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Group assets and liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Group assets and liabilities |
Schedule of segment statement of financial position by business type | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2024 $m
​ | ​ | Asia and Africa | ​ | ​ | ​ | ​
​ | ​ | Insurance | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Funds with | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | policyholder |  | Unit-linked |  | ​ |  | ​ |  | ​ |  | Unallocated |  | Group
​ | ​ | participation | ​ | funds | ​ | Other | ​ | Eastspring | ​ | Total | ​ | to a segment | ​ | total
​ |  | note (i) |  | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​
Debt securities |  |  |  |  |  |  |  |  |  |  | ​ |  | ​ |
Sovereign debt |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Indonesia |  | 453 |  | 573 |  | 642 |  | – |  | 1,668 | ​ | – | ​ | 1,668
Singapore |  | 2,265 |  | 738 |  | 932 |  | – |  | 3,935 | ​ | – | ​ | 3,935
Thailand |  | 3 |  | 3 |  | 2,580 |  | – |  | 2,586 | ​ | – | ​ | 2,586
United States |  | 14,851 |  | 71 |  | 433 |  | – |  | 15,355 | ​ | – | ​ | 15,355
Vietnam |  | 2,885 |  | 17 |  | 139 |  | – |  | 3,041 | ​ | – | ​ | 3,041
Other (predominantly Asia) |  | 4,192 |  | 685 |  | 1,589 |  | 2 |  | 6,468 | ​ | – | ​ | 6,468
Subtotal |  | 24,649 |  | 2,087 |  | 6,315 |  | 2 |  | 33,053 | ​ | – | ​ | 33,053
Other government bonds |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
AAA | ​ | 1,617 | ​ | 119 | ​ | 112 | ​ | – | ​ | 1,848 | ​ | – | ​ | 1,848
AA+ to AA- | ​ | 124 | ​ | 16 | ​ | 23 | ​ | – | ​ | 163 | ​ | – | ​ | 163
A+ to A- | ​ | 643 | ​ | 82 | ​ | 268 | ​ | – | ​ | 993 | ​ | – | ​ | 993
BBB+ to BBB- | ​ | 189 | ​ | 45 | ​ | 80 | ​ | – | ​ | 314 | ​ | – | ​ | 314
Below BBB- and unrated |  | 354 |  | 6 |  | 48 |  | – |  | 408 | ​ | – | ​ | 408
Subtotal |  | 2,927 |  | 268 |  | 531 |  | – |  | 3,726 | ​ | – | ​ | 3,726
Corporate bonds |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
AAA |  | 1,400 |  | 158 |  | 280 |  | – |  | 1,838 | ​ | – | ​ | 1,838
AA+ to AA- |  | 3,567 |  | 486 |  | 851 |  | – |  | 4,904 | ​ | – | ​ | 4,904
A+ to A- | ​ | 13,451 | ​ | 491 | ​ | 1,629 | ​ | – | ​ | 15,571 | ​ | 1 | ​ | 15,572
BBB+ to BBB- | ​ | 9,753 | ​ | 661 | ​ | 1,784 | ​ | – | ​ | 12,198 | ​ | 1 | ​ | 12,199
Below BBB- and unrated | ​ | 1,477 | ​ | 477 | ​ | 342 | ​ | – | ​ | 2,296 | ​ | – | ​ | 2,296
Subtotal | ​ | 29,648 | ​ | 2,273 | ​ | 4,886 | ​ | – | ​ | 36,807 | ​ | 2 | ​ | 36,809
Asset-backed securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
AAA | ​ | 129 | ​ | 3 | ​ | 34 | ​ | – | ​ | 166 | ​ | – | ​ | 166
AA+ to AA- | ​ | 4 | ​ | – | ​ | 1 | ​ | – | ​ | 5 | ​ | – | ​ | 5
A+ to A- | ​ | 28 | ​ | – | ​ | 3 | ​ | – | ​ | 31 | ​ | – | ​ | 31
BBB+ to BBB- | ​ | 2 | ​ | – | ​ | 1 | ​ | – | ​ | 3 | ​ | – | ​ | 3
Below BBB- and unrated | ​ | 2 | ​ | 1 | ​ | 8 | ​ | – | ​ | 11 | ​ | – | ​ | 11
