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Consolidated statement of changes in equity - USD ($)
$ in Millions
Share-holders' equity
Share capital
Share premium
Capital redemption reserve
Retained earnings
Translation reserve
Fair value reserve
Available-for-sale securities reserves
Non-controlling interests
Total
Reserves                    
Profit (loss) for the year $ (1,007)       $ (1,007)       $ 10 $ (997)
Other comprehensive (loss) income (790)         $ (603)   $ (187) (10) (800)
Total comprehensive income (loss) for the year (1,797)       (1,007) (603)   (187)   (1,797)
Dividends (474)       (474)       (8) (482)
Reserve movements in respect of share-based payments 24       24         24
Effect of transactions relating to non-controlling interests 49       49         49
New share capital subscribed (4)   $ (4)             (4)
Movement in own shares in respect of share-based payment plans (3)       (3)         (3)
Net (decrease) increase in equity (2,205)   (4)   (1,411) (603)   (187) (8) (2,213)
Balance at beginning of year (As previously reported) at Dec. 31, 2021 17,088 $ 182 5,010   10,216 1,430   250 176 17,264
Balance at beginning of year (Effect of initial application of IFRS 17 and classification overlay of IFRS 9, net of tax) at Dec. 31, 2021 1,848       1,848       (1) 1,847
Balance at beginning of year at Dec. 31, 2021 18,936 182 5,010   12,064 1,430   250 175 19,111
Balance at end of year at Dec. 31, 2022 16,731 182 5,006   10,653 827 $ 63 $ 63 167 16,898
Reserves                    
Profit (loss) for the year 1,701       1,701       11 1,712
Other comprehensive (loss) income (116)         (124) 8   (11) (127)
Total comprehensive income (loss) for the year 1,585       1,701 (124) 8     1,585
Dividends (533)       (533)       (7) (540)
Transfer of fair value reserve following disposal of investment in Jackson         71   (71)      
Reserve movements in respect of share-based payments (5)       (5)         (5)
Effect of transactions relating to non-controlling interests 16       16         16
New share capital subscribed 4 1 3             4
Movement in own shares in respect of share-based payment plans 25       25         25
Net (decrease) increase in equity 1,092 1 3   1,275 (124) $ (63)   (7) 1,085
Balance at end of year at Dec. 31, 2023 17,823 183 5,009   11,928 703     160 17,983
Reserves                    
Profit (loss) for the year 2,285       2,285       130 2,415
Other comprehensive (loss) income (309)         (309)     18 (291)
Total comprehensive income (loss) for the year 1,976       2,285 (309)     148 2,124
Dividends (575)       (575)       (8) (583)
Effect of scrip dividends 23       23         23
Reserve movements in respect of share-based payments 1       1         1
Adjustment to non-controlling interest for Malaysia conventional life business (857)       (857)       886 29
Effect of transactions relating to other non-controlling interests (18)       (18)       (4) (22)
Share repurchases/buybacks [1] (878) (7)   $ 7 (878)         (878)
Movement in own shares in respect of share-based payment plans (3)       (3)         (3)
Net (decrease) increase in equity (331) (7)   7 (22) (309)     1,022 691
Balance at end of year at Dec. 31, 2024 $ 17,492 $ 176 $ 5,009 $ 7 $ 11,906 $ 394     $ 1,182 $ 18,674
[1] In 2024, the Group entered into repurchase programmes to neutralise the dilutive effect of share scheme issuance and scrip dividends and is in progress of conducting the $2 billion share buyback programme it announced in June 2024 to return capital to shareholders. See note C8 for further details.