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Perseus Mining Ltd

Prudential plc - HY19 Results - EEV

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RNS Number : 9437I
Prudential PLC
14 August 2019
 

 

 

European Embedded Value (EEV) Basis Results

 

SUMMARISED CONSOLIDATED INCOME STATEMENT

 

 

 

Half year 2019 £m

 

2018 £m

 

 

 

 

 

 

Half year

Full year

 

Note

Asia

US

Group total

 

Group total

Group total

 

 

 

 

 

 

notes (ii)(iii)

notes (ii)(iii)

Continuing operations:

 

 

 

 

 

 

 

New business

3

1,295

348

1,643

 

1,588

3,525

Business in force

4

832

445

1,277

 

1,170

2,977

Long-term business

 

2,127

793

2,920

 

2,758

6,502

Asset management

 

91

11

102

 

75

162

Operating profit from long-term business and asset management

 

2,218

804

3,022

 

2,833

6,664

Other income and expenditurenote (i)

 

 

 

(361)

 

(340)

(726)

Restructuring costs

 

 

 

(20)

 

(18)

(47)

Operating profit from continuing operations

 

 

 

2,641

 

2,475

5,891

Short-term fluctuations in investment returns

5

 

 

2,229

 

(965)

(2,498)

Effect of changes in economic assumptions

6

 

 

(1,371)

 

610

312

Mark-to-market value movements on core structural borrowings

7

 

 

(492)

 

579

549

Loss attaching to corporate transactions

14

 

 

(24)

 

(48)

(75)

Non-operating profit (loss) from continuing operations

 

 

 

342

 

176

(1,712)

Profit for the period from continuing operations

 

 

 

2,983

 

2,651

4,179

Profit for the period from discontinued operationsnote (iii)

 

 

 

1,281

 

317

409

Profit for the period attributable to equity holders of the Company

 

 

 

4,264

 

2,968

4,588

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

Equity holders of the Company:

 

 

 

 

 

 

 

    From continuing operations

 

 

 

2,978

 

2,650

4,176

    From discontinued operations

 

 

 

1,281

 

317

409

Non-controlling interests from continuing operations

 

 

 

5

 

1

3

 

 

 

 

4,264

 

2,968

4,588

 

 

 

 

 

 

 

 

EEV basis basic earnings per share

 

 

 

 

 

 

 

 

 

 

 

2019

 

2018

 

 

 

 

Half year

 

Half year

Full year

 

 

 

 

 

 

notes (ii)(iii)

notes (ii)(iii)

Based on operating profit from continuing operations, after non-controlling interests (in pence)

 

 

 

102.1p

 

96.2p

228.7p

Based on profit for the period attributable to equity holders of the Company (in pence)

 

 

 

 

 

 

 

From continuing operations

 

 

 

115.3p

 

103.0p

162.2p

From discontinued operations

 

 

 

49.6p

 

12.3p

15.9p

 

 

 

 

164.9p

 

115.3p

178.1p

 

 

 

 

 

 

 

 

Weighted average numbers of shares in the period (millions)

 

 

 

2,583

 

2,573

2,575

 

 

 

 

 

 

 

 

Annualised return on embedded value*

 

 

 

17%

 

13%

10%

*    Annualised return on embedded value is based on EEV profit for the period attributable to equity holders of the Company, after non-controlling interests, as a percentage of opening EEV basis shareholders' equity. Half year profits are annualised by multiplying by two.

 

Notes

(i)    EEV basis other income and expenditure represents the post-tax IFRS basis results for other operations (including Group and Asia Regional Head Office, holding company borrowings, Africa operations and Prudential Capital) less the unwind of expected margins on the internal management of the assets of the covered business (as explained in note 11(i)(g)).

(ii)   The comparative results have been prepared using previously reported average exchange rates for the period.

(iii)  The Group's UK and Europe operations have been classified as discontinued operations as at 30 June 2019 as described in note A2 of the Group IFRS basis results. 2018 comparative results have been re-presented from those previously published accordingly in line with the Group IFRS basis results. This approach has been adopted consistently throughout this supplementary information.

 

MOVEMENT IN SHAREHOLDERS' EQUITY

 

 

Half year 2019 £m

 

2018 £m

 

Asia

US

Other

Discontinued UK and Europe operations

Group

total

 

Half year

Group total

Full year

Group total

 

 

 

 

note (iii)

 

 

note (iii)

note (iii)

Continuing operations:

 

 

 

 

 

 

 

 

Operating profit from long-term and asset management businesses

2,218

804

-

 

3,022

 

2,833

6,664

Other income and expenditure

-

-

(361)

 

(361)

 

(340)

(726)

Restructuring costs

(13)

(1)

(6)

 

(20)

 

(18)

(47)

Operating profit from continuing operations

2,205

803

(367)

 

2,641

 

2,475

5,891

Non-operating profit (loss) from continuing operationsnote (v)

863

145

(666)

 

342

 

176

(1,712)

Non-controlling interests

(4)

-

(1)

 

(5)

 

(1)

(3)

Profit for the period from continuing operations

3,064

948

(1,034)

 

2,978

 

2,650

4,176

Profit for the period from discontinued operationsnote (iii)

-

-

-

1,281

1,281

 

317

409

Profit for the period attributable to equity holders of the Company

3,064

948

(1,034)

1,281

4,259

 

2,967

4,585

Exchange movements on foreign operations and net investment hedges

219

18

(14)

2

225

 

523

1,706

Intra-group dividends and investment in operationsnote (i)

(362)

(406)

1,124

(356)

-

 

-

-

External dividends

-

-

(870)

-

(870)

 

(840)

(1,244)

Mark-to-market value movements on Jackson assets backing surplus and required capital

-

137

-

-

137

 

(32)

(95)

Other movementsnote (ii)

(154)

(8)

797

(752)

(117)

 

127

132

Net increase in shareholders' equity

2,767

689

3

175

3,634

 

2,745

5,084

Shareholders' equity at beginning of period

25,132

14,690

(3,624)

13,584

49,782

 

44,698

44,698

Shareholders' equity at end of period

27,899

15,379

(3,621)

13,759

53,416

 

47,443

49,782

 

 

 

 

 

 

 

 

 

Representing:

 

 

 

 

 

 

 

 

Long-term business

27,080

15,329

-

11,749

54,158

 

47,659

50,388

Asset management and other

309

50

(3,621)

857

(2,405)

 

(1,675)

(2,257)

Goodwill

510

-

-

1,153

1,663

 

1,459

1,651

Shareholders' equity at end of period

27,899

15,379

(3,621)

13,759

53,416

 

47,443

49,782

Shareholders' equity per share at end of periodnote (iv)

1,073p

592p

(139)p

529p

2,055p

 

1,830p

1,920p

 

 

 

 

 

 

 

 

 

Long-term business

24,329

14,650

-

11,409

50,388

 

45,917

45,917

Asset management and other

305

40

(3,624)

1,022

(2,257)

 

(2,677)

(2,677)

Goodwill

498

-

-

1,153

1,651

 

1,458

1,458

Shareholders' equity at beginning of period

25,132

14,690

(3,624)

13,584

49,782

 

44,698

44,698

Shareholders' equity per share at beginning of periodnote (iv)

969p

567p

(140)p

524p

1,920p

 

1,728p

1,728p

 

Notes

(i)    Intra-group dividends represent dividends that have been declared in the period. Investment in operations reflects movements in share capital. The amounts included for these items in the analysis of movement in free surplus (note 9) are as per the holding company cash flow at transaction rates. The difference primarily relates to intra-group loans, foreign exchange and other non-cash items.

(ii)   Other movements include reserve movements in respect of the shareholders' share of actuarial gains and losses on defined benefit pension schemes, share capital subscribed, share-based payments, treasury shares and intra-group transfers between operations which have no overall effect on the Group's shareholders' equity.

(iii)  The 2018 comparative results have been re-presented from those previously published to reflect the Group's UK and Europe operations classified as discontinued operations as at 30 June 2019.

(iv)  Based on the number of issued shares at 30 June 2019 of 2,600 million shares (30 June 2018: 2,592 million shares; 31 December 2018: 2,593 million shares).

(v)   The £(666) million non-operating loss recorded for other operations comprises £(484) million of mark-to-market value movements on core structural borrowings, £(162) million for demerger costs (net of tax) and £(20) million for short term fluctuations.
 

SUMMARY STATEMENT OF FINANCIAL POSITION

 

 

 

 

2019 £m

 

2018 £m

 

 

 

30 Jun

 

30 Jun

31 Dec

Assets less liabilities before deduction of insurance funds

 

470,884

 

429,035

431,269

Less insurance funds:*

 

 

 

 

 

 

Policyholder liabilities (net of reinsurers' share) and unallocated surplus of with-profits funds

 

(451,189)

 

(413,145)

(414,002)

 

Less shareholders' accrued interest in the long-term business

 

33,744

 

31,561

32,533

 

 

 

(417,445)

 

(381,584)

(381,469)

Less non-controlling interests

 

(23)

 

(8)

(18)

Total net assets attributable to equity holders of the Company

 

53,416

 

47,443

49,782

 

 

 

 

 

 

 

Share capital

 

130

 

129

130

Share premium

 

1,974

 

1,954

1,964

IFRS basis shareholders' reserves

 

17,568

 

13,799

15,155

IFRS basis shareholders' equity

 

19,672

 

15,882

17,249

Additional EEV basis retained profit

 

33,744

 

31,561

32,533

EEV basis shareholders' equity

 

53,416

 

47,443

49,782

* Including liabilities in respect of insurance products classified as investment contracts under IFRS 4.

 

NOTES ON THE EEV BASIS RESULTS

 

1  Basis of preparation

 

The EEV basis results have been prepared in accordance with the EEV Principles issued by the European Insurance CFO Forum in 2016. Where appropriate, the EEV basis results include the effects of adoption of EU-endorsed IFRS.

 

The Directors are responsible for the preparation of the supplementary information in accordance with the EEV Principles. The EEV basis results for half year 2019 and half year 2018 are unaudited. Except for re-presenting the results for UK and Europe operations as discontinued operations, the full year 2018 results have been derived from the EEV basis results supplement to the Company's statutory accounts for 2018. The supplement included an unqualified audit report from the auditors.

 

A detailed description of the EEV methodology and accounting presentation is provided in note 11.

 

2  Results analysis by business area

 

The half year 2018 comparative results are shown below on both actual exchange rates (AER) and constant exchange rates (CER) bases. The half year 2018 CER comparative results are translated at half year 2019 average exchange rates.

 

Annual premium equivalents (APE) from continuing operationsnote 13 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual exchange rate

 

 

 

 

 

Constant exchange rate

 

Half year 2019 £m

 

Half year 2018 £m

Change %

 

Half year 2018 £m

Change %

 

Annual

premium

equivalent

New

business

profit

 

Annual

premium

equivalent

New

business

profit

Annual

premium

equivalent

New

business

profit

 

Annual

premium

equivalent

New

business

profit

Annual

premium

equivalent

New

business

profit

Asia

1,978

 1,295

 

1,736

1,122

14%

15%

 

1,806

1,178

10%

10%

US

831

 348

 

816

466

2%

(25)%

 

868

495

(4)%

(30)%

Group total

2,809

 1,643

 

2,552

1,588

10%

3%

 

2,674

1,673

5%

(2)%

 

Profit for the period attributable to equity holders of the Company

 

 

 

 

 

 

 

 

 

 

 

Actual exchange rate

 

Constant exchange rate

 

Half year 2019 £m

 

Half year 2018* £m

Change %

 

Half year 2018* £m

Change %

Continuing operations:

 

 

 

 

 

 

 

Asia

 

 

 

 

 

 

 

Long-term business

2,127

 

1,753

21%

 

1,834

16%

Asset management

91

 

77

18%

 

79

15%

Total

2,218

 

1,830

21%

 

1,913

16%

US

 

 

 

 

 

 

 

Long-term business

793

 

1,005

(21)%

 

1,068

(26)%

Asset management

11

 

(2)

650%

 

(2)

650%

Total

804

 

1,003

(20)%

 

1,066

(25)%

Operating profit from long-term business and asset management

3,022

 

2,833

7%

 

2,979

1%

Other income and expenditure

(361)

 

(340)

(6)%

 

(341)

(6)%

Restructuring costs

(20)

 

(18)

(11)%

 

(18)

(11)%

Operating profit from continuing operations

2,641

 

2,475

7%

 

2,620

1%

Short-term fluctuations in investment returns

2,229

 

(965)

 

 

(1,021)

 

Effect of changes in economic assumptions

(1,371)

 

610

 

 

656

 

Mark-to-market value movements on core structural borrowings

(492)

 

579

 

 

580

 

Loss attaching to corporate transactions

(24)

 

(48)

 

 

(50)

 

Total non-operating profit from continuing operations

342

 

176

 

 

165

 

Profit for the period from continuing operations

2,983

 

2,651

13%

 

2,785

7%

Profit for the period from discontinued operations

1,281

 

317

304%

 

317

304%

Profit for the period attributable to equity holders of the Company

4,264

 

2,968

44%

 

3,102

37%

*    The half year 2018 comparative results have been re-presented from those previously published to reflect the Group's UK and Europe operations classified as discontinued operations as at 30 June 2019.

