other ​ ​ ​ rights intangibles Total rights intangibles Total ​ ​ note (i) ​ note (ii) ​ ​ ​ note (i) ​ note (ii) ​ ​ Balance at 1 Jan ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost 5,176 ​ 489 ​ 5,665 ​ 5,037 425 5,462 Accumulated amortisation (1,546) ​ (235) ​ (1,781) ​ (1,255) (192) (1,447) ​ ​ 3,630 ​ 254 ​ 3,884 ​ 3,782 ​ 233 ​ 4,015 Additions 415 ​ 83 ​ 498 ​ 206 ​ 83 289 Amortisation charge (330) ​ (49) ​ (379) ​ (301) (48) (349) Disposals and transfers — ​ (6) ​ (6) ​ — (6) (6) Exchange differences and other movements ​ (6) ​ (5) ​ (11) ​ (57) ​ (8) ​ (65) Balance at 31 Dec 3,709 ​ 277 ​ 3,986 ​ 3,630 254 3,884 Comprising: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost 5,585 ​ 537 ​ 6,122 ​ 5,176 489 5,665 Accumulated amortisation (1,876) ​ (260) ​ (2,136) ​ (1,546) (235) (1,781) ​ Notes ( i) Distribution rights relate to amounts that have been paid or have become unconditionally due for payment as a result of past events in respect of the bancassurance partnership arrangements for the bank distribution of Prudential’s insurance products for a fixed period of time. The distribution rights amounts are amortised on a basis to reflect the pattern in which the future economic benefits are expected to be consumed by reference to new business production levels. (ii) Included within other intangibles are software and licence fees.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2023
Borrowings.
Borrowings	C5 Borrowings Although initially recognised at fair value (net of transaction costs), borrowings are subsequently accounted for on an amortised cost basis using the effective interest method. Under the effective interest method, the difference between the redemption value of the borrowing and the initial proceeds (net of related issue costs) is amortised through the income statement to the date of maturity or, for hybrid debt, over the expected life of the instrument. C5.1 Core structural borrowings of shareholder-financed businesses ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Subordinated debt: ​ ​ ​ US $750 m 4.875% Notes ​ 750 ​ 750 €20 m Medium Term Notes 2023 note (ii) — ​ 21 £435 m 6.125% Notes 2031 551 ​ 520 US $1,000 m 2.95% Notes 2033 ​ 996 ​ 995 Senior debt: note (i) ​ ​ ​ ​ £300 m 6.875% Notes 2023 note (ii) ​ — ​ 361 £250 m 5.875% Notes 2029 ​ 301 ​ 281 US $1,000 m 3.125% Notes 2030 ​ 988 ​ 987 US $350 m 3.625% Notes 2032 ​ 347 ​ 346 Total core structural borrowings of shareholder-financed businesses 3,933 ​ 4,261 Notes (i) The senior debt ranks above subordinated debt in the event of liquidation. (ii) T he £300 million Notes were redeemed on 20 January 2023. The €20 million Medium Term Notes were redeemed on 10 July 2023. C5.2 Operational borrowings ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Borrowings in respect of short-term fixed income securities programmes (commercial paper) 699 ​ 501 Lease liabilities under IFRS 16 234 ​ 299 Other borrowings 8 ​ 15 Total operational borrowings ​ 941 ​ 815 ​

Risk and sensitivity analysis

Risk and sensitivity analysis	12 Months Ended
	Dec. 31, 2023
Risk and sensitivity analysis
Risk and sensitivity analysis	C6 Risk and sensitivity analysis Group overview The Group’s risk framework and the management of risks attaching to the Group’s consolidated financial statements including financial assets, financial liabilities and insurance liabilities, together with the inter-relationship with the management of capital, have been included in the audited sections of the Risk review report. The financial and insurance assets and liabilities on the Group’s statement of financial position are, to varying degrees, subject to market and insurance risk and other changes of assumptions that may have an effect on IFRS basis profit or loss and shareholders’ equity as described below. The market and insurance risks and also sustainability-related risks, including how they affect Group’s operations and how these are managed are discussed in the Risk review report referred to above. The sustainability-related risks discussed in the Risk review report include in particular the potential long-term impact of environmental risks associated with climate change (including physical and transition risks) on the Group’s investments and liabilities. During 2023 the Group continued to apply the three commonly used scenarios of plausible global responses to climate change in its scenario testing to identify risks over the short, medium and long-term. The Group’s scenario testing results are translated into sensitivities to economic factors to assess the possible financial consequences of climate change on the Group’s business. Though the Group faces potential financial risks from plausible global responses to climate change, the results for the Group’s scenario testing are not outside observed market volatility suggesting no immediate need for explicit climate change allowance within the current valuations of the Group’s investment portfolio. The Group remains mindful of the limitations within the results of the scenario testing and that the models for the testing continue to change. Additionally, the Group’s climate scenario analysis currently does not consider management actions the Group could take to mitigate the negative impacts of climate change. In addition, given the current insufficiency and uncertainty of data available, at this stage, the Group’s claims and lapses assumptions for its life and health insurance business do not include additional assumptions related to the impacts of climate change over and above those that arise from the annual review of experience. The Group will continue to perform its regular experience analysis, engage with reinsurers and monitor relevant academic studies. If significant changes occur, the financial impacts from climate-related risks on insurance liabilities will be considered. The Group has analysed the distribution of its customers across locations to assess their vulnerability to extreme climate events to improve the Group’s understanding of its customers and its exposure to climate risks. Sensitivity analyses of IFRS profit or loss, shareholders’ equity and CSM to key market and other risks for the insurance operations are provided in section C6.1 below. The sensitivity analyses provided show the effect on profit after tax, shareholders’ equity and CSM to changes in the relevant risk variables, all of which are considered to be reasonably possible at the relevant balance sheet date. The sensitivities reflect consequential impacts from market movements at the valuation date. The sensitivity of the Group’s Eastspring and central operations to market risks is discussed in section C6.2. The Group benefits from diversification benefits achieved through the geographical spread of the Group’s operations and, within those operations, through a broad mix of product types. The simplified sensitivities below are calculated at the individual business unit level and aggregated to show the Group impact and no group level adjustments are made. Relevant correlation factors include: – Correlation across geographic regions for both financial and non-financial risk factors; and – Correlation across risk factors for mortality and morbidity, expenses, persistency and other risks . The geographical diversity of the Group’s business means that it has some exposure to the risk of foreign exchange rate fluctuations where a group undertaking has a functional currency that differs to US dollar, the Group's presentational currency. Consistent with the Group's accounting policies, the profits of these business units are translated at average exchange rates and shareholders' equity at the closing rate for the reporting period. For 2023 and 2022, the rates for the most significant operations are given in note A1. The Group has no exposure to currency fluctuation from business units that operate in USD, or currencies pegged to the USD (such as HKD), and reduced exposure to currencies partially managed to the USD within a basket of currencies (such as SGD). The impact of changes of foreign exchange rates on the Group’s assets and liabilities from the above exposure is recorded as part of Other comprehensive income and in 2023 represented a loss of $124 million (2022: loss of $603 million) which corresponds to 1 per cent of opening shareholders’ equity (2022: 3 per cent). Additionally note B1.1 ‘Segment Results’ shows the Group’s segment and total profit for 2022 as if it had been prepared using the same exchange rates as 2023, giving an indication of how foreign exchange rates impact the Group’s profit and loss. A 10 per cent increase (strengthening of the US dollar) or decrease (weakening of the US dollar) in these rates would have reduced or increased profit for the year and shareholders’ equity of the Group respectively as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Change in local currency to $exchange rates ​ Decrease of 10% Increase of 10% ​ Decrease of 10% Increase of 10% Profit after tax for the year 152 (124) 49 (40) Shareholders’ equity 1,256 (1,028) 1,182 (967) ​ The Group is also exposed to foreign exchange gains and losses on assets and liabilities held by the Group’s undertakings in a currency other than their functional currency. These will often be managed by derivatives or by having assets and liabilities that match in terms of currency. C6.1 Insurance operations (a) Sensitivity to key market risks The table below shows the sensitivity of profit after tax, shareholders’ equity and CSM as at 31 December 2023 and 2022 for insurance segments to the following market risks: - 1 per cent increase and 0.5 per cent decrease in observable risk-free interest rates (as described in note A3.1(a)) in isolation and subject to a floor of zero ; and - Instantaneous 10 per cent rise and 20 per cent fall in the market value of equity and property assets. The equity risk sensitivity analysis assumes that all equity indices fall by the same percentage. The sensitivities below only allow for limited management actions such as changes to policyholder bonuses and re - pricing for medical business, where applicable. If the economic conditions set out in the sensitivities persisted, the financial impacts may differ to the instantaneous impacts shown below. Given the continuous risk management processes in place, management could take additional actions to help mitigate the impact of these stresses, including (but not limited to) increased use of reinsurance, repricing of in-force benefits, changes to new business pricing and the mix of new business being sold. The impact of changes in interest rates and equity values impacts both assets and liabilities. For assets backing insurance contract liabilities and those related liabilities, these impacts will vary depending on whether insurance contracts are classified as VFA or GMM. In addition there will be impacts from other shareholder assets that back IFRS shareholders equity rather than insurance contract liabilities. The vast majority of the Group’s investments are classified as FVTPL and so movements as a result of interest rate and equity markets directly impact profit, unless they are offset by corresponding movements in the Group’s liabilities. For VFA contracts (which include the majority of the Group’s participating and unit-linked contracts but not all as discussed in note A2.1) movements in underlying assets are matched by a movement in insurance liabilities. Changes in BEL and risk adjustment as a result of a change in discount rate or from changes in the variable fee (that is dependent on the value of underlying assets) are taken as a change to the CSM with no immediate impact on profit or shareholders’ equity. There will however be an impact on profit and shareholders’ equity from changes to the CSM amortisation as a result of changes both to the CSM and the discounting of the coverage units. Onerous contracts with no CSM will also have impacts going directly to the income statement. For GMM contracts, the CSM is calculated on a locked-in basis (ie using discount rates applied at the dates of initial recognition of each group of contracts), whereas the BEL and risk adjustment are calculated using a current discount rate. This accounting mismatch passes through the income statement. The impact will depend on whether the BEL is an asset or a liability. For BEL assets, which are largely offset by CSM liabilities, (ie for certain protection contracts where future premiums are expected to exceed future claims and expenses) increases in interest rates will reduce the BEL asset with no impact on the CSM liability and hence reduce profit. For a BEL liability, where the BEL and CSM liabilities are backed by invested assets, (eg certain Universal Life contracts) there are likely to be offsetting asset impacts (for example BEL liabilities and bond values will both reduce as interest rates increase) and the impact on profit will be dependent on any mismatches between assets and liabilities together with the impact of the CSM being calculated on a locked-in basis. For other shareholder assets, that are not backing insurance contract liabilities increases in interest rates and falls in equity markets reduce asset values, which under the Group’s accounting policy pass directly through the income statement and hence reduce profit (vice-versa for decreases in interest rates and increases in equity markets). The income statement volatilities stated above lead to a volatility in the shareholders’ equity to the same extent. ​ ​ ​ ​ ​ ​ Base values 2023 $m 2022 $m Profit (loss) after tax for the year from insurance segments ​ 2,099 ​ (494) Group shareholders’ equity as at 31 Dec 17,823 16,731 CSM as at 31 Dec including JVs and associates 21,012 19,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance segments 31 Dec 2023 $m 31 Dec 2022 $m Interest rates and consequential effects ​ Decrease of 0.5 % Increase of 1 % Decrease of 0.5 % Increase of 1 % Increase/(decrease) to shareholders’ equity and profit after tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets ​ 6,815 ​ (12,004) ​ 5,873 ​ (10,362) Net insurance contract liabilities (including CSM) ​ (7,332) ​ 12,191 ​ (6,120) ​ 10,295 Net effect on shareholders' equity and profit after tax note (328) 24 (127) (165) ​ Increase/(decrease) to CSM liability: ​ ​ ​ ​ ​ ​ ​ ​ ​ CSM 358 (880) 220 (850) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance segments 31 Dec 2023 $m 31 Dec 2022 $m Equity/property market values ​ Decrease of 20 % Increase of 10 % Decrease of 20 % Increase of 10 % Increase/(decrease) to shareholders’ equity and profit after tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets ​ (13,359) ​ 6,681 ​ (11,884) ​ 5,939 Net insurance contract liabilities (including CSM) ​ 12,288 ​ (6,254) ​ 10,927 ​ (5,571) Net effect on shareholders' equity and profit after tax note (822) 327 (735) 283 ​ Increase/(decrease) to CSM liability: ​ ​ ​ ​ ​ ​ ​ ​ ​ CSM (1,392) 618 (1,303) 550 ​ ​ Note The net effect on shareholders’ equity and profit after tax reflects the net pre-tax effect on the financial assets and net insurance contract liabilities shown above, together with the pre-tax effect on other non-insurance liabilities and the related tax impact. The sensitivity of the insurance segments presented as a whole at a given point in time will also be affected by a change in the relative size of the individual businesses. Changes to the results of the Africa insurance operations from interest rate or equity price changes would not materially impact the Group's results. The Group uses the segment measure 'Adjusted operating profit' to review the performance of the business (see note B1.2 for how this measure is determined). The impact on 'Adjusted operating profit' will be more muted than on total profit as long-term asset returns are assumed for surplus assets and long-term spreads are assumed for GMM business. Adjusted operating profit will be impacted by changes in CSM amortisation for VFA business following the impact of economic changes on underlying assets and discount rates that impact the value of variable fees, and on the value of onerous contracts losses (or reversal thereof) taken directly to the income statement. The changes in CSM amortisation result from changes both to the CSM and the discounting of the coverage units. The pre-tax adjusted operating profit impacts for a decrease of 0.5 per cent and an increase of 1 per cent in interest rates at 31 December 2023 were $(30) million and $33 million, respectively (2022: $(47) million and $54 million, respectively). The pre-tax adjusted operating profit impacts for a decrease of 20 per cent and an increase of 10 per cent in equity/property market values at 31 December 2023 were $(186) million and $83 million, respectively (2022: $(157) million and $66 million, respectively). (b) Sensitivity to insurance risk For insurance operations, adverse persistency experience can impact the overall IFRS profitability of certain types of business written. This risk is managed at a business unit level through regular monitoring of experience and the implementation of management actions as necessary. These actions could include product enhancements, increased management focus on premium collection, as well as other customer retention efforts. The potential financial impact of lapses is often mitigated through the specific features of the products, eg surrender charges, or through the availability of premium holiday or partial withdrawal policy features. The effects of these management actions have not been factored into the sensitivities below. In addition many of the business units are exposed to mortality and morbidity risk and changes in maintenance expense level. Changes to the assumed levels of persistency, mortality, morbidity and expenses from that when the contract is first recognised will impact the overall profitability of the insurance contract. These risks are managed on a portfolio basis and reinsurance can be used to mitigate the risk the Group has. In particular for certain medical contracts, product repricing is a key management action that is embedded in the process to mitigate morbidity risk. A degree of medical product repricing is assumed to have been undertaken in the mortality and morbidity sensitivity results shown in the table below. In terms of the impact on the Group’s financial results, changes to shareholders’ equity or profit or loss will occur over the life of the contract, as changes to future cash flows from altered assumptions are recognised as an increase or decrease of CSM (except for onerous contracts), which is then amortised to profit and loss (and hence shareholders’ equity) over time. The table below shows how the shareholders’ equity and CSM would have increased or decreased if changes in the future assumptions in insurance risk that were reasonably possible at the reporting date had occurred. This analysis presents the sensitivities both before and after risk mitigation by reinsurance and assumes that the other variables remain constant. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m ​ ​ Net effect on shareholders’ equity ​ ​ ​ ​ ​ ​ and profit after tax Net effect on CSM ​ Gross of Net of Gross of Net of Sensitivity to insurance risk: reinsurance reinsurance reinsurance reinsurance Maintenance expenses – 10% increase ​ (77) ​ (71) ​ (420) ​ (427) Lapse rates – 10% increase ​ (88) ​ (76) ​ (1,363) ​ (1,496) Mortality and morbidity – 5% increase ​ (131) ​ (96) ​ (638) ​ (261) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 $m ​ ​ Net effect on shareholders’ equity ​ ​ ​ ​ ​ ​ and profit after tax ​ Net effect on CSM ​ Gross of Net of Gross of Net of Sensitivity to insurance risk: reinsurance reinsurance reinsurance reinsurance Maintenance expenses – 10% increase ​ (58) ​ (57) ​ (365) ​ (365) Lapse rates – 10% increase ​ (78) ​ (70) ​ (1,179) ​ (1,274) Mortality and morbidity – 5% increase ​ (88) ​ (79) ​ (548) ​ (217) ​ The pre-tax adjusted operating profit impacts, net of reinsurance, for a 10 per cent increase in maintenance expenses, a 10 per cent increase in lapse rates and a 5 per cent increase in mortality and morbidity were $(61) million, $(95) million and $(85) million, respectively (2022: $(53) million, $(69) million and $(67) million, respectively). A 10 per cent decrease in the maintenance expense and lapse rate assumptions would have a broadly similar opposite effect on profit and shareholders’ equity to the sensitivities shown above. The effect from a 5 per cent decrease in mortality and morbidity assumptions is dependent on the degree of product repricing assumed to have been undertaken. C6.2 Eastspring and central operations The profit for the year of Eastspring is sensitive to the level of assets under management, as this significantly affects the value of management fees earned by the business in the current and future periods. Assets under management will rise and fall as market conditions change, with a consequential impact on profitability. Eastspring holds a small amount of investments direct on its balance sheet, including investments in respect of seeding capital into retail funds it sells to third parties (see note C1). Eastspring’s profit will therefore have some exposure to the market movements of these investments. At 31 December 2023 Central operations did not hold significant financial investments other than short-term deposits and money market funds held by the Group’s treasury function for liquidity purposes and so there is immaterial sensitivity to market movements .

Tax assets and liabilities

Tax assets and liabilities	12 Months Ended
	Dec. 31, 2023
Tax assets and liabilities
Tax assets and liabilities	C7 Tax assets and liabilities Accounting policies on deferred tax are included in note B3. C7.1 Current tax At 31 December 2023, of the $34 million (31 December 2022: $18 million) current tax recoverable, the majority is expected to be recovered within 12 months after the reporting period. At 31 December 2023, the current tax liability of $275 million (31 December 2022: $208 million) includes $93 million (31 December 2022: $79 million) of provisions for uncertain tax matters. Further detail is provided in note B3.2. C7.2 Deferred tax The statement of financial position contains deferred tax assets of $156 million(31 December 2022: $140 million) and deferred tax liabilities of $1,250 million (31 December 2022: $1,139 million), which are presented on a net basis in each of the categories below for the purpose of this movement analysis only: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ ​ movements ​ ​ ​ ​ Net deferred ​ ​ ​ including ​ Net deferred ​ ​ tax (assets) ​ Movement in ​ foreign ​ tax (assets) ​ ​ liabilities at ​ income ​ exchange ​ liabilities at ​ 1 Jan statement movements 31 Dec Unrealised losses or gains on investments (129) 268 (10) 129 Balances relating to insurance and reinsurance contracts 1,255 (87) 2 1,170 Short-term temporary differences (96) 2 — (94) Unused tax losses (31) (79) (1) (111) Net deferred tax liabilities note 999 104 (9) 1,094 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 $m ​ ​ Effect of initial ​ ​ Other ​ ​ ​ ​ ​ application of ​ Restated net ​ ​ ​ movements ​ ​ ​ ​ Net deferred ​ IFRS 17 and ​ deferred tax ​ ​ ​ including ​ Net deferred ​ ​ tax (assets) ​ classification ​ (assets) ​ Movement in ​ foreign ​ tax (assets) ​ ​ liabilities ​ overlay of ​ liabilities ​ income ​ exchange ​ liabilities ​ ​ at 1 Jan ​ IFRS 9 ​ at 1 Jan ​ statement ​ movements ​ at 31 Dec Unrealised losses or gains on investments ​ 239 — 239 (361) ​ (7) (129) Balances relating to insurance and reinsurance contracts ​ 2,091 (1,092) 999 297 ​ (41) 1,255 Short-term temporary differences ​ 333 (469) (136) 29 ​ 11 (96) Unused tax losses ​ (67) — (67) 32 ​ 4 (31) Net deferred tax liabilities note ​ 2,596 ​ (1,561) ​ 1,035 ​ (3) ​ (33) ​ 999 ​ Note Deferred tax assets and deferred tax liabilities in the statement of financial position are offset at an entity level (or in some cases at a jurisdiction level where relevant tax grouping rules apply) as permitted under IAS 12. The Group has applied the mandatory exemption from recognising and disclosing information on the associated deferred tax assets and liabilities at 31 December 2023 as required by the amendments to IAS 12 ‘International Tax Reform – Pillar Two Model Rules’ referred to in note A2.2. At 31 December 2023, a deferred tax asset of $54 million has been recognised in relation to unused UK tax losses and deductible temporary differences, due to an increase in forecast taxable profit in the UK tax group, which follows the change of tax residence of Prudential plc in March 2023 from the UK to Hong Kong. The Group has further unused tax losses and deductible temporary differences of $1,319 million (31 December 2022: $2,235 million) in respect of which no deferred tax asset has been recognised. $837 million of unused tax losses expired at the point of Prudential plc’s tax residency change. Of the unrecognised amounts, $108 million (31 December 2022: $103 million) relates to unused tax losses that will expire within the next ten years (potential tax benefit: $24 million), and the remainder of $1,211 million (31 December 2022: $1,295 million) has no expiry date (potential tax benefit: $240 million). Some of the Group’s businesses are located in jurisdictions in which a withholding tax charge is incurred upon the distribution of earnings. At 31 December 2023, deferred tax liabilities of $225 million (31 December 2022: $210 million) have not been recognised in respect of such withholding taxes as the Group is able to control the timing of the distributions and it is probable that the timing differences will not reverse in the foreseeable future.

Share capital, share premium an

Share capital, share premium and own shares	12 Months Ended
	Dec. 31, 2023
Share capital, share premium and own shares
Share capital, share premium and own shares	C8 Share capital, share premium and own shares Shares are classified as equity when their terms do not create an obligation to transfer assets. Amounts recorded in share capital represent the nominal value of the shares issued. The difference between the proceeds received on issue of the shares, net of share issue costs, and the nominal value of the shares issued, is credited to share premium. Where the Company purchases shares for the purposes of employee incentive plans, the consideration paid, net of issue costs, is deducted from retained earnings. Upon issue or sale any consideration received is credited to retained earnings net of related costs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Number of ordinary Share Share Number of ordinary Share Share Issued shares of 5 p each fully paid ​ shares ​ capital ​ premium ​ shares ​ capital ​ premium ​ ​ ​ ​ $m ​ $m ​ ​ $m ​ $m ​ Balance at 1 Jan 2,749,669,380 ​ 182 ​ 5,006 ​ 2,746,412,265 182 5,010 Shares issued under share-based schemes 3,851,376 ​ 1 ​ 3 ​ 3,257,115 — 2 Shares issued under Hong Kong public offer and international placing in 2022 ​ ​ ​ — ​ — ​ — ​ — ​ (6) ​ Balance at 31 Dec 2,753,520,756 183 5,009 2,749,669,380 182 5,006 ​ Options outstanding under save as you earn schemes to subscribe for shares at each year end shown below are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Share price range ​ ​ ​ ​ shares to ​ from ​ to ​ Exercisable ​ subscribe for (in pence) (in pence) by year 31 Dec 2023 ​ 1,671,215 ​ 737 p 1,455 p 2029 31 Dec 2022 1,858,292 ​ 737 p 1,455 p 2028 ​ Transactions by Prudential plc and its subsidiaries in Prudential plc shares The Group buys and sells Prudential plc shares (‘own shares’) in relation to its employee share schemes through the trusts established to facilitate the delivery of shares under employee incentive plans. During the year, the trusts purchased a total number of shares of 3,888,138 (2022: 5,498,486) and the cost of acquiring these shares, including shares purchased for members under employee share purchase plans was $54 million (2022: $77 million). The cost in USD shown has been calculated from the share prices in pounds sterling using the monthly average exchange rate for the month in which those shares were purchased. At 31 December 2023, 10.0 million (31 December 2022: 12.6 million) Prudential plc shares were held in the trusts. Other than as disclosed above, the Company and its subsidiaries did not purchase, sell or redeem any Prudential plc listed securities during 2023. Subsequent to the year end, the Company commenced and completed a share repurchase programme in January 2024 in respect of 3,851,376 ordinary shares as disclosed in note D2.

Capital

Capital	12 Months Ended
	Dec. 31, 2023
Capital
Capital	C9 Capital C9.1 Group objectives, policies and processes for managing capital Capital measure The Group manages its Group GWS capital resources as its measure of capital. At 31 December 2023, estimated Group shareholder GWS capital resources is $24.3 billion (31 December 2022: $23.2 billion). External capital requirements Prudential plc is subject to the Group-wide Supervision (GWS) Framework issued by the Hong Kong Insurance Authority (IA). Prudential applies the Insurance (Group Capital) Rules set out in the GWS Framework to determine group regulatory capital requirements (both minimum and prescribed levels). The summation of local statutory capital requirements across the Group is used to determine group regulatory capital requirements, with no allowance for diversification between business operations. The GWS eligible group capital resources are determined by the summation of capital resources across local solvency regimes for regulated entities and IFRS shareholders’ equity, with adjustments where applicable, for non-regulated entities. More details on Group capital are given in section I(i) in the Additional unaudited financial information section. Meeting of capital management objectives The GWS group capital adequacy requirements have been met since the GWS Framework became effective for Prudential upon designation. This includes maintaining total eligible group capital resources in excess of the Group Prescribed Capital Requirement (GPCR) of the supervised group and maintaining Tier 1 group capital resources in excess of the Group Minimum Capital Requirement (GMCR) of the supervised group. The Group’s capital management framework focuses on achieving sustainable, profitable growth and maintaining a resilient balance sheet, with a disciplined approach to active capital allocation. As well as holding sufficient capital to meet GWS requirements at Group level, the Group also closely manages the cash it holds within its central holding companies so that it can: – Invest in core capabilities; – Maintain flexibility and absorb shock events; – Cover central costs; – Fund dividends; and – Fund new opportunities where there is a good strategic fit. The Group monitors regulatory capital, economic capital and rating agency capital metrics and manages the business within its risk appetite by remaining within its economic and regulatory capital limits. Reserve adequacy testing under a range of scenarios and dynamic solvency testing is carried out, including under certain scenarios mandated by the local regulators. The sensitivity of liabilities and other components of total capital vary depending upon the type of business concerned and this conditions the approach to asset/liability management. C9.2 Local capital regulations (a) Insurance operations For regulated insurance entities, the capital resources and required capital included in the GWS capital measure for Hong Kong IA Group regulatory purposes are based on the local solvency regime applicable in each jurisdiction. The local valuation basis for the assets, liabilities and capital requirements of significant insurance operations are set out below. CPL A risk-based capital, risk management and governance framework, known as the China Risk Oriented Solvency System (C-ROSS), applies in the Chinese Mainland. Under C-ROSS, insurers are required to maintain a core solvency ratio (core capital over minimum capital) and a comprehensive solvency ratio (capital resources over minimum capital) of not lower than 50 per cent and 100 per cent, respectively. The actual capital is the difference between the admitted assets and admitted liabilities with trading and AFS assets marked-to-market and other assets at book value. Policyholder liabilities are based on a gross premium valuation method using best estimate assumptions with a separate risk margin. The final regulations of C-ROSS Phase II became effective in the first quarter of 2022. The main updates to the local regulation were to introduce explicit tiering and admissibility rules on negative reserves in the capital resources and further updates to the risk calibrations used in calculating capital requirements. A transition period allows insurers to implement the rules in stages before full implementation of the new regime is required from 2025 onwards. Hong Kong Prudential Hong Kong Limited applies the new risk-based capital regime (HK RBC) following approval in April 2022 from the Hong Kong IA to early adopt this new regime. The HK RBC framework requires liabilities to be based on a gross premium valuation method using best estimate assumptions and capital requirements to be risk-based, resulting in the release of prudent regulatory margins previously included in liabilities and an increase in required capital. The HK RBC regime is expected to become effective across the industry in the second half of 2024. The Hong Kong IA issued a consultation paper on the draft rules in December 2023 and Prudential Hong Kong Limited have provided feedback on this. The quantitative impact of any changes to the final rules will be reflected on implementation of the final HK RBC regime. Indonesia Solvency capital is determined using a risk-based capital approach. The capital resources are based on assets that are marked-to-market, with policyholder liabilities based on a gross premium valuation method using best estimate assumptions with a suitable margin for prudence. Liabilities are zeroised at policy level (i.e. negative liabilities are not permitted at a policy level). For unit-linked policies, an unearned premium reserve is established. Malaysia A risk-based capital (RBC) framework applies in Malaysia. The local regulator, Bank Negara Malaysia (BNM), has set a Supervisory Target Capital Level of 130 per cent, below which supervisory actions of increasing intensity will be taken. Each insurer is also required to set its own Individual Target Capital Level to reflect its own risk profile and this is expected to be higher than the Supervisory Target Capital Level. The capital resources are based on assets that are marked to market, with policyholder liabilities based on a gross premium valuation method using best estimate assumptions with a suitable margin for prudence. Liabilities are zeroised at a fund level (i.e. negative liabilities are not permitted at fund level). The BNM has initiated a review of its RBC framework for insurers and Takaful operators in 2021 and the BNM has yet to issue their final technical specifications. The exact timing of implementation of potential revisions remains uncertain as these would need to be subject to quantitative impact studies and parallel run prior to implementation. Market liberalisation measures were introduced by BNM in April 2009, which increases the limit from 49 per cent to 70 per cent on foreign equity ownership for insurance companies and Takaful operators in Malaysia. A higher foreign equity limit beyond 70 per cent for insurance companies will be considered by BNM on a case-by-case basis, for example, for companies who financially support expansion of providing insurance coverage to the most vulnerable in Malaysian society through the National B40 Protection Trust Fund. Singapore A risk-based capital framework applies in Singapore. The local regulator, Monetary Authority of Singapore (MAS), has the authority to direct insurance companies to satisfy additional capital adequacy requirements in addition to those set forth under the Singapore Insurance Act, if considered appropriate. The capital resources are based on assets that are marked to market, with policyholder liabilities based on a gross premium valuation method using best estimate assumptions with a suitable margin for prudence. The updated risk-based capital framework (RBC2) permits the recognition of a prudent allowance for negative reserves in the capital resources. (b) Asset management operations – regulatory and other surplus Certain asset management subsidiaries of the Group are subject to local regulatory requirements. The movement in the year of the estimated surplus regulatory capital position (over the GPCR) of those subsidiaries, combined with the movement in the IFRS basis shareholders’ equity for unregulated asset management operations, is as follows: ​ ​ ​ ​ ​ ​ ​ 2023 $m ​ 2022 $m Balance at 1 Jan 466 522 Gains during the year 254 187 Movement in capital requirement (20) 15 Capital injection ​ 3 ​ 3 Distributions made to the parent company (205) ​ (214) Exchange and other movements (1) (47) Balance at 31 Dec 497 466 ​ C9.3 Transferability of capital resources The amounts retained within the insurance companies are at levels that provide an appropriate level of capital strength in excess of the local regulatory minimum capital requirements. The businesses may, in general, remit dividends to parent entities, provided the statutory insurance fund meets the local regulatory solvency requirements and there are sufficient statutory accounting profits. For with-profits funds, the excess of assets over liabilities is retained within the funds, with distribution to shareholders tied to the shareholders’ share of declared bonuses. Capital resources of the non-insurance business units are transferable after taking account an appropriate level of operating capital, based on local regulatory solvency requirements, where relevant.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2023
Property, plant and equipment.
Property, plant and equipment	C10 Property, plant and equipment Property, plant and equipment comprise Group occupied properties and tangible assets. Property, plant and equipment also includes right-of-use assets for operating leases of properties occupied by the Group and leases of equipment and other tangible assets. Property, plant and equipment, including the right-of-use assets under operating leases, are generally held at cost less cumulative depreciation calculated using the straight-line method, and impairment charge. Owner occupied properties held by the Group's Singapore business that are underlying items of direct participating contracts are measured at fair value following the adoption of IFRS 17. ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Property, plant and equipment held at cost note (a) ​ 347 410 Owner occupied properties held at fair value note (b) ​ 27 27 Total property, plant and equipment ​ 374 437 ​ (a) Property, plant and equipment held at cost A reconciliation of the carrying amount of the Group’s property, plant and equipment held at cost from the beginning to the end of the years shown is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m ​ 2022 $m ​ Group ​ ​ ​ Group ​ ​ ​ ​ ​ occupied ​ Tangible ​ Right-of- ​ ​ ​ occupied ​ Tangible ​ Right-of- ​ ​ ​ ​ property ​ assets ​ use assets ​ Total ​ property ​ assets ​ use assets ​ Total Balance at 1 Jan ​ ​ ​ ​ ​ ​ ​ Cost 21 ​ 486 ​ 676 ​ 1,183 22 489 678 ​ 1,189 Accumulated depreciation (8) ​ (360) ​ (405) ​ (773) (8) (349) (363) ​ (720) Opening net book amount 13 ​ 126 ​ 271 ​ 410 14 140 315 ​ 469 Additions — ​ 44 ​ 57 ​ 101 — 34 49 ​ 83 Depreciation and impairment charge — ​ (50) ​ (95) ​ (145) — (39) (106) ​ (145) Disposals, transfers and lease modifications 3 ​ (4) ​ (18) ​ (19) — (2) 26 ​ 24 Effect of movements in exchange rates ​ — ​ (1) ​ 1 ​ — ​ (1) ​ (7) ​ (13) ​ (21) Balance at 31 Dec 16 ​ 115 ​ 216 ​ 347 13 126 271 ​ 410 Representing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost 24 ​ 495 ​ 683 ​ 1,202 21 486 676 ​ 1,183 Accumulated depreciation (8) ​ (380) ​ (467) ​ (855) (8) (360) (405) ​ (773) Closing net book amount 16 ​ 115 ​ 216 ​ 347 13 126 271 ​ 410 ​ Owner occupied properties held at fair value IFRS 17 amended the subsequent measurement requirements in IAS 16 Property, plant and equipment to permit entities to elect to measure owner-occupied properties that are underlying items of direct participating contracts at fair value through profit or loss.Upon the adoption of IFRS 17, the Group has elected to measure the owner-occupied properties held by the participating funds of its Singapore business at fair value from the transition date. Previously, these properties were measured at cost less accumulated depreciation less any impairment losses. The fair value of these properties is based on market values as assessed by professionally qualified external valuers or by the Group’s qualified surveyors. Right-of-use assets The Group does not have any right-of-use assets that would meet the definition of investment property. As at 31 December 2023, total right-of-use assets comprised $202 million (31 December 2022: $267 million) of property and $14 million (31 December 2022: $4 million) of non-property assets. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. The Group assesses at lease commencement whether it is reasonably certain to exercise the option. This assertion is revisited if there is a material change in circumstances. As at 31 December 2023, the undiscounted value of lease payments beyond the break period not recognised in the lease liabilities is $231 million (31 December 2022: $189 million). The Group has non-cancellable property subleases which have been classified as operating leases under IFRS 16. The sublease rental income received in 2023 for the leases is $7 million (2022: $6 million). Capital expenditure: property, plant and equipment by segment The capital expenditure on property, plant and equipment excluding right - of - use assets in 2023 of $44 million (2022: $34 million) arose as follows: ​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m Hong Kong ​ 22 11 Indonesia ​ — 1 Malaysia ​ 1 1 Singapore ​ 2 3 Growth markets and other ​ 15 16 Eastspring ​ 4 2 Total segment ​ 44 34 Unallocated to a segment (central operations) ​ — — Total capital expenditure on property, plant and equipment ​ 44 34 ​

Contingencies and related oblig

Contingencies and related obligations	12 Months Ended
	Dec. 31, 2023
Contingencies and related obligations
Contingencies and related obligations	D1 Contingencies and related obligations Litigation and regulatory proceedings The Group is involved in various litigation and regulatory proceedings from time to time. While the outcome of such litigation and regulatory issues cannot be predicted with certainty, the Group believes that their ultimate outcome will not have a material adverse effect on the Group’s financial condition, results of operations, or cash flows. Litigation developments during the year include a case regarding a historic transaction connected to the legal and beneficial ownership of 49 per cent of the ordinary shares of the holding company of Prudential Assurance Malaysia Berhad. Prudential currently owns 51 per cent of this entity but consolidates the entity at 100 per cent reflecting the economic interest of the Group. Prudential has been successful at court hearings relating to the transaction concerned both in the first instance and at the subsequent appeal stage. In July 2023, the Federal Court, which is Malaysia’s highest Court, granted leave to allow the appellant to further appeal the case in the Federal Court. The appeals process is ongoing. Guarantees The Group has provided guarantees and commitments to third parties entered into in the normal course of business and the Company has guaranteed public debt securities issued by one of its wholly-owned subsidiaries, Prudential Funding (Asia) PLC from early 2023. The Group considers the likelihood of outflows arising under such guarantees and commitments as remote. Intra-group capital support arrangements Prudential has provided undertakings to the regulators of its Hong Kong life subsidiary, Prudential Hong Kong Limited, to formalise the circumstances regarding their solvency levels in which intra-group capital support will be provided by Prudential. Other intra-group transactions are discussed in note D3 below.

Post balance sheet events

Post balance sheet events	12 Months Ended
	Dec. 31, 2023
Post balance sheet events
Post balance sheet events	D2 Post balance sheet events Dividends The 2023 second interim dividend approved by the Board of Directors after 31 December 2023 is as described in note B5. ​ Share repurchase programme to neutralise 2023 employee and agent share scheme issuance On 16 January 2024, the Company announced that the share repurchase programme in respect of 3,851,376 ordinary shares that it announced on 5 January 2024 and commenced on 8 January has been completed. The purpose of the share repurchase programme was to offset dilution from the vesting of awards under employee and agent share schemes during 2023. The Company has repurchased 3,851,376 ordinary shares in aggregate (representing 0.14 per cent of the total number of ordinary shares in issue at the end of the year (as disclosed in note C8)) at a volume weighted average price of £8.2676 per ordinary share for a total consideration of approximately £32 million.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2023
Related party transactions
Related party transactions	D3 Related party transactions Transactions between the Company and its subsidiaries or intra-group transactions are eliminated on consolidation. Intra-group transactions of the Group mainly related to a limited number of loans, guarantees or services provided by the Company to or from others business units, or between business units, including investment management services provided by the Group’s asset managers to the insurance operations businesses as shown in note B1.3. All intra-group transactions are subject to the same internal approval framework as external transactions. Given the nature of the Group’s business there has historically been limited interconnectedness across the Group. The Group reviews its recovery plan (that also covers intra-group transactions and the level of the Group’s interconnectivity risk) on an annual basis and details the remedial actions that could be used to restore financial strength and viability if the Group were to come under severe stress. The Company has transactions and outstanding balances with collective investment schemes and similar entities that are not consolidated and where a Group company acts as manager, which are regarded as related parties for the purposes of IAS 24. The balances are included in the Group’s statement of financial position at fair value or amortised cost in accordance with IFRS 9 / IAS 39 classifications with the corresponding amounts included in the income statement. The transactions include amounts paid on issue of shares or units, amounts received on cancellation of shares or units and amounts paid in respect of the periodic charge and administration fee. In addition, there are no material transactions between the Group’s joint ventures and associates, which are accounted for on an equity method basis, and other Group companies except for a planned capital injection into CPL, the Group's joint venture business in the Chinese Mainland announced in December 2023. The Group announced that it was providing additional growth capital to CPL of RMB1.25 billion (US$176 million) in cash subject to relevant regulatory approvals, with CITIC, its joint venture partner providing an equal amount. In anticipation of the future capital injection, the Group advanced the cash of $176 million to CPL in December 2023. Key management personnel of the Company, as described in note B2.3, may from time to time purchase insurance or asset management products marketed by Group companies in the ordinary course of business on substantially the same terms as those prevailing at the time for comparable transactions with other persons. In 2023, 2022 and 2021, transactions with key management personnel were not deemed to be significant both by virtue of their size and in the context of the individuals’ financial positions. All of these transactions were on terms broadly equivalent to those that prevailed in arm’s-length transactions. Additional details on the Directors’ interests in shares, transactions or arrangements are given in the Compensation and Employees section. Key management remuneration is disclosed in note B2.3.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2023
Commitments
Commitments	D4 Commitments The Group has provided, from time to time, certain commitments to third parties. At 31 December 2023, the Group had $2,456 million unfunded commitments (31 December 2022: $2,626 million) primarily related to investments in infrastructure funds and alternative investment funds in Asia.

Investments in subsidiary under

Investments in subsidiary undertakings, joint ventures and associates	12 Months Ended
	Dec. 31, 2023
Investments in subsidiary undertakings, joint ventures and associates
Investments in subsidiary undertakings, joint ventures and associates	D5 Investments in subsidiary undertakings, joint ventures and associates D5.1 Basis of consolidation The Group consolidates those investees it is deemed to control. The Group has control over an investee if all three of the following are met: – It has power over an investee; – It is exposed to, or has rights to, variable returns from its involvement with the investee; and – It has the ability to use its power over the investee to affect its own returns. (a) Subsidiaries Subsidiaries are those investees that the Group controls. The majority of the Group’s subsidiaries are corporate entities. The Group performs a re-assessment of consolidation whenever there is a change in the substance of the relationship between the Group and an investee. Where the Group is deemed to control an entity, it is treated as a subsidiary and its results, assets and liabilities are consolidated. Where the Group holds a minority share in an entity with no control over the entity, the investments are carried at fair value within financial investments in the Consolidated statement of financial position. Entities consolidated by the Group include Qualifying Partnerships as defined under the UK Partnerships (Accounts) Regulations 2008 (the ‘Partnerships Act’). The Group’s limited partnership has taken advantage of the exemption under regulation 7 of the Partnerships Act from the financial statement requirements. This is under regulations 4 to 6 of the Partnership Act, on the basis that the limited partnership is consolidated in these financial statements. (b) Joint ventures and associates Joint ventures are joint arrangements arising from a contractual agreement whereby the Group and other investors have joint control of the net assets of the arrangement. In a number of these arrangements, the Group’s share of the underlying net assets may be less than 50 per cent but the terms of the relevant agreement make it clear that control is jointly exercised between the Group and the third party. Associates are entities over which the Group has significant influence but does not control. Generally, it is presumed that the Group has significant influence if it holds between 20 per cent and 50 per cent voting rights of an entity. With the exception of those referred to below, the Group accounts for its investments in joint ventures and associates using the equity method of accounting. The Group’s share of profit or loss of its joint ventures and associates is recognised in the income statement and its share of movements in other comprehensive income is recognised in other comprehensive income. The equity method of accounting does not apply to investments in joint ventures and associates held by the Group’s insurance or investment funds, including collective investment schemes which, as allowed by IAS 28 ‘Investments in Associates and Joint Ventures’, are carried at FVTPL. (c) Structured entities Structured entities are those that have been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity. Voting rights relate to administrative tasks. Relevant activities are directed by means of contractual arrangements. The Group invests in both consolidated and unconsolidated structured entities including investment vehicles such as collective investment schemes, collateralised debt obligations, mortgage-backed securities and similar asset-backed securities. Collective investment schemes The Group invests in collective investment schemes, that invest mainly in equities, bonds, cash and cash equivalents and properties. In assessing control under IFRS 10 ‘Consolidated Financial Statements’, the Group determines whether it is acting as principal or agent and the variable returns from its involvement with these entities. The Group’s percentage ownership in these entities can fluctuate on a daily basis according to the participation of the Group and other investors. Where the entity is managed by a Group asset manager: – Where the Group’s ownership holding in the entity exceeds 50 per cent, the Group is judged to have control over the entity; – Where the Group’s ownership holding in the entity is between 20 per cent and 50 per cent, the facts and circumstances of the Group’s involvement in the entity are considered, including the rights to any fees earned by the asset manager, in forming a judgement as to whether the Group has control over the entity; and – Where the Group’s ownership holding in the entity is less than 20 per cent, the Group is judged to not have control over the entity. Where the entity is managed by an asset manager outside the Group, an assessment is made of whether the Group has existing rights that gives it the ability to direct the current activities of the entity and therefore control the entity. In assessing the Group’s ability to direct an entity, the Group considers its ability relative to other investors. Where the Group is deemed to control an entity, it is treated as a subsidiary and is consolidated, with the interests of investors other than the Group being classified as liabilities, and presented within ‘Net asset value attributable to unit holders of consolidated investment funds’. Where the Group does not control these entities (where the Group is deemed to be acting as an agent under IFRS 10) and they do not meet the definition of associates, they are carried at FVTPL within financial investments in the Consolidated statement of financial position. Where the Group’s asset manager sets up investment funds as part of its asset management operations, unless the Group also participates in the ownership holding of the entities, the Group’s interest is limited to the fees charged to manage the assets of such entities. With no participation in ownership holding of these entities, the Group does not retain risks associated with investment funds. For these investment funds, the Group is not deemed to control the entities but deemed to be acting as an agent. The Group generates returns and retains the ownership risks in these investment vehicles commensurate to its participation and does not have any further exposure to the residual risks of these investment vehicles. Other structured entities The Group holds investments in mortgage-backed securities, collateralised debt obligations and similar asset-backed securities, the majority of which are actively traded in a liquid market. The Group consolidates the vehicles that hold the investments where the Group is deemed to control the vehicles. When assessing control over the vehicles, the factors considered include the purpose and design of the vehicle, the Group’s exposure to the variability of returns and the scope of the Group’s ability to direct the relevant activities of the vehicle including any kick-out or removal rights that are held by third parties. The outcome of the control assessment is dependent on the terms and conditions of the respective individual arrangements. The majority of such vehicles are not consolidated. In these cases, the Group is not the sponsor of the vehicles in which it holds investments and has no administrative rights over the vehicles’ activities. The Group generates returns and retains the ownership risks commensurate to its holding and its exposure to the investments and does not have any further exposure to the residual risks or losses of the investments or the vehicles in which it holds investments. Accordingly, the Group does not have power over the relevant activities of such vehicles and all are carried at FVTPL within financial investments in the Consolidated statement of financial position. The table below provides aggregate carrying amounts of the investments in unconsolidated structured entities reported in the Group’s Consolidated statement of financial position: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ 31 Dec 2022 $m ​ ​ ​ ​ Other ​ ​ ​ Other ​ ​ Investment ​ structured ​ Investment ​ structured Consolidated statement of financial position line items ​ funds ​ entities ​ funds ​ entities Equity securities and holdings in collective investment schemes 33,657 — 30,771 — Debt securities — 285 ​ — 389 Total investments in unconsolidated structured entities 33,657 285 ​ 30,771 389 ​ The Group's maximum exposure to loss related to the interest in unconsolidated structured entities is limited to the carrying value in the Consolidated statement of financial position and the unfunded investment commitments provided by the Group (see note D4). During the year, the Group receives dividend and interest income from its investments in these unconsolidated structured entities. Where the Group’s asset manager manages these entities, such as the collective investment schemes, the Group also receives asset management fees from these entities. As at 31 December 2023 and 2022, the Group does not have an agreement, contractual or otherwise, or intention to provide financial support to structured entities (both consolidated and unconsolidated) that could expose the Group to a loss. D5.2 Dividend restrictions and minimum capital requirements Certain Group entities are subject to restrictions on the amounts of funds they may transfer in the form of cash dividends or otherwise to the parent company. Under UK company law, UK companies can only declare dividends if they have sufficient distributable reserves. The Group’s subsidiaries, joint ventures and associates may remit dividends to the Group, in general, provided the statutory insurance fund meets the capital adequacy standard required under local statutory regulations and has sufficient distributable reserves. Further details on local capital regulations in certain Asia operations are provided in note C9.2. D5.3 Investments in joint ventures and associates Joint ventures represent arrangements where the controlling parties through contractual or other agreement have the rights to the net assets of the arrangements. The Group has insurance and asset management joint ventures in Chinese Mainland with CITIC Group and an asset management joint venture in India with ICICI Bank. In addition, there is an asset management joint venture in Hong Kong with Bank of China International Holdings Limited (BOCI) and Takaful insurance joint venture in Malaysia. For the Group’s joint ventures that are accounted for using the equity method, the net-of-tax results of these operations are included in the Group’s profit before tax. The Group’s associates, which are also accounted for using the equity method, include the Indian insurance entity (with the majority shareholder being ICICI Bank). In addition, the Group has investments in collective investment schemes, funds holding collateralised debt obligations and property funds where the Group has significant influence. As allowed under IAS 28, these investments are accounted for on a FVTPL basis. The aggregate fair value of associates accounted for at FVTPL, where there are published price quotations, is approximately $0.5 billion at 31 December 2023 (31 December 2022: $0.3 billion). For joint ventures and associates accounted for using the equity method, the 12 months financial information of these investments for the years ended 31 December 2023 and 2022 (covering the same period as that of the Group) has been used in these consolidated financial statements. The Group’s share of the profit for shareholder-backed business (including short-term fluctuations in investment returns), net of related tax, in joint ventures and associates that are equity accounted for as shown in the Consolidated income statement, is allocated across segments as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ IFRS 4 basis ​ 2023 $m 2022 $m 2021 $m CPL (577) (345) 278 Hong Kong ​ ​ ​ ​ ​ 9 Malaysia ​ 18 ​ 16 ​ 28 Growth markets and other note ​ 310 ​ 100 ​ (110) Insurance operations ​ (249) ​ (229) ​ 205 Eastspring 158 144 147 Total segment and Group total (91) (85) 352 ​ Note For growth markets and other, as well as the segment results for associates and joint ventures within the segment, the amount shown under IFRS 17 basis includes a credit of $191 million (2022: $72 million credit) of taxes for all life joint ventures and associates. In 2021, under IFRS 4 basis, growth markets and other included other items of $(38) million charge which primarily comprised of taxes for all life joint ventures and associates together with other non-recurring items. There is no other comprehensive income in the joint ventures and associates other than the foreign exchange differences that arise from translating the associates and joint ventures into the Group's presentational currency. There has been no unrecognised share of losses of a joint venture or associate The Group’s interest in joint ventures and associates gives rise to no contingent liabilities capital material CITIC-Prudential Life Insurance Company (CPL) CPL is the Group’s joint venture with the CITIC Group in which the Group owns a 50 per cent interest. The joint venture is incorporated in China and is principally engaged in underwriting insurance and investment contracts. The summarised financial information for CPL, which is considered to be a material joint venture to the Group, is set out below. The financial information represents the entity’s financial statements prepared in accordance with Group’s IFRS accounting policies, on a 100 per cent basis, for the years shown: ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis Statement of financial position: 31 Dec 2023 $m 31 Dec 2022 $m Total assets ​ 33,271 29,914 Total liabilities (including non-controlling interest) ​ 32,005 27,734 Shareholders’ equity ​ 1,266 2,180 ​ ​ ​ ​ ​ The above amounts of assets and liabilities include the following*: ​ ​ ​ Cash and cash equivalents ​ 868 561 Financial liabilities (excluding trade and other payables and provisions) ​ 1,198 985 ​ * The Group's 50 per cent share of CPL's insurance and reinsurance contract balances are shown in note C3.3 (c). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ IFRS 4 basis Income statement: 2023 $m 2022 $m 2021 $m Revenue ​ 1,676 ​ 1,023 7,347 (Loss) profit for the year after tax ​ (733) (550) 453 The above (loss) profit for the year includes the following: ​ ​ ​ ​ Depreciation and amortisation ​ (39) (43) (86) Interest income ​ 543 569 465 Interest expense ​ (2) (3) (2) Income tax credit ​ 422 140 (84) ​ The summarised financial information above is reconciled to the carrying amount of the Group’s interest in the joint venture recognised in the consolidated financial statements as follows: ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ 31 Dec 2023 $m 31 Dec 2022 $m Net assets of CITIC-Prudential Life as shown above ​ 1,266 2,180 Proportion owned by the joint venture partner (50%) ​ 633 1,090 Carrying amount of the Group’s interest in the joint venture (50%) ​ 633 1,090 ​ The Group has received $88 million of dividends from CPL in 2023 (2022: nil). In December 2023, the Group announced a planned capital injection into CPL of $176 million as discussed in note D3. At 31 December 2023, the Group’s investments in joint ventures and associates accounted for using the equity method are $1,940 million (31 December 2022: $2,259 million), out of which $633 million (31 December 2022: $1,090 million) relates to the Group’s interest in CPL as discussed above. The aggregate carrying amount of the Group’s investments in the other joint ventures and associates accounted for using the equity method is $1,307 million (31 December 2022: $1,169 million). D5.4 Related undertakings In accordance with Section 409 of the Companies Act 2006, a list of Prudential Group’s subsidiaries, joint ventures, associates and significant holdings (being holdings of more than 20 per cent) is disclosed below, along with the classes of shares held, the registered office address and the effective percentage of equity owned at 31 December 2023. The Group also operates through branches, none of which are significant. The definitions of a subsidiary undertaking, joint venture and associate in accordance with the Companies Act 2006 are different from the definition under IFRS Standards. As a result, the related undertakings included within the list below may not be the same as the undertakings consolidated in the Group consolidated financial statements. The Group’s consolidation policy is described in note D5.1. Simplified corporate structure as at 31 December 2023 * CPL is a joint venture with CITIC, a leading state owned conglomerate in the Chinese Mainland. † Indirectly held by Prudential Corporation Asia Limited. ‡ The company was incorporated in February 2023 and a 100 per cent subsidiary of Prudential Corporation Asia Limited. ​ Direct subsidiary undertakings of the parent company, Prudential plc (shares held directly or via nominees) Key to share classes: ​ ​ ​ ​ Abbreviation Class of share held LBG ​ Limited by Guarantee MI ​ Membership Interest MI - WFOE ​ Membership Interest of a Wholly Foreign Owned Enterprise in the Chinese Mainland MI – JV ​ Membership Interest of a Sino-Foreign Equity Joint Venture in the Chinese Mainland OS ​ Ordinary Shares PI ​ Partnership Interest PS ​ Preference Shares U ​ Units ​ ​ ​ ​ ​ ​ ​ ​ Name of entity Classes of shares held Proportion held Registered office address Prudential Corporation Asia Limited OS 100.00% ​ 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong Prudential Group Holdings Limited OS 100.00% ​ 1 Angel Court, London, EC2R 7AG, United Kingdom ​ Other subsidiaries, joint ventures, associates and significant holdings of the Group – no shares held directly by the parent company (Prudential plc) or its nominees ​ ​ ​ ​ ​ ​ ​ ​ ​ Classes of ​ ​ ​ ​ shares ​ Proportion ​ ​ Name of entity ​ held ​ held ​ Registered office address Aberdeen Cash Creation Fund ​ U ​ 26.87% ​ 28th Floor Bangkok City Tower, 179 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand Aberdeen Standard Global Opportunities Fund ​ U ​ 35.13% ​ 21 Church Street, #01-01, Capital Square Two, Singapore 049480 Aberdeen Standard Singapore Equity Fund ​ U ​ 61.88% ​ ​ AC Financial Partners Limited Partnership ​ PI ​ 100.00% ​ Citypoint, 65 Haymarket Terrace, Edinburgh, EH12 5HD Alternatives North America, Ltd. ​ U ​ 100.00% ​ PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, Cayman Islands BOCHK Aggressive Growth Fund ​ U ​ 46.52% ​ 27th Floor, Bank of China Tower, 1 Garden Road, Hong Kong BOCHK Balanced Growth Fund U 40.43% ​ ​ BOCHK China Equity Fund U 52.42% ​ ​ BOCHK Conservative Growth Fund U 42.17% ​ ​ BOCHK US Dollar Money Market Fund ​ U ​ 37.11% ​ ​ BOCI-Prudential Asset Management Limited OS 36.00% ​ ​ BOCI-Prudential Trustee Limited OS 36.00% ​ Suites 1501-1507 & 1513-1516, 15th Floor, 1111 King's Road, Taikoo Shing, Hong Kong BSP Debt Fund V Unlevered (Non-US) L.P. ​ U ​ 53.00% ​ C/o Benefit Street Partners LLC, New York, New York 10019 Cathay High Yield ex China Cash pay 1-5 Year 2% Issuer Capped ETF ​ U ​ 46.49% ​ 6th Floor, No.39, Sec.2, Dunhua South. Rd., Taipei, Taiwan CITIC-CP Asset Management Co., Ltd. MI - JV 26.95% ​ Room 101-2, No.128 North Zhangjiabang Road, Pudong District, Shanghai, China CITIC-Prudential Fund Management Company Limited MI - JV 49.00% ​ Level 9, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong, Shanghai, China CITIC-Prudential Life Insurance Company Limited ​ MI - JV ​ 50.00% ​ Room 1101-A, 1201, 1301, 1401, 1501, 1601, 1701, 1801, Unit 01, Building 1, No. B2, North Road of East Third Ring Road, Chaoyang District, Beijing, PRC,100027, China Eastspring Al-Wara' Investments Berhad OS 100.00% ​ Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia Eastspring Asia Pacific High Yield Equity Fund U 39.60% ​ 4th Floor, No.1, Songzhi Rd., Xinyi Dist., Taipei, Taiwan Eastspring Asset Management (Thailand) Co., Ltd. OS 59.50% ​ 944 Mitrtown Office Tower, 9th Floor, Rama 4 Road, Wangmai, Pathumwan, Bangkok 10330, Thailand Eastspring Asset Management Korea Co. Ltd. OS 100.00% ​ 22F (Seoul International Finance Center, Yeouido dong), 10 Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul 07326, Republic of Korea Eastspring Investment Management (Shanghai) Company Limited MI - WFOE 100.00% ​ Unit 306-308, 3rd Floor, Azia Center, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, China Eastspring Investments - Asia ESG Bond Fund ​ U ​ 94.82% ​ 26, Boulevard Royal, L-2449, Luxembourg Eastspring Investments – Asia Opportunities Equity Fund U 100.00% ​ ​ Eastspring Investments - Asia Pacific Equity Fund U 95.55% ​ ​ Eastspring Investments - Asia Real Estate Multi Asset Income Fund U 35.06% ​ ​ Eastspring Investments - Asian Bond Fund ​ U ​ 89.85% ​ ​ Eastspring Investments - Asian Dynamic Fund ​ U ​ 95.21% ​ ​ Eastspring Investments - Asian Equity Fund ​ U ​ 98.94% ​ ​ Eastspring Investments - Asian Equity Income Fund U 88.46% ​ ​ Eastspring Investments - Asian High Yield Bond Fund ​ U ​ 67.15% ​ ​ Eastspring Investments - Asian Investment Grade Bond Fund U 88.64% ​ ​ EastSpring Investments - Asian Local Bond Fund ​ U ​ 83.45% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classes of ​ ​ ​ ​ shares ​ Proportion ​ ​ Name of entity ​ held ​ held ​ Registered office address Eastspring Investments - Asian Low Volatility Equity Fund U 91.60% ​ ​ Eastspring Investments - Asian Multi Factor Equity Fund U 95.20% ​ ​ Eastspring Investments - China A Shares Growth Fund U 79.87% ​ ​ Eastspring Investments - Dragon Peacock Fund U 97.09% ​ ​ Eastspring Investments - European Investment Grade Bond Fund U 99.88% ​ ​ Eastspring Investments - Global Emerging Markets Bond Fund ​ U ​ 98.06% ​ ​ Eastspring Investments - Global Emerging Markets Dynamic Fund U 38.21% ​ ​ Eastspring Investments - Global Emerging Markets ex-China Dynamic Fund ​ U ​ 100.00% ​ ​ Eastspring Investments - Global Emerging Markets Fundamental Value Fund ​ U ​ 100.00% ​ ​ Eastspring Investments - Global Equity Navigator Fund ​ U ​ 97.86% ​ ​ Eastspring Investments - Global Growth Equity Fund ​ U ​ 42.30% ​ ​ Eastspring Investments - Global Low Volatility Equity Fund ​ U ​ 98.48% ​ ​ Eastspring Investments - Global Market Navigator Fund ​ U ​ 99.60% ​ ​ Eastspring Investments - Global Multi Asset Income Plus Growth Fund U 100.00% ​ ​ Eastspring Investments - Global Technology Fund U 84.16% ​ ​ Eastspring Investments - Greater China Equity Fund U 89.88% ​ ​ Eastspring Investments - India Equity Fund ​ U ​ 58.85% ​ ​ Eastspring Investments - Japan Sustainable Value Fund ​ U ​ 86.85% ​ ​ Eastspring Investments - Pan European Fund U 66.59% ​ ​ Eastspring Investments - US Corporate Bond Fund ​ U ​ 68.69% ​ ​ Eastspring Investments - US High Investment Grade Bond Fund ​ U ​ 85.91% ​ ​ Eastspring Investments - US High Yield Bond Fund U 54.03% ​ ​ Eastspring Investments - US Investment Grade Bond Fund ​ U ​ 58.61% ​ ​ Eastspring Investments - World Value Equity Fund ​ U ​ 93.68% ​ ​ Eastspring Investments (Hong Kong) Limited ​ OS ​ 100.00% ​ 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong Eastspring Investments (Luxembourg) S.A. ​ OS ​ 100.00% ​ 26, Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg Eastspring Investments (Singapore) Limited ​ OS ​ 100.00% ​ 10 Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983 Eastspring Investments Asia Pacific ex-Japan Target Return Fund ​ U ​ 78.56% ​ Eastspring Investments Berhad, Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia Eastspring Investments Berhad ​ OS ​ 100.00% ​ Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classes of ​ ​ ​ ​ shares ​ Proportion ​ ​ Name of entity ​ held ​ held ​ Registered office address Eastspring Investments Equity Income Fund U 43.13% ​ Eastspring Investments Berhad, Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia Eastspring Investments Fund Management Limited Liability Company MI 100.00% ​ 23rd Floor, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, Ho Chi Minh City, Vietnam Eastspring Investments Global Oncology Securities Baby Investment Trust (H) U 72.72% ​ 22nd Floor One IFC, 10 Gukjegeumyung-ro, Youngdungpo-gu, Seoul 07326, Korea Eastspring Investments Global Oncology Securities Baby Investment Trust (UH) U 92.43% ​ ​ Eastspring Investments Global Oncology Securities Baby Investment Trust (USD) ​ U ​ 96.00% ​ ​ Eastspring Investments Group Pte. Ltd. OS 100.00% ​ 10 Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983 Eastspring Investments Growth Fund U 40.96% ​ Eastspring Investments Berhad, Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia Eastspring Investments Incorporated OS 100.00% ​ 874 Walker Road, Suite C, City of Dover, County of Kent, State of Delaware, 19904, United States Eastspring Investments India Consumer Equity Open Limited ​ OS ​ 100.00% ​ 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius Eastspring Investments India Equity Open Limited ​ OS ​ 100.00% ​ ​ Eastspring Investments India Infrastructure Equity Open Limited OS 100.00% ​ ​ Eastspring Investments Limited OS 100.00% ​ Marunouchi Park Building, 6-1 Marunouchi 2-chome, Chiyoda-Ku, Tokyo, Japan Eastspring Investments MY Focus Fund U 31.20% ​ Eastspring Investments Berhad, Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia Eastspring Investments Private Fixed Income Fund Number 1 U 66.94% ​ Units 306-308, 3rd Floor, Azia Center, 1233 Lujiazui Ring Road, Shanghai, China, 200120 Eastspring Investments Services Pte. Ltd. OS 100.00% ​ 10 Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983 Eastspring Investments SICAV-FIS - Alternative Investment Fund ​ U ​ 100.00% ​ 26, Boulevard Royal, L-2449, Luxembourg Eastspring Investments Unit Trusts - Dragon Peacock Fund ID ​ U ​ 97.79% ​ 10 Marina Boulevard, #32-01, Marina Bay Financial Centre Tower 2, Singapore 018983 Eastspring Investments Unit Trusts - Singapore ASEAN Equity Fund U 98.85% ​ ​ Eastspring Investments Unit Trusts - Singapore Select Bond Fund ​ U ​ 64.89% ​ ​ Eastspring Investments Vietnam Navigator Fund ​ U ​ 77.52% ​ 23rd Floor, Saigon Trade Center Building, 37 Ton Duc Thang Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam Eastspring Overseas Investment Fund Management (Shanghai) Company Limited ​ MI - WFOE ​ 100.00% ​ Unit 306-308, 3rd Floor, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, China Eastspring Private Equity Fund 2 ​ U ​ 100.00% ​ 10 Marina Boulevard, #32-01, Marina Bay Financial Centre Tower 2, Singapore 018983 Eastspring Securities Investment Trust Co., Ltd. OS 99.54% ​ 4th Floor, No.1 Songzhi Road, Taipei 110, Taiwan Eastspring Singapore Alternatives VCC ​ U ​ 100.00% ​ 10 Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983 Eastspring Syariah Equity Islamic Asia Pacific USD Kelas B U 86.25% ​ Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia Eastspring Syariah Fixed Income USD Kelas A ​ U ​ 63.13% ​ ​ First Sentier Global Property Securities Fund U 74.35% ​ 38 Beach Road, #06-11 South Beach Tower, Singapore 189767 FSITC GLOBAL TRENDS FUND U 24.31% ​ 1st Floor, No.6, Sec. 3 ,Minquan West Rd, Taipei FSSA China Focus Fund U 65.21% ​ 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296 Ireland ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classes of ​ ​ ​ ​ shares ​ Proportion ​ ​ Name of entity ​ held ​ held ​ Registered office address Fubon 1-5 Years US High Yield Bond Ex China U 42.48% ​ 8th Floor, No.108, Sec.1, Dunhua South. Rd., Taipei, Taiwan Fubon Global Investment Grade Bond Fund U 57.59% ​ ​ Fuh Hwa 1-5 Yr High Yield ETF U 44.38% ​ 8th & 9th Floor, No.308, Sec. 2, Bade Rd., Da-an District Furnival Insurance Company PCC Limited OS 100.00% ​ PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, Guernsey GIS Total Return Bond Fund U 25.22% ​ 78 Sir John Rogerson's Quay, Dublin, D02 HD32, Ireland GS Twenty Two Limited OS 100.00% ​ 1 Angel Court, London, EC2R 7AG, United Kingdom HSBC Senior Global Infrastructure Debt Fund U 100.00% ​ 8 Canada Square, London, E14 5HQ, United Kingdom ICICI Prudential Asset Management Company Limited ​ OS ​ 49.00% ​ 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India ICICI Prudential Life Insurance Company Limited ​ OS ​ 22.05% ​ ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025, India ICICI Prudential Pension Funds Management Company Limited OS 22.05% ​ ​ ICICI Prudential Trust Limited OS 49.00% ​ 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India India Innovation High Growth EQ QII ​ U ​ 100.00% ​ Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 Invesco Fixed Maturity Selective Emerging Market Bonds 2024 ​ U ​ 98.42% ​ 8th Floor, No 122, Tung Hua N. Rd. Taipei, Taiwan Invesco Select 6 Year Maturity Global Bond Fund ​ U ​ 98.69% ​ ​ iShares Global High Yield Corp Bond UCITS ETF ​ U ​ 55.25% ​ 200 Capital Dock, 79 Sir John Rogerson’s Quay, Dublin 2, Ireland iShares MSCI Asia ex Japan Climate Action ETF ​ U ​ 73.52% ​ 20 Anson Road, #18-01 Twenty Anson, Singapore 079912 JPMorgan Investment Funds - Japan Sustainable Equity Fund U 62.01% ​ 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg KKP ACTIVE EQUITY FUND U 31.54% ​ 209 KKP Tower A, 17 Fl., Sukhumvit 21 (Asoke), Khlong Toey Nua, Wattana, Bangkok 10110 Thailand Krungsri Greater China Equity Hedged Dividend Fund ​ U ​ 28.12% ​ 12th, 18th Zone B Floor, Ploenchit Tower 898 Ploenchit Road, Lumpini Pathumwan, Bangkok 10330 Thailand Lasalle Property Securities SICAV-FIS U 100.00% ​ 11-13 Bouldevard de la Foire, L-1528 Luxembourg M&G Asia Property TS Trust ​ U ​ 100.00% ​ 138 Market Street, CapitaGreen #35-01, Singapore 048946 M&G Real Estate Asia Holding Company Pte. Ltd. OS 33.00% ​ ​ Manulife Asia Pacific Bond Fund U 82.22% ​ 9th Floor, No 89 Son Ren Road, Taipei, Taiwan Manulife AUD Income Bond Fund-A(CNY-H) U 30.73% ​ ​ Manulife China Offshore Bond Fund U 32.48% ​ ​ Manulife Taiwan Dynamic Fund U 26.11% ​ ​ Nomura Six Years Fixed Maturity Asia Pacific Emerging Market Bond Fund U 98.98% ​ 101 Tower, 30th Floor, No. 7 Sec. 5, Xinyi Rd., Xinyi Dist., Taipei, Taiwan Nomura Six Years Fixed Maturity Emerging Market Bond Fund ​ U ​ 40.50% ​ ​ Nomura Six Years Ladder Maturity Asia Pacific Emerging Market Bond Fund ​ U ​ 98.40% ​ ​ North Sathorn Holdings Company Limited ​ OS ​ 100.00% ​ No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini Subdistrict Pathumwan District, Bangkok Metropolis, Thailand PCA IP Services Limited ​ OS ​ 100.00% ​ 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong PCA Life Assurance Co., Ltd. ​ OS ​ 99.79% ​ 8th Floor, No.1 Songzhi Road, Taipei City, 11047, Taiwan PCA Reinsurance Co. Ltd. ​ OS ​ 100.00% ​ Unit Level 13(A), Main Office Tower, Financial Park Labuan, Jalan Merdeka, 87000 Federal Territory of Labuan, Malaysia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classes of ​ ​ ​ ​ shares ​ Proportion ​ ​ Name of entity ​ held ​ held ​ Registered office address PineBridge US Dual Core Income Fund U 27.97% ​ 10th Floor, No. 144, Sec. 2, Minquan East Rd, Taipei PLUK Agents Savings Fund U 100.00% ​ 8th Floor, 8 Rockwell, Rockwell Drive, Rockwell Center, Makati City Principal Global Silver Age Fund U 31.05% ​ 44, 16th Floor, CIMB Thai Bank, Lungsuan Road, Lumpini, Bangkok 10330, Thailand Pru Life Insurance Corporation of U.K. OS 100.00% ​ 9th Floor, Uptown Place Tower 1, 1 East 11th Drive, Uptown Bonifacio, 1634 Taguig City, Metro Manila, Philippines Pru Life UK Asset Management and Trust Corporation OS 100.00% ​ ​ Prudence Foundation LBG 100.00% ​ 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong Prudential (Cambodia) Life Assurance Plc ​ OS ​ 100.00% ​ VTrust Tower, Unit A B &C, 3rd Floor, Tchecoslova Blvd (Street 169), Sangkat Veal Vong, Khan 7 Makara, Phnom Penh, Cambodia Prudential (US Holdco 1) Limited OS 100.00% ​ 1 Angel Court, London, EC2R 7AG, United Kingdom Prudential Africa Holdings Limited ​ OS ​ 100.00% ​ ​ Prudential Africa Services Limited OS 100.00% ​ 3rd Floor, One Africa Place, LR. No. 1870/X/45, P.O. Box 25093-00100, Westlands, Nairobi, Kenya Prudential Assurance Company Singapore (Pte) Limited OS 100.00% ​ 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 Prudential Assurance Malaysia Berhad* OS 51.00% ​ Level 26, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Ma

Discontinued US operations

Discontinued US operations	12 Months Ended
	Dec. 31, 2023
Discontinued operations
Discontinued US operations	D6 Discontinued US operations On 13 September 2021, the Group completed the separation of its US operations (Jackson) through a demerger. In accordance with IFRS 5 ‘Non-current Assets Held for Sale and Discontinued Operations’, the US operations were classified as discontinued. The 2021 income statement included the results of Jackson up to 13 September 2021, the date of demerger. In 2021, retained interest in Jackson is reported within the Consolidated statement of financial position as a financial investment at fair value and is included in ‘Unallocated to a segment (central operations)’ for segmental analysis. This investment was classified as available-for-sale under IAS 39. The Group's holding at 31 December 2021 was The results for the discontinued US operations presented in the consolidated financial statements up to the demerger in September 2021 are analysed below. (a) Income statement ​ ​ ​ ​ ​ 2021 $m Total revenue, net of reinsurance ​ 45,972 Total charge, net of reinsurance ​ (43,655) Profit before tax ​ 2,317 Tax (charge) ​ (363) Profit after tax ​ 1,954 Remeasurement to fair value note (i) ​ (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 income note (ii) ​ 1,278 Loss for the year ​ (5,027) Attributable to: ​ ​ Equity holders of the Company ​ (4,234) Non-controlling interests ​ (793) Loss for the year ​ (5,027) ​ Notes (i) The loss on remeasurement to fair value on demerger was recognised in accordance with IFRIC 17 'Distributions of non-cash assets to owners' with the fair value determined with reference to the opening quoted price of Jackson shares on the New York Stock Exchange as at the date of demerger on 13 September 2021. (ii) In accordance with IFRS, as a result of the demerger of Jackson, accumulated balances previously recognised through other comprehensive income relating to financial instruments held by Jackson classified as available-for-sale and historical net investment hedges were recycled from other comprehensive income to the results of discontinued operations in the Consolidated income statement. Total shareholders’ equity is unchanged as a result of this recycling. ​ (b) Total comprehensive income ​ ​ ​ ​ ​ 2021 $m Loss for the year ​ (5,027) Other comprehensive loss: ​ ​ Valuation movements on available-for-sale debt securities, net of related tax and change in DAC ​ (763) 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 for the year ​ (2,041) Total comprehensive loss for the year ​ (7,068) Attributable to: ​ ​ Equity holders of the Company ​ (6,283) Non-controlling interests ​ (785) Total comprehensive loss for the year ​ (7,068) ​ (c) Cash flows ​ ​ ​ ​ 2021 $m Net cash flows from operating activities ​ (423) Net cash flows from financing activities note ​ 2,329 Cash divested upon demerger ​ (3,527) Net decrease in cash and cash equivalents (1,621) Cash and cash equivalents at 1 Jan 1,621 Cash and cash equivalents at 31 Dec ​ — ​ Note Financing activities in 2021 largely reflected the issuance of debt of $2,350 million. No dividends were paid by Jackson during 2021 prior to demerger.

