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v3.25.1

Insurance and reinsurance contracts (Tables) | 12 Months Ended
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Dec. 31, 2024
Insurance contracts |
Schedule of analysis of portfolio of insurance and reinsurance (RI) contract assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Excluding JVs and associates $m |  | Including JVs and associates $m
​ | ​ | Assets | ​ | Liabilities | ​ | Net liabilities (assets) | ​ | Assets | ​ | Liabilities | ​ | Net liabilities (assets)
​ | ​ | Insurance | ​ | RI | ​ | Insurance | ​ | RI | ​ | Insurance | ​ | RI | ​ | Insurance | ​ | RI | ​ | Insurance | ​ | RI | ​ | Insurance | ​ | RI
​ |  | note (i) |  | note (i) |  | note (i) |  | note (i) |  | note (ii) |  | ​ |  | note (i) |  | note (i) |  | note (i) |  | note (i) |  | note (ii) |  | ​
As at 31 Dec 2024 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Best estimate liabilities (BEL) |  | 4,566 |  | 2,624 |  | 127,942 |  | 423 |  | 123,376 |  | (2,201) |  | 4,799 |  | 2,783 |  | 148,867 |  | 461 |  | 144,068 |  | (2,322)
Risk adjustment for non-financial risk (RA) |  | (791) |  | 99 |  | 1,655 |  | (44) |  | 2,446 |  | (143) |  | (803) |  | 128 |  | 1,940 |  | (47) |  | 2,743 |  | (175)
Contractual service margin (CSM) |  | (2,462) |  | 667 |  | 17,968 |  | 157 |  | 20,430 |  | (510) |  | (2,599) |  | 645 |  | 19,862 |  | 144 |  | 22,461 |  | (501)
Insurance contract balances notes C3.2 C3.3 |  | 1,313 |  | 3,390 |  | 147,565 |  | 536 |  | 146,252 |  | (2,854) |  | 1,397 |  | 3,556 |  | 170,669 |  | 558 |  | 169,272 |  | (2,998)
Assets for insurance acquisition cash flows |  | 32 |  | – |  | 1 |  | – |  | (31) |  | – |  | 32 |  | – |  | 1 |  | – |  | (31) |  | –
Insurance and reinsurance contract (assets) liabilities |  | 1,345 |  | 3,390 |  | 147,566 |  | 536 |  | 146,221 |  | (2,854) |  | 1,429 |  | 3,556 |  | 170,670 |  | 558 |  | 169,241 |  | (2,998)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at 31 Dec 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Best estimate liabilities (BEL) |  | 3,952 |  | 1,175 |  | 120,115 |  | 1,182 |  | 116,163 |  | 7 |  | 3,998 |  | 1,315 |  | 139,673 |  | 1,222 |  | 135,675 |  | (93)
Risk adjustment for non-financial risk (RA) |  | (631) |  | (84) |  | 1,713 |  | (21) |  | 2,344 |  | 63 |  | (630) |  | (67) |  | 1,969 |  | (24) |  | 2,599 |  | 43
Contractual service margin (CSM) |  | (2,173) |  | 1,335 |  | 18,011 |  | (10) |  | 20,184 |  | (1,345) |  | (2,176) |  | 1,321 |  | 20,176 |  | (19) |  | 22,352 |  | (1,340)
Insurance contract balances notes C3.2 C3.3 |  | 1,148 |  | 2,426 |  | 139,839 |  | 1,151 |  | 138,691 |  | (1,275) |  | 1,192 |  | 2,569 |  | 161,818 |  | 1,179 |  | 160,626 |  | (1,390)
Assets for insurance acquisition cash flows |  | 32 |  | – |  | 1 |  | – |  | (31) |  | – |  | 32 |  | – |  | 1 |  | – |  | (31) |  | –
Insurance and reinsurance contract (assets) liabilities |  | 1,180 |  | 2,426 |  | 139,840 |  | 1,151 |  | 138,660 |  | (1,275) |  | 1,224 |  | 2,569 |  | 161,819 |  | 1,179 |  | 160,595 |  | (1,390)
Notes
(i) | The Group’s investments in joint ventures and associates are accounted for using the equity method. The Group’s share of insurance and reinsurance contract liabilities and assets as shown above relate to the life business of Mainland China, India and Takaful business in Malaysia.
(ii) | At 31 December 2024 and 2023, the Group’s exposure to credit risk arising from insurance contracts issued is not material to the Group as premiums receivable from an individual party (policyholders and intermediaries) is not material to the Group.
​
Schedule of adjusted shareholders' equity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Group’s share | ​ | ​
​ | ​ | Excluding | ​ | related to | ​ | Including
​ | ​ | JVs and | ​ | JVs and | ​ | JVs and
​ | ​ | associates | ​ | associates | ​ | associates
​ |  | $m |  | $m |  | $m
As at 31 Dec 2024 | ​ | ​ | ​ | ​ | ​ | ​
Shareholders’ equity | ​ | 15,080 | ​ | 2,412 | ​ | 17,492
CSM, net of reinsurance | ​ | 19,920 | ​ | 2,040 | ​ | 21,960
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders | ​ | 789 | ​ | – | ​ | 789
Remove: CSM, net of reinsurance, attributable to non-controlling interests note D2 | ​ | (977) | ​ | – | ​ | (977)
Shareholders’ CSM, net of reinsurance | ​ | 19,732 | ​ | 2,040 | ​ | 21,772
Less: Related tax adjustments | ​ | (2,134) | ​ | (470) | ​ | (2,604)
Adjusted total comprehensive equity | ​ | 32,678 | ​ | 3,982 | ​ | 36,660
​ | ​ | ​ | ​ | ​ | ​ | ​
As at 31 Dec 2023 | ​ | ​ | ​ | ​ | ​ | ​
Shareholders’ equity |  | 15,883 | ​ | 1,940 | ​ | 17,823
CSM, net of reinsurance |  | 18,839 | ​ | 2,173 | ​ | 21,012
Remove: CSM asset attaching to reinsurance contracts wholly attributable to policyholders |  | 1,367 | ​ | – | ​ | 1,367
Shareholders’ CSM, net of reinsurance | ​ | 20,206 | ​ | 2,173 | ​ | 22,379
Less: Related tax adjustments |  | (2,347) | ​ | (509) | ​ | (2,856)
Adjusted total comprehensive equity |  | 33,742 | ​ | 3,604 | ​ | 37,346
Schedule of analysis of movements in insurance and reinsurance contract balances by measurement component | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Excluding JVs and associates
​ | ​ | 2024 $m
​ | ​ | Insurance | ​ | Reinsurance
​ |  | BEL |  | RA |  | CSM |  | Total |  | BEL |  | RA |  | CSM |  | Total
​ |  | ​ |  | ​ | ​ | note (b) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | note (b) | ​ | ​
Opening assets | ​ | (3,952) | ​ | 631 | ​ | 2,173 | ​ | (1,148) | ​ | (1,175) | ​ | 84 | ​ | (1,335) | ​ | (2,426)
Opening liabilities | ​ | 120,115 | ​ | 1,713 | ​ | 18,011 | ​ | 139,839 | ​ | 1,182 | ​ | (21) | ​ | (10) | ​ | 1,151
Net (assets) liabilities at 1 Jan | ​ | 116,163 | ​ | 2,344 | ​ | 20,184 | ​ | 138,691 | ​ | 7 | ​ | 63 | ​ | (1,345) | ​ | (1,275)
Changes that relate to future service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Changes in estimates that adjust the CSM | ​ | (178) | ​ | 25 | ​ | 153 | ​ | – | ​ | (475) | ​ | (216) | ​ | 691 | ​ | –
Changes in estimates that result in losses or reversal of losses on onerous contracts | ​ | 100 | ​ | 24 | ​ | – | ​ | 124 | ​ | 49 | ​ | – | ​ | – | ​ | 49
New contracts in the year | ​ | (2,709) | ​ | 315 | ​ | 2,401 | ​ | 7 | ​ | (10) | ​ | (5) | ​ | 14 | ​ | (1)
​ | ​ | (2,787) | ​ | 364 | ​ | 2,554 | ​ | 131 | ​ | (436) | ​ | (221) | ​ | 705 | ​ | 48
Changes that relate to current service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Release of CSM to profit or loss | ​ | – | ​ | – | ​ | (2,286) | ​ | (2,286) | ​ | – | ​ | – | ​ | 159 | ​ | 159
Release of risk adjustment to profit or loss | ​ | – | ​ | (257) | ​ | – | ​ | (257) | ​ | – | ​ | 16 | ​ | – | ​ | 16
Experience adjustments | ​ | (153) | ​ | – | ​ | – | ​ | (153) | ​ | 112 | ​ | – | ​ | – | ​ | 112
​ | ​ | (153) | ​ | (257) | ​ | (2,286) | ​ | (2,696) | ​ | 112 | ​ | 16 | ​ | 159 | ​ | 287
