Schedule of segmental analysis of revenue

2024 $m

Insurance operations ^{note (i)}

Unallocated

Growth

Inter-

to a segment

Hong

markets

segment

Total

(central

Kong

Indonesia

Malaysia

Singapore

and other

Eastspring

elimination

segment

operations)

Total

Insurance revenue

Amounts relating to changes in the liability for remaining coverage:

Expected claims and other directly attributable expenses

1,195

670

740

1,121

715

–

4,441

–

4,441

Change in risk adjustment for non-financial risk

68

37

26

64

62

–

257

–

257

Release of CSM for services provided

908

146

206

521

505

–

2,286

–

2,286

Other adjustments ^{note (ii)}

88

31

50

32

16

–

217

–

217

Recovery of insurance acquisition cash flows

1,445

293

268

513

638

–

3,157

–

3,157

3,704

1,177

1,290

2,251

1,936

–

10,358

–

10,358

Other revenue^{note (iii)}

24

2

–

2

21

333

–

382

–

382

Total revenue from external customers ^{note (iv)}

3,728

1,179

1,290

2,253

1,957

333

–

10,740

–

10,740

Intra-group revenue

–

221

(221)

–

Investment return

Interest income

1,077

101

216

797

688

7

–

2,886

209

3,095

Dividend and other investment income

1,279

105

181

651

164

3

–

2,383

–

2,383

Investment appreciation (depreciation)

(3,317)

(86)

736

2,275

604

1

–

213

228

441

(961)

120

1,133

3,723

1,456

11

–

5,482

437

5,919

Total revenue

2,767

1,299

2,423

5,976

3,413

565

(221)

16,222

437

16,659


	2023 $m
	Insurance operations ^{note (i)}								Unallocated
					Growth		Inter-		to a segment
	Hong				markets		segment	Total	(central
	Kong	Indonesia	Malaysia	Singapore	and other	Eastspring	elimination	segment	operations)	Total
Insurance revenue
Amounts relating to changes in the liability for remaining coverage:
Expected claims and other directly attributable expenses	1,089	582	642	970	670	–	–	3,953	–	3,953
Change in risk adjustment for non-financial risk	73	35	24	55	41	–	–	228	–	228
Release of CSM for services provided	787	187	203	478	538	–	–	2,193	–	2,193
Other adjustments ^{note (ii)}	73	32	31	45	71	–	–	252	–	252
Recovery of insurance acquisition cash flows	1,207	306	234	435	563	–	–	2,745	–	2,745
	3,229	1,142	1,134	1,983	1,883	–	–	9,371	–	9,371
Other revenue ^{note (iii)}	22	4	4	–	39	299	–	368	1	369
Total revenue from external customers ^{note (iv)}	3,251	1,146	1,138	1,983	1,922	299	–	9,739	1	9,740
Intra-group revenue	–	–	–	–	–	184	(184)	–	–	–
Investment return
Interest income	1,033	92	239	785	627	7	–	2,783	164	2,947
Dividend and other investment income	775	93	151	528	117	3	–	1,667	7	1,674
Investment appreciation (depreciation)	2,155	50	177	1,490	1,309	4	–	5,185	(43)	5,142
	3,963	235	567	2,803	2,053	14	–	9,635	128	9,763
Total revenue	7,214	1,381	1,705	4,786	3,975	497	(184)	19,374	129	19,503


	2022 $m
	Insurance operations ^{note (i)}								Unallocated
					Growth		Inter-		to a segment
	Hong				markets		segment	Total	(central
	Kong	Indonesia	Malaysia	Singapore	and other	Eastspring	elimination	segment	operations)	Total
Insurance revenue
Amounts relating to changes in the liability for remaining coverage:
Expected claims and other directly attributable expenses	969	438	563	935	736	–	–	3,641	–	3,641
Change in risk adjustment for non-financial risk	53	33	20	33	30	–	–	169	–	169
Release of CSM for services provided	737	274	215	442	513	–	–	2,181	–	2,181
Other adjustments	30	16	–	27	32	–	–	105	–	105
Recovery of insurance acquisition cash flows	1,051	309	231	378	484	–	–	2,453	–	2,453
	2,840	1,070	1,029	1,815	1,795	–	–	8,549	–	8,549
Other revenue	65	6	–	1	33	330	–	435	1	436
Total revenue from external customers	2,905	1,076	1,029	1,816	1,828	330	–	8,984	1	8,985
Intra-group revenue	–	–	–	–	1	199	(200)	–	–	–
Investment return
Interest income	927	83	208	724	601	4	–	2,547	50	2,597
Dividend and other investment income	689	77	183	576	107	1	–	1,633	25	1,658
Investment depreciation	(23,615)	(69)	(386)	(6,679)	(2,860)	(21)	–	(33,630)	(5)	(33,635)
	(21,999)	91	5	(5,379)	(2,152)	(16)	–	(29,450)	70	(29,380)
Total revenue	(19,094)	1,167	1,034	(3,563)	(323)	513	(200)	(20,466)	71	(20,395)