Condensed Financial Information

Condensed Financial Information of Registrant Prudential plc	12 Months Ended
	Dec. 31, 2023
Condensed Financial Information of Registrant Prudential plc
Condensed Financial Information of Registrant Prudential plc	Condensed Financial Information of Registrant Prudential plc Profit and Loss Accounts (FRS 101 Basis) ​ ​ ​ ​ ​ ​ ​ Years ended 31 Dec 2023 $m 2022 $m 2021 $m Investment income, including dividends received from subsidiary undertakings 1,430 ​ 800 3,642 Investment expenses and charges (203) ​ (207) (328) Gain on transfer of debt to Prudential Funding (Asia) PLC ​ 370 ​ — ​ — Loss on revaluation of Jackson upon demerger ​ — ​ — ​ (439) Corporate expenditure ​ (47) ​ (158) (244) Foreign currency exchange (losses) gains ​ (27) ​ 25 11 Profit on ordinary activities before tax ​ 1,523 ​ 460 2,642 Tax credit on profit on ordinary activities ​ 2 ​ 5 6 Profit for the financial year ​ 1,525 ​ 455 2,648 ​ ​ ​ ​ ​ ​ ​ Other comprehensive income: ​ ​ ​ ​ ​ Items that may be reclassified subsequently to profit or loss ​ ​ ​ ​ ​ Valuation movements on retained interest in Jackson measured at fair value through other comprehensive income ​ 8 ​ (125) ​ 273 Total comprehensive income for the year ​ 1,533 ​ 330 2,921 ​ The accompanying notes are an integral part of this condensed financial information ​ Schedule II Condensed Financial Information of Registrant Prudential plc Statements of Financial Position (FRS 101 Basis) ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Fixed assets Investments in subsidiary undertakings 13,786 13,178 ​ ​ ​ ​ ​ Current assets ​ ​ Amounts owed by subsidiary undertakings 7,267 7,501 Other investments: equity securities - fair value through other comprehensive income ​ — ​ 266 Cash at bank and in hand 21 45 ​ 7,288 7,812 Liabilities: amounts falling due within one year ​ ​ Subordinated liabilities ​ — ​ (21) Debenture loans ​ — ​ (361) Commercial paper — (501) Amounts owed to subsidiary undertakings (866) (614) Tax payable (7) (9) Accruals and deferred income (7) (63) ​ (880) (1,569) Net current assets 6,408 6,243 Total assets less current liabilities 20,194 19,421 Liabilities: amounts falling due after more than one year ​ ​ Subordinated liabilities — (2,265) Debenture loans — (1,614) Amounts owed to subsidiary undertakings (3,610) — ​ (3,610) (3,879) Total net assets 16,584 15,542 Capital and reserves ​ ​ Share capital 183 182 Share premium 5,009 5,006 Profit and loss account 11,392 10,354 Shareholders’ funds 16,584 15,542 ​ The accompanying notes are an integral part of this condensed financial information ​ Schedule II Condensed Financial Information of Registrant Prudential plc Statements of Changes in Equity (FRS 101 basis) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Share Share Profit and ​ shareholders' ​ ​ capital ​ premium ​ loss account ​ funds ​ ​ $m ​ $m ​ $m ​ $m Balance at 1 Jan 2021 173 2,637 9,476 12,286 ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit for the year — — 2,648 2,648 Valuation movements on Jackson equity securities measured at fair value through other comprehensive income — — 273 273 Total comprehensive income for the year — ​ — ​ 2,921 ​ 2,921 ​ ​ ​ ​ ​ ​ ​ ​ ​ Transactions with owners, recorded directly in equity ​ ​ New share capital subscribed 9 ​ 2,373 — 2,382 Demerger dividend in specie of Jackson — ​ — (1,735) (1,735) Share-based payment transactions ​ — ​ — ​ 217 ​ 217 Other dividends ​ — ​ — ​ (421) ​ (421) Total contributions by and distributions to owners 9 2,373 (1,939) 443 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at 31 Dec 2021/1 Jan 2022 182 5,010 10,458 15,650 ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit for the year ​ — ​ — ​ 455 ​ 455 Valuation movements on Jackson equity securities measured at fair value through other comprehensive income ​ — ​ — ​ (125) ​ (125) Total comprehensive income for the year ​ — ​ — ​ 330 ​ 330 ​ ​ ​ ​ ​ ​ ​ ​ ​ Transactions with owners, recorded directly in equity ​ ​ ​ ​ ​ ​ ​ ​ New share capital subscribed ​ — ​ (4) ​ — ​ (4) Share based payment transactions ​ — ​ — ​ 40 ​ 40 Dividends ​ — ​ — ​ (474) ​ (474) Total distributions to owners ​ — ​ (4) ​ (434) ​ (438) ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at 31 Dec 2022 / 1 Jan 2023 ​ 182 ​ 5,006 ​ 10,354 ​ 15,542 ​ ​ ​ ​ ​ ​ ​ ​ ​ Profit for the year ​ — ​ — ​ 1,525 ​ 1,525 Valuation movements on Jackson equity securities measured at fair value through other comprehensive income ​ — ​ — ​ 8 ​ 8 Total comprehensive income for the year ​ — ​ — ​ 1,533 ​ 1,533 ​ ​ ​ ​ ​ ​ ​ ​ ​ Transactions with owners, recorded directly in equity ​ ​ ​ ​ ​ ​ ​ ​ New share capital subscribed ​ 1 ​ 3 ​ — ​ 4 Share based payment transactions ​ — ​ — ​ 38 ​ 38 Dividends ​ — ​ — ​ (533) ​ (533) Total distributions to owners ​ 1 ​ 3 ​ (495) ​ (491) ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at 31 Dec 2023 ​ 183 ​ 5,009 ​ 11,392 ​ 16,584 ​ The accompanying notes are an integral part of this condensed financial information ​ Schedule II Condensed Financial Information of Registrant Prudential plc Statements of Cash Flows (FRS 101 Basis) ​ ​ ​ ​ ​ ​ ​ Years ended 31 December 2023 $m 2022 $m 2021 $m Operating activities Net cash inflow from operating activities before interest and tax 1,527 ​ 664 417 Interest paid (35) ​ (204) (328) Taxes received — ​ (4) (13) Equity dividends paid (533) ​ (474) (421) Net cash inflow (outflow) before operating activities 959 ​ (18) (345) Financing activities ​ ​ ​ ​ Issuance of ordinary share capital 4 ​ (4) 2,383 Issuance of core structural borrowings — ​ 346 995 Redemption of core structural borrowings (393) ​ (2,075) (1,250) Movement in commercial paper and other borrowings to support a short-term fixed income securities program (501) ​ 1 (1) Dividend income from investment in subsidiary undertakings ​ — ​ — ​ 215 Movement in share based payment receivable ​ (4) ​ (111) ​ — Capitalisation of amount owed by subsidiary ​ — ​ (62) ​ — Non-cash transfer of debt to PFAP ​ (3,552) ​ — ​ — Movement in net amount owed by subsidiary undertakings 3,610 ​ (36) (374) Net cash (outflow) inflow from financing activities (836) ​ (1,941) 1,968 Investing activities ​ ​ ​ ​ ​ ​ Disposal of Jackson shares ​ 273 ​ 293 ​ 83 Investment in subsidiaries ​ (609) ​ — ​ — Capitalisation of intercompany loans ​ 189 ​ — ​ — Net cash (outflow) inflow from investing activities ​ (147) ​ 293 ​ 83 Net cash (outflow) inflow for the year ​ (24) ​ (1,666) ​ 1,706 Reconciliation of profit on ordinary activities before tax to net cash inflow from operating activities before interest and tax ​ ​ ​ ​ Profit on ordinary activities before tax 1,523 ​ 460 2,642 Add back: interest charged to profit or loss 203 ​ 207 328 Adjustments for non-cash items: ​ ​ ​ ​ Gain on transfer of subordinated liabilities and debenture loans ​ (370) ​ — ​ — Non-cash dividends paid ​ — ​ — ​ (2,968) Revaluation of Jackson on distribution in 2021 ​ — ​ — ​ 439 Gain on realisation of Jackson shares ​ — ​ — ​ (23) Foreign currency exchange and other movements 27 ​ 8 (6) Decrease (increase) in debtors — ​ 9 (4) Increase (decrease) in creditors 144 ​ (20) 9 Net cash inflow from operating activities before interest and tax 1,527 ​ 664 417 ​ The accompanying notes are an integral part of this condensed financial information ​ Schedule II Condensed Financial Information of Registrant Prudential plc Notes to the Condensed Financial Statement Schedule 31 December 2023 1 Basis of preparation The financial statements of the Parent Company, which comprise the profit and loss accounts, statement of financial position, statement of changes in equity, statement of cash flows and related notes, are prepared in accordance with UK Generally Accepted Accounting Practice, including Financial Reporting Standard 101 Reduced Disclosure Framework (‘FRS 101’) and Part 15 of the Companies Act 2006. In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements in accordance with international accounting standards adopted for use in the UK but makes amendments where necessary, in order to comply with the Companies Act 2006. The accounting policies set out in note 2 below have been applied consistently to both years presented in these financial statements. The Company and the Group manage cash resources, remittances and financing primarily in US dollars. Accordingly, the functional and presentational currency of the Company is US dollars. On the basis of the assessment of going concern for the Company and the Group as set out in note A1 to the Group IFRS consolidated financial statements, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing these financial statements for the year ended 31 December 2023. 2 Significant accounting policies Investments in subsidiary undertakings Investments in subsidiary undertakings are shown at cost less impairment. Investments are assessed for indicators of impairment, and if any are identified, any impairment is assessed by comparing the net assets and value in use of the subsidiary undertakings with the carrying value of the investments. Amounts owed by subsidiary undertakings Amounts owed by subsidiary undertakings are shown at cost less expected credit losses, which are determined using the expected credit loss approach under IFRS 9. Financial instruments Under IFRS 9, except for derivative instruments (where applicable) that are mandatorily classified as FVTPL, all financial assets and liabilities of the Company are held at amortised cost.The Company assesses impairment on its loans and receivables using the expected credit loss approach. The expected credit loss on the Company’s loans and receivables, the majority of which represent loans to its subsidiaries, have been assessed by taking into account the probability of defaults on those loans. In all cases, the subsidiaries are expected to have sufficient resources to repay the loans either now or over time based on projected earnings. For loans recallable on demand, the expected credit loss has been limited to the impact of discounting the value of the loan between the balance sheet date and the anticipated recovery date. For loans with a fixed maturity date the expected credit loss has been determined with reference to the historic experience of loans with equivalent credit characteristics. Borrowings Borrowings are initially recognised at fair value, net of transaction costs, and subsequently accounted for on an amortised cost basis using the effective interest method. Under the effective interest method, the difference between the redemption value of the borrowing and the initial proceeds, net of transaction costs, is amortised through the profit and loss account to the date of maturity or, for subordinated debt, over the expected life of the instrument. Dividends Interim dividends are recorded in the period in which they are paid. Foreign currency translation Transactions not denominated in the Company’s functional currency, US dollars, are initially recorded at the rate of currency prevailing on the date of the transaction. Monetary assets and liabilities not denominated in the Company’s functional currency are translated to the Company's functional currency at year end spot rates. The impact of these currency translations is recorded within the profit and loss account for the year. Tax Current tax expense is charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable amounts for the current year and adjustments made in relation to prior years. Current tax recoverable (payable) recognised in the balance sheet is measured at the amount expected to be either recovered from (paid to) relevant tax authorities or Group undertakings in relation to the surrender (claim) of tax losses. Deferred tax assets and liabilities are recognised in accordance with the provisions of IAS 12 ‘Income Taxes’. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that future taxable profits will be available against which these losses can be utilised. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The Company has applied the mandatory exemption from recognising and disclosing information on the associated deferred tax assets and liabilities at 31 December 2023 as required by the amendments to IAS 12 ‘International Tax Reform – Pillar Two Model Rules’ referred to in note A2.2 to the Group IFRS consolidated financial statements. Share-based payments The Group offers share award and option plans for certain key employees and a Save As You Earn (‘SAYE’) plan for all UK and certain overseas employees. The share-based payment plans operated by the Group are mainly equity-settled. Under IFRS 2 ‘Share-based payment’, where the Company, as the parent company, has the obligation to settle the options or awards of its equity instruments to employees of its subsidiary undertakings, and such share-based payments are accounted for as equity-settled in the Group financial statements, the Company records an increase in the investment in subsidiary undertakings for the value of the share options and awards granted with a corresponding credit entry recognised directly in equity. The value of the share options and awards granted is based upon the fair value of the options and awards at the grant date, the vesting period and the vesting conditions. Cash receipts from business units in respect of newly issued share schemes are treated as returns of capital within investments in subsidiaries. Significant accounting judgement - valuation of debt transfer The fair value of the external debt transferred from the Company to Prudential Funding (Asia) plc in March 2023 was determined by reference to the externally observable prices of these quoted instruments. The intercompany liability due to Prudential Funding (Asia) plc as consideration for the transfer of the external debt liabilities are for the same principal amounts and have identical terms to the external debt, with the exception of an additional margin on the interest rate. It is judged that the most appropriate measure of the fair value of these intercompany items is the fair value of the external debt instruments with an adjustment for the fair value of the additional interest margin, which increased the fair value of the liability by $17 million on initial recognition. 3 Dividends received from subsidiary undertakings The parent company received dividends totalling $1,277 million from its consolidated subsidiary undertakings in 2023 (2022: $708 million; 2021: $3,597 million). 4 Reconciliation from the FRS 101 parent company results to the Group IFRS Group results The parent company financial statements are prepared in accordance with FRS 101 and the Group financial statements are prepared in accordance with IFRS as issued by the IASB and international financial reporting standards adopted for use in the UK. The tables below provide a reconciliation between the FRS 101 parent company results and the Group IFRS results. ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m 2022* $m 2021 $m Profit after tax Profit for the financial year of the Company in accordance with FRS 101 note (i) 1,525 455 2,648 Accounting difference note (ii) ​ (65) ​ 108 ​ 28 Share in the IFRS result of the Group, net of distributions to the Company note (iii) 241 (1,570) (4,718) Profit (loss) after tax of the Group attributable to equity holders in accordance with IFRS note (iv) 1,701 (1,007) ​ (2,042) ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022* $m Shareholders’ equity Shareholders’ funds of the Company in accordance with FRS 101 16,584 15,542 Accounting policy difference note (ii) ​ — ​ 66 Share in the IFRS net equity of the Group note(iii) 1,239 1,123 Shareholders’ equity of the Group in accordance with IFRS 17,823 16,731 ​ * The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1 to the Group IFRS consolidated financial statements. Accordingly, the 2022 comparative results have been re-presented from those previously published. Notes (i) The Company’s profit (loss) for the financial year includes distributions to the Company from subsidiaries. (ii) In the current year, accounting difference represents the difference in accounting for expected credit losses on loan assets. In the prior years (2022 and 2021), differences also arose from that effect, together with the difference in treatment of realised gains and losses on investments classified as fair value through other comprehensive income, as the Company applied IFRS 9 in 2022 and 2021 which the Group adopted, without retrospective application, in 2023. (iii) The share in the IFRS result of the Group line represents the parent company’s interest in the earnings of its subsidiaries, joint ventures and associates. The share in the IFRS net equity line represents the parent company's interest in the net assets of its subsidiaries, joint ventures and associates. The movement compared with the prior year reflects movements in the results of the Group relative to the result of the Company. (iv) The profit (loss) for the year of the parent company in accordance with IFRS includes dividends received from subsidiary undertakings (see note 3). ​ 5 Guarantees provided by the parent company In certain instances the parent company has guaranteed that its subsidiaries will meet their obligations when they fall due for payment. 6 Equity securities – fair value through other comprehensive income The Company made the election to measure its interest in equity securities in Jackson at FVOCI, which were disposed of entirely in 2023. The fair value of the Company’s holding in the equity securities of Jackson Financial Inc. was determined by the use of current market bid prices and is categorised as Level 1: Quoted prices (unadjusted in active markets) of the IFRS 13 ‘Fair Value Measurement’ defined fair value hierarchy. A gain of $8 million (2022: a loss of $(125) million) has been recognised in other comprehensive income for the year in respect of these instruments. 7 Post balance sheet events Dividends The second interim dividend for the year ended 31 December 2023, which was approved by the Board of Directors after 31 December 2023, is described in note B5 of the Group IFRS consolidated financial statements. Share repurchase programme to neutralise 2023 employee and agent share scheme issuance On 16 January 2024, the Company announced that the share repurchase programme in respect of 3,851,376 ordinary shares that it announced on 5 January 2024 and commenced on 8 January has been completed. The purpose of the share repurchase programme was to offset dilution from the vesting of awards under employee and agent share schemes during 2023. The Company has repurchased 3,851,376 ordinary shares in aggregate (representing 0.14 per cent of the total number of ordinary shares in issue at the end of the year (as disclosed in note C8 of the Group IFRS consolidated financial statements)) at a volume weighted average price of £8.2676 per ordinary share for a total consideration of approximately £32 million.

Basis of preparation and acco_2

Basis of preparation and accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting policies
Basis of preparation and exchange rates	A1 Basis of preparation and exchange rates Prudential plc (the ‘Company‘) together with its subsidiaries (collectively, the ‘Group' or ‘Prudential’) provides life and health insurance and asset management products in Asia and Africa. The Group is headquartered in Hong Kong. Basis of preparation These consolidated financial statements have been prepared in accordance with IFRS Standards as issued by the IASB and UK-adopted international accounting standards. At 31 December 2023, there were no unadopted standards effective for the year ended 31 December 2023 which had an impact on the consolidated financial statements of the Group, and there were no differences between UK-adopted international accounting standards and IFRS Standards as issued by the IASB in terms of their application to the Group. The Group has adopted IFRS 17, 'Insurance Contracts' and IFRS 9, 'Financial Instruments'(including any consequential amendments to other standards) as issued by the IASB and as adopted for use in the UK from 1 January 2023, as discussed in note A2.1. The transition date of the Group for IFRS 17 was 1 January 2022. Except for the changes from the adoption of these two standards and the new and amended IFRS Standards as described in note A2.2, the accounting policies applied by the Group in determining the IFRS financial results in these consolidated financial statements are the same as those previously applied in the Group's consolidated financial statements for the year ended 31 December 2022 as disclosed in the 2022 annual report. As permitted by IFRS 17, comparative results and related accounting policies presented for the year ended 31 December 2021 have not been re-presented and are as previously published in the 2022 Annual Report when the Group had not yet adopted IFRS 17 and IFRS 9. Going concern basis of accounting The Directors have made an assessment of going concern covering a period to 31 March 2025, being at least 12 months from the date these consolidated financial statements are approved. In making this assessment, the Directors have considered both the Group’s current performance, solvency and liquidity and the Group’s business plan taking into account the Group’s principal risks, and the mitigations available to address them, as well as the results of the Group’s stress and scenario testing, as described further in the Risk review section. Based on the above, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue their operations for a period to 31 March 2025, being at least 12 months from the date these consolidated financial statements are approved. No material uncertainties that may cast significant doubt on the ability of the Company and the Group to continue as a going concern have been identified. The Directors therefore consider it appropriate to continue to adopt the going concern basis of accounting in preparing these consolidated financial statements for the year ended 31 December 2023. Exchange rates The exchange rates applied for balances and transactions in currencies other than the presentation currency of the Group, US dollars (USD) were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing rate at year end ​ Average rate for the year to date USD : local currency 31 Dec 2023 31 Dec 2022 31 Dec 2021 / 1 Jan 2022 2023 2022 2021 Chinese yuan (CNY) 7.09 6.95 6.37 7.09 6.73 6.45 Hong Kong dollar (HKD) 7.81 7.81 7.80 7.83 7.83 7.77 Indian rupee (INR) ​ 83.21 ​ 82.73 ​ 74.34 ​ 82.60 ​ 78.63 ​ 73.94 Indonesian rupiah (IDR) 15,397.00 15,567.50 14,252.50 15,230.82 14,852.24 14,294.88 Malaysian ringgit (MYR) 4.60 4.41 4.17 4.56 4.40 4.15 Singapore dollar (SGD) 1.32 1.34 1.35 1.34 1.38 1.34 Taiwan dollar (TWD) ​ 30.69 ​ 30.74 ​ 27.67 ​ 31.17 ​ 29.81 ​ 27.93 Thai baht (THB) 34.37 34.56 33.19 34.80 35.06 32.01 UK pound sterling (GBP) ​ 0.78 ​ 0.83 ​ 0.74 ​ 0.80 ​ 0.81 ​ 0.73 Vietnamese dong (VND) 24,262.00 23,575.00 22,790.00 23,835.92 23,409.87 22,934.86 ​ Foreign exchange translation In order to present the consolidated financial statements in USD, the results and financial position of entities not using USD as functional currency (ie the currency of the primary economic environment in which the entity operates) must be translated into USD. All assets and liabilities of entities not operating in USD are converted at closing exchange rates while all income and expenses are converted at average exchange rates where this is a reasonable approximation of the rates prevailing on transaction dates. The impact of these foreign exchange translations into the Group’s USD presentation currency is recorded as a separate component in the Statement of comprehensive income. Upon the disposal of the entity, the related cumulative foreign exchange translation differences are recycled from other comprehensive income to the income statement as part of the gain or loss on disposal. The general principle for converting foreign currency transactions to the functional currency of an entity is to translate at the functional currency spot rate prevailing at the date of the transactions. Foreign currency monetary assets and liabilities are translated at the spot exchange rate for the functional currency at the reporting date. Changes resulting from the foreign exchange translations into the functional currency of the entity are recognised in the income statement. The consolidated financial statements do not represent Prudential’s statutory accounts for the purposes of the UK Companies Act. These financial statements are based on the prescribed formats. The Group’s external auditors have reported on the 2023, 2022 and 2021 statutory accounts. Statutory accounts for 2022 and 2021 have been delivered to the UK Registrar of Companies and those for 2023 will be delivered following the Company’s Annual General Meeting. The auditor’s reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under Section 498(2) or (3) of the UK Companies Act 2006.
New accounting pronouncements	The Group adopted IFRS 17 ‘Insurance Contracts’ and IFRS 9 ‘Financial Instruments’, including any consequential amendments to other standards, from 1 January 2023. IFRS 17, ‘Insurance contracts’ IFRS 17 introduces significant changes to the way insurance and reinsurance contracts are accounted for, albeit the scope of IFRS 17 and IFRS 4 is very similar. Therefore, nearly all of the Group’s insurance and investment contracts with discretionary participation features (DPF)accounted under IFRS 4 are now accounted under IFRS 17. IFRS 4 permitted insurers to continue to use the statutory basis of accounting for insurance assets and liabilities that existed in their jurisdictions prior to January 2005. IFRS 17 replaces this with a new measurement model that establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts, reinsurance contracts and investment contracts with DPF. Insurance contracts are aggregated into groups for measurement purposes. Groups of insurance contracts are determined by identifying portfolios of insurance contracts, each comprising contracts subject to similar risks and managed together, and dividing each portfolio into annual cohorts (ie by year of issue) and each annual cohort into groups based on the profitability of contracts. Portfolios of reinsurance contracts held are assessed for aggregation separately from portfolios of insurance contracts issued. When determining 'similar risks' the Group does not divide risks within a contract, eg riders sold under a single contract would not be split by risk type. The Group have therefore identified three broad categories of risks referred to as 'dominant' risks, namely, protection, investment and to a less material extent longevity. The requirement 'managed together' is assessed within the geographical boundary of each local business unit. Each ring-fenced fund is considered to be managed separately. Under IFRS 17 groups of contracts are measured on initial recognition as the total of: – Fulfilment cash flows, comprising the best estimate of the present value of future cash flows within the contract boundary that are expected to arise and an explicit risk adjustment for non-financial risk; and – A contractual service margin (CSM) that represents the deferral of any day-one gains arising on initial recognition. Day-one losses, any subsequent losses on onerous contracts and reversal of those losses arising from groups of insurance contracts are recognised directly in the income statement. For groups of reinsurance contracts held, any net gains or losses at initial recognition are recognised as CSM unless the net cost of purchasing reinsurance relates to past events, in which case such net cost is recognised immediately in the income statement. Under IFRS 17 insurance contracts are measured under the General Measurement Model (GMM), Variable Fee Approach (VFA) or Premium Allocation Approach (PAA). The Group predominantly uses the VFA and GMM, depending on the specific characteristics of the insurance contracts. The Group makes very limited use of the PAA for some small portfolios of short duration contracts. Reinsurance contracts held are measured under the GMM. Approximately 72 per cent of the CSM (including joint ventures and associates and net of reinsurance) at transition (as described below) was calculated under the VFA and relates to the Group’s with-profits and shareholder-backed participating products and unit-linked products with a low proportion of protection riders. The remaining approximately 28 per cent of the CSM at transition was calculated under the GMM and includes the Group’s non-profit protection products and unit-linked products with a high proportion of protection riders. The fulfilment cash flows are updated each reporting date to reflect current conditions. For contracts with direct participating features which are accounted for under the VFA, on initial recognition the CSM represents the variable fee to shareholders and it is adjusted to reflect the effect of changes in economics as well as experience variances and/or assumptions changes that relate to future services. For contracts accounted for under GMM, the CSM is accreted using the discount rates determined at the date of initial recognition (the ‘locked-in discount rates’) and only adjusted to reflect the effect of non-economic experience variances and/or assumptions changes that relate to future services. The adjustments to the CSM for GMM business are determined using the locked-in discount rates. Further information on the subsequent measurement of the CSM is contained within note C3.4. IFRS 17 is applied retrospectively unless impractical to do so. The effect of adopting IFRS 17 retrospectively adjusts shareholders’ equity as at the date of transition of 1 January 2022. At the transition date, the opening balance sheet for IFRS 17 is established, as set out in the section 'Effect of adoption of IFRS 17 and IFRS 9' below. With the adoption of IFRS 17, certain line items in the Group’s consolidated statement of financial position have been replaced with new line items. For example, the Group now presents separately the carrying amount of portfolios of: – Insurance contracts issued that are assets; – Insurance contracts issued that are liabilities; – Reinsurance contracts held that are assets; and – Reinsurance contracts held that are liabilities. Further, the line items in the consolidated income statement have been changed significantly compared with reporting under IFRS 4. In accordance with the IFRS 17 requirements, the following line items are no-longer reported: Gross premiums earned, Outward reinsurance premiums, Benefits and claims, Reinsurers’ share of benefits and claims, Movements in unallocated surplus of with-profits funds and Acquisition costs. Those are replaced with the following IFRS 17 line items: – Insurance revenue; – Insurance service expenses; – Net income (expense) from reinsurance contracts held; and – Net insurance finance income (expenses). Approach to transition to IFRS 17 Transition refers to the determination of the opening balance sheet for the first year of comparative information presented under IFRS 17 (ie at 1 January 2022). The future cash flows and risk adjustment are measured on a current basis in the same manner as they would be calculated for subsequent measurement. The key component of transition is therefore the determination of the CSM. The standard requires IFRS 17 to be applied retrospectively (the 'Full Retrospective Approach') unless impracticable. If a fully retrospective approach is impracticable there is an option to choose either a Modified Retrospective Approach or a Fair Value Approach. Prudential has adopted the Modified Retrospective Approach for cohorts of business for which expected cash flows at the date of initial recognition are not available but where actual historic cash flows are available. If reasonable and supportable information necessary to apply the modified retrospective approach is not available, the fair value approach must be applied. The CSM of the groups of insurance contracts transitioned under retrospective approaches (ie full retrospective approach and modified retrospective approach) has been calculated as if the Group had only prepared annual financial statements before the transition date (ie transition CSM has been measured using a year-to-date approach). Full Retrospective Approach (FRA) Under the FRA, each group of insurance contracts has been identified, recognised and measured as if IFRS 17 had always applied. The CSM was calculated at initial recognition of a group of contracts based on the facts and circumstances at that time (ie without use of hindsight). This CSM was then rolled forward to the transition date in line with the requirements of the standard. Modified Retrospective Approach (MRA) The objective of the MRA is to achieve the closest possible outcome to retrospective application possible using reasonable and supportable information without undue cost and effort. A number of specific modifications are permitted under the MRA. The Group has adopted the following modifications: – To use information at the transition date to identify insurance contract groups; – To use information at the transition date to assess eligibility for the variable fee approach; and – To use information at the transition date to identify discretionary cash flows. General Measurement Model (GMM) Under the MRA for GMM business, the cash flows at the date of initial recognition of a group of insurance contracts have been estimated as the cash flows at the earliest available date (ie the first year when the FRA is practicable, referred to as the 'earlier date'), adjusted by the cash flows that are known to have occurred between these two dates. A number of further specific modifications are permitted. The Group has adopted the following modifications: – To estimate the risk adjustment at the date of initial recognition as the risk adjustment at the earlier date adjusted by the expected release of risk before that date based on the risk adjustment release pattern for similar contracts; – To estimate CSM amortisation in line with run-off of the coverage units; and – If there is a loss component at initial recognition, to estimate the amount allocated to the loss component before the transition date using a systematic allocation consistent with the modifications adopted above. Discount rates at the date of initial recognition were determined using observable market data at that date. Variable Fee Approach (VFA) Under the MRA for VFA business, the CSM at the transition date for a group of insurance contracts has been determined as: – The total fair value of the underlying items at that date; minus – The fulfilment cash flows at that date; plus or minus – An adjustment for: – Amounts charged to policyholders before that date; – Amounts paid before that date not varying with underlying items; – The change in the risk adjustment caused by the release from risk before that date; and minus – An estimate of the amounts that would have been recognised in profit or loss for services provided before the transition date by comparing the remaining coverage units at the transition date with the coverage units provided under the group of contracts before the transition date. In implementing this approach, the amounts charged to policyholders, the amounts paid not varying with underlying items and coverage units have been adjusted for the time value of money. Fair Value Approach (FVA) The insurance contracts of the Group under the FVA generally represent groups of contracts that were written many years ago where suitable historical information required to apply the retrospective transition approaches is no longer practicably available. Under the FVA, the CSM at the transition date is the difference between the fair value of the insurance contracts, determined in accordance with IFRS 13 Fair Value Measurement, and the fulfilment cash flows at that date. IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of groups of insurance contracts has therefore been interpreted as the compensation that a market participant would require for taking on the relevant obligation under the contracts. The fair value has been determined using a cost of capital approach by reference to a quantum of capital required to be held in order to fulfil the contracts and a required return on that capital. Expected cash flows and the required locked-in capital are projected forward over the duration of the groups of contracts and discounted at the required rate of return. These calculations are based on the following key assumptions: – The expected cash flows reflect the future cost that a market participant would expect to incur in fulfilling the obligations under the contracts. The fair value has been based on the same scope of cash flows as are included in the calculation of the best estimate liability. In particular, the same contract boundaries are assumed in the calculation of the fair value and best estimate liability. However, the measurement of those cash flows need not be the same. – The required locked-in capital is the level of capital realistically required for a business to operate in the relevant jurisdiction. – The required rate of return is compensation the Group would expect a market participant to require to enter into a transaction to transfer the liability associated with the insurance contracts at the transition date. This return has been determined using the Capital Asset Pricing Model, including allowance for both financial risk and uncertainty in non-financial risk. A number of specific modifications are permitted under the FVA. The Group has adopted the following modifications: – To use information at the transition date to identify groups of insurance contracts; – To use information at the transition date to assess eligibility for the VFA; – To use information at the transition date to identify discretionary cash flows; – To use information at the transition date to assess whether a contract meets the definition of an investment contract with DPF; and – To group annual cohorts of business. The allocation of opening CSM by transition approach is given in note C3.2(b), alongside a segmental split. IFRS 9, ‘Financial Instruments’ IFRS 9 replaced IAS 39 Financial Instruments: Recognition and Measurement for annual periods beginning on or after 1 January 2018. The Group met the eligibility criteria, under the amendments to IFRS 4 to apply the temporary exemption from IFRS 9, deferring the initial application date of IFRS 9 to align with the initial application of IFRS 17. The adoption of IFRS 9 has affected the following three areas: The classification and the measurement of financial assets and liabilities IFRS 9 redefines the classification of financial assets. Based on the way in which the assets are managed in order to generate cash flows and their contractual cash flow characteristics (whether the cash flows represent ‘solely payments of principal and interest’), financial assets are classified into one of the following categories: amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL). An option is also available at initial recognition to irrevocably designate a financial asset as at FVTPL if doing so eliminates or significantly reduces accounting mismatches. The Company has made the election under IFRS 9 to measure its retained interest in Jackson at FVOCI. Under this designation, only dividend income from this retained interest is recognised in the profit or loss of the Company. Unrealised gains and losses are recognised in other comprehensive income and there is no recycling to the profit or loss on derecognition.This was the only investment classified at FVOCI at 1 January 2023. A table explaining the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group’s financial assets and financial liabilities as at 1 January 2023 is set out in the section 'Effect of adoption of IFRS 17 and IFRS 9' below. The calculation of the impairment charge relevant for financial assets held at amortised cost or FVOCI A new impairment model based on an expected credit loss approach replaced the incurred loss impairment model under IAS 39, resulting in earlier recognition of credit losses compared with IAS 39. This aspect is the most complex area of IFRS 9 and involves significant judgements and estimation processes. As discussed above, the vast majority of the financial investments of the Group are held at FVTPL to which these requirements do not apply. Accordingly, no significant amount of additional impairment was recognised by the Group under the expected credit loss approach as a result of the adoption of IFRS 9. The hedge accounting requirements which are more closely aligned with the risk management activities The Group has not applied hedge accounting treatment under IAS 39 and therefore, there is no impact in this area for the Group upon the adoption of IFRS 9. Effect of adoption of IFRS 17 and IFRS 9 The adoption of IFRS 17 has significant changes to the accounting for insurance and reinsurance contracts, as discussed above. The Group’s approach to transition to IFRS 17 is set out in the preceding section. The Group has restated the 2022 comparative amounts and presented a restated consolidated statement of financial position as at 1 January 2022. The implementation of IFRS 9 has an insignificant impact on the Group’s financial statements. As permitted by IFRS 9, the Group has not restated the comparatives on initial application of the standard but the Group is taking advantage of the classification overlay as permitted by the Amendment to IFRS 17, ‘Initial Application of IFRS 17 and IFRS 9 – Comparative Information’ issued in December 2021. In accordance with this amendment, the balance sheet at 1 January 2022 reflects the change in classification of certain debt securities to amortised cost from fair value through profit and loss, certain loans to fair value through profit and loss from amortised cost and the recognition of IFRS 9 expected credit losses for certain mortgage loans that continue to be classified as amortised cost. With the exception of these changes, for which the overall net asset impact is insignificant at less than $5 million, the consolidated statement of financial position as of 1 January 2022 as restated under IFRS 17 has been presented to reflect the classification and measurement under IAS 39. Consolidated statement of financial position at transition date 1 January 2022 The following table shows the Group’s consolidated statement of financial position as at 1 January 2022 restated under the IFRS 17 basis and the summarised effects of the adoption of the new standard. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 Dec 2021 $m Effects of adoption of IFRS 17 $m At 1 Jan 2022 $m ​ ​ (as reported under ​ Presentation ​ Measurement ​ (as restated under ​ ​ IFRS 4) ​ changes ​ changes ​ IFRS 17) ​ ​ note (i) note (ii) ​ Assets Goodwill 907 — — 907 Deferred acquisition costs and other intangible assets: Deferred acquisition costs 2,815 (39) (2,776) — Other intangible assets 4,043 — (28) 4,015 ​ 6,858 (39) (2,804) 4,015 Insurance contract assets n/a — 1,250 1,250 Reinsurance contract assets 9,753 (22) (6,944) 2,787 Deferred tax assets 266 (134) — 132 Other non-investment and non-cash assets 3,448 (1,022) 61 2,487 Investment properties 38 — — 38 Investments in joint ventures and associates accounted for using the equity method 2,183 — 515 2,698 Total financial investments: Policy loans 1,733 (1,733) — — Other loans 829 — (58) 771 Equity securities and holdings in collective investment schemes 61,601 — — 61,601 Debt securities 99,094 — 60 99,154 Derivative assets 481 — — 481 Deposits 4,741 — — 4,741 ​ ​ 168,479 (1,733) 2 166,748 Cash and cash equivalents 7,170 — — 7,170 Total assets 199,102 (2,950) (7,920) 188,232 Equity ​ ​ ​ ​ ​ ​ ​ Shareholders' equity 17,088 — 1,848 18,936 Non-controlling interests 176 — (1) 175 Total equity 17,264 — 1,847 19,111 Liabilities ​ ​ ​ ​ ​ ​ ​ Insurance contract liabilities* 156,485 4,243 (10,930) 149,798 Reinsurance contract liabilities n/a — 1,254 1,254 Investment contract liabilities without discretionary participation features 814 — (92) 722 Core structural borrowings of shareholder-financed businesses 6,127 — — 6,127 Operational borrowings 861 — — 861 Deferred tax liabilities 2,862 (1,696) 1 1,167 Other liabilities 14,689 (5,497) — 9,192 Total liabilities 181,838 (2,950) (9,767) 169,121 Total equity and liabilities 199,102 (2,950) (7,920) 188,232 ​ * Included within insurance contract liabilities at 31 December 2021 are investment contracts with DPF and unallocated surplus of with-profits funds under IFRS 4. ​ Notes (i) The presentation changes as shown in the table above principally arise from the following effects of the adoption of IFRS 17: – Inclusion of insurance and reinsurance related receivable and payable balances within IFRS 17 insurance and reinsurance contract assets and liabilities Under IFRS 17, the measurement of a group of insurance contracts requires inclusion of all the future cash flows within the boundary of each contract and as a result, all insurance and reinsurance related receivable and payable balances (eg premiums receivable and claims payable) that were previously separately presented on the balance sheet are now in effect included within the insurance and reinsurance contract balances under IFRS 17. – Policy loans Applying the same IFRS 17 measurement principles described above, policy loans related cash flows including any accrued interest income (previously included in ‘Accrued investment income’) are also included within the fulfilment cash flows of the associated group of insurance contracts. – Deferred tax liabilities In line with IAS 12, deferred tax assets and liabilities have been netted as appropriate. The deferred tax liabilities arising from expected future distributions of the Singapore with-profits funds have been reclassified to be part of the insurance contract liabilities under IFRS 17. (ii) The measurement changes shown in the table above principally reflect the following measurement differences arising from the adoption of IFRS 17: – Deferred acquisition costs (DAC) Acquisition cash flows are taken into account in determining the day-one CSM of a group insurance contracts. As such, explicit assets for DAC are not required and the IFRS 4 balances are removed. DAC relating to investment contracts without discretionary participation features remains as an asset and has been reclassified to ‘Other debtors’ under 'Other non-investment and non-cash items’. – Insurance and reinsurance contract assets and liabilities The adjustments represent insurance and reinsurance contract measurement differences between IFRS 4 and IFRS 17, which primarily relate to the following effects: – the establishment of a CSM under IFRS 17 in accordance with the transition rules, intended to represent the unamortised amount of expected future profit deferred upon initial recognition of an insurance contract for all in-force contracts; – the establishment of an explicit risk adjustment for non-financial risk under IFRS 17; – release of prudence in the IFRS 4 policyholder liabilities to leave the best estimate liability; and – the change in treatment of the unallocated surplus of with-profits funds such that the shareholders’ share is recognised in shareholders’ equity after allowing for measurement differences between IFRS 4 and IFRS 17. Tax – Current tax assets and liabilities are calculated for each entity in the Group based on local tax rules, and the basis of tax varies between jurisdictions. For insurance entities in the Group, the current tax is calculated based on either the financial statements prepared under local generally accepted accounting principles (GAAP), or the regulatory return prepared under relevant regulatory rules, or on an alternative basis (for example, Hong Kong, where most life insurance business is taxed by reference to net premiums). Current tax assets and liabilities at transition date are not impacted by the adoption of IFRS 17 at Group level as the adoption for the Group financial statements has no impact on local tax calculations. For jurisdictions where the basis of tax is the local financial statements, current tax assets and liabilities will be calculated applying IFRS 17 if and when the standard is adopted locally, and subject to local tax rules for transitional adjustments. The impact of any such local adoption on the Group financial statements will be considered when relevant. – Deferred tax balances are adjusted to reflect the deferred tax effects of the measurement adjustments arising from transition to IFRS 17 described above. The methods of calculating deferred tax are unchanged. Where insurance and reinsurance contract assets and liabilities give rise to a tax deduction or taxable income when they are recovered or settled, measurement changes to these balances, without equal changes in current taxable income, give rise to corresponding changes to the deferred tax balances at the tax rates expected to apply when the deferred tax assets or liabilities are realised or settled. – Investments in joint ventures and associates accounted for using the equity method The adjustments represent the Group’s share of the impact of the transition of the balance sheets of the Group’s life joint ventures and associate (being CPL, India and the Takaful business in Malaysia) from IFRS 4 to IFRS 17, arising principally from the measurement differences as described above. ​ Financial assets and liabilities by IFRS 9 category The following table and the accompanying notes explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group’s financial assets and financial liabilities as at 31 December 2022/1 January, 2023. The effects of the reclassification of financial assets as a result of transition to IFRS 9 is not material. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification at initial application ​ Carrying value $m Financial instruments Original under IAS 39 New under IFRS 9 Original under IAS 39 New under IFRS 9 Financial assets Loans note (i) Amortised cost Amortised cost 140 140 Loans /debt securities note (ii) Amortised cost Mandatorily at FVTPL 26 27 Loans FVTPL Mandatorily at FVTPL 450 450 Equity securities and portfolio holdings in collective investment schemes FVTPL Mandatorily at FVTPL 57,413 57,413 Equity securities note (iii) Available-for-sale (AFS) FVOCI 266 266 Debt securities held by Eastspring note (iv) FVTPL Amortised cost 67 67 Other Debt securities FVTPL Mandatorily at FVTPL 76,922 76,922 Derivative assets FVTPL Mandatorily at FVTPL 569 569 Accrued investment income Loans and receivables Amortised cost 983 983 Deposits Loans and receivables Amortised cost 6,275 6,275 Cash and cash equivalents Loans and receivables Amortised cost 5,514 5,514 Other debtors note (i) Loans and receivables Amortised cost 968 968 Financial liabilities Investment contract liabilities without DPF FVTPL Mandatorily at FVTPL 663 663 Derivative liabilities FVTPL Mandatorily at FVTPL 1,001 1,001 Core structural borrowings of shareholder-financed businesses Amortised cost Amortised cost 4,261 4,261 Operational borrowings Amortised cost Amortised cost 815 815 Obligations under funding, securities lending and sale and repurchase agreements Amortised cost Amortised cost 582 582 Net asset value attributable to unit holders of consolidated investment funds note (v) FVTPL Designated at FVTPL 4,193 4,193 Other liabilities Amortised cost Amortised cost 2,866 2,866 ​ Notes (i) In accordance with IFRS 17 requirements policy loans and debtor balances that are related to insurance contracts are included within the measurement of insurance contract liabilities. Therefore, the amounts for these balance sheet line items as presented in this table do not include such balances. (ii) Certain securities that were classified as loans at amortised cost under IAS 39 were reclassified to debt securities at fair value through profit or loss under IFRS 9 aligning to how these securities are managed. (iii) Represents the Group’s interest in Jackson which the Group elected to be classified at FVOCI. (iv) Under IAS 39 Eastspring debt securities were classified as FVTPL. The Group has reclassified these debt securities as measured at amortised cost because these instruments meet the solely payments of principal and interest (SPPI) criterion and are held with the intention to collect contractual cash flows. (v) 'Net asset value attributable to unit holders of consolidated investment funds' represents the interests of investors other than the Group in the investment funds that the Group is deemed to control and therefore treated as a subsidiary and consolidated in the Group financial statements. The Group has designated 'Net asset value attributable to unit holders of consolidated investment funds' as financial liabilities measured at FVTPL to eliminate any accounting mismatch with the underlying investments of those consolidated investment funds, which are measured at FVTPL. The measurement categories of the Group’s financial assets and financial liabilities as at 31 December 2023, as shown on the consolidated statement of financial position, are consistent with those as at 1 January 2023. The following line items contain more than one asset classification at 31 December 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mandatorily at Total 31 Dec 2023 ​ ​ Amortised Cost $m FVTPL $m $m Loans 148 430 578 Debt securities — 83,064 83,064 ​ A2.2 Adoption of other new accounting pronouncements In addition to IFRS 17 and IFRS 9, the Group has adopted the following amendments in these consolidated financial statements. The adoption of these amendments has had no significant impact on the Group financial statements. – Amendments to IAS 1 and IFRS Practice Statement 2 ‘Disclosure of accounting policies’ issued in February 2021; – Amendments to IAS 8 ‘Definition of Accounting Estimates’ issued in February 2021; – Amendments to IAS 12 ‘Deferred tax related to assets and liabilities arising from a single transaction’ issued in May 2021; and – Amendments to IAS 12 ‘International Tax Reform – Pillar Two Model Rules’ issued in May 2023. Further details are provided in notes B3.2 and C7.2.
Measurement of insurance and reinsurance contracts	IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts, reinsurance contracts and investment contracts with discretionary participation features. It introduces a model that measures groups of contracts based on the Group’s estimates of the present value of future cash flows that are expected to arise as the Group fulfils the contracts, an explicit risk adjustment for non-financial risk and a CSM. The process of determining the present value of future cashflows involves a number of estimates and judgments, which are set out below. ​ ​ ​ ​ ​ ​ ​ Determination of fulfilment cashflows used in the measurement of insurance and reinsurance contract assets and liabilities (impacts $(137.4) billion of net insurance and reinsurance contract balances, excluding those held by joint ventures and associates) Estimates of future cash flows The Group’s process for estimating future cash flows incorporates, in an unbiased way, all reasonable and supportable information that is available without undue cost or effort at the reporting date. This information includes both internal and external historical data about claims and other experience, updated to reflect current expectations of future events. As this is a prediction of the future, significant judgement is applied in determining the assumptions that underpin the estimation of future cash flows. These assumptions include, but are not limited to, operating assumptions such as morbidity, mortality, persistency and expenses, and economic assumptions such as risk-free rates and illiquidity premium. Granular assumptions are set at a business unit level. The demographic assumptions are consistent with those used in other metrics such as EEV reporting. The Risk Review included in this Annual Report discusses the insurance and market risks the Group faces and how these risks are mitigated. When estimating future cash flows, the Group takes into account current expectations of future events (other than those from future legislation or regulatory changes that have not been substantively enacted) that might affect those cash flows. Cash flows within the boundary of a contract (the Group’s accounting policy on contract boundary is given below) relate directly to the fulfilment of the contract, including those for which the Group has discretion over the amount or timing. These include future premium receipts, payments to (or on behalf of) policyholders, insurance acquisition cash flows and other costs that are incurred in fulfilling contracts. In relation to reinsurance contracts held, the probability weighted estimates of the present value of future cash flows includes the potential credit losses and losses from other disputes to reflect the non-performance risk of the reinsurers. The sensitivity of shareholder equity and CSM to insurance risks is set out in Note C6.1 (b). ​ ​ ​ ​ ​ ​ ​ Determination of fulfilment cashflows used in the measurement of insurance and reinsurance contract assets and liabilities (impacts $(137.4) billion of net insurance and reinsurance contract balances, excluding those held by joint ventures and associates) Expense assumptions used in future cash flow estimation ​ Insurance acquisition cash flows (as discussed below) and other costs that are incurred in fulfilling contracts comprise both direct costs and an allocation of fixed and variable overheads incurred by the insurance entities. The Group projects estimates of future expenses relating to the fulfilment of contracts within the scope of IFRS 17 using current expense levels adjusted for inflation. Costs that are incurred in fulfilling the contracts include, but are not limited to claims handling costs, policy administration expenses, investment management expenses, income tax and other costs specifically chargeable to the policyholders under the terms of the contracts. Expenses included in estimated future cash flows comprise expenses directly attributable to the groups of contracts, including an allocation of fixed and variable overheads incurred by the insurance entities. Investment management expenses in relation to the management of the assets backing policyholder liabilities are included in the fulfilment cash flows for business using the VFA model, other participating business using the general model and general model non-participating business where the Group performs investment management activities to enhance benefits from insurance coverage for policyholders. The future expenses of internal asset management and other services excludes the projected future profits or losses generated by any non-insurance entities within the Group in providing those services (ie the IFRS results for the life insurance operations in the consolidated financial statements assume that the cost of internal asset management and other services will be that incurred by the Group as a whole, not the cost that will be borne by the insurance business). Most of the costs incurred by the insurance entities within the Group are considered to be incurred for the purpose of selling and fulfilling insurance contracts and are hence treated as attributable expenses. Cash flows that are not directly attributable to a portfolio of insurance contracts, such as some product development and training costs, are recognised in other operating expenses as incurred. Policyholder benefits ​ The assumptions used to project the cash flows also reflect the actions that management would take over the duration of the projection, the time it would take to implement these actions and any expenses incurred in taking those actions. Management actions encompass, but are not confined to, investment allocation decisions, levels of regular and final bonuses and crediting rates. For participating contracts, estimated future claim payments include bonuses paid to policyholders determined by reference to the relevant profit-sharing arrangement. For example, for the Group’s with-profits business in Hong Kong, Singapore and Malaysia, asset shares are used to determine payments to policyholders. Where cash flows from one group of contracts affect, or are affected by, cash flows in other groups of contracts (eg for with-profits business), the fulfilment cash flows for a group include payments arising from the terms of existing contracts to policyholders in other groups and exclude payments to policyholders in the group that have been included in the fulfilment cash flows of another group. Insurance acquisition cash flows ​ Insurance acquisition cash flows arise from the activities of selling, underwriting and starting a group of insurance contracts that are directly attributable to the portfolio of contracts to which the group belongs. Insurance acquisition cash flows that are directly attributable to a group of contracts (eg non-refundable commissions paid on issuance of a contract) are allocated to that group and to the groups that will include renewals of those contracts. Bancassurance payments (eg upfront payments to sell insurance contracts to distribution partners) are capitalised under IAS 38 as intangible assets and amortised on a basis to reflect the pattern in which the future economic benefits are expected to be consumed by reference to new business production levels. The amortisation of the bancassurance intangibles is considered to constitute insurance acquisition cash flows. They generally form part of fulfilment cash flows and are amortised implicitly in line with the coverage unit pattern. ​ ​ ​ ​ ​ ​ ​ Determination of fulfilment cashflows used in the measurement of insurance and reinsurance contract assets and liabilities (impacts $(137.4) billion of net insurance and reinsurance contract balances, excluding those held by joint ventures and associates) Determining the point of recognition and the boundary of an insurance contract ​ The point of initial recognition of a group of contracts is the earliest of the premium due date, the date coverage starts and, for an onerous contract, the date the contract is signed and accepted by both parties. There is limited judgement involved in relation to most contracts issued by the Group as the coverage period generally starts from the premium due date. The contract boundary defines which future cash flows are included in the measurement of a contract. The boundary of the fulfilment cash flows under IFRS 17 is considered to be the point at which the Group both no longer has substantive rights and obligations under the insurance contract to provide services or compel the policyholder to pay premiums. The contract boundary is assessed at inception and then reassessed only when there are changes in features or circumstances that alter the commercial substance of the contract or when there are changes in the products within a portfolio. The reassessment of the contract boundary for any changes is performed at the end of each reporting period. For most contracts issued by the Group, there is little judgement involved in determining the contract boundary as either a single premium is received for a contract which is expected to continue for a long period or a guaranteed premium is received for regular premium contracts. For certain contracts where the premiums are not guaranteed, more judgement is involved in assessing the Group’s substantive rights and obligations. When determining the boundary for these contracts various factors are taken into consideration by the Group such as the Group’s practical ability to terminate or refuse renewal of a contract, the Group’s ability to fully reprice at the individual contract level and whether the Group has the ability to reassess risks at a portfolio level and set a price that fully reflects the risks of that portfolio. The Group has some immaterial business that is general insurance in nature and which is considered to have a boundary of one year. Where riders attach to and are not separated from a base contract, the contract boundary is determined based on the component of the contract which has the longest contract boundary. Future cash flows relating to riders which are not purchased at the inception of the base contract, but are added at a later date, are not included within the contract boundary at initial recognition. As the addition of these riders is the exercise of an option under the contract it is not considered a contract modification but is instead treated as changes in fulfilment cash flows. Similar considerations to those applying to underlying insurance contracts apply in determining the contract boundary of groups of reinsurance contracts held. Further detail on reinsurance contracts, including on recognition is set out in note C3.4(b). ​ Determination of discount rates Discount rate and risk-free rate ​ IFRS 17 enables discount rates to be calculated on a top-down or bottom-up basis. The Group elects to determine discount rates on a bottom-up basis, starting with a liquid risk-free yield curve and adding an illiquidity premium to reflect the characteristics of the insurance contracts. Risk-free rates are based on government bond yields for all currencies except HKD where risk-free rates are based on swap rates due to the higher liquidity of the HKD swap market. Government bond yields and swap rates are obtained from publicly available data sources. Yield curves are constructed by using a market-observed curve up to a last liquid point and then extrapolating to an ultimate forward rate. Where cash flows vary based on the return on underlying items, the projected earned rate is set equal to the discount rate. Where stochastic modelling techniques are used, the projected average investment returns are calibrated to be equal to the deterministic discount rate (including the illiquidity premium). The illiquidity premium is calculated as the yield-to-maturity on a reference portfolio of assets with similar liquidity characteristics to the insurance contracts, (in particular, corporate bonds) less the risk-free curve, and an allowance for credit risk. The allowance for credit risk includes a credit risk premium which is derived through a lifetime projection of expected bond cash flows, allowing for the cost of downgrades and defaults, a rebalancing rate of projected downgrades and a recovery rate in the event of default. The allowance for credit risk varies by currency ranging between 20 bps and 56 bps at 31 December 2023 (31 December 2022: between 23 bps and 56 bps). A proportion of the reference portfolio’s illiquidity premium (either 0% , 50% or 100% ) is applied to portfolios of insurance contracts reflecting the liquidity characteristics of the insurance contracts. The liquidity characteristics are assessed from the policyholders’ perspective. Consideration is given to the nature of premiums, the level of underwriting, and the surrender and other benefit features of the portfolios. A product’s illiquidity premium is restricted to be no greater than reasonably expected to be earned on the assets backing the insurance contract liabilities, over the duration of the insurance contracts. The following tables set out the range of yield curves used to discount cash flows of insurance contracts for major currencies. The range reflects the proportion of illiquidity premium applied by business unit and portfolio. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 % ​ ​ 1 year ​ 5 years ​ 10 years ​ 15 years ​ 20 years Chinese yuan (CNY) 2.07 – 2.33 2.41 – 2.67 2.59 – 2.85 2.70 – 2.96 2.76 – 3.02 Hong Kong dollar (HKD) 4.76 – 5.23 3.75 – 4.22 3.76 – 4.23 3.89 – 4.36 3.95 – 4.42 Indonesian rupiah (IDR) 6.47 – 6.96 6.63 – 7.12 6.73 – 7.22 6.94 – 7.43 7.03 – 7.52 Malaysian ringgit (MYR) 3.31 – 3.56 3.67 – 3.92 3.78 – 4.03 4.09 – 4.34 4.33 – 4.58 Singapore dollar (SGD) 3.62 – 4.37 2.67 – 3.42 2.71 – 3.46 2.77 – 3.52 2.74 – 3.49 United States dollar (USD) 4.81 – 5.64 3.86 – 4.69 3.90 – 4.73 4.01 – 4.84 4.36 – 5.19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 % ​ ​ 1 year ​ 5 years ​ 10 years ​ 15 years ​ 20 years Chinese yuan (CNY) 2.09 – 2.84 2.65 – 3.29 2.88 – 3.52 3.05 – 3.69 3.14 – 3.79 Hong Kong dollar (HKD) 4.85 – 6.14 3.96 – 5.25 3.78 – 5.07 3.82 – 5.11 3.84 – 5.13 Indonesian rupiah (IDR) 5.65 – 6.13 6.72 – 7.20 7.29 – 7.77 7.51 – 7.99 7.77 – 8.25 Malaysian ringgit (MYR) 3.52 – 3.91 3.91 – 4.29 4.13 – 4.52 4.35 – 4.73 4.49 – 4.88 Singapore dollar (SGD) 3.83 – 4.94 2.86 – 3.98 3.11 – 4.22 2.91 – 4.02 2.49 – 3.61 United States dollar (USD) 4.75 – 5.91 4.02 – 5.17 3.89 – 5.05 3.98 – 5.15 4.27 – 5.43 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 Jan 2022 % ​ ​ 1 year ​ 5 years ​ 10 years ​ 15 years ​ 20 years Chinese yuan (CNY) 2.21 – 2.60 2.63 – 2.99 2.81 – 3.19 3.00 – 3.65 3.12 – 3.71 Hong Kong dollar (HKD) 0.43 – 1.44 1.24 – 2.26 1.47 – 2.48 1.62 – 2.64 1.91 – 2.92 Indonesian rupiah (IDR) 3.43 – 4.81 5.55 – 6.93 7.04 – 8.42 7.43 – 8.81 7.74 – 9.12 Malaysian ringgit (MYR) 2.25 – 2.58 3.19 – 3.52 3.72 – 4.05 4.13 – 4.46 4.34 – 4.67 Singapore dollar (SGD) 0.60 – 1.58 1.38 – 2.35 1.72 – 2.70 1.99 – 2.97 2.14 – 3.12 United States dollar (USD) 0.38 – 1.30 1.27 – 2.20 1.53 – 2.46 1.69 – 2.61 2.01 – 2.93 ​ ​ The sensitivity of shareholder equity and CSM to changes in interest rates is set out in Note C6.1(a), covers a sensitivity to changes in the discount rates. ​ Determination of risk adjustment for non-financial risk Risk adjustment for non-financial risk ​ The risk adjustment for non-financial risk reflects the compensation the Group requires for bearing the uncertainty about the amount and timing of the cash flows from non-financial risk as the Group fulfils insurance contracts. For reinsurance contracts held, the risk adjustment for non ‑ financial risk represents the amount of risk being transferred by the Group to the reinsurer. The risk adjustment for non-financial risk is determined by the Group using a confidence level approach. This is implemented through the use of provisions for adverse deviations (PADs) calibrated using non-financial risk distributions and correlation assumptions. The PADs are applied to best estimate assumptions and hence the risk adjustment is calculated on a contract by contract basis. The Group’s risk adjustment allows for all insurance, persistency and expense risks and operational risks specific to uncertainty in the amount and timing of insurance contract cash flows. Reinsurance counterparty default risk is excluded from the calculation. Diversification is included on a net of reinsurance basis within each insurance entity of the Group. Diversification is not allowed for between entities. By applying a confidence level technique, the Group estimates the probability distribution of the expected present value of the future cash flows from insurance contracts at each reporting date and calculates the risk adjustment for non-financial risk as the excess of the value at risk at the 75th percentile (the target confidence level) over the expected present value of the future cash flows. The confidence level is calibrated over a one-year period. ​ Determination of coverage units Coverage units ​ The proportion of CSM recognised in profit or loss at the end of each period for a group of contracts is determined as the ratio of: – the coverage units in the period; divided by – the sum of the coverage units in the period and the present value of expected coverage units in future periods. The total number of coverage units in a group reflects the quantity of service provided determined by considering the quantity of benefits for each contract and its expected coverage period. The Group defines the quantity of benefits for insurance services as the maximum amount which a policyholder receives when an insured event takes place, for example the sum assured, the annual limit for a medical plan or the present value of a stream of payments. The quantity of benefits is updated each period. Investment related and investment-return services are assumed to be constant over time. Where there are multiple different services in a group of contracts (for example both insurance and investment services are provided), the quantities of benefits for the different types of service are combined using weighting factors. These weighting factors are defined as the present value of expected outflows for each type of service, determined at a contract level. The expected coverage period is the expected duration up to the contract boundary. The expected coverage period of the contracts in a group and the calculation of future coverage units allows for expected decrements (eg deaths and lapses) in each future period using current best estimate assumptions consistent with the best estimate liabilities (BEL) calculation. The Group elects to allow for the time value of money by discounting future coverage units in the determination of the proportion of CSM recognised in profit or loss. Determination of coverage units for groups of reinsurance contracts held follows the same principles as for groups of underlying contracts. ​ Insurance finance income and expenses Disaggregation between profit or loss and other comprehensive income ​ IFRS 17 allows an accounting policy choice between: – Including insurance finance income or expenses for the period in profit or loss; or – Disaggregating insurance finance income or expenses for the period to include in profit or loss an amount determined by a systematic allocation of the expected total insurance finance income or expenses over the duration of the group of contracts, with the balance being included in other comprehensive income. The Group has made only very limited use of FVOCI accounting for assets. As discussed in note A2.1 under the heading 'The classification and measurement of financial assets and liabilities', the only financial assets classified at FVOCI at 1 January 2023 was the Group’s retained equity interest in Jackson, which have been subsequently disposed of. Consequently, the Group has not elected to disaggregate insurance finance income and expenses between profit or loss and other comprehensive income. ​ ​ ​ ​ Risk mitigation ​ ​ Risk mitigation option ​ IFRS 17 allows the option in certain circumstances to not recognise a change in the CSM to reflect some or all of the changes in the effect of the time value of money and financial risk on: – the amount of the entity’s share of the underlying items if the entity mitigates the effect of financial risk on that amount using derivatives or reinsurance contracts held; and – The fulfilment cash flows if the entity mitigates the effect of financial risk on those fulfilment cash flows using derivatives, non-derivative financial instruments measured at fair value through profit or loss, or reinsurance contracts held. The Group has not elected to utilise this option. ​ ​ ​ The effect of accounting estimates made in interim financial statements Effect of estimates made in interim financial statements ​ IFRS 17 allows an accounting policy choice as to whether to change the treatment of accounting estimates made in previous interim financial statements when applying IFRS 17 in the annual reporting period. The Group has elected to allow updates to accounting estimates made in interim financial statements when applying IFRS 17 in the annual reporting period. ​ (ii) Measurement of policyholder liabilities and unallocated surplus of with-profits funds under IFRS 4 ​ Measurement of policyholder liabilities and unallocated surplus of with-profits The measurement basis of policyholder liabilities is dependent upon the classification of the contracts under IFRS 4. Policyholder liabilities are estimated based on a number of actuarial assumptions (eg mortality, morbidity, policyholder behaviour and expenses). The Group applies judgement in determining the actuarial assumptions to be applied to estimate the future amounts due to or from the policyholder in the measurement of the policyholder liabilities. IFRS 4 permits the continued usage of previously applied Generally Accepted Accounting Practices (GAAP) for insurance contracts and investment contracts with discretionary participating features. A modified statutory basis of reporting was adopted by the Group on first time adoption of IFRS Standards in 2005. This was set out in the Statement of Recommended Practice issued by the Association of British Insurers (ABI SORP). The ABI SORP was withdrawn for the accounting periods beginning in or after 2015. As used in these consolidated financial statements, the term ‘grandfathered’ ABI SORP refers to the requirements of the pronouncements prior to its withdrawal. For investment contracts that do not contain discretionary participating features, IAS 39 is applied and, where the contract includes an investment management element, IFRS 15 ‘Revenue from Contracts with Customers’ applies. The policies applied for the Group's insurance businesses under IFRS 4 are noted below. Measurement of investment contract liabilities with discretionary participation features and insurance contract liabilities The policyholder liabilities for businesses of the continuing insurance operations are generally determined in accordance with methods prescribed by local GAAP, adjusted to comply with the ‘grandfathered’ ABI SORP where necessary. Refinements to the local reserving methodology are generally treated as changes in estimates, dependent on their nature. The UK-style with-profits funds’ liabilities in Hong Kong are valued under the realistic basis in accordance with the requirements of ‘grandfathered’ FRS 27 ‘Life Assurance’ (issued by the UK Accounting Standards Board in 2004 and withdrawn in 2015). The realistic basis requires the value of liabilities to be calculated as the sum of a with-profits benefits reserve, future policy-related liabilities and the realistic current liabilities of the fund. In Taiwan and India, US GAAP principles are applied. ​ ​ Measurement of unallocated surplus of with-profits funds Unallocated surplus of with-profits funds represents the excess of assets over policyholder liabilities, determined in accordance with the Group’s accounting policies, that have yet to be appropriated between policyholders and shareholders for the Group’s with-profits funds in Hong Kong and Malaysia. The unallocated surplus is recorded wholly as a liability with no allocation to equity. The annual excess or shortfall of income over expenditure of the with-profits funds, after declaration and attribution of the cost of bonuses to policyholders and shareholders, is transferred to or from the unallocated surplus each period through a charge or credit to the income statement. In Hong Kong, the unallocated surplus includes the shareholders’ share of expected future bonuses, with the expected policyholder share being included in policyholder liabilities. Any excess of assets over liabilities and amounts expected to be paid out by the fund on future bonuses is also included in the unallocated surplus. The balance of the unallocated surplus is determined after full provision for deferred tax on unrealised appreciation or depreciation on investments. Liability adequacy test The Group performs adequacy testing on its insurance liabilities to ensure that the carrying amounts (net of related deferred acquisition costs and, where relevant, present value of acquired in-force business) is sufficient to cover current estimates of future cash outflows of the in-force policies over the expected lives. Any deficiency is immediately charged to the income statement. The liability adequacy test is performed at the level of a portfolio of contracts that are subject to broadly similar risks and managed together as a single portfolio which may be at an entity or local business unit level, depending on how the business is managed. ​ Portfolios of insurance contracts that are assets and those that are liabilities, and portfolios of reinsurance contracts that are assets and those that are liabilities, are presented separately in the statement of financial position. Any assets or liabilities recognised for cash flows arising before the recognition of the related group of contracts (including any assets for insurance acquisition cash flows) are included in the carrying amount of the related portfolios of contracts.
Presentation of results before tax attributable to shareholders	​ Presentation of results before tax attributable to shareholders Profit before tax is a significant IFRS income statement item. The Group has chosen to present a measure of profit before tax attributable to shareholders which distinguishes between tax borne by shareholders and tax attributable to policyholders to support understanding of the performance of the Group. Profit before tax attributable to shareholders is $2,097 million and compares to profit before tax of $2,272 million as shown in the Consolidated income statement. Total tax charge for the Group reflects tax that relates to shareholders’ profit and also tax attributable to policyholders through the interest in with-profits or unit-linked funds. Reported IFRS profit before the tax measure is therefore not representative of pre-tax profit attributable to shareholders. Accordingly, in order to provide a measure of pre-tax profit attributable to shareholders, the Group has chosen to adopt an income statement presentation of the tax charge and pre-tax results that distinguishes between policyholders’ and shareholders’ returns. ​ ​
Operating segments	​ Segmental analysis of results and earnings attributable to shareholders The Group uses adjusted operating profit as the segmental measure of its results. Total segmental adjusted operating profit is $3,517 million as shown in note B1.1. The basis of calculation of adjusted operating profit is provided in note B1.2. The vast majority of the Group’s investments are valued at fair value through profit and loss. Short-term fluctuations in the fair value of investments are only partially offset by the effect of economic changes on insurance contract assets and liabilities and so affect the result for the year. The Group therefore provides additional analysis of results before and after the effects of short-term fluctuations in investment returns, together with other items that are of a short-term, volatile or one-off nature. Operating segments The Group's operating and reported segments for financial reporting purposes are defined and presented in accordance with IFRS 8 ‘Operating Segments’. There have been no changes to the Group’s operating segments from those reported in the Group’s consolidated financial statements for the year ended 31 December 2022. In the first quarter of 2021, the Group reviewed its operating segments for financial reporting under IFRS 8 following changes to the business and financial management information provided to the GEC. On 13 September 2021, the Group completed the demerger of the US operations (Jackson Financial Inc.) from the Prudential plc Group. Accordingly, the US operations did not represent an operating segment as of the end of 2021. The results of US operations were reclassified as discontinued in those consolidated financial statements in accordance with IFRS 5 ‘Non-current Assets Held for Sale and Discontinued Operations’, and were therefore excluded in the analysis of performance measure of operating segments. Operations and transactions which do not form part of any business unit are reported as ‘Unallocated to a segment’ and generally comprise head office functions.
VFA eligibility assessment	​ VFA eligibility assessment The Group applies judgements in assessing the VFA eligibility of contracts. Application of the VFA impacts the calculation of the CSM at the balance sheet date, which in turn impacts the future year’s amortisation recognised in the income statement. Unlike the GMM approach, the VFA approach absorbs economic impacts within the CSM, rather than in the profit and loss account. The total insurance and reinsurance CSM at the balance sheet date is $21,012 million, including joint ventures and associates, and the CSM amortisation, net of reinsurance, recognised in the income statement is $(2,208) million as shown in note C3.3(a). Approximately 72 per cent of the CSM (including joint ventures and associates and net of reinsurance) at transition was calculated under the VFA. IFRS 17 requires the use of the VFA for insurance contracts with direct participation features, ie substantially investment-related service contracts for which, at inception: – the contractual terms specify that the policyholder participates in a share of a clearly identified pool of underlying items; – the entity expects to pay to the policyholder an amount equal to a substantial share of the fair value returns on the underlying items; and – the entity expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of the underlying items. The following key judgements have been made in assessing VFA eligibility: ​ ​ Definition of substantial The term substantial is interpreted to mean greater than 50 per cent. ​ ​ Contractual terms In some circumstances contractual terms are implied by customary business practices. ​ ​ Granularity of assessment The assessment has been carried out at a contract level. However, to the extent insurance contracts in a group affect the cash flows to policyholders of contracts in other groups (referred to as ‘mutualisation’), eligibility for the VFA has been assessed at the level at which such mutualisation occurs (eg fund level). ​ ​ Calculation basis VFA eligibility assessments have been performed on a basis consistent with how the Group measures its realistic expectations, for example when pricing, monitoring or setting returns to policyholders. ​ ​ Contracts not qualifying for the VFA are accounted for under the GMM or PAA. The PAA is not used significantly within the Group. The measurement model (VFA or GMM) used for key products is set out in Note C3.4 (a).
Intangible assets	​ ​ ​ ​ ​ ​ Carrying value of distribution rights intangible assets The Group applies judgement to assess whether factors such as the financial performance of the distribution arrangements, or changes in relevant legislation and regulatory requirements indicate an impairment of intangible assets representing distribution rights. To determine the impaired value, the Group estimates the discounted future expected cash flows arising from the cash generating units (CGUs) containing the distribution rights. Impacts $3,709 million of assets as shown in note C4.2. ​ Distribution rights relate to bancassurance partnership arrangements for the distribution of products for the term of the contractual agreement with the bank partner, for which an asset is recognised based on fees paid and fees payable not subject to performance conditions. Distribution rights impairment testing is conducted when there is an indication of an impairment. To assess indicators of an impairment, the Group monitors a number of internal and external factors, including indications that the financial performance of the arrangement is likely to be worse than expected and changes in relevant legislation and regulatory requirements that could impact the Group’s ability to continue to sell new business through the bancassurance channel, and then applies judgement to assess whether these factors indicate that an impairment has occurred. If an impairment has occurred, a charge is recognised in the income statement for the difference between the carrying value and recoverable amount of the asset. The recoverable amount is the greater of fair value less costs to sell and value in use. Value in use is calculated as the present value of future expected cash flows from the asset or the CGUs to which it is allocated. Intangible assets acquired on the purchase of a subsidiary or portfolio of contracts are measured at fair value on acquisition. Other intangible assets, such as distribution rights and software, are valued initially at the price paid to acquire or cost to develop them and are subsequently carried at cost less amortisation and any accumulated impairment losses. For intangibles other than goodwill, amortisation follows the pattern in which the future economic benefits are expected to be consumed. If the pattern cannot be determined reliably, a straight-line method is applied. For software, the amortisation generally represents the licence period of the software acquired. Amortisation of intangible assets is charged to the Consolidated income statement and allocated between attributable and non-attributable expenses for the Group's insurance entities as shown in note B2. Impairment testing is conducted when there is an indication that the intangible asset may be impaired.
Financial Investments - Valuation	​ Financial investments – Valuation Financial investments held at fair value, net of derivative liabilities, excluding those held by joint ventures and associates is $149.9 billion as shown in note C2.2(a). Financial investments held at amortised cost represent $6.0 billion of the Group’s total assets. The Group estimates the fair value of financial investments that are not actively traded using quotations from independent third parties or internally developed pricing models. The Group holds the majority of its financial investments at fair value (primarily through profit or loss). Financial investments held at amortised cost primarily comprise loans and deposits and certain debt securities held by Eastspring. Determination of fair value The fair values of the financial instruments for which fair valuation is required under IFRS Standards are determined by the use of quoted market prices for exchange-quoted investments or by using quotations from independent third parties such as brokers and pricing services or by using appropriate valuation techniques. Further details are included in note C2.1. The estimated fair value of derivative financial instruments reflects the estimated amount the Group would receive or pay in an arm’s-length transaction. This amount is determined using quoted prices if exchange listed, quotations from independent third parties or valued internally using standard market practices. Quoted market prices are used to value investments having quoted prices. Actively traded investments without quoted prices are valued using prices provided by third parties such as brokers or pricing services. Financial investments measured at fair value are classified into a three-level hierarchy as described in note C2.1. If the market for a financial investment of the Group is not active, the Group establishes fair value by using quotations from independent third parties, such as brokers or pricing services, or by using internally developed pricing models. Priority is given to publicly available prices from independent sources when available, but overall the source of pricing and/or the valuation technique is chosen with the objective of arriving at a fair value measurement which reflects the price at which an orderly transaction would take place between market participants on the measurement date. Changes in assumptions relating to these variables could positively or negatively impact the reported fair value of these financial investments. Details of the financial investments classified as ‘level 3’ to which valuation techniques are applied and the sensitivity of profit before tax to a change in the valuation of these items, are presented in note C2.2. The Group uses the trade date method to account for regular purchases and sales of financial assets. The Group holds financial assets in accordance with IFRS 9 (2023) / IAS 39 (2022 and prior) whereby subject to specific criteria, financial instruments are required to be accounted for under one of the following categories: – Financial instruments at FVTPL: this comprises primarily instruments that are managed and the performance evaluated on a fair value basis, including liabilities related to net assets attributable to unit holders of consolidated investment funds and policyholder liabilities for investment contracts without discretionary participation features. In addition, this includes derivatives. All investments within this category are measured at fair value with all changes thereon being recognised in investment return in the income statement. – Financial instruments at FVOCI under IFRS 9 or on an AFS basis under IAS 39: these instruments are initially recognised at fair value plus attributable transaction costs and are subsequently measured at fair value. Interest and/or dividend income is recognised in the income statement. Unrealised gains and losses are recognised in other comprehensive income. Upon disposal or impairment, accumulated unrealised gains and losses are transferred from other comprehensive income to the income statement as realised gains or losses except for equity securities that have been elected to be designated at FVOCI under IFRS 9 whereby there is no recycling to the profit or loss on derecognition being the difference to the AFS treatment for equity securities under IAS 39. Subsequent to the demerger of Jackson in September 2021, the Group designated its retained interest in Jackson as AFS equity securities under IAS 39. Upon the adoption of IFRS 9, the Group made the election to measure its interest in equity securities in Jackson at FVOCI, which were disposed of entirely in 2023. There were no financial instruments at FVOCI at 31 December 2023. – Financial instruments at amortised cost: these instruments comprise non-quoted investments that have fixed or determinable payments, including loans collateralised by mortgages, deposits, and other receivables. These investments are initially recognised at fair value plus transaction costs. Subsequently, these instruments are carried at amortised cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset. When assets held at amortised cost are subject to impairment testing, estimated future cash flows are compared to the carrying value of the asset. The estimated future cash flows are discounted using the financial asset’s original or variable effective interest rate and exclude credit losses that have not yet been incurred. If, in subsequent periods, an impaired loan or receivable recovers in value (in part or in full) and this recovery can be objectively related to an event occurring after the impairment, then any amount determined to have been recovered is reversed through the income statement.
Deferred acquisition costs (DAC) for insurance contracts under IFRS 4 basis	​ Deferred acquisition costs (DAC) for insurance contracts under IFRS 4 basis The Group estimates projected future profits/margins to assess whether adjustments to the carrying value or amortisation profile of DAC asset are necessary. ​ Costs of acquiring new insurance business are accounted for in a way that is consistent with the principles of the ‘grandfathered’ ABI SORP. The Group determines qualifying costs that should be capitalised (ie those costs of acquiring new insurance contracts that meet the criteria under the Group’s accounting policy for DAC) shown by an explicit carrying value in the balance sheet. However, in some insurance operations, the deferral is implicit through the reserving basis. DAC is amortised against the profit margins within future revenues on the related insurance policies. For some business units this is approximated by amortising DAC on a straight-line basis over the expected duration of the policies. The recoverability of the DAC is measured and the DAC asset is deemed impaired if the projected margins (which are estimated based on a number of assumptions similar to those underlying policyholder liabilities) are less than the carrying value. To the extent that the future margins differ from those anticipated, an adjustment to the carrying value will be necessary either through a charge to the income statement (if the projected margins are lower than carrying value) or through a change in the amortisation profile. For those business units applying US GAAP to insurance assets and liabilities, as permitted by the ‘grandfathered’ ABI SORP, acquisition costs are deferred and amortised as per the US GAAP requirements under ASC 944 Financial Services - Insurance.
New accounting pronouncements not yet effective	The following standards, interpretations and amendments have been issued by the IASB but are not yet effective for the Group in 2023. The Group prepares consolidated financial statements in accordance with IFRS Standards as issued by the IASB and UK-adopted international accounting standards. This is not intended to be a complete list as only those standards, interpretations and amendments that could have an impact on the Group’s consolidated financial statements are discussed. – Amendments to IFRS 16 ‘Lease liability in a sale and leaseback’ issued in September 2022 and effective from 1 January 2024; – Amendments to IAS 1 ‘Non-current liabilities with covenants’ issued in October 2022 and effective from 1 January 2024; – Amendments to IAS 7 and IFRS 7 'Supplier finance arrangements' issued in May 2023 and effective from 1 January 2024; and – Amendments to IAS 21 'Lack of exchangeability' issued in August 2023 and effective from 1 January 2025.
Revenue	Accounting policies for revenue under IFRS 17 The Group recognises insurance revenue as it satisfies its performance obligations, ie as it provides services under groups of insurance contracts. The insurance revenue relating to services provided for each period represents the total of the changes in the liability for remaining coverage that relate to services for which the Group expects to receive consideration and comprises the following items. – A release of the CSM, measured based on coverage units; – Changes in the risk adjustment for non-financial risk relating to current services; – Claims and other insurance service expenses for the period expected at the beginning of the year; and – Other amounts include the revenue recognised to cover the tax charge attributable to policyholders and other items, for example experience adjustments for premium receipts for current or past services . In addition, the Group allocates a portion of premiums that relate to recovering insurance acquisition cash flows to each period using the same amortisation factor used to amortise CSM. The Group recognises the allocated amount, adjusted for interest accretion, as insurance revenue and an equal amount as insurance service expenses. Non-distinct investment components are excluded from insurance revenue and insurance service expenses. Policy fees charged on investment contracts without discretionary participation features for asset management and policy administration fees are recognised when related services are provided. Accounting policies for revenue under IFRS 4 Premiums and annuity considerations for conventional and other protection type insurance policies are recognised as revenue when due. Premiums and annuity considerations for linked policies and other investment type policies are recognised as revenue when received or, in the case of unitised or unit-linked policies, when units are issued. These amounts exclude premium taxes and similar duties where Prudential collects and settles taxes borne by the policyholder. Policy fees charged on linked policies for mortality, morbidity, asset management and policy administration are recognised when related services are provided.
Investment return	Investment return included in the income statement principally comprises interest income, dividends, investment appreciation and depreciation (realised and unrealised gains and losses) on investments mandatorily classified or designated as FVTPL and realised gains and losses (including impairment losses) on items classified at amortised cost and/or FVOCI (AFS for 2022 and 2021). Movements in unrealised appreciation or depreciation of securities designated as FVOCI (AFS for 2022 and 2021) are recorded in other comprehensive income. Interest income is recognised as it accrues. Dividends on equity securities are recognised on the ex-dividend date and rental income is recognised on an accrual basis.
Net insurance and reinsurance finance income (expense)	Insurance finance income and expenses comprise changes in the carrying amounts of groups of insurance and reinsurance contracts arising from the effects of the time value of money, financial risk and changes therein, unless any such changes for groups of direct participating contracts are allocated to a loss component and included in insurance service expenses. These amounts include changes in the measurement of groups of contracts caused by changes in the value of underlying items (excluding additions and withdrawals). The Group does not disaggregate insurance finance income or expenses between profit or loss and other comprehensive income.
Insurance service expenses	Insurance service expenses arising from insurance contracts are recognised in profit or loss generally as they are incurred. They exclude repayments of investment components and comprise: – incurred claims and other insurance service expenses; – amortisation of insurance acquisition cash flows; – losses on onerous contracts and reversals of such losses; – adjustments to the liabilities for incurred claims that do not arise from the effects of the time value of money, financial risk and changes therein, which are recognised in insurance finance income (expense); and – impairment losses on assets for insurance acquisition cash flows and reversals of such impairment losses .
Share-based payments	The Company offers discretionary share awards to certain key employees and all-employee share plans in the UK and a number of Asia locations. The compensation expense charged to the income statement is primarily based upon the fair value of the awards granted, the vesting period and the vesting conditions. The Company has established trusts to facilitate the delivery of Prudential plc shares under some of these plans. The cost to the Company of acquiring these shares held in trusts is shown as a deduction from shareholders’ equity.
Tax	Prudential is subject to tax in numerous jurisdictions and the calculation of the total tax charge inherently involves a degree of estimation and judgement. Current tax expense is charged or credited based upon amounts estimated to be payable or recoverable as a result of taxable amounts for the current year and adjustments made in relation to prior years. The positions taken in tax returns where applicable tax regulation is subject to interpretation are recognised in full in the determination of the tax charge in the consolidated financial statements if the Group considers that it is probable that the taxation authority will accept those positions. Otherwise, provisions are established based on the likely amount of the liability, or recovery, by providing for the single best estimate of the most likely outcome or the weighted average expected value where there are multiple outcomes. The total tax charge includes tax expense attributable to both policyholders and shareholders. The tax expense attributable to policyholders comprises the tax on the income of the consolidated with-profits and unit-linked funds. In certain jurisdictions, life insurance companies are taxed on both their shareholders’ profits and on their policyholders’ insurance and investment returns on certain insurance and investment products. Although both types of tax are included in the total tax charge in the Group’s Consolidated income statement, they are presented separately in the Consolidated income statement to provide the most relevant information about tax that the Group pays on its profits. Deferred taxes are provided under the liability method for all relevant temporary differences. IAS 12 ‘Income Taxes’ does not require all temporary differences to be provided for, in particular, the Group does not provide for deferred tax on undistributed earnings of subsidiaries where the Group is able to control the timing of the distribution and the temporary difference created is not expected to reverse in the foreseeable future. Deferred tax assets are only recognised when it is more likely than not that future taxable profits will be available against which these losses can be utilised. Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realised or the liability settled, based on tax rates (and laws) that have been enacted or are substantively enacted at the end of the reporting period.
Earnings per share	Basic earnings per share are calculated based on earnings attributable to ordinary shareholders, after related tax and non-controlling interests, divided by the weighted average number of ordinary shares outstanding during the year, excluding those held in employee share trusts, which are treated as cancelled. For diluted earnings per share, the weighted average number of shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. No adjustment is made if the impact is anti-dilutive overall.
Derivatives and hedging	Derivative financial instruments are used to reduce or manage investment, interest rate and currency exposures, to facilitate efficient portfolio management and for investment purposes. The Group does not regularly seek to apply fair value or cash flow hedging treatment under IFRS 9/IAS 39. The Group has no net investment, fair value or cash flow hedges under IFRS 9 and IAS 39 at 31 December 2023 and 2022, respectively. All derivatives that are not designated as hedging instruments are carried at fair value, with movements in fair value being recorded in the income statement.
Derecognition of financial assets and liabilities	Derecognition of financial assets and liabilities The Group’s policy is to derecognise financial assets when it is deemed that substantially all the risks and rewards of ownership have been transferred. The Group derecognises financial liabilities only when the obligation specified in the contract is discharged, cancelled or has expired.
Reverse repurchase agreements, securities lending and repurchase agreements	The Group is party to various reverse repurchase agreements under which securities are purchased from third parties with an obligation to resell the securities. The securities are not recognised as investments in the statement of financial position but the right to receive the cash paid is recognised as deposits. The Group is also party to various securities lending agreements (including repurchase agreements) under which securities are loaned to third parties on a short-term basis. The loaned securities are not derecognised; rather, they continue to be recognised within the appropriate investment classification. To the extent cash collateral is received it is recognised on the statement of financial position with the obligation to repay the cash paid recognised as a liability. Other collateral is not recognised.
Business combinations	Business combination Business acquisitions are accounted for by applying the purchase method of accounting, which adjusts the net assets of the acquired company to fair value at the date of purchase. The excess of the acquisition consideration over the fair value of the assets and liabilities of the acquired business is recorded as goodwill. The Group chooses the full goodwill method or the partial goodwill method to calculate goodwill on an acquisition-by-acquisition basis. Expenses related to acquiring new subsidiaries are charged to the income statement in the period in which they are incurred and not included in goodwill. Income and expenses of acquired businesses are included in the income statement from the date of acquisition. Where the Group writes a put option, which if exercised triggers the purchase of non-controlling interests as part of its business acquisition, the put option is recognised as a financial liability at the acquisition date. Where risks and rewards remain with the non-controlling interests, a corresponding amount is deducted from equity. Any subsequent changes to the carrying amount of the put option liability are also recognised within equity.
Goodwill	Goodwill Goodwill is capitalised and carried on the Group consolidated statement of financial position as an intangible asset at initial value less any accumulated impairment losses. Goodwill impairment testing is conducted annually and when there is an indication that the goodwill may be impaired. Goodwill shown on the consolidated statement of financial position represents amounts allocated to businesses in Asia and Africa in respect of both acquired asset management and life businesses. There has been no impairment as at 31 December 2023 and 2022.
Borrowings	Although initially recognised at fair value (net of transaction costs), borrowings are subsequently accounted for on an amortised cost basis using the effective interest method. Under the effective interest method, the difference between the redemption value of the borrowing and the initial proceeds (net of related issue costs) is amortised through the income statement to the date of maturity or, for hybrid debt, over the expected life of the instrument.
Share capital, share premium and own shares	Shares are classified as equity when their terms do not create an obligation to transfer assets. Amounts recorded in share capital represent the nominal value of the shares issued. The difference between the proceeds received on issue of the shares, net of share issue costs, and the nominal value of the shares issued, is credited to share premium. Where the Company purchases shares for the purposes of employee incentive plans, the consideration paid, net of issue costs, is deducted from retained earnings. Upon issue or sale any consideration received is credited to retained earnings net of related costs.
Property, plant and equipment	Property, plant and equipment comprise Group occupied properties and tangible assets. Property, plant and equipment also includes right-of-use assets for operating leases of properties occupied by the Group and leases of equipment and other tangible assets. Property, plant and equipment, including the right-of-use assets under operating leases, are generally held at cost less cumulative depreciation calculated using the straight-line method, and impairment charge. Owner occupied properties held by the Group's Singapore business that are underlying items of direct participating contracts are measured at fair value following the adoption of IFRS 17.
Basis of consolidation	The Group consolidates those investees it is deemed to control. The Group has control over an investee if all three of the following are met: – It has power over an investee; – It is exposed to, or has rights to, variable returns from its involvement with the investee; and – It has the ability to use its power over the investee to affect its own returns. (a) Subsidiaries Subsidiaries are those investees that the Group controls. The majority of the Group’s subsidiaries are corporate entities. The Group performs a re-assessment of consolidation whenever there is a change in the substance of the relationship between the Group and an investee. Where the Group is deemed to control an entity, it is treated as a subsidiary and its results, assets and liabilities are consolidated. Where the Group holds a minority share in an entity with no control over the entity, the investments are carried at fair value within financial investments in the Consolidated statement of financial position. Entities consolidated by the Group include Qualifying Partnerships as defined under the UK Partnerships (Accounts) Regulations 2008 (the ‘Partnerships Act’). The Group’s limited partnership has taken advantage of the exemption under regulation 7 of the Partnerships Act from the financial statement requirements. This is under regulations 4 to 6 of the Partnership Act, on the basis that the limited partnership is consolidated in these financial statements. (b) Joint ventures and associates Joint ventures are joint arrangements arising from a contractual agreement whereby the Group and other investors have joint control of the net assets of the arrangement. In a number of these arrangements, the Group’s share of the underlying net assets may be less than 50 per cent but the terms of the relevant agreement make it clear that control is jointly exercised between the Group and the third party. Associates are entities over which the Group has significant influence but does not control. Generally, it is presumed that the Group has significant influence if it holds between 20 per cent and 50 per cent voting rights of an entity. With the exception of those referred to below, the Group accounts for its investments in joint ventures and associates using the equity method of accounting. The Group’s share of profit or loss of its joint ventures and associates is recognised in the income statement and its share of movements in other comprehensive income is recognised in other comprehensive income. The equity method of accounting does not apply to investments in joint ventures and associates held by the Group’s insurance or investment funds, including collective investment schemes which, as allowed by IAS 28 ‘Investments in Associates and Joint Ventures’, are carried at FVTPL. (c) Structured entities Structured entities are those that have been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity. Voting rights relate to administrative tasks. Relevant activities are directed by means of contractual arrangements. The Group invests in both consolidated and unconsolidated structured entities including investment vehicles such as collective investment schemes, collateralised debt obligations, mortgage-backed securities and similar asset-backed securities. Collective investment schemes The Group invests in collective investment schemes, that invest mainly in equities, bonds, cash and cash equivalents and properties. In assessing control under IFRS 10 ‘Consolidated Financial Statements’, the Group determines whether it is acting as principal or agent and the variable returns from its involvement with these entities. The Group’s percentage ownership in these entities can fluctuate on a daily basis according to the participation of the Group and other investors. Where the entity is managed by a Group asset manager: – Where the Group’s ownership holding in the entity exceeds 50 per cent, the Group is judged to have control over the entity; – Where the Group’s ownership holding in the entity is between 20 per cent and 50 per cent, the facts and circumstances of the Group’s involvement in the entity are considered, including the rights to any fees earned by the asset manager, in forming a judgement as to whether the Group has control over the entity; and – Where the Group’s ownership holding in the entity is less than 20 per cent, the Group is judged to not have control over the entity. Where the entity is managed by an asset manager outside the Group, an assessment is made of whether the Group has existing rights that gives it the ability to direct the current activities of the entity and therefore control the entity. In assessing the Group’s ability to direct an entity, the Group considers its ability relative to other investors. Where the Group is deemed to control an entity, it is treated as a subsidiary and is consolidated, with the interests of investors other than the Group being classified as liabilities, and presented within ‘Net asset value attributable to unit holders of consolidated investment funds’. Where the Group does not control these entities (where the Group is deemed to be acting as an agent under IFRS 10) and they do not meet the definition of associates, they are carried at FVTPL within financial investments in the Consolidated statement of financial position. Where the Group’s asset manager sets up investment funds as part of its asset management operations, unless the Group also participates in the ownership holding of the entities, the Group’s interest is limited to the fees charged to manage the assets of such entities. With no participation in ownership holding of these entities, the Group does not retain risks associated with investment funds. For these investment funds, the Group is not deemed to control the entities but deemed to be acting as an agent. The Group generates returns and retains the ownership risks in these investment vehicles commensurate to its participation and does not have any further exposure to the residual risks of these investment vehicles. Other structured entities The Group holds investments in mortgage-backed securities, collateralised debt obligations and similar asset-backed securities, the majority of which are actively traded in a liquid market. The Group consolidates the vehicles that hold the investments where the Group is deemed to control the vehicles. When assessing control over the vehicles, the factors considered include the purpose and design of the vehicle, the Group’s exposure to the variability of returns and the scope of the Group’s ability to direct the relevant activities of the vehicle including any kick-out or removal rights that are held by third parties. The outcome of the control assessment is dependent on the terms and conditions of the respective individual arrangements. The majority of such vehicles are not consolidated. In these cases, the Group is not the sponsor of the vehicles in which it holds investments and has no administrative rights over the vehicles’ activities. The Group generates returns and retains the ownership risks commensurate to its holding and its exposure to the investments and does not have any further exposure to the residual risks or losses of the investments or the vehicles in which it holds investments. Accordingly, the Group does not have power over the relevant activities of such vehicles and all are carried at FVTPL within financial investments in the Consolidated statement of financial position.
Prudential plc
Accounting policies
Basis of preparation and exchange rates	1 Basis of preparation The financial statements of the Parent Company, which comprise the profit and loss accounts, statement of financial position, statement of changes in equity, statement of cash flows and related notes, are prepared in accordance with UK Generally Accepted Accounting Practice, including Financial Reporting Standard 101 Reduced Disclosure Framework (‘FRS 101’) and Part 15 of the Companies Act 2006. In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements in accordance with international accounting standards adopted for use in the UK but makes amendments where necessary, in order to comply with the Companies Act 2006. The accounting policies set out in note 2 below have been applied consistently to both years presented in these financial statements. The Company and the Group manage cash resources, remittances and financing primarily in US dollars. Accordingly, the functional and presentational currency of the Company is US dollars. On the basis of the assessment of going concern for the Company and the Group as set out in note A1 to the Group IFRS consolidated financial statements, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing these financial statements for the year ended 31 December 2023.
Investments in and amounts owed by subsidiary undertakings	Investments in subsidiary undertakings Investments in subsidiary undertakings are shown at cost less impairment. Investments are assessed for indicators of impairment, and if any are identified, any impairment is assessed by comparing the net assets and value in use of the subsidiary undertakings with the carrying value of the investments. Amounts owed by subsidiary undertakings Amounts owed by subsidiary undertakings are shown at cost less expected credit losses, which are determined using the expected credit loss approach under IFRS 9.
Financial instruments	Financial instruments Under IFRS 9, except for derivative instruments (where applicable) that are mandatorily classified as FVTPL, all financial assets and liabilities of the Company are held at amortised cost.The Company assesses impairment on its loans and receivables using the expected credit loss approach. The expected credit loss on the Company’s loans and receivables, the majority of which represent loans to its subsidiaries, have been assessed by taking into account the probability of defaults on those loans. In all cases, the subsidiaries are expected to have sufficient resources to repay the loans either now or over time based on projected earnings. For loans recallable on demand, the expected credit loss has been limited to the impact of discounting the value of the loan between the balance sheet date and the anticipated recovery date. For loans with a fixed maturity date the expected credit loss has been determined with reference to the historic experience of loans with equivalent credit characteristics.
Share-based payments	Share-based payments The Group offers share award and option plans for certain key employees and a Save As You Earn (‘SAYE’) plan for all UK and certain overseas employees. The share-based payment plans operated by the Group are mainly equity-settled. Under IFRS 2 ‘Share-based payment’, where the Company, as the parent company, has the obligation to settle the options or awards of its equity instruments to employees of its subsidiary undertakings, and such share-based payments are accounted for as equity-settled in the Group financial statements, the Company records an increase in the investment in subsidiary undertakings for the value of the share options and awards granted with a corresponding credit entry recognised directly in equity. The value of the share options and awards granted is based upon the fair value of the options and awards at the grant date, the vesting period and the vesting conditions. Cash receipts from business units in respect of newly issued share schemes are treated as returns of capital within investments in subsidiaries.
Tax	Tax Current tax expense is charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable amounts for the current year and adjustments made in relation to prior years. Current tax recoverable (payable) recognised in the balance sheet is measured at the amount expected to be either recovered from (paid to) relevant tax authorities or Group undertakings in relation to the surrender (claim) of tax losses. Deferred tax assets and liabilities are recognised in accordance with the provisions of IAS 12 ‘Income Taxes’. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that future taxable profits will be available against which these losses can be utilised. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The Company has applied the mandatory exemption from recognising and disclosing information on the associated deferred tax assets and liabilities at 31 December 2023 as required by the amendments to IAS 12 ‘International Tax Reform – Pillar Two Model Rules’ referred to in note A2.2 to the Group IFRS consolidated financial statements.
Borrowings	Borrowings Borrowings are initially recognised at fair value, net of transaction costs, and subsequently accounted for on an amortised cost basis using the effective interest method. Under the effective interest method, the difference between the redemption value of the borrowing and the initial proceeds, net of transaction costs, is amortised through the profit and loss account to the date of maturity or, for subordinated debt, over the expected life of the instrument.
Shareholders' dividends; Dividends	Dividends Interim dividends are recorded in the period in which they are paid.
Foreign exchange; Foreign currency translation	Foreign currency translation Transactions not denominated in the Company’s functional currency, US dollars, are initially recorded at the rate of currency prevailing on the date of the transaction. Monetary assets and liabilities not denominated in the Company’s functional currency are translated to the Company's functional currency at year end spot rates. The impact of these currency translations is recorded within the profit and loss account for the year.