 

EEV basis basic earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual exchange rate

 

Constant exchange rate

 

 

Half year 2019

 

Half year 2018*

Change %

 

Half year 2018*

Change %

Based on operating profit from continuing

   operations after non-controlling

   interests (in pence)

102.1p

 

96.2p

6%

 

101.8p

0%

Based on profit for the period attributable to equity holders of the Company (in pence):

 

 

 

 

 

 

 

 

From continuing operations

115.3p

 

103.0p

12%

 

108.2p

7%

 

From discontinued operations

49.6p

 

12.3p

303%

 

12.3p

303%

 

 

164.9p

 

115.3p

43%

 

120.5p

37%

*    The half year 2018 comparative results have been re-presented from those previously published to reflect the Group's UK and Europe operations classified as discontinued operations as at 30 June 2019.

3    Analysis of new business contribution from continuing operations

 

 

 

 

 

 

 

 

Half year 2019

 

Annual premium

Present value

 of new business

New business

 

New business margin

 

equivalents (APE)

 premiums (PVNBP)

contribution

 

APE

PVNBP

 

£m

£m

£m

 

%

%

 

note 13

note 13

note (i)

 

 

 

Asianote(ii)

 1,978

 10,988

 1,295

 

65%

11.8%

US

 831

 8,310

 348

 

42%

4.2%

Group totalnote (iii)

 2,809

 19,298

 1,643

 

58%

8.5%

 

 

 

 

 

 

 

 

Half year 2018*

 

Annual premium

Present value

 of new business

New business

 

New business margin

 

equivalents (APE)

 premiums (PVNBP)

contribution

 

APE

PVNBP

 

£m

£m

£m

 

%

%

 

note 13

note 13

note (i)

 

 

 

Asianote(ii)

 1,736

 9,132

 1,122

 

65%

12.3%

US

 816

 8,163

 466

 

57%

5.7%

Group totalnote (iii)

 2,552

 17,295

 1,588

 

62%

9.2%

 

 

 

 

 

 

 

 

Full year 2018*

 

Annual premium

Present value

 of new business

New business

 

New business margin

 

equivalents (APE)

 premiums (PVNBP)

contribution

 

APE

PVNBP

 

£m

£m

£m

 

%

%

 

note 13

note 13

 

 

 

 

Asianote(ii)

 3,744

 20,754

 2,604

 

70%

12.5%

US

 1,542

 15,423

 921

 

60%

6.0%

Group totalnote (iii)

 5,286

 36,177

 3,525

 

67%

9.7%

*     The 2018 comparative results have been re-presented from those previously published to reflect the Group's UK and Europe operations classified as discontinued operations as at 30 June 2019.

 

Notes

(i)   The movement in new business contribution of £55 million from £1,588 million for half year 2018 to £1,643 for half year 2019 is analysed as follows:

 

New business contribution

Half year 2018

£m

Foreign exchange

movement

£m

Effect of changes in

interest rates and

other economic

assumptions

£m

Sales volume,

business and product

mix and other items

£m

Half year 2019

£m

 

Asia

1,122

56

(21)

138

1,295

 

US

466

29

(75)

(72)

348

 

Group

1,588

85

(96)

66

1,643

 

(ii)  Asia new business contribution by business unit is shown below:

 

 

 

 

 

 

 

 

 

 

2019 £m

 

2018 £m

 

  

Half year

 

AER

Half year

CER

Half year

 

AER

Full year

 

China JV

98

 

76

76

 

149

 

Hong Kong

826

 

731

777

 

1,729

 

Indonesia

66

 

59

61

 

122

 

Taiwan

22

 

21

21

 

46

 

Other

283

 

235

243

 

558

 

Total

1,295

 

1,122

1,178

 

2,604

 

(iii) Details of new business contribution from discontinued operations are shown in note 13.
 

4    Operating profit from long-term business in force from continuing operations

 

 

 

 

 

 

Half year 2019 £m

 

Asia

operations

US

operations

Group

 total

Unwind of discount and other expected returnsnote (i)

622

355

977

Effect of changes in operating assumptionsnote (ii)

131

-

131

Experience variances and other itemsnote (iii)

79

90

169

Total operating profit from long-term business in force

832

445

1,277

 

 

 

 

 

Half year 2018* £m

 

Asia

operations

US

operations

Group

 total

Unwind of discount and other expected returnsnote (i)

601

433

1,034

Experience variances and other items

30

106

136

Total operating profit from long-term business in force

631

539

1,170

 

 

 

 

 

Full year 2018* £m

 

Asia

operations

US

operations

Group

 total

Unwind of discount and other expected returns

1,218

881

2,099

Effect of changes in operating assumptions

342

115

457

Experience variances and other items

223

198

421

Total operating profit from long-term business in force

1,783

1,194

2,977

*    The 2018 comparative results have been re-presented from those previously published to reflect the Group's UK and Europe operations classified as discontinued operations as at 30 June 2019.

 

Notes

(i)    The movement in unwind of discount and other expected returns of £(57) million from £1,034 million for half year 2018 to £977 million for half year 2019 comprises:

 

 

 

 

Half year 2019 £m

 

 

 

Asia

US

Group total

 

Growth in opening value of in-force business

69

(51)

18

 

Effect of changes in interest rates and other economic assumptions

(71)

(56)

(127)

 

Foreign exchange movements

23

29

52

 

Total movement in unwind of discount and other expected returns

21

(78)

(57)

 

(ii)   The half year 2019 effect of changes in operating assumptions of £131 million in Asia principally reflects the beneficial effect on the effective tax rate for China from changes to tax legislation in the first half of 2019.

 

(iii)  In Asia, the half year 2019 effect of experience variances and other items of £79 million is driven by positive mortality and morbidity experience in a number of local business units, together with a positive persistency variance from participating and health and protection products.

 

In the US, the effect of experience variances and other items include items as shown below. Other items includes the effects of positive persistency experience in the period.

 

 

 

 

2019 £m

 

2018 £m

 

 

 

Half year

 

Half year

Full year

 

Spread experience variance

12

 

26

39

 

Amortisation of interest-related realised gains and losses

36

 

45

92

 

Other items

42

 

35

67

 

Total US experience variances and other items

90

 

106

198

5    Short-term fluctuations in investment returns from continuing operations

 

 

 

2019 £m

 

2018* £m

 

 

Half year

 

Half year

Full year

Asia

 

 

 

 

 

Hong Kong

897

 

(212)

(552)

 

Singapore

153

 

(126)

(233)

 

Other

230

 

(177)

(244)

Total Asianote (i)

1,280

 

(515)

(1,029)

US

 

 

 

 

 

Investment return related experience on fixed income securitiesnote (ii)

(16)

 

15

60

 

Investment return related impact due to changed expectation of profits on in-force variable annuity business in future periods based on current period separate account return, net of related hedging activity and other itemsnote (iii)

985

 

(543)

(1,541)

Total US

969

 

(528)

(1,481)

Other operations

(20)

 

78

12

Total continuing operations

2,229

 

(965)

(2,498)

*    The 2018 comparative results have been re-presented from those previously published to reflect the Group's UK and Europe operations classified as discontinued operations as at 30 June 2019.

 

Notes

(i)    For half year 2019, the credit of £1,280 million mainly represents the increase in bond and equity values in Hong Kong and higher than expected investment returns on participating and unit-linked business in Singapore and Taiwan.

(ii)   The net result relating to fixed income securities reflects a number of offsetting items as follows:

-

The impact on portfolio yields of changes in the asset portfolio in the period;

-

The difference between actual realised gains and losses and the amortisation of interest-related realised gains and losses that is recorded within operating profit; and

-

Credit experience versus the longer-term assumption.
 

(iii)  This item reflects the net impact of:

-

Changes in projected future fees and future benefit costs arising from the difference between the actual growth in separate account asset values of 15.2 per cent and that assumed of 2.8 per cent (half year 2018: actual growth of 2.2 per cent compared to assumed growth of 3.2 per cent; full year 2018: actual growth of negative 5.4 per cent compared to assumed growth of positive 6.2 per cent); and

-

Related hedging activity arising from realised and unrealised gains and losses on equity-related hedges and interest rate derivatives and other items.

 

6    Effect of changes in economic assumptions from continuing operations

 

 

 

2019 £m

 

2018* £m

 

 

Half year

 

Half year

Full year

Asia

 

 

 

 

 

Hong Kong

(478)

 

400

165

 

Indonesia

33

 

(89)

(94)

 

Malaysia

34

 

(41)

(19)

 

Singapore

(101)

 

(32)

70

 

Other

(45)

 

5

(7)

Total Asianote  (i)

(557)

 

243

115

US

 

 

 

 

 

Variable annuity businessnote (ii)

(1,129)

 

497

365

 

Fixed annuity and other general account businessnote (iii)

315

 

(130)

(168)

Total US

(814)

 

367

197

Total continuing operations

(1,371)

 

610

312

*    The 2018 comparative results have been re-presented from those previously published to reflect the Group's UK and Europe operations classified as discontinued operations as at 30 June 2019.

 

Notes

(i)    In half year 2019, the negative effect of £(557) million largely arises from movements in long-term interest rates, resulting in lower assumed fund earned rates for participating business in Hong Kong and Singapore, partially offset by the positive effect of lower risk discount rates in Indonesia and Malaysia in valuing future profits for health and protection business and a refinement to the methodology in Vietnam as described in note 11(i)(h).

(ii)   In half year 2019, the charge of £(1,129) million mainly reflects the effect of a decrease in the assumed separate account return, following the 70 basis points decrease in the US 10-year treasury yield over the period, resulting in lower projected fee income and an increase in projected benefit costs for variable annuity business.

(iii)  For fixed annuity and other general account business, the impact reflects the effect on the present value of future projected spread income from the combined decrease in interest rates and credit spreads in the period.
 

7   Net core structural borrowings of shareholder-financed businesses

 

 

 

 

2019 £m

 

 

2018 £m

 

 

 

30 Jun

 

 

30 Jun

 

31 Dec

 

 

IFRS

basis

Mark-to

-market

value

adjustment

EEV

basis at

market

value

 

IFRS

basis

Mark-to

-market

value

adjustment

EEV

basis at

market

value

 

IFRS

basis

Mark-to

-market

value

adjustment

EEV

basis at

market

value

Holding company cash and short-term investmentsnote (i)

(2,365)

-

(2,365)

 

(2,210)

-

(2,210)

 

(3,236)

-

(3,236)

Holding company borrowings:

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated debt with no options to substitute to M&GPrudentialnote (ii)

3,362

163

3,525

 

4,067

(119)

3,948

 

3,757

(108)

3,649

 

Senior debt

519

177

696

 

549

143

692

 

517

174

691

 

Bank loan

275

-

275

 

-

-

-

 

275

-

275

Central funds before amounts capable of being substituted to M&GPrudential

4,156

340

4,496

 

4,616

24

4,640

 

4,549

66

4,615

Subordinated debt capable of being substituted to M&GPrudential (as at 30 Jun 2019)note (iii)

3,089

209

3,298

 

1,287

80

1,367

 

2,919

64

2,983

Total holding company borrowings

7,245

549

7,794

 

5,903

104

6,007

 

7,468

130

7,598

Holding company net borrowings

4,880

549

5,429

 

3,693

104

3,797

 

4,232

130

4,362

Prudential Capital bank loan

-

-

-

 

275

-

275

 

-

-

-

Jackson Surplus Notes

196

62

258

 

189

47

236

 

196

53

249

Net core structural borrowings of shareholder-financed businessesnote (iv)

5,076

611

5,687

 

4,157

151

4,308

 

4,428

183

4,611

 

Notes

(i)    Holding company includes central finance subsidiaries.

(ii)   In May 2019, the Company redeemed its £400 million 11.375 per cent subordinated notes.