Subtotal | ​ | 165 | ​ | 4 | ​ | 47 | ​ | – | ​ | 216 | ​ | – | ​ | 216
Total debt securities notes (ii)(v) | ​ | 57,389 | ​ | 4,632 | ​ | 11,779 | ​ | 2 | ​ | 73,802 | ​ | 2 | ​ | 73,804
Loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage loans | ​ | 51 | ​ | – | ​ | 102 | ​ | – | ​ | 153 | ​ | – | ​ | 153
Other loans | ​ | 364 | ​ | – | ​ | – | ​ | – | ​ | 364 | ​ | – | ​ | 364
Total loans | ​ | 415 | ​ | – | ​ | 102 | ​ | – | ​ | 517 | ​ | – | ​ | 517
Equity securities and holdings in collective investment schemes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct equities | ​ | 19,487 | ​ | 13,465 | ​ | 254 | ​ | 95 | ​ | 33,301 | ​ | – | ​ | 33,301
Collective investment schemes | ​ | 37,652 | ​ | 8,338 | ​ | 1,698 | ​ | 13 | ​ | 47,701 | ​ | – | ​ | 47,701
Total equity securities and holdings in collective investment schemes | ​ | 57,139 | ​ | 21,803 | ​ | 1,952 | ​ | 108 | ​ | 81,002 | ​ | – | ​ | 81,002
Other financial investments note (iii) | ​ | 2,240 | ​ | 260 | ​ | 2,118 | ​ | 93 | ​ | 4,711 | ​ | 1,150 | ​ | 5,861
Total financial investments note (iv) | ​ | 117,183 | ​ | 26,695 | ​ | 15,951 | ​ | 203 | ​ | 160,032 | ​ | 1,152 | ​ | 161,184
Investment properties | ​ | – | ​ | – | ​ | 3 | ​ | – | ​ | 3 | ​ | – | ​ | 3
Cash and cash equivalents | ​ | 1,396 | ​ | 564 | ​ | 1,225 | ​ | 142 | ​ | 3,327 | ​ | 2,445 | ​ | 5,772
Total investments | ​ | 118,579 | ​ | 27,259 | ​ | 17,179 | ​ | 345 | ​ | 163,362 | ​ | 3,597 | ​ | 166,959
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2023 $m
​ | ​ | Asia and Africa | ​ | ​ | ​ | ​
​ | ​ | Insurance | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Funds with | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | policyholder |  | Unit-linked |  | ​ |  | ​ | ​ | ​ | ​ | Unallocated | ​ | Group
​ | ​ | participation | ​ | funds | ​ | Other | ​ | Eastspring | ​ | Total | ​ | to a segment | ​ | total
​ |  | note (i) |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Debt securities |  |  |  |  |  |  |  |  |  | ​ | ​ | ​ | ​ | ​
Sovereign debt |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Indonesia |  | 393 |  | 611 |  | 525 |  | – |  | 1,529 | ​ | – | ​ | 1,529
Singapore |  | 3,006 |  | 607 |  | 929 |  | – |  | 4,542 | ​ | – | ​ | 4,542
Thailand |  | 2 |  | 4 |  | 1,957 |  | – |  | 1,963 | ​ | – | ​ | 1,963
United States |  | 23,552 |  | 84 |  | 2,351 |  | – |  | 25,987 | ​ | – | ​ | 25,987
Vietnam |  | 3,143 |  | 30 |  | 173 |  | – |  | 3,346 | ​ | – | ​ | 3,346
Other (predominantly Asia) |  | 4,375 |  | 669 |  | 1,819 |  | 28 |  | 6,891 | ​ | – | ​ | 6,891
Subtotal |  | 34,471 |  | 2,005 |  | 7,754 |  | 28 |  | 44,258 | ​ | – | ​ | 44,258
Other government bonds |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
AAA | ​ | 1,533 | ​ | 94 | ​ | 119 | ​ | – | ​ | 1,746 | ​ | – | ​ | 1,746
AA+ to AA- | ​ | 120 | ​ | 17 | ​ | 29 | ​ | – | ​ | 166 | ​ | – | ​ | 166
A+ to A- | ​ | 689 | ​ | 95 | ​ | 239 | ​ | – | ​ | 1,023 | ​ | – | ​ | 1,023
