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Analysis of performance by segment (Tables) | 12 Months Ended
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Dec. 31, 2024
Analysis of performance by segment |
Schedule of segment results | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | 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) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | 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) | ¢
​ 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. For definitions of AER and CER refer to note A1.
(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.
(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.
(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.
(v) | Corporate expenditure as shown above is for head office functions.
(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).
(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 $55 m gain in 2022 largely arose from the sale of shares relating the Group’s retained interest in Jackson post the demerger.
Schedule of segmental analysis of revenue | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 $m
​ | ​ | Insurance operations note (i) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Unallocated | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth | ​ | ​ | ​ | Inter- | ​ | ​ | ​ | to a segment | ​ | ​
​ | ​ | Hong | ​ | ​ | ​ | ​ | ​ | ​ | ​ | markets | ​ | ​ | ​ | segment | ​ | Total | ​ | (central | ​ | ​
​ |  | Kong |  | Indonesia |  | Malaysia |  | Singapore |  | and other |  | Eastspring |  | elimination |  | segment |  | operations) |  | Total
Insurance revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts relating to changes in the liability for remaining coverage: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expected claims and other directly attributable expenses | ​ | 1,195 | ​ | 670 | ​ | 740 | ​ | 1,121 | ​ | 715 |  | – |  | – | ​ | 4,441 |  | – |  | 4,441
Change in risk adjustment for non-financial risk | ​ | 68 | ​ | 37 | ​ | 26 | ​ | 64 | ​ | 62 |  | – |  | – | ​ | 257 |  | – |  | 257
Release of CSM for services provided | ​ | 908 | ​ | 146 | ​ | 206 | ​ | 521 | ​ | 505 |  | – |  | – | ​ | 2,286 |  | – |  | 2,286
Other adjustments note (ii) | ​ | 88 | ​ | 31 | ​ | 50 | ​ | 32 | ​ | 16 |  | – |  | – | ​ | 217 |  | – |  | 217
Recovery of insurance acquisition cash flows | ​ | 1,445 | ​ | 293 | ​ | 268 | ​ | 513 | ​ | 638 |  | – |  | – |  | 3,157 |  | – |  | 3,157
​ | ​ | 3,704 | ​ | 1,177 | ​ | 1,290 | ​ | 2,251 | ​ | 1,936 |  | – |  | – |  | 10,358 |  | – |  | 10,358
Other revenue note (iii) | ​ | 24 | ​ | 2 | ​ | – | ​ | 2 | ​ | 21 |  | 333 |  | – |  | 382 |  | – |  | 382
Total revenue from external customers note (iv) | ​ | 3,728 | ​ | 1,179 | ​ | 1,290 | ​ | 2,253 | ​ | 1,957 | ​ | 333 | ​ | – | ​ | 10,740 | ​ | – | ​ | 10,740
Intra-group revenue | ​ | – | ​ | – | ​ | – | ​ | – | ​ | – |  | 221 |  | (221) |  | – | ​ | – | ​ | –
Investment return | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ | 1,077 | ​ | 101 | ​ | 216 | ​ | 797 | ​ | 688 |  | 7 |  | – |  | 2,886 |  | 209 |  | 3,095
Dividend and other investment income | ​ | 1,279 | ​ | 105 | ​ | 181 | ​ | 651 | ​ | 164 |  | 3 |  | – |  | 2,383 |  | – |  | 2,383
Investment appreciation (depreciation) | ​ | (3,317) | ​ | (86) | ​ | 736 | ​ | 2,275 | ​ | 604 |  | 1 |  | – |  | 213 |  | 228 |  | 441
