XML 234 R75.htm IDEA: XBRL DOCUMENT v3.25.1
Tax charge - Reconciliation of shareholder effective tax rate (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of effective tax rate      
Profit before tax (being tax attributable to shareholders' and policyholders' returns) [1] $ 3,239 $ 2,272 $ (519)
Tax charge attributable to policyholders' returns (286) (175) (124)
Profit (loss) before tax, attributable to shareholders 2,953 2,097 (643)
Tax (charge) credit at the expected rate $ (585) $ (399) $ 85
Tax charge at the expected rate, percentage impact on ETR 20.00% 19.00% 13.00%
Effects of recurring tax reconciliation items:      
Income not taxable or taxable at concessionary rates $ 96 $ 80 $ 61
Income not taxable or taxable at concessionary rates, percentage impact on ETR (3.00%) (4.00%) 9.00%
Deductions and losses not allowable for tax purposes $ (164) $ (136) $ (196)
Deductions and losses not allowable for tax purposes, percentage impact on ETR 5.00% 6.00% (30.00%)
Items related to taxation of life insurance businesses $ 94 $ 137 $ (129)
Items related to taxation of life insurance businesses, percentage impact on ETR (3.00%) (7.00%) (20.00%)
Deferred tax adjustments, including unrecognised tax losses $ 4 $ 13 $ (45)
Deferred tax adjustments including unrecognised tax losses, percentage impact on ETR 0.00% (1.00%) (7.00%)
Effect of results of joint ventures and associates $ 100 $ (38) $ (32)
Effect of results of joint ventures and associates, percentage impact on ETR (3.00%) 2.00% (5.00%)
Irrecoverable withholding taxes $ (61) $ (63) $ (55)
Irrecoverable withholding taxes, percentage impact on ETR 2.00% 3.00% (9.00%)
Other $ 1 $ (2) $ (15)
Other, percentage impact on ETR 0.00% 1.00% (2.00%)
Total charge on recurring items $ 70 $ (9) $ (411)
Total charge on recurring items, percentage impact on ETR (2.00%) 0.00% (64.00%)
Effects of non-recurring tax reconciliation items:      
Adjustments to tax charge in relation to prior years $ 7 $ 42 $ 1
Adjustments to tax charge in relation to prior years, percentage impact on ETR 0.00% (2.00%) 0.00%
Movements in provisions for open tax matters $ (8) $ (15) $ (40)
Movements in provisions for open tax matters, percentage impact on ETR 0.00% 1.00% (6.00%)
Adjustments in relation to business disposals and corporate transactions $ (22) $ (4) $ 11
Adjustments in relation to business disposals and corporate transactions, percentage impact on ETR 0.00% 0.00% 2.00%
Total (charge) credit on non-recurring items $ (23) $ 23 $ (28)
Total (charge) credit on non-recurring items, percentage impact on ETR 0.00% (1.00%) (4.00%)
Total tax charge attributable to shareholders $ (538) $ (385) $ (354)
Tax charge attributable to policyholders' returns (286) (175) (124)
Total tax charge attributable to shareholders' and policyholders' returns (824) (560) (478)
Adjusted operating profit 3,129 2,893 2,722
Non-operating result (176) (796) (3,365)
Profit (loss) before tax attributable to shareholders' returns 2,953 2,097 (643)
Tax charge attributable to shareholders' returns analysed into:      
Tax charge on adjusted operating profit (547) (444) (539)
Tax credit on non-operating result 9 59 185
Tax charge attributable to shareholders' returns $ (538) $ (385) $ (354)
Actual tax rate on:      
Adjusted operating profit, Including non-recurring tax reconciling items (as a percent) 17.00% 15.00% 20.00%
Adjusted operating profit, excluding non-recurring tax reconciling items (as a percent) 17.00% 16.00% 18.00%
Profit before tax attributable to shareholders' returns (as a percent) 18.00% 18.00% (55.00%)
Hong Kong      
Notes      
Applicable tax rate 5.00%    
[1] This measure is the formal profit before tax measure under IFRS. It is not the result attributable to shareholders principally because total corporate tax of the Group includes those taxes on the income of consolidated with-profits and unit-linked funds that, through adjustments to benefits, are borne by policyholders. These amounts are required to be included in the tax charge under IAS 12. Consequently, the profit before tax measure is not representative of pre-tax profit attributable to shareholders.