(iii)  In October 2018, the Company issued three tranches of substitutable debt as part of the process required before the proposed demerger, to rebalance debt across M&GPrudential and Prudential plc. Total proceeds, net of costs, were £1.6 billion. In the first half of 2019, the Group agreed with the holders of two subordinated debt instruments to alter the terms and conditions of these instruments in exchange for an upfront fee of £141 million and an increase in the coupon of the instruments. The loss arising from the change in fair value in the period of £100 million has been treated as an expense attributable to the discontinued UK and Europe operations and the £141 million fee, which has been paid by Prudential plc, has been treated as a non-operating expense.

(iv)  The movement in the value of core structural borrowings includes foreign exchange effects for US dollar denominated debts, which are included in 'Exchange movements on foreign operations and net investment hedges'. The movement in the mark-to-market value adjustment can be analysed as follows:

 

 

 

2019 £m

 

2018 £m

 

 

Half year

 

Half year

Full year

 

Mark-to-market value adjustment at beginning of period

183

 

743

743

 

Change in fair value of debt under IFRS as a result of consent process

(169)

 

-

-

 

Charge (credit) in respect of market movements included in the income statement*

592

 

(579)

(549)

 

Effect of changes in US$ exchange rate for US$ denominated debts included in reserves

5

 

(13)

(11)

 

Mark-to-market value adjustment at end of period

611

 

151

183

* The total income statement charge of £592 million relates to £492 million from continuing operations and £100 million note(iii) from discontinued operations

Further details are explained in note D2.1 of the Group's IFRS basis results

8    Analysis of movement in total net worth and value of in-force for long-term business

 

 

 

Half year 2019 £m

 

 

Free

surplus

Required

capital

Total

net worth

 

Value of

in-force business

Total

embedded

value

Group

 

 

 

 

 

 

Shareholders' equity at beginning of period from continuing operations

3,856

4,734

8,590

 

30,389

38,979

New business contributionnote 3

(516)

358

(158)

 

1,801

1,643

Existing business - transfer to net worth

1,533

(296)

1,237

 

(1,237)

-

Expected return on existing businessnote 4

59

64

123

 

854

977

Changes in operating assumptions and experience variancesnote 4

338

108

446

 

(146)

300

Restructuring costs

(1)

-

(1)

 

-

(1)

Operating profit from continuing operations

1,413

234

1,647

 

1,272

2,919

Non-operating profit (loss) from continuing operations

268

(146)

122

 

886

1,008

Profit for the period from continuing operations

1,681

88

1,769

 

2,158

3,927

Exchange movements on foreign operations and net investment hedges

58

19

77

 

151

228

Intra-group dividends and investment in operations

(701)

-

(701)

 

-

(701)

Other movements

(24)

-

(24)

 

-

(24)

Shareholders' equity at end of period from continuing operations

4,870

4,841

9,711

 

32,698

42,409

Shareholders' equity at end of period from discontinued operations

3,705

5,175

8,880

 

2,869

11,749

Shareholders' equity at end of period

8,575

10,016

18,591

 

35,567

54,158

 

 

 

 

 

 

 

 

Asia

 

 

 

 

 

 

New business contributionnote 3

(250)

99

(151)

 

1,446

1,295

Existing business - transfer to net worth

779

(169)

610

 

(610)

-

Expected return on existing businessnote 4

35

29

64

 

558

622

Changes in operating assumptions and experience variancesnote 4

30

107

137

 

73

210

Operating profit based on longer-term investment returns

594

66

660

 

1,467

2,127

Non-operating profit (loss)

674

37

711

 

152

863

Profit for the period

1,268

103

1,371

 

1,619

2,990

 

 

 

 

 

 

 

 

US

 

 

 

 

 

 

New business contributionnote 3

(266)

259

(7)

 

355

348

Existing business - transfer to net worth

754

(127)

627

 

(627)

-

Expected return on existing businessnote 4

24

35

59

 

296

355

Changes in operating assumptions and experience variancesnote 4

308

1

309

 

(219)

90

Restructuring costs

(1)

-

(1)

 

-

(1)

Operating profit based on longer-term investment returns

819

168

987

 

(195)

792

Non-operating profit (loss)

(406)

(183)

(589)

 

734

145

Profit for the period

413

(15)

398

 

539

937

 

Note

The net value of in-force business comprises the value of future margins from current in-force business less the cost of holding required capital for long-term business as shown below:

 

 

 

30 Jun 2019 £m

 

31 Dec 2018 £m

 

 

Asia

US

UK and

Europe

Group

total

 

Asia

US

UK and

Europe

Group

total

Value of in-force business before deduction of cost of

   capital and time value of options and guarantees

23,035

12,267

3,334

38,636

 

21,867

11,811

3,083

36,761

Cost of capital

(681)

(237)

(465)

(1,383)

 

(566)

(296)

(459)

(1,321)

Time value of options and guarantees*

(278)

(1,408)

-

(1,686)

 

(981)

(1,446)

-

(2,427)

Net value of in-force business

22,076

10,622

2,869

35,567

 

20,320

10,069

2,624

33,013

Total net worth

5,004

4,707

8,880

18,591

 

4,009

4,581

8,785

17,375

Total embedded value

27,080

15,329

11,749

54,158

 

24,329

14,650

11,409

50,388

* The time value of options and guarantees arises from the variability of economic outcomes in the future and is, where appropriate, calculated as the difference between a full stochastic valuation and a single deterministic valuation as described in note 11(i)(d). Both valuations reflect the level of policyholder benefits (including guaranteed benefits and discretionary bonuses) and associated charges, together with management actions in response to emerging investment and fund solvency conditions. The reduction in the time value of options and guarantees for Asia operations from £(981) million at 31 December 2018 to £(278) million at 30 June 2019 reflects the interaction between these effects on the two valuations at the respective level of interest rates and equity markets.
 

9    Analysis of movement in free surplus

 

For EEV covered business, free surplus is the excess of the regulatory basis net assets for EEV reporting purposes (total net worth) over the capital required to support the covered business. Where appropriate, adjustments are made to total net worth so that backing assets are included at fair value rather than at cost to comply with the EEV Principles. In the Group's Asia and US operations, assets deemed to be inadmissible on a local regulatory basis are included in net worth where considered fully recognisable on an EEV basis. Free surplus for asset management operations is taken to be IFRS basis post-tax earnings and shareholders' equity, net of goodwill. Free surplus for other operations (including Group and Asia Regional Head Office, holding company borrowings, Africa operations and Prudential Capital) is taken to be EEV basis post-tax earnings and shareholders' equity net of goodwill, with subordinated debt recorded as free surplus to the extent that it is classified as available capital under Solvency II.

 

 

 

Half year 2019

 

 

Continuing operations

 

 

 

 

 

Asia

US

Total insurance

and asset

management

Other

 

Discontinued UK and Europe operations

 

Group

total

 

 

note (a)

note (b)

 

 

 

 

 

 

Operating free surplus generated before

   restructuring costsnote (e)

685

831

1,516

(361)

 

 

1,155

Restructuring costs

(13)

(1)

(14)

(6)

 

 

 

(20)

Operating free surplus generated

672

830

1,502

(367)

 

 

1,135

Non-operating profit (loss) from continuing operationsnote (f)

674

(406)

268

(185)

 

 

 

83

Free surplus generated from discontinued operations

 

 

 

 

 

974

 

974

Free surplus generated in the period

1,346

424

1,770

(552)

 

974

 

2,192

Net cash flows to parent companynote (g)

(451)

(400)

(851)

1,212

 

 

-

External dividends

-

-

-

(870)

 

-

 

(870)

Exchange movements on foreign operations, timing

   differences and other itemsnote (h)

(15)

124

109

304

 

(744)

 

(331)

Net movement in free surplus

880

148

1,028

94

 

 

991

Balance at beginning of period

2,034

2,167

4,201

3,008

 

4,693

 

11,902

Balance at end of period

2,914

2,315

5,229

3,102

 

4,562

 

12,893

 

 

 

Half year 2018* £m

 

 

 

 

Continuing operations

 

 

 

 

 

Asia

US

Total insurance

and asset

management

Other

 

Discontinued UK and Europe operations

 

Group

total

 

 

note (a)

note (b)

 

 

 

 

 

 

Operating free surplus generated before

   restructuring costs

590

593

1,183

(340)

 

 

 

843

Restructuring costs

(10)

-

(10)

(8)

 

 

 

(18)

Operating free surplus generated

580

593

1,173

(348)

 

 

 

825

Non-operating profit (loss) from continuing operationsnote (f)

(167)

(489)

(656)

97

 

 

 

(559)

Free surplus generated from discontinued operations

 

 

 

 

 

726

 

726

Free surplus generated in the period

413

104

517

(251)

 

726

 

992

Net cash flows to parent companynote (g)

(391)

(342)

(733)

1,111

 

(378)

 

-

External dividends

-

-

-

(840)

 

-

 

(840)

Exchange movements on foreign operations, timing

   differences and other itemsnote (h)

(359)

12

(347)

413

 

77

 

143

Net movement in free surplus

(337)

(226)

(563)

433

 

425

 

295

Balance at beginning of period

2,470

1,928

4,398

1,774

 

3,180

 

9,352

Balance at end of period

2,133

1,702

3,835

2,207

 

3,605

 

9,647

 

 

 

Full year 2018* £m

 

 

Continuing operations

 

 

 

 

 

Asia

US

Total insurance

and asset

management

Other

 

Discontinued UK and Europe operations

 

Group

total

Operating free surplus generated before

   restructuring costs

1,171

1,419

2,590

(726)

 

 

 

1,864

Restructuring costs

(19)

(17)

(36)

(11)

 

 

 

(47)

Operating free surplus generated

1,152

1,402

2,554

(737)

 

 

 

1,817

Non-operating profit (loss) from continuing operationsnote (f)

(393)

(842)

(1,235)

(22)

 

 

 

(1,257)

Free surplus generated from discontinued operations

 

 

 

 

 

1,965

 

1,965

Free surplus generated in the year

759

560

1,319

(759)

 

1,965

 

2,525

Net cash flows to parent companynote (g)

(699)

(342)

(1,041)

1,732

 

(691)

 

-

External dividends

-

-

-

(1,244)

 

-

 

(1,244)

Exchange movements on foreign operations, timing

   differences and other itemsnote (h)

(496)

21

(475)

1,505

 

239

 

1,269

Net movement in free surplus

(436)

239

(197)

1,234

 

1,513

 

2,550

Balance at beginning of year

2,470

1,928

4,398

1,774

 

3,180

 

9,352

Balance at end of year

2,034

2,167

4,201

3,008

 

4,693

 

11,902

*    The 2018 comparative results have been re-presented from those previously published to reflect the Group's UK and Europe operations classified as discontinued operations as at 30 June 2019.

 

Notes

(a)   Operating free surplus generated by Asia insurance and asset management operations before restructuring costs can be analysed as follows:

 

 

 

 

Half year 2019 £m

 

Half year 2018* £m

 

% change

 

 

 

 

AER

CER

 

AER

CER

 

Operating free surplus generated from

   in-force life business

844

 

773

797

 

9%

6%

 

Investment in new businessnote (c)

(250)

 

(260)

(269)

 

(4)%

(7)%

 

Long-term business

594

 

513

528

 

16%

13%

 

Asset management

91

 

77

79

 

18%

15%

 

Total Asia

685

 

590

607

 

16%

13%

*    The half year 2018 comparative results are shown on both actual exchange rates (AER) and constant exchange rates (CER) bases. The half year 2018 CER comparative results are translated at half year 2019 average exchange rates.

 

(b)   Operating free surplus generated by US insurance and asset management operations before restructuring costs can be analysed as follows:

 

 

 

 

Half year 2019 £m

 

Half year 2018* £m

 

% change

 

 

 

 

AER

CER

 

AER

CER

 

Operating free surplus generated from

   in-force life businessnote (d)

1,086

 

775

824

 

40%

32%

 

Investment in new businessnote (c)

(266)

 

(180)

(192)

 

48%

39%

 

Long-term business

820

 

595

632

 

38%

30%

 

Asset management

11

 

(2)

(2)

 

650%

650%

 

Total US

831

 

593

630

 

40%

32%

*    The half year 2018 comparative results are shown on both actual exchange rates (AER) and constant exchange rates (CER) bases. The half year 2018 CER comparative results are translated at half year 2019 average exchange rates.

 

(c)   Free surplus invested in new business primarily represents acquisition costs and amounts set aside for required capital.

(d)   The increase in the US in-force free surplus generation includes a £274 million benefit following the integration of the recently acquired John Hancock business.

(e)   Other operating free surplus generated for "other business" includes £(69) million (net of tax) of interest costs on debt that is capable of being substituted to M&GPrudential.

