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Insurance and reinsurance contracts - CSM transition approach (Details) - USD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2024 | Dec. 31, 2023
Contractual service margin (CSM) | Including JVs and associates |  |
Changes that relate to current service |  |
Release of CSM to profit or loss | $ (2,352) |
Insurance |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | 138,691 | $ 125,133
Changes that relate to future service |  |
New contracts in the year | 7 | 7
Total changes that relate to future service | 131 | 197
Changes that relate to current service |  |
Release of CSM to profit or loss | (2,286) | (2,193)
Insurance service result | (2,595) | (2,258)
Net finance (income) expenses from insurance and reinsurance contracts | 4,154 | 8,839
Effect of movements in exchange rates | (1,763) | 210
Net closing (assets) liabilities at 31 Dec | 146,252 | 138,691
Insurance | Including JVs and associates |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | 160,626 | 144,203
Changes that relate to future service |  |
New contracts in the year | 40 | 59
Total changes that relate to future service | 197 | 275
Changes that relate to current service |  |
Release of CSM to profit or loss | (2,511) | (2,414)
Insurance service result | (2,786) | (2,424)
Net finance (income) expenses from insurance and reinsurance contracts | 6,051 | 10,864
Effect of movements in exchange rates | (2,395) | (114)
Net closing (assets) liabilities at 31 Dec | 169,272 | 160,626
Insurance | Contractual service margin (CSM) |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | 20,184 | 19,168
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | 153 | 838
New contracts in the year | 2,401 | 2,173
Total changes that relate to future service | 2,554 | 3,011
Changes that relate to current service |  |
Release of CSM to profit or loss | (2,286) | (2,193)
Insurance service result | 268 | 818
Net finance (income) expenses from insurance and reinsurance contracts | 277 | 217
Effect of movements in exchange rates | (299) | (19)
Net closing (assets) liabilities at 31 Dec | 20,430 | 20,184
Insurance | Contractual service margin (CSM) | Including JVs and associates |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | 22,352 | 21,304
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | 26 | 801
New contracts in the year | 2,585 | 2,429
Total changes that relate to future service | 2,611 | 3,230
Changes that relate to current service |  |
Release of CSM to profit or loss | (2,511) | (2,414)
Insurance service result | 100 | 816
Net finance (income) expenses from insurance and reinsurance contracts | 357 | 295
Effect of movements in exchange rates | (348) | (63)
Net closing (assets) liabilities at 31 Dec | 22,461 | 22,352
Insurance | Contracts under MRA |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | 829 | 822
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | (11) | 143
Total changes that relate to future service | (11) | 143
Changes that relate to current service |  |
Release of CSM to profit or loss | (114) | (135)
Insurance service result | (125) | 8
Net finance (income) expenses from insurance and reinsurance contracts | 35 | 24
Effect of movements in exchange rates | 8 | (25)
Net closing (assets) liabilities at 31 Dec | 747 | 829
Insurance | Contracts under MRA | Including JVs and associates |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | 1,922 | 2,033
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | (81) | 117
Total changes that relate to future service | (81) | 117
Changes that relate to current service |  |
Release of CSM to profit or loss | (209) | (247)
Insurance service result | (290) | (130)
Net finance (income) expenses from insurance and reinsurance contracts | 73 | 66
Effect of movements in exchange rates | (22) | (47)
Net closing (assets) liabilities at 31 Dec | 1,683 | 1,922
Insurance | Contracts under FVA |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | 3,674 | 3,635
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | 162 | 462
Total changes that relate to future service | 162 | 462
Changes that relate to current service |  |
Release of CSM to profit or loss | (418) | (434)
Insurance service result | (256) | 28
Net finance (income) expenses from insurance and reinsurance contracts | (60) | 3
Effect of movements in exchange rates | (87) | 8
Net closing (assets) liabilities at 31 Dec | 3,271 | 3,674
Insurance | Contracts under FVA | Including JVs and associates |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | 4,143 | 4,102
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | 131 | 496
Total changes that relate to future service | 131 | 496
Changes that relate to current service |  |
Release of CSM to profit or loss | (442) | (458)
Insurance service result | (311) | 38
Net finance (income) expenses from insurance and reinsurance contracts | (53) | 9
Effect of movements in exchange rates | (89) | (6)
Net closing (assets) liabilities at 31 Dec | 3,690 | 4,143
Insurance | Other contracts |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | 15,681 | 14,711
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | 2 | 233
New contracts in the year | 2,401 | 2,173
Total changes that relate to future service | 2,403 | 2,406
Changes that relate to current service |  |
Release of CSM to profit or loss | (1,754) | (1,624)
Insurance service result | 649 | 782
Net finance (income) expenses from insurance and reinsurance contracts | 302 | 190