Notes

(i)

The Group’s share of the results from the joint ventures and associates that are equity accounted for, including the Group's life joint venture in Mainland China, is presented in a single line within the Group’s profit before tax on a net of related tax basis, and therefore not shown in the analysis of revenue line items above. Revenue from external customers of the Mainland China joint venture (Prudential’s share) in 2024 is $573 million (2023: $560 million; 2022: $595 million). Further financial information on the Mainland China joint venture is provided in note D6.3.

(ii)	Other adjustments comprise experience adjustment for premium receipts relating to past and current services provided under insurance contracts and insurance revenue earned from contracts measured under the PAA as well as the revenue recognised to cover the tax charge attributable to policyholders.

(iii)

Other revenue comprises revenue from external customers and consists primarily of revenue from the Group’s asset management business of $333 million (2023: $299 million; 2022: $330 million). Also included in other revenue is fee income on financial instruments that are not held at fair value through profit or loss of $5 million (2023: $3 million; 2022: $2 million).

(iv)

Due to the nature of the business of the Group, there is no reliance on any major customers. Of the Group’s markets, other than Hong Kong, Indonesia, Malaysia and Singapore as shown above, no individual markets have revenue from external customers that exceeds 10 per cent of the Group total for the years presented.

Schedule of net insurance and reinsurance finance income (expense)


	2024 $m	2023 $m	2022 $m
Net finance (expense) income from insurance contracts^{notes (i)(ii)}
Accretion of interest on GMM contracts	(295)	(233)	(240)
Changes in fair value of underlying assets and other adjustments relating to VFA contracts	(3,258)	(8,162)	28,498
Effect of changes in interest rates and other financial assumptions	(491)	(276)	458
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates	5	43	53
Net foreign exchange gain	21	12	(524)
Other finance expense from insurance contracts^{note (iii)}	(136)	(223)	378
	(4,154)	(8,839)	28,623
Net finance income (expense) from reinsurance contracts held^{notes (i)(ii)}
Accretion of interest on GMM contracts	109	45	45
Effect of changes in interest rates and other financial assumptions	(467)	168	(1,301)
Effect of measuring changes in estimates at current rates and adjusting the CSM at locked-in rates	(23)	(11)	71
Net foreign exchange gain (loss)	19	(8)	(1)
Other finance income (expense) from reinsurance contracts ^{note (iv)}	24	(3)	(7)
	(338)	191	(1,193)

Notes

(i)	The Group has made an accounting policy choice to disaggregate the finance component of the risk adjustment and present it under insurance finance income (expenses) instead of insurance service result.

(ii)

The analysis of the investment return on the assets of the Group is provided in note B1.3. The investment return included in the income statement relates to all investment assets of the Group, irrespective of whether the return is attributable to shareholders or policyholders or whether the assets are backing insurance contracts classified as VFA or GMM. The impact of changes in market movements on the assets and insurance contract liabilities will vary depending on whether the insurance contracts are classified as VFA or GMM, which is discussed further in note C6.1. For example, a significant portion of the Group’s investment portfolio comprises assets that are part of the underlying items relating to VFA contracts. Market movements in these underlying assets, as included in Investment return, are matched by a movement in insurance liabilities as included in Insurance finance income (expense). Accordingly, the principal driver for the year-on-year variations in the 'Changes in fair value of underlying assets and other adjustments relating to VFA contracts' in the table above is the investment return element, as shown directionally in the 'Net gains on financial instruments at FVTPL' in the table in note B1.3.

(iii)

Other finance expense from insurance contracts includes the effect of changes in the policyholders’ interest in the excess net assets of relevant participating funds of $(110) million (2023: $(192) million; 2022: $515 million).

(iv)	Other finance income (expense) from reinsurance contracts held includes the effect of changes in non-performance risk of reinsurers of $24 million (2023: $(3) million; 2022: $(7) million).