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Measurement of financial assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Financial instruments

Schedule of financial assets and liabilities by IFRS 9 category

​

Financial instruments	Classification under IFRS 9
Financial assets	​
Loans	Amortised cost (31 Dec 2024: $153 million; 31 Dec 2023: $148 million)
​	Mandatorily at FVTPL (31 Dec 2024: $364 million; 31 Dec 2023: $430 million)
Equity securities and portfolio holdings in collective investment schemes	Mandatorily at FVTPL
Debt securities	Mandatorily at FVTPL
Derivative assets	Mandatorily at FVTPL
Accrued investment income	Amortised cost
Deposits	Amortised cost
Cash and cash equivalents	Amortised cost
Other debtors	Amortised cost
Financial liabilities	​
Investment contract liabilities without DPF	Mandatorily at FVTPL
Derivative liabilities	Mandatorily at FVTPL
Core structural borrowings of shareholder-financed businesses	Amortised cost
Operational borrowings	Amortised cost
Obligations under funding, securities lending and sale and repurchase agreements	Amortised cost
Net asset value attributable to unit holders of consolidated investment funds note	Designated at FVTPL
Other liabilities	Amortised cost

Schedule of contractual maturities of financial liabilities, excluding derivative liabilities, on an undiscounted cash flow basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

31 Dec 2024 $m

​

​

​

​

Contractual maturity profile for financial liabilities

​

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

carrying

​

1 year

​

​

​

​

​

​

​

10-15

​

15-20

​

Over

​

No stated

​

undiscounted

​

value

or less

1-2 years

2-5 years

5-10 years

years

years

20 years

maturity

cash flows

Investment contracts without DPF note

​

748

​

186

​

9

​

69

​

114

​

19

​

7

​

4

​

360

​

768

Core structural borrowings of shareholder-financed businesses

3,925

​

125

​

125

​

678

​

3,111

​

–

​

–

​

–

​

750

​

4,789

Lease liabilities under IFRS 16

​

257

​

84

​

71

​

111

​

18

​

–

​

–

​

–

​

–

​

284

Other operational borrowings

540

​

540

​

–

​

–

​

–

​

–

​

–

​

–

​

–

​

540

Obligations under funding, securities lending and sale and repurchase agreements

272

​

272

​

–

​

–

​

–

​

–

​

–

​

–

​

–

​

272

Accruals, deferred income and other liabilities

2,848

​

2,641

​

–

​

–

​

–

​

–

​

–

​

–

​

265

​

2,906

Net asset value attributable to unit holders of consolidated investment funds

2,679

​

2,679

​

–

​

–

​

–

​

–

​

–

​

–

​

–

​

2,679

Total non-derivative financial liabilities

​

11,269

​

6,527

​

205

​

858

​

3,243

​

19

​

7

​

4

​

1,375

​

12,238

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

31 Dec 2023 $m

​

​

​

​

Contractual maturity profile for financial liabilities

​

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

carrying

​

1 year

​

​

​

​

​

​

​

10-15

​

15-20

​

Over

​

No stated

​

undiscounted

​

value

or less

1-2 years

2-5 years

5-10 years

years

years

20 years

maturity

cash flows

Investment contracts without DPF note

​

769

​

155

​

169

​

68

​

149

​

24

​

9

​

5

​

273

​

852

Core structural borrowings of shareholder-financed businesses

3,933

126

126

​

379

3,555

–

–

–

750

4,936

Lease liabilities under IFRS 16

​

234

​

76

​

62

​

86

​

25

​

2

​

–

​

–

​

–

​

251

Other operational borrowings

707

707

–

​

–

–

–

–

–

–

707

Obligations under funding, securities lending and sale and repurchase agreements

716

716

–

​

–

–

–

–

–

–

716

Accruals, deferred income and other liabilities

4,035

3,845

–

​

–

–

–

–

–

190

4,035

Net asset value attributable to unit holders of consolidated investment funds

2,711

2,711

–

​

–

–

–

–

–

–

2,711

Total non-derivative financial liabilities

13,105

8,336

357

​

533

3,729

26

9

5

1,213

14,208

Schedule of maturity profile of net derivative positions

​

​	​	​	​	​	​	​
​	​	Carrying value of net derivatives $m
​	​	​	​	​	​	Net
​	​	Derivative	​	Derivative	​	derivative
​		assets		liabilities		position
31 Dec 2024		395	​	(1,617)	​	(1,222)
31 Dec 2023		1,855	​	(238)	​	1,617

Schedule of gross and net information about financial instruments subject to master netting arrangements