​ | ​ | (961) | ​ | 120 | ​ | 1,133 | ​ | 3,723 | ​ | 1,456 | ​ | 11 | ​ | – | ​ | 5,482 | ​ | 437 | ​ | 5,919
Total revenue | ​ | 2,767 | ​ | 1,299 | ​ | 2,423 | ​ | 5,976 | ​ | 3,413 |  | 565 |  | (221) |  | 16,222 |  | 437 |  | 16,659
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 $m
​ | ​ | Insurance operations note (i) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Unallocated | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth | ​ | ​ | ​ | Inter- | ​ | ​ | ​ | to a segment | ​ | ​
​ |  | Hong |  | ​ |  | ​ |  | ​ |  | markets |  | ​ |  | segment |  | Total |  | (central |  | ​
​ | ​ | Kong | ​ | Indonesia | ​ | Malaysia | ​ | Singapore | ​ | and other | ​ | Eastspring | ​ | elimination | ​ | segment | ​ | operations) | ​ | Total
Insurance revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
​ | ​ | 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) |  | – | ​ | – | ​ | –
Investment return | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
​ | ​ | 3,963 | ​ | 235 | ​ | 567 | ​ | 2,803 | ​ | 2,053 | ​ | 14 | ​ | – | ​ | 9,635 | ​ | 128 | ​ | 9,763
Total revenue | ​ | 7,214 | ​ | 1,381 | ​ | 1,705 | ​ | 4,786 | ​ | 3,975 |  | 497 |  | (184) |  | 19,374 |  | 129 |  | 19,503
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 $m
​ | ​ | Insurance operations note (i) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Unallocated | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth | ​ | ​ | ​ | Inter- | ​ | ​ | ​ | to a segment | ​ | ​
​ |  | Hong |  | ​ |  | ​ |  | ​ |  | markets |  | ​ |  | segment |  | Total |  | (central |  | ​
​ | ​ | Kong | ​ | Indonesia | ​ | Malaysia | ​ | Singapore | ​ | and other | ​ | Eastspring | ​ | elimination | ​ | segment | ​ | operations) | ​ | Total
Insurance revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | 30 |  | 16 | ​ | – |  | 27 | ​ | 32 | ​ | – | ​ | – |  | 105 |  | – |  | 105
Recovery of insurance acquisition cash flows | ​ | 1,051 | ​ | 309 | ​ | 231 | ​ | 378 | ​ | 484 | ​ | – | ​ | – |  | 2,453 | ​ | – | ​ | 2,453
​ | ​ | 2,840 |  | 1,070 | ​ | 1,029 |  | 1,815 | ​ | 1,795 | ​ | – | ​ | – |  | 8,549 |  | – |  | 8,549
Other revenue |  | 65 |  | 6 | ​ | – |  | 1 | ​ | 33 | ​ | 330 | ​ | – |  | 435 |  | 1 |  | 436
Total revenue from external customers |  | 2,905 | ​ | 1,076 | ​ | 1,029 | ​ | 1,816 | ​ | 1,828 | ​ | 330 | ​ | – | ​ | 8,984 | ​ | 1 | ​ | 8,985
Intra-group revenue |  | – |  | – | ​ | – |  | – | ​ | 1 | ​ | 199 | ​ | (200) |  | – |  | – |  | –
Investment return | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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)
​ | ​ | (21,999) | ​ | 91 | ​ | 5 | ​ | (5,379) | ​ | (2,152) | ​ | (16) | ​ | – | ​ | (29,450) | ​ | 70 | ​ | (29,380)
Total revenue |  | (19,094) |  | 1,167 | ​ | 1,034 |  | (3,563) | ​ | (323) | ​ | 513 | ​ | (200) |  | (20,466) |  | 71 |  | (20,395)
​ Notes
(i) | The Group’s share of the results from the joint ventures and associates that are equity accounted for, including the Group's life joint venture in Mainland China, 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 the Mainland China joint venture (Prudential’s share) in 2024 is $573 million (2023: $560 million; 2022: $595 million). Further financial information on the Mainland China joint venture is provided in note D6.3.
