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v3.25.1

Insurance service expenses and other expenditure (Tables) | 12 Months Ended
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Dec. 31, 2024
Insurance service expenses and other expenditure |
Schedule of analysis of expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 $m |  | 2023 $m |  | 2022 $m
Expenses attributed to insurance acquisition cash flows note (i) |  | 4,987 | ​ | 4,833 |  | 3,232
Other directly attributable expenses note (ii) |  | 1,328 | ​ | 1,258 |  | 1,221
Other expenditure note (iii) |  | 1,003 | ​ | 990 |  | 1,019
Total expenses |  | 7,318 | ​ | 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. Ceding commissions received from outward reinsurance agreements are not included in the analysis above.
(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 $62 million (2023: $58 million; 2022: $23 million), of which $23 million arises in the Hong Kong segment (2023: $31 million; 2022: $11 million) and $35 million (2023: $23 million; 2022: $9 million) arises in central operations with the remainder spread broadly across the other markets. Included within interest expense is $10 million (2023: $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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 $m |  | 2023 $m |  | 2022 $m
Hong Kong | ​ | 51 | ​ | 42 | ​ | 43
Indonesia |  | 12 | ​ | 11 |  | 12
Malaysia |  | 22 | ​ | 21 |  | 21
Singapore |  | 36 | ​ | 36 |  | 40
Growth markets and other |  | 372 | ​ | 369 |  | 339
Eastspring |  | 13 | ​ | 12 |  | 13
Total segment |  | 506 | ​ | 491 |  | 468
Unallocated to a segment (central operations) |  | 17 | ​ | 33 |  | 26
Total depreciation and amortisation |  | 523 | ​ | 524 |  | 494
Schedule of costs of employment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 $m |  | 2023 $m | ​ | 2022 $m
Wages and salaries |  | 1,119 | ​ | 1,079 | ​ | 1,018
Social security costs | ​ | 37 | ​ | 37 | ​ | 41
Defined contribution pension schemes | ​ | 54 | ​ | 46 | ​ | 40
Total Group |  | 1,210 | ​ | 1,162 | ​ | 1,099
Schedule of average number of staff employed | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 $m
Asia and Africa operations note |  | 14,851 | ​ | 14,479 | ​ | 13,685
Head office function |  | 561 | ​ | 551 | ​ | 511
Total Group |  | 15,412 | ​ | 15,030 | ​ | 14,196
Note The Asia and Africa operations staff numbers above exclude 702 (2023: 621; 2022: 744) commission-based sales staff who have an employment contract with the Group. ​
Schedule of movement in outstanding options and awards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Awards outstanding under
​ | ​ | Options outstanding under Sharesave and ISSOSNE schemes | ​ | incentive plans
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​ | 2024 |  | 2023 |  | 2022