Changes that relate to past service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjustments to assets and liabilities for incurred claims | ​ | (34) | ​ | 4 | ​ | – | ​ | (30) | ​ | (33) | ​ | – | ​ | – | ​ | (33)
Insurance service result | ​ | (2,974) | ​ | 111 | ​ | 268 | ​ | (2,595) | ​ | (357) | ​ | (205) | ​ | 864 | ​ | 302
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net finance (income) expense |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accretion of interest on GMM contracts note (i) |  | (24) | ​ | 49 | ​ | 270 | ​ | 295 | ​ | (73) | ​ | (6) | ​ | (30) | ​ | (109)
Other net finance (income) expense |  | 3,849 | ​ | 3 | ​ | 7 | ​ | 3,859 | ​ | 435 | ​ | 5 | ​ | 7 | ​ | 447
​ | ​ | 3,825 | ​ | 52 | ​ | 277 | ​ | 4,154 | ​ | 362 | ​ | (1) | ​ | (23) | ​ | 338
Total amount recognised in income statement note (iv) |  | 851 | ​ | 163 | ​ | 545 | ​ | 1,559 | ​ | 5 | ​ | (206) | ​ | 841 | ​ | 640
Effect of movements in exchange rates |  | (1,423) | ​ | (41) | ​ | (299) | ​ | (1,763) | ​ | 15 | ​ | – | ​ | (6) | ​ | 9
Total amount recognised in comprehensive income |  | (572) | ​ | 122 | ​ | 246 | ​ | (204) | ​ | 20 | ​ | (206) | ​ | 835 | ​ | 649
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Premiums received net of ceding commissions paid |  | 24,283 | ​ | – | ​ | – | ​ | 24,283 | ​ | (2,837) | ​ | – | ​ | – | ​ | (2,837)
Insurance acquisition cash flows |  | (4,798) | ​ | – | ​ | – | ​ | (4,798) | ​ | – | ​ | – | ​ | – | ​ | –
Claims and other insurance service expenses net of recoveries from reinsurance received note (ii) |  | (11,427) | ​ | – | ​ | – | ​ | (11,427) | ​ | 612 | ​ | – | ​ | – | ​ | 612
Total cash flows |  | 8,058 | ​ | – | ​ | – | ​ | 8,058 | ​ | (2,225) | ​ | – | ​ | – | ​ | (2,225)
Other changes note (iii) |  | (273) | ​ | (20) | ​ | – | ​ | (293) | ​ | (3) | ​ | – | ​ | – | ​ | (3)
Closing assets |  | (4,566) | ​ | 791 | ​ | 2,462 | ​ | (1,313) | ​ | (2,624) | ​ | (99) | ​ | (667) | ​ | (3,390)
Closing liabilities |  | 127,942 | ​ | 1,655 | ​ | 17,968 | ​ | 147,565 | ​ | 423 | ​ | (44) | ​ | 157 | ​ | 536
Net (assets) liabilities at 31 Dec |  | 123,376 | ​ | 2,446 | ​ | 20,430 | ​ | 146,252 | ​ | (2,201) | ​ | (143) | ​ | (510) | ​ | (2,854)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Excluding JVs and associates
​ | ​ | 2023 $m
​ | ​ | Insurance | ​ | Reinsurance
​ | ​ | BEL |  | RA |  | CSM |  | Total |  | BEL |  | RA |  | CSM |  | Total
​ |  | ​ |  | ​ |  | note (b) |  | ​ |  | ​ |  | ​ |  | note (b) |  | ​
Opening assets |  | (3,540) |  | 505 |  | 1,929 |  | (1,106) |  | (508) |  | 39 |  | (1,387) |  | (1,856)
Opening liabilities |  | 107,582 |  | 1,418 |  | 17,239 |  | 126,239 |  | 1,162 |  | (44) |  | 57 |  | 1,175
Net (assets) liabilities at 1 Jan |  | 104,042 |  | 1,923 |  | 19,168 |  | 125,133 |  | 654 |  | (5) |  | (1,330) |  | (681)
Changes that relate to future service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Changes in estimates that adjust the CSM |  | (1,181) |  | 343 |  | 838 |  | – |  | 57 |  | 43 |  | (100) |  | –
Changes in estimates that result in losses or reversal of losses on onerous contracts |  | 196 |  | (6) |  | – |  | 190 |  | (98) |  | – |  | – |  | (98)
New contracts in the year |  | (2,461) |  | 295 |  | 2,173 |  | 7 |  | 75 |  | (5) |  | (70) |  | —
​ |  | (3,446) |  | 632 |  | 3,011 |  | 197 |  | 34 |  | 38 |  | (170) |  | (98)
Changes that relate to current service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Release of CSM to profit or loss |  | – |  | – |  | (2,193) |  | (2,193) |  | – |  | – |  | 203 |  | 203
Release of risk adjustment to profit or loss |  | – |  | (228) |  | – |  | (228) |  | – |  | 24 |  | — |  | 24
Experience adjustments |  | (176) |  | – |  | – |  | (176) |  | 45 |  | – |  | – |  | 45
​ |  | (176) |  | (228) |  | (2,193) |  | (2,597) |  | 45 |  | 24 |  | 203 |  | 272
Changes that relate to past service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjustments to assets and liabilities for incurred claims |  | 144 |  | (2) |  | – |  | 142 |  | (3) |  | – |  | – |  | (3)
Insurance service result |  | (3,478) |  | 402 |  | 818 |  | (2,258) |  | 76 |  | 62 |  | 33 |  | 171
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net finance (income) expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accretion of interest on GMM contracts note (i) |  | (43) |  | 47 |  | 229 |  | 233 |  | 6 |  | (2) |  | (49) |  | (45)
Other net finance (income) expense |  | 8,650 |  | (32) |  | (12) |  | 8,606 |  | (156) |  | 10 |  | – |  | (146)
​ |  | 8,607 |  | 15 |  | 217 |  | 8,839 |  | (150) |  | 8 |  | (49) |  | (191)
Total amount recognised in income statement |  | 5,129 |  | 417 |  | 1,035 |  | 6,581 |  | (74) |  | 70 |  | (16) |  | (20)
Effect of movements in exchange rates |  | 225 |  | 4 |  | (19) |  | 210 |  | 1 |  | (2) |  | 1 |  | –
Total amount recognised in comprehensive income |  | 5,354 |  | 421 |  | 1,016 |  | 6,791 |  | (73) |  | 68 |  | (15) |  | (20)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Premiums received net of ceding commissions paid |  | 22,294 |  | – |  | – |  | 22,294 |  | (1,032) |  | – |  | – |  | (1,032)
Insurance acquisition cash flows |  | (4,270) |  | – |  | – |  | (4,270) |  | – |  | – |  | – |  | —
Claims and other insurance service expenses net of recoveries from reinsurance received note (ii) |  | (11,082) |  | – |  | – |  | (11,082) |  | 458 |  | – |  | – |  | 458
Total cash flows |  | 6,942 |  | – |  | – |  | 6,942 |  | (574) |  | – |  | – |  | (574)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other changes note (iii) |  | (175) |  | – |  | – |  | (175) |  | – |  | – |  | – |  | –
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Closing assets |  | (3,952) |  | 631 |  | 2,173 |  | (1,148) |  | (1,175) |  | 84 |  | (1,335) |  | (2,426)
Closing liabilities |  | 120,115 |  | 1,713 |  | 18,011 |  | 139,839 |  | 1,182 |  | (21) |  | (10) |  | 1,151
Net (assets) liabilities at 31 Dec |  | 116,163 |  | 2,344 |  | 20,184 |  | 138,691 |  | 7 |  | 63 |  | (1,345) |  | (1,275)
Notes
(i) | Accretion of interest includes interest on policy loans.
(ii) | Including investment component.
(iii) | Other changes include movements in insurance contract liabilities arising from adjustments to remove the incurred non-cash expenses (such as depreciation and amortisation) from insurance contract asset and liability balances as well as the net insurance and reinsurance liabilities at 31 December 2024 of businesses classified as held for sale. Comparative results are as published and include the results of these businesses.
(iv) | The Group does not utilise the risk mitigation option in its IFRS 17 VFA liability accounting except in connection with a short-term premium prepayment option available on certain participating products in Hong Kong effective from 1 January 2024, which has had a minor effect on the income statement.
