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Property, plant and equipment

12 Months Ended

Dec. 31, 2024

C10 Property, plant and equipment

Property, plant and equipment comprise Group occupied properties and tangible assets. Property, plant and equipment also includes right-of-use assets for operating leases of properties occupied by the Group and leases of equipment and other tangible assets. Property, plant and equipment, including the right-of-use assets under operating leases, are generally held at cost less cumulative depreciation calculated using the straight-line method, and impairment charge. Owner occupied properties held by the Group's Singapore business that are underlying items of direct participating contracts are measured at fair value following the adoption of IFRS 17.


	31 Dec 2024 $m	31 Dec 2023 $m
Property, plant and equipment held at cost ^{note (a)}	391	347
Owner occupied properties held at fair value ^{note (b)}	26	27
Total property, plant and equipment	417	374

(a) Property, plant and equipment held at cost

A reconciliation of the carrying amount of the Group’s property, plant and equipment held at cost from the beginning to the end of the years shown is as follows:


	2024 $m				2023 $m
	Group				Group
	occupied	Tangible	Right-of-		occupied	Tangible	Right-of-
	property	assets	use assets	Total	property	assets	use assets	Total
Balance at 1 Jan
Cost	24	495	683	1,202	21	486	676	1,183
Accumulated depreciation	(8)	(380)	(467)	(855)	(8)	(360)	(405)	(773)
Opening net book amount	16	115	216	347	13	126	271	410
Additions	20	81	51	152	–	44	57	101
Depreciation and impairment charge	–	(40)	(94)	(134)	–	(50)	(95)	(145)
Disposals, transfers and lease modifications	(8)	(29)	67	30	3	(4)	(18)	(19)
Effect of movements in exchange rates	–	(1)	(3)	(4)	–	(1)	1	–
Balance at 31 Dec	28	126	237	391	16	115	216	347
Representing:
Cost	35	497	782	1,314	24	495	683	1,202
Accumulated depreciation	(7)	(371)	(545)	(923)	(8)	(380)	(467)	(855)
Closing net book amount	28	126	237	391	16	115	216	347

Right-of-use assets

The Group does not have any right-of-use assets that would meet the definition of investment property. As at 31 December 2024, total right-of-use assets comprised $222 million (31 December 2023: $202 million) of property and $15 million (31 December 2023: $14 million) of non-property assets.

Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. The Group assesses at lease commencement whether it is reasonably certain to exercise the option. This assertion is revisited if there is a material change in circumstances. As at 31 December 2024, the undiscounted value of lease payments beyond the break period not recognised in the lease liabilities is $152 million (31 December 2023: $231 million).

The Group has non-cancellable property subleases, which have been classified as operating leases under IFRS 16. The sublease rental income received in 2024 for the leases is $2 million (2023: $7 million, 2022: $6 million).

(b) Owner occupied properties held at fair value

Upon the adoption of IFRS 17, the Group has elected to measure the owner-occupied properties held by the participating funds of its Singapore business at fair value from the transition date. The fair value of these properties is based on market values as assessed by professionally qualified external valuers or by the Group’s qualified surveyors and classified as level 3 under the fair value measurement hierarchy, similar to investment properties.

(c) Capital expenditure: property, plant and equipment by segment

The capital expenditure on property, plant and equipment excluding right-of-use assets in 2024 of $101 million (2023: $44 million) arose by segment as follows:


	2024 $m	2023 $m
Hong Kong	41	22
Indonesia	4	-
Malaysia	2	1
Singapore	24	2
Growth markets and other	21	15
Eastspring	7	4
Total segment	99	44
Unallocated to a segment (central operations)	2	—
Total capital expenditure on property, plant and equipment	101	44