BBB+ to BBB- | ​ | 271 | ​ | 57 | ​ | 56 | ​ | – | ​ | 384 | ​ | – | ​ | 384
Below BBB- and unrated |  | 502 |  | 11 |  | 63 |  | 2 |  | 578 | ​ | – | ​ | 578
Subtotal |  | 3,115 |  | 274 |  | 506 |  | 2 |  | 3,897 | ​ | – | ​ | 3,897
Corporate bonds |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
AAA |  | 1,214 |  | 147 |  | 243 |  | – |  | 1,604 | ​ | – | ​ | 1,604
AA+ to AA- |  | 2,716 |  | 440 |  | 934 |  | – |  | 4,090 | ​ | – | ​ | 4,090
A+ to A- | ​ | 10,918 | ​ | 460 | ​ | 2,179 | ​ | – | ​ | 13,557 | ​ | 1 | ​ | 13,558
BBB+ to BBB- | ​ | 9,466 | ​ | 714 | ​ | 2,055 | ​ | – | ​ | 12,235 | ​ | 1 | ​ | 12,236
Below BBB- and unrated | ​ | 2,280 | ​ | 500 | ​ | 356 | ​ | – | ​ | 3,136 | ​ | – | ​ | 3,136
Subtotal | ​ | 26,594 | ​ | 2,261 | ​ | 5,767 | ​ | – | ​ | 34,622 | ​ | 2 | ​ | 34,624
Asset-backed securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
AAA | ​ | 174 | ​ | 2 | ​ | 54 | ​ | – | ​ | 230 | ​ | – | ​ | 230
AA+ to AA- | ​ | 6 | ​ | – | ​ | 2 | ​ | – | ​ | 8 | ​ | – | ​ | 8
A+ to A- | ​ | 30 | ​ | – | ​ | 7 | ​ | – | ​ | 37 | ​ | – | ​ | 37
BBB+ to BBB- | ​ | 7 | ​ | – | ​ | 2 | ​ | – | ​ | 9 | ​ | – | ​ | 9
Below BBB- and unrated | ​ | – | ​ | 1 | ​ | – | ​ | – | ​ | 1 | ​ | – | ​ | 1
Subtotal | ​ | 217 | ​ | 3 | ​ | 65 | ​ | – | ​ | 285 | ​ | – | ​ | 285
Total debt securities notes (ii)(v) | ​ | 64,397 | ​ | 4,543 | ​ | 14,092 | ​ | 30 | ​ | 83,062 | ​ | 2 | ​ | 83,064
Loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage loans | ​ | 65 | ​ | – | ​ | 83 | ​ | – | ​ | 148 | ​ | – | ​ | 148
Other loans | ​ | 430 | ​ | – | ​ | – | ​ | – | ​ | 430 | ​ | – | ​ | 430
Total loans | ​ | 495 | ​ | – | ​ | 83 | ​ | – | ​ | 578 | ​ | – | ​ | 578
Equity securities and holdings in collective investment schemes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​
Direct equities | ​ | 18,711 | ​ | 12,075 | ​ | 182 | ​ | 128 | ​ | 31,096 | ​ | – | ​ | 31,096
Collective investment schemes | ​ | 24,529 | ​ | 7,546 | ​ | 1,580 | ​ | 2 | ​ | 33,657 | ​ | – | ​ | 33,657
Total equity securities and holdings in collective investment schemes | ​ | 43,240 | ​ | 19,621 | ​ | 1,762 | ​ | 130 | ​ | 64,753 | ​ | – | ​ | 64,753
Other financial investments note (iii) | ​ | 2,893 | ​ | 396 | ​ | 1,707 | ​ | 101 | ​ | 5,097 | ​ | 2,628 | ​ | 7,725
Total financial investments note (iv) | ​ | 111,025 | ​ | 24,560 | ​ | 17,644 | ​ | 261 | ​ | 153,490 | ​ | 2,630 | ​ | 156,120
Investment properties | ​ | – | ​ | – | ​ | 39 | ​ | – | ​ | 39 | ​ | – | ​ | 39
Cash and cash equivalents | ​ | 1,054 | ​ | 647 | ​ | 1,287 | ​ | 173 | ​ | 3,161 | ​ | 1,590 | ​ | 4,751
Total investments | ​ | 112,079 | ​ | 25,207 | ​ | 18,970 | ​ | 434 | ​ | 156,690 | ​ | 4,220 | ​ | 160,910
Notes
(i) | Funds with policyholder participation represent investments held to support insurance products where policyholders participate in the returns of a specified pool of investments (excluding unit-linked policies) that are measured using the variable fee approach.