Schedule of CSM transition approach | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Insurance contracts (excluding JVs and associates)
​ | ​ | 2024 $m | ​ | 2023 $m
​ | ​ | Contracts | ​ | Contracts | ​ | Other | ​ | ​ | ​ | Contracts | ​ | Contracts | ​ | Other | ​ | ​
​ |  | under MRA |  | under FVA |  | contracts* |  | Total CSM |  | under MRA |  | under FVA |  | contracts* |  | Total CSM
Balance at 1 Jan | ​ | 829 | ​ | 3,674 | ​ | 15,681 | ​ | 20,184 | ​ | 822 | ​ | 3,635 | ​ | 14,711 | ​ | 19,168
Changes that relate to future service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Changes in estimates that adjust the CSM | ​ | (11) | ​ | 162 | ​ | 2 | ​ | 153 | ​ | 143 | ​ | 462 | ​ | 233 | ​ | 838
New contracts in the year | ​ | – | ​ | – | ​ | 2,401 | ​ | 2,401 | ​ | – | ​ | – | ​ | 2,173 | ​ | 2,173
​ | ​ | (11) | ​ | 162 | ​ | 2,403 | ​ | 2,554 | ​ | 143 | ​ | 462 | ​ | 2,406 | ​ | 3,011
Changes that relate to current service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Release of CSM to profit or loss | ​ | (114) | ​ | (418) | ​ | (1,754) | ​ | (2,286) | ​ | (135) | ​ | (434) | ​ | (1,624) | ​ | (2,193)
​ | ​ | (125) | ​ | (256) | ​ | 649 | ​ | 268 | ​ | 8 | ​ | 28 | ​ | 782 | ​ | 818
Net finance (income) expenses from insurance contracts | ​ | 35 | ​ | (60) | ​ | 302 | ​ | 277 | ​ | 24 | ​ | 3 | ​ | 190 | ​ | 217
Effect of movements in exchange rates | ​ | 8 | ​ | (87) | ​ | (220) | ​ | (299) | ​ | (25) | ​ | 8 | ​ | (2) | ​ | (19)
Balance at 31 Dec | ​ | 747 | ​ | 3,271 | ​ | 16,412 | ​ | 20,430 | ​ | 829 | ​ | 3,674 | ​ | 15,681 | ​ | 20,184
​
* | Other contracts represent groups of insurance contracts measured under the full retrospective approach at the transition date, 1 January 2022 and groups of contracts recognised on or after the transition date.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Reinsurance contracts (excluding JVs and associates)
​ | ​ | 2024 $m | ​ | 2023 $m
​ | ​ | Contracts | ​ | Contracts | ​ | Other | ​ | ​ | ​ | Contracts | ​ | Contracts | ​ | Other | ​ | ​
​ |  | under MRA |  | under FVA |  | contracts* |  | Total CSM |  | under MRA |  | under FVA |  | contracts* |  | Total CSM
Balance at 1 Jan | ​ | – | ​ | (45) | ​ | (1,300) | ​ | (1,345) | ​ | – | ​ | (34) | ​ | (1,296) | ​ | (1,330)
Changes that relate to future service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Changes in estimates that adjust the CSM | ​ | – | ​ | 13 | ​ | 678 | ​ | 691 | ​ | – | ​ | (19) | ​ | (81) | ​ | (100)
New contracts in the year | ​ | – | ​ | – | ​ | 14 | ​ | 14 | ​ | – | ​ | – | ​ | (70) | ​ | (70)
​ | ​ | – | ​ | 13 | ​ | 692 | ​ | 705 | ​ | – | ​ | (19) | ​ | (151) | ​ | (170)
Changes that relate to current service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Release of CSM to profit or loss | ​ | – | ​ | 5 | ​ | 154 | ​ | 159 | ​ | – | ​ | 8 | ​ | 195 | ​ | 203
​ | ​ | – | ​ | 18 | ​ | 846 | ​ | 864 | ​ | – | ​ | (11) | ​ | 44 | ​ | 33
Net finance (income) expenses from reinsurance contracts | ​ | – | ​ | (1) | ​ | (22) | ​ | (23) | ​ | – | ​ | (1) | ​ | (48) | ​ | (49)
Effect of movements in exchange rates | ​ | – | ​ | 1 | ​ | (7) | ​ | (6) | ​ | – | ​ | 1 | ​ | – | ​ | 1
Balance at 31 Dec | ​ | – | ​ | (27) | ​ | (483) | ​ | (510) | ​ | – | ​ | (45) | ​ | (1,300) | ​ | (1,345)
​
* | Other contracts represent groups of reinsurance contracts measured under the full retrospective approach at the transition date, 1 January 2022 and groups of contracts recognised on or after the transition date.
Schedule of movements in insurance and reinsurance contract balances by remaining coverage and incurred claims | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Excluding JVs and associates
​ |  | 2024 $m
​ | ​ | Insurance |  | Reinsurance
​ | ​ | Liabilities for remaining |  | ​ |  | ​ | ​ | Liabilities for remaining |  | ​ |  | ​
​ | ​ | coverage | ​ | ​ | ​ | ​ | ​ | coverage | ​ | ​ | ​ | ​
​ | ​ | Excluding |  | ​ | ​ | Liabilities | ​ | ​ | ​ | Excluding |  | Loss- | ​ | Liabilities | ​ | ​
​ | ​ | loss | ​ | Loss | ​ | for incurred | ​ | ​ | ​ | loss- | ​ | recovery | ​ | for incurred | ​ | ​
​ | ​ | component | ​ | component | ​ | claims | ​ | Total | ​ | recovery | ​ | component | ​ | claims | ​ | Total
​ |  | ​ |  | note (i) |  | ​ |  | ​ |  | component |  | note (i) |  | ​ |  | ​
Opening assets | ​ | (1,285) | ​ | 20 | ​ | 117 | ​ | (1,148) | ​ | (2,023) | ​ | (119) | ​ | (284) | ​ | (2,426)
Opening liabilities | ​ | 137,019 | ​ | 805 | ​ | 2,015 | ​ | 139,839 | ​ | 1,200 | ​ | (15) | ​ | (34) | ​ | 1,151
Net (assets) liabilities at 1 Jan | ​ | 135,734 | ​ | 825 | ​ | 2,132 | ​ | 138,691 | ​ | (823) | ​ | (134) | ​ | (318) | ​ | (1,275)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Insurance revenue |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contracts measured under the modified retrospective approach |  | (415) |  | – |  | – |  | (415) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contracts measured under the fair value approach |  | (1,176) |  | – |  | – |  | (1,176) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other contracts note (ii) |  | (8,767) |  | – |  | – |  | (8,767) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | (10,358) | ​ | – | ​ | – | ​ | (10,358) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Insurance service expense |  | – | ​ | – | ​ | – | ​ | – | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Incurred claims and other directly attributable expenses |  | – |  | (46) |  | 4,551 |  | 4,505 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortisation of insurance acquisition cash flows |  | 3,157 |  | – |  | – |  | 3,157 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Losses or reversal of losses on onerous contracts |  | – |  | 131 |  | – |  | 131 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjustments to liability for incurred claims |  | – |  | – |  | (30) |  | (30) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 3,157 | ​ | 85 | ​ | 4,521 | ​ | 7,763 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (income) expense from reinsurance contracts held |  | – | ​ | – | ​ | – | ​ | – | ​ | 832 |  | 48 | ​ | (578) | ​ | 302
Insurance service result |  | (7,201) |  | 85 |  | 4,521 |  | (2,595) | ​ | 832 |  | 48 | ​ | (578) | ​ | 302
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment components and premium refunds |  | (7,008) |  | – |  | 7,008 |  | – | ​ | 240 |  | – | ​ | (240) | ​ | –
Net finance (income) expenses from insurance and reinsurance contracts |  | 4,007 |  | 47 |  | 100 |  | 4,154 | ​ | 338 |  | – | ​ | – | ​ | 338
Total amount recognised in income statement note (v) |  | (10,202) |  | 132 |  | 11,629 |  | 1,559 | ​ | 1,410 |  | 48 | ​ | (818) | ​ | 640
Effect of movement in exchange rates |  | (1,695) |  | (18) | ​ | (50) |  | (1,763) | ​ | 12 |  | 1 | ​ | (4) | ​ | 9
Total amount recognised in comprehensive income |  | (11,897) |  | 114 |  | 11,579 |  | (204) | ​ | 1,422 |  | 49 | ​ | (822) | ​ | 649