(f)    Non-operating items include short-term fluctuations in investment returns, the effect of changes in economic assumptions for long-term business and the effect of corporate transactions as described in note 14. In particular, for other business it includes £(162) million for demerger costs (post-tax) and £(20) million for short term fluctuations. In addition, for 2018 this included the impact in the US of changes to RBC factors following the US tax reform, which were formally approved by the National Association of Insurance Commissioners (NAIC) in June 2018.

(g)   Net cash flows to parent company for long-term business reflect the flows as included in the holding company cash flow at transaction rates.

(h)   Exchange movements on foreign operations, timing differences and other items represent:

 

 

 

 

Half year 2019 £m

 

 

 

Continuing operations

 

 

 

 

Asia

US

Total insurance

and asset

management

Other

Discontinued UK and Europe operations

Group

total

 

Exchange movements on foreign operations

54

1

55

(8)

2

49

 

Mark-to-market value movements on Jackson

   assets backing surplus and required capital

-

137

137

-

-

137

 

Other itemsnote (i)

(69)

(14)

(83)

312

(746)

(517)

 

 

 

(15)

124

109

304

(744)

(331)

 

 

 

 

 

 

 

 

 

 

 

 

Half year 2018 £m

 

 

 

Continuing operations

 

 

 

 

Asia

US

Total insurance

and asset

management

Other

Discontinued UK and Europe operations

Group

total

 

Exchange movements on foreign operations

3

38

41

9

(5)

45

 

Mark-to-market value movements on Jackson

   assets backing surplus and required capital

-

(32)

(32)

-

-

(32)

 

Other itemsnote (i)

(362)

6

(356)

404

82

130

 

 

 

(359)

12

(347)

413

77

143

 

 

 

 

 

 

 

 

 

 

 

 

Full year 2018 £m

 

 

 

Continuing operations

 

 

 

 

Asia

US

Total insurance

and asset

management

Other

Discontinued UK and Europe operations

Group

total

 

Exchange movements on foreign operations

88

131

219

(6)

-

213

 

Mark-to-market value movements on Jackson

   assets backing surplus and required capital

-

(95)

(95)

-

-

(95)

 

Other itemsnote (i)

(584)

(15)

(599)

1,511

239

1,151

 

 

 

(496)

21

(475)

1,505

239

1,269

 

(i)    Other items include the effect of the net issuance of £1.2 billion of subordinated debt for other operations in full year 2018, intra-group loans and other intra-group transfers between operations and other non-cash items.
 

10 Sensitivity of results to alternative economic assumptions

 

The tables below show the sensitivity of the embedded value as at 30 June 2019 and 31 December 2018 and the new business contribution after the effect of required capital for half year 2019 and full year 2018 for long-term business to:

 

-      1 per cent increase in the discount rates;

-      1 per cent increase in interest rates and risk discount rates, including consequential changes in assumed investment returns for all asset classes and market values of fixed interest assets, but excluding changes in the allowance for market risk;

-      0.5 per cent decrease in interest rates and risk discount rates, including consequential changes in assumed investment returns for all asset classes and market values of fixed interest assets, but excluding changes in the allowance for market risk;

-      1 per cent rise in equity and property yields;

-      10 per cent fall in market value of equity and property assets (embedded value only);

-      The statutory minimum capital level in contrast to EEV basis required capital (embedded value only); and

-      5 basis points increase in the UK long-term expected defaults (embedded value only).

 

The sensitivities shown below are for the impact of instantaneous (and permanent) changes on the embedded value of long-term business operations and include the combined effect on the value of in-force business and net assets (including derivatives) held at the valuation dates indicated. No change in assets held at the period end is assumed when calculating sensitivities. If the changes in assumptions shown in the sensitivities were to occur, the effect shown below would be recorded within two components of the profit analysis for the following period, namely the effect of changes in economic assumptions and short-term fluctuations in investment returns. In addition to the sensitivity effects shown below, the other components of the profit for the following period would be calculated by reference to the altered assumptions, for example new business contribution and unwind of discount and other expected returns, together with the effect of other changes such as altered corporate bond spreads. In addition, for changes in interest rates, the effect shown below for US (Jackson) would also be recorded within mark-to-market value movements on Jackson assets backing surplus and required capital, which are taken directly to shareholders' equity.

 

New business contribution from continuing long-term business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Half year 2019 £m

 

Full year 2018* £m

 

Asia

US

Group

total

 

Asia

US

Group

total

New business contributionnote 3

1,295

348

1,643

 

2,604

921

3,525

Discount rates - 1% increase

(281)

(17)

(298)

 

(549)

(42)

(591)

Interest rates - 1% increase

(35)

54

19

 

(202)

94

(108)

Interest rates - 0.5% decrease

(33)

(41)

(74)

 

58

(66)

(8)

Equity/property yields - 1% rise

67

55

122

 

130

115

245

*    The full year 2018 comparative results have been re-presented from those previously published to reflect the Group's UK and Europe operations classified as discontinued operations as at 30 June 2019.

 

Embedded value of long-term business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30 Jun 2019 £m

 

31 Dec 2018 £m

 

Asia

US

UK and

Europe

Group

total

 

Asia

US

UK and

Europe

Group

total

Shareholders' equitynote 8

27,080

15,329

11,749

54,158

 

24,329

14,650

11,409

50,388

Discount rates - 1% increase

 (3,718)

 (346)

 (682)

 (4,746)

 

 (3,292)

 (513)

 (648)

 (4,453)

Interest rates - 1% increase

 (984)

 (604)

 (748)

 (2,336)

 

 (1,564)

119

 (668)

 (2,113)

Interest rates - 0.5% decrease

 (19)

 (10)

451

422

 

366

 (273)

363

456

Equity/property yields - 1% rise

1,122

1,107

424

2,653

 

1,041

1,011

377

2,429

Equity/property market values - 10% fall

 (537)

 (305)

 (536)

 (1,378)

 

 (473)

 (498)

 (461)

 (1,432)

Statutory minimum capital

142

166

-

308

 

110

217

-

327

Long-term expected defaults - 5 bps increase

-

-

 (72)

 (72)

 

-

-

 (76)

 (76)

 

11   Methodology and accounting presentation

 

(i)    Methodology

 

Overview

The embedded value is the present value of the shareholders' interest in the post-tax earnings distributable from assets allocated to the covered business after sufficient allowance has been made for the aggregate risks in that business. The shareholders' interest in the Group's long-term business comprises:

 

-      The present value of expected future shareholder cash flows from the in-force covered business (value of in-force business) less deductions for:

-      The cost of locked-in required capital; and

-      The time value of financial options and guarantees;

-      Locked-in required capital; and

-      The shareholders' total net worth in excess of required capital (free surplus).

 

The value of future new business is excluded from the embedded value. No smoothing of market or account balance values, unrealised gains or investment return is applied in determining the embedded value or profit. Separately, the analysis of profit is delineated between operating profit based on longer-term investment returns and non-operating items, as explained in note (ii)(a) below.

 

(a)   Covered business

The EEV basis results for the Group are prepared for 'covered business' as defined by the EEV Principles. Covered business represents the Group's long-term insurance business (including the Group's investments in joint venture and associate insurance operations), for which the value of new and in-force contracts is attributable to shareholders, with the following exceptions:

 

-      The exclusion of the closed Scottish Amicable Insurance Fund (SAIF) from covered business. SAIF is a ring-fenced sub-fund of The Prudential Assurance Company Limited (PAC) long-term fund, established by a Court Approved Scheme of Arrangement in October 1997. SAIF is closed to new business and the assets and liabilities of the fund are wholly attributable to the policyholders of the fund; and

-      A small amount of UK group pensions business is also not modelled for EEV reporting purposes.

 

The EEV basis results for the Group's covered business are then combined with the post-tax IFRS basis results of the Group's asset management and other operations (including Group and Asia Regional Head Office, holding company borrowings, Africa operations and Prudential Capital). Under the EEV Principles, the results for covered business incorporate the projected margins of attaching internal asset management, as described in note (g) below.

 

The definition of long-term insurance business comprises those contracts falling under the definition for regulatory purposes together with, for US operations, contracts that are in substance the same as guaranteed investment contracts (GICs) but do not fall under the technical definition.

 

(b)   Valuation of in-force and new business

The EEV basis results are prepared incorporating best estimate assumptions about all relevant factors including levels of future investment returns, persistency, mortality, morbidity and expenses, as described in note 12(iii)(a). These assumptions are used to project future cash flows. The present value of the projected future cash flows is then calculated using a discount rate, as shown in note 12(i), which reflects both the time value of money and the non-diversifiable risks associated with the cash flows that are not otherwise allowed for.

 

For M&GPrudential, the embedded value incorporates Solvency II transitional measures, which are recalculated using management's estimate of the impact of operating and market conditions at each valuation date.

 

New business

In determining the EEV basis value of new business, premiums are included in projected cash flows on the same basis of distinguishing regular and single premium business as set out for statutory basis reporting.

 

New business premiums reflect those premiums attaching to the covered business, including premiums for contracts classified as investment contracts under IFRS. New business premiums for regular premium products are shown on an annualised basis. Internal vesting business is classified as new business where the contracts include an open market option.

 

New business contribution represents profit determined by applying operating and economic assumptions as at the end of the period. New business profitability is a key metric for the Group's management of the development of the business. In addition, new business margins are shown by reference to annual premium equivalents (APE) and the present value of new business premiums (PVNBP). These margins are calculated as the percentage of the value of new business profit to APE and PVNBP. APE is calculated as the aggregate of regular premiums on new business written in the period and one-tenth of single premiums. PVNBP is calculated as the aggregate of single premiums and the present value of expected future premiums from regular premium new business, allowing for lapses and the other assumptions made in determining the EEV new business contribution.

 

Valuation movements on investments

With the exception of debt securities held by Jackson, investment gains and losses during the period (to the extent that changes in capital values do not directly match changes in liabilities) are included directly in the profit for the period and shareholders' equity as they arise.

 

The results for any covered business conceptually reflect the aggregate of the post-tax IFRS basis results and the movements in the additional shareholders' interest recognised on an EEV basis. Therefore, the start point for the calculation of the EEV basis results for Jackson, as for other businesses, reflects the market value movements recognised on an IFRS basis.

 

In determining the movements in the additional shareholders' interest, for Jackson's debt securities backing liabilities, the aggregate EEV basis results reflect the fact that the value of in-force business incorporates the discounted value of expected future spread earnings. This value is not affected generally by short-term market movements in debt securities that, broadly speaking, are held for the longer term. Consequently, within EEV total net worth, Jackson's debt securities backing liabilities are held on a statutory basis (largely at book value), while those backing surplus and required capital are accounted for at fair value. Consistent with the treatment applied under IFRS, for Jackson's debt securities classified as available-for-sale, movements in unrealised appreciation and depreciation on these securities are accounted for directly in equity rather than in the income statement, as shown in 'Mark-to-market value movements on Jackson assets backing surplus and required capital' in the statement of movement in shareholders' equity.

 

(c)   Cost of capital

A charge is deducted from the embedded value for the cost of locked-in required capital supporting the Group's long-term business. The cost is the difference between the nominal value of the capital held and the discounted value of the projected releases of this capital, allowing for post-tax investment earnings on the capital.

 

The result is affected by the movement in this cost from period to period, which comprises a charge against new business profit and generally a release in respect of the reduction in capital requirements for business in force as this runs off.

 

Where required capital is held within a with-profits long-term fund, the value placed on surplus assets in the fund is already discounted to reflect its expected release over time and no further adjustment is necessary in respect of required capital.

 

(d)   Financial options and guarantees

 

Nature of financial options and guarantees in Prudential's long-term business

 

Asia

Participating products in Asia, principally written in Hong Kong, Singapore and Malaysia, have both guaranteed and non-guaranteed elements. These products provide returns to policyholders through bonuses that are smoothed. There are two types of bonuses: regular and final. Regular bonuses are declared once a year and, once credited, are guaranteed in accordance with the terms of the particular products. Final bonuses are guaranteed only until the next bonus declaration.

 

There are also various non-participating long-term products with guarantees. The principal guarantees are those for whole-of-life contracts with floor levels of policyholder benefits that accrue at rates set at inception and do not vary subsequently with market conditions.

 

US (Jackson)

The principal financial options and guarantees in Jackson are associated with the variable annuity and fixed annuity lines of business.