(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 $333 million (2023: $299 million; 2022: $330 million). Also included in other revenue is fee income on financial instruments that are not held at fair value through profit or loss of $5 million (2023: $3 million; 2022: $2 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, Indonesia, Malaysia and Singapore 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 |  | 2024 $m |  | 2023 $m
Interest income calculated using the effective interest method |  | 477 | ​ | 340
Net gains on financial instruments at FVTPLnote |  | 5,250 | ​ | 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) |  | 363 | ​ | 267
Movement in amounts attributable to external unit holders of consolidated investment funds | ​ | (171) | ​ | (251)
Investment return recognised in the income statement |  | 5,919 | ​ | 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 |  | 5,919 | ​ | 9,771
​ ​
​ | ​ | ​
IAS 39 basis |  | 2022 $m
Interest income calculated using the effective interest method |  | 237
Net losses on financial instruments at FVTPL note |  | (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)
​ ​ Note Net gains 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 2024 recognised in the income statement amounted to a net loss of $(0.5) billion (2023: $(6.0) billion; 2022: $(9.4) billion).
Schedule of net insurance and reinsurance finance income (expense) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 $m | ​ | 2023 $m |  | 2022 $m
Net finance (expense) income from insurance contracts notes (i)(ii) |  | ​ | ​ |  |  |
Accretion of interest on GMM contracts |  | (295) | ​ | (233) |  | (240)
Changes in fair value of underlying assets and other adjustments relating to VFA contracts |  | (3,258) | ​ | (8,162) |  | 28,498
Effect of changes in interest rates and other financial assumptions |  | (491) | ​ | (276) |  | 458
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates |  | 5 | ​ | 43 |  | 53
Net foreign exchange gain |  | 21 | ​ | 12 |  | (524)
Other finance expense from insurance contractsnote (iii) |  | (136) | ​ | (223) |  | 378
​ | ​ | (4,154) | ​ | (8,839) |  | 28,623
Net finance income (expense) from reinsurance contracts held notes (i)(ii) |  | ​ | ​ |  |  |
Accretion of interest on GMM contracts |  | 109 | ​ | 45 |  | 45
Effect of changes in interest rates and other financial assumptions |  | (467) | ​ | 168 |  | (1,301)
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates |  | (23) | ​ | (11) |  | 71
Net foreign exchange gain (loss) |  | 19 | ​ | (8) |  | (1)
Other finance income (expense) from reinsurance contracts note (iv) |  | 24 | ​ | (3) |  | (7)
​ | ​ | (338) | ​ | 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 B1.3. The investment return included in the income statement relates to all investment assets of the Group, irrespective of whether the return is attributable to shareholders or policyholders or whether the assets are backing insurance contracts classified as VFA or GMM. 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. For example, a significant portion of the Group’s investment portfolio comprises assets that are part of the underlying items relating to VFA contracts. Market movements in these underlying assets, as included in Investment return, are matched by a movement in insurance liabilities as included in Insurance finance income (expense). Accordingly, the principal driver for the year-on-year variations in the 'Changes in fair value of underlying assets and other adjustments relating to VFA contracts' in the table above is the investment return element, as shown directionally in the 'Net gains on financial instruments at FVTPL' in the table in note B1.3.
(iii) | Other finance expense from insurance contracts includes the effect of changes in the policyholders’ interest in the excess net assets of relevant participating funds of $(110) million (2023: $(192) million; 2022: $515 million).
(iv) | Other finance income (expense) from reinsurance contracts held includes the effect of changes in non-performance risk of reinsurers of $24 million (2023: $(3) million; 2022: $(7) million).
Schedule of additional segmental analysis of profit after tax | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 $m |  | 2023 $m |  | 2022 $m
Mainland Chinanote | ​ | 159 |  | (577) |  | (345)
Hong Kong | ​ | 851 |  | 976 |  | (742)
Indonesia | ​ | 181 |  | 156 |  | 108
Malaysianote | ​ | 296 |  | 257 |  | 178
Singapore | ​ | 566 |  | 512 |  | (7)
Growth markets and othernote | ​ | 503 |  | 775 |  | 314
Eastspring | ​ | 264 |  | 254 |  | 234
Total segment | ​ | 2,820 |  | 2,353 |  | (260)
Unallocated to a segment (central operations) | ​ | (405) |  | (641) |  | (737)
Total profit after tax | ​ | 2,415 |  | 1,712 |  | (997)
​ 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 Mainland China is before tax (with its tax being included in the Growth markets and other segment). The Group's share of the Mainland China joint venture’s post-tax result was $141 million (2023: $(366) million; 2022: $(275) million).

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