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v3.25.1

Consolidated statement of changes in equity - USD ($) $ in Millions | Share-holders' equity | Share capital | Share premium | Capital redemption reserve | Retained earnings | Translation reserve | Fair value reserve | Available-for-sale securities reserves | Non-controlling interests | Total
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Reserves |  |  |  |  |  |  |  |  |  |  |
Profit (loss) for the year |  | $ (1,007) |  |  |  | $ (1,007) |  |  |  | $ 10 | $ (997)
Other comprehensive (loss) income |  | (790) |  |  |  |  | $ (603) |  | $ (187) | (10) | (800)
Total comprehensive income (loss) for the year |  | (1,797) |  |  |  | (1,007) | (603) |  | (187) |  | (1,797)
Dividends |  | (474) |  |  |  | (474) |  |  |  | (8) | (482)
Reserve movements in respect of share-based payments |  | 24 |  |  |  | 24 |  |  |  |  | 24
Effect of transactions relating to non-controlling interests |  | 49 |  |  |  | 49 |  |  |  |  | 49
New share capital subscribed |  | (4) |  | $ (4) |  |  |  |  |  |  | (4)
Movement in own shares in respect of share-based payment plans |  | (3) |  |  |  | (3) |  |  |  |  | (3)
Net (decrease) increase in equity |  | (2,205) |  | (4) |  | (1,411) | (603) |  | (187) | (8) | (2,213)
Balance at beginning of year (As previously reported) at Dec. 31, 2021 |  | 17,088 | $ 182 | 5,010 |  | 10,216 | 1,430 |  | 250 | 176 | 17,264
Balance at beginning of year (Effect of initial application of IFRS 17 and classification overlay of IFRS 9, net of tax) at Dec. 31, 2021 |  | 1,848 |  |  |  | 1,848 |  |  |  | (1) | 1,847
Balance at beginning of year at Dec. 31, 2021 |  | 18,936 | 182 | 5,010 |  | 12,064 | 1,430 |  | 250 | 175 | 19,111
Balance at end of year at Dec. 31, 2022 |  | 16,731 | 182 | 5,006 |  | 10,653 | 827 | $ 63 | $ 63 | 167 | 16,898
Reserves |  |  |  |  |  |  |  |  |  |  |
Profit (loss) for the year |  | 1,701 |  |  |  | 1,701 |  |  |  | 11 | 1,712
Other comprehensive (loss) income |  | (116) |  |  |  |  | (124) | 8 |  | (11) | (127)
Total comprehensive income (loss) for the year |  | 1,585 |  |  |  | 1,701 | (124) | 8 |  |  | 1,585
Dividends |  | (533) |  |  |  | (533) |  |  |  | (7) | (540)
Transfer of fair value reserve following disposal of investment in Jackson |  |  |  |  |  | 71 |  | (71) |  |  |
Reserve movements in respect of share-based payments |  | (5) |  |  |  | (5) |  |  |  |  | (5)
Effect of transactions relating to non-controlling interests |  | 16 |  |  |  | 16 |  |  |  |  | 16
New share capital subscribed |  | 4 | 1 | 3 |  |  |  |  |  |  | 4
Movement in own shares in respect of share-based payment plans |  | 25 |  |  |  | 25 |  |  |  |  | 25
Net (decrease) increase in equity |  | 1,092 | 1 | 3 |  | 1,275 | (124) | $ (63) |  | (7) | 1,085
Balance at end of year at Dec. 31, 2023 |  | 17,823 | 183 | 5,009 |  | 11,928 | 703 |  |  | 160 | 17,983
Reserves |  |  |  |  |  |  |  |  |  |  |
Profit (loss) for the year |  | 2,285 |  |  |  | 2,285 |  |  |  | 130 | 2,415
Other comprehensive (loss) income |  | (309) |  |  |  |  | (309) |  |  | 18 | (291)
Total comprehensive income (loss) for the year |  | 1,976 |  |  |  | 2,285 | (309) |  |  | 148 | 2,124
Dividends |  | (575) |  |  |  | (575) |  |  |  | (8) | (583)
Effect of scrip dividends |  | 23 |  |  |  | 23 |  |  |  |  | 23
Reserve movements in respect of share-based payments |  | 1 |  |  |  | 1 |  |  |  |  | 1
Adjustment to non-controlling interest for Malaysia conventional life business |  | (857) |  |  |  | (857) |  |  |  | 886 | 29
Effect of transactions relating to other non-controlling interests |  | (18) |  |  |  | (18) |  |  |  | (4) | (22)
Share repurchases/buybacks | [1] | (878) | (7) |  | $ 7 | (878) |  |  |  |  | (878)
Movement in own shares in respect of share-based payment plans |  | (3) |  |  |  | (3) |  |  |  |  | (3)
Net (decrease) increase in equity |  | (331) | (7) |  | 7 | (22) | (309) |  |  | 1,022 | 691
Balance at end of year at Dec. 31, 2024 |  | $ 17,492 | $ 176 | $ 5,009 | $ 7 | $ 11,906 | $ 394 |  |  | $ 1,182 | $ 18,674
[1] | In 2024, the Group entered into repurchase programmes to neutralise the dilutive effect of share scheme issuance and scrip dividends and is in progress of conducting the $2 billion share buyback programme it announced in June 2024 to return capital to shareholders. See note C8 for further details.

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