 

Jackson issues variable annuity (VA) contracts for which it contractually guarantees to the contract holder, subject to specific conditions, either: a) a return of no less than total deposits made to the contract, adjusted for any partial withdrawals; b) total deposits made to the contract, adjusted for any partial withdrawals plus a minimum return; or c) the highest contract value on a specified anniversary date, adjusted for any withdrawals following the specified contract anniversary. These guarantees include benefits that are payable upon depletion of funds (Guaranteed Minimum Withdrawal Benefits (GMWB)) or as death benefits (Guaranteed Minimum Death Benefits (GMDB)). These guarantees generally protect the policyholders' contract value in the event of poor equity market performance. Jackson hedges the GMWB and GMDB guarantees through the use of equity options and futures contracts with an expected long-term future hedging cost allowed for within the EEV value of in-force business. Jackson historically issued a small amount of income benefits (Guaranteed Minimum Income Benefits (GMIB)), which are now materially fully reinsured.

 

Fixed annuities provide that, at Jackson's discretion, it may reset the interest rate credited to policyholders' accounts, subject to a guaranteed minimum return, which varies from 1.0 per cent to 5.5 per cent for all periods shown, depending on the particular product, jurisdiction where issued and the date of issue. At 30 June 2019, 86 per cent (30 June and 31 December 2018: 88 per cent) of the account values on fixed annuities are for policies with guarantees of 3 per cent or less and the average guarantee rate is 2.7 per cent (30 June and 31 December 2018: 2.6 per cent).

 

Fixed annuities also present a risk that policyholders will exercise their option to surrender their contracts in periods of rapidly rising interest rates, possibly requiring Jackson to liquidate assets at an inopportune time.

 

Jackson also issues fixed index annuities that enable policyholders to obtain a portion of an equity-linked return while providing a guaranteed minimum return, which is of a similar nature to those described above for fixed annuities.

 

UK and Europe (M&GPrudential)

The only significant financial options and guarantees in M&GPrudential's covered business arise in the with-profits fund, for which the guarantee features described above in respect of Asia business broadly apply. The UK with-profits fund also held a provision of £49 million at 30 June 2019 (30 June 2018: £52 million; 31 December 2018: £49 million) to honour guarantees on a small number of guaranteed annuity option products.

 

The Group's main exposure to guaranteed annuity options in M&GPrudential is through the non-covered business of SAIF. A provision of £372 million was held in SAIF at 30 June 2019 (30 June 2018: £467 million; 31 December 2018: £361 million) to honour the guarantees. As described in note (i)(a) above, the assets and liabilities are wholly attributable to the policyholders of the fund. Therefore, the movement in the provision has no direct impact on shareholders' funds.

 

Time value

The value of financial options and guarantees comprises the intrinsic value (arising from a deterministic valuation on best estimate assumptions) and the time value (arising from the variability of economic outcomes in the future).

 

Where appropriate, a full stochastic valuation has been undertaken to determine the time value of financial options and guarantees. The economic assumptions used for the stochastic calculations are consistent with those used for the deterministic calculations. Assumptions specific to the stochastic calculations reflect local market conditions and are based on a combination of actual market data, historic market data and an assessment of long-term economic conditions. Common principles have been adopted across the Group for the stochastic asset models, for example, separate modelling of individual asset classes with an allowance for correlations between various asset classes. Details of the key characteristics of each model are given in note 12(ii).

 

In deriving the time value of financial options and guarantees, management actions in response to emerging investment and fund solvency conditions have been modelled. Management actions encompass, but are not confined to, investment allocation decisions, levels of regular and final bonuses and credited rates. Bonus rates are projected from current levels and varied in accordance with assumed management actions applying in the emerging investment and fund solvency conditions.

 

In all instances, the modelled actions are in accordance with approved local practice and therefore reflect the options actually available to management. For the UK with-profits fund, the actions assumed are consistent with those set out in the Principles and Practices of Financial Management, which explain how regular and final bonus rates within the discretionary framework are determined, subject to the general legislative requirements applicable.

 

(e)   Level of required capital

In adopting the EEV Principles, Prudential has based required capital on the applicable local statutory regulations, including any amounts considered to be required above the local statutory minimum requirements to satisfy regulatory constraints.

 

For with-profits business in Asia and the UK, the available capital in the fund is sufficient to meet the capital requirements. For the UK, a portion of future shareholder transfers expected from the with-profits fund is recognised within total net worth, together with the associated capital requirements.

 

For shareholder-backed businesses, the following capital requirements for long-term business apply:

 

-      Asia: the level of required capital has been set to an amount at least equal to local statutory notification requirements. For China life operations, the level of required capital follows the approach for EEV reporting issued by the China Association of Actuaries (CAA) reflecting the C-ROSS regime;

-      US: the level of required capital has been set at 250 per cent of the risk-based capital (RBC) required by the National Association of Insurance Commissioners (NAIC) at the Company Action Level (CAL); and

-      UK and Europe: the capital requirements are set at the Solvency II Solvency Capital Requirement (SCR) for shareholder-backed business as a whole.

 

(f)    With-profits business and the treatment of the estate

For the Group's relevant Asia operations and the UK operations, the proportion of surplus allocated to shareholders from the with-profits funds has been based on the applicable profit distribution between shareholders and policyholders. The EEV methodology includes the value attributed to the shareholders' interest in the residual estate of the in-force with-profits business. In any scenarios where the total assets of the life fund are insufficient to meet policyholder claims in full, the excess cost is fully attributed to shareholders.

 

(g)   Internal asset management

The in-force and new business results from long-term business include the projected future profit or loss from asset management and service companies that support the Group's covered insurance businesses. The results of the Group's asset management operations include the current period profit from the management of both internal and external funds. EEV basis shareholders' other income and expenditure is adjusted to deduct the unwind of the expected margins on the internal management of the assets of the life funds for the period as included in 'Other' operations. In half year 2019, the deduction of the unwind of the expected M&GPrudential internal asset management margin is included within the result of discontinued operations. The deduction is on a basis consistent with that used for projecting the results for covered insurance business. Accordingly, Group operating profit based on longer-term investment returns includes the variance between actual and expected profit margin in respect of the management of the assets for the covered business.

 

(h)   Allowance for risk and risk discount rates

 

Overview

Under the EEV Principles, discount rates used to determine the present value of expected future cash flows are set by reference to risk-free rates plus a risk margin.

 

For Asia and the US, the risk-free rates are based on 10-year local government bond yields. For the UK and Europe, the risk-free rate is based on the full-term structure of interest rates, ie a yield curve, which is used to determine the embedded value at the end of the reporting period.

 

The risk margin reflects any non-diversifiable risk associated with the emergence of distributable earnings that is not allowed for elsewhere in the valuation. In order to better reflect differences in relative market risk volatility inherent in each product group, Prudential sets the risk discount rates to reflect the expected volatility associated with the expected future cash flows for each product group in the embedded value model, rather than at a Group level.

 

Since financial options and guarantees are explicitly valued under the EEV methodology, risk discount rates are set excluding the effect of these product features.

 

The risk margin also represents the aggregate of the allowance for market risk, additional allowance for credit risk where appropriate, and allowance for non-diversifiable non-market risk. No allowance is required for non-market risks where these are assumed to be fully diversifiable.

 

Market risk allowance

The allowance for market risk represents the beta multiplied by an equity risk premium. Except for the UK shareholder-backed annuity business (as explained below), such an approach has been used for the Group's covered business.

 

The beta of a portfolio or product measures its relative market risk. The risk discount rates reflect the market risk inherent in each product group and hence the volatility of product-specific cash flows. These are determined by considering how the profit from each product is affected by changes in expected returns on various asset classes. By converting this into a relative rate of return, it is possible to derive a product-specific beta.

 

Product level betas reflect the most recent product mix to produce appropriate betas and risk discount rates for each major product group.

 

At 30 June 2019, the Group reconsidered the application of this methodology for certain Asia businesses to reflect a more granular assessment of the underlying market risks when determining the beta, alongside other refinements. These refinements resulted in the change in the risk discount rate for Vietnam shown in note 12(i)(a), and had an impact of £110 million via the effect of change in economic assumptions as shown in note 6. There were small consequential effects on new business contribution and in-force operating profit, which were overall not material in the context of the Group's results.

 

Additional credit risk allowance

The Group's methodology is to allow appropriately for credit risk. The allowance for total credit risk is to cover expected long-term defaults, credit risk premium (to reflect the volatility in downgrade and default levels) and short-term downgrades and defaults.

 

These allowances are initially reflected in determining best estimate returns and through the market risk allowance described above. However, for those businesses largely backed by holdings of debt securities, these allowances in the projected returns and market risk allowances may not be sufficient and an additional allowance may be appropriate.

 

The practical application of the allowance for credit risk varies depending on the type of business as described below:

 

Asia

For Asia, the allowance for credit risk incorporated in the projected rates of return and the market risk allowance is considered to be sufficient. Accordingly, no additional allowance for credit risk is required.

 

The projected rates of return for holdings of corporate bonds comprise the risk-free rate plus an assessment of long-term spread over the risk-free rate.

 

US (Jackson)

For Jackson, the allowance for long-term defaults of 0.17 per cent at 30 June 2019 (30 June 2018: 0.18 per cent; 31 December 2018: 0.17 per cent) is reflected in the risk margin reserve charge that is deducted in determining the projected spread margin between the earned rate on the investments and the policyholder crediting rate.

 

The risk discount rate incorporates an additional allowance for credit risk premium and short-term downgrades and defaults, as shown in note 12(ii). In determining this allowance, a number of factors have been considered, in particular, including:

 

-      How much of the credit spread on debt securities represents an increased short-term credit risk not reflected in the risk margin reserve long-term default assumptions and how much is liquidity premium (which is the premium required by investors to compensate for the risk of longer-term investments that cannot be easily converted into cash at the fair market value). In assessing this effect, consideration has been given to a number of approaches to estimate the liquidity premium by considering recent statistical data; and

-      Policyholder benefits for Jackson fixed annuity business are not fixed. It is possible, in adverse economic scenarios, to pass on a component of credit losses to policyholders (subject to guarantee features), through lower investment returns credited to policyholders. Consequently, it is only necessary to allow for the balance of the credit risk in the risk discount rate.

 

The level of the additional allowance is assessed at each reporting period to take account of prevailing credit conditions and as the business in force alters over time. The additional allowance for variable annuity business has been set at one-fifth of the non-variable annuity business to reflect the proportion of the allocated holdings of general account debt securities.

 

The level of allowance differs from that for the UK annuity business for investment portfolio differences and to take account of management actions available in adverse economic scenarios to reduce crediting rates to policyholders, subject to guarantee features of the products.

 

UK and Europe (M&GPrudential)

(1) Shareholder-backed annuity business

For shareholder-backed annuity business, Prudential has used a market consistent embedded value (MCEV) approach to derive an implied risk discount rate, which is then applied to the projected best estimate future cash flows.

 

In the annuity MCEV calculations, as the assets are generally held to maturity to match liabilities, the projected future cash flows are discounted using the swap yield curve plus an allowance for liquidity premium based on the Solvency II allowance for credit risk. The Solvency II allowance is set by the European Insurance and Occupational Pensions Authority (EIOPA), using a prudent assumption that all future downgrades will be replaced annually and allowing for the credit spread floor.

 

For the purposes of presentation in the EEV basis results, the results produced under the approach above are reconfigured. Under EEV, the projected rates of return on debt securities held are determined after allowing for a best estimate credit risk allowance. The remaining elements of prudence within the Solvency II allowance are incorporated into the risk margin included in the discount rate shown in note 12(iii).

 

(2) Non-profit annuity business in the with-profits fund

For non-profit annuity business attributable to the UK with-profits fund, the basis for determining the aggregate allowance for credit risk is consistent with that applied for the UK shareholder-backed annuity business as described above. The allowance for credit risk for this business is taken into account in determining the projected future cash flows from the with-profits fund, which are in turn discounted at the risk discount rate applicable to all of the projected cash flows from the fund.

 

(3) With-profits fund holdings of debt securities

The with-profits fund holds debt securities as part of its investment portfolio backing policyholder liabilities and unallocated surplus. The assumed earned rates for with-profits holdings of corporate bonds is defined as the risk-free rate plus an assessment of the long-term spread over risk-free, net of expected long-term defaults. This approach is similar to that applied for equities and properties for which the projected earned rate is defined as the risk-free rate plus a long-term risk premium.

 

Allowance for non-diversifiable non-market risks

The majority of non-market and non-credit risks are considered to be diversifiable. An allowance for non-diversifiable non-market risks is estimated as set out below.

 

A base level allowance of 50 basis points is applied to cover the non-diversifiable non-market risks associated with the Group's covered business. For the Group's Asia businesses in Indonesia, the Philippines, Taiwan, Thailand and Vietnam, additional allowances are applied for emerging market risk ranging from 100 to 250 basis points. The level of these allowances are reviewed and updated based on an assessment of a range of pre-defined emerging market risk indicators, as well as the Group's exposure and experience in the markets. For the Group's US business and UK and Europe business, no additional allowance is necessary.

