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Borrowings (Tables)
12 Months Ended
Dec. 31, 2024
Core structural borrowings of shareholder-financed businesses  
Borrowings  
Schedule of borrowings

    

31 Dec 2024 $m

    

31 Dec 2023 $m

Subordinated debt

 

US$750m 4.875% notes

750

750

£435m 6.125% notes 2031

 

542

551

US$1,000m 2.95% notes 2033

997

996

Senior debt

£250m 5.875% notes 2029

299

301

US$1,000m 3.125% notes 2030

990

988

US$350m 3.625% notes 2032

347

347

Total core structural borrowings of shareholder-financed businesses

 

3,925

3,933

The senior debt ranks above subordinated debt in the event of liquidation.

Operational borrowings  
Borrowings  
Schedule of borrowings

    

31 Dec 2024 $m

    

31 Dec 2023 $m

Borrowings in respect of short-term fixed income securities programmes (commercial paper)

 

527

699

Lease liabilities under IFRS 16

 

257

234

Other borrowings

 

13

8

Total operational borrowings

797

941