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Insurance and reinsurance contracts - Analysis of movements in insurance and reinsurance contract balances including JVs and associates (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    
Opening assets (1,148) $ (1,106)
Opening liabilities 139,839 126,239
Net opening (assets) liabilities at 1 Jan 138,691 125,133
Changes that relate to future service    
Changes in estimates that result in losses or reversal of losses on onerous contracts 124 190
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)
Release of risk adjustment to profit or loss (257) (228)
Experience adjustments (153) (176)
Total changes that relate to current service (2,696) (2,597)
Changes that relate to past service    
Adjustments to assets/liabilities for incurred claims (30) 142
Insurance service result (2,595) (2,258)
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts 295 233
Other net finance (income) expense 3,859 8,606
Total net finance (income) expense from insurance and reinsurance contracts 4,154 8,839
Total amount recognised in income statement 1,559 6,581
Effect of movements in exchange rates (1,763) 210
Total amount recognised in comprehensive income (204) 6,791
Cash flows    
Premiums received net of ceding commissions paid 24,283 22,294
Insurance acquisition cash flows (4,798) (4,270)
Claims and other insurance service expenses net of recoveries from reinsurance received (11,427) (11,082)
Total cash flows 8,058 6,942
Other changes (293) (175)
Closing assets (1,313) (1,148)
Closing liabilities 147,565 139,839
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    
Opening assets (1,192) (1,139)
Opening liabilities 161,818 145,342
Net opening (assets) liabilities at 1 Jan 160,626 144,203
Changes that relate to future service    
Changes in estimates that result in losses or reversal of losses on onerous contracts 157 216
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)
Release of risk adjustment to profit or loss (287) (242)
Experience adjustments (114) (170)
Total changes that relate to current service (2,912) (2,826)
Changes that relate to past service    
Adjustments to assets/liabilities for incurred claims (71) 127
Insurance service result (2,786) (2,424)
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts 649 517
Other net finance (income) expense 5,402 10,347
Total net finance (income) expense from insurance and reinsurance contracts 6,051 10,864
Total amount recognised in income statement 3,265 8,440
Effect of movements in exchange rates (2,395) (114)
Total amount recognised in comprehensive income 870 8,326
Cash flows    
Premiums received net of ceding commissions paid 27,990 26,224
Insurance acquisition cash flows (5,226) (4,802)
Claims and other insurance service expenses net of recoveries from reinsurance received (14,694) (13,144)
Total cash flows 8,070 8,278
Other changes (294) (181)
Closing assets (1,397) (1,192)
Closing liabilities 170,669 161,818
Net closing (assets) liabilities at 31 Dec 169,272 160,626
Insurance | Best estimate liabilities (BEL)    
Analysis of movements in insurance and reinsurance contract balances by measurement component    
Opening assets (3,952) (3,540)
Opening liabilities 120,115 107,582
Net opening (assets) liabilities at 1 Jan 116,163 104,042
Changes that relate to future service    
Changes in estimates that adjust the CSM (178) (1,181)
Changes in estimates that result in losses or reversal of losses on onerous contracts 100 196
New contracts in the year (2,709) (2,461)
Total changes that relate to future service (2,787) (3,446)
Changes that relate to current service    
Experience adjustments (153) (176)
Total changes that relate to current service (153) (176)
Changes that relate to past service    
Adjustments to assets/liabilities for incurred claims (34) 144
Insurance service result (2,974) (3,478)
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts (24) (43)
Other net finance (income) expense 3,849 8,650
Total net finance (income) expense from insurance and reinsurance contracts 3,825 8,607
Total amount recognised in income statement 851 5,129
Effect of movements in exchange rates (1,423) 225
Total amount recognised in comprehensive income (572) 5,354
Cash flows    
Premiums received net of ceding commissions paid 24,283 22,294
Insurance acquisition cash flows (4,798) (4,270)
Claims and other insurance service expenses net of recoveries from reinsurance received (11,427) (11,082)
Total cash flows 8,058 6,942
Other changes (273) (175)
Closing assets (4,566) (3,952)
Closing liabilities 127,942 120,115
Net closing (assets) liabilities at 31 Dec 123,376 116,163
Insurance | Best estimate liabilities (BEL) | Including JVs and associates    
Analysis of movements in insurance and reinsurance contract balances by measurement component    
Opening assets (3,998) (3,562)
Opening liabilities 139,673 124,297
Net opening (assets) liabilities at 1 Jan 135,675 120,735
Changes that relate to future service    