 

(i)   Foreign currency translation

Foreign currency profits and losses have been translated at average exchange rates for the period. Foreign currency assets and liabilities have been translated at period-end exchange rates. The principal exchange rates are shown in note A1 of the Group IFRS basis results.

 

(j)   Taxation

In determining the post-tax profit for the period for covered business, the overall tax rate includes the impact of tax effects determined on a local regulatory basis. Tax payments and receipts included in the projected future cash flows to determine the value of in-force business are calculated using tax rates that have been announced and substantively enacted by the end of the reporting period.

 

(k) Inter-company arrangements

The EEV results for covered business incorporate annuities established in the PAC non-profit sub-fund from vesting pension policies in SAIF and the effect of the reinsurance arrangement of non-profit immediate pension annuity liabilities of SAIF to the PAC non-profit sub-fund.

 

(ii)  Accounting presentation

 

(a) Analysis of post-tax profit

To the extent applicable, the presentation of the EEV basis profit for the period is consistent with the classification between operating and non-operating results that the Group applies for the analysis of IFRS basis results. Operating results based on longer-term investment returns are determined as described in note (b) below and incorporate the following:

 

-      New business contribution, as defined in note (i)(b) above;

-      Unwind of discount on the value of in-force business and other expected returns, as described in note (c) below;

-      The impact of routine changes of estimates relating to operating assumptions, as described in note (d) below; and

-      Operating experience variances, as described in note (e) below.

 

Non-operating results comprise:

 

-      Short-term fluctuations in investment returns;

-      Mark-to-market value movements on core structural borrowings;

-      Effect of changes in economic assumptions; and

-      The impact of corporate transactions undertaken in the period.

 

In addition, operating results include the effect of changes in tax legislation, unless these changes are one-off and structural in nature or primarily affect the level of projected investment returns, in which case they are reflected as a non-operating result.

 

Total profit in the period attributable to shareholders and basic earnings per share include these items, together with actual investment returns. The Group believes that operating profit, as adjusted for these items, better reflects underlying performance.

 

(b) Investment returns included in operating profit

For the investment element of the assets covering the total net worth of long-term insurance business, investment returns are recognised in operating results at the expected long-term rates of return. These expected returns are calculated by reference to the asset mix of the portfolio.

 

For the purpose of determining the long-term returns for debt securities of Jackson for fixed annuity and other general account business, a risk margin reserve charge is included, which reflects the expected long-term rate of default based on the credit quality of the portfolio. For Jackson, interest-related realised gains and losses are amortised to the operating results over the maturity period of the sold bonds; for equity-related investments, a long-term rate of return is assumed (as disclosed in note 12(b)), which reflects the aggregation of end-of-period risk-free rates and the equity risk premium. For variable annuity separate account business, operating profit includes the unwind of discount on the opening value of in-force business adjusted to reflect end-of-period projected rates of return, with the excess or deficit of the actual return recognised within non-operating results, together with related hedging activity variances.

 

(c) Unwind of discount and other expected returns

The Group's methodology in determining the unwind of discount and other expected returns is by reference to the value of in-force business at the beginning of the period (adjusted for the effect of changes in economic and operating assumptions in the current period) and required capital and surplus assets.

 

(d) Effect of changes in operating assumptions

Operating profit includes the effect of changes to non-economic assumptions on the value of in-force business at the end of the period. For presentational purposes the effect of changes is delineated to show the effect on the opening value of in-force business as operating assumption changes, with the experience variances subsequently being determined by reference to the end-of-period assumptions, as discussed below.

 

(e) Operating experience variances

Operating profit includes the effect of experience variances on non-economic assumptions, such as persistency, mortality, morbidity, expenses and other factors, which are calculated with reference to the end-of-period assumptions.

 

(f)  Effect of changes in economic assumptions

Movements in the value of in-force business at the beginning of the period caused by changes in economic assumptions, net of the related changes in the time value of financial options and guarantees, are recorded in non-operating results.

 

12   Assumptions

 

(i)    Principal economic assumptions

The EEV basis results for the Group's covered business have been determined using economic assumptions where the long-term expected rates of return on investments and risk discount rates are set by reference to period-end risk-free rates of return (defined below for each of the Group's insurance operations). Expected returns on equity and property asset classes and corporate bonds are derived by adding a risk premium to the risk-free rate, based on the Group's long-term view. As described in note 11(i)(h), the resulting risk discount rates incorporate allowances for market risk, additional credit risk and non-diversifiable non-market risks appropriate to the features and risks of the underlying products and markets, after considering risks allowed for explicitly elsewhere in the EEV basis, such as cost of capital and the time value of the cost of options and guarantees.

 

The total profit that emerges over the lifetime of an individual contract as calculated under the EEV basis is the same over time as that calculated under the IFRS basis. Since the EEV basis reflects discounted future cash flows, under the EEV methodology the profit emergence is advanced, thus more closely aligning the timing of the recognition of profit with the efforts and risks of current management actions, particularly with regard to business sold during the period.

 

(a)   Asianotes(2)(3)

The risk-free rates of return are defined as the 10-year government bond yields at the end of the period.

 

 

Risk discount rate %

 

New business

 

In-force business

 

2019

 

2018

 

2019

 

2018

 

30 Jun

 

30 Jun

31 Dec

 

30 Jun

 

30 Jun

31 Dec

China JV

8.0

 

9.3

8.1

 

8.0

 

9.3

8.1

Hong Kongnotes (2)(4)

3.8

 

4.3

4.4

 

3.8

 

4.4

4.4

Indonesia

11.8

 

12.1

12.4

 

11.8

 

12.1

12.4

Malaysianote (4)

6.2

 

6.8

6.6

 

6.2

 

6.8

6.6

Philippines

12.5

 

14.1

14.5

 

12.5

 

14.1

14.5

Singaporenote (4)

3.5

 

3.9

3.4

 

4.3

 

4.9

4.2

Taiwan

4.3

 

4.5

4.5

 

4.2

 

4.0

4.4

Thailand

9.6

 

10.1

10.0

 

9.6

 

10.1

10.0

Vietnam

9.1

 

12.2

12.6

 

9.0

 

12.2

12.6

Total weighted averagenote (1)

5.0

 

5.6

5.4

 

5.2

 

6.0

5.8

 

 

 

 

 

 

 

 

 

 

 

10-year government bond yield %

 

Expected long-term inflation %

 

2019

 

2018

 

2019

 

2018

 

30 Jun

 

30 Jun

31 Dec

 

30 Jun

 

30 Jun

31 Dec

China JV

3.3

 

3.5

3.3

 

3.0

 

3.0

3.0

Hong Kongnotes (2)(4)

2.0

 

2.9

2.7

 

2.5

 

2.5

2.5

Indonesia

7.5

 

7.9

8.2

 

4.5

 

4.5

4.5

Malaysianote (4)

3.7

 

4.2

4.1

 

2.5

 

2.5

2.5

Philippines

5.0

 

6.6

7.0

 

4.0

 

4.0

4.0

Singaporenote (4)

2.0

 

2.6

2.1

 

2.0

 

2.0

2.0

Taiwan

0.7

 

0.9

0.9

 

1.5

 

1.5

1.5

Thailand

2.1

 

2.6

2.5

 

3.0

 

3.0

3.0

Vietnam

4.7

 

4.7

5.1

 

5.5

 

5.5

5.5

 

Notes

(1)   Total weighted average risk discount rates for Asia shown above have been determined by weighting each business's risk discount rates by reference to the EEV basis new business contribution and the net closing value of in-force business. The changes in the risk discount rates for individual Asia businesses reflect the movements in the 10-year government bond yields, changes in the allowance for market risk as described in note 11(i)(h) and changes in product mix.

(2)   For Hong Kong, the assumptions shown are for US dollar denominated business. For other businesses, the assumptions shown are for local currency denominated business.

(3)   Equity risk premiums in Asia range from 4.0 per cent to 9.5 per cent (30 June and 31 December 2018: 4.0 per cent to 9.4 per cent).

(4)   The mean (arithmetic) equity return assumptions for the most significant equity holdings of the Asia businesses are:

 

 

 

2019 %

 

2018 %

 

 

30 Jun

 

30 Jun

31 Dec

 

Hong Kong

6.0

 

6.9

6.7

 

Malaysia

10.1

 

10.7

10.6

 

Singapore

8.5

 

9.1

8.6

 

(b)   US

The risk-free rate of return is defined as the 10-year treasury bond yield at the end of the period.

 

 

 

 

2019 %

 

2018 %

 

 

 

30 Jun

 

30 Jun

31 Dec

Risk discount rate:

 

 

 

 

 

Variable annuity:

 

 

 

 

 

 

Risk discount rate

6.4

 

7.3

7.1

 

 

Additional allowance for credit risk included in risk discount ratenote 11(i)(h)

0.2

 

0.2

0.2

 

Non-variable annuity:

 

 

 

 

 

 

Risk discount rate

3.7

 

4.6

4.4

 

 

Additional allowance for credit risk included in risk discount ratenote 11(i)(h)

1.0

 

1.0

1.0

 

Total weighted average:

 

 

 

 

 

 

New business

6.1

 

7.1

6.9

 

 

In-force business

6.1

 

7.0

6.8

Allowance for long-term defaults included in projected spreadnote 11(i)(h)

0.17

 

0.18

0.17

US 10-year treasury bond yield

2.0

 

2.9

2.7

Equity risk premium (arithmetic)

4.0

 

4.0

4.0

Pre-tax expected long-term nominal rate of return for US equities (arithmetic)

6.0

 

6.9

6.7

Expected long-term rate of inflation

2.8

 

3.1

2.9

S&P equity return volatilitynote (ii)(b)

17.5

 

18.0

17.5

 

Note

Assumed new business spread margins are as follows:

 

 

2019 %

 

2018 %

 

January to June issues

 

January to June issues

July to December issues

Fixed annuity business*

1.50

 

1.75

1.75

Fixed index annuity business

0.50

 

2.00

2.00

Institutional business

0.50

 

0.50

0.50

*       Including the proportion of variable annuity business invested in the general account. The assumed spread margin grades up linearly by 25 basis points to a long-term assumption over five years.

       The assumed spread margin grades up linearly by 100 basis points over five years, increasing by a further 50 basis points to a long-term assumption at the end of the index option period (2018 issues: grades up linearly by 25 basis points to a long-term assumption over five years).

 

(c)   UK and Europe

The risk-free rate is based on the full term structure of interest rates, ie a yield curve, which is used to determine the embedded value at the end of the reporting period. These yield curves are used to derive pre-tax expected long-term nominal rates of investment return and risk discount rates.

 

This single implied risk discount rate is shown, along with the 15-year nominal rate of investment return and 15-year rate of inflation based on the inflation yield curve.

 

 

2019 %

 

2018 %

 

30 Jun

 

30 Jun

31 Dec

Shareholder-backed annuity in-force business:note (1)

 

 

 

 

Risk discount rate

3.8

 

4.1

4.7

Pre-tax expected 15-year nominal rates of investment return

2.5

 

2.9

3.1

With-profits and other business:

 

 

 

 

Risk discount rate:note (2)

 

 

 

 

 

New business

4.6

 

4.8

4.9

 

In-force business

4.5

 

4.9

5.0

Pre-tax expected 15-year nominal rates of investment return (arithmetic):

 

 

 

 

 

Overseas equities

5.8 to 9.7

 

6.6 to 10.3

6.5 to 10.1

 

Property

4.0

 

4.4

4.4

 

15-year gilt yield

1.3

 

1.7

1.7

 

Corporate bonds

3.0

 

3.5

3.5

Expected 15-year rate of inflation

3.6

 

3.4

3.6

Equity risk premium (arithmetic)

4.0

 

4.0

4.0

 

Notes

(1)   For shareholder-backed annuity business, the movements in the pre-tax long-term nominal rates of return and risk discount rates reflect the effect of changes in asset yields.

(2)   The risk discount rates for with-profits and other business shown above represent a weighted average total of the rates applied to determine the present value of future cash flows, including the portion of future shareholders' transfers from the with-profits business recognised in total net worth.

(3)   The table below shows the pattern of the UK Solvency II risk-free spot yield curve at the end of each reporting period:

 

 

 

1 year

5 year

10 year

15 year

20 year

 

30 Jun 2019

0.7%

0.8%

0.9%

1.1%

1.1%

 

31 Dec 2018

1.0%

1.2%

1.3%

1.4%

1.5%

 

30 Jun 2018

0.8%

1.2%

1.4%

1.5%

1.6%

 

(ii)   Stochastic assumptions

Details are given below of the key characteristics of the models used to determine the time value of financial options and guarantees as referred to in note 11(i)(d).