Basis of preparation and acco_3

Basis of preparation and accounting policies (Tables)	12 Months Ended
	Dec. 31, 2023
Basis of preparation and accounting policies
Schedule of exchange rates applied	The exchange rates applied for balances and transactions in currencies other than the presentation currency of the Group, US dollars (USD) were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing rate at year end ​ Average rate for the year to date USD : local currency 31 Dec 2023 31 Dec 2022 31 Dec 2021 / 1 Jan 2022 2023 2022 2021 Chinese yuan (CNY) 7.09 6.95 6.37 7.09 6.73 6.45 Hong Kong dollar (HKD) 7.81 7.81 7.80 7.83 7.83 7.77 Indian rupee (INR) ​ 83.21 ​ 82.73 ​ 74.34 ​ 82.60 ​ 78.63 ​ 73.94 Indonesian rupiah (IDR) 15,397.00 15,567.50 14,252.50 15,230.82 14,852.24 14,294.88 Malaysian ringgit (MYR) 4.60 4.41 4.17 4.56 4.40 4.15 Singapore dollar (SGD) 1.32 1.34 1.35 1.34 1.38 1.34 Taiwan dollar (TWD) ​ 30.69 ​ 30.74 ​ 27.67 ​ 31.17 ​ 29.81 ​ 27.93 Thai baht (THB) 34.37 34.56 33.19 34.80 35.06 32.01 UK pound sterling (GBP) ​ 0.78 ​ 0.83 ​ 0.74 ​ 0.80 ​ 0.81 ​ 0.73 Vietnamese dong (VND) 24,262.00 23,575.00 22,790.00 23,835.92 23,409.87 22,934.86
Schedule of impact of IFRS 17	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 Dec 2021 $m Effects of adoption of IFRS 17 $m At 1 Jan 2022 $m ​ ​ (as reported under ​ Presentation ​ Measurement ​ (as restated under ​ ​ IFRS 4) ​ changes ​ changes ​ IFRS 17) ​ ​ note (i) note (ii) ​ Assets Goodwill 907 — — 907 Deferred acquisition costs and other intangible assets: Deferred acquisition costs 2,815 (39) (2,776) — Other intangible assets 4,043 — (28) 4,015 ​ 6,858 (39) (2,804) 4,015 Insurance contract assets n/a — 1,250 1,250 Reinsurance contract assets 9,753 (22) (6,944) 2,787 Deferred tax assets 266 (134) — 132 Other non-investment and non-cash assets 3,448 (1,022) 61 2,487 Investment properties 38 — — 38 Investments in joint ventures and associates accounted for using the equity method 2,183 — 515 2,698 Total financial investments: Policy loans 1,733 (1,733) — — Other loans 829 — (58) 771 Equity securities and holdings in collective investment schemes 61,601 — — 61,601 Debt securities 99,094 — 60 99,154 Derivative assets 481 — — 481 Deposits 4,741 — — 4,741 ​ ​ 168,479 (1,733) 2 166,748 Cash and cash equivalents 7,170 — — 7,170 Total assets 199,102 (2,950) (7,920) 188,232 Equity ​ ​ ​ ​ ​ ​ ​ Shareholders' equity 17,088 — 1,848 18,936 Non-controlling interests 176 — (1) 175 Total equity 17,264 — 1,847 19,111 Liabilities ​ ​ ​ ​ ​ ​ ​ Insurance contract liabilities* 156,485 4,243 (10,930) 149,798 Reinsurance contract liabilities n/a — 1,254 1,254 Investment contract liabilities without discretionary participation features 814 — (92) 722 Core structural borrowings of shareholder-financed businesses 6,127 — — 6,127 Operational borrowings 861 — — 861 Deferred tax liabilities 2,862 (1,696) 1 1,167 Other liabilities 14,689 (5,497) — 9,192 Total liabilities 181,838 (2,950) (9,767) 169,121 Total equity and liabilities 199,102 (2,950) (7,920) 188,232 ​ * Included within insurance contract liabilities at 31 December 2021 are investment contracts with DPF and unallocated surplus of with-profits funds under IFRS 4. ​ Notes (i) The presentation changes as shown in the table above principally arise from the following effects of the adoption of IFRS 17: – Inclusion of insurance and reinsurance related receivable and payable balances within IFRS 17 insurance and reinsurance contract assets and liabilities Under IFRS 17, the measurement of a group of insurance contracts requires inclusion of all the future cash flows within the boundary of each contract and as a result, all insurance and reinsurance related receivable and payable balances (eg premiums receivable and claims payable) that were previously separately presented on the balance sheet are now in effect included within the insurance and reinsurance contract balances under IFRS 17. – Policy loans Applying the same IFRS 17 measurement principles described above, policy loans related cash flows including any accrued interest income (previously included in ‘Accrued investment income’) are also included within the fulfilment cash flows of the associated group of insurance contracts. – Deferred tax liabilities In line with IAS 12, deferred tax assets and liabilities have been netted as appropriate. The deferred tax liabilities arising from expected future distributions of the Singapore with-profits funds have been reclassified to be part of the insurance contract liabilities under IFRS 17. (ii) The measurement changes shown in the table above principally reflect the following measurement differences arising from the adoption of IFRS 17: – Deferred acquisition costs (DAC) Acquisition cash flows are taken into account in determining the day-one CSM of a group insurance contracts. As such, explicit assets for DAC are not required and the IFRS 4 balances are removed. DAC relating to investment contracts without discretionary participation features remains as an asset and has been reclassified to ‘Other debtors’ under 'Other non-investment and non-cash items’. – Insurance and reinsurance contract assets and liabilities The adjustments represent insurance and reinsurance contract measurement differences between IFRS 4 and IFRS 17, which primarily relate to the following effects: – the establishment of a CSM under IFRS 17 in accordance with the transition rules, intended to represent the unamortised amount of expected future profit deferred upon initial recognition of an insurance contract for all in-force contracts; – the establishment of an explicit risk adjustment for non-financial risk under IFRS 17; – release of prudence in the IFRS 4 policyholder liabilities to leave the best estimate liability; and – the change in treatment of the unallocated surplus of with-profits funds such that the shareholders’ share is recognised in shareholders’ equity after allowing for measurement differences between IFRS 4 and IFRS 17. Tax – Current tax assets and liabilities are calculated for each entity in the Group based on local tax rules, and the basis of tax varies between jurisdictions. For insurance entities in the Group, the current tax is calculated based on either the financial statements prepared under local generally accepted accounting principles (GAAP), or the regulatory return prepared under relevant regulatory rules, or on an alternative basis (for example, Hong Kong, where most life insurance business is taxed by reference to net premiums). Current tax assets and liabilities at transition date are not impacted by the adoption of IFRS 17 at Group level as the adoption for the Group financial statements has no impact on local tax calculations. For jurisdictions where the basis of tax is the local financial statements, current tax assets and liabilities will be calculated applying IFRS 17 if and when the standard is adopted locally, and subject to local tax rules for transitional adjustments. The impact of any such local adoption on the Group financial statements will be considered when relevant. – Deferred tax balances are adjusted to reflect the deferred tax effects of the measurement adjustments arising from transition to IFRS 17 described above. The methods of calculating deferred tax are unchanged. Where insurance and reinsurance contract assets and liabilities give rise to a tax deduction or taxable income when they are recovered or settled, measurement changes to these balances, without equal changes in current taxable income, give rise to corresponding changes to the deferred tax balances at the tax rates expected to apply when the deferred tax assets or liabilities are realised or settled. – Investments in joint ventures and associates accounted for using the equity method The adjustments represent the Group’s share of the impact of the transition of the balance sheets of the Group’s life joint ventures and associate (being CPL, India and the Takaful business in Malaysia) from IFRS 4 to IFRS 17, arising principally from the measurement differences as described above.
Schedule of financial assets and liabilities by IFRS 9 category	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification at initial application ​ Carrying value $m Financial instruments Original under IAS 39 New under IFRS 9 Original under IAS 39 New under IFRS 9 Financial assets Loans note (i) Amortised cost Amortised cost 140 140 Loans /debt securities note (ii) Amortised cost Mandatorily at FVTPL 26 27 Loans FVTPL Mandatorily at FVTPL 450 450 Equity securities and portfolio holdings in collective investment schemes FVTPL Mandatorily at FVTPL 57,413 57,413 Equity securities note (iii) Available-for-sale (AFS) FVOCI 266 266 Debt securities held by Eastspring note (iv) FVTPL Amortised cost 67 67 Other Debt securities FVTPL Mandatorily at FVTPL 76,922 76,922 Derivative assets FVTPL Mandatorily at FVTPL 569 569 Accrued investment income Loans and receivables Amortised cost 983 983 Deposits Loans and receivables Amortised cost 6,275 6,275 Cash and cash equivalents Loans and receivables Amortised cost 5,514 5,514 Other debtors note (i) Loans and receivables Amortised cost 968 968 Financial liabilities Investment contract liabilities without DPF FVTPL Mandatorily at FVTPL 663 663 Derivative liabilities FVTPL Mandatorily at FVTPL 1,001 1,001 Core structural borrowings of shareholder-financed businesses Amortised cost Amortised cost 4,261 4,261 Operational borrowings Amortised cost Amortised cost 815 815 Obligations under funding, securities lending and sale and repurchase agreements Amortised cost Amortised cost 582 582 Net asset value attributable to unit holders of consolidated investment funds note (v) FVTPL Designated at FVTPL 4,193 4,193 Other liabilities Amortised cost Amortised cost 2,866 2,866 ​ Notes (i) In accordance with IFRS 17 requirements policy loans and debtor balances that are related to insurance contracts are included within the measurement of insurance contract liabilities. Therefore, the amounts for these balance sheet line items as presented in this table do not include such balances. (ii) Certain securities that were classified as loans at amortised cost under IAS 39 were reclassified to debt securities at fair value through profit or loss under IFRS 9 aligning to how these securities are managed. (iii) Represents the Group’s interest in Jackson which the Group elected to be classified at FVOCI. (iv) Under IAS 39 Eastspring debt securities were classified as FVTPL. The Group has reclassified these debt securities as measured at amortised cost because these instruments meet the solely payments of principal and interest (SPPI) criterion and are held with the intention to collect contractual cash flows. (v) 'Net asset value attributable to unit holders of consolidated investment funds' represents the interests of investors other than the Group in the investment funds that the Group is deemed to control and therefore treated as a subsidiary and consolidated in the Group financial statements. The Group has designated 'Net asset value attributable to unit holders of consolidated investment funds' as financial liabilities measured at FVTPL to eliminate any accounting mismatch with the underlying investments of those consolidated investment funds, which are measured at FVTPL.
Line items that contain more than one asset classification	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mandatorily at Total 31 Dec 2023 ​ ​ Amortised Cost $m FVTPL $m $m Loans 148 430 578 Debt securities — 83,064 83,064
Schedule of yield curves used to discount cash flows of insurance contracts for major currencies	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 % ​ ​ 1 year ​ 5 years ​ 10 years ​ 15 years ​ 20 years Chinese yuan (CNY) 2.07 – 2.33 2.41 – 2.67 2.59 – 2.85 2.70 – 2.96 2.76 – 3.02 Hong Kong dollar (HKD) 4.76 – 5.23 3.75 – 4.22 3.76 – 4.23 3.89 – 4.36 3.95 – 4.42 Indonesian rupiah (IDR) 6.47 – 6.96 6.63 – 7.12 6.73 – 7.22 6.94 – 7.43 7.03 – 7.52 Malaysian ringgit (MYR) 3.31 – 3.56 3.67 – 3.92 3.78 – 4.03 4.09 – 4.34 4.33 – 4.58 Singapore dollar (SGD) 3.62 – 4.37 2.67 – 3.42 2.71 – 3.46 2.77 – 3.52 2.74 – 3.49 United States dollar (USD) 4.81 – 5.64 3.86 – 4.69 3.90 – 4.73 4.01 – 4.84 4.36 – 5.19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 % ​ ​ 1 year ​ 5 years ​ 10 years ​ 15 years ​ 20 years Chinese yuan (CNY) 2.09 – 2.84 2.65 – 3.29 2.88 – 3.52 3.05 – 3.69 3.14 – 3.79 Hong Kong dollar (HKD) 4.85 – 6.14 3.96 – 5.25 3.78 – 5.07 3.82 – 5.11 3.84 – 5.13 Indonesian rupiah (IDR) 5.65 – 6.13 6.72 – 7.20 7.29 – 7.77 7.51 – 7.99 7.77 – 8.25 Malaysian ringgit (MYR) 3.52 – 3.91 3.91 – 4.29 4.13 – 4.52 4.35 – 4.73 4.49 – 4.88 Singapore dollar (SGD) 3.83 – 4.94 2.86 – 3.98 3.11 – 4.22 2.91 – 4.02 2.49 – 3.61 United States dollar (USD) 4.75 – 5.91 4.02 – 5.17 3.89 – 5.05 3.98 – 5.15 4.27 – 5.43 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 Jan 2022 % ​ ​ 1 year ​ 5 years ​ 10 years ​ 15 years ​ 20 years Chinese yuan (CNY) 2.21 – 2.60 2.63 – 2.99 2.81 – 3.19 3.00 – 3.65 3.12 – 3.71 Hong Kong dollar (HKD) 0.43 – 1.44 1.24 – 2.26 1.47 – 2.48 1.62 – 2.64 1.91 – 2.92 Indonesian rupiah (IDR) 3.43 – 4.81 5.55 – 6.93 7.04 – 8.42 7.43 – 8.81 7.74 – 9.12 Malaysian ringgit (MYR) 2.25 – 2.58 3.19 – 3.52 3.72 – 4.05 4.13 – 4.46 4.34 – 4.67 Singapore dollar (SGD) 0.60 – 1.58 1.38 – 2.35 1.72 – 2.70 1.99 – 2.97 2.14 – 3.12 United States dollar (USD) 0.38 – 1.30 1.27 – 2.20 1.53 – 2.46 1.69 – 2.61 2.01 – 2.93

Analysis of performance by se_2

Analysis of performance by segment (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of performance by segment
Schedule of segment results	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis IFRS 4 basis ​ ​ ​ 2023 $m 2022 $m 2021 $m ​ ​ ​ Note ​ note (i) ​ note (i) ​ note (i) ​ Continuing operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ CPL 368 271 343 ​ Hong Kong ​ 1,013 1,162 975 ​ Indonesia 221 205 446 ​ Malaysia 305 340 350 ​ Singapore ​ ​ ​ 584 ​ 570 ​ 663 ​ Growth markets and other note (ii) ​ 746 728 932 ​ Eastspring ​ 280 260 314 ​ Other income and expenditure: ​ ​ ​ ​ Net investment return and other items note (iii) ​ (21) (44) 21 ​ Interest payable on core structural borrowings (172) (200) (328) ​ Corporate expenditure note (iv) (230) (276) (298) ​ Total other expenditure ​ (423) (520) (605) ​ Restructuring and IFRS 17 implementation costs note (v) ​ (201) (294) (185) ​ Adjusted operating profit ​ B1.2 ​ 2,893 ​ 2,722 ​ 3,233 ​ Short-term fluctuations in investment returns note (vi) ​ (774) (3,420) (458) ​ Amortisation of acquisition accounting adjustments under IFRS 4 ​ — — (5) ​ (Loss) gain attaching to corporate transactions note (vii) ​ (22) 55 (94) ​ Profit (loss) before tax attributable to shareholders ​ ​ ​ 2,097 ​ (643) ​ 2,676 ​ Tax charge attributable to shareholders' returns B3.2 (385) (354) (462) ​ Profit (loss) for the year ​ 1,712 (997) 2,214 ​ Loss from discontinued US operations D6 — — (5,027) ​ Profit (loss) for the year ​ ​ ​ 1,712 ​ (997) ​ (2,813) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity holders of the Company ​ ​ ​ ​ ​ ​ ​ ​ ​ From continuing operations ​ ​ ​ 1,701 ​ (1,007) ​ 2,192 ​ From discontinued US operations ​ ​ ​ — ​ — ​ (4,234) ​ ​ ​ ​ ​ 1,701 ​ (1,007) ​ (2,042) ​ Non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ From continuing operations ​ 11 10 22 ​ From discontinued US operations ​ ​ ​ — ​ — ​ (793) ​ ​ ​ ​ ​ 11 ​ 10 ​ (771) ​ Profit (loss) for the year ​ ​ ​ 1,712 ​ (997) ​ (2,813) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ IFRS 4 basis ​ ​ ​ ​ 2023 2022 2021 ​ Basic earnings per share (in cents) ​ Note ​ note (i) ​ note (i) ​ note (i) ​ Based on adjusted operating profit, net of tax and non-controlling interest from continuing operations ​ B4 ​ 89.0 ¢ 79.4 ¢ 101.5 ¢ Based on profit for the year from continuing operations, net of non-controlling interest B4 62.1 ¢ (36.8) ¢ 83.4 ¢ Based on loss from discontinued US operations, net of non-controlling interest ​ B4 ​ n/a ​ n/a ​ (161.1) ¢ ​ Notes (i) Segment results are attributed to the shareholders of the Group before deducting the amount attributable to the non-controlling interests. This presentation is applied consistently throughout the document. (ii) The Growth markets and other segment includes non-insurance entities that support the Group’s insurance business and the result for this segment is after deducting the corporate taxes arising from the life joint ventures and associates. In 2021, this also comprised of other non-recurring items which largely included the impact of refinements to the run-off of the allowance of prudence within IFRS 4 technical provisions. (iii) Net investment return and other items in 2023 and 2022 includes an adjustment to eliminate intercompany profits as described below. Entities within the Prudential Group can provide services to each other, the most significant example being the provision of asset management services by Eastspring to the life entities. If the associated expenses are deemed attributable to the entity’s insurance contracts then the costs are included within the estimate of future cashflows when measuring the insurance contract under IFRS 17. In the Group’s consolidated accounts, IFRS 17 requires the removal of the intercompany profit from the measurement of the insurance contract. Put another way the future cash flows include the cost to the Group (not the insurance entity) of providing the service. In the period that the service is provided the entity undertaking the service, for example Eastspring, recognises the profit it earns as part of its results. To avoid any double counting an adjustment is included with the centre’s 'net investment return and other item' to remove the benefit already recognised when valuing the insurance contract. (iv) Corporate expenditure as shown above is for head office functions. (v) Restructuring and IFRS 17 implementation costs include those incurred in insurance and asset management operations of $(81) million (2022: $(137) million; 2021: $(101) million), largely comprising the costs of Group-wide projects including the implementation of IFRS 17 (this includes one-off costs associated with embedding IFRS 17), reorganisation programmes and initial costs of establishing new business initiatives and operations. (vi) In 2021, rising interest rates across most operations led to unrealized bond losses which more than offset the impact of higher discount rates on IFRS 4 policyholder liabilities under the local reserving basis applied and equity gains on shareholder backed business in the year which led to overall negative short-term investment fluctuations for total insurance and asset management operations. (vii) The loss for 2021 of $ (94) million included $(35) million as shown separately on the Consolidated income statement largely related to costs associated with the demerger of Jackson and $(59) million arising on reinsurance transaction undertaken by the Hong Kong business under IFRS 4 basis.
Schedule of segmental analysis of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ ​ 2023 $m ​ ​ Insurance operations note (i) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth ​ ​ ​ Inter ​ ​ ​ ​ ​ ​ ​ ​ Hong ​ ​ ​ ​ ​ ​ ​ markets ​ ​ ​ -segment ​ Total ​ Unallocated ​ ​ ​ Kong Indonesia Malaysia Singapore and other Eastspring elimination segment to a segment Total Amounts relating to changes in the liability for remaining coverage: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected claims and other directly attributable expenses ​ 1,089 ​ 582 ​ 642 ​ 970 ​ 670 — — ​ 3,953 — 3,953 Change in risk adjustment for non-financial risk ​ 73 ​ 35 ​ 24 ​ 55 ​ 41 — — ​ 228 — 228 Release of CSM for services provided ​ 787 ​ 187 ​ 203 ​ 478 ​ 538 — — ​ 2,193 — 2,193 Other adjustments note (ii) ​ 73 ​ 32 ​ 31 ​ 45 ​ 71 — — ​ 252 — 252 Recovery of insurance acquisition cash flows ​ 1,207 ​ 306 ​ 234 ​ 435 ​ 563 — — 2,745 — 2,745 Insurance revenue ​ 3,229 ​ 1,142 ​ 1,134 ​ 1,983 ​ 1,883 — — 9,371 — 9,371 Other revenue note (iii) ​ 22 ​ 4 ​ 4 ​ — ​ 39 299 — 368 1 369 Total revenue from external customers note (iv) ​ 3,251 ​ 1,146 ​ 1,138 ​ 1,983 ​ 1,922 ​ 299 ​ — ​ 9,739 ​ 1 ​ 9,740 Intra-group revenue ​ — ​ — ​ — ​ — ​ — 184 (184) — ​ — ​ — Interest income ​ 1,033 ​ 92 ​ 239 ​ 785 ​ 627 7 — 2,783 164 2,947 Dividend and other investment income ​ 775 ​ 93 ​ 151 ​ 528 ​ 117 3 — 1,667 7 1,674 Investment appreciation (depreciation) ​ 2,155 ​ 50 ​ 177 ​ 1,490 ​ 1,309 4 — 5,185 (43) 5,142 Investment return ​ 3,963 ​ 235 ​ 567 ​ 2,803 ​ 2,053 ​ 198 ​ (184) ​ 9,635 ​ 128 ​ 9,763 Total revenue ​ 7,214 ​ 1,381 ​ 1,705 ​ 4,786 ​ 3,975 497 (184) 19,374 129 19,503 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ ​ 2022 $m ​ ​ Insurance operations note (i) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth ​ ​ ​ Inter ​ ​ ​ ​ ​ ​ ​ Hong ​ ​ ​ markets ​ -segment Total Unallocated ​ ​ ​ Kong ​ Indonesia ​ Malaysia ​ Singapore ​ and other ​ Eastspring ​ elimination ​ segment ​ to a segment ​ Total Amounts relating to changes in the liability for remaining coverage: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected claims and other directly attributable expenses ​ 969 438 ​ 563 935 ​ 736 ​ — ​ — 3,641 — 3,641 Change in risk adjustment for non-financial risk ​ 53 33 ​ 20 33 ​ 30 ​ — ​ — 169 — 169 Release of CSM for services provided ​ 737 274 ​ 215 442 ​ 513 ​ — ​ — 2,181 — 2,181 Other adjustments note (ii) ​ 30 16 ​ — 27 ​ 32 ​ — ​ — 105 — 105 Recovery of insurance acquisition cash flows ​ 1,051 ​ 309 ​ 231 ​ 378 ​ 484 ​ — ​ — 2,453 ​ — ​ 2,453 Insurance revenue ​ 2,840 1,070 ​ 1,029 1,815 ​ 1,795 ​ — ​ — 8,549 — 8,549 Other revenue note (iii) ​ 65 6 ​ — 1 ​ 33 ​ 330 ​ — 435 1 436 Total revenue from external customers note (iv) ​ 2,905 ​ 1,076 ​ 1,029 ​ 1,816 ​ 1,828 ​ 330 ​ — ​ 8,984 ​ 1 ​ 8,985 Intra-group revenue ​ — — ​ — — ​ 1 ​ 199 ​ (200) — — — Interest income ​ 927 83 ​ 208 724 ​ 601 ​ 4 ​ — 2,547 50 2,597 Dividend and other investment income ​ 689 77 ​ 183 576 ​ 107 ​ 1 ​ — 1,633 25 1,658 Investment depreciation ​ (23,615) (69) ​ (386) (6,679) ​ (2,860) ​ (21) ​ — (33,630) (5) (33,635) Investment return ​ (21,999) ​ 91 ​ 5 ​ (5,379) ​ (2,151) ​ 183 ​ (200) ​ (29,450) ​ 70 ​ (29,380) Total revenue ​ (19,094) 1,167 ​ 1,034 (3,563) ​ (323) ​ 513 ​ (200) (20,466) 71 (20,395) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 4 basis ​ ​ 2021 $m ​ ​ Insurance operations note (i) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth ​ ​ ​ Inter ​ ​ ​ ​ ​ ​ ​ Hong ​ ​ ​ markets ​ -segment Total Unallocated ​ ​ ​ Kong ​ Indonesia ​ Malaysia ​ Singapore ​ and other ​ Eastspring ​ elimination ​ segment ​ to a segment ​ 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 income note (iii) 52 12 — ​ 22 ​ 117 ​ 437 ​ — 640 1 641 Total external revenue note(iv) 8,527 1,693 1,853 ​ 6,131 ​ 4,372 ​ 437 ​ — 23,013 1 23,014 Intra-group revenue — ​ — ​ — ​ — ​ 1 ​ 217 ​ (218) — — — Interest income 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 10,197 1,888 1,933 ​ 7,315 ​ 4,716 ​ 665 ​ (218) 26,496 4 26,500 ​ Notes (i) The Group’s share of the results from the joint ventures and associates including CPL that are equity accounted for is presented in a single line within the Group’s profit before tax on a net of related tax basis, and therefore not shown in the analysis of revenue line items above. Revenue from external customers of CPL (Prudential’s share) in 2023 is $560 million (2022: $595 million under IFRS 17 basis; 2021: $ 3,052 million under IFRS 4 basis). Further financial information on CPL is provided in note D5.3. (ii) Other adjustments comprise experience adjustment for premium receipts relating to past and current services provided under insurance contracts and insurance revenue earned from contracts measured under the PAA as well as the revenue recognised to cover the tax charge attributable to policyholders. (iii) Other revenue comprises revenue from external customers and consists primarily of revenue from the Group’s asset management business of $299 million (2022: $330 million; 2021: $437 million). Also included in other revenue is fee income on financial instruments that are not held at FVTPL of $3 million (2022: $2 million; 2021: $1 million). (iv) Due to the nature of the business of the Group, there is no reliance on any major customers. Of the Group’s markets, other than Hong Kong, Singapore, Indonesia and Malaysia as shown above, no individual markets have revenue from external customers that exceeds 10 per cent of the Group total for the years presented.
Schedule of investment return	​ ​ ​ ​ IFRS 9 basis 2023 $m Interest income calculated using the effective interest method 340 Net gains on financial instruments at FVTPL note (i) 9,400 Dividend income from Jackson shares designated at FVOCI recognised in the income statement 7 Other investment returns (including foreign exchange gains and losses) 267 Movement in amounts attributable to external unit holders of consolidated investment funds ​ (251) Investment return recognised in the income statement 9,763 Valuation movements in Jackson shares recognised in other comprehensive income 8 Total investment return recognised in the income statement and other comprehensive income 9,771 ​ ​ ​ ​ ​ IAS 39 basis 2022 $m Interest income calculated using the effective interest method 237 Net losses on financial instruments at FVTPL note (i) (30,890) Dividend income from Jackson shares classified as AFS recognised in the income statement 24 Other investment returns (including foreign exchange gains and losses) 239 Movement in amounts attributable to external unit holders of consolidated investment funds 1,010 Investment return recognised in the income statement (29,380) Valuation movements in Jackson shares recognised in other comprehensive income (187) Total investment return recognised in the income statement and other comprehensive income (29,567) ​ ​ ​ ​ ​ IAS 39 basis 2021 $m Net realised and unrealised gains on securities at fair value through profit or loss note (ii) 624 Net realised and unrealised losses on derivatives at fair value through profit or loss note (ii) (943) Net realised losses on loans note (ii) (2) Interest income note (iii) 2,570 Dividend income 1,496 Other investment returns (including foreign exchange gains and losses) (259) Investment return recognised in the income statement 3,486 ​ Notes (i) Net gains (losses) comprise interest income on financial instruments at FVTPL, dividend and other investment income and investment appreciation (depreciation). Net realised gains and losses on the Group’s investments for 2023 recognised in the income statement amounted to a net loss of $(6.0) billion (2022: a net loss of $(9.4) billion). (ii) Net realised gains and losses on the Group’s investments for 2021 recognised in the income statement amounted a net gain of $6.0 billion. (iii) Interest income in 2021 includes $280 million in respect of financial assets not at fair value through profit and loss.
Schedule of allocation of investment return between policyholders and shareholders under IFRS 4	​ ​ ​ ​ ​ IFRS 4 basis ​ ​ 2021 $m Policyholder returns Assets backing unit-linked liabilities 516 With-profits business 2,700 ​ ​ 3,216 Shareholder returns 270 Total investment return 3,486
Schedule of net insurance and reinsurance finance income (expense)	​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ 2023 $m 2022 $m Net finance (expense) income from insurance contracts notes (i)(ii) Accretion of interest on GMM contracts (233) (240) Changes in fair value of underlying assets and other adjustments relating to VFA contracts (8,162) 28,498 Effect of changes in interest rates and other financial assumptions (276) 458 Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates 43 53 Net foreign exchange income (expense) 12 (524) Other finance (expense) income from insurance contracts note (iii) (223) 378 ​ ​ (8,839) 28,623 Net finance expense from reinsurance contracts held notes (i)(ii) Accretion of interest on GMM contracts 45 45 Effect of changes in interest rates and other financial assumptions 168 (1,301) Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates (11) 71 Net foreign exchange (expense) (8) (1) Other finance (expense) from reinsurance contracts note (iv) (3) (7) ​ ​ 191 (1,193) ​ Notes (i) The Group has made an accounting policy choice to disaggregate the finance component of the risk adjustment and present it under insurance finance income (expenses) instead of insurance service result. (ii) The analysis of the investment return on the assets of the Group is provided in note B1.4. The impact of changes in market movements on the assets and insurance contract liabilities will vary depending on whether the insurance contracts are classified as VFA or GMM, which is discussed further in note C6.1 (a). (iii) Other finance (expense) income from insurance contracts includes the effect of changes in the policyholders’ interest in the excess net assets of relevant participating funds of $(192) million (2022: $515 million). (iv) Other finance (expense) from reinsurance contracts held includes the effect of changes in non-performance risk of reinsurers of $(3) million (2022: $(7) million).
Schedule of additional segmental analysis of profit after tax	​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis IFRS 4 basis ​ 2023 $m 2022 $m 2021 $m CPL note ​ (577) (345) 278 Hong Kong ​ 976 (742) 1,068 Indonesia ​ 156 108 362 Malaysia ​ 257 178 265 Singapore ​ 512 (7) 394 Growth markets and other note ​ 775 314 434 Eastspring ​ 254 234 284 Total segment ​ 2,353 (260) 3,085 Unallocated to a segment (central operations) ​ (641) (737) (871) Total profit (loss) after tax ​ 1,712 (997) 2,214 ​ Note The Growth markets and other segment comprises all other Asia and Africa insurance businesses alongside other amounts that are not included in the segment profit of an individual business unit, including tax on life joint ventures and associates that are accounted for on an equity-method basis. Accordingly, on the segmental analysis of the profit after tax basis above, the amount shown for CPL is before tax (with its tax being included in the Growth markets and other segment). The Group's share of CPL's post-tax result was $(366) million (2022: $(275) million).

Insurance service expenses an_2

Insurance service expenses and other expenditure (Tables)	12 Months Ended
	Dec. 31, 2023
Insurance service expenses and other expenditure
Schedule of analysis of expenses	​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ 2023 $m 2022 $m Expenses attributed to insurance acquisition cash flows note (i) 4,833 ​ 3,232 Other directly attributable expenses note (ii) 1,258 ​ 1,221 Other expenditure note (iii) 990 ​ 1,019 Total expenses 7,081 ​ 5,472 ​ Notes (i) Expenses attributed to insurance acquisition cash flows represent insurance acquisition expenses incurred in the year, which are implicitly deferred within the CSM and amortised as part of the CSM amortisation. (ii) Other directly attributable expenses are those incurred in the year when providing insurance services to the policyholders, excluding the cost of claims and benefit payments. The expected other directly attributable expenses are explicitly included within the BEL and form part of the BEL release to the insurance revenue. The actual other directly attributable expenses incurred in the year form part of insurance service expenses. (iii) Other expenditure includes interest expense other than interest on core structural borrowings that is presented separately on the income statement as Finance costs. Total segment interest expense is $58 million (2022: $23 million), of which $31 million arises in the Hong Kong segment (2022: $11 million) and $23 million (2022: $9 million) arises in the Centre segment with the remainder spread broadly across the other markets. Included within interest expense is $7 million (2022: $8 million) of interest on lease liabilities. Core structural borrowings and operational borrowings (other than lease liabilities) represent financial liabilities that are not classified at FVTPL. Total depreciation and amortisation expenses relate primarily to amortisation of distribution rights intangibles as shown in note C4.2. The segmental analysis of total depreciation and amortisation is shown below.
Schedule of segmental analysis of depreciation and amortisation	​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ 2023 $m 2022 $m Hong Kong ​ 42 ​ 43 Indonesia 11 ​ 12 Malaysia 21 ​ 21 Singapore 36 ​ 40 Growth markets and other 369 ​ 339 Eastspring 12 ​ 13 Total segment 491 ​ 468 Unallocated to a segment (central operations) 33 ​ 26 Total depreciation and amortisation 524 ​ 494
Schedule of costs of employment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m ​ 2021 $m ​ ​ ​ ​ ​ ​ ​ ​ Discontinued US ​ ​ ​ ​ ​ ​ ​ ​ Continuing ​ operations ​ Group total Wages and salaries 1,079 ​ 1,018 ​ 973 ​ 511 1,484 Social security costs ​ 37 ​ 41 ​ 42 ​ 22 ​ 64 Defined contribution pension schemes ​ 46 ​ 40 ​ 42 ​ 29 ​ 71 Total Group 1,162 ​ 1,099 ​ 1,057 ​ 562 1,619
Schedule of average number of staff employed	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Asia and Africa operations note (i) 14,479 ​ 13,685 ​ 13,237 Head office function 551 ​ 511 ​ 600 Total continuing operations 15,030 ​ 14,196 ​ 13,837 Discontinued US operations note (ii) — ​ — ​ 3,306 Total Group 15,030 ​ 14,196 ​ 17,143 Notes (i) The Asia and Africa operations staff numbers above exclude 621 (2022: 744 ; 2021: 440 ) commission-based sales staff who have an employment contract with the Group. (ii) Average staff numbers of the discontinued US operations were for the period up to the demerger in September 2021.
Schedule of movement in outstanding options and awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Awards outstanding under ​ ​ Options outstanding under SAYE schemes ​ incentive plans ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 2022 2021 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ average ​ ​ ​ average ​ Number ​ average ​ ​ ​ ​ ​ ​ ​ ​ Number ​ exercise ​ Number ​ exercise ​ of options ​ exercise ​ ​ ​ ​ of options ​ price ​ of options ​ price ​ millions ​ price ​ Number of awards ​ millions £ millions £ millions £ millions Balance at beginning of year: 1.9 ​ 10.4 ​ 2.0 ​ 11.6 ​ 2.3 ​ 11.9 21.0 ​ 24.6 ​ 40.6 Granted 0.4 ​ 7.8 ​ 0.5 ​ 7.4 ​ 0.4 ​ 11.9 6.3 ​ 6.5 ​ 5.2 Modification ​ ​ ​ ​ ​ — ​ — ​ 0.1 ​ 11.8 ​ — ​ — ​ 0.7 Exercised (0.3) ​ 11.6 ​ (0.3) ​ 11.2 ​ (0.7) ​ 12.6 (10.1) ​ (7.2) ​ (8.6) Forfeited — ​ 7.8 ​ — ​ 10.8 ​ — ​ 11.1 (1.7) ​ (1.1) ​ (3.1) Cancelled (0.3) ​ 12.0 ​ (0.3) ​ 12.7 ​ (0.1) ​ 11.5 (0.1) ​ (0.1) ​ (0.1) Lapsed/Expired — ​ 10.4 ​ — ​ 13.0 ​ — ​ 12.9 (1.1) ​ (1.7) ​ (0.6) Jackson awards derecognised on demerger note ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ — ​ ​ ​ ​ ​ (9.5) Balance at end of year 1.7 ​ 9.5 ​ 1.9 ​ 10.4 ​ 2.0 ​ 11.6 14.3 ​ 21.0 ​ 24.6 Options immediately exercisable at end of year 0.2 ​ 10.8 ​ 0.3 ​ 12.5 ​ 0.2 ​ 12.3 ​ ​
Summary of the range of exercise prices for options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Exercisable ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ remaining ​ Weighted average ​ ​ ​ Weighted average ​ ​ Number outstanding ​ contractual life ​ exercise prices ​ Number exercisable ​ exercise prices ​ ​ millions ​ years ​ £ ​ millions ​ £ ​ 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Between £7 and £8 ​ 0.7 ​ 0.5 ​ — ​ 3.7 ​ 4.1 ​ — ​ 7.55 ​ 7.37 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Between £9 and £10 0.3 ​ 0.4 ​ 0.4 1.4 ​ 2.2 ​ 3.2 9.64 ​ 9.64 ​ 9.64 0.1 ​ — ​ — 9.64 ​ — ​ — Between £11 and £12 0.6 ​ 0.8 ​ 1.2 2.0 ​ 2.4 ​ 2.7 11.59 ​ 11.48 ​ 11.38 — ​ 0.2 ​ 0.1 — ​ 11.12 ​ 11.04 Between £12 and £13 — ​ — ​ — — ​ — ​ — — ​ — ​ — — ​ — ​ — — ​ — ​ — Between £13 and £14 ​ 0.1 ​ 0.1 ​ 0.2 ​ 0.4 ​ 1.4 ​ 1.6 ​ 13.94 ​ 13.94 ​ 13.94 ​ 0.1 ​ — ​ 0.1 ​ 13.94 ​ — ​ 13.94 Between £14 and £15 — ​ 0.1 ​ 0.2 — ​ 0.4 ​ 1.4 — ​ 14.55 ​ 14.55 — ​ 0.1 ​ — — ​ 14.55 ​ — Total 1.7 1.9 2.0 2.6 2.6 2.6 9.50 10.43 11.61 0.2 0.3 0.2 10.82 12.48 12.26 ​ The years shown above for weighted average remaining contractual life include the time period from end of vesting period to expiration of contract.
Schedule of assumptions used to estimate fair value amounts on date of grant relating to all options and awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ Prudential SAYE Other Prudential ​ SAYE Other Prudential SAYE Other ​ ​ LTIP (TSR) ​ options ​ awards ​ LTIP (TSR) ​ options ​ awards ​ LTIP (TSR) ​ options ​ awards Dividend yield (%) — ​ 1.38 ​ — — 1.11 — — 0.81 ​ — Expected volatility (%) 31.50 ​ 30.02 ​ — 33.64 25.68 — 26.69 22.31 ​ — Risk-free interest rate (%) 4.34 ​ 4.55 ​ — 2.79 3.97 — 0.36 1.18 ​ — Expected option life (years) — ​ 3.95 ​ — — 4.52 — — 4.50 ​ — Weighted average exercise price (£) — ​ 7.75 ​ — — 7.37 — — 11.90 ​ — Weighted average share price at grant date (£) 11.59 ​ 8.89 ​ — 11.15 9.54 — 15.11 14.76 ​ — Weighted average fair value at grant date (£) 5.10 ​ 2.85 ​ 11.45 2.09 3.45 11.11 7.70 4.13 ​ 14.79
Schedule of key management remuneration	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m 2021 $m Salaries and short-term benefits (including fees paid to non-executive directors) 27.0 22.5 29.3 Post-employment benefits 1.0 1.0 1.4 Share-based payments 22.2 15.4 14.0 Payments on separation ​ — ​ 1.0 ​ 23.5 ​ 50.2 39.9 68.2
Schedule of fees payable to the auditor	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m 2021 $m Audit of the Company’s annual accounts ​ 5.8 ​ 2.3 ​ 2.4 Audit of subsidiaries pursuant to legislation 8.1 4.4 5.9 Audit fees payable to the auditor note (i) ​ 13.9 ​ 6.7 ​ 8.3 Audit-related assurance services note (ii) ​ 4.0 ​ 3.5 ​ 4.5 Other assurance services 0.9 0.7 1.1 Services relating to corporate finance transactions — — 1.6 Non-audit fees payable to the auditor ​ 4.9 ​ 4.2 ​ 7.2 Total fees payable to the auditor 18.8 10.9 15.5 ​ ​ ​ ​ ​ ​ ​ Analysed into: ​ ​ ​ ​ ​ ​ Fees payable to the auditor attributable to continuing operations: ​ ​ ​ ​ ​ ​ One-off non-audit services associated with demerger and public offering note (iii) ​ — ​ — ​ 1.9 Other audit and non-audit services ​ 18.8 ​ 10.9 ​ 11.3 ​ ​ 18.8 ​ 10.9 ​ 13.2 Fees payable to the auditor attributable to discontinued US operations ​ — ​ — ​ 2.3 Total fees payable to the auditor ​ 18.8 ​ 10.9 ​ 15.5 ​ Notes (i) EY became the Group’s statutory auditor in 2023 replacing KPMG who was the statutory auditor during 2022 and 2021. The 2023 fees shown above are wholly in respect of fees payable to EY while the 2022 fees were the fees paid to KPMG. (ii) Of the audit-related assurance service fees of $4.0 million for EY in 2023 (2022: $3.5 million; 2021: $4.5 million for KPMG), $1.1 million (2022: $0.9 million, 2021: $0.6 million) relates to services that are required by law and regulation as defined by the FRC. (iii) Of the $1.9 million one-off non-audit services fees associated with the demerger of the US operations and the public offering in Hong Kong in 2021, $0.1 million was for audit-related assurance and $0.1 million for other assurance services required by law and regulation.