Changes in estimates that adjust the CSM (57) (1,142)
Changes in estimates that result in losses or reversal of losses on onerous contracts 128 224
New contracts in the year (2,894) (2,687)
Total changes that relate to future service (2,823) (3,605)
Changes that relate to current service    
Experience adjustments (114) (170)
Total changes that relate to current service (114) (170)
Changes that relate to past service    
Adjustments to assets/liabilities for incurred claims (73) 130
Insurance service result (3,010) (3,645)
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts 243 158
Other net finance (income) expense 5,367 10,379
Total net finance (income) expense from insurance and reinsurance contracts 5,610 10,537
Total amount recognised in income statement 2,600 6,892
Effect of movements in exchange rates (2,003) (49)
Total amount recognised in comprehensive income 597 6,843
Cash flows    
Premiums received net of ceding commissions paid 27,990 26,224
Insurance acquisition cash flows (5,226) (4,802)
Claims and other insurance service expenses net of recoveries from reinsurance received (14,694) (13,144)
Total cash flows 8,070 8,278
Other changes (274) (181)
Closing assets (4,799) (3,998)
Closing liabilities 148,867 139,673
Net closing (assets) liabilities at 31 Dec 144,068 135,675
Insurance | Risk adjustment for non-financial risk (RA)    
Analysis of movements in insurance and reinsurance contract balances by measurement component    
Opening assets 631 505
Opening liabilities 1,713 1,418
Net opening (assets) liabilities at 1 Jan 2,344 1,923
Changes that relate to future service    
Changes in estimates that adjust the CSM 25 343
Changes in estimates that result in losses or reversal of losses on onerous contracts 24 (6)
New contracts in the year 315 295
Total changes that relate to future service 364 632
Changes that relate to current service    
Release of risk adjustment to profit or loss (257) (228)
Total changes that relate to current service (257) (228)
Changes that relate to past service    
Adjustments to assets/liabilities for incurred claims 4 (2)
Insurance service result 111 402
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts 49 47
Other net finance (income) expense 3 (32)
Total net finance (income) expense from insurance and reinsurance contracts 52 15
Total amount recognised in income statement 163 417
Effect of movements in exchange rates (41) 4
Total amount recognised in comprehensive income 122 421
Cash flows    
Other changes (20)  
Closing assets 791 631
Closing liabilities 1,655 1,713
Net closing (assets) liabilities at 31 Dec 2,446 2,344
Insurance | Risk adjustment for non-financial risk (RA) | Including JVs and associates    
Analysis of movements in insurance and reinsurance contract balances by measurement component    
Opening assets 630 502
Opening liabilities 1,969 1,662
Net opening (assets) liabilities at 1 Jan 2,599 2,164
Changes that relate to future service    
Changes in estimates that adjust the CSM 31 341
Changes in estimates that result in losses or reversal of losses on onerous contracts 29 (8)
New contracts in the year 349 317
Total changes that relate to future service 409 650
Changes that relate to current service    
Release of risk adjustment to profit or loss (287) (242)
Total changes that relate to current service (287) (242)
Changes that relate to past service    
Adjustments to assets/liabilities for incurred claims 2 (3)
Insurance service result 124 405
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts 56 52
Other net finance (income) expense 28 (20)
Total net finance (income) expense from insurance and reinsurance contracts 84 32
Total amount recognised in income statement 208 437
Effect of movements in exchange rates (44) (2)
Total amount recognised in comprehensive income 164 435
Cash flows    
Other changes (20)  
Closing assets 803 630
Closing liabilities 1,940 1,969
Net closing (assets) liabilities at 31 Dec 2,743 2,599
Insurance | Contractual service margin (CSM)    
Analysis of movements in insurance and reinsurance contract balances by measurement component    
Opening assets 2,173 1,929
Opening liabilities 18,011 17,239
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)
Total changes that relate to current service (2,286) (2,193)
Changes that relate to past service    
Insurance service result 268 818
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts 270 229
Other net finance (income) expense 7 (12)
Total net finance (income) expense from insurance and reinsurance contracts 277 217
Total amount recognised in income statement 545 1,035
Effect of movements in exchange rates (299) (19)
Total amount recognised in comprehensive income 246 1,016
Cash flows    
Closing assets 2,462 2,173
Closing liabilities 17,968 18,011
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    
Opening assets 2,176 1,921
Opening liabilities 20,176 19,383
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)
Total changes that relate to current service (2,511) (2,414)