 

(a) Asia

-      The stochastic cost of guarantees is primarily of significance for the Hong Kong, Malaysia, Singapore, Taiwan and Vietnam businesses;

-      The principal asset classes are government bonds, corporate bonds and equity;

-      Interest rates are projected using a stochastic interest rate model calibrated to the current market yields;

-      Equity returns are assumed to follow a log-normal distribution;

-      The corporate bond return is calculated based on a risk-free return plus a mean-reverting spread;

-      The volatility of equity returns ranges from 18 per cent to 35 per cent for all periods shown; and

-      The volatility of government bond yields ranges from 1.1 per cent to 2.0 per cent for all periods shown.

 

(b) US (Jackson)

-      Interest rates and equity returns are projected using a log-normal generator reflecting historical market data;

-      Corporate bond returns are based on treasury yields plus a spread that reflects current market conditions;

-      The volatility of equity returns ranges from 17 per cent to 26 per cent (half year 2018: from 18 per cent to 27 per cent; full year 2018: from 17 per cent to 26 per cent); and

-      The standard deviation of interest rates ranges from 3.3 per cent to 3.5 per cent (half year 2018: from 2.6 per cent to 2.9 per cent; full year 2018: from 3.4 per cent to 3.7 per cent).

 

(c) UK and Europe (M&GPrudential)

-      Interest rates are projected using a stochastic interest rate model calibrated to the current market yields;

-      Equity returns are assumed to follow a log-normal distribution;

-      The corporate bond return is calculated based on a risk-free return plus a mean-reverting spread;

-      Property returns are modelled based on a risk-free return plus a risk premium with a stochastic process reflecting total property returns; and

-      The standard deviation of equities and property ranges from 14 per cent to 20 per cent for all periods shown.

 

 

(iii)  Operating assumptions

 

(a) Best estimate assumptions

Best estimate assumptions are used for projecting future cash flows, where best estimate is defined as the mean of the distribution of future possible outcomes. The assumptions are reviewed actively and changes are made when evidence exists that material changes in future experience are reasonably certain.

 

Assumptions required in the calculation of the value of financial options and guarantees, for example relating to volatilities and correlations, or dynamic algorithms linking liabilities to assets, have been set equal to the best estimates and, wherever material and practical, reflect any dynamic relationships between the assumptions and the stochastic variables.

 

Demographic assumptions

Persistency, mortality and morbidity assumptions are based on an analysis of recent experience, and also reflect expected future experience. Where relevant, when calculating the time value of financial options and guarantees, policyholder withdrawal rates vary in line with the emerging investment conditions according to management's expectations. When projecting future cash flows for medical reimbursement business that is repriced annually, explicit allowance is made for expected future premiums inflation and separately for future medical claims inflation.

 

Expense assumptions

Expense levels, including those of the service companies that support the Group's long-term business, are based on internal expense analysis and are appropriately allocated to acquisition of new business and renewal of in-force business. For mature business, it is Prudential's policy not to take credit for future cost reduction programmes until the actions to achieve the savings have been delivered. An allowance is made for short-term required expenses, that are not representative of the longer-term expense loadings of the relevant businesses. At 30 June 2019, the allowance held for these costs across the Group was £(353) million mainly arising in Asia. Expense overruns are reported where these are expected to be short-lived, including businesses that are growing rapidly or are sub-scale.

 

For Asia, the expenses comprise costs borne directly and costs recharged from the Asia Regional Head Office that are attributable to the covered business. The assumed future expenses for these businesses also include projections of these future recharges. Development expenses are charged as incurred.

 

Corporate expenditure, which is included in other income and expenditure, comprises:

 

-      Expenditure of Group Head Office, together with restructuring costs incurred across the Group; and

-      Expenditure of the Asia Regional Head Office that is not allocated to the covered business or asset management. These costs are primarily for corporate related activities and are charged as incurred.

 

 

(b) Tax rates

The assumed long-term effective tax rates for operations reflect the incidence of taxable profit and loss in the projected future cash flows as explained in note 11(i)(j).

 

The local statutory corporate tax rates applicable for the most significant businesses are as follows:

 

 

 

%

Asia:

 

 

Hong Kong

 

16.5 per cent on 5 per cent of premium income

Indonesia

 

25.0

        Malaysia 

 

24.0

Singapore

 

17.0

US

 

21.0

UK

 

19.0; from 1 April 2020: 17.0


13 Total insurance and investment products new business

 

(i)    Insurance new business premiumsnote (a)

 

 

Single premiums

 

Regular premiums

 

Annual premium equivalents (APE)

 

 Present value of new business premiums (PVNBP)

 

2019 £m

 

2018 £m

 

2019 £m

 

2018 £m

 

2019 £m

 

2018 £m

 

2019 £m

 

2018 £m

 

Half

year

 

Half

year

Full

year

 

Half

year

 

Half

year

Full

year

 

Half

year

 

Half

year

Full

year

 

Half

year

 

Half

year

Full

year

Continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cambodia

-

 

-

-

 

11

 

8

20

 

11

 

8

20

 

51

 

37

89

Hong Kong

165

 

157

343

 

813

 

726

1,663

 

830

 

742

1,697

 

5,178

 

4,210

10,200

Indonesia

94

 

118

205

 

111

 

101

215

 

121

 

113

236

 

515

 

434

910

Malaysia

70

 

31

84

 

115

 

114

243

 

122

 

117

251

 

681

 

583

1,322

Philippines

11

 

22

43

 

54

 

36

83

 

55

 

38

87

 

185

 

134

296

Singapore

386

 

420

930

 

192

 

163

369

 

231

 

205

462

 

1,623

 

1,529

3,611

Thailand

74

 

124

217

 

41

 

41

95

 

48

 

53

117

 

246

 

289

609

Vietnam

10

 

8

20

 

67

 

60

144

 

68

 

61

146

 

363

 

305

708

South-east Asia

    including Hong Kong

810

 

880

1,842

 

1,404

 

1,249

2,832

 

1,486

 

1,337

3,016

 

8,842

 

7,521

17,745

China JVnote (b)

360

 

30

103

 

234

 

184

292

 

270

 

187

302

 

1,185

 

759

1,313

Taiwan

196

 

180

292

 

97

 

90

182

 

116

 

108

211

 

483

 

426

788

Indianote (c)

60

 

31

79

 

100

 

101

207

 

106

 

104

215

 

478

 

426

908

Total Asia

1,426

 

1,121

2,316

 

1,835

 

1,624

3,513

 

1,978

 

1,736

3,744

 

10,988

 

9,132

20,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable annuities

4,854

 

5,439

10,810

 

-

 

-

-

 

485

 

544

1,081

 

4,854

 

5,439

10,810

Elite Access

    (variable annuity)

743

 

898

1,681

 

-

 

-

-

 

74

 

89

168

 

743

 

898

1,681

Fixed annuities

177

 

166

340

 

-

 

-

-

 

18

 

17

34

 

177

 

166

340

Fixed index annuities

930

 

125

251

 

-

 

-

-

 

93

 

13

25

 

930

 

125

251

Institutional

1,606

 

1,535

2,341

 

-

 

-

-

 

161

 

153

234

 

1,606

 

1,535

2,341

Total US

8,310

 

8,163

15,423

 

-

 

-

-

 

831

 

816

1,542

 

8,310

 

8,163

15,423

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total continuing

   operationsnote (d)

9,736

 

9,284

17,739

 

1,835

 

1,624

3,513

 

2,809

 

2,552

5,286

 

19,298

 

17,295

36,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued

   UK and Europe operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bonds

1,799

 

1,650

3,539

 

-

 

-

-

 

180

 

165

354

 

 

 

 

 

Corporate pensions

44

 

43

69

 

61

 

70

117

 

65

 

75

124

 

 

 

 

 

Individual pensions

2,170

 

2,989

5,681

 

18

 

17

35

 

235

 

316

603

 

 

 

 

 

Income drawdown

1,248

 

1,226

2,555

 

-

 

-

-

 

125

 

123

256

 

 

 

 

 

Other products

854

 

782

1,538

 

14

 

14

25

 

100

 

91

179

 

 

 

 

 

Total discontinued

   UK and Europe operations

6,115

 

6,690

13,382

 

93

 

101

177

 

705

 

770

1,516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Group totalnote (d)

15,851

 

15,974

31,121

 

1,928

 

1,725

3,690

 

3,514

 

3,322

6,802

 

 

 

 

 

 

Notes

(a)   The tables shown above are provided as an indicative volume measure of transactions undertaken in the reporting period that have the potential to generate profit for shareholders. The amounts shown are not, and not intended to be, reflective of premium income recorded in the Group IFRS income statement. A reconciliation of APE and gross premiums earned on an IFRS basis is provided in note II(vi) within the additional financial information. 

 

The format of the tables shown above is consistent with the distinction between insurance and investment products as applied for previous financial reporting periods. With the exception of some US institutional business, products categorised as 'insurance' refer to those classified as contracts of long-term insurance business for regulatory reporting purposes, ie falling within one of the classes of insurance specified in Part II of Schedule 1 to the Regulated Activities Order under Prudential Regulation Authority regulations.

 

The details shown above for insurance products include contributions for contracts that are classified under IFRS 4, 'Insurance Contracts' as not containing significant insurance risk. These products are described as investment contracts or other financial instruments under IFRS. Contracts included in this category are primarily certain unit-linked and similar contracts written in UK insurance operations and Guaranteed Investment Contracts and similar funding agreements written in US operations.

 

(b)   New business in China JV is included at Prudential's 50 per cent interest in the China joint venture.

(c)   New business in India is included at Prudential's interest in the India associate (with effect from 27 March 2019: 22 per cent; 30 June 2018 and 31 December 2018: 26 per cent).

(d)   In half year 2019, the Africa business sold new business APE of £30 million (half year 2018: £18 million; full year 2018: £38 million). Given the relative immaturity of the Africa business, it is incorporated into the Group's EEV basis results on an IFRS basis and is excluded from new business sales and profit metrics.

 

 

(ii)   Investment products - funds under managementnotes (a)(b)(c)

 

 

Half year 2019 £m

 

1 Jan 2019

Market

gross inflows

Redemptions

Market exchange translation and other movements

30 Jun 2019

Eastspring Investments - continuing

49,455

16,454

(13,396)

3,959

56,472

M&GPrudential - discontinued

146,946

17,793

(22,379)

10,601

152,961

Group total

196,401

34,247

(35,775)

14,560

209,433

 

 

 

 

 

 

 

Half year 2018 £m

 

1 Jan 2018

Market

gross inflows

Redemptions

Market exchange translation and other movements

30 Jun 2018

Eastspring Investments

46,568

10,456

(11,319)

(3,335)

42,370

M&GPrudential

163,855

21,401

(17,853)

(1,913)

165,490

Group total

210,423

31,857

(29,172)

(5,248)

207,860

 

Notes

(a)   Investment products referred to in the tables for funds under management above are unit trusts, mutual funds and similar types of retail fund management arrangements. These are unrelated to insurance products that are classified as 'investment contracts' under IFRS 4, although similar IFRS recognition and measurement principles apply to the acquisition costs and fees attaching to this type of business.

(b)   Investment flows for half year 2019 exclude Eastspring Money Market Funds gross inflows of £103,337 million (half year 2018: gross inflows of £95,336 million) and net outflows of £978 million (half year 2018: net inflows of £665 million).

(c)   New business and market gross inflows and redemptions have been translated at an average exchange rate for the period applicable. Funds under management at points in time are translated at the exchange rate applicable to those dates.

 

14 Gain (loss) attaching to corporate transactions undertaken by continuing operations

 

 

2019 £m

 

2018* £m

 

Half year

 

Half year

Full year

Gain on disposalsnote (i)

140

 

-

-

Other corporate transactionsnote (ii)

(164)

 

(48)

(75)

Total

(24)

 

(48)

(75)

*     The 2018 comparative results have been re-presented from those previously published to reflect the Group's UK and Europe operations classified as discontinued operations as at 30 June 2019.

 

Notes

(i)    In half year 2019, the £140 million gain on disposals mainly relates to profits arising from a reduction in the Group's stake (from 26 per cent to 22 per cent) in its associate in India, ICICI Prudential Life Insurance Company, and the disposal of Prudential Vietnam Finance Company Limited, a wholly owned subsidiary that provides consumer finance.

(ii)   In half year 2019, other corporate transactions undertaken by continuing operations resulted in an EEV loss of £(164) million (half year 2018: £(48) million; full year 2018: £(75) million). This primarily reflects costs related to the preparation for the proposed demerger of M&GPrudential from Prudential plc, including a fee of £141 million (before tax) paid to the holders of two subordinated debt instruments as discussed in note 7. In 2018, these additionally included costs from exiting the NPH broker-dealer business in the US.

