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Share capital, share premium and own shares | 12 Months Ended
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Dec. 31, 2024
Share capital, share premium and own shares |
Share capital, share premium and own shares | C8 Share capital, share premium and own shares Shares are classified as equity when their terms do not create an obligation to transfer assets. Amounts recorded in share capital represent the nominal value of the shares issued. The difference between the proceeds received on issue of the shares, net of share issue costs, and the nominal value of the shares issued, is credited to share premium. Where the Company purchases shares for the purposes of employee incentive plans, the consideration paid, net of issue costs, is deducted from retained earnings. Upon issue or sale any consideration received is credited to retained earnings net of related costs. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​
​ |  | Number of ordinary |  | Share |  | Share |  | Number of ordinary |  | Share |  | Share |
Issued shares of 5 p each fully paid | ​ | shares | ​ | capital | ​ | premium | ​ | shares | ​ | capital | ​ | premium | ​
​ | ​ |  | ​ | $m | ​ | $m | ​ |  | ​ | $m | ​ | $m | ​
Balance at 1 Jan |  | 2,753,520,756 | ​ | 183 | ​ | 5,009 | ​ | 2,749,669,380 |  | 182 |  | 5,006 |
Shares issued under share-based schemes |  | 758,708 | ​ | – | ​ | – | ​ | 3,851,376 |  | 1 |  | 3 |
Shares issued under scrip dividends | ​ | 2,813,929 | ​ | – | ​ | – | ​ | – | ​ | – | ​ | – | ​
Shares cancelled on repurchases/buybacks | ​ | (99,571,505) | ​ | (7) | ​ | – | ​ | – | ​ | – | ​ | – | ​
Balance at 31 Dec |  | 2,657,521,888 |  | 176 |  | 5,009 |  | 2,753,520,756 |  | 183 |  | 5,009 |
​ Options outstanding under SAYE schemes to subscribe for shares at each year end shown below are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Share price range | ​ | ​
​ | ​ | shares to | ​ | from | ​ | to | ​ | Exercisable
​ |  | subscribe for |  | (in pence) |  | (in pence) |  | by year
31 Dec 2024 | ​ | 1,660,096 | ​ | 520 | p | 1,202 | p | 2030
31 Dec 2023 |  | 1,671,215 | ​ | 737 | p | 1,455 | p | 2029
​ ​ Transactions by Prudential plc and its subsidiaries in Prudential plc shares (a) Purchases by employee share scheme trusts The Group buys and sells Prudential plc shares (‘own shares’) in relation to its employee share schemes through the trusts established to facilitate the delivery of shares under employee incentive plans. During the year, a total of 10.0 million shares (2023: 3.9 million shares) were acquired in relation to employee share schemes by the trusts and for members under employee share purchase plans. The cost of acquiring these shares, was $96.8 million (2023: $54 million). The cost in USD shown has been calculated from the share prices in the purchase currency (pound sterling or Hong Kong dollar) using the monthly average exchange rate for the month in which those shares were purchased. A portion of these share purchases were made on the Hong Kong Stock Exchange with the remainder being made on the London Stock Exchange. At 31 December 2024, 14.9 million (31 December 2023: 10.0 million) Prudential plc shares were held in the trusts. (b) Share repurchase/ buyback programmes by the Company The Company made the following purchases during 2024: ​
​ | ​ | ​
Cost recognised in retained earnings | ​ | 2024 $m
Share repurchases to neutralise share scheme issuances |  | 48
Share repurchases to neutralise impact of scrip dividend | ​ | 23
Share buyback programme to return capital to shareholders (excluding costs) |  | 785
Total cash paid on repurchases and buybacks (excluding costs) |  | 856
Redemption liability and costs associated with the buyback | ​ | 22
Total share repurchases and buybacks | ​ | 878
​ The table below shows the details of the purchases on a monthly basis. The cost in USD shown has been calculated from the share prices in pound sterling using the daily spot rate in which those shares were purchased. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Share price | ​ | ​
​ |  | Number of |  | Low |  | High |  | Cost
​ | ​ | shares | ​ | £ | ​ | £ | ​ | $
January 2024 |  | 3,851,376 |  | 8.01 |  | 8.52 | ​ | 40,548,716
June 2024 |  | 2,726,787 |  | 7.06 |  | 7.61 | ​ | 25,508,735
July 2024 |  | 11,940,672 |  | 6.68 |  | 7.42 | ​ | 95,525,099
August 2024 |  | 7,992,467 |  | 6.22 |  | 6.93 | ​ | 78,392,153
September 2024 |  | 23,590,670 |  | 6.02 |  | 7.08 | ​ | 193,828,164
October 2024 |  | 20,480,882 |  | 6.39 |  | 7.27 | ​ | 162,436,763
November 2024 |  | 18,244,807 |  | 5.95 |  | 6.81 | ​ | 161,759,189
December 2024 |  | 10,743,844 |  | 6.20 |  | 6.85 | ​ | 97,782,966
Total |  | 99,571,505 |  | ​ | ​ | ​ | ​ | 855,781,785
​ In January and June 2024, the Company completed two share buyback programmes to offset dilution from the vesting of awards under employee and agent share schemes during 2023 and the first half of 2024, respectively. The Company repurchased 4.6 million ordinary shares in aggregate for a total consideration of $48 million. In November 2024, the Company completed a share buyback programme primarily to offset dilution from the issue of shares under its scrip dividend alternative. The Company repurchased 2.8 million ordinary shares in aggregate for a total consideration of $23 million. On 23 June 2024, the Company announced the $2 billion share buyback programme to reduce the issued share capital of the Company in order to return capital to shareholders, which will be completed by no later than mid-2026. The first tranche of $700 million was completed on 15 November 2024. On 5 December 2024, the Company announced the commencement of the second tranche of share buyback of $800 million, which will be completed by no later than 26 June 2025. This effectively accelerated our buyback programme which is now expected to complete by the end of 2025. As at 31 December 2024, 92.1 million ordinary shares in aggregate have been repurchased under the $2 billion share buyback programme for a total consideration of $785 million, excluding costs. In addition, a financial liability of $(18) million was recognised as at 31 December 2024 for an obligation under the non-cancellable period of the arrangement entered into with the bank conducting the buyback. All of these share purchases were made on the London Stock Exchange and the shares purchased were cancelled after settlement. The nominal value of the shares cancelled in 2024 was $7 million. On cancellation, the nominal value was transferred from the share capital to the capital redemption reserve account. Other than as disclosed above, the Company and its subsidiaries did not purchase, sell or redeem any Prudential plc listed securities during 2024.

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