Tax charge (Tables)

Tax charge (Tables)	12 Months Ended
	Dec. 31, 2023
Tax charge
Schedule of total tax charge in the income statment	​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis IFRS 4 basis ​ 2023 $m 2022 $m 2021 $m Hong Kong ​ (129) ​ (106) ​ (119) Indonesia ​ (43) ​ (27) ​ (70) Malaysia ​ (98) ​ (44) ​ (73) Singapore ​ (174) ​ (61) ​ (328) Growth markets and other ​ (103) ​ (210) ​ (163) Eastspring ​ (26) ​ (26) ​ (30) Total segment note (i) ​ (573) ​ (474) ​ (783) Unallocated to a segment (central operations) ​ 13 ​ (4) ​ (21) Total tax charge notes (i)(ii) (560) (478) (804) ​ Notes (i) Profit before tax includes Prudential’s share of profit after tax from the joint ventures and associates that are equity-accounted for. Therefore, the actual tax charge in the income statement does not include tax arising from the results of joint ventures and associates including CPL. (ii) The total tax charge is analysed between current tax and deferred tax as follows
Schedule of total tax charge	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis IFRS 4 basis ​ 2023 $m 2022 $m 2021 $m Current tax expense: ​ ​ ​ Corporation tax (457) (474) (405) Adjustments in respect of prior years 1 (7) 6 Total current tax charge (456) (481) (399) ​ ​ ​ ​ ​ ​ ​ Deferred tax arising from: ​ ​ ​ Origination and reversal of temporary differences (135) — (388) Adjustment in respect of a tax loss, tax credit or temporary difference from a prior year 31 3 (17) Total deferred tax (charge) credit (104) 3 (405) Total tax charge (560) (478) (804)
Schedule of shareholder profit and tax charge	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ IFRS 4 basis ​ ​ ​ 2023 2022 ​ 2021 ​ ​ $m ​ % $m ​ % $m ​ % Profit (loss) before tax (being tax attributable to shareholders’ and policyholders’ returns) 2,272 ​ ​ ​ (519) ​ 3,018 ​ ​ Tax charge attributable to policyholders’ returns note (i) (175) ​ ​ ​ (124) ​ (342) ​ ​ Profit (loss) before tax attributable to shareholders’ returns 2,097 ​ ​ ​ (643) ​ 2,676 ​ ​ Tax (charge) credit at the expected rate (399) ​ 19 % 85 13 % (539) 20 % Effects of recurring tax reconciliation items: ​ ​ ​ ​ ​ ​ ​ Income not taxable or taxable at concessionary rates note (ii) ​ 80 ​ (4) % 61 ​ 9 % 63 ​ (2) % Deductions and losses not allowable for tax purposes note (iii) (136) ​ 6 % (196) (30) % (92) 3 % Items related to taxation of life insurance businesses note (iv) 137 ​ (7) % (129) (20) % 177 (7) % Deferred tax adjustments including unrecognised tax losses 13 ​ (1) % (45) (7) % (111) 4 % Effect of results of joint ventures and associates note (v) (38) ​ 2 % (32) (5) % 80 (3) % Irrecoverable withholding taxes note (vi) (63) ​ 3 % (55) (9) % (60) 2 % Other (2) ​ 1 % (15) (2) % (8) 1 % Total (charge) credit on recurring items (9) ​ 0 % (411) (64) % 49 (2) % Effects of non-recurring tax reconciliation items: ​ ​ ​ ​ ​ ​ Adjustments to tax charge in relation to prior years note(vii) 42 ​ (2) % 1 0 % (11) 0 % Movements in provisions for open tax matters note (viii) (15) ​ 1 % (40) (6) % 47 (2) % Impact of changes in local statutory tax rates ​ — ​ 0 % — ​ 0 % 6 ​ 0 % Adjustments in relation to business disposals and corporate transactions ​ (4) ​ 0 % 11 ​ 2 % (14) ​ 1 % Total credit (charge) on non-recurring items 23 ​ (1) % (28) (4) % 28 ​ (1) % Tax charge attributable to shareholders’ returns ​ (385) ​ ​ ​ (354) ​ ​ ​ (462) ​ ​ ​ Tax charge attributable to policyholders’ returns note (i) ​ (175) ​ ​ ​ (124) ​ ​ ​ (342) ​ ​ ​ Tax charge attributable to shareholders’ and policyholders’ returns ​ (560) ​ ​ ​ (478) ​ ​ ​ (804) ​ ​ ​ Profit before tax attributable to shareholders’ returns analysed into: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted operating profit ​ 2,893 ​ ​ ​ 2,722 ​ ​ ​ 3,233 ​ ​ ​ Non-operating result note (ix) ​ (796) ​ ​ ​ (3,365) ​ ​ ​ (557) ​ ​ ​ Profit (loss) before tax attributable to shareholders’ returns ​ 2,097 ​ ​ ​ (643) ​ ​ ​ 2,676 ​ ​ ​ Tax charge attributable to shareholders' returns analysed into: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax charge on adjusted operating profit (444) ​ ​ ​ (539) (548) ​ ​ Tax credit on non-operating result note (ix) ​ 59 ​ ​ ​ 185 ​ ​ ​ 86 ​ ​ ​ Tax charge attributable to shareholders’ returns (385) ​ ​ ​ (354) ​ (462) ​ ​ Actual tax rate on: ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted operating profit: ​ ​ ​ ​ ​ ​ ​ Including non-recurring tax reconciling items note(x) 15 % ​ ​ 20 % ​ 17 % ​ ​ Excluding non-recurring tax reconciling items 16 % ​ ​ 18 % ​ ​ 18 % ​ ​ Profit before tax attributable to shareholders’ returns note (x) 18 % ​ ​ (55) % ​ ​ 17 % ​ ​ ​ Notes (i) The tax charge attributable to policyholders of $(175) million (2022: $(124) million on an IFRS 17 basis; 2021: $(342) million on an IFRS 4 basis) is equal to the profit before tax attributable to policyholders as a result of accounting for policyholder income after the deduction of expenses on a post-tax basis. (ii) Income not taxable or taxable at concessionary rates primarily relates to non-taxable investment income in Growth markets and Singapore. (iii) Deductions and losses not allowable for tax purposes primarily relates to non-deductible head office costs in Other operations. (iv) Items related to taxation of life insurance businesses primarily relates to Hong Kong where the taxable profit is computed as 5 per cent of net insurance premiums. (v) Profit before tax includes Prudential’s share of profit after tax from the joint ventures and associates. Therefore, the actual tax charge does not include tax arising from profit or loss of joint ventures and associates and is reflected as a reconciling item. (vi) The Group incurs withholding tax on remittances received from certain jurisdictions and on certain investment income. Where these withholding taxes cannot be offset against corporate income tax or otherwise recovered, they represent a cost to the Group. Irrecoverable withholding tax on remittances is included in Other operations and is not allocated to any segment. Irrecoverable withholding tax on investment income is included in the relevant segment where the investment income is reflected. (vii) Adjustments to tax charge in relation to prior years primarily relates to the recognition of a deferred tax asset in relation to historical tax losses, due to an increase in forecast taxable profit in the UK tax group. (viii) The statement of financial position contains the following provisions in relation to open tax matters. ​ ​ ​ ​ ​ 2023 $m Balance at 1 Jan (79) Movements in the current year included in tax charge attributable to shareholders ​ (15) 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) ​ 1 Balance at 31 Dec ​ (93) ​ (ix) ‘Non-operating result’ is used to refer to items excluded from adjusted operating profit and includes short-term investment fluctuations in investment returns and corporate transactions. The tax charge on non-operating result is calculated using the tax rates applicable to investment profit or loss recorded in the non-operating result for each entity, and then adjusting for any discrete items included in the total tax charge that relate specifically to the amounts (other than investment related profit or loss) included in the non-operating result. The difference between this tax on non-operating result and the tax charge calculated on profit before tax is the tax charge on adjusted operating profit. (x) The actual tax rates of the relevant business operations are shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ ​ ​ 2023 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth ​ ​ ​ ​ ​ Total ​ ​ ​ Hong ​ ​ ​ ​ ​ ​ ​ markets ​ ​ ​ Other ​ attributable to ​ ​ Kong Indonesia Malaysia Singapore and other Eastspring operations shareholders Tax rate on adjusted operating profit ​ 7 % 22 % 22 % 16 % 20 % 9 % 2 % 15 % Tax rate on profit before tax 7 % 22 % 20 % 16 % 11 % 9 % 2 % 18 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ ​ ​ 2022 % ​ ​ ​ ​ ​ ​ Growth ​ ​ Total ​ ​ Hong ​ ​ ​ ​ ​ ​ ​ markets ​ ​ ​ Other ​ attributable to ​ ​ ​ Kong ​ Indonesia ​ Malaysia ​ Singapore ​ and other ​ Eastspring ​ operations ​ shareholders Tax rate on adjusted operating profit 4 % 19 % 26 % 16 % 33 % 10 % 0 % 20 % Tax rate on profit before tax (7) % 16 % 25 % 63 % 40 % 10 % (1) % (55) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 4 basis ​ ​ 2021 % ​ ​ ​ ​ ​ ​ Growth ​ ​ Total ​ ​ Hong ​ ​ ​ ​ ​ ​ ​ markets ​ ​ ​ Other ​ attributable to ​ ​ Kong ​ Indonesia ​ Malaysia ​ Singapore ​ and other ​ Eastspring ​ operations ​ 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 %
Schedule of movements in provisions for open tax matters	​ ​ ​ ​ ​ 2023 $m Balance at 1 Jan (79) Movements in the current year included in tax charge attributable to shareholders ​ (15) 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) ​ 1 Balance at 31 Dec ​ (93)
Schedule of tax rate of relevant business operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ ​ ​ 2023 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth ​ ​ ​ ​ ​ Total ​ ​ ​ Hong ​ ​ ​ ​ ​ ​ ​ markets ​ ​ ​ Other ​ attributable to ​ ​ Kong Indonesia Malaysia Singapore and other Eastspring operations shareholders Tax rate on adjusted operating profit ​ 7 % 22 % 22 % 16 % 20 % 9 % 2 % 15 % Tax rate on profit before tax 7 % 22 % 20 % 16 % 11 % 9 % 2 % 18 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ ​ ​ 2022 % ​ ​ ​ ​ ​ ​ Growth ​ ​ Total ​ ​ Hong ​ ​ ​ ​ ​ ​ ​ markets ​ ​ ​ Other ​ attributable to ​ ​ ​ Kong ​ Indonesia ​ Malaysia ​ Singapore ​ and other ​ Eastspring ​ operations ​ shareholders Tax rate on adjusted operating profit 4 % 19 % 26 % 16 % 33 % 10 % 0 % 20 % Tax rate on profit before tax (7) % 16 % 25 % 63 % 40 % 10 % (1) % (55) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 4 basis ​ ​ 2021 % ​ ​ ​ ​ ​ ​ Growth ​ ​ Total ​ ​ Hong ​ ​ ​ ​ ​ ​ ​ markets ​ ​ ​ Other ​ attributable to ​ ​ Kong ​ Indonesia ​ Malaysia ​ Singapore ​ and other ​ Eastspring ​ operations ​ 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 %

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings per share
Schedule of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 IFRS 17 basis ​ ​ ​ ​ ​ ​ ​ ​ ​ Net of tax ​ ​ ​ ​ ​ ​ ​ ​ Non- and non- Basic Diluted ​ ​ ​ Before ​ ​ ​ controlling ​ controlling ​ earnings ​ earnings ​ ​ ​ tax ​ Tax ​ interests ​ interests ​ per share ​ per share ​ ​ $m $m ​ $m ​ $m ​ cents ​ cents ​ Based on profit for the year ​ 2,097 ​ (385) ​ (11) ​ 1,701 ​ 62.1 ¢ 61.9 ¢ Short-term fluctuations in investment returns 774 ​ (59) — ​ 715 26.1 ¢ 26.0 ¢ Loss attaching to corporate transactions 22 ​ — — ​ 22 0.8 ¢ 0.8 ¢ Based on adjusted operating profit ​ 2,893 (444) (11) ​ 2,438 89.0 ¢ 88.7 ¢ ​ ​ For 2023, the weighted average number of shares for calculating basic earnings per share, which excludes those held in employee share trusts, is 2,741 million. After including a dilutive effect of the Group's share options and awards(see note B2.2) of 6 million, the weighted average number of shares for calculating diluted earnings per share is, 2,747 million. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 IFRS 17 basis ​ ​ ​ ​ ​ ​ ​ ​ ​ Net of tax ​ ​ ​ ​ ​ ​ ​ ​ Non- and non- Basic Diluted ​ ​ ​ Before ​ ​ ​ controlling ​ controlling ​ earnings ​ earnings ​ ​ ​ tax ​ Tax ​ interests ​ interests ​ per share ​ per share ​ ​ $m $m ​ $m ​ $m ​ cents ​ cents ​ Based on loss for the year ​ (643) ​ (354) (10) ​ (1,007) (36.8) ¢ (36.8) ¢ Short-term fluctuations in investment returns ​ 3,420 (185) (1) ​ 3,234 118.2 ¢ 118.2 ¢ Gain attaching to corporate transactions ​ (55) ​ — — ​ (55) (2.0) ¢ (2.0) ¢ Based on adjusted operating profit ​ 2,722 (539) (11) ​ 2,172 79.4 ¢ 79.4 ¢ ​ ​ For 2022, the weighted average number of shares for calculating basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 (IFRS 4 basis) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net of tax ​ ​ ​ ​ ​ ​ ​ ​ Non- and non- Basic Diluted ​ ​ ​ Before ​ ​ ​ controlling ​ controlling ​ earnings ​ earnings ​ ​ ​ tax ​ Tax ​ interests ​ interests ​ per share ​ per share ​ ​ $m $m ​ $m ​ $m ​ cents ​ cents ​ Loss for the year ​ ​ ​ ​ ​ (2,042) (77.7) ¢ (77.7) ¢ Loss from discontinued US operations ​ ​ ​ ​ 4,234 161.1 ¢ 161.1 ¢ Profit from continuing operations ​ 2,676 (462) (22) ​ 2,192 83.4 ¢ 83.4 ¢ 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 ​ 94 (5) — ​ 89 3.4 ¢ 3.4 ¢ Adjusted operating profit ​ 3,233 (548) (17) ​ 2,668 101.5 ¢ 101.5 ¢

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2023
Dividends
Schedule of dividends	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ Cents per ​ ​ ​ ​ Cents per ​ ​ ​ ​ Cents per ​ ​ ​ ​ share ​ $m share ​ $m share ​ $m Dividends relating to reporting year: ​ ​ ​ ​ ​ ​ ​ ​ ​ First interim dividend 6.26 ¢ ​ 172 5.74 ¢ 154 5.37 ¢ 140 Second interim dividend 14.21 ¢ ​ 392 13.04 ¢ 359 11.86 ¢ 326 Total relating to reporting year 20.47 ¢ ​ 564 18.78 ¢ 513 17.23 ¢ 466 Dividends paid in reporting year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current year first interim dividend 6.26 ¢ ​ 172 5.74 ¢ 154 5.37 ¢ 138 Second interim dividend for prior year 13.04 ¢ ​ 361 11.86 ¢ 320 10.73 ¢ 283 Total paid in reporting year 19.30 ¢ ​ 533 17.60 ¢ 474 16.10 ¢ 421

Group assets and liabilities (T

Group assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Group assets and liabilities
Schedule of segment statement of financial position by business type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ ​ Asia and Africa ​ ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds with ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ policyholder Unit-linked ​ ​ ​ Unallocated Group ​ ​ participation ​ funds ​ Other ​ Eastspring ​ Total ​ to a segment ​ total ​ note (i) ​ ​ ​ ​ ​ ​ ​ Debt securities ​ ​ ​ ​ ​ Sovereign debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indonesia 393 611 525 — 1,529 ​ — ​ 1,529 Singapore 3,006 607 929 — 4,542 ​ — ​ 4,542 Thailand 2 4 1,957 — 1,963 ​ — ​ 1,963 United Kingdom — 5 87 — 92 ​ — ​ 92 United States 23,552 84 2,351 — 25,987 ​ — ​ 25,987 Vietnam 3,143 30 173 — 3,346 ​ — ​ 3,346 Other (predominantly Asia) 4,375 664 1,732 28 6,799 ​ — ​ 6,799 Subtotal 34,471 2,005 7,754 28 44,258 ​ — ​ 44,258 Other government bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA ​ 1,533 ​ 94 ​ 119 ​ — ​ 1,746 ​ — ​ 1,746 AA+ to AA- ​ 120 ​ 17 ​ 29 ​ — ​ 166 ​ — ​ 166 A+ to A- ​ 689 ​ 95 ​ 239 ​ — ​ 1,023 ​ — ​ 1,023 BBB+ to BBB- ​ 271 ​ 57 ​ 56 ​ — ​ 384 ​ — ​ 384 Below BBB- and unrated 502 11 63 2 578 ​ — ​ 578 Subtotal 3,115 274 506 2 3,897 ​ — ​ 3,897 Corporate bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA 1,214 147 243 — 1,604 ​ — ​ 1,604 AA+ to AA- 2,716 440 934 — 4,090 ​ — ​ 4,090 A+ to A- ​ 10,918 ​ 460 ​ 2,179 ​ — ​ 13,557 ​ 1 ​ 13,558 BBB+ to BBB- ​ 9,466 ​ 714 ​ 2,055 ​ — ​ 12,235 ​ 1 ​ 12,236 Below BBB- and unrated ​ 2,280 ​ 500 ​ 356 ​ — ​ 3,136 ​ — ​ 3,136 Subtotal ​ 26,594 ​ 2,261 ​ 5,767 ​ — ​ 34,622 ​ 2 ​ 34,624 Asset-backed securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA ​ 174 ​ 2 ​ 54 ​ — ​ 230 ​ — ​ 230 AA+ to AA- ​ 6 ​ — ​ 2 ​ — ​ 8 ​ — ​ 8 A+ to A- ​ 30 ​ — ​ 7 ​ — ​ 37 ​ — ​ 37 BBB+ to BBB- ​ 7 ​ — ​ 2 ​ — ​ 9 ​ — ​ 9 Below BBB- and unrated ​ — ​ 1 ​ — ​ — ​ 1 ​ — ​ 1 Subtotal ​ 217 ​ 3 ​ 65 ​ — ​ 285 ​ — ​ 285 Total debt securities notes (ii)(iv) ​ 64,397 ​ 4,543 ​ 14,092 ​ 30 ​ 83,062 ​ 2 ​ 83,064 Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans ​ 65 ​ — ​ 83 ​ — ​ 148 ​ — ​ 148 Other loans ​ 430 ​ — ​ — ​ — ​ 430 ​ — ​ 430 Total loans ​ 495 ​ — ​ 83 ​ — ​ 578 ​ — ​ 578 Equity securities and holdings in collective investment schemes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct equities ​ 18,711 ​ 12,075 ​ 182 ​ 128 ​ 31,096 ​ — ​ 31,096 Collective investment schemes ​ 24,529 ​ 7,546 ​ 1,580 ​ 2 ​ 33,657 ​ — ​ 33,657 Total equity securities and holdings in collective investment schemes ​ 43,240 ​ 19,621 ​ 1,762 ​ 130 ​ 64,753 ​ — ​ 64,753 Other financial investments note (iii) ​ 2,893 ​ 396 ​ 1,707 ​ 101 ​ 5,097 ​ 2,628 ​ 7,725 Total financial investments note (v) ​ 111,025 ​ 24,560 ​ 17,644 ​ 261 ​ 153,490 ​ 2,630 ​ 156,120 Investment properties ​ — ​ — ​ 39 ​ — ​ 39 ​ — ​ 39 Cash and cash equivalents ​ 1,054 ​ 647 ​ 1,287 ​ 173 ​ 3,161 ​ 1,590 ​ 4,751 Total investments ​ 112,079 ​ 25,207 ​ 18,970 ​ 434 ​ 156,690 ​ 4,220 ​ 160,910 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 $m ​ ​ Asia and Africa ​ ​ ​ ​ ​ ​ Insurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds with ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ policyholder Unit-linked ​ ​ ​ ​ ​ Unallocated ​ Group ​ ​ participation ​ funds ​ Other ​ Eastspring ​ Total ​ to a segment ​ total ​ note (i) ​ ​ ​ ​ ​ ​ Debt securities ​ ​ ​ ​ ​ Sovereign debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indonesia 565 589 400 3 1,557 ​ — ​ 1,557 Singapore 3,240 507 917 67 4,731 ​ — ​ 4,731 Thailand — — 1,456 — 1,456 ​ — ​ 1,456 United Kingdom — 4 — — 4 ​ — ​ 4 United States 21,580 54 257 — 21,891 ​ — ​ 21,891 Vietnam 2,263 12 135 — 2,410 ​ — ​ 2,410 Other (predominantly Asia) 3,663 646 1,666 27 6,002 ​ — ​ 6,002 Subtotal 31,311 1,812 4,831 97 38,051 ​ — ​ 38,051 Other government bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA ​ 1,480 ​ 85 ​ 108 ​ — ​ 1,673 ​ — ​ 1,673 AA+ to AA- ​ 112 ​ 21 ​ 20 ​ — ​ 153 ​ — ​ 153 A+ to A- ​ 765 ​ 139 ​ 233 ​ — ​ 1,137 ​ — ​ 1,137 BBB+ to BBB- ​ 327 ​ 77 ​ 99 ​ — ​ 503 ​ — ​ 503 Below BBB- and unrated 483 22 67 — 572 ​ — ​ 572 Subtotal 3,167 344 527 — 4,038 ​ — ​ 4,038 Corporate bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA 1,094 181 268 — 1,543 ​ — ​ 1,543 AA+ to AA- 2,356 385 1,151 — 3,892 ​ — ​ 3,892 A+ to A- ​ 9,233 ​ 524 ​ 2,345 ​ — ​ 12,102 ​ — ​ 12,102 BBB+ to BBB- ​ 9,515 ​ 1,325 ​ 2,344 ​ 1 ​ 13,185 ​ — ​ 13,185 Below BBB- and unrated ​ 2,918 ​ 444 ​ 454 ​ — ​ 3,816 ​ — ​ 3,816 Subtotal ​ 25,116 ​ 2,859 ​ 6,562 ​ 1 ​ 34,538 ​ — ​ 34,538 Asset-backed securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA ​ 228 ​ 5 ​ 85 ​ — ​ 318 ​ — ​ 318 AA+ to AA- ​ 7 ​ 1 ​ 2 ​ — ​ 10 ​ — ​ 10 A+ to A- ​ 25 ​ — ​ 9 ​ — ​ 34 ​ — ​ 34 BBB+ to BBB- ​ 17 ​ — ​ 6 ​ — ​ 23 ​ — ​ 23 Below BBB- and unrated ​ 2 ​ 1 ​ 1 ​ — ​ 4 ​ — ​ 4 Subtotal ​ 279 ​ 7 ​ 103 ​ — ​ 389 ​ — ​ 389 Total debt securities notes (ii)(iv) ​ 59,873 ​ 5,022 ​ 12,023 ​ 98 ​ 77,016 ​ — ​ 77,016 Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans ​ 92 ​ — ​ 48 ​ — ​ 140 ​ — ​ 140 Other loans ​ 450 ​ — ​ — ​ — ​ 450 ​ — ​ 450 Total loans ​ 542 ​ — ​ 48 ​ — ​ 590 ​ — ​ 590 Equity securities and holdings in collective investment schemes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct equities ​ 15,000 ​ 11,379 ​ 202 ​ 61 ​ 26,642 ​ 266 ​ 26,908 Collective investment schemes ​ 22,015 ​ 6,760 ​ 1,992 ​ 2 ​ 30,769 ​ 2 ​ 30,771 Total equity securities and holdings in collective investment schemes ​ 37,015 ​ 18,139 ​ 2,194 ​ 63 ​ 57,411 ​ 268 ​ 57,679 Other financial investments note (iii) ​ 3,010 ​ 379 ​ 1,599 ​ 107 ​ 5,095 ​ 1,749 ​ 6,844 Total financial investments note (v) ​ 100,440 ​ 23,540 ​ 15,864 ​ 268 ​ 140,112 ​ 2,017 ​ 142,129 Investment properties ​ — ​ — ​ 37 ​ — ​ 37 ​ — ​ 37 Cash and cash equivalents ​ 1,563 ​ 749 ​ 1,266 ​ 127 ​ 3,705 ​ 1,809 ​ 5,514 Total investments ​ 102,003 ​ 24,289 ​ 17,167 ​ 395 ​ 143,854 ​ 3,826 ​ 147,680 Notes (i) Funds with policyholder participation represent investments held to support insurance products where policyholders participate in the returns of a specified pool of investments (excluding unit-linked policies) that are measured using the variable fee approach. (ii) Of the Group’s debt securities, the following amounts were held by the consolidated investment funds: ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Debt securities held by the consolidated investment funds ​ 11,116 ​ 11,899 ​ (iii) Other financial investments comprise derivative assets and deposits. (iv) The credit ratings, information or data contained in this report which are attributed and specifically provided by Standard & Poor’s, Moody’s and Fitch Solutions and their respective affiliates and suppliers (‘Content Providers’) is referred to here as the ‘Content’. Reproduction of any Content in any form is prohibited except with the prior written permission of the relevant party. The Content Providers do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content. The Content Providers expressly disclaim liability for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of the Content. A reference to a particular investment or security, a rating or any observation concerning an investment that is part of the Content is not a recommendation to buy, sell or hold any such investment or security, nor does it address the suitability of an investment or security and should not be relied on as investment advice. (v) Of the total financial investments of $156,120 million as at 31 December 2023 (31 December 2022: $142,129 million), $80,022 million (31 December 2022: $68,949 million) are expected to be recovered within one year, including equity securities and holdings in collective investment schemes.
Schedule of accrued investment income and other debtors	​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Interest receivable ​ 871 806 Other accrued income ​ 132 177 Total accrued investment income ​ 1,003 983 Other debtors ​ 1,161 968 Total accrued investment income and other debtors ​ 2,164 1,951 Analysed as: ​ ​ ​ Expected to be settled within one year ​ 2,048 1,882 Expected to be settled beyond one year ​ 116 69 Total accrued investment income and other debtors ​ 2,164 1,951
Schedule of accruals, deferred income and other liabilities	​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Accruals and deferred income ​ 244 200 Interest payable ​ 35 59 Other creditors ​ 3,756 2,607 Total accruals, deferred income and other creditors ​ 4,035 2,866
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Cash ​ 1,964 1,878 Cash equivalents ​ 2,787 3,636 Total cash and cash equivalents ​ 4,751 5,514 Analysed as: ​ Held by the Group's holding and non-regulated entities and available for general use ​ 1,590 1,809 Other funds not available for general use by the Group, including funds held for the benefit of policyholders ​ 3,161 ​ 3,705 Total cash and cash equivalents ​ 4,751 ​ 5,514 ​
Schedule of provisions	​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m Balance at 1 Jan 206 234 Charge (credit) to income statement: ​ Additional provisions 198 153 Unused amounts released (10) (19) Utilisation during the year (172) (154) Exchange differences 2 (8) Balance at 31 Dec 224 206
Consolidated investment funds
Group assets and liabilities
Schedule of analysis of securities	​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Debt securities held by the consolidated investment funds ​ 11,116 ​ 11,899

Measurement of financial asse_2

Measurement of financial assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Financial instruments
Schedule of contractual maturities of financial liabilities, excluding derivative liabilities, on an undiscounted cash flow basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ ​ ​ ​ Contractual maturity profile for financial liabilities ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ carrying ​ 1 year ​ ​ ​ ​ ​ ​ ​ 10-15 ​ 15-20 ​ Over ​ No stated ​ undiscounted ​ value or less 1-2 years 2-5 years 5-10 years years years 20 years maturity cash flows Investment contracts without DPF note ​ 769 ​ 155 ​ 169 ​ 68 ​ 149 ​ 24 ​ 9 ​ 5 ​ 273 ​ 852 Core structural borrowings of shareholder-financed businesses 3,933 ​ 126 ​ 126 ​ 379 ​ 3,555 ​ — ​ — ​ — ​ 750 ​ 4,936 Lease liabilities under IFRS 16 ​ 234 ​ 76 ​ 62 ​ 86 ​ 25 ​ 2 ​ — ​ — ​ — ​ 251 Other operational borrowings 707 ​ 707 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 707 Obligations under funding, securities lending and sale and repurchase agreements 716 ​ 716 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 716 Accruals, deferred income and other liabilities 4,035 ​ 3,845 ​ — ​ — ​ — ​ — ​ — ​ — ​ 190 ​ 4,035 Net asset value attributable to unit holders of consolidated investment funds 2,711 ​ 2,711 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 2,711 Total non-derivative financial liabilities ​ 13,105 ​ 8,336 ​ 357 ​ 533 ​ 3,729 ​ 26 ​ 9 ​ 5 ​ 1,213 ​ 14,208 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 $m ​ ​ ​ ​ Contractual maturity profile for financial liabilities ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ carrying ​ 1 year ​ ​ ​ ​ ​ ​ ​ 10-15 ​ 15-20 ​ Over ​ No stated ​ undiscounted ​ value or less 1-2 years 2-5 years 5-10 years years years 20 years maturity cash flows Investment contracts without DPF note ​ 663 ​ 11 ​ 163 ​ 206 ​ 98 ​ 22 ​ 8 ​ 4 ​ 243 ​ 755 Core structural borrowings of shareholder-financed businesses 4,261 509 124 ​ 370 2,598 1,024 — — 750 5,375 Lease liabilities under IFRS 16 ​ 299 ​ 101 ​ 76 ​ 127 ​ 28 ​ 9 ​ — ​ — ​ — ​ 341 Other operational borrowings 516 516 — ​ — — — — — — 516 Obligations under funding, securities lending and sale and repurchase agreements 582 582 — ​ — — — — — — 582 Accruals, deferred income and other liabilities 2,866 2,686 — ​ — — — — — 180 2,866 Net asset value attributable to unit holders of consolidated investment funds 4,193 4,193 — ​ — — — — — — 4,193 Total non-derivative financial liabilities 13,380 8,598 363 ​ 703 2,724 1,055 8 4 1,173 14,628
Schedule of maturity profile of net derivative positions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value of net derivatives $m ​ ​ ​ ​ ​ ​ Net ​ ​ Derivative ​ Derivative ​ derivative ​ assets liabilities position 31 Dec 2023 1,855 ​ (238) ​ 1,617 31 Dec 2022 569 ​ (1,001) ​ (432)
Schedule of gross and net information about financial instruments subject to master netting arrangements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ ​ ​ ​ Related amounts not offset ​ ​ ​ ​ Gross amount ​ in the balance sheet ​ ​ ​ included in the ​ ​ ​ Net amount ​ ​ balance ​ Financial ​ Cash ​ Securities ​ included in the ​ ​ sheet ​ instruments ​ collateral ​ collateral ​ balance sheet ​ ​ note (i) ​ note (ii) ​ ​ ​ ​ ​ note (iv) Derivative assets 1,820 ​ (138) ​ (1,529) ​ (11) ​ 142 Reverse repurchase agreements 3,616 ​ (12) ​ — ​ (3,604) ​ — Total financial assets 5,436 ​ (150) ​ (1,529) ​ (3,615) ​ 142 Derivative liabilities (225) ​ 138 ​ 57 ​ — ​ (30) Securities lending and repurchase agreements (713) ​ — ​ (18) ​ 730 ​ (1) Total financial liabilities (938) ​ 138 ​ 39 ​ 730 ​ (31) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 $m ​ ​ ​ ​ Related amounts not offset ​ ​ ​ ​ Gross amount ​ in the balance sheet ​ ​ ​ included in the ​ ​ ​ Net amount ​ ​ balance ​ Financial ​ Cash ​ Securities ​ included in the ​ ​ sheet ​ instruments ​ collateral ​ collateral ​ balance sheet ​ ​ note (i) ​ note (ii) ​ ​ ​ note (iii) ​ note (iv) Derivative assets 457 (179) (217) ​ — 61 Reverse repurchase agreements 3,174 — — (3,174) — Total financial assets 3,631 (179) (217) (3,174) 61 Derivative liabilities (284) 179 27 6 (72) Securities lending and repurchase agreements (582) — 13 566 (3) Total financial liabilities (866) 179 40 572 (75) Notes (i) The Group has not offset any of the amounts included in the balance sheet. (ii) Represents the amount that could be offset under master netting or similar arrangements where the Group does not satisfy the full criteria to offset in the balance sheet. (iii) Excludes initial margin amounts for exchange-traded derivatives. (iv) In the tables above, the amounts of assets or liabilities included in the balance sheet would be offset first by financial instruments that have the right of offset under master netting or similar arrangements with any remaining amount reduced by the amount of cash and securities collateral. The actual amount of collateral may be greater than amounts presented in the tables.
At fair value
Financial instruments
Schedule of fair value of assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ ​ ​ Quoted prices ​ Valuation based ​ Valuation based ​ ​ ​ ​ (unadjusted) ​ on significant ​ on significant ​ ​ ​ ​ in active ​ observable ​ unobservable ​ ​ ​ markets market inputs market inputs Total ​ ​ ​ note (iii) ​ Loans — ​ 430 ​ — ​ 430 ​ Equity securities and holdings in collective investment schemes 56,327 ​ 5,562 ​ 2,864 ​ 64,753 ​ Debt securities note (i) 64,004 ​ 19,020 ​ 40 ​ 83,064 ​ Derivative assets 1,460 ​ 395 ​ — ​ 1,855 ​ Derivative liabilities (58) ​ (180) ​ — ​ (238) ​ Total financial investments, net of derivative liabilities 121,733 ​ 25,227 ​ 2,904 ​ 149,864 ​ Investment contract liabilities without DPF note (ii) — ​ (769) ​ — ​ (769) ​ Net asset value attributable to unit holders of consolidated investment funds (2,711) ​ — ​ — ​ (2,711) ​ Total financial instruments at fair value 119,022 ​ 24,458 ​ 2,904 ​ 146,384 ​ Percentage of total (%) ​ 81 % 17 % 2 % 100 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 $m ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ ​ ​ ​ Quoted prices ​ Valuation based ​ Valuation based ​ ​ ​ ​ (unadjusted) ​ on significant ​ on significant ​ ​ ​ ​ in active ​ observable ​ unobservable ​ ​ ​ markets market inputs market inputs Total ​ ​ ​ note (iii) ​ Loans — ​ 447 3 450 ​ Equity securities and holdings in collective investment schemes 49,725 ​ 7,130 824 57,679 ​ Debt securities note (i) 57,148 ​ 19,763 38 76,949 ​ Derivative assets 82 ​ 487 — 569 ​ Derivative liabilities (778) ​ (223) — (1,001) ​ Total financial investments, net of derivative liabilities 106,177 ​ 27,604 865 134,646 ​ Investment contract liabilities without DPF note (ii) — ​ (663) — (663) Net asset value attributable to unit holders of consolidated investment funds (4,193) ​ — — (4,193) Total financial instruments at fair value 101,984 ​ 26,941 865 129,790 Percentage of total (%) ​ 78 % 21 % 1 % 100 % Notes (i) Of the total level 2 debt securities of $19,020 million at 31 December 2023 (31 December 2022: $19,763 million), $10 million (31 December 2022: $37 million) are valued internally. (ii) For Investment contract liabilities without DPF, it is assumed that these investment contracts are not quoted in an active market and do not have readily available published prices and that their fair values are determined using valuation techniques. It is assumed that all significant inputs used in the valuation are observable and these investment contract liabilities are classified in level 2. (iii) At 31 December 2023, the Group held $2,904 million (31 December 2022: $865 million) of net financial instruments at fair value within level 3. This represents 2 per cent (2022: less than one per cent) of the total fair valued financial assets, net of financial liabilities and comprises the following: – Equity securities and holdings in collective investment schemes of $2,863 million (31 December 2022: $823 million) are externally valued using the net asset value of the invested entities and consist primarily of property and infrastructure funds held by the participating funds. Equity securities of $1 million (31 December 2022: $1 million) are internally valued. Internal valuations are inherently more subjective than external valuations; and – Other sundry individual financial instruments of a net asset of $40 million(31 December 2022: $41 million). Of the net financial instruments of $2,904 million (31 December 2022: $865 million) referred to above: – A net asset of $2,866 million (31 December 2022: $830 million) is held by the Group’s with-profits and unit-linked funds and therefore shareholders’ profit and equity are not immediately impacted by movements in the valuation of these financial instruments; and – The remaining level 3 investments comprise a net asset of $38 million (31 December 2022: $35 million) and are primarily corporate bonds valued using external prices adjusted to reflect the specific known conditions relating to these bonds (eg distressed securities). If the value of all these level 3 financial instruments decreased by 10 per cent, the change in valuation would be $(4) million (31 December 2022: $(4) million), which would reduce shareholders’ equity by this amount before tax.
Schedule of reconciliation of movements in level 3 financial instruments measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ securities ​ ​ ​ ​ ​ ​ ​ ​ and holdings ​ ​ ​ ​ ​ ​ ​ ​ in collective ​ ​ ​ ​ ​ ​ ​ ​ investment ​ Debt ​ ​ ​ Loans schemes securities Group total Balance at 1 Jan 3 ​ 824 ​ 38 ​ 865 Total gains in income statement note — ​ 25 ​ 2 ​ 27 Total gains recorded in other comprehensive income — 6 — 6 Purchases and other additions ​ — ​ 524 ​ — ​ 524 Sales ​ (3) ​ (4) ​ — ​ (7) Transfers into level 3 — 1,489 — 1,489 Balance at 31 Dec — 2,864 40 2,904 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 $m ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ securities ​ ​ ​ ​ ​ ​ ​ ​ and holdings ​ ​ ​ ​ ​ ​ ​ ​ in collective ​ ​ ​ ​ ​ ​ ​ ​ investment ​ Debt ​ ​ ​ Loans schemes securities Group total Balance at 1 Jan 5 577 58 640 Total losses in income statement note (2) (31) (2) (35) Total losses recorded in other comprehensive income — (6) (3) (9) Purchases and other additions — 305 — 305 Sales — (21) — (21) Transfers (out of) level 3 — — (15) (15) Balance at 31 Dec 3 824 38 865 Note Of the total net gain in the income statement of $27 million at 2023 (2022: net loss of $(35) million), $29 million (2022: $(12) million) relates to net unrealised gains and losses of financial instruments still held at the end of the year, which can be analysed as follows: ​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m Loans ​ — ​ (2) Equity securities and holdings in collective investment schemes 27 (8) Debt securities 2 (2) Net unrealised gains and losses of financial instruments still held at the end of the year 29 (12)
Schedule of net unrealised gains and losses in the income statement for financial instruments still held at the end of the year	​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m Loans ​ — ​ (2) Equity securities and holdings in collective investment schemes 27 (8) Debt securities 2 (2) Net unrealised gains and losses of financial instruments still held at the end of the year 29 (12)
Assets and liabilities at amortised cost for which fair value is disclosed
Financial instruments
Schedule of fair value of assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ value value value value Assets ​ ​ ​ ​ ​ ​ ​ ​ Debt securities — ​ — 67 67 Loans 148 ​ 179 140 206 Liabilities ​ ​ ​ ​ ​ ​ ​ Core structural borrowings of shareholder-financed businesses (3,933) ​ (3,659) (4,261) (3,834) Operational borrowings (excluding lease liabilities) (707) ​ (707) (516) (516) Obligations under funding, securities lending and sale and repurchase agreements (716) ​ (716) (582) (582) Net financial liabilities at amortised cost ​ (5,208) ​ (4,903) ​ (5,152) ​ (4,659)

Insurance and reinsurance con_2

Insurance and reinsurance contracts (Tables)	12 Months Ended
	Dec. 31, 2023
Insurance contracts
Schedule of analysis of portfolio of insurance and reinsurance (RI) contract assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates Including JVs and associates note (i) ​ ​ Assets ​ Liabilities ​ Net liabilities (assets) ​ Assets ​ Liabilities ​ Net liabilities (assets) ​ ​ Insurance ​ RI ​ Insurance ​ RI ​ Insurance ​ RI ​ Insurance ​ RI ​ Insurance ​ RI ​ Insurance ​ RI ​ ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ $m ​ ​ ​ ​ ​ note (ii) ​ ​ ​ ​ ​ note (ii) ​ As at 31 Dec 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Best estimate liabilities (BEL) 3,952 1,175 120,115 1,182 116,163 7 3,998 1,315 139,673 1,222 135,675 (93) Risk adjustment for non-financial risk (RA) (631) (84) 1,713 (21) 2,344 63 (630) (67) 1,969 (24) 2,599 43 Contractual service margin (CSM) (2,173) 1,335 18,011 (10) 20,184 (1,345) (2,176) 1,321 20,176 (19) 22,352 (1,340) Insurance contract balances 1,148 2,426 139,839 1,151 138,691 (1,275) 1,192 2,569 161,818 1,179 160,626 (1,390) Assets for insurance acquisition cash flows 32 — 1 — (31) — 32 — 1 — (31) — Insurance and reinsurance contract (assets) liabilities 1,180 2,426 139,840 1,151 138,660 (1,275) 1,224 2,569 161,819 1,179 160,595 (1,390) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at 31 Dec 2022 Best estimate liabilities (BEL) 3,540 508 107,582 1,162 104,042 654 3,562 652 124,297 1,193 120,735 541 Risk adjustment for non-financial risk (RA) (505) (39) 1,418 (44) 1,923 (5) (502) (21) 1,662 (47) 2,164 (26) Contractual service margin (CSM) (1,929) 1,387 17,239 57 19,168 (1,330) (1,921) 1,369 19,383 54 21,304 (1,315) Insurance contract balances 1,106 1,856 126,239 1,175 125,133 (681) 1,139 2,000 145,342 1,200 144,203 (800) Assets for insurance acquisition cash flows 28 — 3 — (25) — 28 — 3 — (25) — Insurance and reinsurance contract (assets) liabilities 1,134 1,856 126,242 1,175 125,108 (681) 1,167 2,000 145,345 1,200 144,178 (800) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at 1 Jan 2022 (transition date) Best estimate liabilities (BEL) 3,818 1,752 126,438 1,474 122,620 (278) 3,993 1,916 142,146 1,501 138,153 (415) Risk adjustment for non-financial risk (RA) (547) (15) 1,661 (46) 2,208 (31) (575) 1 1,868 (49) 2,443 (50) Contractual service margin (CSM) (2,050) 1,050 21,699 (174) 23,749 (1,224) (2,161) 1,023 23,787 (176) 25,948 (1,199) Insurance contract balances 1,221 2,787 149,798 1,254 148,577 (1,533) 1,257 2,940 167,801 1,276 166,544 (1,664) Assets for insurance acquisition cash flows 29 — — — (29) — 29 — — — (29) — Insurance and reinsurance contract (assets) liabilities 1,250 2,787 149,798 1,254 148,548 (1,533) 1,286 2,940 167,801 1,276 166,515 (1,664) Notes (i) The Group’s investments in JVs and associates are accounted for on an equity method and the Group’s share of insurance and reinsurance contract liabilities and assets as shown above relate to the life business of CPL, India and Takaful business in Malaysia. (ii) At 31 December 2023 and 2022 the Group’s exposure to credit risk arising from insurance contracts issued is not material to the Group as premiums receivable from an individual party (policyholders and intermediaries) is not material to the Group.
Schedule of adjusted shareholders' equity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m 1 Jan 2022 (transition date) $m ​ ​ ​ ​ Group’s ​ ​ ​ ​ ​ Group’s ​ ​ ​ ​ ​ Group’s ​ ​ ​ ​ Balances ​ share ​ Total ​ Balances ​ share ​ Total ​ Balances ​ share ​ Total ​ ​ excluding ​ relating to ​ including ​ excluding ​ relating to ​ including ​ excluding ​ relating to ​ including ​ ​ JVs and ​ JVs and ​ JVs and ​ JVs and ​ JVs and ​ JVs and ​ JVs and ​ JVs and ​ JVs and ​ associates associates associates associates associates associates associates associates associates Shareholders’ equity 15,883 ​ 1,940 ​ 17,823 ​ 14,472 2,259 16,731 16,238 2,698 18,936 CSM, net of reinsurance 18,839 ​ 2,173 ​ 21,012 ​ 17,838 2,151 19,989 22,525 2,224 24,749 Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders 1,367 ​ — ​ 1,367 ​ 1,295 — 1,295 1,144 — 1,144 Less: Related tax adjustments (2,347) ​ (509) ​ (2,856) ​ (2,295) (509) (2,804) (2,531) (527) (3,058) Adjusted shareholders’ equity 33,742 ​ 3,604 ​ 37,346 ​ 31,310 3,901 35,211 37,376 4,395 41,771
Schedule of analysis of movements in insurance and reinsurance contract balances by measurement component	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates ​ ​ 2023 $m ​ ​ Insurance ​ Reinsurance ​ BEL RA CSM Total BEL RA CSM Total ​ ​ ​ ​ note (b) ​ ​ ​ ​ ​ ​ ​ note (b) ​ ​ Opening assets ​ (3,540) ​ 505 ​ 1,929 ​ (1,106) ​ (508) ​ 39 ​ (1,387) ​ (1,856) Opening liabilities ​ 107,582 ​ 1,418 ​ 17,239 ​ 126,239 ​ 1,162 ​ (44) ​ 57 ​ 1,175 Net opening balance at 1 Jan ​ 104,042 ​ 1,923 ​ 19,168 ​ 125,133 ​ 654 ​ (5) ​ (1,330) ​ (681) Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM ​ (1,181) ​ 343 ​ 838 ​ — ​ 57 ​ 43 ​ (100) ​ — Changes in estimates that result in losses or reversal of losses on onerous contracts ​ 196 ​ (6) ​ — ​ 190 ​ (98) ​ — ​ — ​ (98) New contracts in the year ​ (2,461) ​ 295 ​ 2,173 ​ 7 ​ 75 ​ (5) ​ (70) ​ — ​ ​ (3,446) ​ 632 ​ 3,011 ​ 197 ​ 34 ​ 38 ​ (170) ​ (98) Changes that relate to current service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Release of CSM to profit or loss ​ — ​ — ​ (2,193) ​ (2,193) ​ — ​ — ​ 203 ​ 203 Release of risk adjustment to profit or loss ​ — ​ (228) ​ — ​ (228) ​ — ​ 24 ​ — ​ 24 Experience adjustments ​ (176) ​ — ​ — ​ (176) ​ 45 ​ — ​ — ​ 45 ​ ​ (176) ​ (228) ​ (2,193) ​ (2,597) ​ 45 ​ 24 ​ 203 ​ 272 Changes that relate to past service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to assets/liabilities for incurred claims ​ 144 ​ (2) ​ — ​ 142 ​ (3) ​ — ​ — ​ (3) Insurance service result ​ (3,478) ​ 402 ​ 818 ​ (2,258) ​ 76 ​ 62 ​ 33 ​ 171 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net finance (income) expense from insurance and reinsurance contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accretion of interest on GMM contracts (43) ​ 47 ​ 229 ​ 233 ​ 6 ​ (2) ​ (49) ​ (45) Other net finance (income) expense 8,650 ​ (32) ​ (12) ​ 8,606 ​ (156) ​ 10 ​ – ​ (146) ​ ​ 8,607 ​ 15 ​ 217 ​ 8,839 ​ (150) ​ 8 ​ (49) ​ (191) Total amount recognised in income statement 5,129 ​ 417 ​ 1,035 ​ 6,581 ​ (74) ​ 70 ​ (16) ​ (20) Effect of movements in exchange rates 225 ​ 4 ​ (19) ​ 210 ​ 1 ​ (2) ​ 1 ​ — Total amount recognised in comprehensive income 5,354 ​ 421 ​ 1,016 ​ 6,791 ​ (73) ​ 68 ​ (15) ​ (20) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums received net of ceding commissions paid 22,294 ​ — ​ — ​ 22,294 ​ (1,032) ​ — ​ — ​ (1,032) Insurance acquisition cash flows (4,270) ​ — ​ — ​ (4,270) ​ — ​ — ​ — ​ — Claims and other insurance service expenses net of recoveries from reinsurance received* (11,082) ​ — ​ — ​ (11,082) ​ 458 ​ — ​ — ​ 458 Total cash flows 6,942 ​ — ​ — ​ 6,942 ​ (574) ​ — ​ — ​ (574) Other changes note (175) ​ — ​ — ​ (175) ​ — ​ — ​ — ​ — Closing assets (3,952) ​ 631 ​ 2,173 ​ (1,148) ​ (1,175) ​ 84 ​ (1,335) ​ (2,426) Closing liabilities 120,115 ​ 1,713 ​ 18,011 ​ 139,839 ​ 1,182 ​ (21) ​ (10) ​ 1,151 Net closing balance at 31 Dec 116,163 ​ 2,344 ​ 20,184 ​ 138,691 ​ 7 ​ 63 ​ (1,345) ​ (1,275) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates ​ ​ 2022 $m ​ ​ Insurance ​ Reinsurance ​ ​ BEL RA CSM Total BEL RA CSM Total ​ ​ ​ note (b) ​ ​ ​ note (b) ​ Opening assets (3,818) 547 2,050 (1,221) (1,752) 15 (1,050) (2,787) Opening liabilities 126,438 1,661 21,699 149,798 1,474 (46) (174) 1,254 Net opening balance at 1 Jan 122,620 2,208 23,749 148,577 (278) (31) (1,224) (1,533) Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM 4,043 (222) (3,821) — 280 10 (290) — Changes in estimates that result in losses or reversal of losses on onerous contracts 79 (52) — 27 (3) — — (3) New contracts in the period (1,811) 232 1,582 3 (45) 1 44 — ​ 2,311 (42) (2,239) 30 232 11 (246) (3) Changes that relate to current service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Release of CSM to profit or loss — — (2,181) (2,181) — — 168 168 Release of risk adjustment to profit or loss — (169) — (169) — 2 — 2 Experience adjustments (108) — — (108) (87) — — (87) ​ (108) (169) (2,181) (2,458) (87) 2 168 83 Changes that relate to past service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to assets/liabilities for incurred claims 144 2 — 146 25 — — 25 Insurance service result 2,347 (209) (4,420) (2,282) 170 13 (78) 105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net finance (income) expense from insurance and reinsurance contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accretion of interest on GMM contracts 13 9 218 240 (3) (1) (41) (45) Other net finance (income) expense (28,954) (26) 117 (28,863) 1,224 10 4 1,238 ​ (28,941) (17) 335 (28,623) 1,221 9 (37) 1,193 Total amount recognised in income statement (26,594) (226) (4,085) (30,905) 1,391 22 (115) 1,298 Effect of movements in exchange rates (1,595) (59) (496) (2,150) (19) 4 9 (6) Total amount recognised in comprehensive income (28,189) (285) (4,581) (33,055) 1,372 26 (106) 1,292 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums received net of ceding commissions paid 23,464 — — 23,464 (970) — — (970) Insurance acquisition cash flows (3,138) — — (3,138) — — — — Claims and other insurance service expenses net of recoveries from reinsurance received* (10,650) — — (10,650) 519 — — 519 Total cash flows 9,676 — — 9,676 (451) — — (451) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other changes note (65) — — (65) 11 — — 11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing assets (3,540) 505 1,929 (1,106) (508) 39 (1,387) (1,856) Closing liabilities 107,582 1,418 17,239 126,239 1,162 (44) 57 1,175 Net closing balance at 31 Dec 104,042 1,923 19,168 125,133 654 (5) (1,330) (681) * Note
Schedule of CSM transition approach	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance contracts (excluding JVs and associates) ​ ​ 2023 $m ​ 2022 $m ​ ​ Contracts ​ Contracts ​ Other ​ ​ ​ Contracts ​ Contracts ​ Other ​ ​ ​ under MRA under FVA contracts* Total CSM under MRA under FVA contracts* Total CSM Balance at 1 Jan ​ 822 ​ 3,635 ​ 14,711 ​ 19,168 ​ 944 ​ 4,798 ​ 18,007 ​ 23,749 Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM ​ 143 ​ 462 ​ 233 ​ 838 ​ 18 ​ (686) ​ (3,153) ​ (3,821) New contracts in the year ​ — ​ — ​ 2,173 ​ 2,173 ​ — ​ — ​ 1,582 ​ 1,582 ​ ​ 143 ​ 462 ​ 2,406 ​ 3,011 ​ 18 ​ (686) ​ (1,571) ​ (2,239) Changes that relate to current service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Release of CSM to profit or loss ​ (135) ​ (434) ​ (1,624) ​ (2,193) ​ (122) ​ (466) ​ (1,593) ​ (2,181) ​ ​ 8 ​ 28 ​ 782 ​ 818 ​ (104) ​ (1,152) ​ (3,164) ​ (4,420) Net finance income (expenses) from insurance contracts ​ 24 ​ 3 ​ 190 ​ 217 ​ 35 ​ 40 ​ 260 ​ 335 Effect of movements in exchange rates ​ (25) ​ 8 ​ (2) ​ (19) ​ (53) ​ (51) ​ (392) ​ (496) Balance at 31 Dec ​ 829 ​ 3,674 ​ 15,681 ​ 20,184 ​ 822 ​ 3,635 ​ 14,711 ​ 19,168 ​ * Other contracts represent groups of insurance contracts measured under the full retrospective approach at the transition date, 1 January 2022 and groups of contracts recognised on or after the transition date. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance contracts (excluding JVs and associates) ​ ​ 2023 $m ​ 2022 $m ​ ​ Contracts ​ Contracts ​ Other ​ ​ ​ Contracts ​ Contracts ​ Other ​ ​ ​ under MRA under FVA contracts* Total CSM under MRA under FVA contracts* Total CSM Balance at 1 Jan ​ — ​ (34) ​ (1,296) ​ (1,330) ​ — ​ (26) ​ (1,198) ​ (1,224) Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM ​ — ​ (19) ​ (81) ​ (100) ​ — ​ (18) ​ (272) ​ (290) New contracts in the year ​ — ​ — ​ (70) ​ (70) ​ — ​ — ​ 44 ​ 44 ​ ​ — ​ (19) ​ (151) ​ (170) ​ — ​ (18) ​ (228) ​ (246) Changes that relate to current service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Release of CSM to profit or loss ​ — ​ 8 ​ 195 ​ 203 ​ — ​ 8 ​ 160 ​ 168 ​ ​ — ​ (11) ​ 44 ​ 33 ​ — ​ (10) ​ (68) ​ (78) Net finance income (expenses) from reinsurance contracts ​ — ​ (1) ​ (48) ​ (49) ​ — ​ — ​ (37) ​ (37) Effect of movements in exchange rates ​ — ​ 1 ​ — ​ 1 ​ — ​ 2 ​ 7 ​ 9 Balance at 31 Dec ​ — ​ (45) ​ (1,300) ​ (1,345) ​ — ​ (34) ​ (1,296) ​ (1,330) ​ * Other contracts represent groups of reinsurance contracts measured under the full retrospective approach at the transition date, 1 January 2022 and groups of contracts recognised on or after the transition date.
Schedule of movements in insurance and reinsurance contract balances by remaining coverage and incurred claims	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates ​ 2023 $m ​ ​ Insurance Reinsurance ​ ​ Liabilities for remaining ​ ​ ​ Liabilities for remaining ​ ​ ​ ​ coverage ​ ​ ​ ​ ​ coverage ​ ​ ​ ​ ​ ​ Excluding ​ ​ Liabilities ​ ​ ​ Excluding ​ ​ Liabilities ​ ​ ​ ​ loss ​ Loss ​ for incurred ​ ​ ​ loss ​ Loss ​ for incurred ​ ​ ​ ​ component ​ component ​ claims ​ Total ​ component ​ component ​ claims ​ Total ​ ​ note (i) ​ ​ ​ note (i) ​ ​ Opening assets ​ (1,200) ​ 14 ​ 80 ​ (1,106) ​ (1,460) ​ (29) ​ (367) ​ (1,856) Opening liabilities ​ 123,855 ​ 622 ​ 1,762 ​ 126,239 ​ 1,220 ​ (6) ​ (39) ​ 1,175 Net opening balance at 1 Jan ​ 122,655 ​ 636 ​ 1,842 ​ 125,133 ​ (240) ​ (35) ​ (406) ​ (681) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contracts measured under the modified retrospective approach (247) — — (247) ​ ​ ​ ​ ​ ​ ​ ​ Contracts measured under the fair value approach (733) — — (733) ​ ​ ​ ​ ​ ​ ​ ​ Other contracts note (ii) (8,391) — — (8,391) ​ ​ ​ ​ ​ ​ ​ ​ ​ (9,371) — — (9,371) ​ ​ ​ ​ ​ ​ ​ ​ Insurance service expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred claims and other directly attributable expenses — (42) 4,071 4,029 ​ ​ ​ ​ ​ ​ ​ ​ Amortisation of insurance acquisition cash flows 2,745 — — 2,745 ​ ​ ​ ​ ​ ​ ​ ​ Losses or reversal of losses on onerous contracts — 197 — 197 ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to liability for incurred claims — — 142 142 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,745 ​ 155 ​ 4,213 ​ 7,113 ​ ​ ​ ​ ​ ​ ​ ​ Net (income) expense from reinsurance contracts held ​ ​ ​ ​ ​ ​ ​ ​ 640 (98) ​ (371) ​ 171 Insurance service result (6,626) 155 4,213 (2,258) ​ 640 (98) ​ (371) ​ 171 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment components and premium refunds (7,095) — 7,095 — ​ (1) — ​ 1 ​ — Net finance (income) expenses from insurance and reinsurance contracts 8,792 15 32 8,839 ​ (191) — ​ — ​ (191) Total amount recognised in income statement (4,929) 170 11,340 6,581 ​ 448 (98) ​ (370) ​ (20) Effect of movement in exchange rates 220 (4) (6) 210 ​ (1) – ​ 1 ​ — Total amount recognised in comprehensive income (4,709) 166 11,334 6,791 ​ 447 (98) ​ (369) ​ (20) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums received net of ceding commissions 22,294 — — 22,294 ​ (1,032) — ​ — ​ (1,032) Insurance acquisition cash flows (4,270) — — (4,270) ​ — — ​ — ​ — Claims and other insurance service expenses net of recoveries from reinsurance received* — — (11,082) (11,082) ​ — — ​ 458 ​ 458 Total cash flows 18,024 — (11,082) 6,942 ​ (1,032) — ​ 458 ​ (574) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other changes note (iii) (236) 23 38 (175) ​ 2 (1) ​ (1) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing assets (1,285) 20 117 (1,148) ​ (2,023) (119) ​ (284) ​ (2,426) Closing liabilities 137,019 805 2,015 139,839 ​ 1,200 (15) ​ (34) ​ 1,151 Net closing balance at 31 Dec 135,734 825 2,132 138,691 ​ (823) (134) ​ (318) ​ (1,275) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates ​ ​ 2022 $m ​ ​ Insurance Reinsurance ​ ​ Liabilities for remaining ​ ​ ​ Liabilities for remaining ​ ​ ​ ​ coverage ​ ​ ​ ​ ​ coverage ​ ​ ​ ​ ​ ​ Excluding ​ ​ Liabilities ​ ​ ​ Excluding ​ ​ Liabilities ​ ​ ​ ​ loss ​ Loss ​ for incurred ​ ​ ​ loss ​ Loss ​ for incurred ​ ​ ​ ​ component ​ component ​ claims ​ Total ​ component ​ component ​ claims ​ Total ​ ​ note (i) ​ ​ ​ note (i) ​ ​ Opening assets ​ (1,308) ​ 17 ​ 70 ​ (1,221) ​ (2,431) ​ (32) ​ (324) ​ (2,787) Opening liabilities ​ 147,209 ​ 651 ​ 1,938 ​ 149,798 ​ 1,314 ​ (1) ​ (59) ​ 1,254 Net opening balance at 1 Jan ​ 145,901 ​ 668 ​ 2,008 ​ 148,577 ​ (1,117) ​ (33) ​ (383) ​ (1,533) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance revenue Contracts measured under the modified retrospective approach (367) — — (367) ​ ​ ​ ​ ​ ​ ​ Contracts measured under the fair value approach (1,083) — — (1,083) ​ ​ ​ ​ ​ ​ ​ Other contracts note (ii) (7,099) — — (7,099) ​ ​ ​ ​ ​ ​ ​ ​ (8,549) — — (8,549) ​ ​ ​ ​ ​ ​ ​ ​ Insurance service expense ​ ​ ​ ​ ​ ​ ​ Incurred claims and other directly attributable expenses — (41) 3,679 3,638 ​ ​ ​ ​ ​ ​ ​ Amortisation of insurance acquisition cash flows 2,453 — — 2,453 ​ ​ ​ ​ ​ ​ ​ Losses or reversal of losses on onerous contracts — 30 — 30 ​ ​ ​ ​ ​ ​ ​ Adjustments to liability for incurred claims — — 146 146 ​ ​ ​ ​ ​ ​ ​ ​ 2,453 (11) 3,825 6,267 ​ ​ ​ ​ ​ ​ ​ ​ Net (income) expense from reinsurance contracts held ​ ​ ​ ​ ​ ​ ​ 487 (2) (380) 105 Insurance service result (6,096) (11) 3,825 (2,282) 487 (2) (380) 105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment components and premium refunds (6,895) — 6,895 — 179 — (179) — Net finance (income) expenses from insurance and reinsurance contracts (28,605) (21) 3 (28,623) 1,182 — 11 1,193 Total amount recognised in income statement (41,596) (32) 10,723 (30,905) 1,848 (2) (548) 1,298 Effect of movement in exchange rates (2,044) (15) (91) (2,150) (10) 2 2 (6) Total amount recognised in comprehensive income (43,640) (47) 10,632 (33,055) 1,838 — (546) 1,292 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows Premiums received net of ceding commissions paid 23,464 — — 23,464 (970) — — (970) Insurance acquisition cash flows (3,138) — — (3,138) — — — — Claims and other insurance service expenses net of recoveries from reinsurance received* — — (10,650) (10,650) — — 519 519 Total cash flows 20,326 — (10,650) 9,676 (970) — 519 (451) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other changes note (iii) 68 15 (148) (65) 9 (2) 4 11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing assets (1,200) 14 80 (1,106) (1,460) (29) (367) (1,856) Closing liabilities 123,855 622 1,762 126,239 1,220 (6) (39) 1,175 Net closing balance at 31 Dec 122,655 636 1,842 125,133 (240) (35) (406) (681) * ​ Notes (i) The Group establishes a loss component of the liability for remaining coverage for onerous groups of insurance contracts. The loss component determines the amounts of fulfilment cash flows that are subsequently presented in profit or loss as reversals of losses on onerous contracts and are excluded from insurance revenue when they occur. (ii) Other contracts represent groups of insurance and reinsurance contracts measured under the full retrospective approach at the transition date, 1 January 2022 and groups of contracts recognised on or after the transition date. (iii) Other changes include adjustments to remove the incurred non-cash expenses (such as depreciation and amortisation) from insurance contract asset/liability balance.
Schedule of effect of insurance and reinsurance contracts initially recognised	(i) Insurance contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates ​ ​ 2023 $m 2022 $m ​ ​ Profitable Onerous ​ ​ Profitable Onerous ​ ​ ​ contracts ​ contracts ​ ​ ​ contracts ​ contracts ​ ​ ​ issued issued Total issued issued Total Estimate of present value of expected future cash outflows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance acquisition cash flows ​ 4,365 ​ 101 ​ 4,466 ​ 2,416 ​ 49 ​ 2,465 Claims and other directly attributable expenses 17,125 348 17,473 12,153 420 12,573 ​ ​ 21,490 ​ 449 ​ 21,939 ​ 14,569 ​ 469 ​ 15,038 Estimate of present value of expected future cash inflows (23,916) (484) (24,400) (16,379) (470) (16,849) Risk adjustment for non-financial risk 253 42 295 228 4 232 CSM 2,173 — 2,173 1,582 — 1,582 Loss recognised on initial recognition — 7 7 — 3 3 ​ (ii) Reinsurance contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Excluding JVs and associates ​ ​ 2023 $m 2022 $m ​ ​ Contracts Contracts ​ ​ Contracts Contracts ​ ​ ​ initiated without ​ initiated with ​ ​ ​ initiated without ​ initiated with ​ ​ ​ ​ loss-recovery ​ loss-recovery ​ ​ ​ loss-recovery ​ loss-recovery ​ ​ ​ component component Total component component Total Estimate of present value of expected future cash outflows ​ 1,022 ​ (1) ​ 1,021 ​ 762 ​ — ​ 762 Estimate of present value of expected future cash inflows ​ (946) ​ — ​ (946) ​ (813) ​ 6 ​ (807) Risk adjustment for non-financial risk ​ (5) ​ — ​ (5) ​ 1 ​ — ​ 1 CSM (71) 1 (70) 50 (6) 44 Profit (loss) recognised on initial recognition — — — — — —
Schedule of additional analysis of insurance and reinsurance contract balances by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance $m Reinsurance $m ​ ​ BEL RA CSM Total ​ BEL RA CSM Total As at 31 Dec 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CPL 13,029 152 1,652 14,833 4 (3) (22) (21) Hong Kong 60,761 776 8,536 70,073 (44) 84 (1,429) (1,389) Indonesia 2,197 206 739 3,142 22 (7) (6) 9 Malaysia 5,910 357 2,127 8,394 26 (7) 6 25 Singapore 31,770 687 4,962 37,419 (146) 3 149 6 Growth markets and other 22,008 421 4,336 26,765 45 (27) (38) (20) Total insurance segments 135,675 2,599 22,352 160,626 (93) 43 (1,340) (1,390) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at 31 Dec 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CPL 10,989 149 1,699 12,837 2 (3) (21) (22) Hong Kong 54,347 482 7,857 62,686 465 17 (1,405) (923) Indonesia 2,032 199 1,046 3,277 8 (3) — 5 Malaysia 5,452 334 2,241 8,027 31 (7) (2) 22 Singapore 28,752 629 4,522 33,903 40 (3) 141 178 Growth markets and other 19,163 371 3,939 23,473 (5) (27) (28) (60) Total insurance segments 120,735 2,164 21,304 144,203 541 (26) (1,315) (800) ​ Summarised movement analysis of insurance and reinsurance contract balances by segment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance $m ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ markets and ​ insurance ​ ​ CPL Hong Kong Indonesia Malaysia Singapore other segments Net opening balance at 1 Jan 2022 11,273 80,186 3,720 8,342 36,643 26,380 166,544 Insurance service result (73) (696) (117) (242) (546) (722) (2,396) Net finance income (expenses) from insurance contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accretion of interest on GMM contracts 206 37 37 95 31 83 489 Other net finance (income) expense 87 (21,912) 26 (77) (4,956) (1,675) (28,507) ​ 293 (21,875) 63 18 (4,925) (1,592) (28,018) Total amount recognised in income statement 220 (22,571) (54) (224) (5,471) (2,314) (30,414) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of movements in exchange rates (1,019) (153) (307) (454) 117 (2,013) (3,829) Total amount recognised in comprehensive income (799) (22,724) (361) (678) (5,354) (4,327) (34,243) Total cash flows 2,363 5,216 (69) 366 2,684 1,425 11,985 Other changes — 8 (13) (3) (70) (5) (83) Net closing balance at 31 Dec 2022 / 1 Jan 2023 12,837 62,686 3,277 8,027 33,903 23,473 144,203 Insurance service result (98) (755) (146) (254) (598) (573) (2,424) Net finance income (expenses) from insurance contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accretion of interest on GMM contracts 227 (1) 43 100 6 142 517 Other net finance (income) expense 692 3,646 145 498 2,657 2,709 10,347 ​ ​ 919 3,645 188 598 2,663 2,851 10,864 Total amount recognised in income statement 821 2,890 42 344 2,065 2,278 8,440 Effect of movements in exchange rates (259) (11) 46 (336) 621 (175) (114) Total amount recognised in comprehensive income 562 2,879 88 8 2,686 2,103 8,326 Total cash flows 1,434 4,509 (186) 364 884 1,273 8,278 Other changes — (1) (37) (5) (54) (84) (181) Net closing balance at 31 Dec 2023 14,833 70,073 3,142 8,394 37,419 26,765 160,626 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance $m ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ markets and ​ insurance ​ ​ CPL Hong Kong Indonesia Malaysia Singapore other segments Net opening balance at 1 Jan 2022 (25) (1,663) 8 15 59 (58) (1,664) Insurance service result 6 63 — 10 4 24 107 Net finance income (expenses) from reinsurance contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accretion of interest on GMM contracts (1) (45) — 1 (1) (7) (53) Other net finance (income) expense — 1,246 (1) 1 (6) (11) 1,229 ​ (1) 1,201 (1) 2 (7) (18) 1,176 Total amount recognised in income statement 5 1,264 (1) 12 (3) 6 1,283 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of movements in exchange rates 1 4 (1) — 4 5 13 Total amount recognised in comprehensive income 6 1,268 (2) 12 1 11 1,296 Total cash flows (3) (535) (1) (5) 118 (20) (446) Other changes — 7 — — — 7 14 Net closing balance at 31 Dec 2022 / 1 Jan 2023 (22) (923) 5 22 178 (60) (800) Insurance service result 8 135 2 9 17 18 189 Net finance income (expenses) from reinsurance contracts Accretion of interest on GMM contracts (1) (38) — 1 (8) (7) (53) Other net finance (income) expense — (154) (6) — 1 13 (146) ​ ​ (1) (192) (6) 1 (7) 6 (199) Total amount recognised in income statement 7 (57) (4) 10 10 24 (10) Effect of movements in exchange rates 3 (2) (1) (1) (1) 5 3 Total amount recognised in comprehensive income 10 (59) (5) 9 9 29 (7) Total cash flows (9) (407) 9 (6) (181) 11 (583) Other changes — — — — — — — Net closing balance at 31 Dec 2023 (21) (1,389) 9 25 6 (20) (1,390)
Schedule of Insurance contract liabilities - expected recognition of the CSM	(i) Insurance contracts – expected recognition of the CSM ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ ​ Total as reported on the ​ ​ ​ Total including ​ ​ consolidated statement of ​ Group’s share relating to ​ Group’s share relating to ​ financial position JVs and associates JVs and associates 1 year or less ​ 2,041 ​ 226 ​ 2,267 After 1 year to 2 years 1,780 190 1,970 After 2 years to 3 years 1,586 165 1,751 After 3 years to 4 years 1,412 146 1,558 After 4 years to 5 years 1,283 127 1,410 After 5 years to 10 years 4,604 474 5,078 After 10 years to 15 years 2,924 293 3,217 After 15 years to 20 years 1,781 195 1,976 After 20 years 2,773 352 3,125 Total CSM 20,184 2,168 22,352 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 $m ​ ​ Total as reported on the ​ ​ ​ Total including ​ ​ consolidated statement of ​ Group’s share relating to ​ Group’s share relating to ​ financial position JVs and associates JVs and associates 1 year or less ​ 1,981 ​ 219 ​ 2,200 After 1 year to 2 years 1,751 175 1,926 After 2 years to 3 years 1,555 155 1,710 After 3 years to 4 years 1,385 138 1,523 After 4 years to 5 years 1,217 122 1,339 After 5 years to 10 years 4,306 454 4,760 After 10 years to 15 years 2,705 292 2,997 After 15 years to 20 years 1,666 201 1,867 After 20 years 2,602 380 2,982 Total CSM 19,168 2,136 21,304 ​ (ii) Reinsurance contracts – expected recognition of the CSM ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ ​ Total as reported on the ​ ​ ​ Total including ​ ​ consolidated statement of ​ Group’s share relating to ​ Group’s share relating to ​ financial position JVs and associates JVs and associates 1 year or less ​ (177) ​ (2) ​ (179) After 1 year to 2 years (132) — (132) After 2 years to 3 years (103) 1 (102) After 3 years to 4 years (85) 1 (84) After 4 years to 5 years (74) 1 (73) After 5 years to 10 years (268) 3 (265) After 10 years to 15 years (173) 2 (171) After 15 years to 20 years (113) — (113) After 20 years (220) (1) (221) Total CSM (1,345) 5 (1,340) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 $m ​ ​ Total as reported on the ​ ​ ​ Total including ​ ​ consolidated statement of ​ Group’s share relating to ​ Group’s share relating to ​ ​ financial position JVs and associates JVs and associates 1 year or less ​ (122) ​ (2) ​ (124) After 1 year to 2 years (111) 2 (109) After 2 years to 3 years (100) 2 (98) After 3 years to 4 years (89) 2 (87) After 4 years to 5 years (80) 2 (78) After 5 years to 10 years (301) 5 (296) After 10 years to 15 years (188) 3 (185) After 15 years to 20 years (119) 1 (118) After 20 years (220) — (220) Total CSM (1,330) 15 (1,315)
Schedule of insurance contract liabilities - expected recognition of BEL	(i) Insurance contract liabilities – expected cash flows (discounted) ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ ​ Total as reported on the ​ ​ ​ Total including ​ ​ consolidated statement of ​ Group’s share relating to ​ Group’s share relating to ​ ​ financial position JVs and associates JVs and associates 1 year or less ​ 2,256 ​ (477) ​ 1,779 After 1 year to 2 years 2,262 94 2,356 After 2 years to 3 years 4,269 516 4,785 After 3 years to 4 years 5,272 973 6,245 After 4 years to 5 years 4,436 828 5,264 After 5 years to 10 years 18,726 3,076 21,802 After 10 years to 15 years 16,374 2,703 19,077 After 15 years to 20 years 14,560 2,016 16,576 After 20 years 35,210 6,287 41,497 No stated maturity 16,750 3,542 20,292 Total expected future cash flows 120,115 ​ 19,558 ​ 139,673 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 $m ​ ​ Total as reported on the ​ ​ ​ Total including ​ ​ consolidated statement of ​ Group’s share relating to ​ Group’s share relating to ​ financial position JVs and associates JVs and associates 1 year or less ​ (622) ​ (847) ​ (1,469) After 1 year to 2 years 1,040 81 1,121 After 2 years to 3 years 3,021 477 3,498 After 3 years to 4 years 4,441 732 5,173 After 4 years to 5 years 4,652 1,146 5,798 After 5 years to 10 years 20,131 2,832 22,963 After 10 years to 15 years 16,507 2,309 18,816 After 15 years to 20 years 12,873 1,674 14,547 After 20 years 30,891 5,064 35,955 No stated maturity 14,648 3,247 17,895 Total expected future cash flows 107,582 16,715 124,297 ​ (ii) Reinsurance contract liabilities – expected cash flows (discounted) ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ ​ Total as reported on the ​ ​ ​ Total including ​ ​ consolidated statement of ​ Group’s share relating to ​ Group’s share relating to ​ financial position JVs and associates JVs and associates 1 year or less ​ 820 ​ 15 ​ 835 After 1 year to 2 years 58 — 58 After 2 years to 3 years 54 — 54 After 3 years to 4 years 26 — 26 After 4 years to 5 years 4 — 4 After 5 years to 10 years (3) 1 (2) After 10 years to 15 years 4 2 6 After 15 years to 20 years 5 3 8 After 20 years 214 19 233 Total expected future cash flows ​ 1,182 ​ 40 ​ 1,222 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2022 $m ​ ​ Total as reported on the ​ ​ ​ Total including ​ ​ consolidated statement of ​ Group’s share relating to ​ Group’s share relating to ​ financial position JVs and associates JVs and associates 1 year or less ​ 136 ​ 23 ​ 159 After 1 year to 2 years 693 2 695 After 2 years to 3 years — 2 2 After 3 years to 4 years 4 1 5 After 4 years to 5 years (15) 1 (14) After 5 years to 10 years (67) 2 (65) After 10 years to 15 years 1 — 1 After 15 years to 20 years 24 — 25 After 20 years 386 (1) 385 Total expected future cash flows 1,162 30 1,193
Including JVs and associates
Insurance contracts
Schedule of analysis of movements in insurance and reinsurance contract balances by measurement component	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Including JVs and associates ​ ​ 2023 $m ​ ​ Insurance ​ Reinsurance ​ BEL RA CSM Total BEL RA CSM Total ​ ​ ​ ​ ​ ​ note (b) ​ ​ ​ ​ ​ ​ ​ note (b) ​ ​ Opening assets (3,562) 502 1,921 (1,139) (652) 21 (1,369) (2,000) Opening liabilities 124,297 1,662 19,383 145,342 1,193 (47) 54 1,200 Net opening balance at 1 Jan 120,735 2,164 21,304 144,203 541 (26) (1,315) (800) Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM ​ (1,142) ​ 341 ​ 801 ​ — ​ 62 ​ 43 ​ (105) ​ — Changes in estimates that result in losses or reversal of losses on onerous contracts 224 (8) — 216 (93) — — (93) New contracts in the year (2,687) 317 2,429 59 86 (6) (81) (1) ​ ​ (3,605) ​ 650 ​ 3,230 ​ 275 ​ 55 ​ 37 ​ (186) ​ (94) Changes that relate to current service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Release of CSM to profit or loss — — (2,414) (2,414) — — 206 206 Release of risk adjustment to profit or loss — (242) — (242) — 27 — 27 Experience adjustments (170) — — (170) 50 — — 50 ​ ​ (170) ​ (242) ​ (2,414) ​ (2,826) ​ 50 ​ 27 ​ 206 ​ 283 Changes that relate to past service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to assets/liabilities for incurred claims 130 (3) — ​ 127 — — — — Insurance service result (3,645) 405 816 (2,424) 105 64 20 189 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net finance (income) expense from insurance and reinsurance contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accretion of interest on GMM contracts 158 52 307 517 (3) (3) (47) (53) Other net finance (income) expense 10,379 (20) (12) 10,347 (155) 9 — (146) ​ ​ 10,537 ​ 32 ​ 295 ​ 10,864 ​ (158) ​ 6 ​ (47) ​ (199) Total amount recognised in income statement 6,892 437 1,111 8,440 (53) 70 (27) (10) Effect of movements in exchange rates (49) (2) (63) (114) 2 (1) 2 3 Total amount recognised in comprehensive income 6,843 435 1,048 8,326 (51) 69 (25) (7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums received net of ceding commissions paid 26,224 — — 26,224 (1,137) — — (1,137) Insurance acquisition cash flows (4,802) — — (4,802) — — — — Claims and other insurance service expenses net of recoveries from reinsurance received* (13,144) — — (13,144) 554 — — 554 Total cash flows 8,278 — — 8,278 (583) — — (583) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other changes note ​ (181) ​ — ​ — ​ (181) ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing assets (3,998) 630 2,176 (1,192) (1,315) 67 (1,321) (2,569) Closing liabilities 139,673 1,969 20,176 161,818 1,222 (24) (19) 1,179 Net closing balance at 31 Dec 135,675 2,599 22,352 160,626 (93) 43 (1,340) (1,390) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Including JVs and associates ​ ​ 2022 $m ​ ​ Insurance ​ Reinsurance ​ BEL RA CSM Total BEL RA CSM Total ​ ​ ​ ​ ​ ​ note (b) ​ ​ ​ ​ ​ ​ ​ note (b) ​ ​ Opening assets (3,993) 575 2,161 (1,257) (1,916) (1) (1,023) (2,940) Opening liabilities 142,146 1,868 23,787 167,801 1,501 (49) (176) 1,276 Net opening balance at 1 Jan 138,153 2,443 25,948 166,544 (415) (50) (1,199) (1,664) Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM 4,214 (226) (3,988) — 284 10 (294) — Changes in estimates that result in losses or reversal of losses on onerous contracts 162 (52) — 110 (17) — — (17) New contracts in the period (2,210) 259 2,027 76 (37) — 37 — ​ 2,166 (19) (1,961) 186 230 10 (257) (17) Changes that relate to current service Release of CSM to profit or loss — — (2,413) (2,413) — — 171 171 Release of risk adjustment to profit or loss — (184) — (184) — 5 — 5 Experience adjustments (119) — — (119) (80) — — (80) ​ (119) (184) (2,413) (2,716) (80) 5 171 96 Changes that relate to past service Adjustments to assets/liabilities for incurred claims 133 1 — 134 28 — — 28 Insurance service result 2,180 (202) (4,374) (2,396) 178 15 (86) 107 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net finance (income) expense from insurance and reinsurance contracts Accretion of interest on GMM contracts 182 13 294 489 (8) (6) (39) (53) Other net finance (income) expense (28,612) (12) 117 (28,507) 1,215 10 4 1,229 ​ (28,430) 1 411 (28,018) 1,207 4 (35) 1,176 Total amount recognised in income statement (26,250) (201) (3,963) (30,414) 1,385 19 (121) 1,283 Effect of movements in exchange rates (3,070) (78) (681) (3,829) 3 5 5 13 Total amount recognised in comprehensive income (29,320) (279) (4,644) (34,243) 1,388 24 (116) 1,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows Premiums received net of ceding commissions paid 27,916 — — 27,916 (1,013) — — (1,013) Insurance acquisition cash flows (3,690) — — (3,690) — — — — Claims and other insurance service expenses net of recoveries from reinsurance received* (12,241) — — (12,241) 567 — — 567 Total cash flows 11,985 — — 11,985 (446) — — (446) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other changes note (83) — — (83) 14 — — 14 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing assets (3,562) 502 1,921 (1,139) (652) 21 (1,369) (2,000) Closing liabilities 124,297 1,662 19,383 145,342 1,193 (47) 54 1,200 Net closing balance at 31 Dec 120,735 2,164 21,304 144,203 541 (26) (1,315) (800) ​ * ​ Note Other changes include movements in insurance contract liabilities arising from adjustments to remove the incurred non-cash expenses (such as depreciation, amortisation) from insurance contract asset/liability balance.
Schedule of CSM transition approach	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance contracts (including JVs and associates) ​ ​ 2023 $m ​ 2022 $m ​ Contracts Contracts Other ​ Contracts Contracts Other ​ ​ ​ under MRA ​ under FVA ​ contracts* ​ Total CSM ​ under MRA ​ under FVA ​ contracts* ​ Total CSM Balance at 1 Jan ​ 2,033 ​ 4,102 ​ 15,169 ​ 21,304 ​ 2,467 ​ 5,355 ​ 18,126 ​ 25,948 Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM ​ 117 ​ 496 ​ 188 ​ 801 (92) (707) (3,189) (3,988) New contracts in the year ​ — ​ — ​ 2,429 ​ 2,429 — — 2,027 2,027 ​ ​ 117 ​ 496 ​ 2,617 ​ 3,230 (92) (707) (1,162) (1,961) Changes that relate to current service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Release of CSM to profit or loss ​ (247) ​ (458) ​ (1,709) ​ (2,414) (250) (511) (1,652) (2,413) ​ ​ (130) ​ 38 ​ 908 ​ 816 (342) (1,218) (2,814) (4,374) Net finance income (expenses) from insurance contracts ​ 66 ​ 9 ​ 220 ​ 295 83 54 274 411 Effect of movements in exchange rates ​ (47) ​ (6) ​ (10) ​ (63) (175) (89) (417) (681) Balance at 31 Dec ​ 1,922 ​ 4,143 ​ 16,287 ​ 22,352 2,033 4,102 15,169 21,304 ​ * Other contracts represent groups of insurance contracts measured under the full retrospective approach at the transition date, 1 January 2022 and groups of contracts recognised on or after the transition date. The majority of the CSM on transition on insurance contracts under MRA arises from CPL while the majority of the CSM on transition under FVA arises from the Hong Kong and Singapore businesses. The transition approach adopted by the Group’s main business segments for the different cohorts of their insurance contracts is summarised in the table below. The overlap between approaches reflects the fact that the approaches used vary by insurance contract portfolio and year of issue (cohort). ​ ​ ​ ​ ​ ​ ​ ​ FRA MRA FVA ​ Cohort Cohort Cohort CPL n/a 2016 – 2021 Pre 2016 Hong Kong 2010 – 2021 n/a Pre 2010 Singapore 2009 – 2021 n/a Pre 2009 ​ ​ ​ ​ ​ ​ Pre 1999 ​ ​ ​ ​ ​ ​ (Unit-linked) ​ ​ 2010 – 2021 ​ ​ ​ Pre-2009 ​ ​ (Unit-linked) ​ ​ ​ (Non- ​ ​ 2010-2021 ​ ​ ​ participating) ​ ​ (Non ​ 2000 – 2009 ​ Pre-2021 Malaysia Participating) (Unit-linked) (Other) Indonesia note(i) 2010 – 2021 2007 – 2009 Pre 2007 Growth markets and other note(ii) See note See note See note ​ Notes (i) The cohorts shown are in respect of Indonesia’s unit-linked portfolios. (ii) CSM on transition for Growth markets primarily arises from Vietnam, Taiwan and the Philippines. Vietnam has applied the FRA for cohorts from 2013 – 2021, MRA for cohorts from 2008 – 2012 and FVA for cohorts prior to 2013. Taiwan and the Philippines have applied the FRA for cohorts from 2010 – 2021 and FVA for all cohorts prior to 2010. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance contracts (including JVs and associates) ​ ​ 2023 $m ​ 2022 $m ​ Contracts Contracts Other ​ Contracts Contracts Other ​ ​ ​ under MRA ​ under FVA ​ contracts* ​ Total CSM ​ under MRA ​ under FVA ​ contracts* ​ Total CSM Balance at 1 Jan — ​ (55) ​ (1,260) ​ (1,315) — (46) (1,153) (1,199) Changes that relate to future service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in estimates that adjust the CSM — ​ (17) ​ (88) ​ (105) — (22) (272) (294) New contracts in the year — ​ — ​ (81) ​ (81) — — 37 37 ​ — ​ (17) ​ (169) ​ (186) ​ — (22) (235) (257) Changes that relate to current service ​ ​ ​ ​ ​ ​ ​ Release of CSM to profit or loss — ​ 10 ​ 196 ​ 206 — 10 161 171 ​ — ​ (7) ​ 27 ​ 20 ​ — (12) (74) (86) Net finance income (expenses) from reinsurance contracts — ​ (2) ​ (45) ​ (47) — (1) (34) (35) Effect of movements in exchange rates — ​ 1 ​ 1 ​ 2 — 4 1 5 Balance at 31 Dec — ​ (63) ​ (1,277) ​ (1,340) — (55) (1,260) (1,315) ​ *. Other contracts represent groups of reinsurance contracts measured under the full retrospective approach at the transition date, 1 January 2022 and groups of contracts recognised on or after the transition date. The CSM on transition on reinsurance contracts held primarily arises from the Hong Kong segment, which has predominantly applied the FRA to transition reinsurance cohorts from 2010 – 2021 and the FVA for reinsurance cohorts prior to 2010.