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows |  | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
Premiums received net of ceding commissions paid |  | 24,283 |  | – |  | – |  | 24,283 | ​ | (2,837) |  | – | ​ | – | ​ | (2,837)
Insurance acquisition cash flows |  | (4,798) |  | – |  | – |  | (4,798) | ​ | - |  | – | ​ | – | ​ | –
Claims and other insurance service expenses net of recoveries from reinsurance received note (iii) |  | – |  | – |  | (11,427) |  | (11,427) | ​ | - |  | – | ​ | 612 | ​ | 612
Total cash flows |  | 19,485 |  | – |  | (11,427) |  | 8,058 | ​ | (2,837) |  | – | ​ | 612 | ​ | (2,225)
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other changes note (iv) |  | (241) |  | (20) |  | (32) |  | (293) | ​ | (4) |  | – | ​ | 1 | ​ | (3)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Closing assets |  | (1,480) |  | 38 |  | 129 |  | (1,313) | ​ | (2,783) |  | (66) | ​ | (541) | ​ | (3,390)
Closing liabilities |  | 144,561 |  | 881 |  | 2,123 |  | 147,565 | ​ | 542 |  | (20) | ​ | 14 | ​ | 536
Net (assets) liabilities at 31 Dec |  | 143,081 |  | 919 |  | 2,252 |  | 146,252 | ​ | (2,241) |  | (86) | ​ | (527) | ​ | (2,854)
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Excluding JVs and associates
​ | ​ | 2023 $m
​ | ​ | Insurance |  | Reinsurance
​ | ​ | Liabilities for remaining |  | ​ |  | ​ | ​ | Liabilities for remaining |  | ​ |  | ​
​ | ​ | coverage | ​ | ​ | ​ | ​ | ​ | coverage | ​ | ​ | ​ | ​
​ | ​ | Excluding |  | ​ | ​ | Liabilities | ​ | ​ | ​ | Excluding |  | Loss- | ​ | Liabilities | ​ | ​
​ | ​ | loss | ​ | Loss | ​ | for incurred | ​ | ​ | ​ | loss- | ​ | recovery | ​ | for incurred | ​ | ​
​ | ​ | component | ​ | component | ​ | claims | ​ | Total | ​ | recovery | ​ | component | ​ | claims | ​ | Total
​ |  | ​ |  | note (i) |  | ​ |  | ​ |  | component |  | note (i) |  | ​ |  | ​
Opening assets | ​ | (1,200) | ​ | 14 | ​ | 80 | ​ | (1,106) | ​ | (1,460) | ​ | (29) | ​ | (367) | ​ | (1,856)
Opening liabilities | ​ | 123,855 | ​ | 622 | ​ | 1,762 | ​ | 126,239 | ​ | 1,220 | ​ | (6) | ​ | (39) | ​ | 1,175
Net (assets) liabilities at 1 Jan | ​ | 122,655 | ​ | 636 | ​ | 1,842 | ​ | 125,133 | ​ | (240) | ​ | (35) | ​ | (406) | ​ | (681)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Insurance revenue |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Contracts measured under the modified retrospective approach |  | (247) |  | – |  | – |  | (247) |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contracts measured under the fair value approach |  | (733) |  | – |  | – |  | (733) |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other contracts note (ii) |  | (8,391) |  | – |  | – |  | (8,391) |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | (9,371) |  | – |  | – |  | (9,371) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Insurance service expense |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Incurred claims and other directly attributable expenses |  | – |  | (42) |  | 4,071 |  | 4,029 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortisation of insurance acquisition cash flows |  | 2,745 |  | – |  | – |  | 2,745 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Losses or reversal of losses on onerous contracts |  | – |  | 197 |  | – |  | 197 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjustments to liability for incurred claims |  | – |  | – |  | 142 |  | 142 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2,745 |  | 155 |  | 4,213 |  | 7,113 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (income) expense from reinsurance contracts held |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 640 |  | (98) |  | (371) |  | 171
Insurance service result |  | (6,626) |  | 155 |  | 4,213 |  | (2,258) |  | 640 |  | (98) |  | (371) |  | 171
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment components and premium refunds |  | (7,095) |  | – |  | 7,095 |  | – |  | (1) |  | – |  | 1 |  | –
Net finance (income) expenses from insurance and reinsurance contracts |  | 8,792 |  | 15 |  | 32 |  | 8,839 |  | (191) |  | – |  | – |  | (191)
Total amount recognised in income statement |  | (4,929) |  | 170 |  | 11,340 |  | 6,581 |  | 448 |  | (98) |  | (370) |  | (20)
Effect of movement in exchange rates |  | 220 |  | (4) |  | (6) |  | 210 |  | (1) |  | – |  | 1 |  | –
Total amount recognised in comprehensive income |  | (4,709) |  | 166 |  | 11,334 |  | 6,791 |  | 447 |  | (98) |  | (369) |  | (20)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Premiums received net of ceding commissions paid |  | 22,294 |  | – |  | – |  | 22,294 |  | (1,032) |  | – |  | – |  | (1,032)
Insurance acquisition cash flows |  | (4,270) |  | – |  | – |  | (4,270) |  | – |  | – |  | – |  | –
Claims and other insurance service expenses net of recoveries from reinsurance received note (iii) |  | – |  | – |  | (11,082) |  | (11,082) |  | – |  | – |  | 458 |  | 458
Total cash flows |  | 18,024 |  | – |  | (11,082) |  | 6,942 |  | (1,032) |  | – |  | 458 |  | (574)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other changes note (iv) |  | (236) |  | 23 |  | 38 |  | (175) |  | 2 |  | (1) |  | (1) |  | –
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Closing assets |  | (1,285) |  | 20 |  | 117 |  | (1,148) |  | (2,023) |  | (119) |  | (284) |  | (2,426)
Closing liabilities |  | 137,019 |  | 805 |  | 2,015 |  | 139,839 |  | 1,200 |  | (15) |  | (34) |  | 1,151
Net (assets) liabilities at 31 Dec |  | 135,734 |  | 825 |  | 2,132 |  | 138,691 |  | (823) |  | (134) |  | (318) |  | (1,275)
​ Notes
(i) | The Group establishes a loss component of the liability for remaining coverage for onerous groups of insurance contracts. The loss component determines the amounts of fulfilment cash flows that are subsequently presented in profit or loss as reversals of losses on onerous contracts and are excluded from insurance revenue when they occur.
(ii) | Other contracts represent groups of insurance and reinsurance contracts measured under the full retrospective approach at the transition date, 1 January 2022 and groups of contracts recognised on or after the transition date.
(iii) | Including investment component.
​ ​
(iv) | Other changes include adjustments to remove the incurred non-cash expenses (such as depreciation and amortisation) from insurance contract asset and liability balances as well as the net insurance and reinsurance liabilities at 31 December 2024 of businesses classified as held for sale. Comparative results are as published and include the results of these businesses.
(v) | The Group does not utilise the risk mitigation option in its IFRS 17 VFA liability accounting except in connection with a short-term premium prepayment option available on certain participating products in Hong Kong effective from 1 January 2024, which has had a minor effect on the income statement.