​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | average | ​ | ​ | ​ | average | ​ | ​ | ​ | average | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number | ​ | exercise | ​ | Number | ​ | exercise | ​ | Number | ​ | exercise | ​ | ​
​ | ​ | of options | ​ | price | ​ | of options | ​ | price | ​ | of options | ​ | price | ​ | Number of awards
​ |  | millions |  | £ |  | millions |  | £ |  | millions |  | £ |  | millions
Balance at beginning of year |  | 1.7 | ​ | 9.5 | ​ | 1.9 | ​ | 10.4 | ​ | 2.0 | ​ | 11.6 |  | 14.3 | ​ | 21.0 | ​ | 24.6
Granted |  | 0.6 | ​ | 5.3 | ​ | 0.4 | ​ | 7.8 | ​ | 0.5 | ​ | 7.4 |  | 10.9 | ​ | 6.3 | ​ | 6.5
Exercised |  | (0.1) | ​ | 7.4 | ​ | (0.3) | ​ | 11.6 | ​ | (0.3) | ​ | 11.2 |  | (6.6) | ​ | (10.1) | ​ | (7.2)
Forfeited |  | – | ​ | 7.6 | ​ | – | ​ | 7.8 | ​ | – | ​ | 10.8 |  | (0.5) | ​ | (1.7) | ​ | (1.1)
Cancelled |  | (0.5) | ​ | 10.2 | ​ | (0.3) | ​ | 12.0 | ​ | (0.3) | ​ | 12.7 |  | – | ​ | (0.1) | ​ | (0.1)
Lapsed/expired |  | – | ​ | 9.4 | ​ | – | ​ | 10.4 | ​ | – | ​ | 13.0 |  | (0.6) | ​ | (1.1) | ​ | (1.7)
Balance at end of year |  | 1.7 | ​ | 7.8 | ​ | 1.7 | ​ | 9.5 | ​ | 1.9 | ​ | 10.4 |  | 17.5 | ​ | 14.3 | ​ | 21.0
Options immediately exercisable at end of year |  | 0.2 | ​ | 11.6 | ​ | 0.2 | ​ | 10.8 | ​ | 0.3 | ​ | 12.5 |  | ​ | ​ |  |  |
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 | ​ | £
​ |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Between £5 and £6 | ​ | 0.5 | ​ | – | ​ | – | ​ | 4.3 | ​ | – | ​ | – | ​ | 5.24 | ​ | – | ​ | – | ​ | – | ​ | – | ​ | – | ​ | – | ​ | – | ​ | –
Between £7 and £8 | ​ | 0.7 | ​ | 0.7 | ​ | 0.5 | ​ | 2.7 | ​ | 3.7 | ​ | 4.1 | ​ | 7.55 | ​ | 7.55 | ​ | 7.37 | ​ | – | ​ | – | ​ | – | ​ | – | ​ | – | ​ | –
Between £9 and £10 |  | 0.1 | ​ | 0.3 | ​ | 0.4 |  | 1.4 | ​ | 1.4 | ​ | 2.2 |  | 9.64 | ​ | 9.64 | ​ | 9.64 |  | – | ​ | 0.1 | ​ | – |  | – | ​ | 9.64 | ​ | –
Between £11 and £12 |  | 0.4 | ​ | 0.6 | ​ | 0.8 |  | 1.3 | ​ | 2.0 | ​ | 2.4 |  | 11.70 | ​ | 11.59 | ​ | 11.48 |  | 0.2 | ​ | – | ​ | 0.2 |  | 11.57 | ​ | – | ​ | 11.12
Between £12 and £13 |  | – | ​ | – | ​ | – |  | 0.6 | ​ | – | ​ | – |  | 12.02 | ​ | – | ​ | – |  | – | ​ | – | ​ | – |  | – | ​ | – | ​ | –
Between £13 and £14 | ​ | – | ​ | 0.1 | ​ | 0.1 | ​ | – | ​ | 0.4 | ​ | 1.4 | ​ | – | ​ | 13.94 | ​ | 13.94 | ​ | – | ​ | 0.1 | ​ | – | ​ | – | ​ | 13.94 | ​ | –
Between £14 and £15 |  | – | ​ | – | ​ | 0.1 |  | – | ​ | – | ​ | 0.4 |  | – | ​ | – | ​ | 14.55 |  | – | ​ | – | ​ | 0.1 |  | – | ​ | – | ​ | 14.55
Total |  | 1.7 |  | 1.7 |  | 1.9 |  | 2.8 |  | 2.6 |  | 2.6 |  | 7.84 |  | 9.50 |  | 10.43 |  | 0.2 |  | 0.2 |  | 0.3 |  | 11.57 |  | 10.82 |  | 12.48
​ 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
​ | ​ | Sharesave | ​ | ​ | ​ | ​ | ​ | Sharesave | ​ | ​ | ​ | ​ | ​ | Sharesave | ​ | ​ | ​ | ​