Effect of movements in exchange rates | (220) | (2)
Net closing (assets) liabilities at 31 Dec | 16,412 | 15,681
Insurance | Other contracts | Including JVs and associates |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | 16,287 | 15,169
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | (24) | 188
New contracts in the year | 2,585 | 2,429
Total changes that relate to future service | 2,561 | 2,617
Changes that relate to current service |  |
Release of CSM to profit or loss | (1,860) | (1,709)
Insurance service result | 701 | 908
Net finance (income) expenses from insurance and reinsurance contracts | 337 | 220
Effect of movements in exchange rates | (237) | (10)
Net closing (assets) liabilities at 31 Dec | 17,088 | 16,287
RI |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | (1,275) | (681)
Changes that relate to future service |  |
New contracts in the year | (1) |
Total changes that relate to future service | 48 | (98)
Changes that relate to current service |  |
Release of CSM to profit or loss | 159 | 203
Insurance service result | 302 | 171
Net finance (income) expenses from insurance and reinsurance contracts | 338 | (191)
Effect of movements in exchange rates | 9 |
Net closing (assets) liabilities at 31 Dec | (2,854) | (1,275)
RI | Including JVs and associates |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | (1,390) | (800)
Changes that relate to future service |  |
New contracts in the year | (1) | (1)
Total changes that relate to future service | 42 | (94)
Changes that relate to current service |  |
Release of CSM to profit or loss | 159 | 206
Insurance service result | 306 | 189
Net finance (income) expenses from insurance and reinsurance contracts | 327 | (199)
Effect of movements in exchange rates | 10 | 3
Net closing (assets) liabilities at 31 Dec | (2,998) | (1,390)
RI | Contractual service margin (CSM) |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | (1,345) | (1,330)
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | 691 | (100)
New contracts in the year | 14 | (70)
Total changes that relate to future service | 705 | (170)
Changes that relate to current service |  |
Release of CSM to profit or loss | 159 | 203
Insurance service result | 864 | 33
Net finance (income) expenses from insurance and reinsurance contracts | (23) | (49)
Effect of movements in exchange rates | (6) | 1
Net closing (assets) liabilities at 31 Dec | (510) | (1,345)
RI | Contractual service margin (CSM) | Including JVs and associates |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | (1,340) | (1,315)
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | 698 | (105)
New contracts in the year | 11 | (81)
Total changes that relate to future service | 709 | (186)
Changes that relate to current service |  |
Release of CSM to profit or loss | 159 | 206
Insurance service result | 868 | 20
Net finance (income) expenses from insurance and reinsurance contracts | (21) | (47)
Effect of movements in exchange rates | (8) | 2
Net closing (assets) liabilities at 31 Dec | (501) | (1,340)
RI | Contracts under FVA |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | (45) | (34)
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | 13 | (19)
Total changes that relate to future service | 13 | (19)
Changes that relate to current service |  |
Release of CSM to profit or loss | 5 | 8
Insurance service result | 18 | (11)
Net finance (income) expenses from insurance and reinsurance contracts | (1) | (1)
Effect of movements in exchange rates | 1 | 1
Net closing (assets) liabilities at 31 Dec | (27) | (45)
RI | Contracts under FVA | Including JVs and associates |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | (63) | (55)
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | 8 | (17)
Total changes that relate to future service | 8 | (17)
Changes that relate to current service |  |
Release of CSM to profit or loss | 7 | 10
Insurance service result | 15 | (7)
Net finance (income) expenses from insurance and reinsurance contracts | (2) | (2)
Effect of movements in exchange rates | 1 | 1
Net closing (assets) liabilities at 31 Dec | (49) | (63)
RI | Other contracts |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | (1,300) | (1,296)
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | 678 | (81)
New contracts in the year | 14 | (70)
Total changes that relate to future service | 692 | (151)
Changes that relate to current service |  |
Release of CSM to profit or loss | 154 | 195
Insurance service result | 846 | 44
Net finance (income) expenses from insurance and reinsurance contracts | (22) | (48)
Effect of movements in exchange rates | (7) |
Net closing (assets) liabilities at 31 Dec | (483) | (1,300)
RI | Other contracts | Including JVs and associates |  |
Analysis of movements in insurance and reinsurance contract balances by measurement component |  |
Net opening (assets) liabilities at 1 Jan | (1,277) | (1,260)
Changes that relate to future service |  |
Changes in estimates that adjust the CSM | 690 | (88)
New contracts in the year | 11 | (81)
Total changes that relate to future service | 701 | (169)
Changes that relate to current service |  |
Release of CSM to profit or loss | 152 | 196
Insurance service result | 853 | 27
Net finance (income) expenses from insurance and reinsurance contracts | (19) | (45)
Effect of movements in exchange rates | (9) | 1
Net closing (assets) liabilities at 31 Dec | $ (452) | $ (1,277)

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