Schedule of effect of insurance and reinsurance contracts initially recognised | (i) Insurance contracts
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Excluding JVs and associates
​ | ​ | 2024 $m |  | 2023 $m
​ | ​ | Profitable |  | Onerous |  | ​ | ​ | Profitable |  | Onerous |  | ​
​ | ​ | contracts | ​ | contracts | ​ | ​ | ​ | contracts | ​ | contracts | ​ | ​
​ |  | issued |  | issued |  | Total |  | issued |  | issued |  | Total
Estimate of present value of expected future cash outflows: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Insurance acquisition cash flows | ​ | 4,493 | ​ | 95 | ​ | 4,588 | ​ | 4,365 | ​ | 101 | ​ | 4,466
Claims and other directly attributable expenses |  | 19,655 |  | 592 |  | 20,247 |  | 17,125 |  | 348 |  | 17,473
​ | ​ | 24,148 | ​ | 687 | ​ | 24,835 | ​ | 21,490 | ​ | 449 | ​ | 21,939
Estimate of present value of expected future cash inflows |  | (26,861) |  | (683) |  | (27,544) |  | (23,916) |  | (484) |  | (24,400)
Risk adjustment for non-financial risk |  | 312 |  | 3 |  | 315 |  | 253 |  | 42 |  | 295
CSM |  | 2,401 |  | – |  | 2,401 |  | 2,173 |  | – |  | 2,173
Loss recognised on initial recognition |  | – |  | 7 |  | 7 |  | – |  | 7 |  | 7
​ (ii) Reinsurance contracts
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Excluding JVs and associates
​ | ​ | 2024 $m |  | 2023 $m
​ | ​ | Contracts |  | Contracts |  | ​ | ​ | Contracts |  | Contracts |  | ​
​ | ​ | initiated without | ​ | initiated with | ​ | ​ | ​ | initiated without | ​ | initiated with | ​ | ​
​ | ​ | loss-recovery | ​ | loss-recovery | ​ | ​ | ​ | loss-recovery | ​ | loss-recovery | ​ | ​
​ |  | component |  | component |  | Total |  | component |  | component |  | Total
Estimate of present value of expected future cash outflows | ​ | 2,329 | ​ | – | ​ | 2,329 | ​ | 1,022 | ​ | (1) | ​ | 1,021
Estimate of present value of expected future cash inflows | ​ | (2,338) | ​ | (1) | ​ | (2,339) | ​ | (946) | ​ | – | ​ | (946)
Risk adjustment for non-financial risk | ​ | (5) | ​ | – | ​ | (5) | ​ | (5) | ​ | – | ​ | (5)
CSM |  | 14 |  | – |  | 14 |  | (71) |  | 1 |  | (70)
Profit recognised on initial recognition |  | – |  | (1) |  | (1) |  | – |  | – |  | –
Schedule of additional analysis of insurance and reinsurance contract balances by segment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Insurance $m |  | Reinsurance $m
​ | ​ | BEL |  | RA |  | CSM |  | Total | ​ | BEL |  | RA |  | CSM |  | Total
As at 31 Dec 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mainland China |  | 14,033 |  | 168 |  | 1,484 |  | 15,685 |  | 3 |  | (3) |  | (22) |  | (22)
Hong Kong |  | 63,056 |  | 698 |  | 8,840 |  | 72,594 |  | (1,220) |  | (84) |  | (738) |  | (2,042)
Indonesia |  | 1,839 |  | 189 |  | 622 |  | 2,650 |  | 11 |  | (8) |  | 12 |  | 15
Malaysia |  | 7,032 |  | 418 |  | 2,135 |  | 9,585 |  | 15 |  | (12) |  | 14 |  | 17
Singapore |  | 34,235 |  | 815 |  | 5,160 |  | 40,210 |  | (1,169) |  | (15) |  | 267 |  | (917)
Growth markets and other |  | 23,873 |  | 455 |  | 4,220 |  | 28,548 |  | 38 |  | (53) |  | (34) |  | (49)
Total insurance segments |  | 144,068 |  | 2,743 |  | 22,461 |  | 169,272 |  | (2,322) |  | (175) |  | (501) |  | (2,998)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at 31 Dec 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mainland China |  | 13,029 |  | 152 |  | 1,652 |  | 14,833 |  | 4 |  | (3) |  | (22) |  | (21)
Hong Kong |  | 60,761 |  | 776 |  | 8,536 |  | 70,073 |  | (44) |  | 84 |  | (1,429) |  | (1,389)
Indonesia |  | 2,197 |  | 206 |  | 739 |  | 3,142 |  | 22 |  | (7) |  | (6) |  | 9
Malaysia |  | 5,910 |  | 357 |  | 2,127 |  | 8,394 |  | 26 |  | (7) |  | 6 |  | 25
Singapore |  | 31,770 |  | 687 |  | 4,962 |  | 37,419 |  | (146) |  | 3 |  | 149 |  | 6
Growth markets and other |  | 22,008 |  | 421 |  | 4,336 |  | 26,765 |  | 45 |  | (27) |  | (38) |  | (20)
Total insurance segments |  | 135,675 |  | 2,599 |  | 22,352 |  | 160,626 |  | (93) |  | 43 |  | (1,340) |  | (1,390)
​ ​ Summarised movement analysis of insurance and reinsurance contract balances by segment ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Insurance $m
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth | ​ | Total
​ | ​ | Mainland | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | markets and | ​ | insurance
​ | ​ | China |  | Hong Kong |  | Indonesia |  | Malaysia |  | Singapore |  | other |  | segments
Net (assets) liabilities at 1 Jan 2023 |  | 12,837 |  | 62,686 |  | 3,277 |  | 8,027 |  | 33,903 |  | 23,473 |  | 144,203
Insurance service result |  | (98) |  | (755) |  | (146) |  | (254) |  | (598) |  | (573) |  | (2,424)
Net finance (income) expenses from insurance contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accretion of interest on GMM contracts |  | 227 |  | (1) |  | 43 |  | 100 |  | 6 |  | 142 |  | 517
Other net finance expense |  | 692 |  | 3,646 |  | 145 |  | 498 |  | 2,657 |  | 2,709 |  | 10,347
​ |  | 919 |  | 3,645 |  | 188 |  | 598 |  | 2,663 |  | 2,851 |  | 10,864
Total amount recognised in income statement |  | 821 |  | 2,890 |  | 42 |  | 344 |  | 2,065 |  | 2,278 |  | 8,440
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Effect of movements in exchange rates |  | (259) |  | (11) |  | 46 |  | (336) |  | 621 |  | (175) |  | (114)
Total amount recognised in comprehensive income |  | 562 |  | 2,879 |  | 88 |  | 8 |  | 2,686 |  | 2,103 |  | 8,326
Total cash flows |  | 1,434 |  | 4,509 |  | (186) |  | 364 |  | 884 |  | 1,273 |  | 8,278
Other changes |  | – |  | (1) |  | (37) |  | (5) |  | (54) |  | (84) |  | (181)
Net (assets) liabilities at 31 Dec 2023 / 1 Jan 2024 |  | 14,833 |  | 70,073 |  | 3,142 |  | 8,394 |  | 37,419 |  | 26,765 |  | 160,626
Insurance service result |  | (104) |  | (971) |  | (213) |  | (290) |  | (683) |  | (525) |  | (2,786)
Net finance (income) expenses from insurance contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accretion of interest on GMM contracts |  | 286 |  | 2 |  | 48 |  | 94 |  | 7 |  | 212 |  | 649
Other net finance (income) expense |  | 811 |  | (1,792) |  | 54 |  | 857 |  | 3,672 |  | 1,800 |  | 5,402
​ | ​ | 1,097 |  | (1,790) |  | 102 |  | 951 |  | 3,679 |  | 2,012 |  | 6,051
Total amount recognised in income statement |  | 993 |  | (2,761) |  | (111) |  | 661 |  | 2,996 |  | 1,487 |  | 3,265
Effect of movements in exchange rates |  | (439) |  | 376 |  | (134) |  | 252 |  | (1,321) |  | (1,129) |  | (2,395)
Total amount recognised in comprehensive income |  | 554 |  | (2,385) |  | (245) |  | 913 |  | 1,675 |  | 358 |  | 870
Total cash flows |  | 298 |  | 4,907 |  | (245) |  | 279 |  | 1,170 |  | 1,661 |  | 8,070
Other changes |  | – |  | (1) |  | (2) |  | (1) |  | (54) |  | (236) |  | (294)
Net (assets) liabilities at 31 Dec 2024 |  | 15,685 |  | 72,594 |  | 2,650 |  | 9,585 |  | 40,210 |  | 28,548 |  | 169,272
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Reinsurance $m
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth | ​ | Total
​ | ​ | Mainland | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | markets and | ​ | insurance
​ | ​ | China |  | Hong Kong |  | Indonesia |  | Malaysia |  | Singapore |  | other |  | segments
Net (assets) liabilities at 1 Jan 2023 |  | (22) |  | (923) |  | 5 |  | 22 |  | 178 |  | (60) |  | (800)
Insurance service result |  | 8 |  | 135 |  | 2 |  | 9 |  | 17 |  | 18 |  | 189
Net finance (income) expenses from reinsurance contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accretion of interest on GMM contracts |  | (1) |  | (38) |  | – |  | 1 |  | (8) |  | (7) |  | (53)
Other net finance (income) expense |  | – |  | (154) |  | (6) |  | – |  | 1 |  | 13 |  | (146)
​ |  | (1) |  | (192) |  | (6) |  | 1 |  | (7) |  | 6 |  | (199)
Total amount recognised in income statement |  | 7 |  | (57) |  | (4) |  | 10 |  | 10 |  | 24 |  | (10)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Effect of movements in exchange rates |  | 3 |  | (2) |  | (1) |  | (1) |  | (1) |  | 5 |  | 3
Total amount recognised in comprehensive income |  | 10 |  | (59) |  | (5) |  | 9 |  | 9 |  | 29 |  | (7)
Total cash flows |  | (9) |  | (407) |  | 9 |  | (6) |  | (181) |  | 11 |  | (583)
Other changes |  | – |  | – |  | – |  | – |  | – |  | – |  | –