(ii) | Of the Group’s debt securities, the following amounts were held by the consolidated investment funds:
​
​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2024 $m |  | 31 Dec 2023 $m
Debt securities held by consolidated investment funds | ​ | 10,409 | ​ | 11,116
​
(iii) | Other financial investments comprise derivative assets and deposits.
​
(iv) | Of the total financial investments of $161,184 million as at 31 December 2024 (31 December 2023: $156,120 million), $88,779 million (31 December 2023: $80,022 million) are expected to be recovered within one year, including equity securities and holdings in collective investment schemes.
(v) | The credit ratings, are created using a methodology developed by Prudential using ratings from various credit ratings agencies (Composite Ratings), S&P Global Ratings (S&P), Moody's and Fitch Solutions and their respective affiliates and suppliers. The ratings displayed are not credit opinions nor are they a rating issued by a rating agency, including S&P. To the extent that a credit rating is calculated using an S&P rating, such rating was used under a license from S&P and S&P reserves all rights with respect to such rating.
​
Schedule of accrued investment income and other debtors | ​
​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2024 $m |  | 31 Dec 2023 $m
Total accrued investment income, primarily interest receivable | ​ | 902 |  | 1,003
Other debtors | ​ | 1,310 |  | 1,161
Total accrued investment income and other debtors | ​ | 2,212 |  | 2,164
Analysed as: | ​ | ​ |  | ​
Expected to be settled within one year | ​ | 2,162 |  | 2,048
Expected to be settled beyond one year | ​ | 50 |  | 116
Total accrued investment income and other debtors | ​ | 2,212 |  | 2,164
Schedule of accruals, deferred income and other liabilities | ​
​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2024 $m |  | 31 Dec 2023 $m
Accruals and deferred income | ​ | 238 |  | 244
Interest payable | ​ | 35 |  | 35
Other creditors | ​ | 2,575 |  | 3,756
Total accruals, deferred income and other creditors | ​ | 2,848 |  | 4,035
Schedule of cash and cash equivalents | ​
​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2024 $m |  | 31 Dec 2023 $m
Cash | ​ | 1,923 |  | 1,964
Cash equivalents | ​ | 3,849 |  | 2,787
Total cash and cash equivalents | ​ | 5,772 |  | 4,751
Analysed as: | ​ |  |  |
Held by the Group's holding and non-regulated entities and available for general use | ​ | 2,445 |  | 1,590
Other funds not available for general use by the Group, including funds held for the benefit of policyholders | ​ | 3,327 | ​ | 3,161
Total cash and cash equivalents | ​ | 5,772 | ​ | 4,751
​
Schedule of provisions | ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 $m |  | 2023 $m
Balance at 1 Jan |  | 224 |  | 206
Charge (credit) to income statement: |  | ​ |  |
Additional provisions |  | 136 |  | 198
Unused amounts released |  | (4) |  | (10)
Utilisation during the year |  | (133) |  | (172)
Exchange differences |  | (5) |  | 2
Balance at 31 Dec |  | 218 |  | 224
Consolidated investment funds |
Group assets and liabilities |
Schedule of analysis of securities | ​
​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2024 $m |  | 31 Dec 2023 $m
Debt securities held by consolidated investment funds | ​ | 10,409 | ​ | 11,116

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