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2023
Intangible assets
Reconciliation of goodwill	​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m Carrying value at 1 Jan 890 ​ 907 Exchange differences 6 ​ (17) Carrying value at 31 Dec 896 ​ 890 ​
Reconciliation of other intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m ​ 2022 $m ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution ​ Other ​ ​ ​ Distribution ​ Other ​ ​ ​ rights intangibles Total rights intangibles Total ​ ​ note (i) ​ note (ii) ​ ​ ​ note (i) ​ note (ii) ​ ​ Balance at 1 Jan ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost 5,176 ​ 489 ​ 5,665 ​ 5,037 425 5,462 Accumulated amortisation (1,546) ​ (235) ​ (1,781) ​ (1,255) (192) (1,447) ​ ​ 3,630 ​ 254 ​ 3,884 ​ 3,782 ​ 233 ​ 4,015 Additions 415 ​ 83 ​ 498 ​ 206 ​ 83 289 Amortisation charge (330) ​ (49) ​ (379) ​ (301) (48) (349) Disposals and transfers — ​ (6) ​ (6) ​ — (6) (6) Exchange differences and other movements ​ (6) ​ (5) ​ (11) ​ (57) ​ (8) ​ (65) Balance at 31 Dec 3,709 ​ 277 ​ 3,986 ​ 3,630 254 3,884 Comprising: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost 5,585 ​ 537 ​ 6,122 ​ 5,176 489 5,665 Accumulated amortisation (1,876) ​ (260) ​ (2,136) ​ (1,546) (235) (1,781) ​ Notes ( i) Distribution rights relate to amounts that have been paid or have become unconditionally due for payment as a result of past events in respect of the bancassurance partnership arrangements for the bank distribution of Prudential’s insurance products for a fixed period of time. The distribution rights amounts are amortised on a basis to reflect the pattern in which the future economic benefits are expected to be consumed by reference to new business production levels. (ii) Included within other intangibles are software and licence fees.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2023
Core structural borrowings of shareholder-financed businesses
Borrowings
Schedule of borrowings	​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Subordinated debt: ​ ​ ​ US $750 m 4.875% Notes ​ 750 ​ 750 €20 m Medium Term Notes 2023 note (ii) — ​ 21 £435 m 6.125% Notes 2031 551 ​ 520 US $1,000 m 2.95% Notes 2033 ​ 996 ​ 995 Senior debt: note (i) ​ ​ ​ ​ £300 m 6.875% Notes 2023 note (ii) ​ — ​ 361 £250 m 5.875% Notes 2029 ​ 301 ​ 281 US $1,000 m 3.125% Notes 2030 ​ 988 ​ 987 US $350 m 3.625% Notes 2032 ​ 347 ​ 346 Total core structural borrowings of shareholder-financed businesses 3,933 ​ 4,261 Notes (i) The senior debt ranks above subordinated debt in the event of liquidation. (ii) T he £300 million Notes were redeemed on 20 January 2023. The €20 million Medium Term Notes were redeemed on 10 July 2023.
Operational borrowings
Borrowings
Schedule of borrowings	​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Borrowings in respect of short-term fixed income securities programmes (commercial paper) 699 ​ 501 Lease liabilities under IFRS 16 234 ​ 299 Other borrowings 8 ​ 15 Total operational borrowings ​ 941 ​ 815 ​

Risk and sensitivity analysis (

Risk and sensitivity analysis (Tables)	12 Months Ended
	Dec. 31, 2023
Risk and sensitivity analysis
Schedule of sensitivity analysis to foreign exchange risk	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Change in local currency to $exchange rates ​ Decrease of 10% Increase of 10% ​ Decrease of 10% Increase of 10% Profit after tax for the year 152 (124) 49 (40) Shareholders’ equity 1,256 (1,028) 1,182 (967)
Schedule of sensitivity analysis to market risk	​ ​ ​ ​ ​ ​ Base values 2023 $m 2022 $m Profit (loss) after tax for the year from insurance segments ​ 2,099 ​ (494) Group shareholders’ equity as at 31 Dec 17,823 16,731 CSM as at 31 Dec including JVs and associates 21,012 19,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance segments 31 Dec 2023 $m 31 Dec 2022 $m Interest rates and consequential effects ​ Decrease of 0.5 % Increase of 1 % Decrease of 0.5 % Increase of 1 % Increase/(decrease) to shareholders’ equity and profit after tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets ​ 6,815 ​ (12,004) ​ 5,873 ​ (10,362) Net insurance contract liabilities (including CSM) ​ (7,332) ​ 12,191 ​ (6,120) ​ 10,295 Net effect on shareholders' equity and profit after tax note (328) 24 (127) (165) ​ Increase/(decrease) to CSM liability: ​ ​ ​ ​ ​ ​ ​ ​ ​ CSM 358 (880) 220 (850) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insurance segments 31 Dec 2023 $m 31 Dec 2022 $m Equity/property market values ​ Decrease of 20 % Increase of 10 % Decrease of 20 % Increase of 10 % Increase/(decrease) to shareholders’ equity and profit after tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets ​ (13,359) ​ 6,681 ​ (11,884) ​ 5,939 Net insurance contract liabilities (including CSM) ​ 12,288 ​ (6,254) ​ 10,927 ​ (5,571) Net effect on shareholders' equity and profit after tax note (822) 327 (735) 283 ​ Increase/(decrease) to CSM liability: ​ ​ ​ ​ ​ ​ ​ ​ ​ CSM (1,392) 618 (1,303) 550 ​
Schedule of sensitivity analysis to insurance risk	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m ​ ​ Net effect on shareholders’ equity ​ ​ ​ ​ ​ ​ and profit after tax Net effect on CSM ​ Gross of Net of Gross of Net of Sensitivity to insurance risk: reinsurance reinsurance reinsurance reinsurance Maintenance expenses – 10% increase ​ (77) ​ (71) ​ (420) ​ (427) Lapse rates – 10% increase ​ (88) ​ (76) ​ (1,363) ​ (1,496) Mortality and morbidity – 5% increase ​ (131) ​ (96) ​ (638) ​ (261) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 $m ​ ​ Net effect on shareholders’ equity ​ ​ ​ ​ ​ ​ and profit after tax ​ Net effect on CSM ​ Gross of Net of Gross of Net of Sensitivity to insurance risk: reinsurance reinsurance reinsurance reinsurance Maintenance expenses – 10% increase ​ (58) ​ (57) ​ (365) ​ (365) Lapse rates – 10% increase ​ (78) ​ (70) ​ (1,179) ​ (1,274) Mortality and morbidity – 5% increase ​ (88) ​ (79) ​ (548) ​ (217)

Tax assets and liabilities (Tab

Tax assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Tax assets and liabilities
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ ​ movements ​ ​ ​ ​ Net deferred ​ ​ ​ including ​ Net deferred ​ ​ tax (assets) ​ Movement in ​ foreign ​ tax (assets) ​ ​ liabilities at ​ income ​ exchange ​ liabilities at ​ 1 Jan statement movements 31 Dec Unrealised losses or gains on investments (129) 268 (10) 129 Balances relating to insurance and reinsurance contracts 1,255 (87) 2 1,170 Short-term temporary differences (96) 2 — (94) Unused tax losses (31) (79) (1) (111) Net deferred tax liabilities note 999 104 (9) 1,094 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 $m ​ ​ Effect of initial ​ ​ Other ​ ​ ​ ​ ​ application of ​ Restated net ​ ​ ​ movements ​ ​ ​ ​ Net deferred ​ IFRS 17 and ​ deferred tax ​ ​ ​ including ​ Net deferred ​ ​ tax (assets) ​ classification ​ (assets) ​ Movement in ​ foreign ​ tax (assets) ​ ​ liabilities ​ overlay of ​ liabilities ​ income ​ exchange ​ liabilities ​ ​ at 1 Jan ​ IFRS 9 ​ at 1 Jan ​ statement ​ movements ​ at 31 Dec Unrealised losses or gains on investments ​ 239 — 239 (361) ​ (7) (129) Balances relating to insurance and reinsurance contracts ​ 2,091 (1,092) 999 297 ​ (41) 1,255 Short-term temporary differences ​ 333 (469) (136) 29 ​ 11 (96) Unused tax losses ​ (67) — (67) 32 ​ 4 (31) Net deferred tax liabilities note ​ 2,596 ​ (1,561) ​ 1,035 ​ (3) ​ (33) ​ 999

Share capital, share premium _2

Share capital, share premium and own shares (Tables)	12 Months Ended
	Dec. 31, 2023
Share capital, share premium and own shares
Schedule of reconciliation of issued shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Number of ordinary Share Share Number of ordinary Share Share Issued shares of 5 p each fully paid ​ shares ​ capital ​ premium ​ shares ​ capital ​ premium ​ ​ ​ ​ $m ​ $m ​ ​ $m ​ $m ​ Balance at 1 Jan 2,749,669,380 ​ 182 ​ 5,006 ​ 2,746,412,265 182 5,010 Shares issued under share-based schemes 3,851,376 ​ 1 ​ 3 ​ 3,257,115 — 2 Shares issued under Hong Kong public offer and international placing in 2022 ​ ​ ​ — ​ — ​ — ​ — ​ (6) ​ Balance at 31 Dec 2,753,520,756 183 5,009 2,749,669,380 182 5,006 ​
Summary of options outstanding under save as you earn schemes to subscribe for shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Share price range ​ ​ ​ ​ shares to ​ from ​ to ​ Exercisable ​ subscribe for (in pence) (in pence) by year 31 Dec 2023 ​ 1,671,215 ​ 737 p 1,455 p 2029 31 Dec 2022 1,858,292 ​ 737 p 1,455 p 2028

Capital (Tables)

Capital (Tables)	12 Months Ended
	Dec. 31, 2023
Asset management business
Group objectives, policies and processes for managing capital
Reconciliation of regulatory and other surplus	​ ​ ​ ​ ​ ​ ​ 2023 $m ​ 2022 $m Balance at 1 Jan 466 522 Gains during the year 254 187 Movement in capital requirement (20) 15 Capital injection ​ 3 ​ 3 Distributions made to the parent company (205) ​ (214) Exchange and other movements (1) (47) Balance at 31 Dec 497 466

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, plant and equipment.
Reconciliation of the carrying amount of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m 31 Dec 2022 $m Property, plant and equipment held at cost note (a) ​ 347 410 Owner occupied properties held at fair value note (b) ​ 27 27 Total property, plant and equipment ​ 374 437 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $m ​ 2022 $m ​ Group ​ ​ ​ Group ​ ​ ​ ​ ​ occupied ​ Tangible ​ Right-of- ​ ​ ​ occupied ​ Tangible ​ Right-of- ​ ​ ​ ​ property ​ assets ​ use assets ​ Total ​ property ​ assets ​ use assets ​ Total Balance at 1 Jan ​ ​ ​ ​ ​ ​ ​ Cost 21 ​ 486 ​ 676 ​ 1,183 22 489 678 ​ 1,189 Accumulated depreciation (8) ​ (360) ​ (405) ​ (773) (8) (349) (363) ​ (720) Opening net book amount 13 ​ 126 ​ 271 ​ 410 14 140 315 ​ 469 Additions — ​ 44 ​ 57 ​ 101 — 34 49 ​ 83 Depreciation and impairment charge — ​ (50) ​ (95) ​ (145) — (39) (106) ​ (145) Disposals, transfers and lease modifications 3 ​ (4) ​ (18) ​ (19) — (2) 26 ​ 24 Effect of movements in exchange rates ​ — ​ (1) ​ 1 ​ — ​ (1) ​ (7) ​ (13) ​ (21) Balance at 31 Dec 16 ​ 115 ​ 216 ​ 347 13 126 271 ​ 410 Representing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost 24 ​ 495 ​ 683 ​ 1,202 21 486 676 ​ 1,183 Accumulated depreciation (8) ​ (380) ​ (467) ​ (855) (8) (360) (405) ​ (773) Closing net book amount 16 ​ 115 ​ 216 ​ 347 13 126 271 ​ 410
Schedule of capital expenditure	​ ​ ​ ​ ​ ​ ​ 2023 $m 2022 $m Hong Kong ​ 22 11 Indonesia ​ — 1 Malaysia ​ 1 1 Singapore ​ 2 3 Growth markets and other ​ 15 16 Eastspring ​ 4 2 Total segment ​ 44 34 Unallocated to a segment (central operations) ​ — — Total capital expenditure on property, plant and equipment ​ 44 34 ​

Investments in subsidiary und_2

Investments in subsidiary undertakings, joint ventures and associates (Tables)	12 Months Ended
	Dec. 31, 2023
Investments in subsidiary undertakings, joint ventures and associates
Schedule of investments in unconsolidated structured entities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 Dec 2023 $m ​ 31 Dec 2022 $m ​ ​ ​ ​ Other ​ ​ ​ Other ​ ​ Investment ​ structured ​ Investment ​ structured Consolidated statement of financial position line items ​ funds ​ entities ​ funds ​ entities Equity securities and holdings in collective investment schemes 33,657 — 30,771 — Debt securities — 285 ​ — 389 Total investments in unconsolidated structured entities 33,657 285 ​ 30,771 389 ​
Schedule of group's share of the profits , net of related tax, and carrying amount of interest in joint ventures and associates, which are equity accounted	​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ IFRS 4 basis ​ 2023 $m 2022 $m 2021 $m CPL (577) (345) 278 Hong Kong ​ ​ ​ ​ ​ 9 Malaysia ​ 18 ​ 16 ​ 28 Growth markets and other note ​ 310 ​ 100 ​ (110) Insurance operations ​ (249) ​ (229) ​ 205 Eastspring 158 144 147 Total segment and Group total (91) (85) 352 ​ Note For growth markets and other, as well as the segment results for associates and joint ventures within the segment, the amount shown under IFRS 17 basis includes a credit of $191 million (2022: $72 million credit) of taxes for all life joint ventures and associates. In 2021, under IFRS 4 basis, growth markets and other included other items of $(38) million charge which primarily comprised of taxes for all life joint ventures and associates together with other non-recurring items.
Schedule of financial information relating to joint venture	​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis Statement of financial position: 31 Dec 2023 $m 31 Dec 2022 $m Total assets ​ 33,271 29,914 Total liabilities (including non-controlling interest) ​ 32,005 27,734 Shareholders’ equity ​ 1,266 2,180 ​ ​ ​ ​ ​ The above amounts of assets and liabilities include the following*: ​ ​ ​ Cash and cash equivalents ​ 868 561 Financial liabilities (excluding trade and other payables and provisions) ​ 1,198 985 ​ * The Group's 50 per cent share of CPL's insurance and reinsurance contract balances are shown in note C3.3 (c). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ IFRS 4 basis Income statement: 2023 $m 2022 $m 2021 $m Revenue ​ 1,676 ​ 1,023 7,347 (Loss) profit for the year after tax ​ (733) (550) 453 The above (loss) profit for the year includes the following: ​ ​ ​ ​ Depreciation and amortisation ​ (39) (43) (86) Interest income ​ 543 569 465 Interest expense ​ (2) (3) (2) Income tax credit ​ 422 140 (84) ​ The summarised financial information above is reconciled to the carrying amount of the Group’s interest in the joint venture recognised in the consolidated financial statements as follows: ​ ​ ​ ​ ​ ​ ​ IFRS 17 basis ​ 31 Dec 2023 $m 31 Dec 2022 $m Net assets of CITIC-Prudential Life as shown above ​ 1,266 2,180 Proportion owned by the joint venture partner (50%) ​ 633 1,090 Carrying amount of the Group’s interest in the joint venture (50%) ​ 633 1,090
Schedule of direct subsidiary undertakings of the parent company	​ ​ ​ ​ ​ ​ ​ ​ Name of entity Classes of shares held Proportion held Registered office address Prudential Corporation Asia Limited OS 100.00% ​ 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong Prudential Group Holdings Limited OS 100.00% ​ 1 Angel Court, London, EC2R 7AG, United Kingdom
Schedule of other subsidiaries, joint ventures, associates and significant holdings	​ ​ ​ ​ ​ ​ ​ ​ ​ Classes of ​ ​ ​ ​ shares ​ Proportion ​ ​ Name of entity ​ held ​ held ​ Registered office address Aberdeen Cash Creation Fund ​ U ​ 26.87% ​ 28th Floor Bangkok City Tower, 179 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand Aberdeen Standard Global Opportunities Fund ​ U ​ 35.13% ​ 21 Church Street, #01-01, Capital Square Two, Singapore 049480 Aberdeen Standard Singapore Equity Fund ​ U ​ 61.88% ​ ​ AC Financial Partners Limited Partnership ​ PI ​ 100.00% ​ Citypoint, 65 Haymarket Terrace, Edinburgh, EH12 5HD Alternatives North America, Ltd. ​ U ​ 100.00% ​ PO Box 1093, Queensgate House, Grand Cayman, KY1-1102, Cayman Islands BOCHK Aggressive Growth Fund ​ U ​ 46.52% ​ 27th Floor, Bank of China Tower, 1 Garden Road, Hong Kong BOCHK Balanced Growth Fund U 40.43% ​ ​ BOCHK China Equity Fund U 52.42% ​ ​ BOCHK Conservative Growth Fund U 42.17% ​ ​ BOCHK US Dollar Money Market Fund ​ U ​ 37.11% ​ ​ BOCI-Prudential Asset Management Limited OS 36.00% ​ ​ BOCI-Prudential Trustee Limited OS 36.00% ​ Suites 1501-1507 & 1513-1516, 15th Floor, 1111 King's Road, Taikoo Shing, Hong Kong BSP Debt Fund V Unlevered (Non-US) L.P. ​ U ​ 53.00% ​ C/o Benefit Street Partners LLC, New York, New York 10019 Cathay High Yield ex China Cash pay 1-5 Year 2% Issuer Capped ETF ​ U ​ 46.49% ​ 6th Floor, No.39, Sec.2, Dunhua South. Rd., Taipei, Taiwan CITIC-CP Asset Management Co., Ltd. MI - JV 26.95% ​ Room 101-2, No.128 North Zhangjiabang Road, Pudong District, Shanghai, China CITIC-Prudential Fund Management Company Limited MI - JV 49.00% ​ Level 9, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong, Shanghai, China CITIC-Prudential Life Insurance Company Limited ​ MI - JV ​ 50.00% ​ Room 1101-A, 1201, 1301, 1401, 1501, 1601, 1701, 1801, Unit 01, Building 1, No. B2, North Road of East Third Ring Road, Chaoyang District, Beijing, PRC,100027, China Eastspring Al-Wara' Investments Berhad OS 100.00% ​ Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia Eastspring Asia Pacific High Yield Equity Fund U 39.60% ​ 4th Floor, No.1, Songzhi Rd., Xinyi Dist., Taipei, Taiwan Eastspring Asset Management (Thailand) Co., Ltd. OS 59.50% ​ 944 Mitrtown Office Tower, 9th Floor, Rama 4 Road, Wangmai, Pathumwan, Bangkok 10330, Thailand Eastspring Asset Management Korea Co. Ltd. OS 100.00% ​ 22F (Seoul International Finance Center, Yeouido dong), 10 Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul 07326, Republic of Korea Eastspring Investment Management (Shanghai) Company Limited MI - WFOE 100.00% ​ Unit 306-308, 3rd Floor, Azia Center, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, China Eastspring Investments - Asia ESG Bond Fund ​ U ​ 94.82% ​ 26, Boulevard Royal, L-2449, Luxembourg Eastspring Investments – Asia Opportunities Equity Fund U 100.00% ​ ​ Eastspring Investments - Asia Pacific Equity Fund U 95.55% ​ ​ Eastspring Investments - Asia Real Estate Multi Asset Income Fund U 35.06% ​ ​ Eastspring Investments - Asian Bond Fund ​ U ​ 89.85% ​ ​ Eastspring Investments - Asian Dynamic Fund ​ U ​ 95.21% ​ ​ Eastspring Investments - Asian Equity Fund ​ U ​ 98.94% ​ ​ Eastspring Investments - Asian Equity Income Fund U 88.46% ​ ​ Eastspring Investments - Asian High Yield Bond Fund ​ U ​ 67.15% ​ ​ Eastspring Investments - Asian Investment Grade Bond Fund U 88.64% ​ ​ EastSpring Investments - Asian Local Bond Fund ​ U ​ 83.45% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classes of ​ ​ ​ ​ shares ​ Proportion ​ ​ Name of entity ​ held ​ held ​ Registered office address Eastspring Investments - Asian Low Volatility Equity Fund U 91.60% ​ ​ Eastspring Investments - Asian Multi Factor Equity Fund U 95.20% ​ ​ Eastspring Investments - China A Shares Growth Fund U 79.87% ​ ​ Eastspring Investments - Dragon Peacock Fund U 97.09% ​ ​ Eastspring Investments - European Investment Grade Bond Fund U 99.88% ​ ​ Eastspring Investments - Global Emerging Markets Bond Fund ​ U ​ 98.06% ​ ​ Eastspring Investments - Global Emerging Markets Dynamic Fund U 38.21% ​ ​ Eastspring Investments - Global Emerging Markets ex-China Dynamic Fund ​ U ​ 100.00% ​ ​ Eastspring Investments - Global Emerging Markets Fundamental Value Fund ​ U ​ 100.00% ​ ​ Eastspring Investments - Global Equity Navigator Fund ​ U ​ 97.86% ​ ​ Eastspring Investments - Global Growth Equity Fund ​ U ​ 42.30% ​ ​ Eastspring Investments - Global Low Volatility Equity Fund ​ U ​ 98.48% ​ ​ Eastspring Investments - Global Market Navigator Fund ​ U ​ 99.60% ​ ​ Eastspring Investments - Global Multi Asset Income Plus Growth Fund U 100.00% ​ ​ Eastspring Investments - Global Technology Fund U 84.16% ​ ​ Eastspring Investments - Greater China Equity Fund U 89.88% ​ ​ Eastspring Investments - India Equity Fund ​ U ​ 58.85% ​ ​ Eastspring Investments - Japan Sustainable Value Fund ​ U ​ 86.85% ​ ​ Eastspring Investments - Pan European Fund U 66.59% ​ ​ Eastspring Investments - US Corporate Bond Fund ​ U ​ 68.69% ​ ​ Eastspring Investments - US High Investment Grade Bond Fund ​ U ​ 85.91% ​ ​ Eastspring Investments - US High Yield Bond Fund U 54.03% ​ ​ Eastspring Investments - US Investment Grade Bond Fund ​ U ​ 58.61% ​ ​ Eastspring Investments - World Value Equity Fund ​ U ​ 93.68% ​ ​ Eastspring Investments (Hong Kong) Limited ​ OS ​ 100.00% ​ 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong Eastspring Investments (Luxembourg) S.A. ​ OS ​ 100.00% ​ 26, Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg Eastspring Investments (Singapore) Limited ​ OS ​ 100.00% ​ 10 Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983 Eastspring Investments Asia Pacific ex-Japan Target Return Fund ​ U ​ 78.56% ​ Eastspring Investments Berhad, Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia Eastspring Investments Berhad ​ OS ​ 100.00% ​ Level 25, Menara Hong Leong, No. 6 Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classes of ​ ​ ​ ​ shares ​ Proportion ​ ​ Name of entity ​ held ​ held ​ Registered office address Eastspring Investments Equity Income Fund U 43.13% ​ Eastspring Investments Berhad, Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia Eastspring Investments Fund Management Limited Liability Company MI 100.00% ​ 23rd Floor, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, Ho Chi Minh City, Vietnam Eastspring Investments Global Oncology Securities Baby Investment Trust (H) U 72.72% ​ 22nd Floor One IFC, 10 Gukjegeumyung-ro, Youngdungpo-gu, Seoul 07326, Korea Eastspring Investments Global Oncology Securities Baby Investment Trust (UH) U 92.43% ​ ​ Eastspring Investments Global Oncology Securities Baby Investment Trust (USD) ​ U ​ 96.00% ​ ​ Eastspring Investments Group Pte. Ltd. OS 100.00% ​ 10 Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983 Eastspring Investments Growth Fund U 40.96% ​ Eastspring Investments Berhad, Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia Eastspring Investments Incorporated OS 100.00% ​ 874 Walker Road, Suite C, City of Dover, County of Kent, State of Delaware, 19904, United States Eastspring Investments India Consumer Equity Open Limited ​ OS ​ 100.00% ​ 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius Eastspring Investments India Equity Open Limited ​ OS ​ 100.00% ​ ​ Eastspring Investments India Infrastructure Equity Open Limited OS 100.00% ​ ​ Eastspring Investments Limited OS 100.00% ​ Marunouchi Park Building, 6-1 Marunouchi 2-chome, Chiyoda-Ku, Tokyo, Japan Eastspring Investments MY Focus Fund U 31.20% ​ Eastspring Investments Berhad, Level 22, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia Eastspring Investments Private Fixed Income Fund Number 1 U 66.94% ​ Units 306-308, 3rd Floor, Azia Center, 1233 Lujiazui Ring Road, Shanghai, China, 200120 Eastspring Investments Services Pte. Ltd. OS 100.00% ​ 10 Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983 Eastspring Investments SICAV-FIS - Alternative Investment Fund ​ U ​ 100.00% ​ 26, Boulevard Royal, L-2449, Luxembourg Eastspring Investments Unit Trusts - Dragon Peacock Fund ID ​ U ​ 97.79% ​ 10 Marina Boulevard, #32-01, Marina Bay Financial Centre Tower 2, Singapore 018983 Eastspring Investments Unit Trusts - Singapore ASEAN Equity Fund U 98.85% ​ ​ Eastspring Investments Unit Trusts - Singapore Select Bond Fund ​ U ​ 64.89% ​ ​ Eastspring Investments Vietnam Navigator Fund ​ U ​ 77.52% ​ 23rd Floor, Saigon Trade Center Building, 37 Ton Duc Thang Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam Eastspring Overseas Investment Fund Management (Shanghai) Company Limited ​ MI - WFOE ​ 100.00% ​ Unit 306-308, 3rd Floor, 1233 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone, China Eastspring Private Equity Fund 2 ​ U ​ 100.00% ​ 10 Marina Boulevard, #32-01, Marina Bay Financial Centre Tower 2, Singapore 018983 Eastspring Securities Investment Trust Co., Ltd. OS 99.54% ​ 4th Floor, No.1 Songzhi Road, Taipei 110, Taiwan Eastspring Singapore Alternatives VCC ​ U ​ 100.00% ​ 10 Marina Boulevard, #32-01, Marina Bay Financial Centre, Singapore 018983 Eastspring Syariah Equity Islamic Asia Pacific USD Kelas B U 86.25% ​ Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia Eastspring Syariah Fixed Income USD Kelas A ​ U ​ 63.13% ​ ​ First Sentier Global Property Securities Fund U 74.35% ​ 38 Beach Road, #06-11 South Beach Tower, Singapore 189767 FSITC GLOBAL TRENDS FUND U 24.31% ​ 1st Floor, No.6, Sec. 3 ,Minquan West Rd, Taipei FSSA China Focus Fund U 65.21% ​ 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296 Ireland ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classes of ​ ​ ​ ​ shares ​ Proportion ​ ​ Name of entity ​ held ​ held ​ Registered office address Fubon 1-5 Years US High Yield Bond Ex China U 42.48% ​ 8th Floor, No.108, Sec.1, Dunhua South. Rd., Taipei, Taiwan Fubon Global Investment Grade Bond Fund U 57.59% ​ ​ Fuh Hwa 1-5 Yr High Yield ETF U 44.38% ​ 8th & 9th Floor, No.308, Sec. 2, Bade Rd., Da-an District Furnival Insurance Company PCC Limited OS 100.00% ​ PO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET, Guernsey GIS Total Return Bond Fund U 25.22% ​ 78 Sir John Rogerson's Quay, Dublin, D02 HD32, Ireland GS Twenty Two Limited OS 100.00% ​ 1 Angel Court, London, EC2R 7AG, United Kingdom HSBC Senior Global Infrastructure Debt Fund U 100.00% ​ 8 Canada Square, London, E14 5HQ, United Kingdom ICICI Prudential Asset Management Company Limited ​ OS ​ 49.00% ​ 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India ICICI Prudential Life Insurance Company Limited ​ OS ​ 22.05% ​ ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025, India ICICI Prudential Pension Funds Management Company Limited OS 22.05% ​ ​ ICICI Prudential Trust Limited OS 49.00% ​ 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India India Innovation High Growth EQ QII ​ U ​ 100.00% ​ Eastspring Investments Limited, Marunouchi Park Bldg., 2-6-1 Marunochi, Chiyoda-ku, Tokyo, Japan 100-6905 Invesco Fixed Maturity Selective Emerging Market Bonds 2024 ​ U ​ 98.42% ​ 8th Floor, No 122, Tung Hua N. Rd. Taipei, Taiwan Invesco Select 6 Year Maturity Global Bond Fund ​ U ​ 98.69% ​ ​ iShares Global High Yield Corp Bond UCITS ETF ​ U ​ 55.25% ​ 200 Capital Dock, 79 Sir John Rogerson’s Quay, Dublin 2, Ireland iShares MSCI Asia ex Japan Climate Action ETF ​ U ​ 73.52% ​ 20 Anson Road, #18-01 Twenty Anson, Singapore 079912 JPMorgan Investment Funds - Japan Sustainable Equity Fund U 62.01% ​ 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg KKP ACTIVE EQUITY FUND U 31.54% ​ 209 KKP Tower A, 17 Fl., Sukhumvit 21 (Asoke), Khlong Toey Nua, Wattana, Bangkok 10110 Thailand Krungsri Greater China Equity Hedged Dividend Fund ​ U ​ 28.12% ​ 12th, 18th Zone B Floor, Ploenchit Tower 898 Ploenchit Road, Lumpini Pathumwan, Bangkok 10330 Thailand Lasalle Property Securities SICAV-FIS U 100.00% ​ 11-13 Bouldevard de la Foire, L-1528 Luxembourg M&G Asia Property TS Trust ​ U ​ 100.00% ​ 138 Market Street, CapitaGreen #35-01, Singapore 048946 M&G Real Estate Asia Holding Company Pte. Ltd. OS 33.00% ​ ​ Manulife Asia Pacific Bond Fund U 82.22% ​ 9th Floor, No 89 Son Ren Road, Taipei, Taiwan Manulife AUD Income Bond Fund-A(CNY-H) U 30.73% ​ ​ Manulife China Offshore Bond Fund U 32.48% ​ ​ Manulife Taiwan Dynamic Fund U 26.11% ​ ​ Nomura Six Years Fixed Maturity Asia Pacific Emerging Market Bond Fund U 98.98% ​ 101 Tower, 30th Floor, No. 7 Sec. 5, Xinyi Rd., Xinyi Dist., Taipei, Taiwan Nomura Six Years Fixed Maturity Emerging Market Bond Fund ​ U ​ 40.50% ​ ​ Nomura Six Years Ladder Maturity Asia Pacific Emerging Market Bond Fund ​ U ​ 98.40% ​ ​ North Sathorn Holdings Company Limited ​ OS ​ 100.00% ​ No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini Subdistrict Pathumwan District, Bangkok Metropolis, Thailand PCA IP Services Limited ​ OS ​ 100.00% ​ 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong PCA Life Assurance Co., Ltd. ​ OS ​ 99.79% ​ 8th Floor, No.1 Songzhi Road, Taipei City, 11047, Taiwan PCA Reinsurance Co. Ltd. ​ OS ​ 100.00% ​ Unit Level 13(A), Main Office Tower, Financial Park Labuan, Jalan Merdeka, 87000 Federal Territory of Labuan, Malaysia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classes of ​ ​ ​ ​ shares ​ Proportion ​ ​ Name of entity ​ held ​ held ​ Registered office address PineBridge US Dual Core Income Fund U 27.97% ​ 10th Floor, No. 144, Sec. 2, Minquan East Rd, Taipei PLUK Agents Savings Fund U 100.00% ​ 8th Floor, 8 Rockwell, Rockwell Drive, Rockwell Center, Makati City Principal Global Silver Age Fund U 31.05% ​ 44, 16th Floor, CIMB Thai Bank, Lungsuan Road, Lumpini, Bangkok 10330, Thailand Pru Life Insurance Corporation of U.K. OS 100.00% ​ 9th Floor, Uptown Place Tower 1, 1 East 11th Drive, Uptown Bonifacio, 1634 Taguig City, Metro Manila, Philippines Pru Life UK Asset Management and Trust Corporation OS 100.00% ​ ​ Prudence Foundation LBG 100.00% ​ 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong Prudential (Cambodia) Life Assurance Plc ​ OS ​ 100.00% ​ VTrust Tower, Unit A B &C, 3rd Floor, Tchecoslova Blvd (Street 169), Sangkat Veal Vong, Khan 7 Makara, Phnom Penh, Cambodia Prudential (US Holdco 1) Limited OS 100.00% ​ 1 Angel Court, London, EC2R 7AG, United Kingdom Prudential Africa Holdings Limited ​ OS ​ 100.00% ​ ​ Prudential Africa Services Limited OS 100.00% ​ 3rd Floor, One Africa Place, LR. No. 1870/X/45, P.O. Box 25093-00100, Westlands, Nairobi, Kenya Prudential Assurance Company Singapore (Pte) Limited OS 100.00% ​ 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 Prudential Assurance Malaysia Berhad* OS 51.00% ​ Level 26, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia Prudential Assurance Uganda Limited ​ OS ​ 100.00% ​ 9th Floor Zebra Plaza, Plot 23 Kampala Road, P.O. Box 2660, Kampala, Uganda Prudential BeGeneral Insurance Côte d'Ivoire S.A. OS 51.00% ​ Abidjan Plateau, Avenue Noguès, Immeuble Woodin Center, 1er étage, 01 P.O. BOX 5173, Abidjan 01, Côte d'Ivoire Prudential Belife Insurance Côte d'Ivoire S.A. OS 51.00% ​ ​ Prudential Beneficial General Insurance Cameroon S.A. OS 50.71% ​ 1944, Boulevard de la République Douala-Akwa, P.O. BOX 2328, Douala, Cameroon Prudential Beneficial Life Insurance Cameroon S.A. OS 51.00% ​ ​ Prudential Beneficial Life Insurance Togo S.A. ​ OS ​ 50.99% ​ 2963 Rue de la Chance Agbalepedogan, P.O. Box 1115, Lome, Togo Prudential BSN Takaful Berhad † OS 49.00% ​ Level 26, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur, Malaysia Prudential Corporation Holdings Limited OS 100.00% ​ 1 Angel Court, London, EC2R 7AG, United Kingdom Prudential Financial Advisers Singapore Pte. Ltd. ​ OS ​ 100.00% ​ 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 Prudential Financial Partners (Asia) Limited ​ OS ​ 100.00% ​ 1 Angel Court, London, EC2R 7AG, United Kingdom Prudential Financial Partners HK Limited OS 100.00% ​ 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong Prudential Funding (Asia) PLC ​ OS ​ 100.00% ​ 1 Angel Court, London, EC2R 7AG, United Kingdom Prudential General Insurance Hong Kong Limited ​ OS ​ 100.00% ​ 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong Kong Prudential Group Secretarial Services HK Limited OS ​ 100.00% ​ 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong Prudential Group Secretarial Services Limited ​ OS ​ 100.00% ​ 1 Angel Court, London, EC2R 7AG, United Kingdom Prudential Holdings Limited OS 100.00% ​ 4th Floor, Saltire Court, 20, Castle Terrace, Edinburgh, EH1 2EN, United Kingdom Prudential Hong Kong Limited OS 100.00% ​ 59th Floor, One Island East, 18 Westlands Road, Quarry Bay, Hong Kong Prudential International Treasury Limited OS 100.00% ​ 13th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong Prudential Investment Management Private Limited ​ OS ​ 100.00% ​ 7 Straits View #07-01, Marina One East Tower, Singapore 018936, Singapore Prudential IP Services Limited OS 100.00% ​ 1 Angel Court, London, EC2R 7AG, United Kingdom ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classes of ​ ​ ​ ​ shares ​ Proportion ​ ​ Name of entity ​ held ​ held ​ Registered office address Prudential Life Assurance (Lao) Company Limited ​ OS ​ 100.00% ​ 5th Floor, Lao international Business and Tourist Center Project (Vientiane Center), Khouvieng Road, Nongchan Village, Sisattanak District, Vientiane Capital, Lao PDR Prudential Life Assurance (Thailand) Public Company Limited ​ OS ​ 99.93% ​ 944 Mitrtown Office Tower, 10th, 29th-31st Floor, Rama 4 Road, Wangmai, Pathumwan, Bangkok, 10330, Thailand Prudential Life Assurance Kenya Limited ​ OS ​ 100.00% ​ Vienna Court, Ground Floor, State House Crescent, Off State House Avenue, P.O. Box 25093-00603, Nairobi, Kenya Prudential Life Assurance Zambia Limited ​ OS ​ 100.00% ​ Prudential House, Plot No. 32256, Thabo Mbeki Road, P.O. Box 31357, Lusaka, Zambia Prudential Life Insurance Ghana Limited ​ OS ​ 100.00% ​ H/NO. 35, Opp. Hobats Clinic, North Street, Tesano, Accra, Accra Metropolitan, Greater Accra, P.O. Box AN 10476, Ghana Prudential Life Vault Limited ​ OS ​ 100.00% ​ 48 Awolowo Road, South-West Ikoyi, Lagos, Nigeria Prudential Mauritius Holdings Limited OS 100.00% ​ 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene 72201, Mauritius Prudential Myanmar Life Insurance Limited ​ OS ​ 100.00% ​ #15-01, 15th Floor, Sule Square, 221 Sule Pagoda Road, Kyauktada Township, Yangon, Myanmar Prudential Pensions Management Zambia Limited OS 49.00% ​ Prudential Pensions Management Zambia Limited Support Office, Plot F/377/9/H/3, Kabulonga Road, Kabulonga, Lusaka Prudential Services Asia Sdn. Bhd. ​ OS ​ 100.00% ​ Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1 Leboh Ampang, 50100 Kuala Lumpur, Malaysia ​ ​ PS ​ 100.00% ​ ​ Prudential Services Limited OS 100.00% ​ 1 Angel Court, London, EC2R 7AG, United Kingdom Prudential Services Philippines Corporation OS 100.00% ​ 19th Floor Uptown Place Tower I East, 11th Drive Uptown Bonifacio Fort Bonifacio Bonifacio Global City, Taguig City, Fourth District, National Capital Region (NCR), 1630, Philippines Prudential Services Singapore Pte. Ltd. OS 100.00% ​ 7 Straits View, #06-01 Marina One East Tower, Singapore 018936 Prudential Singapore Holdings Pte. Limited ​ PS ​ 100.00% ​ 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 ​ ​ OS ​ 100.00% ​ ​ Prudential Technology and Services India Private Limited ​ OS ​ 100.00% ​ CoWrks NXT, EPIP Industrial Area, Whitefield Road, K.R Puram, Near SAP Labs, Hubli, Bangalore, Karnataka, 560066, India Prudential Vietnam Assurance Private Limited ​ OS ​ 100.00% ​ 25th Floor, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, Ho Chi Minh City, Vietnam Prudential Wealth Holdings Company Pte. Ltd. ​ OS ​ 100.00% ​ 7 Straits View #07-01, Marina One East Tower, Singapore 018936, Singapore Prudential Wealth Management Singapore Pte. Ltd. ​ OS ​ 100.00% ​ 8 Marina View #15-06A, Asia Square Tower 1, Singapore 018960, Singapore Prudential Zenith Life Insurance Limited OS 51.00% ​ 13th Floor, Civic Towers, Ozumba Mbadiwe Avenue, Victoria Island, Lagos State, Lagos, Nigeria PRUInvest PH Equity Index Tracker Fund U 99.61% ​ 8th Floor, 8 Rockwell, Rockwell Drive, Rockwell Center, Makati City PruInvest PHP Balanced Allocation Fund U 72.30% ​ ​ PruInvest PHP Dynamic Equity Fund U 52.45% ​ ​ PruInvest PHP Intermediate Term Bond Fund U 82.73% ​ ​ PRUInvest PHP Liquid Fund ​ U ​ 100.00% ​ ​ PruInvest USD Global Market Balanced Fund of Funds ​ U ​ 20.43% ​ ​ PruInvest USD High Yield Asian Bond Feeder Fund ​ U ​ 65.19% ​ ​ PruInvest USD Intermediate Term Bond Fund U 93.17% ​ ​ PruInvest USD Liquid Fund U 56.46% ​ ​ PT Prudential Sharia Life Assurance ‡ OS 94.62% ​ Prudential Tower, 2nd Floor, Jl. Jend. Sudirman Kav. 79, Jakarta 12910, Indonesia PT. Eastspring Investments Indonesia OS 99.95% ​ Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia PT. Prudential Life Assurance OS 94.62% ​ Prudential Tower, Jl. Jend. Sudirman Kav. 79, Jakarta 12910, Indonesia Pulse Ecosystems Pte. Ltd. OS 100.00% ​ 7 Straits View, #06-01 Marina One East Tower, Singapore 018936 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classes of ​ ​ ​ ​ shares ​ Proportion ​ ​ Name of entity ​ held ​ held ​ Registered office address Pulse Wealth Limited OS 100.00% ​ Suite 3703-04, 37/F, Tower 6, The Gateway, Harbour City, 9 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong Reksa Dana Eastspring IDR Fixed Income Fund U 97.72% ​ Prudential Tower, 23rd Floor, Jl. Jend. Sudirman Kav.79, Jakarta 12910, Indonesia Reksa Dana Syariah Eastspring Syariah Fixed Income Amanah U 70.16% ​ ​ Reksa Dana Syariah Eastspring Syariah Money Market Khazanah ​ U ​ 98.57% ​ ​ Reksa Dana Syariah Penyertaan Terbatas Bahana Syariah Bumn Fund IV ​ U ​ 99.01% ​ Graha CIMB Niaga 21st Floor. Jl Jend Sudirman Kav 58, Jakarta - 12190, Indonesia. Rhodium Investment Funds - Singapore Bond Fund ​ U ​ 99.93% ​ 10 Marina Boulevard, #32-01, Marina Bay Financial Centre Tower 2, Singapore 018983 Rhodium Passive Long Dated Bond Fund U 99.92% ​ ​ Robeco QI European Active Index Equities ​ U ​ 92.86% ​ 6, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg Schroder Asian Investment Grade Credit ​ U ​ 31.68% ​ 138 Market Street, #23-01 CapitaGreen, Singapore 048946 Schroder Emerging Markets Fund ​ U ​ 77.62% ​ ​ Schroder Multi-Asset Revolution ​ U ​ 51.13% ​ ​ Schroder US Dollar Money Fund ​ U ​ 27.98% ​ 9th floor, no. 108, section 5, xinyi road, Taipei Scotts Spazio Pte. Ltd. OS 45.00% ​ 316 Tanglin Road, #01-01,Singapore, 247978 Shenzhen Prudential Technology Limited ​ MI - WFOE ​ 100.00% ​ Unit 5, 8th Floor, China Resources Tower, No.2666 Keyuan South Road, Yuehai Street, Nanshan District, Shenzhen 518054, China Sri Han Suria Sdn. Bhd. ​ OS ​ 51.00% ​ Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1 Leboh Ampang, 50100 Kuala Lumpur, Malaysia Staple Limited ​ OS ​ 100.00% ​ No. 63, Athenee Tower, 34th Floor, Wireless Road, Lumpini Subdistrict Pathumwan District, Bangkok Metropolis, Thailand Templeton Asian Growth Fund ​ U ​ 32.88% ​ 8A, rue Albert Borschette, L-1246 Luxembourg Threadneedle (Lux) – Global Emerging Market Equities ​ U ​ 65.59% ​ 44 Rue de la vallée, 2661 Luxembourg United Global Innovation Fund ​ U ​ 24.24% ​ 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand United Global Quality Equity Fund – MYR hedged Class ​ U ​ 27.57% ​ Jln Raja Laut, City Centre, 50100 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur UOB Smart Global Healthcare Fund ​ U ​ 45.27% ​ 23A, 25th Floor, Asia Centre Building, 173/27-30, 32-33 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120, Thailand UOB Smart Japan Small and Mid Cap Fund ​ U ​ 35.67% ​ ​ UOB Smart Millennium Growth Fund ​ U ​ 38.84% ​ ​ USD Investment Grade Infrastructure Debt Fund SCSp ​ U ​ 21.90% ​ 35a, Avenue J.F. Kennedy, L-1855, Luxembourg, Grand Duchy of Luxembourg ​ ​ * Prudential Assurance Malaysia Berhad is consolidated at 100 per cent in the Group's consolidated financial statements reflecting the economic interest to the Group. † Prudential BSN Takaful Berhad is a joint venture that is accounted for using the equity method, for which the Group has an economic interest of 70 per cent for all business sold up to 31 December 2016 and of 49 per cent for new business sold subsequent to this date. ‡ The holding of 94.62 per cent for PT. Prudential Life Assurance represents the proportion held in the Indonesia subsidiary attaching to the aggregate of the shares across the types of capital in issue.
Schedule of issued share capital of subsidiaries which affect results or assets of group	​ Name of entity Issued and fully paid up share / registered capital Prudential Assurance Company Singapore (Pte) Limited ​ 526,557,000 ordinary shares of SG$1 each ​ PT. Prudential Life Assurance ​ 105,500 ordinary shares and 6,000 preference shares of RP 1,000,000 each ​ Prudential Hong Kong Limited ​ 3,641,479,873 ordinary shares of HK$1 each ​ Prudential Assurance Malaysia Berhad ​ 100,000,000 ordinary shares of RM 1 each ​ ​

Discontinued US operations (Tab

Discontinued US operations (Tables)	12 Months Ended
	Dec. 31, 2023
Discontinued US operations
Discontinued US operations
Summary of results and cash flows for the discontinued US operations	(a) Income statement ​ ​ ​ ​ ​ 2021 $m Total revenue, net of reinsurance ​ 45,972 Total charge, net of reinsurance ​ (43,655) Profit before tax ​ 2,317 Tax (charge) ​ (363) Profit after tax ​ 1,954 Remeasurement to fair value note (i) ​ (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 income note (ii) ​ 1,278 Loss for the year ​ (5,027) Attributable to: ​ ​ Equity holders of the Company ​ (4,234) Non-controlling interests ​ (793) Loss for the year ​ (5,027) ​ Notes (i) The loss on remeasurement to fair value on demerger was recognised in accordance with IFRIC 17 'Distributions of non-cash assets to owners' with the fair value determined with reference to the opening quoted price of Jackson shares on the New York Stock Exchange as at the date of demerger on 13 September 2021. (ii) In accordance with IFRS, as a result of the demerger of Jackson, accumulated balances previously recognised through other comprehensive income relating to financial instruments held by Jackson classified as available-for-sale and historical net investment hedges were recycled from other comprehensive income to the results of discontinued operations in the Consolidated income statement. Total shareholders’ equity is unchanged as a result of this recycling. ​ (b) Total comprehensive income ​ ​ ​ ​ ​ 2021 $m Loss for the year ​ (5,027) Other comprehensive loss: ​ ​ Valuation movements on available-for-sale debt securities, net of related tax and change in DAC ​ (763) 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 for the year ​ (2,041) Total comprehensive loss for the year ​ (7,068) Attributable to: ​ ​ Equity holders of the Company ​ (6,283) Non-controlling interests ​ (785) Total comprehensive loss for the year ​ (7,068) ​ (c) Cash flows ​ ​ ​ ​ 2021 $m Net cash flows from operating activities ​ (423) Net cash flows from financing activities note ​ 2,329 Cash divested upon demerger ​ (3,527) Net decrease in cash and cash equivalents (1,621) Cash and cash equivalents at 1 Jan 1,621 Cash and cash equivalents at 31 Dec ​ — ​ Note Financing activities in 2021 largely reflected the issuance of debt of $2,350 million. No dividends were paid by Jackson during 2021 prior to demerger.

Basis of preparation and acco_4

Basis of preparation and accounting policies (Details)	12 Months Ended
	Dec. 31, 2023 $ / ¥	Dec. 31, 2023 $ / $ $ / ¥	Dec. 31, 2023 $ / ¥ $ / ₨	Dec. 31, 2023 $ / Rp $ / ¥	Dec. 31, 2023 $ / RM $ / ¥	Dec. 31, 2023 $ / $ $ / ¥	Dec. 31, 2023 $ / $ $ / ¥	Dec. 31, 2023 $ / ฿ $ / ¥	Dec. 31, 2023 $ / £ $ / ¥	Dec. 31, 2023 $ / ¥ $ / ₫	Dec. 31, 2022 $ / ¥	Dec. 31, 2022 $ / ¥ $ / $	Dec. 31, 2022 $ / ₨ $ / ¥	Dec. 31, 2022 $ / ¥ $ / Rp	Dec. 31, 2022 $ / ¥ $ / RM	Dec. 31, 2022 $ / ¥ $ / $	Dec. 31, 2022 $ / ¥ $ / $	Dec. 31, 2022 $ / ¥ $ / ฿	Dec. 31, 2022 $ / ¥ $ / £	Dec. 31, 2022 $ / ₫ $ / ¥	Dec. 31, 2021 $ / ¥	Dec. 31, 2021 $ / ¥ $ / $	Dec. 31, 2021 $ / ₨ $ / ¥	Dec. 31, 2021 $ / ¥ $ / Rp	Dec. 31, 2021 $ / ¥ $ / RM	Dec. 31, 2021 $ / ¥ $ / $	Dec. 31, 2021 $ / ¥ $ / $	Dec. 31, 2021 $ / ¥ $ / ฿	Dec. 31, 2021 $ / ¥ $ / £	Dec. 31, 2021 $ / ¥ $ / ₫	Dec. 31, 2023 $ / $	Dec. 31, 2023 $ / ₨	Dec. 31, 2023 $ / Rp	Dec. 31, 2023 $ / RM	Dec. 31, 2023 $ / $	Dec. 31, 2023 $ / $	Dec. 31, 2023 $ / ฿	Dec. 31, 2023 $ / £	Dec. 31, 2023 $ / ₫	Dec. 31, 2022 $ / $	Dec. 31, 2022 $ / ₨	Dec. 31, 2022 $ / Rp	Dec. 31, 2022 $ / RM	Dec. 31, 2022 $ / $	Dec. 31, 2022 $ / $	Dec. 31, 2022 $ / ฿	Dec. 31, 2022 $ / £	Dec. 31, 2022 $ / ₫	Dec. 31, 2021 $ / $	Dec. 31, 2021 $ / ₨	Dec. 31, 2021 $ / Rp	Dec. 31, 2021 $ / RM	Dec. 31, 2021 $ / $	Dec. 31, 2021 $ / $	Dec. 31, 2021 $ / ฿	Dec. 31, 2021 $ / £	Dec. 31, 2021 $ / ₫
Basis of preparation and accounting policies
Closing rate	7.09	7.09	7.09	7.09	7.09	7.09	7.09	7.09	7.09	7.09	6.95	6.95	6.95	6.95	6.95	6.95	6.95	6.95	6.95	6.95	6.37	6.37	6.37	6.37	6.37	6.37	6.37	6.37	6.37	6.37	7.81	83.21	15,397	4.60	1.32	30.69	34.37	0.78	24,262	7.81	82.73	15,567.50	4.41	1.34	30.74	34.56	0.83	23,575	7.80	74.34	14,252.50	4.17	1.35	27.67	33.19	0.74	22,790
Average rate	7.09	7.83	82.60	15,230.82	4.56	1.34	31.17	34.80	0.80	23,835.92	6.73	7.83	78.63	14,852.24	4.40	1.38	29.81	35.06	0.81	23,409.87	6.45	7.77	73.94	14,294.88	4.15	1.34	27.93	32.01	0.73	22,934.86

Basis of preparation and acco_5

Basis of preparation and accounting policies - New accounting pronouncements (Details) $ in Millions	Dec. 31, 2023 item	Jan. 01, 2022 USD ($)
New accounting pronouncements
Number of broad categories of risks | item	3
IFRS 17
New accounting pronouncements
Percentage of CSM calculated under VFA		72%
Percentage of CSM calculated under GMM		28%
IFRS 17 | Maximum
New accounting pronouncements
Net asset impact of classification overlay | $		$ 5

Basis of preparation and acco_6

Basis of preparation and accounting policies - Statement of financial position (Details) - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Assets
Goodwill		$ 896	$ 890	[1]	$ 907	[1]
Deferred acquisition costs and other intangible assets:
Other intangible assets		3,986	3,884	[1]	4,015	[1]
Deferred acquisition costs and other intangible assets					4,015
Insurance contract assets		1,180	1,134	[1]	1,250	[1]
Reinsurance contracts assets		2,426	1,856	[1]	2,787	[1]
Deferred tax assets		156	140	[1]	132	[1]
Other non-investment and non-cash assets					2,487
Investment properties		39	37	[1]	38	[1]
Investments in joint ventures and associates accounted for using the equity method		1,940	2,259	[1]	2,698	[1]
Total financial investments:
Other loans					771
Equity securities and holdings in collective investment schemes	[2]	64,753	57,679	[1]	61,601	[1]
Debt securities	[2]	83,064	77,016	[1]	99,154	[1]
Derivative assets		1,855	569	[1]	481	[1]
Deposits		5,870	6,275	[1]	4,741	[1]
Total financial investments		156,120	142,129		166,748
Cash and cash equivalents		4,751	5,514	[1],[3]	7,170	[1],[3]	$ 8,018
Total assets		174,066	160,249	[1]	188,232	[1]
Equity
Shareholders' equity		17,823	16,731	[1]	18,936	[1]
Non-controlling interests		160	167	[1]	175	[1]
Total equity		17,983	16,898	[1],[4]	19,111	[1],[4]	$ 22,119	[5]
Insurance contract liabilities		139,840	126,242	[1]	149,798	[1]
Reinsurance contract liabilities		1,151	1,175	[1]	1,254	[1]
Investment contract liabilities without discretionary participation features		769	663	[1]	722	[1]
Core structural borrowings of shareholder-financed businesses		3,933	4,261	[1]	6,127	[1]
Operational borrowings		941	815	[1]	861	[1]
Deferred tax liabilities		1,250	1,139	[1]	1,167	[1]
Other items					9,192
Total liabilities		156,083	143,351	[1]	169,121	[1]
Total equity and liabilities		$ 174,066	$ 160,249	[1]	188,232	[1]
As reported under IFRS 4
Assets
Goodwill					907
Deferred acquisition costs and other intangible assets:
Deferred acquisition costs for insurance contracts					2,815
Other intangible assets					4,043
Deferred acquisition costs and other intangible assets					6,858
Reinsurance contracts assets					9,753
Deferred tax assets					266
Other non-investment and non-cash assets					3,448
Investment properties					38
Investments in joint ventures and associates accounted for using the equity method					2,183
Total financial investments:
Policy loans					1,733
Other loans					829
Equity securities and holdings in collective investment schemes					61,601
Debt securities					99,094
Derivative assets					481
Deposits					4,741
Total financial investments					168,479
Cash and cash equivalents					7,170
Total assets					199,102
Equity
Shareholders' equity					17,088
Non-controlling interests					176
Total equity	[4],[5]				17,264
Insurance contract liabilities					156,485
Investment contract liabilities without discretionary participation features					814
Core structural borrowings of shareholder-financed businesses					6,127
Operational borrowings					861
Deferred tax liabilities					2,862
Other items					14,689
Total liabilities					181,838
Total equity and liabilities					199,102
Effect of initial application of IFRS 17 and classification overlay of IFRS 9, net of tax
Equity
Total equity	[4]				1,847
IFRS 17 | Effects of adoption of IFRS 17, Presentation changes
Deferred acquisition costs and other intangible assets:
Deferred acquisition costs for insurance contracts					(39)
Deferred acquisition costs and other intangible assets					(39)
Reinsurance contracts assets					(22)
Deferred tax assets					(134)
Other non-investment and non-cash assets					(1,022)
Total financial investments:
Policy loans					(1,733)
Total financial investments					(1,733)
Total assets					(2,950)
Equity
Insurance contract liabilities					4,243
Deferred tax liabilities					(1,696)
Other items					(5,497)
Total liabilities					(2,950)
Total equity and liabilities					(2,950)
IFRS 17 | Effects of adoption of IFRS 17, Measurement changes
Deferred acquisition costs and other intangible assets:
Deferred acquisition costs for insurance contracts					(2,776)
Other intangible assets					(28)
Deferred acquisition costs and other intangible assets					(2,804)
Insurance contract assets					1,250
Reinsurance contracts assets					(6,944)
Other non-investment and non-cash assets					61
Investments in joint ventures and associates accounted for using the equity method					515
Total financial investments:
Other loans					(58)
Debt securities					60
Total financial investments					2
Total assets					(7,920)
Equity
Shareholders' equity					1,848
Non-controlling interests					(1)
Total equity					1,847
Insurance contract liabilities					(10,930)
Reinsurance contract liabilities					1,254
Investment contract liabilities without discretionary participation features					(92)
Deferred tax liabilities					1
Total liabilities					(9,767)
Total equity and liabilities					$ (7,920)
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published Included within equity securities and holdings in collective investment schemes and debt securities as at 31 December 2023 are $ 2,001 million of lent securities and assets subject to repurchase agreements (31 December 2022: $ 1,571 million) The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 have not been re-presented and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Basis of preparation and acco_7

Basis of preparation and accounting policies - Financial assets and liabilities by IFRS 9 category (Details) - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	[1]
Financial assets and liabilities by IFRS 9 category
Loans		$ 578	$ 590	[1]	$ 771
Debt securities	[2]	83,064	77,016	[1]	$ 99,154
Amortised cost
Financial assets and liabilities by IFRS 9 category
Loans		148
Mandatorily at FVTPL
Financial assets and liabilities by IFRS 9 category
Loans		430
Debt securities		$ 83,064
Investment contract liabilities without DPF | FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value liabilities, Original under IAS 39			663
Investment contract liabilities without DPF | Mandatorily at FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value liabilities, New under IFRS 9			663
Derivative liabilities | FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value liabilities, Original under IAS 39			1,001
Derivative liabilities | Mandatorily at FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value liabilities, New under IFRS 9			1,001
Core structural borrowings of shareholder-financed businesses | Amortised cost
Financial assets and liabilities by IFRS 9 category
Carrying value liabilities, Original under IAS 39			4,261
Carrying value liabilities, New under IFRS 9			4,261
Operational borrowings | Amortised cost
Financial assets and liabilities by IFRS 9 category
Carrying value liabilities, Original under IAS 39			815
Carrying value liabilities, New under IFRS 9			815
Obligations under funding, securities lending and sale and repurchase agreements | Amortised cost
Financial assets and liabilities by IFRS 9 category
Carrying value liabilities, Original under IAS 39			582
Carrying value liabilities, New under IFRS 9			582
Net asset value attributable to unit holders of consolidated investment funds | FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value liabilities, Original under IAS 39			4,193
Net asset value attributable to unit holders of consolidated investment funds | Designated at FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value liabilities, New under IFRS 9			4,193
Other liabilities | Amortised cost
Financial assets and liabilities by IFRS 9 category
Carrying value liabilities, Original under IAS 39			2,866
Carrying value liabilities, New under IFRS 9			2,866
Loans | Amortised cost
Financial assets and liabilities by IFRS 9 category
Carrying value assets, Original under IAS 39			140
Carrying value assets, New under IFRS 9			140
Loans/debt securities | Amortised cost
Financial assets and liabilities by IFRS 9 category
Carrying value assets, Original under IAS 39			26
Loans/debt securities | Mandatorily at FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value assets, New under IFRS 9			27
Loans | FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value assets, Original under IAS 39			450
Loans | Mandatorily at FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value assets, New under IFRS 9			450
Equity securities and portfolio holdings in collective investment schemes | FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value assets, Original under IAS 39			57,413
Equity securities and portfolio holdings in collective investment schemes | Mandatorily at FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value assets, New under IFRS 9			57,413
Equity securities | Available-for-sale
Financial assets and liabilities by IFRS 9 category
Carrying value assets, Original under IAS 39			266
Equity securities | FVOCI
Financial assets and liabilities by IFRS 9 category
Carrying value assets, New under IFRS 9			266
Debt securities held by Eastspring | Amortised cost
Financial assets and liabilities by IFRS 9 category
Carrying value assets, New under IFRS 9			67
Debt securities held by Eastspring | FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value assets, Original under IAS 39			67
Other debt securities | FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value assets, Original under IAS 39			76,922
Other debt securities | Mandatorily at FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value assets, New under IFRS 9			76,922
Derivative assets | FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value assets, Original under IAS 39			569
Derivative assets | Mandatorily at FVTPL
Financial assets and liabilities by IFRS 9 category
Carrying value assets, New under IFRS 9			569
Accrued investment income | Amortised cost
Financial assets and liabilities by IFRS 9 category
Carrying value assets, New under IFRS 9			983
Accrued investment income | Loans and receivables
Financial assets and liabilities by IFRS 9 category
Carrying value assets, Original under IAS 39			983
Deposits | Amortised cost
Financial assets and liabilities by IFRS 9 category
Carrying value assets, New under IFRS 9			6,275
Deposits | Loans and receivables
Financial assets and liabilities by IFRS 9 category
Carrying value assets, Original under IAS 39			6,275
Cash and cash equivalents | Amortised cost
Financial assets and liabilities by IFRS 9 category
Carrying value assets, New under IFRS 9			5,514
Cash and cash equivalents | Loans and receivables
Financial assets and liabilities by IFRS 9 category
Carrying value assets, Original under IAS 39			5,514
Other debtors | Amortised cost
Financial assets and liabilities by IFRS 9 category
Carrying value assets, New under IFRS 9			968
Other debtors | Loans and receivables
Financial assets and liabilities by IFRS 9 category
Carrying value assets, Original under IAS 39			$ 968
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published Included within equity securities and holdings in collective investment schemes and debt securities as at 31 December 2023 are $ 2,001 million of lent securities and assets subject to repurchase agreements (31 December 2022: $ 1,571 million)

Basis of preparation and acco_8

Basis of preparation and accounting policies - Yield curves used to discount cash flows of insurance contracts (Details)	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2022
Yield curves used to discount cash flows of insurance contracts
Proportion of reference portfolio's illiquidity premium applied to portfolios of insurance contracts, low value	0%
Proportion of reference portfolio's illiquidity premium applied to portfolios of insurance contracts, middle value	50%
Proportion of reference portfolio's illiquidity premium applied to portfolios of insurance contracts, high value	100%
Minimum
Yield curves used to discount cash flows of insurance contracts
Allowance for credit risk	0.0020	0.0023
Maximum
Yield curves used to discount cash flows of insurance contracts
Allowance for credit risk	0.0056	0.0056
Chinese yuan (CNY) | 1 year | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	2.07%	2.09%	2.21%
Chinese yuan (CNY) | 1 year | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	2.33%	2.84%	2.60%
Chinese yuan (CNY) | 5 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	2.41%	2.65%	2.63%
Chinese yuan (CNY) | 5 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	2.67%	3.29%	2.99%
Chinese yuan (CNY) | 10 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	2.59%	2.88%	2.81%
Chinese yuan (CNY) | 10 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	2.85%	3.52%	3.19%
Chinese yuan (CNY) | 15 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	2.70%	3.05%	3%
Chinese yuan (CNY) | 15 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	2.96%	3.69%	3.65%
Chinese yuan (CNY) | 20 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	2.76%	3.14%	3.12%
Chinese yuan (CNY) | 20 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.02%	3.79%	3.71%
Hong Kong dollar (HKD) | 1 year | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.76%	4.85%	0.43%
Hong Kong dollar (HKD) | 1 year | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	5.23%	6.14%	1.44%
Hong Kong dollar (HKD) | 5 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.75%	3.96%	1.24%
Hong Kong dollar (HKD) | 5 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.22%	5.25%	2.26%
Hong Kong dollar (HKD) | 10 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.76%	3.78%	1.47%
Hong Kong dollar (HKD) | 10 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.23%	5.07%	2.48%
Hong Kong dollar (HKD) | 15 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.89%	3.82%	1.62%
Hong Kong dollar (HKD) | 15 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.36%	5.11%	2.64%
Hong Kong dollar (HKD) | 20 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.95%	3.84%	1.91%
Hong Kong dollar (HKD) | 20 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.42%	5.13%	2.92%
Indonesian rupiah (IDR) | 1 year | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	6.47%	5.65%	3.43%
Indonesian rupiah (IDR) | 1 year | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	6.96%	6.13%	4.81%
Indonesian rupiah (IDR) | 5 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	6.63%	6.72%	5.55%
Indonesian rupiah (IDR) | 5 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	7.12%	7.20%	6.93%
Indonesian rupiah (IDR) | 10 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	6.73%	7.29%	7.04%
Indonesian rupiah (IDR) | 10 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	7.22%	7.77%	8.42%
Indonesian rupiah (IDR) | 15 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	6.94%	7.51%	7.43%
Indonesian rupiah (IDR) | 15 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	7.43%	7.99%	8.81%
Indonesian rupiah (IDR) | 20 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	7.03%	7.77%	7.74%
Indonesian rupiah (IDR) | 20 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	7.52%	8.25%	9.12%
Malaysian ringgit (MYR) | 1 year | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.31%	3.52%	2.25%
Malaysian ringgit (MYR) | 1 year | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.56%	3.91%	2.58%
Malaysian ringgit (MYR) | 5 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.67%	3.91%	3.19%
Malaysian ringgit (MYR) | 5 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.92%	4.29%	3.52%
Malaysian ringgit (MYR) | 10 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.78%	4.13%	3.72%
Malaysian ringgit (MYR) | 10 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.03%	4.52%	4.05%
Malaysian ringgit (MYR) | 15 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.09%	4.35%	4.13%
Malaysian ringgit (MYR) | 15 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.34%	4.73%	4.46%
Malaysian ringgit (MYR) | 20 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.33%	4.49%	4.34%
Malaysian ringgit (MYR) | 20 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.58%	4.88%	4.67%
Singapore dollar (SGD) | 1 year | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.62%	3.83%	0.60%
Singapore dollar (SGD) | 1 year | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.37%	4.94%	1.58%
Singapore dollar (SGD) | 5 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	2.67%	2.86%	1.38%
Singapore dollar (SGD) | 5 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.42%	3.98%	2.35%
Singapore dollar (SGD) | 10 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	2.71%	3.11%	1.72%
Singapore dollar (SGD) | 10 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.46%	4.22%	2.70%
Singapore dollar (SGD) | 15 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	2.77%	2.91%	1.99%
Singapore dollar (SGD) | 15 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.52%	4.02%	2.97%
Singapore dollar (SGD) | 20 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	2.74%	2.49%	2.14%
Singapore dollar (SGD) | 20 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.49%	3.61%	3.12%
United States dollar (USD) | 1 year | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.81%	4.75%	0.38%
United States dollar (USD) | 1 year | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	5.64%	5.91%	1.30%
United States dollar (USD) | 5 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.86%	4.02%	1.27%
United States dollar (USD) | 5 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.69%	5.17%	2.20%
United States dollar (USD) | 10 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	3.90%	3.89%	1.53%
United States dollar (USD) | 10 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.73%	5.05%	2.46%
United States dollar (USD) | 15 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.01%	3.98%	1.69%
United States dollar (USD) | 15 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.84%	5.15%	2.61%
United States dollar (USD) | 20 years | Minimum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	4.36%	4.27%	2.01%
United States dollar (USD) | 20 years | Maximum
Yield curves used to discount cash flows of insurance contracts
Yield (percentage)	5.19%	5.43%	2.93%

Basis of preparation and acco_9

Basis of preparation and accounting policies - Various accounting policies (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Critical accounting policies and estimates
Net insurance and reinsurance contract balances impacted by fulfilment cash flows		$ (137,400)
Profit (loss) before tax, attributable to shareholders		2,097	$ (643)	[1]	$ 2,676
Profit (loss) before tax	[2]	2,272	(519)	[1],[3]	3,018
Adjusted operating profit		2,893	$ 2,722		$ 3,233
Operating segments
Critical accounting policies and estimates
Adjusted operating profit		$ 3,517
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures. This measure is the formal profit before tax measure under IFRS. It is not the result attributable to shareholders principally because total corporate tax of the Group includes those taxes on the income of consolidated with-profits and unit-linked funds that, through adjustments to benefits, are borne by policyholders. These amounts are required to be included in the tax charge under IAS 12. Consequently, the IFRS profit before tax measure is not representative of pre-tax profit attributable to shareholders. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Basis of preparation and acc_10

Basis of preparation and accounting policies - VFA eligibility assessment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Jan. 01, 2022
Statement
Percentage to meet definition of substantial	50%
Including JVs and associates
Statement
CSM as at 31 Dec	$ 21,012
Percentage of CSM calculated under VFA		72%
Including JVs and associates | Contractual service margin (CSM)
Statement
CSM amortisation, net of reinsurance, recognised in the income statement	$ (2,208)

Basis of preparation and acc_11

Basis of preparation and accounting policies - Distribution rights (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Assets subject to impairment estimates
Distribution rights	$ 3,986	$ 3,884	[1]	$ 4,015	[1]
Distribution rights
Assets subject to impairment estimates
Distribution rights	$ 3,709	$ 3,630		$ 3,782
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Basis of preparation and acc_12

Basis of preparation and accounting policies - Investments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial instruments
Financial investments	$ 156,120	$ 142,129	$ 166,748
FVTPL
Financial instruments
Financial investments	149,900
Amortised cost
Financial instruments
Financial investments	$ 6,000

Analysis of performance by se_3

Analysis of performance by segment - Segment results (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Other income and expenditure:
Interest payable on core structural borrowings		$ (172)	$ (200)	[1]	$ (328)
Adjusted operating profit		2,893	2,722		3,233
Short-term fluctuations in investment returns		(774)	(3,420)		(458)
Amortisation of acquisition accounting adjustments under IFRS 4					(5)
(Loss) gain attaching to corporate transactions		(22)	55		(94)
Profit (loss) before tax attributable to shareholders' returns		2,097	(643)	[1]	2,676
Tax charge attributable to shareholders' returns		(385)	(354)	[1]	(462)
Profit (loss) for the year		1,712	(997)	[2],[3]	2,214	[2],[4]
Loss from discontinued US operations	[5]				(5,027)
Profit (loss) for the year		1,712	(997)	[1]	(2,813)
Attributable to:
Equity holders of the Company: From continuing operations		1,701	(1,007)		2,192
Equity holders of the Company: Based on loss from discontinued US operations					(4,234)
Profit (loss) attributable to equity holders of the Company		1,701	(1,007)	[1]	(2,042)
Non-controlling interests: From continuing operations		11	10		22
Non-controlling interests: From discontinued US operations					(793)
Profit (loss) attributable to non-controlling interests		11	10	[1]	(771)
Profit (loss) for the year		$ 1,712	$ (997)	[1]	$ (2,813)
Basic earnings per share
Based on adjusted operating profit, net of tax and non-controlling interest, from continuing operations		$ 0.890	$ 0.794		$ 1.015
Based on profit continuing operations (in USD per share)		$ 0.621	$ (0.368)		0.834
Based on loss from discontinued US operations (in USD per share)	[5]				$ (1.611)
Loss attaching to corporate transactions, related to demerger		$ (22)	$ 55	[1]	$ (35)
Loss arising on reinsurance transaction undertaken by the Hong Kong business					(59)
Minimum | Debt securities and loans
Basic earnings per share
Longer-term rates of return (as a percent)		2.80%	2.80%
Minimum | Equity-type securities
Basic earnings per share
Longer-term rates of return (as a percent)		8.60%	8.60%
Maximum | Debt securities and loans
Basic earnings per share
Longer-term rates of return (as a percent)		8.40%	7.80%
Maximum | Equity-type securities
Basic earnings per share
Longer-term rates of return (as a percent)		15.70%	15.70%
Insurance operations
Other income and expenditure:
Profit (loss) for the year		$ 2,099	$ (494)
Attributable to:
Profit (loss) for the year		$ 2,099	(494)
Hong Kong
Basic earnings per share
Share of estate within with-profits fund		10%
Operating segments
Other income and expenditure:
Adjusted operating profit		$ 3,517
Profit (loss) for the year		2,353	(260)		3,085
Operating segments | CPL
Other income and expenditure:
Adjusted operating profit		368	271		343
Profit (loss) for the year		(366)	(275)
Operating segments | Hong Kong
Other income and expenditure:
Adjusted operating profit		1,013	1,162		975
Profit (loss) for the year		976	(742)		1,068
Operating segments | Indonesia
Other income and expenditure:
Adjusted operating profit		221	205		446
Profit (loss) for the year		156	108		362
Operating segments | Malaysia
Other income and expenditure:
Adjusted operating profit		305	340		350
Profit (loss) for the year		257	178		265
Operating segments | Singapore
Other income and expenditure:
Adjusted operating profit		584	570		663
Profit (loss) for the year		512	(7)		394
Operating segments | Growth markets and other
Other income and expenditure:
Adjusted operating profit		746	728		932
Profit (loss) for the year		775	314		434
Operating segments | Eastspring
Other income and expenditure:
Adjusted operating profit		280	260		314
Profit (loss) for the year		254	234		284
Material reconciling items
Other income and expenditure:
Net investment return and other items		(21)	(44)		21
Interest payable on core structural borrowings		(172)	(200)		(328)
Corporate expenditure		(230)	(276)		(298)
Total other expenditure		(423)	(520)		(605)
Restructuring and IFRS 17 implementation costs		(201)	(294)		(185)
Material reconciling items | Insurance and asset management operations
Other income and expenditure:
Restructuring and IFRS 17 implementation costs		$ (81)	$ (137)		$ (101)
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 have not been re-presented and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. Discontinued operations for 2021 related to the US operations (Jackson) that were demerged from the Group in September 2021.