Changes that relate to past service    
Insurance service result 100 816
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts 350 307
Other net finance (income) expense 7 (12)
Total net finance (income) expense from insurance and reinsurance contracts 357 295
Total amount recognised in income statement 457 1,111
Effect of movements in exchange rates (348) (63)
Total amount recognised in comprehensive income 109 1,048
Cash flows    
Closing assets 2,599 2,176
Closing liabilities 19,862 20,176
Net closing (assets) liabilities at 31 Dec 22,461 22,352
RI    
Analysis of movements in insurance and reinsurance contract balances by measurement component    
Opening assets (2,426) (1,856)
Opening liabilities 1,151 1,175
Net opening (assets) liabilities at 1 Jan (1,275) (681)
Changes that relate to future service    
Changes in estimates that result in losses or reversal of losses on onerous contracts 49 (98)
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
Release of risk adjustment to profit or loss 16 24
Experience adjustments 112 45
Total changes that relate to current service 287 272
Changes that relate to past service    
Adjustments to assets/liabilities for incurred claims (33) (3)
Insurance service result 302 171
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts (109) (45)
Other net finance (income) expense 447 (146)
Total net finance (income) expense from insurance and reinsurance contracts 338 (191)
Total amount recognised in income statement 640 (20)
Effect of movements in exchange rates 9  
Total amount recognised in comprehensive income 649 (20)
Cash flows    
Premiums received net of ceding commissions paid (2,837) (1,032)
Claims and other insurance service expenses net of recoveries from reinsurance received 612 458
Total cash flows (2,225) (574)
Other changes (3)  
Closing assets (3,390) (2,426)
Closing liabilities 536 1,151
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    
Opening assets (2,569) (2,000)
Opening liabilities 1,179 1,200
Net opening (assets) liabilities at 1 Jan (1,390) (800)
Changes that relate to future service    
Changes in estimates that result in losses or reversal of losses on onerous contracts 43 (93)
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
Release of risk adjustment to profit or loss 19 27
Experience adjustments 116 50
Total changes that relate to current service 294 283
Changes that relate to past service    
Adjustments to assets/liabilities for incurred claims (30)  
Insurance service result 306 189
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts (116) (53)
Other net finance (income) expense 443 (146)
Total net finance (income) expense from insurance and reinsurance contracts 327 (199)
Total amount recognised in income statement 633 (10)
Effect of movements in exchange rates 10 3
Total amount recognised in comprehensive income 643 (7)
Cash flows    
Premiums received net of ceding commissions paid (2,931) (1,137)
Claims and other insurance service expenses net of recoveries from reinsurance received 683 554
Total cash flows (2,248) (583)
Other changes (3)  
Closing assets (3,556) (2,569)
Closing liabilities 558 1,179
Net closing (assets) liabilities at 31 Dec (2,998) (1,390)
RI | Best estimate liabilities (BEL)    
Analysis of movements in insurance and reinsurance contract balances by measurement component    
Opening assets (1,175) (508)
Opening liabilities 1,182 1,162
Net opening (assets) liabilities at 1 Jan 7 654
Changes that relate to future service    
Changes in estimates that adjust the CSM (475) 57
Changes in estimates that result in losses or reversal of losses on onerous contracts 49 (98)
New contracts in the year (10) 75
Total changes that relate to future service (436) 34
Changes that relate to current service    
Experience adjustments 112 45
Total changes that relate to current service 112 45
Changes that relate to past service    
Adjustments to assets/liabilities for incurred claims (33) (3)
Insurance service result (357) 76
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts (73) 6
Other net finance (income) expense 435 (156)
Total net finance (income) expense from insurance and reinsurance contracts 362 (150)
Total amount recognised in income statement 5 (74)
Effect of movements in exchange rates 15 1
Total amount recognised in comprehensive income 20 (73)
Cash flows    
Premiums received net of ceding commissions paid (2,837) (1,032)
Claims and other insurance service expenses net of recoveries from reinsurance received 612 458
Total cash flows (2,225) (574)
Other changes (3)  
Closing assets (2,624) (1,175)
Closing liabilities 423 1,182
Net closing (assets) liabilities at 31 Dec (2,201) 7
RI | Best estimate liabilities (BEL) | Including JVs and associates    
Analysis of movements in insurance and reinsurance contract balances by measurement component    
Opening assets (1,315) (652)
Opening liabilities 1,222 1,193
Net opening (assets) liabilities at 1 Jan (93) 541
Changes that relate to future service    
Changes in estimates that adjust the CSM (473) 62