​ | ​ | and | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ISSOSNE |  | Prudential |  | Other |  | ISSOSNE |  | Prudential |  | Other |  | ISSOSNE |  | Prudential |  | Other
​ | ​ | options | ​ | LTIP (TSR) | ​ | awards | ​ | options | ​ | LTIP (TSR) | ​ | awards | ​ | options | ​ | LTIP (TSR) | ​ | awards
Dividend yield (%) |  | ​ | 2.08 | ​ | ​ | – | ​ | ​ | – |  |  | 1.38 | ​ | ​ | – |  |  | – |  |  | 1.11 |  |  | — | ​ | ​ | –
Expected volatility (%) |  | ​ | 28.17 | ​ | ​ | 28.45 | ​ | ​ | – |  |  | 30.02 | ​ | ​ | 31.50 |  |  | – |  |  | 25.68 |  |  | 33.64 | ​ | ​ | –
Risk-free interest rate (%) |  | ​ | 3.57 | ​ | ​ | 4.39 | ​ | ​ | – |  |  | 4.55 | ​ | ​ | 4.34 |  |  | – |  |  | 3.97 |  |  | 2.79 | ​ | ​ | –
Expected option life (years) |  | ​ | 4.03 | ​ | ​ | – | ​ | ​ | – |  |  | 3.95 | ​ | ​ | — |  |  | – |  |  | 4.52 |  |  | — | ​ | ​ | –
Weighted average exercise price (£) |  | £ | 5.24 | ​ | ​ | – | ​ | ​ | – |  | £ | 7.75 | ​ | ​ | — |  |  | – |  | £ | 7.37 |  |  | — | ​ | ​ | –
Weighted average share price at grant date (£/HKD) |  | £ | 7.16 | ​ | HKD | 75.10 | ​ | ​ | – |  | £ | 8.89 | ​ | HKD | 112.76 |  |  | – |  | £ | 9.54 |  | HKD | 113.83 | ​ | ​ | –
Weighted average fair value at grant date (£/HKD) |  | £ | 2.50 | ​ | HKD | 29.29 | ​ | HKD | 72.58 |  | £ | 2.85 | ​ | HKD | 49.60 |  | HKD | 111.97 |  | £ | 3.45 |  | HKD | 21.32 | ​ | HKD | 113.81
Schedule of key management remuneration | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 $m |  | 2023 $m |  | 2022 $m
Salaries and short-term benefits (including fees paid to non-executive directors) |  | 24.6 |  | 27.0 |  | 22.5
Post-employment benefits |  | 1.3 |  | 1.0 |  | 1.0
Share-based paymentsnote |  | 23.6 |  | 22.2 |  | 15.4
Payments on separation | ​ | – | ​ | – | ​ | 1.0
Total key management remuneration |  | 49.5 |  | 50.2 |  | 39.9
Schedule of fees payable to the auditor | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 $m |  | 2023 $m |  | 2022 $m
Audit of the Company’s annual accounts | ​ | 5.3 | ​ | 5.8 | ​ | 2.3
Audit of subsidiaries pursuant to legislation |  | 6.0 |  | 8.1 |  | 4.4
Audit fees payable to the auditor | ​ | 11.3 | ​ | 13.9 | ​ | 6.7
Audit-related assurance services note (i) | ​ | 5.2 | ​ | 4.0 | ​ | 3.5
Other assurance services note (ii) |  | 1.2 |  | 0.9 |  | 0.7
Non-audit fees payable to the auditor | ​ | 6.4 | ​ | 4.9 | ​ | 4.2
Total fees payable to the auditor | ​ | 17.7 | ​ | 18.8 | ​ | 10.9
​ Notes
(i) | EY became the Group’s statutory auditor in 2023 replacing KPMG who was the statutory auditor during 2022. The 2024 and 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 $5.2 million (2023: $4.0 million; 2022: $3.5 million), $1.2 million (2023: $1.1 million; 2022: $0.9 million) relates to services that are required by law and regulation as defined by the FRC.

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