Analysis of performance by se_4

Analysis of performance by segment - Adjusted operating profit under IFRS 4 (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity-type securities | Minimum
Equity-type securities
Longer-term rates of return (as a percent)	8.60%	8.60%
Equity-type securities | Maximum
Equity-type securities
Longer-term rates of return (as a percent)	15.70%	15.70%
Insurance operations | Non-linked shareholder-backed | Direct equities | Minimum
Equity-type securities
Longer-term rates of return (as a percent)			7.30%
Insurance operations | Non-linked shareholder-backed | Direct equities | Maximum
Equity-type securities
Longer-term rates of return (as a percent)			16.90%
Insurance operations | Non-linked shareholder-backed | Collective investment schemes | Minimum
Equity-type securities
Longer-term rates of return (as a percent)			3.60%
Insurance operations | Non-linked shareholder-backed | Collective investment schemes | Maximum
Equity-type securities
Longer-term rates of return (as a percent)			11%

Analysis of performance by se_5

Analysis of performance by segment - Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Amounts relating to changes in the liability for remaining coverage:
Expected claims and other directly attributable expenses	$ 3,953	$ 3,641
Change in risk adjustment for non-financial risk	228	169
Release of CSM for services provided	2,193	2,181
Other adjustments	252	105
Recovery of insurance acquisition cash flows	2,745	2,453
Insurance revenue	9,371	8,549	[1]
Other revenue	369	436	[1]
Gross premiums earned				$ 24,217
Outward reinsurance premiums				(1,844)
Earned premiums, net of reinsurance				22,373
Other income				641
Total revenue	9,740	8,985		23,014
Interest income	2,947	2,597		2,570
Dividend and other investment income	1,674	1,658		1,524
Investment appreciation (depreciation)	5,142	(33,635)		(608)
Investment return	9,763	(29,380)	[1]	3,486
Total revenue	19,503	(20,395)		26,500
Fee income on financial instruments that are not held at fair value through profit or loss	3	2		1
CPL
Amounts relating to changes in the liability for remaining coverage:
Prudential's share of revenue	560	595		3,052
Asset management business
Amounts relating to changes in the liability for remaining coverage:
Other revenue	299	330
Other income				437
Operating segments after elimination of intra-group amounts, before unallocated
Amounts relating to changes in the liability for remaining coverage:
Expected claims and other directly attributable expenses	3,953	3,641
Change in risk adjustment for non-financial risk	228	169
Release of CSM for services provided	2,193	2,181
Other adjustments	252	105
Recovery of insurance acquisition cash flows	2,745	2,453
Insurance revenue	9,371	8,549
Other revenue	368	435
Gross premiums earned				24,217
Outward reinsurance premiums				(1,844)
Earned premiums, net of reinsurance				22,373
Other income				640
Total revenue	9,739	8,984		23,013
Interest income	2,783	2,547		2,569
Dividend and other investment income	1,667	1,633		1,505
Investment appreciation (depreciation)	5,185	(33,630)		(591)
Investment return	9,635	(29,450)
Total revenue	19,374	(20,466)		26,496
Operating segments after elimination of intra-group amounts, before unallocated | Hong Kong
Amounts relating to changes in the liability for remaining coverage:
Expected claims and other directly attributable expenses	1,089	969
Change in risk adjustment for non-financial risk	73	53
Release of CSM for services provided	787	737
Other adjustments	73	30
Recovery of insurance acquisition cash flows	1,207	1,051
Insurance revenue	3,229	2,840
Other revenue	22	65
Gross premiums earned				10,032
Outward reinsurance premiums				(1,557)
Earned premiums, net of reinsurance				8,475
Other income				52
Total revenue	3,251	2,905		8,527
Operating segments after elimination of intra-group amounts, before unallocated | Indonesia
Amounts relating to changes in the liability for remaining coverage:
Expected claims and other directly attributable expenses	582	438
Change in risk adjustment for non-financial risk	35	33
Release of CSM for services provided	187	274
Other adjustments	32	16
Recovery of insurance acquisition cash flows	306	309
Insurance revenue	1,142	1,070
Other revenue	4	6
Gross premiums earned				1,724
Outward reinsurance premiums				(43)
Earned premiums, net of reinsurance				1,681
Other income				12
Total revenue	1,146	1,076		1,693
Operating segments after elimination of intra-group amounts, before unallocated | Malaysia
Amounts relating to changes in the liability for remaining coverage:
Expected claims and other directly attributable expenses	642	563
Change in risk adjustment for non-financial risk	24	20
Release of CSM for services provided	203	215
Other adjustments	31
Recovery of insurance acquisition cash flows	234	231
Insurance revenue	1,134	1,029
Other revenue	4
Gross premiums earned				1,900
Outward reinsurance premiums				(47)
Earned premiums, net of reinsurance				1,853
Total revenue	1,138	1,029		1,853
Operating segments after elimination of intra-group amounts, before unallocated | Singapore
Amounts relating to changes in the liability for remaining coverage:
Expected claims and other directly attributable expenses	970	935
Change in risk adjustment for non-financial risk	55	33
Release of CSM for services provided	478	442
Other adjustments	45	27
Recovery of insurance acquisition cash flows	435	378
Insurance revenue	1,983	1,815
Other revenue		1
Gross premiums earned				6,246
Outward reinsurance premiums				(137)
Earned premiums, net of reinsurance				6,109
Other income				22
Total revenue	1,983	1,816		6,131
Operating segments after elimination of intra-group amounts, before unallocated | Growth markets and other
Amounts relating to changes in the liability for remaining coverage:
Expected claims and other directly attributable expenses	670	736
Change in risk adjustment for non-financial risk	41	30
Release of CSM for services provided	538	513
Other adjustments	71	32
Recovery of insurance acquisition cash flows	563	484
Insurance revenue	1,883	1,795
Other revenue	39	33
Gross premiums earned				4,315
Outward reinsurance premiums				(60)
Earned premiums, net of reinsurance				4,255
Other income				117
Total revenue	1,922	1,828		4,372
Operating segments after elimination of intra-group amounts, before unallocated | Eastspring
Amounts relating to changes in the liability for remaining coverage:
Other revenue	299	330
Other income				437
Total revenue	299	330		437
Operating segments | Hong Kong
Amounts relating to changes in the liability for remaining coverage:
Interest income	1,033	927		934
Dividend and other investment income	775	689		679
Investment appreciation (depreciation)	2,155	(23,615)		57
Investment return	3,963	(21,999)
Total revenue	7,214	(19,094)		10,197
Operating segments | Indonesia
Amounts relating to changes in the liability for remaining coverage:
Interest income	92	83		87
Dividend and other investment income	93	77		74
Investment appreciation (depreciation)	50	(69)		34
Investment return	235	91
Total revenue	1,381	1,167		1,888
Operating segments | Malaysia
Amounts relating to changes in the liability for remaining coverage:
Interest income	239	208		220
Dividend and other investment income	151	183		160
Investment appreciation (depreciation)	177	(386)		(300)
Investment return	567	5
Total revenue	1,705	1,034		1,933
Operating segments | Singapore
Amounts relating to changes in the liability for remaining coverage:
Interest income	785	724		707
Dividend and other investment income	528	576		506
Investment appreciation (depreciation)	1,490	(6,679)		(29)
Investment return	2,803	(5,379)
Total revenue	4,786	(3,563)		7,315
Operating segments | Growth markets and other
Amounts relating to changes in the liability for remaining coverage:
Interest income	627	601		618
Dividend and other investment income	117	107		86
Investment appreciation (depreciation)	1,309	(2,860)		(361)
Investment return	2,053	(2,151)
Total revenue	3,975	(323)		4,716
Operating segments | Eastspring
Amounts relating to changes in the liability for remaining coverage:
Interest income	7	4		3
Dividend and other investment income	3	1
Investment appreciation (depreciation)	4	(21)		8
Investment return	198	183
Total revenue	497	513		665
Inter-segment elimination
Amounts relating to changes in the liability for remaining coverage:
Total revenue	(184)	(200)		(218)
Investment return	(184)	(200)
Total revenue	(184)	(200)		(218)
Inter-segment elimination | Growth markets and other
Amounts relating to changes in the liability for remaining coverage:
Total revenue		(1)		(1)
Inter-segment elimination | Eastspring
Amounts relating to changes in the liability for remaining coverage:
Total revenue	(184)	(199)		(217)
Unallocated to a segment
Amounts relating to changes in the liability for remaining coverage:
Other revenue	1	1
Other income				1
Total revenue	1	1		1
Interest income	164	50		1
Dividend and other investment income	7	25		19
Investment appreciation (depreciation)	(43)	(5)		(17)
Investment return	128	70
Total revenue	$ 129	$ 71		$ 4
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures.

Analysis of performance by se_6

Analysis of performance by segment - Additional analysis of investment return (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Disclosure of operating segments [line items]
Interest revenue calculated using the effective interest method		$ 340	$ 237	[1]
Net gains (losses) on financial instruments at fair value through profit or loss		9,400	(30,890)
Net realised (losses) on loans					$ (2)
Interest income		2,947	2,597		2,570
Dividend income		7	24		1,496
Other investment returns (including foreign exchange gains and losses)		267	239		(259)
Movement in amounts attributable to external unit holders of consolidated investment funds		(251)	1,010
Investment return		9,763	(29,380)	[1]	3,486
Valuation movements in Jackson shares recognised in other comprehensive income	[2],[3]		(187)		250
Valuation movements in Jackson shares recognised in other comprehensive income	[2]	8
Total investment return recognised in the income statement and other comprehensive income		9,771	(29,567)
Net realised gains and losses on investments recognised in the income statement		$ (6,000)	$ (9,400)		6,000
Interest income for financial assets not at fair value through profit or loss					280
Securities
Disclosure of operating segments [line items]
Net gains (losses) on financial instruments at fair value through profit or loss					624
Derivatives
Disclosure of operating segments [line items]
Net gains (losses) on financial instruments at fair value through profit or loss					$ (943)
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures. On the adoption of IFRS 9 at 1 January 2023, the Group elected to measure its retained interest in the equity securities of Jackson at fair value through other comprehensive income. The Group has subsequently disposed of its remaining interest in Jackson in 2023. In 2022 and 2021, these securities were measured at available-for-sale under IAS 39. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Analysis of performance by se_7

Analysis of performance by segment - Allocation of return (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	[1]	Dec. 31, 2021
Analysis of operating segments
Investment return	$ 9,763	$ (29,380)		$ 3,486
Policyholder returns
Analysis of operating segments
Investment return				3,216
Policyholder returns | Unit-linked
Analysis of operating segments
Investment return				516
Policyholder returns | With-profits business
Analysis of operating segments
Investment return				2,700
Shareholder returns
Analysis of operating segments
Investment return				$ 270
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures.

Analysis of performance by se_8

Analysis of performance by segment - Net insurance and reinsurance finance income (expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Analysis of operating segments
Net finance (expense) income from insurance contracts	$ (8,839)	$ 28,623	[1]
Net finance expense from reinsurance contracts held	191	(1,193)	[1]
Accretion of interest on GMM contracts
Analysis of operating segments
Net finance (expense) income from insurance contracts	(233)	(240)
Net finance expense from reinsurance contracts held	45	45
Changes in fair value of underlying assets and other adjustments relating to VFA contracts
Analysis of operating segments
Net finance (expense) income from insurance contracts	(8,162)	28,498
Effect of changes in interest rates and other financial assumptions
Analysis of operating segments
Net finance (expense) income from insurance contracts	(276)	458
Net finance expense from reinsurance contracts held	168	(1,301)
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates
Analysis of operating segments
Net finance (expense) income from insurance contracts	43	53
Net finance expense from reinsurance contracts held	(11)	71
Net foreign exchange income (expense)
Analysis of operating segments
Net finance (expense) income from insurance contracts	12	(524)
Net finance expense from reinsurance contracts held	(8)	(1)
Other finance (expense) income from contracts
Analysis of operating segments
Net finance (expense) income from insurance contracts	(223)	378
Net finance expense from reinsurance contracts held	(3)	(7)
Effect of changes in policyholder interest in excess net assets of relevant participating funds
Analysis of operating segments
Net finance (expense) income from insurance contracts	(192)	515
Effect of changes in non-performance risk of reinsurers
Analysis of operating segments
Net finance expense from reinsurance contracts held	$ (3)	$ (7)
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures.

Analysis of performance by se_9

Analysis of performance by segment - Profit after tax (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Group assets and liabilities
Profit (loss) for the year		$ 1,712	$ (997)	[1],[2]	$ 2,214	[1],[3]
Profit (loss) before tax	[4]	2,272	(519)	[1],[5]	3,018
Operating segments
Group assets and liabilities
Profit (loss) for the year		2,353	(260)		3,085
Operating segments | CPL
Group assets and liabilities
Profit (loss) for the year		(366)	(275)
Profit (loss) before tax		(577)	(345)		278
Operating segments | Hong Kong
Group assets and liabilities
Profit (loss) for the year		976	(742)		1,068
Operating segments | Indonesia
Group assets and liabilities
Profit (loss) for the year		156	108		362
Operating segments | Malaysia
Group assets and liabilities
Profit (loss) for the year		257	178		265
Operating segments | Singapore
Group assets and liabilities
Profit (loss) for the year		512	(7)		394
Operating segments | Growth markets and other
Group assets and liabilities
Profit (loss) for the year		775	314		434
Operating segments | Eastspring
Group assets and liabilities
Profit (loss) for the year		254	234		284
Unallocated to a segment
Group assets and liabilities
Profit (loss) for the year		$ (641)	$ (737)		$ (871)
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 have not been re-presented and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. This measure is the formal profit before tax measure under IFRS. It is not the result attributable to shareholders principally because total corporate tax of the Group includes those taxes on the income of consolidated with-profits and unit-linked funds that, through adjustments to benefits, are borne by policyholders. These amounts are required to be included in the tax charge under IAS 12. Consequently, the IFRS profit before tax measure is not representative of pre-tax profit attributable to shareholders. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures.

Insurance service expenses an_3

Insurance service expenses and other expenditure - Analysis of expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Insurance service expenses and other expenditure
Expenses attributed to insurance acquisition cash flows	$ 4,833	$ 3,232
Other directly attributable expenses	1,258	1,221
Other expenditure	990	1,019	[1]
Total expenses	$ 7,081	$ 5,472
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures.

Insurance service expenses an_4

Insurance service expenses and other expenditure - Depreciation and amortisation and Interest expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Insurance service expenses and other expenditure
Depreciation and amortisation	$ 524	$ 494	$ 830
Operating segments
Insurance service expenses and other expenditure
Interest expense	58	23	10
Interest expense on lease liabilities	8	7	10
Depreciation and amortisation	491	468	799
Operating segments | Hong Kong
Insurance service expenses and other expenditure
Interest expense	31	11	3
Depreciation and amortisation	42	43	123
Operating segments | Indonesia
Insurance service expenses and other expenditure
Depreciation and amortisation	11	12	51
Operating segments | Malaysia
Insurance service expenses and other expenditure
Depreciation and amortisation	21	21	56
Operating segments | Singapore
Insurance service expenses and other expenditure
Depreciation and amortisation	36	40	162
Operating segments | Growth markets and other
Insurance service expenses and other expenditure
Depreciation and amortisation	369	339	390
Operating segments | Eastspring
Insurance service expenses and other expenditure
Depreciation and amortisation	12	13	17
Unallocated to a segment
Insurance service expenses and other expenditure
Interest expense	23	9	331
Interest expense on lease liabilities			3
Depreciation and amortisation	$ 33	$ 26	$ 31

Insurance service expenses an_5

Insurance service expenses and other expenditure - Acquisition costs and other expenditure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Insurance service expenses and other expenditure
Acquisition costs incurred for insurance policies				$ 2,089
Acquisition cost deferred				(848)
Amortization of acquisition costs				343
Administration costs and other expenditure (net of other reinsurance commission)				3,128
Movement in amounts attributable to external unit holders of consolidated investment funds				(152)
Total acquisition costs and other expenditure				4,560
Depreciation and amortisation	$ 524	$ 494		830
Interest payable on core structural borrowings	(172)	(200)	[1]	(328)
Operating segments
Insurance service expenses and other expenditure
Depreciation and amortisation	491	468		799
Interest expense	(58)	(23)		(10)
Interest expense on lease liabilities	(8)	(7)		(10)
Operating segments | Hong Kong
Insurance service expenses and other expenditure
Depreciation and amortisation	42	43		123
Interest expense	(31)	(11)		(3)
Operating segments | Indonesia
Insurance service expenses and other expenditure
Depreciation and amortisation	11	12		51
Operating segments | Malaysia
Insurance service expenses and other expenditure
Depreciation and amortisation	21	21		56
Operating segments | Singapore
Insurance service expenses and other expenditure
Depreciation and amortisation	36	40		162
Operating segments | Growth markets and other
Insurance service expenses and other expenditure
Depreciation and amortisation	369	339		390
Operating segments | Eastspring
Insurance service expenses and other expenditure
Depreciation and amortisation	12	13		17
Unallocated to a segment
Insurance service expenses and other expenditure
Depreciation and amortisation	33	26		31
Interest expense	$ (23)	$ (9)		(331)
Interest payable on core structural borrowings				(328)
Interest expense on lease liabilities				$ (3)
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures.

Insurance service expenses an_6

Insurance service expenses and other expenditure - Staff and employment costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) employee	Dec. 31, 2022 USD ($) employee	Dec. 31, 2021 USD ($) employee
Insurance service expenses and other expenditure
Average number of staff employed by the Group during the year	15,030	14,196	13,837
Costs of employment
Wages and salaries	$ 1,079	$ 1,018	$ 973
Social security costs	37	41	42
Defined contribution schemes	46	40	42
Total costs of employment	$ 1,162	$ 1,099	$ 1,057
Discontinued US operations
Insurance service expenses and other expenditure
Average number of staff employed by the Group during the year			3,306
Costs of employment
Wages and salaries			$ 511
Social security costs			22
Defined contribution schemes			29
Total costs of employment			$ 562
Continuing and discontinued operations
Insurance service expenses and other expenditure
Average number of staff employed by the Group during the year	15,030	14,196	17,143
Costs of employment
Wages and salaries			$ 1,484
Social security costs			64
Defined contribution schemes			71
Total costs of employment			$ 1,619
Asia and Africa
Insurance service expenses and other expenditure
Average number of staff employed by the Group during the year	14,479	13,685	13,237
Number of commission based sales staff | employee	621	744	440
Head office function
Insurance service expenses and other expenditure
Average number of staff employed by the Group during the year	551	511	600

Insurance service expenses an_7

Insurance service expenses and other expenditure - Outstanding options and awards (Details) EquityInstruments in Millions	12 Months Ended
	Dec. 31, 2023 EquityInstruments Options £ / shares	Dec. 31, 2022 Options EquityInstruments £ / shares	Dec. 31, 2021 Options EquityInstruments £ / shares
Number of awards
Weighted average share price	£ 10.46	£ 10.33	£ 14.31
SAYE options
Number of options
Balance at beginning of year | Options	1,858,292	2,000,000	2,300,000
Granted | Options	400,000	500,000	400,000
Modification | Options			100,000
Exercised | Options	(300,000)	(300,000)	(700,000)
Cancelled | Options	(300,000)	(300,000)	(100,000)
Balance at end of year | Options	1,671,215	1,858,292	2,000,000
Options immediately exercisable at end of year | Options	200,000	300,000	200,000
Weighted average exercise price
Balance at beginning of year	£ 10.43	£ 11.61	£ 11.9
Granted	7.8	7.4	11.9
Modification			11.8
Exercised	11.6	11.2	12.6
Forfeited	7.8	10.8	11.1
Cancelled	12	12.7	11.5
Lapsed/Expired	10.4	13	12.9
Balance at end of year	9.50	10.43	11.61
Options immediately exercisable at end of year	£ 10.82	£ 12.48	£ 12.26
Incentive plans
Number of awards
Balance at beginning of year | EquityInstruments	21	24.6	40.6
Granted | EquityInstruments	6.3	6.5	5.2
Modification | EquityInstruments			0.7
Exercised | EquityInstruments	(10.1)	(7.2)	(8.6)
Forfeited | EquityInstruments	(1.7)	(1.1)	(3.1)
Cancelled | EquityInstruments	(0.1)	(0.1)	(0.1)
Lapsed/Expired | EquityInstruments	(1.1)	(1.7)	(0.6)
Jackson awards derecognised on demerger | EquityInstruments			(9.5)
Balance at end of year | EquityInstruments	14.3	21	24.6

Insurance service expenses an_8

Insurance service expenses and other expenditure - Exercise price ranges for options (Details) - SAYE options	12 Months Ended
	Dec. 31, 2023 Options £ / shares	Dec. 31, 2022 Options £ / shares	Dec. 31, 2021 Options £ / shares	Dec. 31, 2020 Options £ / shares
Summary of options exercise price range
Outstanding - Number outstanding | Options	1,671,215	1,858,292	2,000,000	2,300,000
Outstanding - Weighted average remaining contractual life (years)	2 years 7 months 6 days	2 years 7 months 6 days	2 years 7 months 6 days
Outstanding - Weighted average exercise prices	£ 9.50	£ 10.43	£ 11.61	£ 11.9
Exercisable - Number exercisable | Options	200,000	300,000	200,000
Exercisable - Weighted average exercise prices	£ 10.82	£ 12.48	£ 12.26
Minimum
Summary of options exercise price range
Exercise price	7.37	7.37
Maximum
Summary of options exercise price range
Exercise price	£ 14.55	£ 14.55
Between 7 and 8
Summary of options exercise price range
Outstanding - Number outstanding | Options	700,000	500,000
Outstanding - Weighted average remaining contractual life (years)	3 years 8 months 12 days	4 years 1 month 6 days
Outstanding - Weighted average exercise prices	£ 7.55	£ 7.37
Between 7 and 8 | Minimum
Summary of options exercise price range
Exercise price	7	7	7
Between 7 and 8 | Maximum
Summary of options exercise price range
Exercise price	£ 8	£ 8	£ 8
Between 9 and 10
Summary of options exercise price range
Outstanding - Number outstanding | Options	300,000	400,000	400,000
Outstanding - Weighted average remaining contractual life (years)	1 year 4 months 24 days	2 years 2 months 12 days	3 years 2 months 12 days
Outstanding - Weighted average exercise prices	£ 9.64	£ 9.64	£ 9.64
Exercisable - Number exercisable | Options	100,000
Exercisable - Weighted average exercise prices	£ 9.64
Between 9 and 10 | Minimum
Summary of options exercise price range
Exercise price	9	9	9
Between 9 and 10 | Maximum
Summary of options exercise price range
Exercise price	£ 10	£ 10	£ 10
Between 11 and 12
Summary of options exercise price range
Outstanding - Number outstanding | Options	600,000	800,000	1,200,000
Outstanding - Weighted average remaining contractual life (years)	2 years	2 years 4 months 24 days	2 years 8 months 12 days
Outstanding - Weighted average exercise prices	£ 11.59	£ 11.48	£ 11.38
Exercisable - Number exercisable | Options		200,000	100,000
Exercisable - Weighted average exercise prices		£ 11.12	£ 11.04
Between 11 and 12 | Minimum
Summary of options exercise price range
Exercise price	11	11	11
Between 11 and 12 | Maximum
Summary of options exercise price range
Exercise price	12	12	12
Between 12 and 13 | Minimum
Summary of options exercise price range
Exercise price	12	12	12
Between 12 and 13 | Maximum
Summary of options exercise price range
Exercise price	£ 13	£ 13	£ 13
Between 13 and 14
Summary of options exercise price range
Outstanding - Number outstanding | Options	100,000	100,000	200,000
Outstanding - Weighted average remaining contractual life (years)	4 months 24 days	1 year 4 months 24 days	1 year 7 months 6 days
Outstanding - Weighted average exercise prices	£ 13.94	£ 13.94	£ 13.94
Exercisable - Number exercisable | Options	100,000		100,000
Exercisable - Weighted average exercise prices	£ 13.94		£ 13.94
Between 13 and 14 | Minimum
Summary of options exercise price range
Exercise price	13	13	13
Between 13 and 14 | Maximum
Summary of options exercise price range
Exercise price	14	£ 14	£ 14
Between 14 and 15
Summary of options exercise price range
Outstanding - Number outstanding | Options		100,000	200,000
Outstanding - Weighted average remaining contractual life (years)		4 months 24 days	1 year 4 months 24 days
Outstanding - Weighted average exercise prices		£ 14.55	£ 14.55
Exercisable - Number exercisable | Options		100,000
Exercisable - Weighted average exercise prices		£ 14.55
Between 14 and 15 | Minimum
Summary of options exercise price range
Exercise price	14	14	14
Between 14 and 15 | Maximum
Summary of options exercise price range
Exercise price	£ 15	£ 15	£ 15

Insurance service expenses an_9

Insurance service expenses and other expenditure - Fair value of options and awards (Details)	12 Months Ended
	Dec. 31, 2023 GBP (£) entity Y £ / shares	Dec. 31, 2022 GBP (£) Y £ / shares	Dec. 31, 2021 GBP (£) Y £ / shares
Share-based payment
Volatility assumption - number of competitors in basket | entity	12
Volatility assumption - average volatility for basket of competitors (as a percent)	26%	26%	24%
Volatility assumption - period of correlations for basket of competitors	3 years
Prudential LTIP (TSR)
Share-based payment
Expected volatility (as a percent)	31.50%	33.64%	26.69%
Risk-free interest rate (as a percent)	4.34%	2.79%	0.36%
Weighted average share price at grant date | £ / shares	£ 11.59	£ 11.15	£ 15.11
Weighted average fair value at grant date | £	£ 5.10	£ 2.09	£ 7.70
SAYE options
Share-based payment
Dividend yield (as a percent)	1.38%	1.11%	0.81%
Expected volatility (as a percent)	30.02%	25.68%	22.31%
Risk-free interest rate (as a percent)	4.55%	3.97%	1.18%
Expected option life (years) | Y	3.95	4.52	4.50
Weighted average exercise price | £ / shares	£ 7.75	£ 7.37	£ 11.90
Weighted average share price at grant date | £ / shares	£ 8.89	£ 9.54	£ 14.76
Weighted average fair value at grant date | £	£ 2.85	£ 3.45	£ 4.13
Other awards
Share-based payment
Weighted average fair value at grant date | £	£ 11.45	£ 11.11	£ 14.79

Insurance service expenses a_10

Insurance service expenses and other expenditure - Share-based payment expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based payment expense charged to the income statement
Share-based compensation expense	$ 81	$ 104	$ 100
Share-based compensation expense accounted for as equity-settled	71	97	$ 94
Liabilities relating to awards which are settled in cash	$ 31	$ 27

Insurance service expenses a_11

Insurance service expenses and other expenditure - Key management remuneration (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Key management remuneration
Salaries and short-term benefits (including fees paid to non-executive directors)	$ 27,000,000	$ 22,500,000	$ 29,300,000
Post-employment benefits	1,000,000	1,000,000	1,400,000
Share-based payments	22,200,000	15,400,000	14,000,000
Payments on separation		1,000,000	23,500,000
Total key management remuneration	50,200,000	39,900,000	68,200,000
Share-based payments in accordance with IFRS 2	7,600,000	6,700,000	7,500,000
Deferred share awards	9,600,000	$ 8,700,000	6,500,000
Mr Wadhwani
Key management remuneration
Award made to replace share-based awards from former employer that were forfeited	$ 5,000,000
Kai Nargolwala
Key management remuneration
Amounts paid to directors who stepped down			102,000
Fields Wicker-Miurin
Key management remuneration
Amounts paid to directors who stepped down			$ 203,000

Insurance service expenses a_12

Insurance service expenses and other expenditure - Fees payable to the auditor (Details) - USD ($) $ in Millions	12 Months Ended			21 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 31, 2023
Fees payable to the Company's auditor and its associates for other services:
Total fees payable to the auditor	$ 18.8	$ 10.9	$ 13.2
One-off non-audit services associated with demerger and public offering			1.9
Other audit and non-audit services	18.8	10.9	11.3
One-off non-audit services associated with demerger and public offering, audit-related assurance			0.1
One-off non-audit services associated with demerger and public offering, other assurance services required by law			0.1
EY
Fees payable to the Company's auditor and its associates for other services:
Fees for audit assurance over implementation of IFRS 17				$ 12.4
Discontinued US operations
Fees payable to the Company's auditor and its associates for other services:
Total fees payable to the auditor			2.3
Continuing and discontinued operations
Fees payable to the auditor
Audit of the Company's annual accounts	5.8	2.3	2.4
Audit of subsidiaries pursuant to legislation	8.1	4.4	5.9
Audit fees payable to the auditor	13.9	6.7	8.3
Fees payable to the Company's auditor and its associates for other services:
Audit-related assurance services	4	3.5	4.5
Other assurance services	0.9	0.7	1.1
Services relating to corporate finance transactions			1.6
Non-audit fees payable to the auditor	4.9	4.2	7.2
Total fees payable to the auditor	18.8	10.9	15.5
Continuing and discontinued operations | EY
Fees payable to the Company's auditor and its associates for other services:
Audit-related assurance services	4
Audit-related assurance service fees, required by law	$ 1.1
Continuing and discontinued operations | KPMG
Fees payable to the Company's auditor and its associates for other services:
Audit-related assurance services		3.5	4.5
Audit-related assurance service fees, required by law		$ 0.9	$ 0.6

Tax charge - Total tax charge b

Tax charge - Total tax charge by nature (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Analysis of operating segments
Income tax credit	$ (560)	$ (478)	[1]	$ (804)
Operating segments
Analysis of operating segments
Income tax credit	(573)	(474)		(783)
Operating segments | Hong Kong
Analysis of operating segments
Income tax credit	(129)	(106)		(119)
Operating segments | Indonesia
Analysis of operating segments
Income tax credit	(43)	(27)		(70)
Operating segments | Malaysia
Analysis of operating segments
Income tax credit	(98)	(44)		(73)
Operating segments | Singapore
Analysis of operating segments
Income tax credit	(174)	(61)		(328)
Operating segments | Growth markets and other
Analysis of operating segments
Income tax credit	(103)	(210)		(163)
Operating segments | Eastspring
Analysis of operating segments
Income tax credit	(26)	(26)		(30)
Unallocated to a segment
Analysis of operating segments
Income tax credit	$ 13	$ (4)		$ (21)
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures.

Tax charge - Components (Detail

Tax charge - Components (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Current tax expense:
Corporation tax	$ (457)	$ (474)		$ (405)
Adjustments in respect of prior years	1	(7)		6
Total current tax charge	(456)	(481)		(399)
Deferred tax arising from:
Origination and reversal of temporary differences	(135)			(388)
Adjustment in respect of a tax loss, tax credit or temporary difference from a prior year	31	3		(17)
Total deferred tax credit (charge) credit	(104)	3		(405)
Total tax charge	$ (560)	$ (478)	[1]	$ (804)
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures.

Tax charge - Reconciliation of

Tax charge - Reconciliation of shareholder effective tax rate (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Reconciliation of effective tax rate
Profit (loss) before tax (being tax attributable to shareholders' and policyholders' returns)	[1]	$ 2,272	$ (519)	[2],[3]	$ 3,018
Tax charge attributable to policyholders' returns		(175)	(124)	[2]	(342)
Profit (loss) before tax, attributable to shareholders		2,097	(643)	[2]	2,676
Tax (charge) credit at the expected rate		$ (399)	$ 85		$ (539)
Tax charge at the expected rate, percentage impact on ETR		19%	13%		20%
Effects of recurring tax reconciliation items:
Income not taxable or taxable at concessionary rates		$ 80	$ 61		$ 63
Income not taxable or taxable at concessionary rates, percentage impact on ETR		(4.00%)	9%		(2.00%)
Deductions and losses not allowable for tax purposes		$ (136)	$ (196)		$ (92)
Deductions and losses not allowable for tax purposes, percentage impact on ETR		6%	(30.00%)		3%
Items related to taxation of life insurance businesses		$ 137	$ (129)		$ 177
Items related to taxation of life insurance businesses, percentage impact on ETR		(7.00%)	(20.00%)		(7.00%)
Deferred tax adjustments, including unrecognised tax losses		$ 13	$ (45)		$ (111)
Deferred tax adjustments including unrecognised tax losses, percentage impact on ETR		(1.00%)	(7.00%)		4%
Effect of results of joint ventures and associates		$ (38)	$ (32)		$ 80
Effect of results of joint ventures and associates, percentage impact on ETR		2%	(5.00%)		(3.00%)
Irrecoverable withholding taxes		$ (63)	$ (55)		$ (60)
Irrecoverable withholding taxes, percentage impact on ETR		3%	(9.00%)		2%
Other		$ (2)	$ (15)		$ (8)
Other, percentage impact on ETR		1%	(2.00%)		1%
Total (charge) credit on recurring items		$ (9)	$ (411)		$ 49
Total (charge) credit on recurring items, percentage impact on ETR		0%	(64.00%)		(2.00%)
Effects of non-recurring tax reconciliation items:
Adjustments to tax charge in relation to prior years		$ 42	$ 1		$ (11)
Adjustments to tax charge in relation to prior years, percentage impact on ETR		(2.00%)	0%		0%
Movements in provisions for open tax matters		$ (15)	$ (40)		$ 47
Movements in provisions for open tax matters, percentage impact on ETR		1%	(6.00%)		(2.00%)
Impact of changes in local statutory tax rates					$ 6
Impact of changes in local statutory tax rates, percentage impact on ETR		0%	0%		0%
Adjustments in relation to business disposals and corporate transactions		$ (4)	$ 11		$ (14)
Adjustments in relation to business disposals and corporate transactions, percentage impact on ETR		0%	2%		1%
Total credit (charge) on non-recurring items		$ 23	$ (28)		$ 28
Total credit (charge) on non-recurring items, percentage impact on ETR		(1.00%)	(4.00%)		(1.00%)
Total tax charge attributable to shareholders		$ (385)	$ (354)	[2]	$ (462)
Tax charge attributable to policyholders' returns		(175)	(124)	[2]	(342)
Total tax charge attributable to shareholders' and policyholders' returns		(560)	(478)	[2]	(804)
Adjusted operating profit		2,893	2,722		3,233
Non-operating result		(796)	(3,365)		(557)
Profit (loss) before tax attributable to shareholders' returns		2,097	(643)	[2]	2,676
Tax charge attributable to shareholders' returns analysed into:
Tax charge on adjusted operating profit		(444)	(539)		(548)
Tax credit on non-operating result		59	185		86
Tax charge attributable to shareholders' returns		$ (385)	$ (354)	[2]	$ (462)
Actual tax rate on:
Adjusted operating profit, Including non-recurring tax reconciling items (as a percent)		15%	20%		17%
Adjusted operating profit, excluding non-recurring tax reconciling items (as a percent)		16%	18%		18%
Profit before tax attributable to shareholders' returns (as a percent)		18%	(55.00%)		17%
Hong Kong
Notes
Applicable tax rate		5%
[1] This measure is the formal profit before tax measure under IFRS. It is not the result attributable to shareholders principally because total corporate tax of the Group includes those taxes on the income of consolidated with-profits and unit-linked funds that, through adjustments to benefits, are borne by policyholders. These amounts are required to be included in the tax charge under IAS 12. Consequently, the IFRS profit before tax measure is not representative of pre-tax profit attributable to shareholders. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Tax charge - Provision for open

Tax charge - Provision for open tax matters (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Movements in provisions for open tax matters
Provision for open tax matters at beginning of period	$ (79)
Movements in the current period included in tax charge attributable to shareholders	(15)
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)	1
Provision for open tax matters at end of period	$ (93)

Tax charge - 2023, 2022 and 202

Tax charge - 2023, 2022 and 2021 actual tax rate of relevant business operations (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax charge
Tax rate on adjusted operating profit	15%	20%	17%
Tax rate on profit before tax	18%	(55.00%)	17%
Hong Kong
Tax charge
Tax rate on adjusted operating profit	7%	4%	5%
Tax rate on profit before tax	7%	(7.00%)	4%
Indonesia
Tax charge
Tax rate on adjusted operating profit	22%	19%	17%
Tax rate on profit before tax	22%	16%	17%
Malaysia
Tax charge
Tax rate on adjusted operating profit	22%	26%	21%
Tax rate on profit before tax	20%	25%	21%
Singapore
Tax charge
Tax rate on adjusted operating profit	16%	16%	15%
Tax rate on profit before tax	16%	63%	15%
Growth markets and other
Tax charge
Tax rate on adjusted operating profit	20%	33%	22%
Tax rate on profit before tax	11%	40%	27%
Eastspring
Tax charge
Tax rate on adjusted operating profit	9%	10%	10%
Tax rate on profit before tax	9%	10%	10%
Other operations
Tax charge
Tax rate on adjusted operating profit	2%	0%	(3.00%)
Tax rate on profit before tax	2%	(1.00%)	(2.00%)

Earnings per share - Calculatio

Earnings per share - Calculation (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Before tax
Based on profit (loss) for the year		$ 2,097	$ (643)	[1]	$ 2,676
Short-term fluctuations in investment returns		774	3,420		458
Amortisation of acquisition accounting adjustments					5
Loss (gain) attaching to corporate transactions		22	(55)		94
Based on adjusted operating profit		2,893	2,722		3,233
Tax
Based on profit (loss) for the year		(385)	(354)	[1]	(462)
Short-term fluctuations in investment returns		(59)	(185)		(81)
Loss (gain) attaching to corporate transactions					(5)
Based on adjusted operating profit		(444)	(539)		(548)
Non-controlling interests
Based on profit (loss) for the year		(11)	(10)		(22)
Short-term fluctuations in investment returns			(1)		5
Based on adjusted operating profit		(11)	(11)		(17)
Net of tax and non-controlling interests
Profit (loss) attributable to equity holders of the Company		1,701	(1,007)	[1]	(2,042)
Loss from discontinued operations					4,234
Profit from continuing operations		1,701	(1,007)		2,192
Short-term fluctuations in investment returns		715	3,234		382
Amortisation of acquisition accounting adjustments					5
Loss (gain) attaching to corporate transactions		22	(55)		89
Based on adjusted operating profit		$ 2,438	$ 2,172		$ 2,668
Basic
Profit/loss (in USD per share)		$ 0.621	$ (0.368)	[1]	$ (0.777)
Loss from discontinued operations (in USD per share)	[2]				1.611
Profit from continuing operations (in USD per share)		0.621	(0.368)		0.834
Short-term fluctuations in investment returns on shareholder-backed business (in USD per share)		0.261	1.182		0.145
Amortisation of acquisition accounting adjustments (in USD per share)					0.002
Loss (gain) attaching to corporate transactions		0.008	(0.020)		0.034
Adjusted operating profit (in USD per share)		0.890	0.794		1.015
Diluted
Profit/loss (in USD per share)		0.619	(0.368)	[1]	(0.777)
Loss from discontinued operations (in USD per share)	[2]				1.611
Profit from continuing operations (in USD per share)		0.619	(0.368)		0.834
Short-term fluctuations in investment returns on shareholder-backed business (in USD per share)		0.260	1.182		0.145
Amortisation of acquisition accounting adjustments (in USD per share)					0.002
Loss (gain) attaching to corporate transactions		0.008	(0.020)		0.034
Adjusted operating profit (in USD per share)		$ 0.887	$ 0.794		$ 1.015
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures. Discontinued operations for 2021 related to the US operations (Jackson) that were demerged from the Group in September 2021.

Earnings per share - Weighted a

Earnings per share - Weighted average shares (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted average number of shares for calculating earnings per share
Weighted average number of shares for calculation of basic earnings per share	2,741	2,736	2,628
Dilutive effect of share options and awards	6
Weighted average number of shares for calculation of diluted earnings per share	2,747	2,736	2,628

Dividend (Details)

Dividend (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 13, 2021
Dividends relating to reporting period:
First interim dividend (in USD per share)	$ 0.0626	$ 0.0574	$ 0.0537
Second interim dividend (in USD per share)	0.1421	0.1304	0.1186
Total (in USD per share)	$ 0.2047	$ 0.1878	$ 0.1723
First interim dividend	$ 172	$ 154	$ 140
Second interim dividend	392	359	326
Total	$ 564	$ 513	$ 466
Dividends paid in reporting period:
First interim dividend (in USD per share)	$ 0.0626	$ 0.0574	$ 0.0537
Second interim dividend for prior year (in USD per share)	0.1304	0.1186	0.1073
Total (in USD per share)	$ 0.1930	$ 0.1760	$ 0.1610
Current year first interim dividend	$ 172	$ 154	$ 138
Second interim dividend for prior year	361	320	283
Total	$ 533	$ 474	$ 421
Discontinued US operations
Dividends paid in reporting period:
Dividend in specie				$ 1,735

Group assets and liabilities (D

Group assets and liabilities (Details) - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Group assets and liabilities
Sovereign debt		$ 44,258	$ 38,051
Other government bonds		3,897	4,038
Corporate bonds		34,624	34,538
Asset-backed securities		285	389
Total debt securities	[1]	83,064	77,016	[2]	$ 99,154	[2]
Loans		578	590	[2]	771	[2]
Equity securities and holdings in collective investment schemes	[1]	64,753	57,679	[2]	61,601	[2]
Other financial investments		7,725	6,844
Total financial investments		156,120	142,129		166,748
Investment properties		39	37	[2]	38	[2]
Cash and cash equivalents		4,751	5,514	[2],[3]	$ 7,170	[2],[3]	$ 8,018
Total investments		160,910	147,680
Within one year
Group assets and liabilities
Total financial investments		80,022	68,949
Indonesia
Group assets and liabilities
Sovereign debt		1,529	1,557
Singapore
Group assets and liabilities
Sovereign debt		4,542	4,731
Thailand
Group assets and liabilities
Sovereign debt		1,963	1,456
United Kingdom
Group assets and liabilities
Sovereign debt		92	4
United States
Group assets and liabilities
Sovereign debt		25,987	21,891
Vietnam
Group assets and liabilities
Sovereign debt		3,346	2,410
Other (predominantly Asia)
Group assets and liabilities
Sovereign debt		$ 6,799	6,002
Hong Kong
Group assets and liabilities
Share of estate within with-profits fund		10%
AAA
Group assets and liabilities
Other government bonds		$ 1,746	1,673
Corporate bonds		1,604	1,543
Asset-backed securities		230	318
AA+ to AA-
Group assets and liabilities
Other government bonds		166	153
Corporate bonds		4,090	3,892
Asset-backed securities		8	10
A+ to A-
Group assets and liabilities
Other government bonds		1,023	1,137
Corporate bonds		13,558	12,102
Asset-backed securities		37	34
BBB+ to BBB-
Group assets and liabilities
Other government bonds		384	503
Corporate bonds		12,236	13,185
Asset-backed securities		9	23
Below BBB- and unrated
Group assets and liabilities
Other government bonds		578	572
Corporate bonds		3,136	3,816
Asset-backed securities		1	4
Unrated
Group assets and liabilities
Securities excluding sovereign debt		1,181	1,152
Mortgage loans
Group assets and liabilities
Loans		148	140
Other loans
Group assets and liabilities
Loans		430	450
Direct equities
Group assets and liabilities
Equity securities and holdings in collective investment schemes		31,096	26,908
Collective investment schemes
Group assets and liabilities
Equity securities and holdings in collective investment schemes		33,657	30,771
Operating segments | Asia and Africa
Group assets and liabilities
Sovereign debt		44,258	38,051
Other government bonds		3,897	4,038
Corporate bonds		34,622	34,538
Asset-backed securities		285	389
Total debt securities		83,062	77,016
Loans		578	590
Equity securities and holdings in collective investment schemes		64,753	57,411
Other financial investments		5,097	5,095
Total financial investments		153,490	140,112
Investment properties		39	37
Cash and cash equivalents		3,161	3,705
Total investments		156,690	143,854
Operating segments | Indonesia | Asia and Africa
Group assets and liabilities
Sovereign debt		1,529	1,557
Operating segments | Singapore | Asia and Africa
Group assets and liabilities
Sovereign debt		4,542	4,731
Operating segments | Thailand | Asia and Africa
Group assets and liabilities
Sovereign debt		1,963	1,456
Operating segments | United Kingdom | Asia and Africa
Group assets and liabilities
Sovereign debt		92	4
Operating segments | United States | Asia and Africa
Group assets and liabilities
Sovereign debt		25,987	21,891
Operating segments | Vietnam | Asia and Africa
Group assets and liabilities
Sovereign debt		3,346	2,410
Operating segments | Other (predominantly Asia) | Asia and Africa
Group assets and liabilities
Sovereign debt		6,799	6,002
Operating segments | AAA | Asia and Africa
Group assets and liabilities
Other government bonds		1,746	1,673
Corporate bonds		1,604	1,543
Asset-backed securities		230	318
Operating segments | AA+ to AA- | Asia and Africa
Group assets and liabilities
Other government bonds		166	153
Corporate bonds		4,090	3,892
Asset-backed securities		8	10
Operating segments | A+ to A- | Asia and Africa
Group assets and liabilities
Other government bonds		1,023	1,137
Corporate bonds		13,557	12,102
Asset-backed securities		37	34
Operating segments | BBB+ to BBB- | Asia and Africa
Group assets and liabilities
Other government bonds		384	503
Corporate bonds		12,235	13,185
Asset-backed securities		9	23
Operating segments | Below BBB- and unrated | Asia and Africa
Group assets and liabilities
Other government bonds		578	572
Corporate bonds		3,136	3,816
Asset-backed securities		1	4
Operating segments | Mortgage loans | Asia and Africa
Group assets and liabilities
Loans		148	140
Operating segments | Other loans | Asia and Africa
Group assets and liabilities
Loans		430	450
Operating segments | Direct equities | Asia and Africa
Group assets and liabilities
Equity securities and holdings in collective investment schemes		31,096	26,642
Operating segments | Collective investment schemes | Asia and Africa
Group assets and liabilities
Equity securities and holdings in collective investment schemes		33,657	30,769
Operating segments | Insurance operations | Funds with policyholder participation | Asia and Africa
Group assets and liabilities
Sovereign debt		34,471	31,311
Other government bonds		3,115	3,167
Corporate bonds		26,594	25,116
Asset-backed securities		217	279
Total debt securities		64,397	59,873
Loans		495	542
Equity securities and holdings in collective investment schemes		43,240	37,015
Other financial investments		2,893	3,010
Total financial investments		111,025	100,440
Cash and cash equivalents		1,054	1,563
Total investments		112,079	102,003
Operating segments | Insurance operations | Funds with policyholder participation | Indonesia | Asia and Africa
Group assets and liabilities
Sovereign debt		393	565
Operating segments | Insurance operations | Funds with policyholder participation | Singapore | Asia and Africa
Group assets and liabilities
Sovereign debt		3,006	3,240
Operating segments | Insurance operations | Funds with policyholder participation | Thailand | Asia and Africa
Group assets and liabilities
Sovereign debt		2
Operating segments | Insurance operations | Funds with policyholder participation | United States | Asia and Africa
Group assets and liabilities
Sovereign debt		23,552	21,580
Operating segments | Insurance operations | Funds with policyholder participation | Vietnam | Asia and Africa
Group assets and liabilities
Sovereign debt		3,143	2,263
Operating segments | Insurance operations | Funds with policyholder participation | Other (predominantly Asia) | Asia and Africa
Group assets and liabilities
Sovereign debt		4,375	3,663
Operating segments | Insurance operations | Funds with policyholder participation | AAA | Asia and Africa
Group assets and liabilities
Other government bonds		1,533	1,480
Corporate bonds		1,214	1,094
Asset-backed securities		174	228
Operating segments | Insurance operations | Funds with policyholder participation | AA+ to AA- | Asia and Africa
Group assets and liabilities
Other government bonds		120	112
Corporate bonds		2,716	2,356
Asset-backed securities		6	7
Operating segments | Insurance operations | Funds with policyholder participation | A+ to A- | Asia and Africa
Group assets and liabilities
Other government bonds		689	765
Corporate bonds		10,918	9,233
Asset-backed securities		30	25
Operating segments | Insurance operations | Funds with policyholder participation | BBB+ to BBB- | Asia and Africa
Group assets and liabilities
Other government bonds		271	327
Corporate bonds		9,466	9,515
Asset-backed securities		7	17
Operating segments | Insurance operations | Funds with policyholder participation | Below BBB- and unrated | Asia and Africa
Group assets and liabilities
Other government bonds		502	483
Corporate bonds		2,280	2,918
Asset-backed securities			2
Operating segments | Insurance operations | Funds with policyholder participation | Mortgage loans | Asia and Africa
Group assets and liabilities
Loans		65	92
Operating segments | Insurance operations | Funds with policyholder participation | Other loans | Asia and Africa
Group assets and liabilities
Loans		430	450
Operating segments | Insurance operations | Funds with policyholder participation | Direct equities | Asia and Africa
Group assets and liabilities
Equity securities and holdings in collective investment schemes		18,711	15,000
Operating segments | Insurance operations | Funds with policyholder participation | Collective investment schemes | Asia and Africa
Group assets and liabilities
Equity securities and holdings in collective investment schemes		24,529	22,015
Operating segments | Insurance operations | Unit-linked | Asia and Africa
Group assets and liabilities
Sovereign debt		2,005	1,812
Other government bonds		274	344
Corporate bonds		2,261	2,859
Asset-backed securities		3	7
Total debt securities		4,543	5,022
Equity securities and holdings in collective investment schemes		19,621	18,139
Other financial investments		396	379
Total financial investments		24,560	23,540
Cash and cash equivalents		647	749
Total investments		25,207	24,289
Operating segments | Insurance operations | Unit-linked | Indonesia | Asia and Africa
Group assets and liabilities
Sovereign debt		611	589
Operating segments | Insurance operations | Unit-linked | Singapore | Asia and Africa
Group assets and liabilities
Sovereign debt		607	507
Operating segments | Insurance operations | Unit-linked | Thailand | Asia and Africa
Group assets and liabilities
Sovereign debt		4
Operating segments | Insurance operations | Unit-linked | United Kingdom | Asia and Africa
Group assets and liabilities
Sovereign debt		5	4
Operating segments | Insurance operations | Unit-linked | United States | Asia and Africa
Group assets and liabilities
Sovereign debt		84	54
Operating segments | Insurance operations | Unit-linked | Vietnam | Asia and Africa
Group assets and liabilities
Sovereign debt		30	12
Operating segments | Insurance operations | Unit-linked | Other (predominantly Asia) | Asia and Africa
Group assets and liabilities
Sovereign debt		664	646
Operating segments | Insurance operations | Unit-linked | AAA | Asia and Africa
Group assets and liabilities
Other government bonds		94	85
Corporate bonds		147	181
Asset-backed securities		2	5
Operating segments | Insurance operations | Unit-linked | AA+ to AA- | Asia and Africa
Group assets and liabilities
Other government bonds		17	21
Corporate bonds		440	385
Asset-backed securities			1
Operating segments | Insurance operations | Unit-linked | A+ to A- | Asia and Africa
Group assets and liabilities
Other government bonds		95	139
Corporate bonds		460	524
Operating segments | Insurance operations | Unit-linked | BBB+ to BBB- | Asia and Africa
Group assets and liabilities
Other government bonds		57	77
Corporate bonds		714	1,325
Operating segments | Insurance operations | Unit-linked | Below BBB- and unrated | Asia and Africa
Group assets and liabilities
Other government bonds		11	22
Corporate bonds		500	444
Asset-backed securities		1	1
Operating segments | Insurance operations | Unit-linked | Direct equities | Asia and Africa
Group assets and liabilities
Equity securities and holdings in collective investment schemes		12,075	11,379
Operating segments | Insurance operations | Unit-linked | Collective investment schemes | Asia and Africa
Group assets and liabilities
Equity securities and holdings in collective investment schemes		7,546	6,760
Operating segments | Insurance operations | Other business | Asia and Africa
Group assets and liabilities
Sovereign debt		7,754	4,831
Other government bonds		506	527
Corporate bonds		5,767	6,562
Asset-backed securities		65	103
Total debt securities		14,092	12,023
Loans		83	48
Equity securities and holdings in collective investment schemes		1,762	2,194
Other financial investments		1,707	1,599
Total financial investments		17,644	15,864
Investment properties		39	37
Cash and cash equivalents		1,287	1,266
Total investments		18,970	17,167
Operating segments | Insurance operations | Other business | Indonesia | Asia and Africa
Group assets and liabilities
Sovereign debt		525	400
Operating segments | Insurance operations | Other business | Singapore | Asia and Africa
Group assets and liabilities
Sovereign debt		929	917
Operating segments | Insurance operations | Other business | Thailand | Asia and Africa
Group assets and liabilities
Sovereign debt		1,957	1,456
Operating segments | Insurance operations | Other business | United Kingdom | Asia and Africa
Group assets and liabilities
Sovereign debt		87
Operating segments | Insurance operations | Other business | United States | Asia and Africa
Group assets and liabilities
Sovereign debt		2,351	257
Operating segments | Insurance operations | Other business | Vietnam | Asia and Africa
Group assets and liabilities
Sovereign debt		173	135
Operating segments | Insurance operations | Other business | Other (predominantly Asia) | Asia and Africa
Group assets and liabilities
Sovereign debt		1,732	1,666
Operating segments | Insurance operations | Other business | AAA | Asia and Africa
Group assets and liabilities
Other government bonds		119	108
Corporate bonds		243	268
Asset-backed securities		54	85
Operating segments | Insurance operations | Other business | AA+ to AA- | Asia and Africa
Group assets and liabilities
Other government bonds		29	20
Corporate bonds		934	1,151
Asset-backed securities		2	2
Operating segments | Insurance operations | Other business | A+ to A- | Asia and Africa
Group assets and liabilities
Other government bonds		239	233
Corporate bonds		2,179	2,345
Asset-backed securities		7	9
Operating segments | Insurance operations | Other business | BBB+ to BBB- | Asia and Africa
Group assets and liabilities
Other government bonds		56	99
Corporate bonds		2,055	2,344
Asset-backed securities		2	6
Operating segments | Insurance operations | Other business | Below BBB- and unrated | Asia and Africa
Group assets and liabilities
Other government bonds		63	67
Corporate bonds		356	454
Asset-backed securities			1
Operating segments | Insurance operations | Other business | Mortgage loans | Asia and Africa
Group assets and liabilities
Loans		83	48
Operating segments | Insurance operations | Other business | Direct equities | Asia and Africa
Group assets and liabilities
Equity securities and holdings in collective investment schemes		182	202
Operating segments | Insurance operations | Other business | Collective investment schemes | Asia and Africa
Group assets and liabilities
Equity securities and holdings in collective investment schemes		1,580	1,992
Operating segments | Eastspring | Asia and Africa
Group assets and liabilities
Sovereign debt		28	97
Other government bonds		2
Corporate bonds			1
Total debt securities		30	98
Equity securities and holdings in collective investment schemes		130	63
Other financial investments		101	107
Total financial investments		261	268
Cash and cash equivalents		173	127
Total investments		434	395
Operating segments | Eastspring | Indonesia | Asia and Africa
Group assets and liabilities
Sovereign debt			3
Operating segments | Eastspring | Singapore | Asia and Africa
Group assets and liabilities
Sovereign debt			67
Operating segments | Eastspring | Other (predominantly Asia) | Asia and Africa
Group assets and liabilities
Sovereign debt		28	27
Operating segments | Eastspring | BBB+ to BBB- | Asia and Africa
Group assets and liabilities
Corporate bonds			1
Operating segments | Eastspring | Below BBB- and unrated | Asia and Africa
Group assets and liabilities
Other government bonds		2
Operating segments | Eastspring | Direct equities | Asia and Africa
Group assets and liabilities
Equity securities and holdings in collective investment schemes		128	61
Operating segments | Eastspring | Collective investment schemes | Asia and Africa
Group assets and liabilities
Equity securities and holdings in collective investment schemes		2	2
Unallocated to a segment
Group assets and liabilities
Corporate bonds		2
Total debt securities		2
Equity securities and holdings in collective investment schemes			268
Other financial investments		2,628	1,749
Total financial investments		2,630	2,017
Cash and cash equivalents		1,590	1,809
Total investments		4,220	3,826
Unallocated to a segment | A+ to A-
Group assets and liabilities
Corporate bonds		1
Unallocated to a segment | BBB+ to BBB-
Group assets and liabilities
Corporate bonds		$ 1
Unallocated to a segment | Direct equities
Group assets and liabilities
Equity securities and holdings in collective investment schemes			266
Unallocated to a segment | Collective investment schemes
Group assets and liabilities
Equity securities and holdings in collective investment schemes			$ 2
[1] Included within equity securities and holdings in collective investment schemes and debt securities as at 31 December 2023 are $ 2,001 million of lent securities and assets subject to repurchase agreements (31 December 2022: $ 1,571 million) The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Group assets and liabilities by

Group assets and liabilities by business types - debt securities (Details) - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	[2]
Financial investments
Debt securities	[1]	$ 83,064	$ 77,016	[2]	$ 99,154
Consolidated investment funds | Operating segments
Financial investments
Debt securities		$ 11,116	$ 11,899
[1] Included within equity securities and holdings in collective investment schemes and debt securities as at 31 December 2023 are $ 2,001 million of lent securities and assets subject to repurchase agreements (31 December 2022: $ 1,571 million) The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Group assets and liabilities -

Group assets and liabilities - Accrued investment income and other debtors (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	[1]
Group assets and liabilities
Interest receivable	$ 871	$ 806
Other accrued income	132	177
Total accrued investment income	1,003	983	[1]	$ 1,017
Other debtors comprises:
Other debtors	1,161	968	[1]	$ 955
Total accrued investment income and other debtors	2,164	1,951
Analysed as:
Expected to be settled within one year	2,048	1,882
Expected to be settled beyond one year	$ 116	$ 69
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Group assets and liabilities _2

Group assets and liabilities - Accruals, deferred income and other liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	[1]
Group assets and liabilities
Accruals and deferred income	$ 244	$ 200
Interest payable	35	59
Other creditors	3,756	2,607
Total accruals, deferred income and other creditors	$ 4,035	$ 2,866	[1]	$ 2,624
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Group assets and liabilities _3

Group assets and liabilities - Cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	[1],[2]	Dec. 31, 2020
Cash and cash equivalents
Cash	$ 1,964	$ 1,878
Cash equivalents	2,787	3,636
Cash and cash equivalents	4,751	5,514	[1],[2]	$ 7,170		$ 8,018
Held by the Group's holding and non-regulated entities and available for general use	1,590	1,809
Other funds not available for general use by the Group, including funds held for the benefit of policyholders	$ 3,161	$ 3,705
USD
Cash and cash equivalents
Percentage of cash and cash equivalents held in respective currencies	42%	45%
GBP
Cash and cash equivalents
Percentage of cash and cash equivalents held in respective currencies	5%	11%
HKD
Cash and cash equivalents
Percentage of cash and cash equivalents held in respective currencies	6%	5%
SGD
Cash and cash equivalents
Percentage of cash and cash equivalents held in respective currencies	8%	5%
MYR
Cash and cash equivalents
Percentage of cash and cash equivalents held in respective currencies	14%	14%
Other currencies
Cash and cash equivalents
Percentage of cash and cash equivalents held in respective currencies	25%	20%
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Group assets and liabilities _4

Group assets and liabilities - Provisions (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Group assets and liabilities
Balance at the beginning of the year	[1]	$ 206	$ 234
Additional provisions		198	153
Unused amounts released		(10)	(19)
Utilisation during the year		(172)	(154)
Exchange differences		2	(8)
Balance at the end of the year		224	206	[1]
Provisions for staff benefits		$ 215	$ 199
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Measurement of financial asse_3

Measurement of financial assets and liabilities - Carried at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Jackson
Financial instruments
Financial assets available-for-sale		$ 266	$ 683
At fair value
Financial instruments
Total financial investments, net of derivative liabilities	$ 149,864	134,646
Total financial instruments at fair value	$ 146,384	$ 129,790
Percentage of total (%)	100%	100%
At fair value | Loans
Financial instruments
Financial assets	$ 430	$ 450
At fair value | Equity securities and portfolio holdings in collective investment schemes
Financial instruments
Financial assets	64,753	57,679
At fair value | Debt securities
Financial instruments
Financial assets	83,064	76,949
At fair value | Derivative assets
Financial instruments
Financial assets	1,855	569
At fair value | Derivative liabilities
Financial instruments
Financial liabilities	(238)	(1,001)
At fair value | Investment contract liabilities without DPF
Financial instruments
Financial liabilities	(769)	(663)
At fair value | Net asset value attributable to unit holders of consolidated investment funds
Financial instruments
Financial liabilities	(2,711)	(4,193)
At fair value | Level 1
Financial instruments
Total financial investments, net of derivative liabilities	121,733	106,177
Total financial instruments at fair value	$ 119,022	$ 101,984
Percentage of total (%)	81%	78%
At fair value | Level 1 | Equity securities and portfolio holdings in collective investment schemes
Financial instruments
Financial assets	$ 56,327	$ 49,725
At fair value | Level 1 | Debt securities
Financial instruments
Financial assets	64,004	57,148
At fair value | Level 1 | Derivative assets
Financial instruments
Financial assets	1,460	82
At fair value | Level 1 | Derivative liabilities
Financial instruments
Financial liabilities	(58)	(778)
At fair value | Level 1 | Net asset value attributable to unit holders of consolidated investment funds
Financial instruments
Financial liabilities	(2,711)	(4,193)
At fair value | Level 2
Financial instruments
Total financial investments, net of derivative liabilities	25,227	27,604
Total financial instruments at fair value	$ 24,458	$ 26,941
Percentage of total (%)	17%	21%
At fair value | Level 2 | Loans
Financial instruments
Financial assets	$ 430	$ 447
At fair value | Level 2 | Equity securities and portfolio holdings in collective investment schemes
Financial instruments
Financial assets	5,562	7,130
At fair value | Level 2 | Debt securities
Financial instruments
Financial assets	19,020	19,763
At fair value | Level 2 | Debt securities | Internal valuation
Financial instruments
Financial assets	10	37
At fair value | Level 2 | Derivative assets
Financial instruments
Financial assets	395	487
At fair value | Level 2 | Derivative liabilities
Financial instruments
Financial liabilities	(180)	(223)
At fair value | Level 2 | Investment contract liabilities without DPF
Financial instruments
Financial liabilities	(769)	(663)
At fair value | Level 3
Financial instruments
Financial assets	2,904	865	640
Total financial investments, net of derivative liabilities	2,904	865
Total financial instruments at fair value	$ 2,904	$ 865
Percentage of total (%)	2%	1%
At fair value | Level 3 | Loans
Financial instruments
Financial assets		$ 3	5
At fair value | Level 3 | Equity securities and portfolio holdings in collective investment schemes
Financial instruments
Financial assets	$ 2,864	824	577
Total financial instruments at fair value	2,863	823
At fair value | Level 3 | Debt securities
Financial instruments
Financial assets	$ 40	$ 38	$ 58

Measurement of financial asse_4

Measurement of financial assets and liabilities - Valuation approach for level 3 (Details) - At fair value - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial instruments
Net financial instruments at fair value	$ 146,384	$ 129,790
Level 3
Financial instruments
Net financial instruments at fair value	$ 2,904	$ 865
Percentage using valuation method	2%	1%
Level 3 | With-profits and unit-linked funds
Financial instruments
Net financial instruments at fair value	$ 2,866	$ 830
Level 3 | Other investments
Financial instruments
Net financial instruments at fair value	$ 38	$ 35
Reasonably possible decrease in valuation (as a percent)	10%	10%
Amount of reasonably possible decrease in valuation	$ (4)	$ (4)
Level 3 | Equity-type securities | Internal valuation
Financial instruments
Net financial instruments at fair value	1	1
Level 3 | Equity securities and portfolio holdings in collective investment schemes
Financial instruments
Net financial instruments at fair value	2,863	823
Level 3 | Other sundry individual financial investments
Financial instruments
Net financial instruments at fair value	$ 40	$ 41

Measurement of financial asse_5

Measurement of financial assets and liabilities - Transfers between levels (Details) - At fair value - Equity and debt securities $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Financial instruments
Transfers from level 1 to level 2	$ 505
Transfers from level 2 to level 1	1,708
Level 2
Financial instruments
Transfers into level 3	$ 1,489

Measurement of financial asse_6

Measurement of financial assets and liabilities - Level 3 financial instruments (Details) - At fair value - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loans
Reconciliation of movements in level 3 assets measured at fair value
Assets at beginning of year	$ 450
Assets at end of year	430	$ 450
Equity securities and portfolio holdings in collective investment schemes
Reconciliation of movements in level 3 assets measured at fair value
Assets at beginning of year	57,679
Assets at end of year	64,753	57,679
Debt securities
Reconciliation of movements in level 3 assets measured at fair value
Assets at beginning of year	76,949
Assets at end of year	83,064	76,949
Level 3
Reconciliation of movements in level 3 assets measured at fair value
Assets at beginning of year	865	640
Total (losses) gains in income statement	27	(35)
Total (losses) gains recorded in other comprehensive income	6	(9)
Purchases and other additions	524	305
Sales	(7)	(21)
Transfers into level 3	1,489
Transfers (out of) level 3		(15)
Assets at end of year	2,904	865
Net unrealised (losses) gains on financial instruments held at the end of the year	29	(12)
Level 3 | Loans
Reconciliation of movements in level 3 assets measured at fair value
Assets at beginning of year	3	5
Total (losses) gains in income statement		(2)
Sales	(3)
Assets at end of year		3
Net unrealised (losses) gains on financial instruments held at the end of the year		(2)
Level 3 | Equity securities and portfolio holdings in collective investment schemes
Reconciliation of movements in level 3 assets measured at fair value
Assets at beginning of year	824	577
Total (losses) gains in income statement	25	(31)
Total (losses) gains recorded in other comprehensive income	6	(6)
Purchases and other additions	524	305
Sales	(4)	(21)
Transfers into level 3	1,489
Assets at end of year	2,864	824
Net unrealised (losses) gains on financial instruments held at the end of the year	27	(8)
Level 3 | Debt securities
Reconciliation of movements in level 3 assets measured at fair value
Assets at beginning of year	38	58
Total (losses) gains in income statement	2	(2)
Total (losses) gains recorded in other comprehensive income		(3)
Transfers (out of) level 3		(15)
Assets at end of year	40	38
Net unrealised (losses) gains on financial instruments held at the end of the year	$ 2	$ (2)

Measurement of financial asse_7

Measurement of financial assets and liabilities - Assets and liabilities at amortized cost and their fair value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial instruments
Financial assets at amortised cost	$ 12,933	$ 13,947
Total net financial assets (liabilities) at amortised cost	(5,208)	(5,152)
Debt securities
Financial instruments
Financial assets at amortised cost		67
Loans
Financial instruments
Financial assets at amortised cost	148	140
Core structural borrowings of shareholder-financed businesses
Financial instruments
Financial liabilities at amortised cost	(3,933)	(4,261)
Operational borrowings (excluding lease liabilities)
Financial instruments
Financial liabilities at amortised cost	(707)	(516)
Obligations under funding, securities lending and sale and repurchase agreements
Financial instruments
Financial liabilities at amortised cost	(716)	(582)
Assets and liabilities at amortised cost for which fair value is disclosed
Financial instruments
Total net financial assets (liabilities) at amortised cost	(4,903)	(4,659)
Assets and liabilities at amortised cost for which fair value is disclosed | Debt securities
Financial instruments
Financial assets at amortised cost		67
Assets and liabilities at amortised cost for which fair value is disclosed | Loans
Financial instruments
Financial assets at amortised cost	179	206
Assets and liabilities at amortised cost for which fair value is disclosed | Core structural borrowings of shareholder-financed businesses
Financial instruments
Financial liabilities at amortised cost	(3,659)	(3,834)
Assets and liabilities at amortised cost for which fair value is disclosed | Operational borrowings (excluding lease liabilities)
Financial instruments
Financial liabilities at amortised cost	(707)	(516)
Assets and liabilities at amortised cost for which fair value is disclosed | Obligations under funding, securities lending and sale and repurchase agreements
Financial instruments
Financial liabilities at amortised cost	$ (716)	$ (582)

Measurement of financial asse_8

Measurement of financial assets and liabilities - Maturity of financial liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Carrying value	$ 13,105	$ 13,380
Contractual maturities	14,208	14,628
Investment contract liabilities without DPF
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Carrying value	769	663
Contractual maturities	852	755
Core structural borrowings of shareholder-financed businesses
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Carrying value	3,933	4,261
Contractual maturities	4,936	5,375
Lease liabilities under IFRS 16
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Carrying value	234	299
Contractual maturities	251	341
Operational borrowings (excluding lease liabilities)
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Carrying value	707	516
Contractual maturities	707	516
Obligations under funding, securities lending and sale and repurchase agreements
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Carrying value	716	582
Contractual maturities	716	582
Accruals, deferred income and other liabilities
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Carrying value	4,035	2,866
Contractual maturities	4,035	2,866
Net asset value attributable to unit holders of consolidated investment funds
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Carrying value	2,711	4,193
Contractual maturities	2,711	4,193
Within one year
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	8,336	8,598
Within one year | Investment contract liabilities without DPF
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	155	11
Within one year | Core structural borrowings of shareholder-financed businesses
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	126	509
Within one year | Lease liabilities under IFRS 16
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	76	101
Within one year | Operational borrowings (excluding lease liabilities)
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	707	516
Within one year | Obligations under funding, securities lending and sale and repurchase agreements
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	716	582
Within one year | Accruals, deferred income and other liabilities
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	3,845	2,686
Within one year | Net asset value attributable to unit holders of consolidated investment funds
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	2,711	4,193
1 to 2 years
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	357	363
1 to 2 years | Investment contract liabilities without DPF
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	169	163
1 to 2 years | Core structural borrowings of shareholder-financed businesses
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	126	124
1 to 2 years | Lease liabilities under IFRS 16
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	62	76
2 to 5 years
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	533	703
2 to 5 years | Investment contract liabilities without DPF
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	68	206
2 to 5 years | Core structural borrowings of shareholder-financed businesses
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	379	370
2 to 5 years | Lease liabilities under IFRS 16
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	86	127
5 to 10 years
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	3,729	2,724
5 to 10 years | Investment contract liabilities without DPF
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	149	98
5 to 10 years | Core structural borrowings of shareholder-financed businesses
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	3,555	2,598
5 to 10 years | Lease liabilities under IFRS 16
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	25	28
10 to 15 years
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	26	1,055
10 to 15 years | Investment contract liabilities without DPF
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	24	22
10 to 15 years | Core structural borrowings of shareholder-financed businesses
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities		1,024
10 to 15 years | Lease liabilities under IFRS 16
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	2	9
15 to 20 years
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	9	8
15 to 20 years | Investment contract liabilities without DPF
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	9	8
Over 20 years
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	5	4
Over 20 years | Investment contract liabilities without DPF
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	5	4
No stated maturity
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	1,213	1,173
No stated maturity | Investment contract liabilities without DPF
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	273	243
No stated maturity | Core structural borrowings of shareholder-financed businesses
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	750	750
No stated maturity | Accruals, deferred income and other liabilities
Contractual maturities of financial liabilities on an undiscounted cash flow basis
Contractual maturities	$ 190	$ 180

Measurement of financial asse_9

Measurement of financial assets and liabilities - Maturity analysis of derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	[1]
Maturity analysis of derivatives
Derivative assets	$ 1,855	$ 569	[1]	$ 481
Derivative liabilities	(238)	(1,001)	[1]	$ (262)
Net derivative position	$ 1,617	$ (432)
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Measurement of financial ass_10

Measurement of financial assets and liabilities - Credit risk (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial assets
Financial assets at amortised cost	$ 12,933	$ 13,947
All past due
Financial assets
Financial assets at amortised cost	9	7
Accumulated impairment
Financial assets
Financial assets at amortised cost	$ 0	$ 0

Measurement of financial ass_11

Measurement of financial assets and liabilities - Foreign exchange risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Measurement of financial assets and liabilities
Amount of exchange gain (loss) recognised	$ (38)	$ 234

Measurement of financial ass_12

Measurement of financial assets and liabilities - Derecognition and collateral (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Securities lending and reverse repurchase agreements
Collateral held in respect of reverse repurchase agreements	$ 3,623	$ 3,244
Lent securities and assets subject to repurchase	2,001	1,571
Cash and securities collateral held or pledged under repurchase and securities lending agreements	2,042	1,679
Credit risk, over-the-counter derivative transactions
Collateral and pledges
Amount of assets pledged as collateral for liabilities	457	62
Amount of collateral held	$ 1,586	$ 234

