PRUDENTIAL PLC
For the period ended Dec 31, 2023. Filed Mar 26, 2024.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2023 · Filed Mar 26, 2024
PUK$24.76-1.7%Stored close · as of Nov 6, 2026
Contents
B1 Analysis of performance by segment
B1.1 Segment****results
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|---|---|---|---|---|---|---|---|---|---|
| · · 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 returnsnote (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. |
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| (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. |
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