Net (assets) liabilities at 31 Dec 2023 / 1 Jan 2024 |  | (21) |  | (1,389) |  | 9 |  | 25 |  | 6 |  | (20) |  | (1,390)
Insurance service result |  | 5 |  | 279 |  | 8 |  | 12 |  | (11) |  | 13 |  | 306
Net finance (income) expenses from reinsurance contracts |  |  |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  |
Accretion of interest on GMM contracts |  | (1) |  | (79) |  | – |  | 1 |  | (32) |  | (5) |  | (116)
Other net finance (income) expense |  | 1 |  | 472 |  | (1) |  | – |  | (23) |  | (6) |  | 443
​ | ​ | – |  | 393 |  | (1) |  | 1 |  | (55) |  | (11) |  | 327
Total amount recognised in income statement |  | 5 |  | 672 |  | 7 |  | 13 |  | (66) |  | 2 |  | 633
Effect of movements in exchange rates |  | 2 |  | (11) |  | (1) |  | 1 |  | 18 |  | 1 |  | 10
Total amount recognised in comprehensive income |  | 7 |  | 661 |  | 6 |  | 14 |  | (48) |  | 3 |  | 643
Total cash flows |  | (8) |  | (1,314) |  | – |  | (22) |  | (875) |  | (29) |  | (2,248)
Other changes |  | – |  | – |  | – |  | – |  | – |  | (3) |  | (3)
Net (assets) liabilities at 31 Dec 2024 |  | (22) |  | (2,042) |  | 15 |  | 17 |  | (917) |  | (49) |  | (2,998)
Schedule of Insurance contract liabilities - expected recognition of the CSM |
(i) | Insurance contracts – expected recognition of the CSM
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2024 $m
​ | ​ | Total as reported on the | ​ | ​ | ​ | Total including
​ | ​ | consolidated statement of | ​ | Group’s share relating to | ​ | Group’s share relating to
​ |  | financial position |  | JVs and associates |  | JVs and associates
1 year or less | ​ | 2,092 | ​ | 214 | ​ | 2,306
After 1 year to 2 years |  | 1,863 |  | 181 |  | 2,044
After 2 years to 3 years |  | 1,666 |  | 156 |  | 1,822
After 3 years to 4 years |  | 1,495 |  | 136 |  | 1,631
After 4 years to 5 years |  | 1,323 |  | 119 |  | 1,442
After 5 years to 10 years |  | 4,653 |  | 436 |  | 5,089
After 10 years to 15 years |  | 2,988 |  | 278 |  | 3,266
After 15 years to 20 years |  | 1,777 |  | 187 |  | 1,964
After 20 years |  | 2,573 |  | 324 |  | 2,897
Total insurance CSM |  | 20,430 |  | 2,031 |  | 22,461
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2023 $m
​ | ​ | Total as reported on the | ​ | ​ | ​ | Total including
​ | ​ | consolidated statement of | ​ | Group’s share relating to | ​ | Group’s share relating to
​ |  | financial position |  | JVs and associates |  | JVs and associates
1 year or less | ​ | 2,041 | ​ | 226 | ​ | 2,267
After 1 year to 2 years |  | 1,780 |  | 190 |  | 1,970
After 2 years to 3 years |  | 1,586 |  | 165 |  | 1,751
After 3 years to 4 years |  | 1,412 |  | 146 |  | 1,558
After 4 years to 5 years |  | 1,283 |  | 127 |  | 1,410
After 5 years to 10 years |  | 4,604 |  | 474 |  | 5,078
After 10 years to 15 years |  | 2,924 |  | 293 |  | 3,217
After 15 years to 20 years |  | 1,781 |  | 195 |  | 1,976
After 20 years |  | 2,773 |  | 352 |  | 3,125
Total insurance CSM |  | 20,184 |  | 2,168 |  | 22,352
​
(ii) | Reinsurance contracts – expected recognition of the CSM
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2024 $m
​ | ​ | Total as reported on the | ​ | ​ | ​ | Total including
​ | ​ | consolidated statement of | ​ | Group’s share relating to | ​ | Group’s share relating to
​ |  | financial position |  | JVs and associates |  | JVs and associates
1 year or less | ​ | (55) | ​ | (4) | ​ | (59)
After 1 year to 2 years |  | (48) |  | 2 |  | (46)
After 2 years to 3 years |  | (45) |  | 2 |  | (43)
After 3 years to 4 years |  | (40) |  | 2 |  | (38)
After 4 years to 5 years |  | (37) |  | 1 |  | (36)
After 5 years to 10 years |  | (125) |  | 5 |  | (120)
After 10 years to 15 years |  | (64) |  | 2 |  | (62)
After 15 years to 20 years |  | (36) |  | 1 |  | (35)
After 20 years |  | (60) |  | (2) |  | (62)
Total reinsurance CSM |  | (510) |  | 9 |  | (501)
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2023 $m
​ | ​ | Total as reported on the | ​ | ​ | ​ | Total including
​ | ​ | consolidated statement of | ​ | Group’s share relating to | ​ | Group’s share relating to
​ | ​ | financial position |  | JVs and associates |  | JVs and associates
1 year or less | ​ | (177) | ​ | (2) | ​ | (179)
After 1 year to 2 years |  | (132) |  | – |  | (132)
After 2 years to 3 years |  | (103) |  | 1 |  | (102)
After 3 years to 4 years |  | (85) |  | 1 |  | (84)
After 4 years to 5 years |  | (74) |  | 1 |  | (73)
After 5 years to 10 years |  | (268) |  | 3 |  | (265)
After 10 years to 15 years |  | (173) |  | 2 |  | (171)
After 15 years to 20 years |  | (113) |  | – |  | (113)
After 20 years |  | (220) |  | (1) |  | (221)
Total reinsurance CSM |  | (1,345) |  | 5 |  | (1,340)
Schedule of insurance contract liabilities - expected recognition of BEL | (i)Insurance contract liabilities – expected cash flows (discounted)
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2024 $m
​ | ​ | Total as reported on the | ​ | ​ | ​ | Total including
​ | ​ | consolidated statement of | ​ | Group’s share relating to | ​ | Group’s share relating to
​ | ​ | financial position |  | JVs and associates |  | JVs and associates
1 year or less | ​ | (2,317) | ​ | (178) | ​ | (2,495)
After 1 year to 2 years |  | (910) |  | 439 |  | (471)
After 2 years to 3 years |  | 1,140 |  | 943 |  | 2,083
After 3 years to 4 years |  | 3,351 |  | 683 |  | 4,034
After 4 years to 5 years |  | 4,707 |  | 772 |  | 5,479
After 5 years to 10 years |  | 22,466 |  | 2,734 |  | 25,200
After 10 years to 15 years |  | 21,715 |  | 2,686 |  | 24,401
After 15 years to 20 years |  | 18,396 |  | 2,159 |  | 20,555
After 20 years* |  | 59,394 |  | 10,687 |  | 70,081
Total expected future cash flows from insurance contract liabilities |  | 127,942 | ​ | 20,925 | ​ | 148,867
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2023 $m
​ | ​ | Total as reported on the | ​ | ​ | ​ | Total including
​ | ​ | consolidated statement of | ​ | Group’s share relating to | ​ | Group’s share relating to
​ |  | financial position |  | JVs and associates |  | JVs and associates
1 year or less | ​ | 2,256 | ​ | (477) | ​ | 1,779
After 1 year to 2 years |  | 2,262 |  | 94 |  | 2,356
After 2 years to 3 years |  | 4,269 |  | 516 |  | 4,785
After 3 years to 4 years |  | 5,272 |  | 973 |  | 6,245
After 4 years to 5 years |  | 4,436 |  | 828 |  | 5,264
After 5 years to 10 years |  | 18,726 |  | 3,076 |  | 21,802
After 10 years to 15 years |  | 16,374 |  | 2,703 |  | 19,077
After 15 years to 20 years |  | 14,560 |  | 2,016 |  | 16,576
After 20 years* |  | 51,960 |  | 9,829 |  | 61,789
Total expected future cash flows from insurance contract liabilities |  | 120,115 |  | 19,558 |  | 139,673
​ *Including items that have no stated maturity. ​
(ii) | Reinsurance contract liabilities – expected cash flows (discounted)
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2024 $m
​ | ​ | Total as reported on the | ​ | ​ | ​ | Total including
​ | ​ | consolidated statement of | ​ | Group’s share relating to | ​ | Group’s share relating to
​ |  | financial position |  | JVs and associates |  | JVs and associates
1 year or less | ​ | 136 | ​ | 11 | ​ | 147
After 1 year to 2 years |  | 68 |  | (1) |  | 67
After 2 years to 3 years |  | 30 |  | (1) |  | 29
After 3 years to 4 years |  | 4 |  | (1) |  | 3
After 4 years to 5 years |  | 4 |  | (1) |  | 3
After 5 years to 10 years |  | 20 |  | (1) |  | 19
After 10 years to 15 years |  | 8 |  | 1 |  | 9
After 15 years to 20 years |  | (6) |  | 3 |  | (3)
After 20 years |  | 159 |  | 28 |  | 187
Total expected future cash flows from reinsurance contract liabilities | ​ | 423 | ​ | 38 | ​ | 461
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2023 $m
​ | ​ | Total as reported on the | ​ | ​ | ​ | Total including
​ | ​ | consolidated statement of | ​ | Group’s share relating to | ​ | Group’s share relating to
​ |  | financial position |  | JVs and associates |  | JVs and associates
1 year or less | ​ | 820 | ​ | 15 | ​ | 835
After 1 year to 2 years |  | 58 |  | – |  | 58
After 2 years to 3 years |  | 54 |  | – |  | 54
After 3 years to 4 years |  | 26 |  | – |  | 26
After 4 years to 5 years |  | 4 |  | – |  | 4
After 5 years to 10 years |  | (3) |  | 1 |  | (2)
After 10 years to 15 years |  | 4 |  | 2 |  | 6