Measurement of financial ass_13

Measurement of financial assets and liabilities - Offsetting assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial assets:
Financial assets, gross amount included in the consolidated statement of financial position	$ 5,436	$ 3,631
Financial assets, financial instruments not offset in the consolidated statement of financial position	(150)	(179)
Financial assets, cash collateral not offset in the consolidated statement of financial position	(1,529)	(217)
Financial assets, securities collateral not offset in the consolidated statement of financial position	(3,615)	(3,174)
Net amount of financial assets	142	61
Financial liabilities:
Financial liabilities, gross amount included in the consolidated statement of financial position	(938)	(866)
Financial liabilities, financial instruments not offset in the consolidated statement of financial position	138	179
Financial liabilities, cash collateral not offset in the consolidated statement of financial position	39	40
Financial liabilities, securities collateral not offset in the consolidated statement of financial position	730	572
Net amount of financial liabilities	(31)	(75)
Derivative liabilities
Financial liabilities:
Financial liabilities, gross amount included in the consolidated statement of financial position	(225)	(284)
Financial liabilities, financial instruments not offset in the consolidated statement of financial position	138	179
Financial liabilities, cash collateral not offset in the consolidated statement of financial position	57	27
Financial liabilities, securities collateral not offset in the consolidated statement of financial position		6
Net amount of financial liabilities	(30)	(72)
Securities lending and repurchase agreements
Financial liabilities:
Financial liabilities, gross amount included in the consolidated statement of financial position	(713)	(582)
Financial liabilities, cash collateral not offset in the consolidated statement of financial position	(18)	13
Financial liabilities, securities collateral not offset in the consolidated statement of financial position	730	566
Net amount of financial liabilities	(1)	(3)
Derivative assets
Financial assets:
Financial assets, gross amount included in the consolidated statement of financial position	1,820	457
Financial assets, financial instruments not offset in the consolidated statement of financial position	(138)	(179)
Financial assets, cash collateral not offset in the consolidated statement of financial position	(1,529)	(217)
Financial assets, securities collateral not offset in the consolidated statement of financial position	(11)
Net amount of financial assets	142	61
Reverse repurchase agreements
Financial assets:
Financial assets, gross amount included in the consolidated statement of financial position	3,616	3,174
Financial assets, financial instruments not offset in the consolidated statement of financial position	(12)
Financial assets, securities collateral not offset in the consolidated statement of financial position	$ (3,604)	$ (3,174)

Insurance and reinsurance con_3

Insurance and reinsurance contracts - Analysis of portfolio of insurance and reinsurance (RI) contract assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Analysis of insurance portfolios
Insurance contract assets	$ 1,180	$ 1,134	[1]	$ 1,250	[1]
Reinsurance contracts assets	2,426	1,856	[1]	2,787	[1]
Insurance contract liabilities	139,840	126,242	[1]	149,798	[1]
Reinsurance contract liabilities	1,151	1,175	[1]	1,254	[1]
Insurance
Analysis of insurance portfolios
Assets	1,148	1,106		1,221
Liabilities	139,839	126,239		149,798
Net liabilities (assets)	138,691	125,133		148,577
Assets for insurance acquisition cash flows	32	28		29
Liabilities for insurance acquisition cash flows	1	3
Liability (asset) for insurance acquisition cash flows	(31)	(25)		(29)
Insurance contract assets	1,180	1,134		1,250
Insurance contract liabilities	139,840	126,242		149,798
Insurance contract liabilities (assets)	138,660	125,108		148,548
Insurance | Including JVs and associates
Analysis of insurance portfolios
Assets	1,192	1,139		1,257
Liabilities	161,818	145,342		167,801
Net liabilities (assets)	160,626	144,203		166,544
Assets for insurance acquisition cash flows	32	28		29
Liabilities for insurance acquisition cash flows	1	3
Liability (asset) for insurance acquisition cash flows	(31)	(25)		(29)
Insurance contract assets	1,224	1,167		1,286
Insurance contract liabilities	161,819	145,345		167,801
Insurance contract liabilities (assets)	160,595	144,178		166,515
Insurance | Best estimate liabilities (BEL)
Analysis of insurance portfolios
Assets	3,952	3,540		3,818
Liabilities	120,115	107,582		126,438
Net liabilities (assets)	116,163	104,042		122,620
Insurance | Best estimate liabilities (BEL) | Including JVs and associates
Analysis of insurance portfolios
Assets	3,998	3,562		3,993
Liabilities	139,673	124,297		142,146
Net liabilities (assets)	135,675	120,735		138,153
Insurance | Risk adjustment for non-financial risk (RA)
Analysis of insurance portfolios
Assets	(631)	(505)		(547)
Liabilities	1,713	1,418		1,661
Net liabilities (assets)	2,344	1,923		2,208
Insurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates
Analysis of insurance portfolios
Assets	(630)	(502)		(575)
Liabilities	1,969	1,662		1,868
Net liabilities (assets)	2,599	2,164		2,443
Insurance | Contractual service margin (CSM)
Analysis of insurance portfolios
Assets	(2,173)	(1,929)		(2,050)
Liabilities	18,011	17,239		21,699
Net liabilities (assets)	20,184	19,168		23,749
Insurance | Contractual service margin (CSM) | Including JVs and associates
Analysis of insurance portfolios
Assets	(2,176)	(1,921)		(2,161)
Liabilities	20,176	19,383		23,787
Net liabilities (assets)	22,352	21,304		25,948
RI
Analysis of insurance portfolios
Assets	2,426	1,856		2,787
Liabilities	1,151	1,175		1,254
Net liabilities (assets)	(1,275)	(681)		(1,533)
Reinsurance contracts assets	2,426	1,856		2,787
Reinsurance contract liabilities	1,151	1,175		1,254
Reinsurance contract liabilities (assets)	(1,275)	(681)		(1,533)
RI | Including JVs and associates
Analysis of insurance portfolios
Assets	2,569	2,000		2,940
Liabilities	1,179	1,200		1,276
Net liabilities (assets)	(1,390)	(800)		(1,664)
Reinsurance contracts assets	2,569	2,000		2,940
Reinsurance contract liabilities	1,179	1,200		1,276
Reinsurance contract liabilities (assets)	(1,390)	(800)		(1,664)
RI | Best estimate liabilities (BEL)
Analysis of insurance portfolios
Assets	1,175	508		1,752
Liabilities	1,182	1,162		1,474
Net liabilities (assets)	7	654		(278)
RI | Best estimate liabilities (BEL) | Including JVs and associates
Analysis of insurance portfolios
Assets	1,315	652		1,916
Liabilities	1,222	1,193		1,501
Net liabilities (assets)	(93)	541		(415)
RI | Risk adjustment for non-financial risk (RA)
Analysis of insurance portfolios
Assets	(84)	(39)		(15)
Liabilities	(21)	(44)		(46)
Net liabilities (assets)	63	(5)		(31)
RI | Risk adjustment for non-financial risk (RA) | Including JVs and associates
Analysis of insurance portfolios
Assets	(67)	(21)		1
Liabilities	(24)	(47)		(49)
Net liabilities (assets)	43	(26)		(50)
RI | Contractual service margin (CSM)
Analysis of insurance portfolios
Assets	1,335	1,387		1,050
Liabilities	(10)	57		(174)
Net liabilities (assets)	(1,345)	(1,330)		(1,224)
RI | Contractual service margin (CSM) | Including JVs and associates
Analysis of insurance portfolios
Assets	1,321	1,369		1,023
Liabilities	(19)	54		(176)
Net liabilities (assets)	$ (1,340)	$ (1,315)		$ (1,199)
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Insurance and reinsurance con_4

Insurance and reinsurance contracts - Adjusted shareholders' equity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Shareholders' equity	$ 17,823	$ 16,731	[1]	$ 18,936	[1]
CSM, net of reinsurance	21,012	19,989		24,749
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders	1,367	1,295		1,144
Less: Related tax adjustments	(2,856)	(2,804)		(3,058)
Adjusted shareholders' equity	37,346	35,211		41,771
Excluding JVs and associates
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Shareholders' equity	15,883	14,472		16,238
CSM, net of reinsurance	18,839	17,838		22,525
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders	1,367	1,295		1,144
Less: Related tax adjustments	(2,347)	(2,295)		(2,531)
Adjusted shareholders' equity	33,742	31,310		37,376
Group's share relating to JVs and associates
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Shareholders' equity	1,940	2,259		2,698
CSM, net of reinsurance	2,173	2,151		2,224
Less: Related tax adjustments	(509)	(509)		(527)
Adjusted shareholders' equity	$ 3,604	$ 3,901		$ 4,395
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Insurance and reinsurance con_5

Insurance and reinsurance contracts - Analysis of movements in insurance and reinsurance contract balances by measurement component (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Insurance
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	$ (1,106)	$ (1,221)
Opening liabilities	126,239	149,798
Net opening balance at 1 Jan	125,133	148,577
Changes that relate to future service
Changes in estimates that result in losses or reversal of losses on onerous contracts	190	27
New contracts in the year	7	3
Total changes that relate to future service	197	30
Changes that relate to current service
Release of CSM to profit or loss	(2,193)	(2,181)
Release of risk adjustment to profit or loss	(228)	(169)
Experience adjustments	(176)	(108)
Total changes that relate to current service	(2,597)	(2,458)
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	142	146
Insurance service result	(2,258)	(2,282)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	233	240
Other net finance (income) expense	8,606	(28,863)
Total net finance (income) expense from insurance and reinsurance contracts	8,839	(28,623)
Total amount recognised in income statement	6,581	(30,905)
Effect of movements in exchange rates	210	(2,150)
Total amount recognised in comprehensive income	6,791	(33,055)
Cash flows
Premiums received net of ceding commissions paid	22,294	23,464
Insurance acquisition cash flows	(4,270)	(3,138)
Claims and other insurance service expenses net of recoveries from reinsurance received	(11,082)	(10,650)
Total cash flows	6,942	9,676
Other changes	(175)	(65)
Closing assets	(1,148)	(1,106)
Closing liabilities	139,839	126,239
Net closing balance at 31 Dec	138,691	125,133
Insurance | Best estimate liabilities (BEL)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(3,540)	(3,818)
Opening liabilities	107,582	126,438
Net opening balance at 1 Jan	104,042	122,620
Changes that relate to future service
Changes in estimates that adjust the CSM	(1,181)	4,043
Changes in estimates that result in losses or reversal of losses on onerous contracts	196	79
New contracts in the year	(2,461)	(1,811)
Total changes that relate to future service	(3,446)	2,311
Changes that relate to current service
Experience adjustments	(176)	(108)
Total changes that relate to current service	(176)	(108)
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	144	144
Insurance service result	(3,478)	2,347
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(43)	13
Other net finance (income) expense	8,650	(28,954)
Total net finance (income) expense from insurance and reinsurance contracts	8,607	(28,941)
Total amount recognised in income statement	5,129	(26,594)
Effect of movements in exchange rates	225	(1,595)
Total amount recognised in comprehensive income	5,354	(28,189)
Cash flows
Premiums received net of ceding commissions paid	22,294	23,464
Insurance acquisition cash flows	(4,270)	(3,138)
Claims and other insurance service expenses net of recoveries from reinsurance received	(11,082)	(10,650)
Total cash flows	6,942	9,676
Other changes	(175)	(65)
Closing assets	(3,952)	(3,540)
Closing liabilities	120,115	107,582
Net closing balance at 31 Dec	116,163	104,042
Insurance | Risk adjustment for non-financial risk (RA)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	505	547
Opening liabilities	1,418	1,661
Net opening balance at 1 Jan	1,923	2,208
Changes that relate to future service
Changes in estimates that adjust the CSM	343	(222)
Changes in estimates that result in losses or reversal of losses on onerous contracts	(6)	(52)
New contracts in the year	295	232
Total changes that relate to future service	632	(42)
Changes that relate to current service
Release of risk adjustment to profit or loss	(228)	(169)
Total changes that relate to current service	(228)	(169)
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	(2)	2
Insurance service result	402	(209)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	47	9
Other net finance (income) expense	(32)	(26)
Total net finance (income) expense from insurance and reinsurance contracts	15	(17)
Total amount recognised in income statement	417	(226)
Effect of movements in exchange rates	4	(59)
Total amount recognised in comprehensive income	421	(285)
Cash flows
Closing assets	631	505
Closing liabilities	1,713	1,418
Net closing balance at 31 Dec	2,344	1,923
Insurance | Contractual service margin (CSM)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	1,929	2,050
Opening liabilities	17,239	21,699
Net opening balance at 1 Jan	19,168	23,749
Changes that relate to future service
Changes in estimates that adjust the CSM	838	(3,821)
New contracts in the year	2,173	1,582
Total changes that relate to future service	3,011	(2,239)
Changes that relate to current service
Release of CSM to profit or loss	(2,193)	(2,181)
Total changes that relate to current service	(2,193)	(2,181)
Changes that relate to past service
Insurance service result	818	(4,420)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	229	218
Other net finance (income) expense	(12)	117
Total net finance (income) expense from insurance and reinsurance contracts	217	335
Total amount recognised in income statement	1,035	(4,085)
Effect of movements in exchange rates	(19)	(496)
Total amount recognised in comprehensive income	1,016	(4,581)
Cash flows
Closing assets	2,173	1,929
Closing liabilities	18,011	17,239
Net closing balance at 31 Dec	20,184	19,168
RI
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(1,856)	(2,787)
Opening liabilities	1,175	1,254
Net opening balance at 1 Jan	(681)	(1,533)
Changes that relate to future service
Changes in estimates that result in losses or reversal of losses on onerous contracts	(98)	(3)
Total changes that relate to future service	(98)	(3)
Changes that relate to current service
Release of CSM to profit or loss	203	168
Release of risk adjustment to profit or loss	24	2
Experience adjustments	45	(87)
Total changes that relate to current service	272	83
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	(3)	25
Insurance service result	171	105
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(45)	(45)
Other net finance (income) expense	(146)	1,238
Total net finance (income) expense from insurance and reinsurance contracts	(191)	1,193
Total amount recognised in income statement	(20)	1,298
Effect of movements in exchange rates		(6)
Total amount recognised in comprehensive income	(20)	1,292
Cash flows
Premiums received net of ceding commissions paid	(1,032)	(970)
Claims and other insurance service expenses net of recoveries from reinsurance received	458	519
Total cash flows	(574)	(451)
Other changes		11
Closing assets	(2,426)	(1,856)
Closing liabilities	1,151	1,175
Net closing balance at 31 Dec	(1,275)	(681)
RI | Best estimate liabilities (BEL)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(508)	(1,752)
Opening liabilities	1,162	1,474
Net opening balance at 1 Jan	654	(278)
Changes that relate to future service
Changes in estimates that adjust the CSM	57	280
Changes in estimates that result in losses or reversal of losses on onerous contracts	(98)	(3)
New contracts in the year	75	(45)
Total changes that relate to future service	34	232
Changes that relate to current service
Experience adjustments	45	(87)
Total changes that relate to current service	45	(87)
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	(3)	25
Insurance service result	76	170
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	6	(3)
Other net finance (income) expense	(156)	1,224
Total net finance (income) expense from insurance and reinsurance contracts	(150)	1,221
Total amount recognised in income statement	(74)	1,391
Effect of movements in exchange rates	1	(19)
Total amount recognised in comprehensive income	(73)	1,372
Cash flows
Premiums received net of ceding commissions paid	(1,032)	(970)
Claims and other insurance service expenses net of recoveries from reinsurance received	458	519
Total cash flows	(574)	(451)
Other changes		11
Closing assets	(1,175)	(508)
Closing liabilities	1,182	1,162
Net closing balance at 31 Dec	7	654
RI | Risk adjustment for non-financial risk (RA)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	39	15
Opening liabilities	(44)	(46)
Net opening balance at 1 Jan	(5)	(31)
Changes that relate to future service
Changes in estimates that adjust the CSM	43	10
New contracts in the year	(5)	1
Total changes that relate to future service	38	11
Changes that relate to current service
Release of risk adjustment to profit or loss	24	2
Total changes that relate to current service	24	2
Changes that relate to past service
Insurance service result	62	13
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(2)	(1)
Other net finance (income) expense	10	10
Total net finance (income) expense from insurance and reinsurance contracts	8	9
Total amount recognised in income statement	70	22
Effect of movements in exchange rates	(2)	4
Total amount recognised in comprehensive income	68	26
Cash flows
Closing assets	84	39
Closing liabilities	(21)	(44)
Net closing balance at 31 Dec	63	(5)
RI | Contractual service margin (CSM)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(1,387)	(1,050)
Opening liabilities	57	(174)
Net opening balance at 1 Jan	(1,330)	(1,224)
Changes that relate to future service
Changes in estimates that adjust the CSM	(100)	(290)
New contracts in the year	(70)	44
Total changes that relate to future service	(170)	(246)
Changes that relate to current service
Release of CSM to profit or loss	203	168
Total changes that relate to current service	203	168
Changes that relate to past service
Insurance service result	33	(78)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(49)	(41)
Other net finance (income) expense		4
Total net finance (income) expense from insurance and reinsurance contracts	(49)	(37)
Total amount recognised in income statement	(16)	(115)
Effect of movements in exchange rates	1	9
Total amount recognised in comprehensive income	(15)	(106)
Cash flows
Closing assets	(1,335)	(1,387)
Closing liabilities	(10)	57
Net closing balance at 31 Dec	$ (1,345)	$ (1,330)

Insurance and reinsurance con_6

Insurance and reinsurance contracts - CSM transition approach (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Insurance
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	$ 125,133	$ 148,577
Changes that relate to future service
New contracts in the year	7	3
Total changes that relate to future service	197	30
Changes that relate to current service
Release of CSM to profit or loss	(2,193)	(2,181)
Insurance service result	(2,258)	(2,282)
Net finance (income) expenses from insurance and reinsurance contracts	8,839	(28,623)
Effect of movements in exchange rates	210	(2,150)
Net closing balance at 31 Dec	138,691	125,133
Insurance | Contractual service margin (CSM)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	19,168	23,749
Changes that relate to future service
Changes in estimates that adjust the CSM	838	(3,821)
New contracts in the year	2,173	1,582
Total changes that relate to future service	3,011	(2,239)
Changes that relate to current service
Release of CSM to profit or loss	(2,193)	(2,181)
Insurance service result	818	(4,420)
Net finance (income) expenses from insurance and reinsurance contracts	217	335
Effect of movements in exchange rates	(19)	(496)
Net closing balance at 31 Dec	20,184	19,168
Insurance | Contracts under MRA
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	822	944
Changes that relate to future service
Changes in estimates that adjust the CSM	143	18
Total changes that relate to future service	143	18
Changes that relate to current service
Release of CSM to profit or loss	(135)	(122)
Insurance service result	8	(104)
Net finance (income) expenses from insurance and reinsurance contracts	24	35
Effect of movements in exchange rates	(25)	(53)
Net closing balance at 31 Dec	829	822
Insurance | Contracts under FVA
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	3,635	4,798
Changes that relate to future service
Changes in estimates that adjust the CSM	462	(686)
Total changes that relate to future service	462	(686)
Changes that relate to current service
Release of CSM to profit or loss	(434)	(466)
Insurance service result	28	(1,152)
Net finance (income) expenses from insurance and reinsurance contracts	3	40
Effect of movements in exchange rates	8	(51)
Net closing balance at 31 Dec	3,674	3,635
Insurance | Other contracts
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	14,711	18,007
Changes that relate to future service
Changes in estimates that adjust the CSM	233	(3,153)
New contracts in the year	2,173	1,582
Total changes that relate to future service	2,406	(1,571)
Changes that relate to current service
Release of CSM to profit or loss	(1,624)	(1,593)
Insurance service result	782	(3,164)
Net finance (income) expenses from insurance and reinsurance contracts	190	260
Effect of movements in exchange rates	(2)	(392)
Net closing balance at 31 Dec	15,681	14,711
RI
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(681)	(1,533)
Changes that relate to future service
Total changes that relate to future service	(98)	(3)
Changes that relate to current service
Release of CSM to profit or loss	203	168
Insurance service result	171	105
Net finance (income) expenses from insurance and reinsurance contracts	(191)	1,193
Effect of movements in exchange rates		(6)
Net closing balance at 31 Dec	(1,275)	(681)
RI | Contractual service margin (CSM)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(1,330)	(1,224)
Changes that relate to future service
Changes in estimates that adjust the CSM	(100)	(290)
New contracts in the year	(70)	44
Total changes that relate to future service	(170)	(246)
Changes that relate to current service
Release of CSM to profit or loss	203	168
Insurance service result	33	(78)
Net finance (income) expenses from insurance and reinsurance contracts	(49)	(37)
Effect of movements in exchange rates	1	9
Net closing balance at 31 Dec	(1,345)	(1,330)
RI | Contracts under FVA
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(34)	(26)
Changes that relate to future service
Changes in estimates that adjust the CSM	(19)	(18)
Total changes that relate to future service	(19)	(18)
Changes that relate to current service
Release of CSM to profit or loss	8	8
Insurance service result	(11)	(10)
Net finance (income) expenses from insurance and reinsurance contracts	(1)
Effect of movements in exchange rates	1	2
Net closing balance at 31 Dec	(45)	(34)
RI | Other contracts
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(1,296)	(1,198)
Changes that relate to future service
Changes in estimates that adjust the CSM	(81)	(272)
New contracts in the year	(70)	44
Total changes that relate to future service	(151)	(228)
Changes that relate to current service
Release of CSM to profit or loss	195	160
Insurance service result	44	(68)
Net finance (income) expenses from insurance and reinsurance contracts	(48)	(37)
Effect of movements in exchange rates		7
Net closing balance at 31 Dec	$ (1,300)	$ (1,296)

Insurance and reinsurance con_7

Insurance and reinsurance contracts - Analysis of movements in insurance and reinsurance contract balances by remaining coverage and incurred claims (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Insurance
Movements in insurance and reinsurance contract balances by remaining coverage and incurred claims
Opening assets	$ (1,106)	$ (1,221)
Opening liabilities	126,239	149,798
Net opening balance at 1 Jan	125,133	148,577
Insurance revenue
Contracts measured under the modified retrospective approach	(247)	(367)
Contracts measured under the fair value approach	(733)	(1,083)
Other contracts	(8,391)	(7,099)
Total Insurance revenue	(9,371)	(8,549)
Insurance service expense:
Incurred claims and other directly attributable expenses	4,029	3,638
Amortisation of insurance acquisition cash flows	2,745	2,453
Losses or reversal of losses on onerous contracts	197	30
Adjustments to liability for incurred claims	142	146
Insurance service expense	7,113	6,267
Insurance service result	(2,258)	(2,282)
Total net finance (income) expense from insurance and reinsurance contracts	8,839	(28,623)
Total amount recognised in income statement	6,581	(30,905)
Effect of movements in exchange rates	210	(2,150)
Total amount recognised in comprehensive income	6,791	(33,055)
Cash flows
Premiums received net of ceding commissions paid	22,294	23,464
Insurance acquisition cash flows	(4,270)	(3,138)
Claims and other insurance service expenses net of recoveries from reinsurance received	(11,082)	(10,650)
Total cash flows	6,942	9,676
Other changes	(175)	(65)
Closing assets	(1,148)	(1,106)
Closing liabilities	139,839	126,239
Net closing balance at 31 Dec	138,691	125,133
RI
Movements in insurance and reinsurance contract balances by remaining coverage and incurred claims
Opening assets	(1,856)	(2,787)
Opening liabilities	1,175	1,254
Net opening balance at 1 Jan	(681)	(1,533)
Insurance service expense:
Losses or reversal of losses on onerous contracts	(98)	(3)
Adjustments to liability for incurred claims	(3)	25
Insurance service expense	171	105
Insurance service result	171	105
Total net finance (income) expense from insurance and reinsurance contracts	(191)	1,193
Total amount recognised in income statement	(20)	1,298
Effect of movements in exchange rates		(6)
Total amount recognised in comprehensive income	(20)	1,292
Cash flows
Premiums received net of ceding commissions paid	(1,032)	(970)
Claims and other insurance service expenses net of recoveries from reinsurance received	458	519
Total cash flows	(574)	(451)
Other changes		11
Closing assets	(2,426)	(1,856)
Closing liabilities	1,151	1,175
Net closing balance at 31 Dec	(1,275)	(681)
Liabilities for remaining coverage Excluding loss component | Insurance
Movements in insurance and reinsurance contract balances by remaining coverage and incurred claims
Opening assets	(1,200)	(1,308)
Opening liabilities	123,855	147,209
Net opening balance at 1 Jan	122,655	145,901
Insurance revenue
Contracts measured under the modified retrospective approach	(247)	(367)
Contracts measured under the fair value approach	(733)	(1,083)
Other contracts	(8,391)	(7,099)
Total Insurance revenue	(9,371)	(8,549)
Insurance service expense:
Amortisation of insurance acquisition cash flows	2,745	2,453
Insurance service expense	2,745	2,453
Insurance service result	(6,626)	(6,096)
Investment components and premium refunds	(7,095)	(6,895)
Total net finance (income) expense from insurance and reinsurance contracts	8,792	(28,605)
Total amount recognised in income statement	(4,929)	(41,596)
Effect of movements in exchange rates	220	(2,044)
Total amount recognised in comprehensive income	(4,709)	(43,640)
Cash flows
Premiums received net of ceding commissions paid	22,294	23,464
Insurance acquisition cash flows	(4,270)	(3,138)
Total cash flows	18,024	20,326
Other changes	(236)	68
Closing assets	(1,285)	(1,200)
Closing liabilities	137,019	123,855
Net closing balance at 31 Dec	135,734	122,655
Liabilities for remaining coverage Excluding loss component | RI
Movements in insurance and reinsurance contract balances by remaining coverage and incurred claims
Opening assets	(1,460)	(2,431)
Opening liabilities	1,220	1,314
Net opening balance at 1 Jan	(240)	(1,117)
Insurance service expense:
Insurance service expense	640	487
Insurance service result	640	487
Investment components and premium refunds	(1)	179
Total net finance (income) expense from insurance and reinsurance contracts	(191)	1,182
Total amount recognised in income statement	448	1,848
Effect of movements in exchange rates	(1)	(10)
Total amount recognised in comprehensive income	447	1,838
Cash flows
Premiums received net of ceding commissions paid	(1,032)	(970)
Total cash flows	(1,032)	(970)
Other changes	2	9
Closing assets	(2,023)	(1,460)
Closing liabilities	1,200	1,220
Net closing balance at 31 Dec	(823)	(240)
Liabilities for remaining coverage loss component | Insurance
Movements in insurance and reinsurance contract balances by remaining coverage and incurred claims
Opening assets	14	17
Opening liabilities	622	651
Net opening balance at 1 Jan	636	668
Insurance service expense:
Incurred claims and other directly attributable expenses	(42)	(41)
Losses or reversal of losses on onerous contracts	197	30
Insurance service expense	155	(11)
Insurance service result	155	(11)
Total net finance (income) expense from insurance and reinsurance contracts	15	(21)
Total amount recognised in income statement	170	(32)
Effect of movements in exchange rates	(4)	(15)
Total amount recognised in comprehensive income	166	(47)
Cash flows
Other changes	23	15
Closing assets	20	14
Closing liabilities	805	622
Net closing balance at 31 Dec	825	636
Liabilities for remaining coverage loss component | RI
Movements in insurance and reinsurance contract balances by remaining coverage and incurred claims
Opening assets	(29)	(32)
Opening liabilities	(6)	(1)
Net opening balance at 1 Jan	(35)	(33)
Insurance service expense:
Insurance service expense	(98)	(2)
Insurance service result	(98)	(2)
Total amount recognised in income statement	(98)	(2)
Effect of movements in exchange rates		2
Total amount recognised in comprehensive income	(98)
Cash flows
Other changes	(1)	(2)
Closing assets	(119)	(29)
Closing liabilities	(15)	(6)
Net closing balance at 31 Dec	(134)	(35)
Liabilities for incurred claims | Insurance
Movements in insurance and reinsurance contract balances by remaining coverage and incurred claims
Opening assets	80	70
Opening liabilities	1,762	1,938
Net opening balance at 1 Jan	1,842	2,008
Insurance service expense:
Incurred claims and other directly attributable expenses	4,071	3,679
Adjustments to liability for incurred claims	142	146
Insurance service expense	4,213	3,825
Insurance service result	4,213	3,825
Investment components and premium refunds	7,095	6,895
Total net finance (income) expense from insurance and reinsurance contracts	32	3
Total amount recognised in income statement	11,340	10,723
Effect of movements in exchange rates	(6)	(91)
Total amount recognised in comprehensive income	11,334	10,632
Cash flows
Claims and other insurance service expenses net of recoveries from reinsurance received	(11,082)	(10,650)
Total cash flows	(11,082)	(10,650)
Other changes	38	(148)
Closing assets	117	80
Closing liabilities	2,015	1,762
Net closing balance at 31 Dec	2,132	1,842
Liabilities for incurred claims | RI
Movements in insurance and reinsurance contract balances by remaining coverage and incurred claims
Opening assets	(367)	(324)
Opening liabilities	(39)	(59)
Net opening balance at 1 Jan	(406)	(383)
Insurance service expense:
Insurance service expense	(371)	(380)
Insurance service result	(371)	(380)
Investment components and premium refunds	1	(179)
Total net finance (income) expense from insurance and reinsurance contracts		11
Total amount recognised in income statement	(370)	(548)
Effect of movements in exchange rates	1	2
Total amount recognised in comprehensive income	(369)	(546)
Cash flows
Claims and other insurance service expenses net of recoveries from reinsurance received	458	519
Total cash flows	458	519
Other changes	(1)	4
Closing assets	(284)	(367)
Closing liabilities	(34)	(39)
Net closing balance at 31 Dec	$ (318)	$ (406)

Insurance and reinsurance con_8

Insurance and reinsurance contracts - Effect of insurance contracts initially recognised (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Insurance
Effect of insurance contracts initially recognised
Onerous contracts initially recognised	$ 7	$ 3
New contracts in the year	7	3
Insurance | Insurance acquisition cash flows
Effect of insurance contracts initially recognised
Non-onerous contracts initially recognised	4,365	2,416
Onerous contracts initially recognised	101	49
New contracts in the year	4,466	2,465
Insurance | Claims and other directly attributable expenses
Effect of insurance contracts initially recognised
Non-onerous contracts initially recognised	17,125	12,153
Onerous contracts initially recognised	348	420
New contracts in the year	17,473	12,573
Insurance | Estimate of present value of expected future cash outflows
Effect of insurance contracts initially recognised
Non-onerous contracts initially recognised	21,490	14,569
Onerous contracts initially recognised	449	469
New contracts in the year	21,939	15,038
Insurance | Estimate of present value of expected future cash inflows
Effect of insurance contracts initially recognised
Non-onerous contracts initially recognised	(23,916)	(16,379)
Onerous contracts initially recognised	(484)	(470)
New contracts in the year	(24,400)	(16,849)
Insurance | Risk adjustment for non-financial risk (RA)
Effect of insurance contracts initially recognised
Non-onerous contracts initially recognised	253	228
Onerous contracts initially recognised	42	4
New contracts in the year	295	232
Insurance | Contractual service margin (CSM)
Effect of insurance contracts initially recognised
Non-onerous contracts initially recognised	2,173	1,582
New contracts in the year	2,173	1,582
RI | Estimate of present value of expected future cash outflows
Effect of insurance contracts initially recognised
Non-onerous contracts initially recognised	1,022	762
Onerous contracts initially recognised	(1)
New contracts in the year	1,021	762
RI | Estimate of present value of expected future cash inflows
Effect of insurance contracts initially recognised
Non-onerous contracts initially recognised	(946)	(813)
Onerous contracts initially recognised		6
New contracts in the year	(946)	(807)
RI | Risk adjustment for non-financial risk (RA)
Effect of insurance contracts initially recognised
Non-onerous contracts initially recognised	(5)	1
New contracts in the year	(5)	1
RI | Contractual service margin (CSM)
Effect of insurance contracts initially recognised
Non-onerous contracts initially recognised	(71)	50
Onerous contracts initially recognised	1	(6)
New contracts in the year	$ (70)	$ 44

Insurance and reinsurance con_9

Insurance and reinsurance contracts - Analysis of movements in insurance and reinsurance contract balances including JVs and associates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contractual service margin (CSM) | Including JVs and associates
Changes that relate to current service
Release of CSM to profit or loss	$ (2,208)
Insurance
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(1,106)	$ (1,221)
Opening liabilities	126,239	149,798
Net opening balance at 1 Jan	125,133	148,577
Changes that relate to future service
Changes in estimates that result in losses or reversal of losses on onerous contracts	190	27
New contracts in the year	7	3
Total changes that relate to future service	197	30
Changes that relate to current service
Release of CSM to profit or loss	(2,193)	(2,181)
Release of risk adjustment to profit or loss	(228)	(169)
Experience adjustments	(176)	(108)
Total changes that relate to current service	(2,597)	(2,458)
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	142	146
Insurance service result	(2,258)	(2,282)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	233	240
Other net finance (income) expense	8,606	(28,863)
Total net finance (income) expense from insurance and reinsurance contracts	8,839	(28,623)
Total amount recognised in income statement	6,581	(30,905)
Effect of movements in exchange rates	210	(2,150)
Total amount recognised in comprehensive income	6,791	(33,055)
Cash flows
Premiums received net of ceding commissions paid	22,294	23,464
Insurance acquisition cash flows	(4,270)	(3,138)
Claims and other insurance service expenses net of recoveries from reinsurance received	(11,082)	(10,650)
Total cash flows	6,942	9,676
Other changes	(175)	(65)
Closing assets	(1,148)	(1,106)
Closing liabilities	139,839	126,239
Net closing balance at 31 Dec	138,691	125,133
Insurance | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(1,139)	(1,257)
Opening liabilities	145,342	167,801
Net opening balance at 1 Jan	144,203	166,544
Changes that relate to future service
Changes in estimates that result in losses or reversal of losses on onerous contracts	216	110
New contracts in the year	59	76
Total changes that relate to future service	275	186
Changes that relate to current service
Release of CSM to profit or loss	(2,414)	(2,413)
Release of risk adjustment to profit or loss	(242)	(184)
Experience adjustments	(170)	(119)
Total changes that relate to current service	(2,826)	(2,716)
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	127	134
Insurance service result	(2,424)	(2,396)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	517	489
Other net finance (income) expense	10,347	(28,507)
Total net finance (income) expense from insurance and reinsurance contracts	10,864	(28,018)
Total amount recognised in income statement	8,440	(30,414)
Effect of movements in exchange rates	(114)	(3,829)
Total amount recognised in comprehensive income	8,326	(34,243)
Cash flows
Premiums received net of ceding commissions paid	26,224	27,916
Insurance acquisition cash flows	(4,802)	(3,690)
Claims and other insurance service expenses net of recoveries from reinsurance received	(13,144)	(12,241)
Total cash flows	8,278	11,985
Other changes	(181)	(83)
Closing assets	(1,192)	(1,139)
Closing liabilities	161,818	145,342
Net closing balance at 31 Dec	160,626	144,203
Insurance | Best estimate liabilities (BEL)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(3,540)	(3,818)
Opening liabilities	107,582	126,438
Net opening balance at 1 Jan	104,042	122,620
Changes that relate to future service
Changes in estimates that adjust the CSM	(1,181)	4,043
Changes in estimates that result in losses or reversal of losses on onerous contracts	196	79
New contracts in the year	(2,461)	(1,811)
Total changes that relate to future service	(3,446)	2,311
Changes that relate to current service
Experience adjustments	(176)	(108)
Total changes that relate to current service	(176)	(108)
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	144	144
Insurance service result	(3,478)	2,347
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(43)	13
Other net finance (income) expense	8,650	(28,954)
Total net finance (income) expense from insurance and reinsurance contracts	8,607	(28,941)
Total amount recognised in income statement	5,129	(26,594)
Effect of movements in exchange rates	225	(1,595)
Total amount recognised in comprehensive income	5,354	(28,189)
Cash flows
Premiums received net of ceding commissions paid	22,294	23,464
Insurance acquisition cash flows	(4,270)	(3,138)
Claims and other insurance service expenses net of recoveries from reinsurance received	(11,082)	(10,650)
Total cash flows	6,942	9,676
Other changes	(175)	(65)
Closing assets	(3,952)	(3,540)
Closing liabilities	120,115	107,582
Net closing balance at 31 Dec	116,163	104,042
Insurance | Best estimate liabilities (BEL) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(3,562)	(3,993)
Opening liabilities	124,297	142,146
Net opening balance at 1 Jan	120,735	138,153
Changes that relate to future service
Changes in estimates that adjust the CSM	(1,142)	4,214
Changes in estimates that result in losses or reversal of losses on onerous contracts	224	162
New contracts in the year	(2,687)	(2,210)
Total changes that relate to future service	(3,605)	2,166
Changes that relate to current service
Experience adjustments	(170)	(119)
Total changes that relate to current service	(170)	(119)
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	130	133
Insurance service result	(3,645)	2,180
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	158	182
Other net finance (income) expense	10,379	(28,612)
Total net finance (income) expense from insurance and reinsurance contracts	10,537	(28,430)
Total amount recognised in income statement	6,892	(26,250)
Effect of movements in exchange rates	(49)	(3,070)
Total amount recognised in comprehensive income	6,843	(29,320)
Cash flows
Premiums received net of ceding commissions paid	26,224	27,916
Insurance acquisition cash flows	(4,802)	(3,690)
Claims and other insurance service expenses net of recoveries from reinsurance received	(13,144)	(12,241)
Total cash flows	8,278	11,985
Other changes	(181)	(83)
Closing assets	(3,998)	(3,562)
Closing liabilities	139,673	124,297
Net closing balance at 31 Dec	135,675	120,735
Insurance | Risk adjustment for non-financial risk (RA)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	505	547
Opening liabilities	1,418	1,661
Net opening balance at 1 Jan	1,923	2,208
Changes that relate to future service
Changes in estimates that adjust the CSM	343	(222)
Changes in estimates that result in losses or reversal of losses on onerous contracts	(6)	(52)
New contracts in the year	295	232
Total changes that relate to future service	632	(42)
Changes that relate to current service
Release of risk adjustment to profit or loss	(228)	(169)
Total changes that relate to current service	(228)	(169)
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	(2)	2
Insurance service result	402	(209)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	47	9
Other net finance (income) expense	(32)	(26)
Total net finance (income) expense from insurance and reinsurance contracts	15	(17)
Total amount recognised in income statement	417	(226)
Effect of movements in exchange rates	4	(59)
Total amount recognised in comprehensive income	421	(285)
Cash flows
Closing assets	631	505
Closing liabilities	1,713	1,418
Net closing balance at 31 Dec	2,344	1,923
Insurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	502	575
Opening liabilities	1,662	1,868
Net opening balance at 1 Jan	2,164	2,443
Changes that relate to future service
Changes in estimates that adjust the CSM	341	(226)
Changes in estimates that result in losses or reversal of losses on onerous contracts	(8)	(52)
New contracts in the year	317	259
Total changes that relate to future service	650	(19)
Changes that relate to current service
Release of risk adjustment to profit or loss	(242)	(184)
Total changes that relate to current service	(242)	(184)
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	(3)	1
Insurance service result	405	(202)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	52	13
Other net finance (income) expense	(20)	(12)
Total net finance (income) expense from insurance and reinsurance contracts	32	1
Total amount recognised in income statement	437	(201)
Effect of movements in exchange rates	(2)	(78)
Total amount recognised in comprehensive income	435	(279)
Cash flows
Closing assets	630	502
Closing liabilities	1,969	1,662
Net closing balance at 31 Dec	2,599	2,164
Insurance | Contractual service margin (CSM)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	1,929	2,050
Opening liabilities	17,239	21,699
Net opening balance at 1 Jan	19,168	23,749
Changes that relate to future service
Changes in estimates that adjust the CSM	838	(3,821)
New contracts in the year	2,173	1,582
Total changes that relate to future service	3,011	(2,239)
Changes that relate to current service
Release of CSM to profit or loss	(2,193)	(2,181)
Total changes that relate to current service	(2,193)	(2,181)
Changes that relate to past service
Insurance service result	818	(4,420)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	229	218
Other net finance (income) expense	(12)	117
Total net finance (income) expense from insurance and reinsurance contracts	217	335
Total amount recognised in income statement	1,035	(4,085)
Effect of movements in exchange rates	(19)	(496)
Total amount recognised in comprehensive income	1,016	(4,581)
Cash flows
Closing assets	2,173	1,929
Closing liabilities	18,011	17,239
Net closing balance at 31 Dec	20,184	19,168
Insurance | Contractual service margin (CSM) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	1,921	2,161
Opening liabilities	19,383	23,787
Net opening balance at 1 Jan	21,304	25,948
Changes that relate to future service
Changes in estimates that adjust the CSM	801	(3,988)
New contracts in the year	2,429	2,027
Total changes that relate to future service	3,230	(1,961)
Changes that relate to current service
Release of CSM to profit or loss	(2,414)	(2,413)
Total changes that relate to current service	(2,414)	(2,413)
Changes that relate to past service
Insurance service result	816	(4,374)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	307	294
Other net finance (income) expense	(12)	117
Total net finance (income) expense from insurance and reinsurance contracts	295	411
Total amount recognised in income statement	1,111	(3,963)
Effect of movements in exchange rates	(63)	(681)
Total amount recognised in comprehensive income	1,048	(4,644)
Cash flows
Closing assets	2,176	1,921
Closing liabilities	20,176	19,383
Net closing balance at 31 Dec	22,352	21,304
RI
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(1,856)	(2,787)
Opening liabilities	1,175	1,254
Net opening balance at 1 Jan	(681)	(1,533)
Changes that relate to future service
Changes in estimates that result in losses or reversal of losses on onerous contracts	(98)	(3)
Total changes that relate to future service	(98)	(3)
Changes that relate to current service
Release of CSM to profit or loss	203	168
Release of risk adjustment to profit or loss	24	2
Experience adjustments	45	(87)
Total changes that relate to current service	272	83
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	(3)	25
Insurance service result	171	105
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(45)	(45)
Other net finance (income) expense	(146)	1,238
Total net finance (income) expense from insurance and reinsurance contracts	(191)	1,193
Total amount recognised in income statement	(20)	1,298
Effect of movements in exchange rates		(6)
Total amount recognised in comprehensive income	(20)	1,292
Cash flows
Premiums received net of ceding commissions paid	(1,032)	(970)
Claims and other insurance service expenses net of recoveries from reinsurance received	458	519
Total cash flows	(574)	(451)
Other changes		11
Closing assets	(2,426)	(1,856)
Closing liabilities	1,151	1,175
Net closing balance at 31 Dec	(1,275)	(681)
RI | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(2,000)	(2,940)
Opening liabilities	1,200	1,276
Net opening balance at 1 Jan	(800)	(1,664)
Changes that relate to future service
Changes in estimates that result in losses or reversal of losses on onerous contracts	(93)	(17)
New contracts in the year	(1)
Total changes that relate to future service	(94)	(17)
Changes that relate to current service
Release of CSM to profit or loss	206	171
Release of risk adjustment to profit or loss	27	5
Experience adjustments	50	(80)
Total changes that relate to current service	283	96
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims		28
Insurance service result	189	107
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(53)	(53)
Other net finance (income) expense	(146)	1,229
Total net finance (income) expense from insurance and reinsurance contracts	(199)	1,176
Total amount recognised in income statement	(10)	1,283
Effect of movements in exchange rates	3	13
Total amount recognised in comprehensive income	(7)	1,296
Cash flows
Premiums received net of ceding commissions paid	(1,137)	(1,013)
Claims and other insurance service expenses net of recoveries from reinsurance received	554	567
Total cash flows	(583)	(446)
Other changes		14
Closing assets	(2,569)	(2,000)
Closing liabilities	1,179	1,200
Net closing balance at 31 Dec	(1,390)	(800)
RI | Best estimate liabilities (BEL)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(508)	(1,752)
Opening liabilities	1,162	1,474
Net opening balance at 1 Jan	654	(278)
Changes that relate to future service
Changes in estimates that adjust the CSM	57	280
Changes in estimates that result in losses or reversal of losses on onerous contracts	(98)	(3)
New contracts in the year	75	(45)
Total changes that relate to future service	34	232
Changes that relate to current service
Experience adjustments	45	(87)
Total changes that relate to current service	45	(87)
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims	(3)	25
Insurance service result	76	170
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	6	(3)
Other net finance (income) expense	(156)	1,224
Total net finance (income) expense from insurance and reinsurance contracts	(150)	1,221
Total amount recognised in income statement	(74)	1,391
Effect of movements in exchange rates	1	(19)
Total amount recognised in comprehensive income	(73)	1,372
Cash flows
Premiums received net of ceding commissions paid	(1,032)	(970)
Claims and other insurance service expenses net of recoveries from reinsurance received	458	519
Total cash flows	(574)	(451)
Other changes		11
Closing assets	(1,175)	(508)
Closing liabilities	1,182	1,162
Net closing balance at 31 Dec	7	654
RI | Best estimate liabilities (BEL) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(652)	(1,916)
Opening liabilities	1,193	1,501
Net opening balance at 1 Jan	541	(415)
Changes that relate to future service
Changes in estimates that adjust the CSM	62	284
Changes in estimates that result in losses or reversal of losses on onerous contracts	(93)	(17)
New contracts in the year	86	(37)
Total changes that relate to future service	55	230
Changes that relate to current service
Experience adjustments	50	(80)
Total changes that relate to current service	50	(80)
Changes that relate to past service
Adjustments to assets/liabilities for incurred claims		28
Insurance service result	105	178
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(3)	(8)
Other net finance (income) expense	(155)	1,215
Total net finance (income) expense from insurance and reinsurance contracts	(158)	1,207
Total amount recognised in income statement	(53)	1,385
Effect of movements in exchange rates	2	3
Total amount recognised in comprehensive income	(51)	1,388
Cash flows
Premiums received net of ceding commissions paid	(1,137)	(1,013)
Claims and other insurance service expenses net of recoveries from reinsurance received	554	567
Total cash flows	(583)	(446)
Other changes		14
Closing assets	(1,315)	(652)
Closing liabilities	1,222	1,193
Net closing balance at 31 Dec	(93)	541
RI | Risk adjustment for non-financial risk (RA)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	39	15
Opening liabilities	(44)	(46)
Net opening balance at 1 Jan	(5)	(31)
Changes that relate to future service
Changes in estimates that adjust the CSM	43	10
New contracts in the year	(5)	1
Total changes that relate to future service	38	11
Changes that relate to current service
Release of risk adjustment to profit or loss	24	2
Total changes that relate to current service	24	2
Changes that relate to past service
Insurance service result	62	13
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(2)	(1)
Other net finance (income) expense	10	10
Total net finance (income) expense from insurance and reinsurance contracts	8	9
Total amount recognised in income statement	70	22
Effect of movements in exchange rates	(2)	4
Total amount recognised in comprehensive income	68	26
Cash flows
Closing assets	84	39
Closing liabilities	(21)	(44)
Net closing balance at 31 Dec	63	(5)
RI | Risk adjustment for non-financial risk (RA) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	21	(1)
Opening liabilities	(47)	(49)
Net opening balance at 1 Jan	(26)	(50)
Changes that relate to future service
Changes in estimates that adjust the CSM	43	10
New contracts in the year	(6)
Total changes that relate to future service	37	10
Changes that relate to current service
Release of risk adjustment to profit or loss	27	5
Total changes that relate to current service	27	5
Changes that relate to past service
Insurance service result	64	15
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(3)	(6)
Other net finance (income) expense	9	10
Total net finance (income) expense from insurance and reinsurance contracts	6	4
Total amount recognised in income statement	70	19
Effect of movements in exchange rates	(1)	5
Total amount recognised in comprehensive income	69	24
Cash flows
Closing assets	67	21
Closing liabilities	(24)	(47)
Net closing balance at 31 Dec	43	(26)
RI | Contractual service margin (CSM)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(1,387)	(1,050)
Opening liabilities	57	(174)
Net opening balance at 1 Jan	(1,330)	(1,224)
Changes that relate to future service
Changes in estimates that adjust the CSM	(100)	(290)
New contracts in the year	(70)	44
Total changes that relate to future service	(170)	(246)
Changes that relate to current service
Release of CSM to profit or loss	203	168
Total changes that relate to current service	203	168
Changes that relate to past service
Insurance service result	33	(78)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(49)	(41)
Other net finance (income) expense		4
Total net finance (income) expense from insurance and reinsurance contracts	(49)	(37)
Total amount recognised in income statement	(16)	(115)
Effect of movements in exchange rates	1	9
Total amount recognised in comprehensive income	(15)	(106)
Cash flows
Closing assets	(1,335)	(1,387)
Closing liabilities	(10)	57
Net closing balance at 31 Dec	(1,345)	(1,330)
RI | Contractual service margin (CSM) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Opening assets	(1,369)	(1,023)
Opening liabilities	54	(176)
Net opening balance at 1 Jan	(1,315)	(1,199)
Changes that relate to future service
Changes in estimates that adjust the CSM	(105)	(294)
New contracts in the year	(81)	37
Total changes that relate to future service	(186)	(257)
Changes that relate to current service
Release of CSM to profit or loss	206	171
Total changes that relate to current service	206	171
Changes that relate to past service
Insurance service result	20	(86)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(47)	(39)
Other net finance (income) expense		4
Total net finance (income) expense from insurance and reinsurance contracts	(47)	(35)
Total amount recognised in income statement	(27)	(121)
Effect of movements in exchange rates	2	5
Total amount recognised in comprehensive income	(25)	(116)
Cash flows
Closing assets	(1,321)	(1,369)
Closing liabilities	(19)	54
Net closing balance at 31 Dec	$ (1,340)	$ (1,315)

Insurance and reinsurance co_10

Insurance and reinsurance contracts - CSM transition approach (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contractual service margin (CSM) | Including JVs and associates
Changes that relate to current service
Release of CSM to profit or loss	$ (2,208)
Insurance
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	125,133	$ 148,577
Changes that relate to future service
New contracts in the year	7	3
Total changes that relate to future service	197	30
Changes that relate to current service
Release of CSM to profit or loss	(2,193)	(2,181)
Insurance service result	(2,258)	(2,282)
Net finance (income) expenses from insurance and reinsurance contracts	8,839	(28,623)
Effect of movements in exchange rates	210	(2,150)
Net closing balance at 31 Dec	138,691	125,133
Insurance | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	144,203	166,544
Changes that relate to future service
New contracts in the year	59	76
Total changes that relate to future service	275	186
Changes that relate to current service
Release of CSM to profit or loss	(2,414)	(2,413)
Insurance service result	(2,424)	(2,396)
Net finance (income) expenses from insurance and reinsurance contracts	10,864	(28,018)
Effect of movements in exchange rates	(114)	(3,829)
Net closing balance at 31 Dec	160,626	144,203
Insurance | Contractual service margin (CSM)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	19,168	23,749
Changes that relate to future service
Changes in estimates that adjust the CSM	838	(3,821)
New contracts in the year	2,173	1,582
Total changes that relate to future service	3,011	(2,239)
Changes that relate to current service
Release of CSM to profit or loss	(2,193)	(2,181)
Insurance service result	818	(4,420)
Net finance (income) expenses from insurance and reinsurance contracts	217	335
Effect of movements in exchange rates	(19)	(496)
Net closing balance at 31 Dec	20,184	19,168
Insurance | Contractual service margin (CSM) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	21,304	25,948
Changes that relate to future service
Changes in estimates that adjust the CSM	801	(3,988)
New contracts in the year	2,429	2,027
Total changes that relate to future service	3,230	(1,961)
Changes that relate to current service
Release of CSM to profit or loss	(2,414)	(2,413)
Insurance service result	816	(4,374)
Net finance (income) expenses from insurance and reinsurance contracts	295	411
Effect of movements in exchange rates	(63)	(681)
Net closing balance at 31 Dec	22,352	21,304
Insurance | Contracts under MRA
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	822	944
Changes that relate to future service
Changes in estimates that adjust the CSM	143	18
Total changes that relate to future service	143	18
Changes that relate to current service
Release of CSM to profit or loss	(135)	(122)
Insurance service result	8	(104)
Net finance (income) expenses from insurance and reinsurance contracts	24	35
Effect of movements in exchange rates	(25)	(53)
Net closing balance at 31 Dec	829	822
Insurance | Contracts under MRA | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	2,033	2,467
Changes that relate to future service
Changes in estimates that adjust the CSM	117	(92)
Total changes that relate to future service	117	(92)
Changes that relate to current service
Release of CSM to profit or loss	(247)	(250)
Insurance service result	(130)	(342)
Net finance (income) expenses from insurance and reinsurance contracts	66	83
Effect of movements in exchange rates	(47)	(175)
Net closing balance at 31 Dec	1,922	2,033
Insurance | Contracts under FVA
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	3,635	4,798
Changes that relate to future service
Changes in estimates that adjust the CSM	462	(686)
Total changes that relate to future service	462	(686)
Changes that relate to current service
Release of CSM to profit or loss	(434)	(466)
Insurance service result	28	(1,152)
Net finance (income) expenses from insurance and reinsurance contracts	3	40
Effect of movements in exchange rates	8	(51)
Net closing balance at 31 Dec	3,674	3,635
Insurance | Contracts under FVA | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	4,102	5,355
Changes that relate to future service
Changes in estimates that adjust the CSM	496	(707)
Total changes that relate to future service	496	(707)
Changes that relate to current service
Release of CSM to profit or loss	(458)	(511)
Insurance service result	38	(1,218)
Net finance (income) expenses from insurance and reinsurance contracts	9	54
Effect of movements in exchange rates	(6)	(89)
Net closing balance at 31 Dec	4,143	4,102
Insurance | Other contracts
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	14,711	18,007
Changes that relate to future service
Changes in estimates that adjust the CSM	233	(3,153)
New contracts in the year	2,173	1,582
Total changes that relate to future service	2,406	(1,571)
Changes that relate to current service
Release of CSM to profit or loss	(1,624)	(1,593)
Insurance service result	782	(3,164)
Net finance (income) expenses from insurance and reinsurance contracts	190	260
Effect of movements in exchange rates	(2)	(392)
Net closing balance at 31 Dec	15,681	14,711
Insurance | Other contracts | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	15,169	18,126
Changes that relate to future service
Changes in estimates that adjust the CSM	188	(3,189)
New contracts in the year	2,429	2,027
Total changes that relate to future service	2,617	(1,162)
Changes that relate to current service
Release of CSM to profit or loss	(1,709)	(1,652)
Insurance service result	908	(2,814)
Net finance (income) expenses from insurance and reinsurance contracts	220	274
Effect of movements in exchange rates	(10)	(417)
Net closing balance at 31 Dec	16,287	15,169
RI
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(681)	(1,533)
Changes that relate to future service
Total changes that relate to future service	(98)	(3)
Changes that relate to current service
Release of CSM to profit or loss	203	168
Insurance service result	171	105
Net finance (income) expenses from insurance and reinsurance contracts	(191)	1,193
Effect of movements in exchange rates		(6)
Net closing balance at 31 Dec	(1,275)	(681)
RI | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(800)	(1,664)
Changes that relate to future service
New contracts in the year	(1)
Total changes that relate to future service	(94)	(17)
Changes that relate to current service
Release of CSM to profit or loss	206	171
Insurance service result	189	107
Net finance (income) expenses from insurance and reinsurance contracts	(199)	1,176
Effect of movements in exchange rates	3	13
Net closing balance at 31 Dec	(1,390)	(800)
RI | Contractual service margin (CSM)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(1,330)	(1,224)
Changes that relate to future service
Changes in estimates that adjust the CSM	(100)	(290)
New contracts in the year	(70)	44
Total changes that relate to future service	(170)	(246)
Changes that relate to current service
Release of CSM to profit or loss	203	168
Insurance service result	33	(78)
Net finance (income) expenses from insurance and reinsurance contracts	(49)	(37)
Effect of movements in exchange rates	1	9
Net closing balance at 31 Dec	(1,345)	(1,330)
RI | Contractual service margin (CSM) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(1,315)	(1,199)
Changes that relate to future service
Changes in estimates that adjust the CSM	(105)	(294)
New contracts in the year	(81)	37
Total changes that relate to future service	(186)	(257)
Changes that relate to current service
Release of CSM to profit or loss	206	171
Insurance service result	20	(86)
Net finance (income) expenses from insurance and reinsurance contracts	(47)	(35)
Effect of movements in exchange rates	2	5
Net closing balance at 31 Dec	(1,340)	(1,315)
RI | Contracts under FVA
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(34)	(26)
Changes that relate to future service
Changes in estimates that adjust the CSM	(19)	(18)
Total changes that relate to future service	(19)	(18)
Changes that relate to current service
Release of CSM to profit or loss	8	8
Insurance service result	(11)	(10)
Net finance (income) expenses from insurance and reinsurance contracts	(1)
Effect of movements in exchange rates	1	2
Net closing balance at 31 Dec	(45)	(34)
RI | Contracts under FVA | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(55)	(46)
Changes that relate to future service
Changes in estimates that adjust the CSM	(17)	(22)
Total changes that relate to future service	(17)	(22)
Changes that relate to current service
Release of CSM to profit or loss	10	10
Insurance service result	(7)	(12)
Net finance (income) expenses from insurance and reinsurance contracts	(2)	(1)
Effect of movements in exchange rates	1	4
Net closing balance at 31 Dec	(63)	(55)
RI | Other contracts
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(1,296)	(1,198)
Changes that relate to future service
Changes in estimates that adjust the CSM	(81)	(272)
New contracts in the year	(70)	44
Total changes that relate to future service	(151)	(228)
Changes that relate to current service
Release of CSM to profit or loss	195	160
Insurance service result	44	(68)
Net finance (income) expenses from insurance and reinsurance contracts	(48)	(37)
Effect of movements in exchange rates		7
Net closing balance at 31 Dec	(1,300)	(1,296)
RI | Other contracts | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(1,260)	(1,153)
Changes that relate to future service
Changes in estimates that adjust the CSM	(88)	(272)
New contracts in the year	(81)	37
Total changes that relate to future service	(169)	(235)
Changes that relate to current service
Release of CSM to profit or loss	196	161
Insurance service result	27	(74)
Net finance (income) expenses from insurance and reinsurance contracts	(45)	(34)
Effect of movements in exchange rates	1	1
Net closing balance at 31 Dec	$ (1,277)	$ (1,260)

Insurance and reinsurance co_11

Insurance and reinsurance contracts - Additional analysis of insurance and reinsurance contract balances by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Insurance
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	$ 125,133	$ 148,577
Insurance service result	(2,258)	(2,282)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	233	240
Other net finance (income) expense	8,606	(28,863)
Total net finance (income) expense from insurance and reinsurance contracts	8,839	(28,623)
Total amount recognised in income statement	6,581	(30,905)
Effect of movements in exchange rates	210	(2,150)
Total amount recognised in comprehensive income	6,791	(33,055)
Cash flows
Total cash flows	6,942	9,676
Other changes	(175)	(65)
Net closing balance at 31 Dec	138,691	125,133
Insurance | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	144,203	166,544
Insurance service result	(2,424)	(2,396)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	517	489
Other net finance (income) expense	10,347	(28,507)
Total net finance (income) expense from insurance and reinsurance contracts	10,864	(28,018)
Total amount recognised in income statement	8,440	(30,414)
Effect of movements in exchange rates	(114)	(3,829)
Total amount recognised in comprehensive income	8,326	(34,243)
Cash flows
Total cash flows	8,278	11,985
Other changes	(181)	(83)
Net closing balance at 31 Dec	160,626	144,203
Insurance | Including JVs and associates | CPL
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	12,837	11,273
Insurance service result	(98)	(73)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	227	206
Other net finance (income) expense	692	87
Total net finance (income) expense from insurance and reinsurance contracts	919	293
Total amount recognised in income statement	821	220
Effect of movements in exchange rates	(259)	(1,019)
Total amount recognised in comprehensive income	562	(799)
Cash flows
Total cash flows	1,434	2,363
Net closing balance at 31 Dec	14,833	12,837
Insurance | Including JVs and associates | Hong Kong
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	62,686	80,186
Insurance service result	(755)	(696)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(1)	37
Other net finance (income) expense	3,646	(21,912)
Total net finance (income) expense from insurance and reinsurance contracts	3,645	(21,875)
Total amount recognised in income statement	2,890	(22,571)
Effect of movements in exchange rates	(11)	(153)
Total amount recognised in comprehensive income	2,879	(22,724)
Cash flows
Total cash flows	4,509	5,216
Other changes	(1)	8
Net closing balance at 31 Dec	70,073	62,686
Insurance | Including JVs and associates | Indonesia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	3,277	3,720
Insurance service result	(146)	(117)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	43	37
Other net finance (income) expense	145	26
Total net finance (income) expense from insurance and reinsurance contracts	188	63
Total amount recognised in income statement	42	(54)
Effect of movements in exchange rates	46	(307)
Total amount recognised in comprehensive income	88	(361)
Cash flows
Total cash flows	(186)	(69)
Other changes	(37)	(13)
Net closing balance at 31 Dec	3,142	3,277
Insurance | Including JVs and associates | Malaysia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	8,027	8,342
Insurance service result	(254)	(242)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	100	95
Other net finance (income) expense	498	(77)
Total net finance (income) expense from insurance and reinsurance contracts	598	18
Total amount recognised in income statement	344	(224)
Effect of movements in exchange rates	(336)	(454)
Total amount recognised in comprehensive income	8	(678)
Cash flows
Total cash flows	364	366
Other changes	(5)	(3)
Net closing balance at 31 Dec	8,394	8,027
Insurance | Including JVs and associates | Singapore
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	33,903	36,643
Insurance service result	(598)	(546)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	6	31
Other net finance (income) expense	2,657	(4,956)
Total net finance (income) expense from insurance and reinsurance contracts	2,663	(4,925)
Total amount recognised in income statement	2,065	(5,471)
Effect of movements in exchange rates	621	117
Total amount recognised in comprehensive income	2,686	(5,354)
Cash flows
Total cash flows	884	2,684
Other changes	(54)	(70)
Net closing balance at 31 Dec	37,419	33,903
Insurance | Including JVs and associates | Growth markets and other
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	23,473	26,380
Insurance service result	(573)	(722)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	142	83
Other net finance (income) expense	2,709	(1,675)
Total net finance (income) expense from insurance and reinsurance contracts	2,851	(1,592)
Total amount recognised in income statement	2,278	(2,314)
Effect of movements in exchange rates	(175)	(2,013)
Total amount recognised in comprehensive income	2,103	(4,327)
Cash flows
Total cash flows	1,273	1,425
Other changes	(84)	(5)
Net closing balance at 31 Dec	26,765	23,473
Insurance | Best estimate liabilities (BEL)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	104,042	122,620
Insurance service result	(3,478)	2,347
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(43)	13
Other net finance (income) expense	8,650	(28,954)
Total net finance (income) expense from insurance and reinsurance contracts	8,607	(28,941)
Total amount recognised in income statement	5,129	(26,594)
Effect of movements in exchange rates	225	(1,595)
Total amount recognised in comprehensive income	5,354	(28,189)
Cash flows
Total cash flows	6,942	9,676
Other changes	(175)	(65)
Net closing balance at 31 Dec	116,163	104,042
Insurance | Best estimate liabilities (BEL) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	120,735	138,153
Insurance service result	(3,645)	2,180
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	158	182
Other net finance (income) expense	10,379	(28,612)
Total net finance (income) expense from insurance and reinsurance contracts	10,537	(28,430)
Total amount recognised in income statement	6,892	(26,250)
Effect of movements in exchange rates	(49)	(3,070)
Total amount recognised in comprehensive income	6,843	(29,320)
Cash flows
Total cash flows	8,278	11,985
Other changes	(181)	(83)
Net closing balance at 31 Dec	135,675	120,735
Insurance | Best estimate liabilities (BEL) | Including JVs and associates | CPL
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	10,989
Cash flows
Net closing balance at 31 Dec	13,029	10,989
Insurance | Best estimate liabilities (BEL) | Including JVs and associates | Hong Kong
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	54,347
Cash flows
Net closing balance at 31 Dec	60,761	54,347
Insurance | Best estimate liabilities (BEL) | Including JVs and associates | Indonesia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	2,032
Cash flows
Net closing balance at 31 Dec	2,197	2,032
Insurance | Best estimate liabilities (BEL) | Including JVs and associates | Malaysia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	5,452
Cash flows
Net closing balance at 31 Dec	5,910	5,452
Insurance | Best estimate liabilities (BEL) | Including JVs and associates | Singapore
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	28,752
Cash flows
Net closing balance at 31 Dec	31,770	28,752
Insurance | Best estimate liabilities (BEL) | Including JVs and associates | Growth markets and other
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	19,163
Cash flows
Net closing balance at 31 Dec	22,008	19,163
Insurance | Risk adjustment for non-financial risk (RA)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	1,923	2,208
Insurance service result	402	(209)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	47	9
Other net finance (income) expense	(32)	(26)
Total net finance (income) expense from insurance and reinsurance contracts	15	(17)
Total amount recognised in income statement	417	(226)
Effect of movements in exchange rates	4	(59)
Total amount recognised in comprehensive income	421	(285)
Cash flows
Net closing balance at 31 Dec	2,344	1,923
Insurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	2,164	2,443
Insurance service result	405	(202)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	52	13
Other net finance (income) expense	(20)	(12)
Total net finance (income) expense from insurance and reinsurance contracts	32	1
Total amount recognised in income statement	437	(201)
Effect of movements in exchange rates	(2)	(78)
Total amount recognised in comprehensive income	435	(279)
Cash flows
Net closing balance at 31 Dec	2,599	2,164
Insurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates | CPL
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	149
Cash flows
Net closing balance at 31 Dec	152	149
Insurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates | Hong Kong
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	482
Cash flows
Net closing balance at 31 Dec	776	482
Insurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates | Indonesia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	199
Cash flows
Net closing balance at 31 Dec	206	199
Insurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates | Malaysia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	334
Cash flows
Net closing balance at 31 Dec	357	334
Insurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates | Singapore
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	629
Cash flows
Net closing balance at 31 Dec	687	629
Insurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates | Growth markets and other
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	371
Cash flows
Net closing balance at 31 Dec	421	371
Insurance | Contractual service margin (CSM)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	19,168	23,749
Insurance service result	818	(4,420)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	229	218
Other net finance (income) expense	(12)	117
Total net finance (income) expense from insurance and reinsurance contracts	217	335
Total amount recognised in income statement	1,035	(4,085)
Effect of movements in exchange rates	(19)	(496)
Total amount recognised in comprehensive income	1,016	(4,581)
Cash flows
Net closing balance at 31 Dec	20,184	19,168
Insurance | Contractual service margin (CSM) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	21,304	25,948
Insurance service result	816	(4,374)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	307	294
Other net finance (income) expense	(12)	117
Total net finance (income) expense from insurance and reinsurance contracts	295	411
Total amount recognised in income statement	1,111	(3,963)
Effect of movements in exchange rates	(63)	(681)
Total amount recognised in comprehensive income	1,048	(4,644)
Cash flows
Net closing balance at 31 Dec	22,352	21,304
Insurance | Contractual service margin (CSM) | Including JVs and associates | CPL
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	1,699
Cash flows
Net closing balance at 31 Dec	1,652	1,699
Insurance | Contractual service margin (CSM) | Including JVs and associates | Hong Kong
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	7,857
Cash flows
Net closing balance at 31 Dec	8,536	7,857
Insurance | Contractual service margin (CSM) | Including JVs and associates | Indonesia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	1,046
Cash flows
Net closing balance at 31 Dec	739	1,046
Insurance | Contractual service margin (CSM) | Including JVs and associates | Malaysia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	2,241
Cash flows
Net closing balance at 31 Dec	2,127	2,241
Insurance | Contractual service margin (CSM) | Including JVs and associates | Singapore
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	4,522
Cash flows
Net closing balance at 31 Dec	4,962	4,522
Insurance | Contractual service margin (CSM) | Including JVs and associates | Growth markets and other
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	3,939
Cash flows
Net closing balance at 31 Dec	4,336	3,939
Reinsurance
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(681)	(1,533)
Insurance service result	171	105
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(45)	(45)
Other net finance (income) expense	(146)	1,238
Total net finance (income) expense from insurance and reinsurance contracts	(191)	1,193
Total amount recognised in income statement	(20)	1,298
Effect of movements in exchange rates		(6)
Total amount recognised in comprehensive income	(20)	1,292
Cash flows
Total cash flows	(574)	(451)
Other changes		11
Net closing balance at 31 Dec	(1,275)	(681)
Reinsurance | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(800)	(1,664)
Insurance service result	189	107
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(53)	(53)
Other net finance (income) expense	(146)	1,229
Total net finance (income) expense from insurance and reinsurance contracts	(199)	1,176
Total amount recognised in income statement	(10)	1,283
Effect of movements in exchange rates	3	13
Total amount recognised in comprehensive income	(7)	1,296
Cash flows
Total cash flows	(583)	(446)
Other changes		14
Net closing balance at 31 Dec	(1,390)	(800)
Reinsurance | Including JVs and associates | CPL
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(22)	(25)
Insurance service result	8	6
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(1)	(1)
Total net finance (income) expense from insurance and reinsurance contracts	(1)	(1)
Total amount recognised in income statement	7	5
Effect of movements in exchange rates	3	1
Total amount recognised in comprehensive income	10	6
Cash flows
Total cash flows	(9)	(3)
Net closing balance at 31 Dec	(21)	(22)
Reinsurance | Including JVs and associates | Hong Kong
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(923)	(1,663)
Insurance service result	135	63
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(38)	(45)
Other net finance (income) expense	(154)	1,246
Total net finance (income) expense from insurance and reinsurance contracts	(192)	1,201
Total amount recognised in income statement	(57)	1,264
Effect of movements in exchange rates	(2)	4
Total amount recognised in comprehensive income	(59)	1,268
Cash flows
Total cash flows	(407)	(535)
Other changes		7
Net closing balance at 31 Dec	(1,389)	(923)
Reinsurance | Including JVs and associates | Indonesia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	5	8
Insurance service result	2
Net finance (income) expense from insurance and reinsurance contracts
Other net finance (income) expense	(6)	(1)
Total net finance (income) expense from insurance and reinsurance contracts	(6)	(1)
Total amount recognised in income statement	(4)	(1)
Effect of movements in exchange rates	(1)	(1)
Total amount recognised in comprehensive income	(5)	(2)
Cash flows
Total cash flows	9	(1)
Net closing balance at 31 Dec	9	5
Reinsurance | Including JVs and associates | Malaysia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	22	15
Insurance service result	9	10
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	1	1
Other net finance (income) expense		1
Total net finance (income) expense from insurance and reinsurance contracts	1	2
Total amount recognised in income statement	10	12
Effect of movements in exchange rates	(1)
Total amount recognised in comprehensive income	9	12
Cash flows
Total cash flows	(6)	(5)
Net closing balance at 31 Dec	25	22
Reinsurance | Including JVs and associates | Singapore
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	178	59
Insurance service result	17	4
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(8)	(1)
Other net finance (income) expense	1	(6)
Total net finance (income) expense from insurance and reinsurance contracts	(7)	(7)
Total amount recognised in income statement	10	(3)
Effect of movements in exchange rates	(1)	4
Total amount recognised in comprehensive income	9	1
Cash flows
Total cash flows	(181)	118
Net closing balance at 31 Dec	6	178
Reinsurance | Including JVs and associates | Growth markets and other
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(60)	(58)
Insurance service result	18	24
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(7)	(7)
Other net finance (income) expense	13	(11)
Total net finance (income) expense from insurance and reinsurance contracts	6	(18)
Total amount recognised in income statement	24	6
Effect of movements in exchange rates	5	5
Total amount recognised in comprehensive income	29	11
Cash flows
Total cash flows	11	(20)
Other changes		7
Net closing balance at 31 Dec	(20)	(60)
Reinsurance | Best estimate liabilities (BEL)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	654	(278)
Insurance service result	76	170
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	6	(3)
Other net finance (income) expense	(156)	1,224
Total net finance (income) expense from insurance and reinsurance contracts	(150)	1,221
Total amount recognised in income statement	(74)	1,391
Effect of movements in exchange rates	1	(19)
Total amount recognised in comprehensive income	(73)	1,372
Cash flows
Total cash flows	(574)	(451)
Other changes		11
Net closing balance at 31 Dec	7	654
Reinsurance | Best estimate liabilities (BEL) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	541	(415)
Insurance service result	105	178
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(3)	(8)
Other net finance (income) expense	(155)	1,215
Total net finance (income) expense from insurance and reinsurance contracts	(158)	1,207
Total amount recognised in income statement	(53)	1,385
Effect of movements in exchange rates	2	3
Total amount recognised in comprehensive income	(51)	1,388
Cash flows
Total cash flows	(583)	(446)
Other changes		14
Net closing balance at 31 Dec	(93)	541
Reinsurance | Best estimate liabilities (BEL) | Including JVs and associates | CPL
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	2
Cash flows
Net closing balance at 31 Dec	4	2
Reinsurance | Best estimate liabilities (BEL) | Including JVs and associates | Hong Kong
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	465
Cash flows
Net closing balance at 31 Dec	(44)	465
Reinsurance | Best estimate liabilities (BEL) | Including JVs and associates | Indonesia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	8
Cash flows
Net closing balance at 31 Dec	22	8
Reinsurance | Best estimate liabilities (BEL) | Including JVs and associates | Malaysia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	31
Cash flows
Net closing balance at 31 Dec	26	31
Reinsurance | Best estimate liabilities (BEL) | Including JVs and associates | Singapore
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	40
Cash flows
Net closing balance at 31 Dec	(146)	40
Reinsurance | Best estimate liabilities (BEL) | Including JVs and associates | Growth markets and other
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(5)
Cash flows
Net closing balance at 31 Dec	45	(5)
Reinsurance | Risk adjustment for non-financial risk (RA)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(5)	(31)
Insurance service result	62	13
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(2)	(1)
Other net finance (income) expense	10	10
Total net finance (income) expense from insurance and reinsurance contracts	8	9
Total amount recognised in income statement	70	22
Effect of movements in exchange rates	(2)	4
Total amount recognised in comprehensive income	68	26
Cash flows
Net closing balance at 31 Dec	63	(5)
Reinsurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(26)	(50)
Insurance service result	64	15
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(3)	(6)
Other net finance (income) expense	9	10
Total net finance (income) expense from insurance and reinsurance contracts	6	4
Total amount recognised in income statement	70	19
Effect of movements in exchange rates	(1)	5
Total amount recognised in comprehensive income	69	24
Cash flows
Net closing balance at 31 Dec	43	(26)
Reinsurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates | CPL
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(3)
Cash flows
Net closing balance at 31 Dec	(3)	(3)
Reinsurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates | Hong Kong
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	17
Cash flows
Net closing balance at 31 Dec	84	17
Reinsurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates | Indonesia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(3)
Cash flows
Net closing balance at 31 Dec	(7)	(3)
Reinsurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates | Malaysia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(7)
Cash flows
Net closing balance at 31 Dec	(7)	(7)
Reinsurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates | Singapore
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(3)
Cash flows
Net closing balance at 31 Dec	3	(3)
Reinsurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates | Growth markets and other
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(27)
Cash flows
Net closing balance at 31 Dec	(27)	(27)
Reinsurance | Contractual service margin (CSM)
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(1,330)	(1,224)
Insurance service result	33	(78)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(49)	(41)
Other net finance (income) expense		4
Total net finance (income) expense from insurance and reinsurance contracts	(49)	(37)
Total amount recognised in income statement	(16)	(115)
Effect of movements in exchange rates	1	9
Total amount recognised in comprehensive income	(15)	(106)
Cash flows
Net closing balance at 31 Dec	(1,345)	(1,330)
Reinsurance | Contractual service margin (CSM) | Including JVs and associates
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(1,315)	(1,199)
Insurance service result	20	(86)
Net finance (income) expense from insurance and reinsurance contracts
Accretion of interest on GMM contracts	(47)	(39)
Other net finance (income) expense		4
Total net finance (income) expense from insurance and reinsurance contracts	(47)	(35)
Total amount recognised in income statement	(27)	(121)
Effect of movements in exchange rates	2	5
Total amount recognised in comprehensive income	(25)	(116)
Cash flows
Net closing balance at 31 Dec	(1,340)	(1,315)
Reinsurance | Contractual service margin (CSM) | Including JVs and associates | CPL
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(21)
Cash flows
Net closing balance at 31 Dec	(22)	(21)
Reinsurance | Contractual service margin (CSM) | Including JVs and associates | Hong Kong
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(1,405)
Cash flows
Net closing balance at 31 Dec	(1,429)	(1,405)
Reinsurance | Contractual service margin (CSM) | Including JVs and associates | Indonesia
Cash flows
Net closing balance at 31 Dec	(6)
Reinsurance | Contractual service margin (CSM) | Including JVs and associates | Malaysia
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(2)
Cash flows
Net closing balance at 31 Dec	6	(2)
Reinsurance | Contractual service margin (CSM) | Including JVs and associates | Singapore
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	141
Cash flows
Net closing balance at 31 Dec	149	141
Reinsurance | Contractual service margin (CSM) | Including JVs and associates | Growth markets and other
Analysis of movements in insurance and reinsurance contract balances by measurement component
Net opening balance at 1 Jan	(28)
Cash flows
Net closing balance at 31 Dec	$ (38)	$ (28)