​

​	​	​	​	​	​	​	​	​	​	​
​	​	31 Dec 2024 $m
​	​	​	​	Related amounts not offset					​	​
​	​	Gross amount	​	in the balance sheet					​	​
​		included in the		​		​		​		Net amount
​	​	balance	​	Financial	​	Cash	​	Securities	​	included in the
​	​	sheet	​	instruments	​	collateral	​	collateral	​	balance sheet
​	​	note (i)	​	note (ii)	​	​	​	note (iii)	​	note (iv)
Derivative assets		376	​	(106)	​	(267)	​	–	​	3
Reverse repurchase agreements		2,868	​	–	​	–	​	(2,868)	​	–
Total financial assets		3,244	​	(106)	​	(267)	​	(2,868)	​	3
Derivative liabilities		(1,597)	​	106	​	512	​	927	​	(52)
Securities lending and repurchase agreements		(272)	​	–	​	43	​	228	​	(1)
Total financial liabilities		(1,869)	​	106	​	555	​	1,155	​	(53)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	31 Dec 2023 $m
​	​	​	​	Related amounts not offset					​	​
​	​	Gross amount	​	in the balance sheet					​	​
​		included in the		​		​		​		Net amount
​	​	balance	​	Financial	​	Cash	​	Securities	​	included in the
​	​	sheet	​	instruments	​	collateral	​	collateral	​	balance sheet
​	​	note (i)	​	note (ii)	​	​	​	note (iii)	​	note (iv)
Derivative assets		1,820		(138)		(1,529)	​	(11)		142
Reverse repurchase agreements		3,616		(12)		–		(3,604)		–
Total financial assets		5,436		(150)		(1,529)		(3,615)		142
Derivative liabilities		(225)		138		57		–		(30)
Securities lending and repurchase agreements		(713)		–		(18)		730		(1)
Total financial liabilities		(938)		138		39		730		(31)

Notes

(i) The Group has not offset any of the amounts included in the balance sheet.

(ii) Represents the amount that could be offset under master netting or similar arrangements where the Group does not satisfy the full criteria to offset in the balance sheet.

(iii) Excludes initial margin amounts for exchange-traded derivatives.

(iv) In the tables above, the amounts of assets or liabilities included in the balance sheet would be offset first by financial instruments that have the right of offset under master netting or similar arrangements with any remaining amount reduced by the amount of cash and securities collateral. The actual amount of collateral may be greater than amounts presented in the tables.

At fair value

Financial instruments

Schedule of fair value of assets and liabilities

​

​	​	​	​	​	​	​	​	​	​
​	​	31 Dec 2024 $m
​	​	Level 1	​	Level 2	​	Level 3	​	​
​		Quoted prices	​	Valuation based	​	Valuation based	​	​
​	​	(unadjusted)	​	on significant	​	on significant	​	​
​	​	in active	​	observable	​	unobservable	​	​
​		markets		market inputs		market inputs		Total
​		​		​		note (iii)		​
Loans		–	​	364	​	–	​	364	​
Equity securities and holdings in collective investment schemes		72,574	​	5,311	​	3,117	​	81,002	​
Debt securities note (i)		56,147	​	17,620	​	37	​	73,804	​
Derivative assets		17	​	378	​	–	​	395	​
Derivative liabilities		(493)	​	(1,124)	​	–	​	(1,617)	​
Total financial investments, net of derivative liabilities		128,245	​	22,549	​	3,154	​	153,948	​
Investment contract liabilities without DPFnote (ii)		–	​	(748)	​	–	​	(748)	​
Net asset value attributable to unit holders of consolidated investment funds		(2,679)	​	–	​	–	​	(2,679)	​
Total financial instruments at fair value		125,566	​	21,801	​	3,154	​	150,521	​
Percentage of total (%)	​	83	%	15	%	2	%	100	%

​

​	​	​	​	​	​	​	​	​	​
​	​	31 Dec 2023 $m
​	​	Level 1	​	Level 2	​	Level 3	​	​
​	​	Quoted prices	​	Valuation based	​	Valuation based	​	​
​	​	(unadjusted)	​	on significant	​	on significant	​	​
​	​	in active	​	observable	​	unobservable	​	​
​		markets		market inputs		market inputs		Total
​		​		​		note (iii)		​
Loans		–	​	430		–		430	​
Equity securities and holdings in collective investment schemes		56,327	​	5,562		2,864		64,753	​
Debt securities note (i)		64,004	​	19,020		40		83,064	​
Derivative assets		1,460	​	395		–		1,855	​
Derivative liabilities		(58)	​	(180)		–		(238)	​
Total financial investments, net of derivative liabilities		121,733	​	25,227		2,904		149,864	​
Investment contract liabilities without DPFnote (ii)		–	​	(769)		–		(769)
Net asset value attributable to unit holders of consolidated investment funds		(2,711)	​	–		–		(2,711)
Total financial instruments at fair value		119,022	​	24,458		2,904		146,384
Percentage of total (%)	​	81	%	17	%	2	%	100	%

Notes

(i) Of the total level 2 debt securities of $17,620 million at 31 December 2024 (31 December 2023: $19,020 million), $12 million (31 December 2023: $10 million) are valued internally.

(ii) For Investment contract liabilities without DPF, it is assumed that these investment contracts are not quoted in an active market and do not have readily available published prices and that their fair values are determined using valuation techniques. It is assumed that all significant inputs used in the valuation are observable and these investment contract liabilities are classified in level 2.