After 15 years to 20 years |  | 5 |  | 3 |  | 8
After 20 years |  | 214 |  | 19 |  | 233
Total expected future cash flows from reinsurance contract liabilities |  | 1,182 |  | 40 |  | 1,222
Including JVs and associates |
Insurance contracts |
Schedule of analysis of movements in insurance and reinsurance contract balances by measurement component | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Including JVs and associates
​ | ​ | 2024 $m
​ | ​ | Insurance | ​ | Reinsurance
​ |  | BEL |  | RA |  | CSM |  | Total |  | BEL |  | RA |  | CSM |  | Total
​ | ​ | ​ | ​ | ​ | ​ | note (b) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | note (b) | ​ | ​
Opening assets |  | (3,998) |  | 630 |  | 2,176 |  | (1,192) |  | (1,315) |  | 67 |  | (1,321) |  | (2,569)
Opening liabilities |  | 139,673 |  | 1,969 |  | 20,176 |  | 161,818 |  | 1,222 |  | (24) |  | (19) |  | 1,179
Net (assets) liabilities at 1 Jan |  | 135,675 |  | 2,599 |  | 22,352 |  | 160,626 |  | (93) |  | 43 |  | (1,340) |  | (1,390)
Changes that relate to future service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Changes in estimates that adjust the CSM | ​ | (57) | ​ | 31 | ​ | 26 | ​ | – | ​ | (473) | ​ | (225) | ​ | 698 | ​ | –
Changes in estimates that result in losses or reversal of losses on onerous contracts |  | 128 |  | 29 |  | – |  | 157 |  | 43 |  | – |  | – |  | 43
New contracts in the year |  | (2,894) |  | 349 |  | 2,585 |  | 40 |  | (4) |  | (8) |  | 11 |  | (1)
​ | ​ | (2,823) | ​ | 409 | ​ | 2,611 | ​ | 197 | ​ | (434) | ​ | (233) | ​ | 709 | ​ | 42
Changes that relate to current service |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Release of CSM to profit or loss |  | – |  | – |  | (2,511) |  | (2,511) |  | – |  | – |  | 159 |  | 159
Release of risk adjustment to profit or loss |  | – |  | (287) |  | – |  | (287) |  | – |  | 19 |  | – |  | 19
Experience adjustments |  | (114) |  | – |  | – |  | (114) |  | 116 |  | – |  | – |  | 116
​ | ​ | (114) | ​ | (287) | ​ | (2,511) | ​ | (2,912) | ​ | 116 | ​ | 19 | ​ | 159 | ​ | 294
Changes that relate to past service |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjustments to assets and liabilities for incurred claims |  | (73) |  | 2 |  | – | ​ | (71) |  | (30) |  | – |  | – |  | (30)
Insurance service result |  | (3,010) |  | 124 |  | 100 |  | (2,786) |  | (348) |  | (214) |  | 868 |  | 306
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net finance (income) expense |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accretion of interest on GMM contracts note (i) |  | 243 |  | 56 |  | 350 |  | 649 |  | (80) |  | (7) |  | (29) |  | (116)
Other net finance (income) expense |  | 5,367 |  | 28 |  | 7 |  | 5,402 |  | 432 |  | 3 |  | 8 |  | 443
​ | ​ | 5,610 | ​ | 84 | ​ | 357 | ​ | 6,051 | ​ | 352 | ​ | (4) | ​ | (21) | ​ | 327
Total amount recognised in income statement note (iv) |  | 2,600 |  | 208 |  | 457 |  | 3,265 |  | 4 |  | (218) |  | 847 |  | 633
Effect of movements in exchange rates |  | (2,003) |  | (44) |  | (348) |  | (2,395) |  | 18 |  | – |  | (8) |  | 10
Total amount recognised in comprehensive income |  | 597 |  | 164 |  | 109 |  | 870 |  | 22 |  | (218) |  | 839 |  | 643
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Premiums received net of ceding commissions paid |  | 27,990 |  | – |  | – |  | 27,990 |  | (2,931) |  | – |  | – |  | (2,931)
Insurance acquisition cash flows |  | (5,226) |  | – |  | – |  | (5,226) |  | – |  | – |  | – |  | –
Claims and other insurance service expenses net of recoveries from reinsurance received note (ii) |  | (14,694) |  | – |  | – |  | (14,694) |  | 683 |  | – |  | – |  | 683
Total cash flows |  | 8,070 |  | – |  | – |  | 8,070 |  | (2,248) |  | – |  | – |  | (2,248)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other changes note (iii) | ​ | (274) | ​ | (20) | ​ | – | ​ | (294) | ​ | (3) | ​ | – | ​ | – | ​ | (3)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Closing assets |  | (4,799) |  | 803 |  | 2,599 |  | (1,397) |  | (2,783) |  | (128) |  | (645) |  | (3,556)
Closing liabilities |  | 148,867 |  | 1,940 |  | 19,862 |  | 170,669 |  | 461 |  | (47) |  | 144 |  | 558
Net (assets) liabilities at 31 Dec |  | 144,068 |  | 2,743 |  | 22,461 |  | 169,272 |  | (2,322) |  | (175) |  | (501) |  | (2,998)
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Including JVs and associates
​ | ​ | 2023 $m
​ | ​ | Insurance | ​ | Reinsurance
​ |  | BEL |  | RA |  | CSM |  | Total |  | BEL |  | RA |  | CSM |  | Total
​ | ​ | ​ | ​ | ​ | ​ | note (b) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | note (b) | ​ | ​
Opening assets |  | (3,562) |  | 502 |  | 1,921 |  | (1,139) |  | (652) |  | 21 |  | (1,369) |  | (2,000)
Opening liabilities |  | 124,297 |  | 1,662 |  | 19,383 |  | 145,342 |  | 1,193 |  | (47) |  | 54 |  | 1,200
Net (assets) liabilities at 1 Jan |  | 120,735 |  | 2,164 |  | 21,304 |  | 144,203 |  | 541 |  | (26) |  | (1,315) |  | (800)
Changes that relate to future service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Changes in estimates that adjust the CSM |  | (1,142) |  | 341 |  | 801 | ​ | – | ​ | 62 | ​ | 43 | ​ | (105) | ​ | –
Changes in estimates that result in losses or reversal of losses on onerous contracts |  | 224 |  | (8) |  | – |  | 216 |  | (93) |  | – |  | – |  | (93)
New contracts in the year |  | (2,687) |  | 317 |  | 2,429 |  | 59 |  | 86 |  | (6) |  | (81) |  | (1)
​ |  | (3,605) |  | 650 |  | 3,230 | ​ | 275 | ​ | 55 | ​ | 37 | ​ | (186) | ​ | (94)
Changes that relate to current service |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Release of CSM to profit or loss |  | – |  | – |  | (2,414) |  | (2,414) |  | – |  | – |  | 206 |  | 206
Release of risk adjustment to profit or loss |  | – |  | (242) |  | – |  | (242) |  | – |  | 27 |  | – |  | 27
Experience adjustments |  | (170) |  | – |  | – |  | (170) |  | 50 |  | – |  | – |  | 50
​ |  | (170) |  | (242) |  | (2,414) | ​ | (2,826) | ​ | 50 | ​ | 27 | ​ | 206 | ​ | 283
Changes that relate to past service |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjustments to assets and liabilities for incurred claims |  | 130 |  | (3) |  | – | ​ | 127 |  | – |  | – |  | – |  | –
Insurance service result |  | (3,645) |  | 405 |  | 816 |  | (2,424) |  | 105 |  | 64 |  | 20 |  | 189
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net finance (income) expense |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accretion of interest on GMM contracts note(i) |  | 158 |  | 52 |  | 307 |  | 517 |  | (3) |  | (3) |  | (47) |  | (53)
Other net finance (income) expense |  | 10,379 |  | (20) |  | (12) |  | 10,347 |  | (155) |  | 9 |  | – |  | (146)
​ |  | 10,537 |  | 32 |  | 295 | ​ | 10,864 | ​ | (158) | ​ | 6 | ​ | (47) | ​ | (199)
Total amount recognised in income statement |  | 6,892 |  | 437 |  | 1,111 |  | 8,440 |  | (53) |  | 70 |  | (27) |  | (10)
Effect of movements in exchange rates |  | (49) |  | (2) |  | (63) |  | (114) |  | 2 |  | (1) |  | 2 |  | 3
Total amount recognised in comprehensive income |  | 6,843 |  | 435 |  | 1,048 |  | 8,326 |  | (51) |  | 69 |  | (25) |  | (7)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Premiums received net of ceding commissions paid |  | 26,224 |  | – |  | – |  | 26,224 |  | (1,137) |  | – |  | – |  | (1,137)
Insurance acquisition cash flows |  | (4,802) |  | – |  | – |  | (4,802) |  | – |  | – |  | – |  | –
Claims and other insurance service expenses net of recoveries from reinsurance received note (ii) |  | (13,144) |  | – |  | – |  | (13,144) |  | 554 |  | – |  | – |  | 554
Total cash flows |  | 8,278 |  | – |  | – |  | 8,278 |  | (583) |  | – |  | – |  | (583)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other changes note(iii) |  | (181) |  | – |  | – |  | (181) |  | – |  | – |  | – |  | –
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Closing assets |  | (3,998) |  | 630 |  | 2,176 |  | (1,192) |  | (1,315) |  | 67 |  | (1,321) |  | (2,569)
Closing liabilities |  | 139,673 |  | 1,969 |  | 20,176 |  | 161,818 |  | 1,222 |  | (24) |  | (19) |  | 1,179
Net (assets) liabilities at 31 Dec |  | 135,675 |  | 2,599 |  | 22,352 |  | 160,626 |  | (93) |  | 43 |  | (1,340) |  | (1,390)
​ Notes
(i) | Accretion of interest includes interest on policy loans.