Insurance and reinsurance co_12

Insurance and reinsurance contracts - Insurance contracts - expected recognition of the CSM (Details) - Insurance - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	$ 138,691	$ 125,133	$ 148,577
Including JVs and associates
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	160,626	144,203	166,544
Contractual service margin (CSM)
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	20,184	19,168	23,749
Contractual service margin (CSM) | 1 year or less
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	2,041	1,981
Contractual service margin (CSM) | After 1 year to 2 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	1,780	1,751
Contractual service margin (CSM) | After 2 years to 3 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	1,586	1,555
Contractual service margin (CSM) | After 3 years to 4 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	1,412	1,385
Contractual service margin (CSM) | After 4 years to 5 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	1,283	1,217
Contractual service margin (CSM) | After 5 years to 10 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	4,604	4,306
Contractual service margin (CSM) | After 10 years to 15 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	2,924	2,705
Contractual service margin (CSM) | After 15 years to 20 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	1,781	1,666
Contractual service margin (CSM) | After 20 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	2,773	2,602
Contractual service margin (CSM) | Group's share relating to JVs and associates
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	2,168	2,136
Contractual service margin (CSM) | Group's share relating to JVs and associates | 1 year or less
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	226	219
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 1 year to 2 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	190	175
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 2 years to 3 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	165	155
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 3 years to 4 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	146	138
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 4 years to 5 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	127	122
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 5 years to 10 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	474	454
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 10 years to 15 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	293	292
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 15 years to 20 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	195	201
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 20 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	352	380
Contractual service margin (CSM) | Including JVs and associates
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	22,352	21,304	$ 25,948
Contractual service margin (CSM) | Including JVs and associates | 1 year or less
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	2,267	2,200
Contractual service margin (CSM) | Including JVs and associates | After 1 year to 2 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	1,970	1,926
Contractual service margin (CSM) | Including JVs and associates | After 2 years to 3 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	1,751	1,710
Contractual service margin (CSM) | Including JVs and associates | After 3 years to 4 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	1,558	1,523
Contractual service margin (CSM) | Including JVs and associates | After 4 years to 5 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	1,410	1,339
Contractual service margin (CSM) | Including JVs and associates | After 5 years to 10 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	5,078	4,760
Contractual service margin (CSM) | Including JVs and associates | After 10 years to 15 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	3,217	2,997
Contractual service margin (CSM) | Including JVs and associates | After 15 years to 20 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	1,976	1,867
Contractual service margin (CSM) | Including JVs and associates | After 20 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	$ 3,125	$ 2,982

Insurance and reinsurance co_13

Insurance and reinsurance contracts - Reinsurance contracts - expected recognition of the CSM (Details) - RI - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	$ (1,275)	$ (681)	$ (1,533)
Including JVs and associates
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(1,390)	(800)	(1,664)
Contractual service margin (CSM)
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(1,345)	(1,330)	(1,224)
Contractual service margin (CSM) | 1 year or less
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(177)	(122)
Contractual service margin (CSM) | After 1 year to 2 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(132)	(111)
Contractual service margin (CSM) | After 2 years to 3 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(103)	(100)
Contractual service margin (CSM) | After 3 years to 4 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(85)	(89)
Contractual service margin (CSM) | After 4 years to 5 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(74)	(80)
Contractual service margin (CSM) | After 5 years to 10 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(268)	(301)
Contractual service margin (CSM) | After 10 years to 15 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(173)	(188)
Contractual service margin (CSM) | After 15 years to 20 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(113)	(119)
Contractual service margin (CSM) | After 20 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(220)	(220)
Contractual service margin (CSM) | Group's share relating to JVs and associates
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	5	15
Contractual service margin (CSM) | Group's share relating to JVs and associates | 1 year or less
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(2)	(2)
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 1 year to 2 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)		2
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 2 years to 3 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	1	2
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 3 years to 4 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	1	2
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 4 years to 5 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	1	2
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 5 years to 10 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	3	5
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 10 years to 15 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	2	3
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 15 years to 20 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)		1
Contractual service margin (CSM) | Group's share relating to JVs and associates | After 20 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(1)
Contractual service margin (CSM) | Including JVs and associates
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(1,340)	(1,315)	$ (1,199)
Contractual service margin (CSM) | Including JVs and associates | 1 year or less
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(179)	(124)
Contractual service margin (CSM) | Including JVs and associates | After 1 year to 2 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(132)	(109)
Contractual service margin (CSM) | Including JVs and associates | After 2 years to 3 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(102)	(98)
Contractual service margin (CSM) | Including JVs and associates | After 3 years to 4 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(84)	(87)
Contractual service margin (CSM) | Including JVs and associates | After 4 years to 5 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(73)	(78)
Contractual service margin (CSM) | Including JVs and associates | After 5 years to 10 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(265)	(296)
Contractual service margin (CSM) | Including JVs and associates | After 10 years to 15 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(171)	(185)
Contractual service margin (CSM) | Including JVs and associates | After 15 years to 20 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	(113)	(118)
Contractual service margin (CSM) | Including JVs and associates | After 20 years
Insurance/Reinsurance contracts - expected recognition
Net liabilities (assets)	$ (221)	$ (220)

Insurance and reinsurance co_14

Insurance and reinsurance contracts - Insurance contract liabilities - expected cash flows (discounted) (Details) - Insurance - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Insurance/Reinsurance contracts - expected recognition
Liabilities	$ 139,839	$ 126,239	$ 149,798
Including JVs and associates
Insurance/Reinsurance contracts - expected recognition
Liabilities	161,818	145,342	167,801
Best estimate liabilities (BEL)
Insurance/Reinsurance contracts - expected recognition
Liabilities	120,115	107,582	126,438
Best estimate liabilities (BEL) | 1 year or less
Insurance/Reinsurance contracts - expected recognition
Liabilities	2,256	(622)
Best estimate liabilities (BEL) | After 1 year to 2 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	2,262	1,040
Best estimate liabilities (BEL) | After 2 years to 3 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	4,269	3,021
Best estimate liabilities (BEL) | After 3 years to 4 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	5,272	4,441
Best estimate liabilities (BEL) | After 4 years to 5 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	4,436	4,652
Best estimate liabilities (BEL) | After 5 years to 10 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	18,726	20,131
Best estimate liabilities (BEL) | After 10 years to 15 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	16,374	16,507
Best estimate liabilities (BEL) | After 15 years to 20 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	14,560	12,873
Best estimate liabilities (BEL) | After 20 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	35,210	30,891
Best estimate liabilities (BEL) | No stated maturity
Insurance/Reinsurance contracts - expected recognition
Liabilities	16,750	14,648
Best estimate liabilities (BEL) | Group's share relating to JVs and associates
Insurance/Reinsurance contracts - expected recognition
Liabilities	19,558	16,715
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | 1 year or less
Insurance/Reinsurance contracts - expected recognition
Liabilities	(477)	(847)
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 1 year to 2 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	94	81
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 2 years to 3 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	516	477
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 3 years to 4 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	973	732
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 4 years to 5 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	828	1,146
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 5 years to 10 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	3,076	2,832
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 10 years to 15 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	2,703	2,309
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 15 years to 20 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	2,016	1,674
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 20 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	6,287	5,064
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | No stated maturity
Insurance/Reinsurance contracts - expected recognition
Liabilities	3,542	3,247
Best estimate liabilities (BEL) | Including JVs and associates
Insurance/Reinsurance contracts - expected recognition
Liabilities	139,673	124,297	$ 142,146
Best estimate liabilities (BEL) | Including JVs and associates | 1 year or less
Insurance/Reinsurance contracts - expected recognition
Liabilities	1,779	(1,469)
Best estimate liabilities (BEL) | Including JVs and associates | After 1 year to 2 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	2,356	1,121
Best estimate liabilities (BEL) | Including JVs and associates | After 2 years to 3 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	4,785	3,498
Best estimate liabilities (BEL) | Including JVs and associates | After 3 years to 4 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	6,245	5,173
Best estimate liabilities (BEL) | Including JVs and associates | After 4 years to 5 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	5,264	5,798
Best estimate liabilities (BEL) | Including JVs and associates | After 5 years to 10 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	21,802	22,963
Best estimate liabilities (BEL) | Including JVs and associates | After 10 years to 15 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	19,077	18,816
Best estimate liabilities (BEL) | Including JVs and associates | After 15 years to 20 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	16,576	14,547
Best estimate liabilities (BEL) | Including JVs and associates | After 20 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	41,497	35,955
Best estimate liabilities (BEL) | Including JVs and associates | No stated maturity
Insurance/Reinsurance contracts - expected recognition
Liabilities	$ 20,292	$ 17,895

Insurance and reinsurance co_15

Insurance and reinsurance contracts - Reinsurance contract liabilities - expected cash flows (discounted) (Details) - RI - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Insurance/Reinsurance contracts - expected recognition
Liabilities	$ 1,151	$ 1,175	$ 1,254
Including JVs and associates
Insurance/Reinsurance contracts - expected recognition
Liabilities	1,179	1,200	1,276
Best estimate liabilities (BEL)
Insurance/Reinsurance contracts - expected recognition
Liabilities	1,182	1,162	1,474
Best estimate liabilities (BEL) | 1 year or less
Insurance/Reinsurance contracts - expected recognition
Liabilities	820	136
Best estimate liabilities (BEL) | After 1 year to 2 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	58	693
Best estimate liabilities (BEL) | After 2 years to 3 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	54
Best estimate liabilities (BEL) | After 3 years to 4 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	26	4
Best estimate liabilities (BEL) | After 4 years to 5 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	4	(15)
Best estimate liabilities (BEL) | After 5 years to 10 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	(3)	(67)
Best estimate liabilities (BEL) | After 10 years to 15 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	4	1
Best estimate liabilities (BEL) | After 15 years to 20 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	5	24
Best estimate liabilities (BEL) | After 20 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	214	386
Best estimate liabilities (BEL) | Group's share relating to JVs and associates
Insurance/Reinsurance contracts - expected recognition
Liabilities	40	30
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | 1 year or less
Insurance/Reinsurance contracts - expected recognition
Liabilities	15	23
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 1 year to 2 years
Insurance/Reinsurance contracts - expected recognition
Liabilities		2
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 2 years to 3 years
Insurance/Reinsurance contracts - expected recognition
Liabilities		2
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 3 years to 4 years
Insurance/Reinsurance contracts - expected recognition
Liabilities		1
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 4 years to 5 years
Insurance/Reinsurance contracts - expected recognition
Liabilities		1
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 5 years to 10 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	1	2
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 10 years to 15 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	2
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 15 years to 20 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	3
Best estimate liabilities (BEL) | Group's share relating to JVs and associates | After 20 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	19	(1)
Best estimate liabilities (BEL) | Including JVs and associates
Insurance/Reinsurance contracts - expected recognition
Liabilities	1,222	1,193	$ 1,501
Best estimate liabilities (BEL) | Including JVs and associates | 1 year or less
Insurance/Reinsurance contracts - expected recognition
Liabilities	835	159
Best estimate liabilities (BEL) | Including JVs and associates | After 1 year to 2 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	58	695
Best estimate liabilities (BEL) | Including JVs and associates | After 2 years to 3 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	54	2
Best estimate liabilities (BEL) | Including JVs and associates | After 3 years to 4 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	26	5
Best estimate liabilities (BEL) | Including JVs and associates | After 4 years to 5 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	4	(14)
Best estimate liabilities (BEL) | Including JVs and associates | After 5 years to 10 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	(2)	(65)
Best estimate liabilities (BEL) | Including JVs and associates | After 10 years to 15 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	6	1
Best estimate liabilities (BEL) | Including JVs and associates | After 15 years to 20 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	8	25
Best estimate liabilities (BEL) | Including JVs and associates | After 20 years
Insurance/Reinsurance contracts - expected recognition
Liabilities	$ 233	$ 385

Insurance and reinsurance co_16

Insurance and reinsurance contracts - Products and determining contract liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Fair value of underlying items for contracts with direct participation features	$ 127,570	$ 115,489
RI | A- and above by Standard & Poor's
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items]
Maximum exposure to credit risk percentage	98%	95%

Intangible assets - Goodwill re

Intangible assets - Goodwill reconciliation (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Changes in goodwill:
Carrying value at beginning of period	[1]	$ 890	$ 907
Exchange differences		6	(17)
Carrying value at end of period		896	890	[1]
Accumulated impairment
Changes in goodwill:
Carrying value at beginning of period		0
Carrying value at end of period		$ 0	$ 0
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Intangible assets - Impairment

Intangible assets - Impairment testing (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	[1]
Cash-generating units
Goodwill	$ 896	$ 890	[1]	$ 907
Percentage of reasonably possible decrease in cash flow projections	10%
Percentage of reasonably possible decrease in growth rate	1%
Percentage of reasonably possible increase in discount rate	1%
Impairment loss resulting from reasonably possible changes in assumptions, goodwill	$ 0
Thailand Asset Management
Cash-generating units
Goodwill	$ 449	$ 445
Period of discounted cash flow valuation	5 years
Constant growth rate	3.50%	3.50%
Pre-tax discount rate	9%	9%
UOB Life
Cash-generating units
Goodwill	$ 238	$ 234
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Intangible Assets - Other intan

Intangible Assets - Other intangible assets (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Present value of acquired other intangible assets
Intangible assets balance at the beginning of the period	[1]	$ 3,884	$ 4,015
Additions		498	289
Amortisation charge		(379)	(349)
Disposals and transfers		(6)	(6)
Exchange differences and other movements		(11)	(65)
Intangible assets balance at the end of the period		3,986	3,884	[1]
Cost/Gross amount
Present value of acquired other intangible assets
Intangible assets balance at the beginning of the period		5,665	5,462
Intangible assets balance at the end of the period		6,122	5,665
Accumulated amortisation
Present value of acquired other intangible assets
Intangible assets balance at the beginning of the period		(1,781)	(1,447)
Intangible assets balance at the end of the period		(2,136)	(1,781)
Distribution rights
Present value of acquired other intangible assets
Intangible assets balance at the beginning of the period		3,630	3,782
Additions		415	206
Amortisation charge		(330)	(301)
Exchange differences and other movements		(6)	(57)
Intangible assets balance at the end of the period		3,709	3,630
Distribution rights | Cost/Gross amount
Present value of acquired other intangible assets
Intangible assets balance at the beginning of the period		5,176	5,037
Intangible assets balance at the end of the period		5,585	5,176
Distribution rights | Accumulated amortisation
Present value of acquired other intangible assets
Intangible assets balance at the beginning of the period		(1,546)	(1,255)
Intangible assets balance at the end of the period		(1,876)	(1,546)
Other intangibles
Present value of acquired other intangible assets
Intangible assets balance at the beginning of the period		254	233
Additions		83	83
Amortisation charge		(49)	(48)
Disposals and transfers		(6)	(6)
Exchange differences and other movements		(5)	(8)
Intangible assets balance at the end of the period		277	254
Other intangibles | Cost/Gross amount
Present value of acquired other intangible assets
Intangible assets balance at the beginning of the period		489	425
Intangible assets balance at the end of the period		537	489
Other intangibles | Accumulated amortisation
Present value of acquired other intangible assets
Intangible assets balance at the beginning of the period		(235)	(192)
Intangible assets balance at the end of the period		$ (260)	$ (235)
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Borrowings - Core Structural Bo

Borrowings - Core Structural Borrowings (Details) € in Millions, £ in Millions, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Jul. 10, 2023 EUR (€)	Jan. 20, 2023 GBP (£)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Core structural borrowings of shareholder-financed businesses
Borrowings
Borrowings	$ 3,933				$ 4,261			$ 6,127	$ 6,633
US$750m 4.875% Notes
Borrowings
Borrowings	750				750
Notional amount	$ 750				$ 750
Borrowings, interest rate	4.875%	4.875%			4.875%	4.875%	4.875%
EUR20m Medium Term Notes 2023
Borrowings
Borrowings					$ 21
Notional amount | €			€ 20			€ 20
GBP435m 6.125% Notes 2031
Borrowings
Borrowings	$ 551				$ 520
Notional amount | £		£ 435					£ 435
Borrowings, interest rate	6.125%	6.125%			6.125%	6.125%	6.125%
US$1,000m 2.95% Notes 2033
Borrowings
Borrowings	$ 996				$ 995
Notional amount	$ 1,000				$ 1,000
Borrowings, interest rate	2.95%	2.95%			2.95%	2.95%	2.95%
Senior debt: GBP300m 6.875% Bonds 2023
Borrowings
Borrowings					$ 361
Notional amount | £				£ 300			£ 300
Borrowings, interest rate					6.875%	6.875%	6.875%
Senior debt: GBP250m 5.875% Bonds 2029
Borrowings
Borrowings	$ 301				$ 281
Notional amount | £		£ 250					£ 250
Borrowings, interest rate	5.875%	5.875%			5.875%	5.875%	5.875%
Senior debt: US$1,000m 3.125% Notes 2030
Borrowings
Borrowings	$ 988				$ 987
Notional amount	$ 1,000				$ 1,000
Borrowings, interest rate	3.125%	3.125%			3.125%	3.125%	3.125%
Senior debt; US$350m 3.625% Notes 2032
Borrowings
Borrowings	$ 347				$ 346
Notional amount	$ 350				$ 350
Borrowings, interest rate	3.625%	3.625%			3.625%	3.625%	3.625%

Borrowings - Operational borrow

Borrowings - Operational borrowings (Details) - Operational borrowings - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Borrowings	$ 941	$ 815
Borrowings in respect of short-term fixed income securities programmes (commercial paper)
Borrowings
Borrowings	699	501
Lease liabilities under IFRS 16
Borrowings
Borrowings	234	299
Other borrowings
Borrowings
Borrowings	$ 8	$ 15

Risk and sensitivity analysis -

Risk and sensitivity analysis - Sensitivity to key market risks (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Risk and sensitivity analysis
Exchange movements arising during the year	$ (135)	$ (613)	[1]	$ (180)	[1]
Profit (loss) for the year after tax	1,712	(997)	[2]	(2,813)
Shareholders' equity	17,823	16,731	[3]	$ 18,936	[3]
Including JVs and associates
Risk and sensitivity analysis
Contractual service margin	21,012
Insurance segments
Risk and sensitivity analysis
Profit (loss) for the year after tax	2,099	(494)
Insurance segments | Including JVs and associates
Risk and sensitivity analysis
Contractual service margin	21,012	19,989
Foreign exchange risk
Risk and sensitivity analysis
Exchange movements arising during the year	$ (124)	$ (603)
Changes of foreign exchange rates recorded as part of other comprehensive income, percentage of opening equity	1%	3%
Reasonably possible increase in assumption (as a percent)	10%	10%
Reasonably possible decrease in assumption (as a percent)	10%	10%
Net effect on shareholders' equity from decrease in assumption	$ 1,256	$ 1,182
Net effect on shareholders' equity from increase in assumption	(1,028)	(967)
Net effect on profit after tax from decrease in assumption	152	49
Net effect on profit after tax from increase in assumption	$ (124)	$ (40)
Interest rate risk | Insurance segments
Risk and sensitivity analysis
Reasonably possible increase in assumption (as a percent)	1%	1%
Reasonably possible decrease in assumption (as a percent)	0.50%	0.50%
Floor for movements in interest rates in sensitivity analysis	0%	0%
Net effect on financial assets from decrease in assumption	$ 6,815	$ 5,873
Net effect on financial assets from increase in assumption	(12,004)	(10,362)
Net effect on net insurance contract liabilities (including CSM) from decrease in assumption	(7,332)	(6,120)
Net effect on net insurance contract liabilities (including CSM) from increase in assumption	12,191	10,295
Net effect on shareholders' equity from decrease in assumption	(328)	(127)
Net effect on shareholders' equity from increase in assumption	24	(165)
Net effect on profit after tax from decrease in assumption	(328)	(127)
Net effect on profit after tax from increase in assumption	24	(165)
Net effect on CSM from decrease in assumption	358	220
Net effect on CSM from increase in assumption	(880)	(850)
Net effect on pre-tax adjusted operating profit from decrease in assumption	(30)	(47)
Net effect on pre-tax adjusted operating profit from increase in assumption	$ 33	$ 54
Equity/property market | Insurance segments
Risk and sensitivity analysis
Reasonably possible increase in assumption (as a percent)	10%	10%
Reasonably possible decrease in assumption (as a percent)	20%	20%
Net effect on financial assets from decrease in assumption	$ (13,359)	$ (11,884)
Net effect on financial assets from increase in assumption	6,681	5,939
Net effect on net insurance contract liabilities (including CSM) from decrease in assumption	12,288	10,927
Net effect on net insurance contract liabilities (including CSM) from increase in assumption	(6,254)	(5,571)
Net effect on shareholders' equity from decrease in assumption	(822)	(735)
Net effect on shareholders' equity from increase in assumption	327	283
Net effect on profit after tax from decrease in assumption	(822)	(735)
Net effect on profit after tax from increase in assumption	327	283
Net effect on CSM from decrease in assumption	(1,392)	(1,303)
Net effect on CSM from increase in assumption	618	550
Net effect on pre-tax adjusted operating profit from decrease in assumption	(186)	(157)
Net effect on pre-tax adjusted operating profit from increase in assumption	$ 83	$ 66
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures. The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Risk and sensitivity analysis_2

Risk and sensitivity analysis - Sensitivity to insurance risk (Details) - Insurance risk - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Maintenance expenses
Risk and sensitivity analysis
Reasonably possible increase in assumption (as a percent)	10%	10%
Net effect on shareholders' equity, Gross of reinsurance from increase in assumption	$ (77)	$ (58)
Net effect on shareholders' equity, Net of reinsurance from increase in assumption	(71)	(57)
Net effect on profit after tax, Gross of reinsurance from increase in assumption	(77)	(58)
Net effect on profit after tax, net of reinsurance from increase in assumption	(71)	(57)
Net effect on CSM, Gross of reinsurance from increase in assumption	(420)	(365)
Net effect on CSM, Net of reinsurance from increase in assumption	(427)	(365)
Net effect on pre-tax adjusted operating profit from increase in assumption	$ (61)	$ (53)
Lapse rates
Risk and sensitivity analysis
Reasonably possible increase in assumption (as a percent)	10%	10%
Net effect on shareholders' equity, Gross of reinsurance from increase in assumption	$ (88)	$ (78)
Net effect on shareholders' equity, Net of reinsurance from increase in assumption	(76)	(70)
Net effect on profit after tax, Gross of reinsurance from increase in assumption	(88)	(78)
Net effect on profit after tax, net of reinsurance from increase in assumption	(76)	(70)
Net effect on CSM, Gross of reinsurance from increase in assumption	(1,363)	(1,179)
Net effect on CSM, Net of reinsurance from increase in assumption	(1,496)	(1,274)
Net effect on pre-tax adjusted operating profit from increase in assumption	$ (95)	$ (69)
Mortality and morbidity
Risk and sensitivity analysis
Reasonably possible increase in assumption (as a percent)	5%	5%
Net effect on shareholders' equity, Gross of reinsurance from increase in assumption	$ (131)	$ (88)
Net effect on shareholders' equity, Net of reinsurance from increase in assumption	(96)	(79)
Net effect on profit after tax, Gross of reinsurance from increase in assumption	(131)	(88)
Net effect on profit after tax, net of reinsurance from increase in assumption	(96)	(79)
Net effect on CSM, Gross of reinsurance from increase in assumption	(638)	(548)
Net effect on CSM, Net of reinsurance from increase in assumption	(261)	(217)
Net effect on pre-tax adjusted operating profit from increase in assumption	$ (85)	$ (67)

Tax assets and liabilities - Cu

Tax assets and liabilities - Current tax (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	[1]
Tax assets and liabilities
Current tax recoverable	$ 34	$ 18	[1]	$ 20
Current tax liabilities	275	208	[1]	185
Provision for uncertain tax matters	93	79
Deferred tax assets	156	140	[1]	132
Deferred tax liabilities	$ 1,250	$ 1,139	[1]	$ 1,167
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Tax assets and liabilities - De

Tax assets and liabilities - Deferred tax assets and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of deferred tax in statement of financial position and by Group's operations
Net deferred tax (assets) liabilities at beginning of period	$ 999	$ 1,035
Deferred tax expense (income) recognised in profit or loss	104	(3)	$ 405
Other movements including foreign exchange movements	(9)	(33)
Net deferred tax (assets) liabilities at end of period	1,094	999	1,035
As previously reported
Disclosure of deferred tax in statement of financial position and by Group's operations
Net deferred tax (assets) liabilities at beginning of period		2,596
Net deferred tax (assets) liabilities at end of period			2,596
Effect of initial application of IFRS 17 and classification overlay of IFRS 9, net of tax
Disclosure of deferred tax in statement of financial position and by Group's operations
Net deferred tax (assets) liabilities at beginning of period		(1,561)
Net deferred tax (assets) liabilities at end of period			(1,561)
Unrealised gains and losses on investments
Disclosure of deferred tax in statement of financial position and by Group's operations
Net deferred tax (assets) liabilities at beginning of period	(129)	239
Deferred tax expense (income) recognised in profit or loss	268	(361)
Other movements including foreign exchange movements	(10)	(7)
Net deferred tax (assets) liabilities at end of period	129	(129)	239
Unrealised gains and losses on investments | As previously reported
Disclosure of deferred tax in statement of financial position and by Group's operations
Net deferred tax (assets) liabilities at beginning of period		239
Net deferred tax (assets) liabilities at end of period			239
Balances relating to investment and insurance contracts
Disclosure of deferred tax in statement of financial position and by Group's operations
Net deferred tax (assets) liabilities at beginning of period	1,255	999
Deferred tax expense (income) recognised in profit or loss	(87)	297
Other movements including foreign exchange movements	2	(41)
Net deferred tax (assets) liabilities at end of period	1,170	1,255	999
Balances relating to investment and insurance contracts | As previously reported
Disclosure of deferred tax in statement of financial position and by Group's operations
Net deferred tax (assets) liabilities at beginning of period		2,091
Net deferred tax (assets) liabilities at end of period			2,091
Balances relating to investment and insurance contracts | Effect of initial application of IFRS 17 and classification overlay of IFRS 9, net of tax
Disclosure of deferred tax in statement of financial position and by Group's operations
Net deferred tax (assets) liabilities at beginning of period		(1,092)
Net deferred tax (assets) liabilities at end of period			(1,092)
Short-term temporary differences
Disclosure of deferred tax in statement of financial position and by Group's operations
Net deferred tax (assets) liabilities at beginning of period	(96)	(136)
Deferred tax expense (income) recognised in profit or loss	2	29
Other movements including foreign exchange movements		11
Net deferred tax (assets) liabilities at end of period	(94)	(96)	(136)
Short-term temporary differences | As previously reported
Disclosure of deferred tax in statement of financial position and by Group's operations
Net deferred tax (assets) liabilities at beginning of period		333
Net deferred tax (assets) liabilities at end of period			333
Short-term temporary differences | Effect of initial application of IFRS 17 and classification overlay of IFRS 9, net of tax
Disclosure of deferred tax in statement of financial position and by Group's operations
Net deferred tax (assets) liabilities at beginning of period		(469)
Net deferred tax (assets) liabilities at end of period			(469)
Unused tax losses
Disclosure of deferred tax in statement of financial position and by Group's operations
Net deferred tax (assets) liabilities at beginning of period	(31)	(67)
Deferred tax expense (income) recognised in profit or loss	(79)	32
Other movements including foreign exchange movements	(1)	4
Net deferred tax (assets) liabilities at end of period	$ (111)	(31)	(67)
Unused tax losses | As previously reported
Disclosure of deferred tax in statement of financial position and by Group's operations
Net deferred tax (assets) liabilities at beginning of period		$ (67)
Net deferred tax (assets) liabilities at end of period			$ (67)

Tax assets and liabilities - Ta

Tax assets and liabilities - Tax benefits not recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of deferred tax in statement of financial position and by Group's operations
Deferred tax assets recognised due to increase in forecast taxable profit	$ 54
Unused tax losses and temporary deductible differences for which no deferred tax asset recognised	1,319	$ 2,235
Deferred tax liabilities not recognized in jurisdictions where a withholding charge is incurred upon distribution of earnings	225	210
3 March 2023
Disclosure of deferred tax in statement of financial position and by Group's operations
Unused tax losses and temporary deductible differences for which no deferred tax asset recognised		837
Within 10 years
Disclosure of deferred tax in statement of financial position and by Group's operations
Unused tax losses and temporary deductible differences for which no deferred tax asset recognised	108	103
Tax benefit not recognized	24
No expiry date
Disclosure of deferred tax in statement of financial position and by Group's operations
Unused tax losses and temporary deductible differences for which no deferred tax asset recognised	1,211	$ 1,295
Tax benefit not recognized	$ 240

Share capital, share premium _3

Share capital, share premium and own shares - Share capital and premium (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) shares		Dec. 31, 2022 USD ($) shares		Dec. 31, 2021 USD ($) Options shares		Dec. 31, 2023 Options £ / shares	Dec. 31, 2022 Options £ / shares	Dec. 31, 2020 Options
Disclosure of classes of share capital
Par value per share (in GBP per share) | £ / shares							£ 0.05	£ 0.05
Number of issued shares at beginning of period | shares	2,749,669,380		2,746,412,265
Number of issued shares at end of period | shares	2,753,520,756		2,749,669,380		2,746,412,265
Balance at beginning of year	$ 16,898	[1],[2]	$ 19,111	[1],[2]	$ 22,119	[3]
Shares issued	4		(4)	[2]	2,382	[3]
Balance at end of year	17,983		16,898	[1],[2]	19,111	[1],[2]
Share capital
Disclosure of classes of share capital
Balance at beginning of year	182	[2]	182	[2]	173	[3]
Shares issued	1				9	[3]
Balance at end of year	183		182	[2]	182	[2]
Share premium
Disclosure of classes of share capital
Balance at beginning of year	5,006	[2]	5,010	[2]	2,637	[3]
Shares issued	3		(4)	[2]	2,373	[3]
Balance at end of year	$ 5,009		5,006	[2]	$ 5,010	[2]
Share premium | Share offer
Disclosure of classes of share capital
Shares issued			$ (6)
Share-based schemes
Disclosure of classes of share capital
Number of shares issued | shares	3,851,376		3,257,115
Share-based schemes | Share capital
Disclosure of classes of share capital
Shares issued	$ 1
Share-based schemes | Share premium
Disclosure of classes of share capital
Shares issued	$ 3		$ 2
SAYE options
Options outstanding under save as you earn schemes
Number of shares under option | Options					2,000,000		1,671,215	1,858,292	2,300,000
SAYE options | Minimum
Options outstanding under save as you earn schemes
Share price | £ / shares							£ 7.37	£ 7.37
SAYE options | Maximum
Options outstanding under save as you earn schemes
Share price | £ / shares							£ 14.55	£ 14.55
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 have not been re-presented and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Share capital, share premium _4

Share capital, share premium and own shares - Transactions in Prudential plc shares (Details) £ in Millions, $ in Millions		12 Months Ended
	Jan. 16, 2024 GBP (£) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Share repurchase programme
Transactions in Prudential plc shares
Number of shares purchased	3,851,376
Cost of shares purchased | £	£ 32
Shares held in trust for employee incentive plans
Transactions in Prudential plc shares
Number of shares purchased		3,888,138	5,498,486
Cost of shares purchased | $		$ 54	$ 77
Number of shares held		10,000,000	12,600,000

Capital - Capital Measure (Deta

Capital - Capital Measure (Details) - USD ($) $ in Billions	Dec. 31, 2023	Dec. 31, 2022
Capital
Group shareholder GWS capital resources	$ 24.3	$ 23.2

Capital - Local capital regulat

Capital - Local capital regulations (Details)	Dec. 31, 2023	Apr. 01, 2009	Mar. 31, 2009
CPL
Local capital regulations
Minimum core solvency ratio	50%
Minimum comprehensive solvency ratio	100%
Malaysia
Local capital regulations
Minimum Supervisory Target Capital Level percentage	130%
Percentage of foreign equity ownership		70%	49%

Capital - Asset management oper

Capital - Asset management operations (Details) - Asset management business - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Regulatory and other surplus
Balance at 1 January	$ 466	$ 522
Gains during the year	254	187
Movement in capital requirement	(20)	15
Capital injection	3	3
Distributions made to the parent company	(205)	(214)
Exchange and other movements	(1)	(47)
Balance at 31 December	$ 497	$ 466

Property, plant and equipment -

Property, plant and equipment - Breakdown (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment	$ 374	$ 437	[1]	$ 495	[1]
Property, plant and equipment held at cost
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment	347	410		$ 469
Owner occupied properties held at fair value
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment	$ 27	$ 27
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Property, plant and equipment_2

Property, plant and equipment (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Reconciliation of the carrying amount of property, plant and equipment
Property, plant and equipment at beginning of year	[1]	$ 437	$ 495
Property, plant and equipment at end of year		374	437	[1]	$ 495	[1]
Right-of-use assets, property assets		202	267
Right-of-use assets, non-property assets		14	4
Undiscounted value of lease payments not recognised in the lease liabilities		231	189
Sublease rental income		7	6
Capital expenditures, excluding right-of-use assets		44	34	[2]	36
Operating segments
Reconciliation of the carrying amount of property, plant and equipment
Capital expenditures, excluding right-of-use assets		44	34
Operating segments | Hong Kong
Reconciliation of the carrying amount of property, plant and equipment
Capital expenditures, excluding right-of-use assets		22	11
Operating segments | Indonesia
Reconciliation of the carrying amount of property, plant and equipment
Capital expenditures, excluding right-of-use assets			1
Operating segments | Malaysia
Reconciliation of the carrying amount of property, plant and equipment
Capital expenditures, excluding right-of-use assets		1	1
Operating segments | Singapore
Reconciliation of the carrying amount of property, plant and equipment
Capital expenditures, excluding right-of-use assets		2	3
Operating segments | Growth markets and other
Reconciliation of the carrying amount of property, plant and equipment
Capital expenditures, excluding right-of-use assets		15	16
Operating segments | Eastspring
Reconciliation of the carrying amount of property, plant and equipment
Capital expenditures, excluding right-of-use assets		4	2
Property, plant and equipment held at cost
Reconciliation of the carrying amount of property, plant and equipment
Property, plant and equipment at beginning of year		410	469
Additions		101	83
Depreciation and impairment charge		(145)	(145)
Disposals, transfers and lease modifications		(19)	24
Effect of movements in exchange rates			(21)
Property, plant and equipment at end of year		347	410		469
Property, plant and equipment held at cost | Cost/Gross amount
Reconciliation of the carrying amount of property, plant and equipment
Property, plant and equipment at beginning of year		1,183	1,189
Property, plant and equipment at end of year		1,202	1,183		1,189
Property, plant and equipment held at cost | Accumulated depreciation
Reconciliation of the carrying amount of property, plant and equipment
Property, plant and equipment at beginning of year		(773)	(720)
Property, plant and equipment at end of year		(855)	(773)		(720)
Property, plant and equipment held at cost | Group occupied property
Reconciliation of the carrying amount of property, plant and equipment
Property, plant and equipment at beginning of year		13	14
Disposals, transfers and lease modifications		3
Effect of movements in exchange rates			(1)
Property, plant and equipment at end of year		16	13		14
Property, plant and equipment held at cost | Group occupied property | Cost/Gross amount
Reconciliation of the carrying amount of property, plant and equipment
Property, plant and equipment at beginning of year		21	22
Property, plant and equipment at end of year		24	21		22
Property, plant and equipment held at cost | Group occupied property | Accumulated depreciation
Reconciliation of the carrying amount of property, plant and equipment
Property, plant and equipment at beginning of year		(8)	(8)
Property, plant and equipment at end of year		(8)	(8)		(8)
Property, plant and equipment held at cost | Tangible assets
Reconciliation of the carrying amount of property, plant and equipment
Property, plant and equipment at beginning of year		126	140
Additions		44	34
Depreciation and impairment charge		(50)	(39)
Disposals, transfers and lease modifications		(4)	(2)
Effect of movements in exchange rates		(1)	(7)
Property, plant and equipment at end of year		115	126		140
Property, plant and equipment held at cost | Tangible assets | Cost/Gross amount
Reconciliation of the carrying amount of property, plant and equipment
Property, plant and equipment at beginning of year		486	489
Property, plant and equipment at end of year		495	486		489
Property, plant and equipment held at cost | Tangible assets | Accumulated depreciation
Reconciliation of the carrying amount of property, plant and equipment
Property, plant and equipment at beginning of year		(360)	(349)
Property, plant and equipment at end of year		(380)	(360)		(349)
Property, plant and equipment held at cost | Right-of-use assets
Reconciliation of the carrying amount of property, plant and equipment
Property, plant and equipment at beginning of year		271	315
Additions		57	49
Depreciation and impairment charge		(95)	(106)
Disposals, transfers and lease modifications		(18)	26
Effect of movements in exchange rates		1	(13)
Property, plant and equipment at end of year		216	271		315
Property, plant and equipment held at cost | Right-of-use assets | Cost/Gross amount
Reconciliation of the carrying amount of property, plant and equipment
Property, plant and equipment at beginning of year		676	678
Property, plant and equipment at end of year		683	676		678
Property, plant and equipment held at cost | Right-of-use assets | Accumulated depreciation
Reconciliation of the carrying amount of property, plant and equipment
Property, plant and equipment at beginning of year		(405)	(363)
Property, plant and equipment at end of year		$ (467)	$ (405)		$ (363)
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Contingencies and related obl_2

Contingencies and related obligations (Details) - Prudential Assurance Malaysia Berhad	Dec. 31, 2023
Contingencies and related obligations
Legal and beneficial ownership percentage under litigation	49%
Proportion of ownership interest in subsidiary	51%
Percentage of consolidation of entity	100%

Post balance sheet events (Deta

Post balance sheet events (Details) - Share repurchase programme - GBP (£) £ / shares in Units, £ in Millions	Jan. 16, 2024	Jan. 05, 2024
Post balance sheet events
Number of shares covered by shares repurchase programme		3,851,376
Number of shares purchased	3,851,376
Shares repurchased as percentage of total number of ordinary shares in issue	0.14%
Volume weighted average price of shares repurchased	£ 8.2676
Consideration paid for repurchase of shares	£ 32

Related party transactions (Det

Related party transactions (Details) - 1 months ended Dec. 31, 2023 - CPL ¥ in Millions, $ in Millions	USD ($)	CNY (¥)
Related parties
Additional growth capital to be provided	$ 176	¥ 1,250
Cash advance made	$ 176

Commitments (Details)

Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Investments in infrastructure funds and alternative investment funds
Contractual obligations and unfunded commitments
Amount committed	$ 2,456	$ 2,626

Investments in subsidiary und_3

Investments in subsidiary undertakings, joint ventures and associates - Aggregate carrying amounts of the investments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Investment funds
Unconsolidated structured entities reported in the statement of financial position
Aggregate carrying amount of investments in unconsolidated structured entities	$ 33,657	$ 30,771
Investment funds | Equity securities and portfolio holdings in collective investment schemes
Unconsolidated structured entities reported in the statement of financial position
Aggregate carrying amount of investments in unconsolidated structured entities	33,657	30,771
Other structured entities
Unconsolidated structured entities reported in the statement of financial position
Aggregate carrying amount of investments in unconsolidated structured entities	285	389
Other structured entities | Debt securities
Unconsolidated structured entities reported in the statement of financial position
Aggregate carrying amount of investments in unconsolidated structured entities	$ 285	$ 389

Investments in subsidiary und_4

Investments in subsidiary undertakings, joint ventures and associates - Equity method and fair value through profit or loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Investments in subsidiary undertakings, joint ventures and associates
Fair value of associates accounted for at fair value through profit or loss where there are published price quotations	$ 500	$ 300
Share of profit from joint ventures and associates, net of related tax	(91)	(85)	[1]	$ 352
Other comprehensive income in the joint ventures and associates	0
Unrecognised share of losses of a joint venture	0
Unrecognised share of losses of a associate	0
Contingent liabilities in relation to interests in joint ventures	0
Contingent liabilities in relation to interests in associates	0
Capital commitments in relation to interests in joint ventures	0
Capital commitments in relation to interests in associates	0
Shareholder-backed | Operating segments
Investments in subsidiary undertakings, joint ventures and associates
Share of profit from joint ventures and associates, net of related tax	(91)	(85)		352
Shareholder-backed | Operating segments | CPL
Investments in subsidiary undertakings, joint ventures and associates
Share of profit from joint ventures and associates, net of related tax	(577)	(345)		278
Shareholder-backed | Operating segments | Hong Kong
Investments in subsidiary undertakings, joint ventures and associates
Share of profit from joint ventures and associates, net of related tax				9
Shareholder-backed | Operating segments | Malaysia
Investments in subsidiary undertakings, joint ventures and associates
Share of profit from joint ventures and associates, net of related tax	18	16		28
Shareholder-backed | Operating segments | Growth markets and other
Investments in subsidiary undertakings, joint ventures and associates
Share of profit from joint ventures and associates, net of related tax	310	100		(110)
Taxes included in share of profit from joint ventures and associates	191	72
Other items included in share of profit from joint ventures and associates				(38)
Shareholder-backed | Operating segments | Insurance operations
Investments in subsidiary undertakings, joint ventures and associates
Share of profit from joint ventures and associates, net of related tax	(249)	(229)		205
Shareholder-backed | Operating segments | Eastspring
Investments in subsidiary undertakings, joint ventures and associates
Share of profit from joint ventures and associates, net of related tax	$ 158	$ 144		$ 147
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures.

Investments in subsidiary und_5

Investments in subsidiary undertakings, joint ventures and associates - Financial position (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	[1]	Dec. 31, 2020
Statement of financial position:
Total assets	$ 174,066	$ 160,249	[1]	$ 188,232
Shareholders' equity	17,823	16,731	[1]	18,936
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	4,751	5,514	[1],[2]	$ 7,170	[2]	$ 8,018
Financial liabilities (excluding trade and other payables and provisions)	13,105	13,380
CPL
Statement of financial position:
Total assets	33,271	29,914
Liabilities (including non-controlling interest)	32,005	27,734
Shareholders' equity	1,266	2,180
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	868	561
Financial liabilities (excluding trade and other payables and provisions)	$ 1,198	$ 985
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Investments in subsidiary und_6

Investments in subsidiary undertakings, joint ventures and associates - Income statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Income statement:
Revenue	$ 9,740	$ 8,985		$ 23,014
(Loss) profit for the year after tax	1,712	(997)	[1]	(2,813)
The above (loss) profit for the year includes the following
Depreciation and amortisation	(524)	(494)		(830)
Interest income	2,947	2,597		2,570
Income tax credit	(560)	(478)	[1]	(804)
CPL
Income statement:
Revenue	1,676	1,023		7,347
(Loss) profit for the year after tax	(733)	(550)		453
The above (loss) profit for the year includes the following
Depreciation and amortisation	(39)	(43)		(86)
Interest income	543	569		465
Interest expense	(2)	(3)		(2)
Income tax credit	$ 422	$ 140		$ (84)
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures.

Investments in subsidiary und_7

Investments in subsidiary undertakings, joint ventures and associates - Reconciliation of carrying amounts (Details) - USD ($) $ in Millions				1 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	[1]
Reconciliation of carrying amount
Carrying amount of the Group's interest in the joint venture	$ 1,940	$ 2,259	[1]	$ 1,940	$ 1,940	$ 2,259	[1]	$ 2,698
CPL
Reconciliation of carrying amount
Total net assets	1,266	2,180		1,266	1,266	2,180
Proportion owned by the joint venture partner	$ 633	$ 1,090		633	633	1,090
Interest in joint ventures held by partner (as a percent)	50%	50%
Carrying amount of the Group's interest in the joint venture	$ 633	$ 1,090		633	633	1,090
Interest in joint ventures (as a percent)	50%	50%
Dividends received					88	0
Planned capital injection				176
Other individually immaterial joint ventures and associates
Reconciliation of carrying amount
Carrying amount of the Group's interest in the joint venture	$ 1,307	$ 1,169		$ 1,307	$ 1,307	$ 1,169
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Investments in subsidiary und_8

Investments in subsidiary undertakings, joint ventures and associates - Ownership percentage (Details)	Dec. 31, 2023	Dec. 31, 2017	Dec. 31, 2016
Aberdeen Cash Creation Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	26.87%
Aberdeen Standard Global Opportunities Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	35.13%
Aberdeen Standard Singapore Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	61.88%
AC Financial Partners Limited Partnership
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Alternatives North America, Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
BOCHK Aggressive Growth Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	46.52%
BOCHK Balanced Growth Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	40.43%
BOCHK China Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	52.42%
BOCHK Conservative Growth Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	42.17%
BOCHK US Dollar Money Market Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	37.11%
BOCI-Prudential Asset Management Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	36%
BOCI-Prudential Trustee Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	36%
BSP Debt Fund V Unlevered (Non-US) L.P.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	53%
Cathay High Yield ex China Cash pay 1-5 Year 2% Issuer Capped ETF
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	46.49%
CITIC-CP Asset Management Co., Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	26.95%
CITIC-Prudential Fund Management Company Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	49%
CITIC-Prudential Life Insurance Company Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	50%
Eastspring Al-Wara' Investments Berhad
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Asia Pacific High Yield Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	39.60%
Eastspring Asset Management (Thailand) Co., Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	59.50%
Eastspring Asset Management Korea Co. Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investment Management (Shanghai) Company Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments - Asia ESG Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	94.82%
Eastspring Investments - Asia Opportunities Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments - Asia Pacific Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	95.55%
Eastspring Investments - Asia Real Estate Multi Asset Income Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	35.06%
Eastspring Investments - Asian Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	89.85%
Eastspring Investments - Asian Dynamic Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	95.21%
Eastspring Investments - Asian Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	98.94%
Eastspring Investments - Asian Equity Income Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	88.46%
Eastspring Investments - Asian High Yield Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	67.15%
Eastspring Investments - Asian Investment Grade Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	88.64%
EastSpring Investments - Asian Local Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	83.45%
Eastspring Investments - Asian Low Volatility Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	91.60%
Eastspring Investments - Asian Multi Factor Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	95.20%
Eastspring Investments - China A Shares Growth Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	79.87%
Eastspring Investments - Dragon Peacock Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	97.09%
Eastspring Investments - European Investment Grade Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	99.88%
Eastspring Investments - Global Emerging Markets Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	98.06%
Eastspring Investments - Global Emerging Markets Dynamic Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	38.21%
Eastspring Investments - Global Emerging Markets ex-China Dynamic Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments - Global Emerging Markets Fundamental Value Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments - Global Equity Navigator Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	97.86%
Eastspring Investments - Global Growth Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	42.30%
Eastspring Investments - Global Low Volatility Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	98.48%
Eastspring Investments - Global Market Navigator Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	99.60%
Eastspring Investments - Global Multi Asset Income Plus Growth Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments - Global Technology Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	84.16%
Eastspring Investments - Greater China Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	89.88%
Eastspring Investments - India Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	58.85%
Eastspring Investments - Japan Sustainable Value Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	86.85%
Eastspring Investments - Pan European Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	66.59%
Eastspring Investments - US Corporate Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	68.69%
Eastspring Investments - US High Investment Grade Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	85.91%
Eastspring Investments - US High Yield Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	54.03%
Eastspring Investments - US Investment Grade Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	58.61%
Eastspring Investments - World Value Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	93.68%
Eastspring Investments (Hong Kong) Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments (Luxembourg) S.A.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments (Singapore) Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments Asia Pacific ex-Japan Target Return Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	78.56%
Eastspring Investments Berhad
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments Equity Income Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	43.13%
Eastspring Investments Fund Management Limited Liability Company
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments Global Oncology Securities Baby Investment Trust (H)
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	72.72%
Eastspring Investments Global Oncology Securities Baby Investment Trust (UH)
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	92.43%
Eastspring Investments Global Oncology Securities Baby Investment Trust (USD)
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	96%
Eastspring Investments Group Pte. Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments Growth Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	40.96%
Eastspring Investments Incorporated
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments India Consumer Equity Open Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments India Equity Open Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments India Infrastructure Equity Open Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments MY Focus Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	31.20%
Eastspring Investments Private Fixed Income Fund Number 1
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	66.94%
Eastspring Investments Services Pte. Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments SICAV-FIS - Alternative Investment Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Investments Unit Trusts - Dragon Peacock Fund ID
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	97.79%
Eastspring Investments Unit Trusts - Singapore ASEAN Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	98.85%
Eastspring Investments Unit Trusts - Singapore Select Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	64.89%
Eastspring Investments Vietnam Navigator Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	77.52%
Eastspring Overseas Investment Fund Management (Shanghai) Company Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Private Equity Fund 2
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Securities Investment Trust Co., Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	99.54%
Eastspring Singapore Alternatives VCC
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Eastspring Syariah Equity Islamic Asia Pacific USD Kelas B
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	86.25%
Eastspring Syariah Fixed Income USD Kelas A
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	63.13%
First Sentier Global Property Securities Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	74.35%
FSITC GLOBAL TRENDS FUND
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	24.31%
FSSA China Focus Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	65.21%
Fubon 1-5 Years US High Yield Bond Ex China
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	42.48%
Fubon Global Investment Grade Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	57.59%
Fuh Hwa 1-5 Yr High Yield ETF
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	44.38%
Furnival Insurance Company PCC Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
GIS Total Return Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	25.22%
GS Twenty Two Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
HSBC Senior Global Infrastructure Debt Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
ICICI Prudential Asset Management Company Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	49%
ICICI Prudential Life Insurance Company Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	22.05%
ICICI Prudential Pension Funds Management Company Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	22.05%
ICICI Prudential Trust Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	49%
India Innovation High Growth EQ QII
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Invesco Fixed Maturity Selective Emerging Market Bonds 2024
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	98.42%
Invesco Select 6 Year Maturity Global Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	98.69%
iShares Global High Yield Corp Bond UCITS ETF
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	55.25%
iShares MSCI Asia ex Japan Climate Action ETF
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	73.52%
JPMorgan Investment Funds - Japan Sustainable Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	62.01%
KKP ACTIVE EQUITY FUND
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	31.54%
Krungsri Greater China Equity Hedged Dividend Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	28.12%
Lasalle Property Securities SICAV-FIS
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
M&G Asia Property TS Trust
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
M&G Real Estate Asia Holding Company Pte. Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	33%
Manulife Asia Pacific Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	82.22%
Manulife AUD Income Bond Fund-A(CNY-H)
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	30.73%
Manulife China Offshore Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	32.48%
Manulife Taiwan Dynamic Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	26.11%
Nomura Six Years Fixed Maturity Asia Pacific Emerging Market Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	98.98%
Nomura Six Years Fixed Maturity Emerging Market Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	40.50%
Nomura Six Years Ladder Maturity Asia Pacific Emerging Market Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	98.40%
North Sathorn Holdings Company Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
PCA IP Services Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
PCA Life Assurance Co., Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	99.79%
PCA Reinsurance Co. Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
PineBridge US Dual Core Income Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	27.97%
PLUK Agents Savings Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Principal Global Silver Age Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	31.05%
Pru Life Insurance Corporation of U.K.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Pru Life UK Asset Management and Trust Corporation
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudence Foundation
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential (Cambodia) Life Assurance Plc
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential (US Holdco 1) Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Africa Holdings Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Africa Services Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Assurance Company Singapore (Pte) Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Assurance Malaysia Berhad
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	51%
Percentage of consolidation of entity	100%
Prudential Assurance Uganda Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential BeGeneral Insurance Cote d'Ivoire S.A.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	51%
Prudential Belife Insurance Cote d'Ivoire S.A.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	51%
Prudential Beneficial General Insurance Cameroon S.A.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	50.71%
Prudential Beneficial Life Insurance Cameroon S.A.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	51%
Prudential Beneficial Life Insurance Togo S.A.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	50.99%
Prudential BSN Takaful Berhad
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	49%	49%	70%
Prudential Corporation Holdings Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Financial Advisers Singapore Pte. Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Financial Partners (Asia) Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Financial Partners HK Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Funding (Asia) PLC
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential General Insurance Hong Kong Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Group Secretarial Services HK Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Group Secretarial Services Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Holdings Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Hong Kong Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential International Treasury Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Investment Management Private Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential IP Services Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Life Assurance (Lao) Company Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Life Assurance (Thailand) Public Company Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	99.93%
Prudential Life Assurance Kenya Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Life Assurance Zambia Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Life Insurance Ghana Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Life Vault Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Mauritius Holdings Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Myanmar Life Insurance Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Pensions Management Zambia Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	49%
Prudential Services Asia Sdn. Bhd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Services Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Services Philippines Corporation
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Services Singapore Pte. Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Singapore Holdings Pte. Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Technology and Services India Private Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Vietnam Assurance Private Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Wealth Holdings Company Pte. Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Wealth Management Singapore Pte. Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Prudential Zenith Life Insurance Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	51%
PRUInvest PH Equity Index Tracker Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	99.61%
PruInvest PHP Balanced Allocation Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	72.30%
PruInvest PHP Dynamic Equity Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	52.45%
PruInvest PHP Intermediate Term Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	82.73%
PRUInvest PHP Liquid Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
PruInvest USD Global Market Balanced Fund of Funds
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	20.43%
PruInvest USD High Yield Asian Bond Feeder Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	65.19%
PruInvest USD Intermediate Term Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	93.17%
PruInvest USD Liquid Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	56.46%
PT Prudential Sharia Life Assurance
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	94.62%
PT. Eastspring Investments Indonesia
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	99.95%
PT. Prudential Life Assurance
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	94.62%
Pulse Ecosystems Pte. Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Pulse Wealth Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Reksa Dana Eastspring IDR Fixed Income Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	97.72%
Reksa Dana Syariah Eastspring Syariah Fixed Income Amanah
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	70.16%
Reksa Dana Syariah Eastspring Syariah Money Market Khazanah
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	98.57%
Reksa Dana Syariah Penyertaan Terbatas Bahana Syariah Bumn Fund IV
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	99.01%
Rhodium Investment Funds - Singapore Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	99.93%
Rhodium Passive Long Dated Bond Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	99.92%
Robeco QI European Active Index Equities
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	92.86%
Schroder Asian Investment Grade Credit
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	31.68%
Schroder Emerging Markets Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	77.62%
Schroder Multi-Asset Revolution
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	51.13%
Schroder US Dollar Money Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	27.98%
Scotts Spazio Pte. Ltd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	45%
Shenzhen Prudential Technology Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Sri Han Suria Sdn. Bhd.
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	51%
Staple Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	100%
Templeton Asian Growth Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	32.88%
Threadneedle (Lux) - Global Emerging Market Equities
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	65.59%
United Global Innovation Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	24.24%
United Global Quality Equity Fund - MYR hedged Class
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	27.57%
UOB Smart Global Healthcare Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	45.27%
UOB Smart Japan Small and Mid Cap Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	35.67%
UOB Smart Millennium Growth Fund
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	38.84%
USD Investment Grade Infrastructure Debt Fund SCSp
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held indirectly - related undertakings (as a percent)	21.90%
Prudential Corporation Asia Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held (as a percent)	100%
Prudential Group Holdings Limited
Investments in subsidiaries, joint ventures, associates and significant holdings
Proportion held (as a percent)	100%

Investments in subsidiary und_9

Investments in subsidiary undertakings, joint ventures and associates - Issued capital of subsidiaries (Details)	Dec. 31, 2023 £ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2023 Rp / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2023 RM / shares shares	Dec. 31, 2022 £ / shares
Investments in subsidiaries, joint ventures, associates and significant holdings
Par value per share | £ / shares	£ 0.05					£ 0.05
Prudential Assurance Company Singapore (Pte) Limited | Ordinary shares
Investments in subsidiaries, joint ventures, associates and significant holdings
Issued and fully paid up share	526,557,000	526,557,000	526,557,000	526,557,000	526,557,000
Par value per share | $ / shares		$ 1
PT. Prudential Life Assurance
Investments in subsidiaries, joint ventures, associates and significant holdings
Par value per share | Rp / shares			Rp 1,000,000
PT. Prudential Life Assurance | Ordinary shares
Investments in subsidiaries, joint ventures, associates and significant holdings
Issued and fully paid up share	105,500	105,500	105,500	105,500	105,500
PT. Prudential Life Assurance | Preference shares
Investments in subsidiaries, joint ventures, associates and significant holdings
Issued and fully paid up share	6,000	6,000	6,000	6,000	6,000
Prudential Hong Kong Limited | Ordinary shares
Investments in subsidiaries, joint ventures, associates and significant holdings
Issued and fully paid up share	3,641,479,873	3,641,479,873	3,641,479,873	3,641,479,873	3,641,479,873
Par value per share | $ / shares				$ 1
Prudential Assurance Malaysia Berhad | Ordinary shares
Investments in subsidiaries, joint ventures, associates and significant holdings
Issued and fully paid up share	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000
Par value per share | RM / shares					RM 1

Discontinued US operations (Det

Discontinued US operations (Details) - USD ($) $ in Millions			12 Months Ended
		Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Income statement
Total revenue, net of reinsurance						$ 26,500
Total charges net of reinsurance						(23,834)
Profit (loss) before tax	[1]		$ 2,272	$ (519)	[2],[3]	3,018
Loss for the year	[4]					(5,027)
Attributable to:
Equity holders of the Company						(4,234)
Non-controlling interests						(793)
Loss for the year	[4]					(5,027)
Other comprehensive income (loss)
Total comprehensive (loss) income for the year	[3],[5]					(7,068)
Attributable to:
Equity holders of the Company	[3]					(6,283)
Non-controlling interests	[3]					(785)
Total comprehensive (loss) income for the year	[3],[5]					(7,068)
Cash flows
Net cash flows from discontinued operations						(1,621)
Discontinued US operations
Income statement
Total revenue, net of reinsurance						45,972
Total charges net of reinsurance						(43,655)
Profit (loss) before tax						2,317
Tax (charge) credit						(363)
Profit (loss) after tax						1,954
Remeasurement to fair value						(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 income note (ii)						1,278
Loss for the year						(5,027)
Attributable to:
Equity holders of the Company						(4,234)
Non-controlling interests						(793)
Loss for the year						(5,027)
Other comprehensive income (loss)
Valuation movements on available-for-sale debt securities, net of related tax and change in DAC						(763)
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)
Total comprehensive (loss) income for the year						(7,068)
Attributable to:
Equity holders of the Company						(6,283)
Non-controlling interests						(785)
Total comprehensive (loss) income for the year						(7,068)
Cash flows
Net cash flows from operating activities						(423)
Net cash flows from financing activities						2,329
Cash divested upon demerger						(3,527)
Net cash flows from discontinued operations						(1,621)
Cash and cash equivalents at beginning of year						1,621
Issuance of debt						2,350
Pre-demerger dividend						0
Jackson
Discontinued US operations
Economic interest		18.40%
Voting interest		18.50%
Financial assets available-for-sale		$ 683		$ 266		$ 683
[1] This measure is the formal profit before tax measure under IFRS. It is not the result attributable to shareholders principally because total corporate tax of the Group includes those taxes on the income of consolidated with-profits and unit-linked funds that, through adjustments to benefits, are borne by policyholders. These amounts are required to be included in the tax charge under IAS 12. Consequently, the IFRS profit before tax measure is not representative of pre-tax profit attributable to shareholders. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. Discontinued operations for 2021 related to the US operations (Jackson) that were demerged from the Group in September 2021. Results for the year ended 31 December 2021 have not been re-presented and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Condensed Financial Informati_2

Condensed Financial Information of Registrant Prudential plc - Profit and Loss Accounts (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Profit and Loss Accounts
Profit (loss) before tax (being tax attributable to shareholders' and policyholders' returns)	[1]	$ 2,272	$ (519)	[2],[3]	$ 3,018
Tax credit on profit on ordinary activities		(560)	(478)	[2]	(804)
Profit (loss) attributable to equity holders of the Company		1,701	(1,007)	[2]	(2,042)
Items that may be reclassified subsequently to profit or loss
Total comprehensive (loss) income, attributable to equity holders of the Company		1,585	(1,797)	[3]	(4,006)	[3]
Prudential plc
Profit and Loss Accounts
Investment income, including dividends received from subsidiary undertakings		1,430	800		3,642
Investment expenses and charges		(203)	(207)		(328)
Gain on transfer of debt to Prudential Funding (Asia) PLC		370
Loss on revaluation of Jackson upon demerger					(439)
Corporate expenditure		(47)	(158)		(244)
Foreign currency exchange (losses) gains		(27)	25		11
Profit (loss) before tax (being tax attributable to shareholders' and policyholders' returns)		1,523	460		2,642
Tax credit on profit on ordinary activities		2	5		6
Profit (loss) attributable to equity holders of the Company		1,525	455		2,648
Items that may be reclassified subsequently to profit or loss
Valuation movements on retained interest in Jackson measured at fair value through other comprehensive income		8	(125)		273
Total comprehensive (loss) income, attributable to equity holders of the Company		$ 1,533	$ 330		$ 2,921
[1] This measure is the formal profit before tax measure under IFRS. It is not the result attributable to shareholders principally because total corporate tax of the Group includes those taxes on the income of consolidated with-profits and unit-linked funds that, through adjustments to benefits, are borne by policyholders. These amounts are required to be included in the tax charge under IAS 12. Consequently, the IFRS profit before tax measure is not representative of pre-tax profit attributable to shareholders. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Condensed Financial Informati_3

Condensed Financial Information of Registrant Prudential plc - Statements of Financial Position (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	[1]
Current assets
Other debtors	$ 1,161	$ 968	[1]	$ 955
Cash at bank and in hand	1,964	1,878
Liabilities: amounts falling due within one year
Accruals and deferred income	(244)	(200)
Capital and reserves
Shareholders' funds	17,823	16,731	[1]	$ 18,936
Prudential plc
Fixed assets
Investments in subsidiary undertakings	13,786	13,178
Current assets
Amounts owed by subsidiary undertakings	7,267	7,501
Other investments: equity securities - fair value through other comprehensive income		266
Cash at bank and in hand	21	45
Total current assets	7,288	7,812
Liabilities: amounts falling due within one year
Subordinated liabilities		(21)
Debenture loans		(361)
Commercial paper		(501)
Amounts owed to subsidiary undertakings	(866)	(614)
Tax payable	(7)	(9)
Accruals and deferred income	(7)	(63)
Total current liabilities	(880)	(1,569)
Net current assets	6,408	6,243
Total assets less current liabilities	20,194	19,421
Liabilities: amounts falling due after more than one year
Subordinated liabilities		(2,265)
Debenture loans		(1,614)
Amounts owed to subsidiary undertakings	(3,610)
Total non-current liabilities	(3,610)	(3,879)
Total net assets	16,584	15,542
Capital and reserves
Share capital	183	182
Share premium	5,009	5,006
Profit and loss account	11,392	10,354
Shareholders' funds	$ 16,584	$ 15,542
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published

Condensed Financial Informati_4

Condensed Financial Information of Registrant Prudential plc - Statements of Changes in Equity (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Balance at beginning of year		$ 16,898	[1],[2]	$ 19,111	[1],[2]	$ 22,119	[3]
Total comprehensive income for the year
Profit for the year		1,701		(1,007)	[4]	(2,042)
Total comprehensive (loss) income, attributable to equity holders of the Company		1,585		(1,797)	[5]	(4,006)	[5]
Transactions with owners, recorded directly in equity
New share capital subscribed		4		(4)	[2]	2,382	[3]
Demerger dividend in specie of Jackson	[3]					(1,735)
Share-based payment transactions		(5)		24	[2]	46	[3]
Dividends		(540)		(482)	[2]	(430)	[3]
Balance at end of year		17,983		16,898	[1],[2]	19,111	[1],[2]
Share capital
Balance at beginning of year		182	[2]	182	[2]	173	[3]
Transactions with owners, recorded directly in equity
New share capital subscribed		1				9	[3]
Balance at end of year		183		182	[2]	182	[2]
Share premium
Balance at beginning of year		5,006	[2]	5,010	[2]	2,637	[3]
Transactions with owners, recorded directly in equity
New share capital subscribed		3		(4)	[2]	2,373	[3]
Balance at end of year		5,009		5,006	[2]	5,010	[2]
Retained earnings
Balance at beginning of year		10,653	[2]	12,064	[2]	14,424	[3]
Transactions with owners, recorded directly in equity
Demerger dividend in specie of Jackson	[3]					(1,735)
Share-based payment transactions		(5)		24	[2]	46	[3]
Dividends		(533)		(474)	[2]	(421)	[3]
Balance at end of year		11,928		10,653	[2]	12,064	[2]
Prudential plc
Balance at beginning of year		15,542		15,650		12,286
Total comprehensive income for the year
Profit for the year		1,525		455		2,648
Valuation movements on Jackson equity securities measured at fair value through other comprehensive income		8		(125)		273
Total comprehensive (loss) income, attributable to equity holders of the Company		1,533		330		2,921
Transactions with owners, recorded directly in equity
New share capital subscribed		4		(4)		2,382
Demerger dividend in specie of Jackson						(1,735)
Share-based payment transactions		38		40		217
Dividends		(533)		(474)		(421)
Total contributions by and distributions to owners		(491)		(438)		443
Balance at end of year		16,584		15,542		15,650
Prudential plc | Share capital
Balance at beginning of year		182		182		173
Transactions with owners, recorded directly in equity
New share capital subscribed		1				9
Total contributions by and distributions to owners		1				9
Balance at end of year		183		182		182
Prudential plc | Share premium
Balance at beginning of year		5,006		5,010		2,637
Transactions with owners, recorded directly in equity
New share capital subscribed		3		(4)		2,373
Total contributions by and distributions to owners		3		(4)		2,373
Balance at end of year		5,009		5,006		5,010
Prudential plc | Retained earnings
Balance at beginning of year		10,354		10,458		9,476
Total comprehensive income for the year
Profit for the year		1,525		455		2,648
Valuation movements on Jackson equity securities measured at fair value through other comprehensive income		8		(125)		273
Total comprehensive (loss) income, attributable to equity holders of the Company		1,533		330		2,921
Transactions with owners, recorded directly in equity
Demerger dividend in specie of Jackson						(1,735)
Share-based payment transactions		38		40		217
Dividends		(533)		(474)		(421)
Total contributions by and distributions to owners		(495)		(434)		(1,939)
Balance at end of year		$ 11,392		$ 10,354		$ 10,458
[1] The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 have not been re-presented and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results.

Condensed Financial Informati_5

Condensed Financial Information of Registrant Prudential plc - Statements of Cash Flows (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Operating activities
Interest paid		$ (75)	$ (16)	[1]	$ (11)
Taxes received		(406)	(449)	[1]	(453)
Financing activities
Issues of ordinary share capital		4	(4)	[1]	2,382
Issuance of core structural borrowings	[2]		346	[1]	995
Redemption of core structural borrowings	[2]	(393)	(2,075)	[1]	(1,250)
Investing activities
Disposal of Jackson shares		273	293	[1]	83
Reconciliation of profit on ordinary activities before tax to net cash inflow from operating activities before interest and tax
Profit (loss) before tax	[3]	2,272	(519)	[1],[4]	3,018
Prudential plc
Operating activities
Net cash inflow from operating activities before interest and tax		1,527	664		417
Interest paid		(35)	(204)		(328)
Taxes received			(4)		(13)
Equity dividends paid		(533)	(474)		(421)
Net cash (outflow) inflow before operating activities		959	(18)		(345)
Financing activities
Issues of ordinary share capital		4	(4)		2,383
Issuance of core structural borrowings			346		995
Redemption of core structural borrowings		(393)	(2,075)		(1,250)
Movement in commercial paper and other borrowings to support a short-term fixed income securities program		(501)	1		(1)
Dividend income from investment in subsidiary undertakings					215
Movement in share based payment receivable		(4)	(111)
Capitalisation of amount owed by subsidiary			(62)
Non-cash transfer of debt to PFAP		(3,552)
Movement in net amount owed by subsidiary undertakings		3,610	(36)		(374)
Net cash inflow (outflow) from financing activities		(836)	(1,941)		1,968
Investing activities
Disposal of Jackson shares		273	293		83
Investment in subsidiaries		(609)
Capitalisation of intercompany loans		189
Net cash inflow from investing activities		(147)	293		83
Net cash inflow (outflow) for the year		(24)	(1,666)		1,706
Reconciliation of profit on ordinary activities before tax to net cash inflow from operating activities before interest and tax
Profit (loss) before tax		1,523	460		2,642
Add back: interest charged to profit or loss		203	207		328
Adjustments for non-cash items:
Gain on transfer of subordinated liabilities and debenture loans		(370)
Non-cash dividends paid					(2,968)
Revaluation of Jackson on distribution in 2021					439
Gain on realisation of Jackson shares					(23)
Foreign currency exchange and other movements		27	8		(6)
Decrease (increase) in debtors			9		(4)
(Increase) decrease in creditors		144	(20)		9
Net cash inflow from operating activities before interest and tax		$ 1,527	$ 664		$ 417
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results have been re-presented from those previously published. Results for the year ended 31 December 2021 and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis and are not comparable to the 2023 and 2022 results. Structural borrowings of shareholder-financed businesses exclude borrowings to support short-term fixed income securities programmes, lease liabilities and other borrowings of shareholder-financed businesses. Cash flows in respect of these borrowings are included within cash flows from operating activities. This measure is the formal profit before tax measure under IFRS. It is not the result attributable to shareholders principally because total corporate tax of the Group includes those taxes on the income of consolidated with-profits and unit-linked funds that, through adjustments to benefits, are borne by policyholders. These amounts are required to be included in the tax charge under IAS 12. Consequently, the IFRS profit before tax measure is not representative of pre-tax profit attributable to shareholders. The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures.

Condensed Financial Informati_6

Condensed Financial Information of Registrant Prudential plc - Notes (Details) £ / shares in Units, £ in Millions, $ in Millions		1 Months Ended	12 Months Ended
	Jan. 16, 2024 GBP (£) £ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)		Dec. 31, 2021 USD ($)		Jan. 05, 2024 shares
Additional information
Profit (loss) for the year			$ 1,701	$ (1,007)	[1]	$ (2,042)
Shareholders' equity			17,823	16,731	[2]	18,936	[2]
Share repurchase programme
Additional information
Number of shares covered by shares repurchase programme | shares								3,851,376
Number of shares purchased | shares	3,851,376
Shares repurchased as percentage of total number of ordinary shares in issue	0.14%
Volume weighted average price of shares repurchased | £ / shares	£ 8.2676
Consideration paid for repurchase of shares | £	£ 32
Accounting difference
Additional information
Profit (loss) for the year			(65)	108		28
Shareholders' equity				66
Share in IFRS amount of the Group
Additional information
Profit (loss) for the year			241	(1,570)		(4,718)
Shareholders' equity			1,239	1,123
Prudential plc
Additional information
Increase in the fair value of liability on initial recognition		$ 17
Dividends received by parent company from consolidated subsidiary undertakings			1,277	708		3,597
Profit (loss) for the year			1,525	455		2,648
Shareholders' equity			16,584	15,542
Valuation movements on retained interest in Jackson measured at fair value through other comprehensive income			8	(125)		$ 273
Prudential plc | Share repurchase programme
Additional information
Number of shares covered by shares repurchase programme | shares								3,851,376
Number of shares purchased | shares	3,851,376
Shares repurchased as percentage of total number of ordinary shares in issue	0.14%
Volume weighted average price of shares repurchased | £ / shares	£ 8.2676
Consideration paid for repurchase of shares | £	£ 32
Prudential plc | Jackson Financial Inc
Additional information
Valuation movements on retained interest in Jackson measured at fair value through other comprehensive income			$ 8	$ (125)
[1] The Group has adopted IFRS 9, ‘Financial Instruments’ and IFRS 17, ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 2022 comparative results and the related notes have been re-presented from those previously published . The 2021 comparative results and related notes have not been re-presented to the IFRS 9 or IFRS 17 basis and have been shown on an IFRS 4 basis as previously published. Therefore, the 2021 comparative results are not comparable to the 2023 and 2022 results. Refer to note A3.1 for accounting policies that form the basis for the 2021 IFRS 4 disclosures. The Group has adopted IFRS 9 'Financial instruments' and IFRS 17 ‘Insurance Contracts’ from 1 January 2023 as described in note A2.1. Accordingly, the 31 December 2022 and 1 January 2022 comparative statements of financial position and related notes have been re-presented from those previously published