PRUDENTIAL PLC
For the period ended Dec 31, 2024. Filed Mar 26, 2025.
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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.
FY2024 · Filed Mar 26, 2025
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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| · · 2024 $m · 2023 $m · 2022 $m · | |||||||||
| | | Note | | note (i) | | note (i) | | note (i) | |
| Mainland Chinanote (ii) | | | | 363 | | 368 | | 271 | |
| Hong Kong | | 1,069 | 1,013 | 1,162 | | ||||
| Indonesia | 268 | 221 | 205 | | |||||
| Malaysia | 338 | 305 | 340 | | |||||
| Singapore | | | | 693 | | 584 | | 570 | |
| Growth markets and other note (iii) | | 688 | 746 | 728 | | ||||
| Eastspring | | 304 | 280 | 260 | | ||||
| Other income and expenditure: | | | | | |||||
| Net investment return and other items note (iv) | | 21 | (21) | (44) | | ||||
| Interest payable on core structural borrowings | (171) | (172) | (200) | | |||||
| Corporate expenditure note (v) | (237) | (230) | (276) | | |||||
| Total other expenditure | | (387) | (423) | (520) | | ||||
| Restructuring and IFRS 17 implementation costs note (vi) | | (207) | (201) | (294) | | ||||
| Adjusted operating profit | | B1.2 | | 3,129 | | 2,893 | | 2,722 | |
| Short-term interest rate and other market fluctuations | | (105) | (774) | (3,420) | | ||||
| (Loss) gain attaching to corporate transactions note (vii) | | (71) | (22) | 55 | | ||||
| Profit before tax attributable to shareholders | | | | 2,953 | | 2,097 | | (643) | |
| Tax charge attributable to shareholders' returns | B3.2 | (538) | (385) | (354) | | ||||
| Profit (loss) for the year | B1.5 | 2,415 | 1,712 | (997) | | ||||
| | | | | | | | | | |
| Attributable to: | | | | | | | | | |
| Equity holders of the Company | | | | 2,285 | | 1,701 | | (1,007) | |
| Non-controlling interests | | | | 130 | | 11 | | 10 | |
| Profit (loss) for the year | | | | 2,415 | | 1,712 | | (997) | |
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| | | | 2024 | 2023 | 2022 | | |||
| 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 | | B4 | | 89.7 | ¢ | 89.0 | ¢ | 79.4 | ¢ |
| Based on profit (loss) for the year, net of non-controlling interest | B4 | 84.1 | ¢ | 62.1 | ¢ | (36.8) | ¢ | ||
| (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. For definitions of AER and CER refer to note A1. |
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| (ii) | The Mainland China segment is the Group’s 50 per cent ownership in CITIC-Prudential Life Insurance Company Limited, a life joint venture with CITIC, a leading Chinese state-owned conglomerate. |
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| (iii) | 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. |
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| (iv) | Net investment return and other items includes an adjustment to eliminate intercompany profits. 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 cash flows 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. |
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| (v) | Corporate expenditure as shown above is for head office functions. |
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| (vi) | Restructuring and IFRS 17 implementation costs largely comprise the costs of Group-wide projects including the implementation of IFRS 17 (including one-off costs associated with embedding IFRS 17), reorganisation programmes and initial costs of establishing new business initiatives and operations. The costs include those incurred in insurance and asset management operations of $(59) million (2023: $(81) million; 2022: $(137) million). |
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| (vii) | Loss attaching to corporate transactions in 2024 mainly relates to the held for sale businesses (further details are provided in note C1.2). The $(22) million loss in 2023 largely reflected costs incurred on the termination of corporate services. The $55m gain in 2022 largely arose from the sale of shares relating the Group’s retained interest in Jackson post the demerger. |
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