(ii) | Including investment component.
(iii) | Other changes include movements in insurance contract liabilities arising from adjustments to remove the incurred non-cash expenses (such as depreciation and amortisation) from insurance contract asset and liability balances as well as the net insurance and reinsurance liabilities at 31 December 2024 of businesses classified as held for sale. Comparative results are as published and include the results of this business.
(iv) | The Group does not utilise the risk mitigation option in its IFRS 17 VFA liability accounting except in connection with a short-term premium prepayment option available on certain participating products in Hong Kong effective from 1 January 2024, which has had a minor effect on the income statement.
​
Schedule of CSM transition approach | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Insurance contracts (including JVs and associates)
​ | ​ | 2024 $m | ​ | 2023 $m
​ |  | Contracts |  | Contracts |  | Other |  | ​ |  | Contracts |  | Contracts |  | Other |  | ​
​ | ​ | under MRA | ​ | under FVA | ​ | contracts* | ​ | Total CSM | ​ | under MRA | ​ | under FVA | ​ | contracts* | ​ | Total CSM
Balance at 1 Jan | ​ | 1,922 | ​ | 4,143 | ​ | 16,287 | ​ | 22,352 | ​ | 2,033 | ​ | 4,102 | ​ | 15,169 | ​ | 21,304
Changes that relate to future service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Changes in estimates that adjust the CSM | ​ | (81) | ​ | 131 | ​ | (24) | ​ | 26 |  | 117 |  | 496 |  | 188 |  | 801
New contracts in the year | ​ | – | ​ | – | ​ | 2,585 | ​ | 2,585 |  | – |  | – |  | 2,429 |  | 2,429
​ | ​ | (81) | ​ | 131 | ​ | 2,561 | ​ | 2,611 |  | 117 |  | 496 |  | 2,617 |  | 3,230
Changes that relate to current service | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​
Release of CSM to profit or loss | ​ | (209) | ​ | (442) | ​ | (1,860) | ​ | (2,511) |  | (247) |  | (458) |  | (1,709) |  | (2,414)
​ | ​ | (290) | ​ | (311) | ​ | 701 | ​ | 100 |  | (130) |  | 38 |  | 908 |  | 816
Net finance (income) expenses from insurance contracts | ​ | 73 | ​ | (53) | ​ | 337 | ​ | 357 |  | 66 |  | 9 |  | 220 |  | 295
Effect of movements in exchange rates | ​ | (22) | ​ | (89) | ​ | (237) | ​ | (348) |  | (47) |  | (6) |  | (10) |  | (63)
Balance at 31 Dec | ​ | 1,683 | ​ | 3,690 | ​ | 17,088 | ​ | 22,461 |  | 1,922 |  | 4,143 |  | 16,287 |  | 22,352
​
* | Other contracts represent groups of insurance contracts measured under the full retrospective approach at the transition date, 1 January 2022, and groups of contracts recognised on or after the transition date.
The majority of the CSM on transition on insurance contracts under MRA arises from the Mainland China joint venture, while the majority of the CSM on transition under FVA arises from the Hong Kong and Singapore businesses. The transition approach adopted by the Group’s main business segments for the different cohorts of their insurance contracts is summarised in the table below. The overlap between approaches reflects the fact that the approaches used vary by insurance contract portfolio and year of issue (cohort).
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | FRA |  | MRA |  | FVA
​ |  | Cohort |  | Cohort |  | Cohort
Mainland China |  | n/a |  | 2016 – 2021 |  | Pre-2016
Hong Kong |  | 2010 – 2021 |  | n/a |  | Pre-2010
Singapore |  | 2009 – 2021 |  | n/a |  | Pre-2009
​ | ​ | ​ | ​ | ​ | ​ | Pre-1999
​ | ​ | ​ | ​ | ​ | ​ | (Unit-linked)
​ | ​ | ​ | ​ | ​ | ​ | Pre-2009
​ | ​ | 2010 – 2021 | ​ | ​ | ​ | (Non-
​ | ​ | (Unit-linked) | ​ | ​ | ​ | participating)
​ | ​ | 2010-2021 | ​ | 2000 – 2009 | ​ | Pre-2021
Malaysia |  | (Non-participating) |  | (Unit-linked) |  | (Other)
Indonesia note(i) |  | 2010 – 2021 |  | 2007 – 2009 |  | Pre-2007
Growth markets and other |  | See note (ii) |  | See note (ii) |  | See note (ii)
​ Notes
(i) | The cohorts shown are in respect of Indonesia’s unit-linked portfolios.
(ii) | CSM on transition for Growth markets primarily arises from Vietnam, Taiwan and the Philippines. Vietnam has applied the FRA for cohorts from 2013 – 2021 (all businesses), MRA for cohorts from 2008 – 2012 (Participating only) and FVA for cohorts prior to 2008 (Participating) and prior to 2013 (Non - participating). Taiwan and the Philippines have applied the FRA for cohorts from 2010 – 2021 and FVA for all cohorts prior to 2010.
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Reinsurance contracts (including JVs and associates)
​ | ​ | 2024 $m | ​ | 2023 $m
​ |  | Contracts |  | Contracts |  | Other |  | ​ |  | Contracts |  | Contracts |  | Other |  | ​
​ | ​ | under MRA | ​ | under FVA | ​ | contracts* | ​ | Total CSM | ​ | under MRA | ​ | under FVA | ​ | contracts* | ​ | Total CSM
Balance at 1 Jan |  | – | ​ | (63) | ​ | (1,277) | ​ | (1,340) |  | – |  | (55) |  | (1,260) |  | (1,315)
Changes that relate to future service |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Changes in estimates that adjust the CSM |  | – | ​ | 8 | ​ | 690 | ​ | 698 |  | – |  | (17) |  | (88) |  | (105)
New contracts in the year |  | – | ​ | – | ​ | 11 | ​ | 11 |  | – |  | — |  | (81) |  | (81)
​ |  | – | ​ | 8 | ​ | 701 | ​ | 709 | ​ | – |  | (17) |  | (169) |  | (186)
Changes that relate to current service |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |  |  | ​ |  | ​ |  | ​
Release of CSM to profit or loss |  | – | ​ | 7 | ​ | 152 | ​ | 159 |  | – |  | 10 |  | 196 |  | 206
​ |  | – | ​ | 15 | ​ | 853 | ​ | 868 | ​ | – |  | (7) |  | 27 |  | 20
Net finance (income) expenses from reinsurance contracts |  | – | ​ | (2) | ​ | (19) | ​ | (21) |  | – |  | (2) |  | (45) |  | (47)
Effect of movements in exchange rates |  | – | ​ | 1 | ​ | (9) | ​ | (8) |  | – |  | 1 |  | 1 |  | 2
Balance at 31 Dec |  | – | ​ | (49) | ​ | (452) | ​ | (501) |  | – |  | (63) |  | (1,277) |  | (1,340)
​
*. | Other contracts represent groups of reinsurance contracts measured under the full retrospective approach at the transition date, 1 January 2022, and groups of contracts recognised on or after the transition date.
The CSM on transition on reinsurance contracts held primarily arises from the Hong Kong segment, which has predominantly applied the FRA to transition reinsurance cohorts from 2010 – 2021 and the FVA for reinsurance cohorts prior to 2010.

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