Changes in estimates that result in losses or reversal of losses on onerous contracts 43 (93)
New contracts in the year (4) 86
Total changes that relate to future service (434) 55
Changes that relate to current service    
Experience adjustments 116 50
Total changes that relate to current service 116 50
Changes that relate to past service    
Adjustments to assets/liabilities for incurred claims (30)  
Insurance service result (348) 105
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts (80) (3)
Other net finance (income) expense 432 (155)
Total net finance (income) expense from insurance and reinsurance contracts 352 (158)
Total amount recognised in income statement 4 (53)
Effect of movements in exchange rates 18 2
Total amount recognised in comprehensive income 22 (51)
Cash flows    
Premiums received net of ceding commissions paid (2,931) (1,137)
Claims and other insurance service expenses net of recoveries from reinsurance received 683 554
Total cash flows (2,248) (583)
Other changes (3)  
Closing assets (2,783) (1,315)
Closing liabilities 461 1,222
Net closing (assets) liabilities at 31 Dec (2,322) (93)
RI | Risk adjustment for non-financial risk (RA)    
Analysis of movements in insurance and reinsurance contract balances by measurement component    
Opening assets 84 39
Opening liabilities (21) (44)
Net opening (assets) liabilities at 1 Jan 63 (5)
Changes that relate to future service    
Changes in estimates that adjust the CSM (216) 43
New contracts in the year (5) (5)
Total changes that relate to future service (221) 38
Changes that relate to current service    
Release of risk adjustment to profit or loss 16 24
Total changes that relate to current service 16 24
Changes that relate to past service    
Insurance service result (205) 62
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts (6) (2)
Other net finance (income) expense 5 10
Total net finance (income) expense from insurance and reinsurance contracts (1) 8
Total amount recognised in income statement (206) 70
Effect of movements in exchange rates   (2)
Total amount recognised in comprehensive income (206) 68
Cash flows    
Closing assets (99) 84
Closing liabilities (44) (21)
Net closing (assets) liabilities at 31 Dec (143) 63
RI | Risk adjustment for non-financial risk (RA) | Including JVs and associates    
Analysis of movements in insurance and reinsurance contract balances by measurement component    
Opening assets 67 21
Opening liabilities (24) (47)
Net opening (assets) liabilities at 1 Jan 43 (26)
Changes that relate to future service    
Changes in estimates that adjust the CSM (225) 43
New contracts in the year (8) (6)
Total changes that relate to future service (233) 37
Changes that relate to current service    
Release of risk adjustment to profit or loss 19 27
Total changes that relate to current service 19 27
Changes that relate to past service    
Insurance service result (214) 64
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts (7) (3)
Other net finance (income) expense 3 9
Total net finance (income) expense from insurance and reinsurance contracts (4) 6
Total amount recognised in income statement (218) 70
Effect of movements in exchange rates   (1)
Total amount recognised in comprehensive income (218) 69
Cash flows    
Closing assets (128) 67
Closing liabilities (47) (24)
Net closing (assets) liabilities at 31 Dec (175) 43
RI | Contractual service margin (CSM)    
Analysis of movements in insurance and reinsurance contract balances by measurement component    
Opening assets (1,335) (1,387)
Opening liabilities (10) 57
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
Total changes that relate to current service 159 203
Changes that relate to past service    
Insurance service result 864 33
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts (30) (49)
Other net finance (income) expense 7  
Total net finance (income) expense from insurance and reinsurance contracts (23) (49)
Total amount recognised in income statement 841 (16)
Effect of movements in exchange rates (6) 1
Total amount recognised in comprehensive income 835 (15)
Cash flows    
Closing assets (667) (1,335)
Closing liabilities 157 (10)
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    
Opening assets (1,321) (1,369)
Opening liabilities (19) 54
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
Total changes that relate to current service 159 206
Changes that relate to past service    
Insurance service result 868 20
Net finance (income) expense from insurance and reinsurance contracts    
Accretion of interest on GMM contracts (29) (47)
Other net finance (income) expense 8  
Total net finance (income) expense from insurance and reinsurance contracts (21) (47)
Total amount recognised in income statement 847 (27)
Effect of movements in exchange rates (8) 2
Total amount recognised in comprehensive income 839 (25)
Cash flows    
Closing assets (645) (1,321)
Closing liabilities 144 (19)
Net closing (assets) liabilities at 31 Dec $ (501) $ (1,340)