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Group assets and liabilities (Tables)

12 Months Ended

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

2,580

–

2,586

–

2,586

United States

14,851

433

–

15,355

–

15,355

Vietnam

2,885

139

–

3,041

–

3,041

Other (predominantly Asia)

4,192

685

1,589

6,468

–

6,468

Subtotal

24,649

2,087

6,315

33,053

–

33,053

Other government bonds

AAA

1,617

119

112

–

1,848

–

1,848

AA+ to AA-

124

–

163

–

163

A+ to A-

643

268

–

993

–

993

BBB+ to BBB-

189

–

314

–

314

Below BBB- and unrated

354

–

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

15,572

BBB+ to BBB-

9,753

661

1,784

–

12,198

12,199

Below BBB- and unrated

1,477

477

342

–

2,296

–

2,296

Subtotal

29,648

2,273

4,886

–

36,807

36,809

Asset-backed securities

AAA

129

–

166

–

166

AA+ to AA-

–

A+ to A-

–

BBB+ to BBB-

–

Below BBB- and unrated

–

Subtotal

165

–

216

–

216

Total debt securities ^{notes (ii)(v)}

57,389

4,632

11,779

73,802

73,804

Loans

Mortgage loans

–

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

33,301

–

33,301

Collective investment schemes

37,652

8,338

1,698

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

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

–

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