(iii) At 31 December 2024, the Group held $3,154 million (31 December 2023: $2,904 million) of net financial instruments at fair value within level 3. This represents 2 per cent (31 December 2023: 2 per cent) of the total fair valued financial assets, net of financial liabilities and comprises the following:

– Equity securities and holdings in collective investment schemes of $3,116 million (31 December 2023: $2,863 million) consisting primarily of property, infrastructure, private credit and private equity funds held by the participating funds, which are externally valued using the net asset value of the invested entities. Equity securities of $1 million (31 December 2023: $1 million ) are internally valued, representing less than 0.1 per cent of the total fair valued financial assets, net of financial liabilities. Internal valuations are inherently more subjective than external valuations; and

– Other sundry individual financial instruments of a net asset of $37 million(31 December 2023: $40 million).

– Of the net financial instruments of $3,154 million (31 December 2023: $2,904 million) referred to above:

– A net asset of $3,088 million (31 December 2023: $2,866 million) is held by the Group’s participating and unit-linked funds and therefore shareholders’ profit and equity are not immediately impacted by movements in the valuation of these financial instruments; and

– The remaining level 3 investments comprise a net asset of $66 million (31 December 2023: $38 million) and are primarily investments valued using external prices adjusted to reflect the specific known conditions relating to these holdings where applicable (eg distressed securities). If the value of all these level 3 financial instruments decreased by 10 per cent, the change in valuation would be $(7) million (31 December 2023: $(4) million), which would reduce shareholders’ equity by this amount before tax.

​

Schedule of reconciliation of movements in level 3 financial instruments measured at fair value

​

​	​	​	​	​	​	​	​	​
​	​	2024 $m
​	​	​	​	Equity	​	​	​	​
​	​	​	​	securities	​	​	​	​
​	​	​	​	and holdings	​	​	​	​
​	​	​	​	in collective	​	​	​	​
​	​	​	​	investment	​	Debt	​	​
​		Loans		schemes		securities		Group total
Balance at 1 Jan		–	​	2,864	​	40	​	2,904
Total gain (loss) in income statement note		–	​	(84)	​	3	​	(81)
Total loss recorded in other comprehensive income		–		(31)		(1)		(32)
Purchases and other additions	​	–	​	462	​	2	​	464
Sales	​	–	​	(94)	​	(7)	​	(101)
Balance at 31 Dec		–		3,117		37		3,154

​

​	​	​	​	​	​	​	​	​
​	​	2023 $m
​	​	​	​	Equity	​	​	​	​
​	​	​	​	securities	​	​	​	​
​	​	​	​	and holdings	​	​	​	​
​	​	​	​	in collective	​	​	​	​
​	​	​	​	investment	​	Debt	​	​
​		Loans		schemes		securities		Group total
Balance at 1 Jan		3		824		38		865
Total gains in income statement note		–		25		2		27
Total gains recorded in other comprehensive income		–		6		–		6
Purchases and other additions		–		524		–		524
Sales		(3)		(4)		–		(7)
Transfers into level 3		–		1,489		–		1,489
Balance at 31 Dec		–		2,864		40		2,904

Note

Of the total net (loss) gain in the income statement of $(81) million at 2024 (2023: $27 million), $(143) million (2023: $29 million) relates to net unrealised gain (loss) of financial instruments still held at the end of the year, which can be analysed as follows:

​

​	​	​	​	​
​		2024 $m		2023 $m
Equity securities and holdings in collective investment schemes		(146)		27
Debt securities		3		2
Net unrealised (loss) gains of financial instruments still held at the end of the year		(143)		29

Schedule of net unrealised gains and losses in the income statement for financial instruments still held at the end of the year

​

​	​	​	​	​
​		2024 $m		2023 $m
Equity securities and holdings in collective investment schemes		(146)		27
Debt securities		3		2
Net unrealised (loss) gains of financial instruments still held at the end of the year		(143)		29

Assets and liabilities at amortised cost for which fair value is disclosed

Financial instruments

Schedule of fair value of assets and liabilities

​

​	​	​	​	​	​	​	​	​
​		31 Dec 2024 $m				31 Dec 2023 $m
​	​	Carrying	​	Fair	​	Carrying	​	Fair
​	​	value	​	value	​	value	​	value
​		​		note (iii)		​		note(iii)
Financial assets	​	​	​	​	​	​	​	​
Loans note (i)		153	​	163		148	​	179
Financial liabilities	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
Core structural borrowings of shareholder-financed businesses note (ii)		(3,925)	​	(3,694)		(3,933)	​	(3,659)
Operational borrowings (excluding lease liabilities) note (i)		(540)	​	(540)		(707)	​	(707)
Obligations under funding, securities lending and sale and repurchase agreements note (i)		(272)	​	(272)		(716)	​	(716)
Net financial liabilities at amortised cost	​	(4,584)	​	(4,343)	​	(5,208)	​	(4,903)

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