 

 

Additional EEV financial information*

 

A   New business

 

Basis of preparation

 

The format of the schedules is consistent with the distinction between insurance and investment products as applied for previous reporting periods. With the exception of some US institutional business, products categorised as 'insurance' refer to those classified as contracts of long-term insurance business for regulatory reporting purposes, ie falling within one of the classes of insurance specified in Part II of Schedule 1 to the Regulated Activities Order under the Prudential Regulation Authority (PRA) regulations.

 

The details shown for insurance products include contributions for contracts that are classified under IFRS 4 'Insurance Contracts' as not containing significant insurance risk. These products are described as investment contracts or other financial instruments under IFRS. Contracts included in this category are primarily certain unit-linked and similar contracts written in UK and Europe Insurance Operations, and Guaranteed Investment Contracts and similar funding agreements written in US Insurance Operations.

 

New business premiums reflect those premiums attaching to covered business, including premiums for contracts designed as investment products for IFRS reporting and for regular premium products are shown on an annualised basis.

 

Investment products referred to in the tables for funds under management are unit trusts, mutual funds and similar types of retail fund management arrangements. These are unrelated to insurance products that are classified as investment contracts under IFRS 4, as described in the preceding paragraph, although similar IFRS recognition and measurement principles apply to the acquisition costs and fees attaching to this type of business.

 

Post-tax New Business Profit has been determined using the European Embedded Value (EEV) methodology set out in our EEV basis results supplement.

 

In determining the EEV basis value of new business written in the period when policies incept, premiums are included in projected cash flows on the same basis of distinguishing annual and single premium business as set out for statutory basis reporting.

 

Annual premium equivalent (APE) sales are subject to rounding.

 

* The additional financial information is not covered by the KPMG LLP independent review opinion.
 

Notes to Schedules A(i) to A(v)

 

(1) Prudential reports its results using both actual exchange rates (AER) and constant exchange rates (CER) to eliminate the impact of foreign exchange translation.

 

 

 

Average rate*

 

Closing rate

 

Local currency : £

Half year

2019

Half year

2018

% appreciation

 (depreciation) of

 local currency

 against GBP

 

30 Jun

2019

30 Jun

2018

% appreciation

 (depreciation) of

 local currency

 against GBP

 

China

8.78

8.76

(0)%

 

8.74

8.75

0%

 

Hong Kong

10.15

10.78

6%

 

9.94

10.36

4%

 

Indonesia

18,364.05

18,938.64

3%

 

17,980.07

18,919.18

5%

 

Malaysia

5.33

5.42

2%

 

5.26

5.33

1%

 

Singapore

1.76

1.83

4%

 

1.72

1.80

5%

 

Thailand

40.91

43.66

7%

 

39.06

43.74

12%

 

US

1.29

1.38

7%

 

1.27

1.32

4%

 

Vietnam

30,087.11

31,329.01

4%

 

29,660.27

30,310.96

2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rate*

 

Closing rate

 

Local currency : £

Half year

2019

Full year

2018

% appreciation

 (depreciation) of

 local currency

 against GBP

 

30 Jun

2019

31 Dec

2018

% appreciation

 (depreciation) of

 local currency

 against GBP

 

China

8.78

8.82

0%

 

8.74

8.74

0%

 

Hong Kong

10.15

10.46

3%

 

9.94

9.97

0%

 

Indonesia

18,364.05

18,987.65

3%

 

17,980.07

18,314.37

2%

 

Malaysia

5.33

5.38

1%

 

5.26

5.26

0%

 

Singapore

1.76

1.80

2%

 

1.72

1.74

1%

 

Thailand

40.91

43.13

5%

 

39.06

41.47

6%

 

US

1.29

1.34

4%

 

1.27

1.27

0%

 

Vietnam

30,087.11

30,732.53

2%

 

29,660.27

29,541.15

(0)%

 

* Average rate is for the 6 month period to 30 June.

 

(2) Annual premium equivalents (APE) are calculated as the aggregate of regular premiums on business written in the period and one-tenth of single premiums. Present value of new business premiums (PVNBP) are calculated as the aggregate of single premiums and the present value of expected future premiums from regular premium new business, allowing for lapses and the other assumptions applied in determining the EEV new business profit.

(3) New business in China JV is included at Prudential's 50 per cent interest in the China joint venture.

(4) New business in India is included at Prudential's interest in the India associate (with effect from 27 March 2019: 22 per cent; 30 June 2018 and 31 December 2018: 26 per cent).

(5) Investment flows for the period exclude period-to-date Eastspring Money Market Funds (MMF) gross inflow of £103,337 million (half year 2018: gross inflow of £95,336 million; full year 2018: gross inflow of £191,523 million) and net outflow of £978 million (half year 2018: net inflow of £665 million; full year 2018: net inflow of £1,500 million).

(6) Total Group Investment Operations funds under management exclude MMF funds under management of £10,492 million at 30 June 2019 (30 June 2018: £10,067 million; 31 December 2018: £11,602 million).

(7) Mandatory Provident Fund (MPF) product sales in Hong Kong are included at Prudential's 36 per cent interest in the Hong Kong MPF business.

(8) Balance sheet figures have been calculated at the closing exchange rates.

(9) Balance includes segregated and pooled pension funds, private finance assets and other institutional clients.

 

Schedule A(i) New Business Insurance Operations (Actual Exchange Rates)

 

Note:      The half year 2018 comparative results are shown below on actual exchange rates as previously reported.

 

 

Single premiums

Regular premiums

APEnote(2)

PVNBPnote(2)

 

2019

2018

+/(-)

2019

2018

2019

2018

2019

2018

 

Half

year

Half

year

 

Half

year

Half

year

Half

year

Half

year

Half

year

Half

year

 

£m

£m

%

£m

£m

%

£m

£m

%

£m

£m

%

Continuing operations:

 

 

 

 

 

 

 

 

 

Asia

 

 

 

 

 

 

 

 

 

Cambodia

-

-

-

11

8

11

8

51

37

Hong Kong

165

157

5%

813

726

830

742

5,178

4,210

Indonesia

94

118

(20)%

111

101

121

113

515

434

Malaysia

70

31

126%

115

114

122

117

681

583

Philippines

11

22

(50)%

54

36

55

38

185

134

Singapore

386

420

(8)%

192

163

231

205

1,623

1,529

Thailand

74

124

(40)%

41

41

48

53

246

289

Vietnam

10

8

25%

67

60

12%

68

61

11%

363

305

19%

South-east Asia

   including Hong Kong

810

880

(8)%

1,404

1,249

1,486

1,337

8,842

7,521

China JVnote (3)

360

30

1,100%

234

184

270

187

1,185

759

Taiwan

196

180

9%

97

90

116

108

483

426

Indianote (4)

60

31

94%

100

101

(1)%

106

104

2%

478

426

Total Asia

1,426

1,121

27%

1,835

1,624

13%

1,978

1,736

14%

10,988

9,132

20%

 

 

 

 

 

 

 

 

 

 

US

 

 

 

 

 

 

 

 

 

Variable annuities

4,854

5,439

(11)%

-

-

485

544

4,854

5,439

Elite Access (variable

annuity)

743

898

(17)%

-

-

74

89

743

898

Fixed annuities

177

166

7%

-

-

18

17

177

166

Fixed index annuities

930

125

644%

-

-

93

13

930

125

Wholesale

1,606

1,535

5%

-

-

-

161

153

5%

1,606

1,535

5%

Total US

8,310

8,163

2%

-

-

-

831

816

2%

8,310

8,163

2%

 

 

 

 

 

 

 

 

 

 

Total continuing

   operations*

9,736

9,284

5%

1,835

1,624

13%

2,809

2,552

10%

19,298

17,295

12%

 

 

 

 

 

 

 

 

 

 

 

Discontinued

   UK and Europe operations:

 

 

 

 

 

 

 

 

 

 

Bonds

1,799

1,650

9%

-

-

180

165

 

 

 

Corporate pensions

44

43

2%

61

70

65

75

 

 

 

Individual pensions

2,170

2,989

(27)%

18

17

235

316

 

 

 

Income drawdown

1,248

1,226

2%

-

-

125

123

 

 

 

Other products

854

782

9%

14

14

-

100

91

10%

 

 

 

Total discontinued

   UK and Europe operations

6,115

6,690

(9)%

93

101

(8)%

705

770

(8)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Group total*

15,851

15,974

(1)%

1,928

1,725

12%

3,514

3,322

6%

 

 

 

* In half year 2019, the Africa business operations sold APE new business of £30 million (half year 2018: £18 million). Given the relative immaturity of the Africa business, it is incorporated into the Group's EEV basis results on an IFRS basis and is excluded from new business sales and profit metrics.
 

Schedule A(ii) New Business Insurance Operations (Constant Exchange Rates)

 

Note:      The half year 2018 comparative results are shown below on constant exchange rates, ie translated at half year 2019 average exchange rates.

 

 

Single premiums

Regular premiums

APEnote (2)

PVNBPnote (2)

 

2019

2018

+/(-)

2019

2018

+/(-)

2019

2018

+/(-)

2019

2018

+/(-)

 

Half

 year

Half

 year

 

Half

 year

Half

 year

 

Half

 year

Half

 year

 

Half

 year

Half

 year

 

 

£m

£m

%

£m

£m

%

£m

£m

%

£m

£m

%

Continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

Asia

 

 

 

 

 

 

 

 

 

 

 

 

Cambodia

-

-

-

11

9

22%

11

9

22%

51

40

28%

Hong Kong

165

167

(1)%

813

771

5%

830

788

5%

5,178

4,473

16%

Indonesia

94

122

(23)%

111

104

7%

121

116

4%

515

448

15%

Malaysia

70

31

126%

115

116

(1)%

122

119

3%

681

592

15%

Philippines

11

24

(54)%

54

38

42%

55

41

34%

185

142

30%

Singapore

386

436

(11)%

192

169

14%

231

213

8%

1,623

1,587

2%

Thailand

74

132

(44)%

41

43

(5)%

48

57

(16)%

246

308

(20)%

Vietnam

10

9

11%

67

63

6%

68

64

6%

363

318

14%

South-east Asia

   including Hong Kong

810

921

(12)%

1,404

1,313

7%

1,486

1,407

6%

8,842

7,908

12%

China JVnote (3)

360

30

1,100%

234

183

28%

270

186

45%

1,185

758

56%

Taiwan

196

182

8%

97

92

5%

116

110

5%

483

432

12%

Indianote (4)

60

31

94%

100

100

-

106

103

3%

478

425

12%

Total Asia

1,426

1,164

23%

1,835

1,688

9%

1,978

1,806

10%

10,988

9,523

15%

 

 

 

 

 

 

 

 

 

 

 

 

 

US

 

 

 

 

 

 

 

 

 

 

 

 

Variable annuities

4,854

5,783

(16)%

-

-

-

485

578

(16)%

4,854

5,783

(16)%

Elite Access (variable

annuity)

743

954

(22)%

-

-

-

74

95

(22)%

743

954

(22)%

Fixed annuities

177

177

-

-

-

-

18

18

-

177

177

-

Fixed index annuities

930

134

594%

-

-

-

93

14

564%

930

134

594%

Wholesale

1,606

1,632

(2)%

-

-

-

161

163

(1)%

1,606

1,632

(2)%

Total US

8,310

8,680

(4)%

-

-

-

831

868

(4)%

8,310

8,680

(4)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total continuing

   operations

9,736

9,844

(1)%

1,835

1,688

9%

2,809

2,674

5%

19,298

18,203

6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total  discontinued

  UK and Europe operations

6,115

6,690

(9)%

93

101

(8)%

705

770

(8)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Group total

15,851

16,534

(4)%

1,928

1,789

8%

3,514

3,444

2%

 

 

 


Schedule A(iii) Total Insurance New Business APE (Actual and Constant Exchange Rates)

 

Note:      Comparative results for the first half (H1) and second half (H2) of 2018 are presented on both actual exchange rates (AER) and constant exchange rates (CER). The H2 amounts are presented on year-to-date average exchange rates (including the effect of retranslating H1 results for movements in average exchange rates between H1 and the year-to-date).

 

 

2018

2019

 

AER

CER

AER

 

H1 £m

H2 £m

H1 £m

H2 £m

H1 £m

 

 

 

 

 

 

Continuing operations

 

 

 

 

 

Asia

 

 

 

 

 

Cambodia

8

12

9

11

11

Hong Kong

742

955

788

962

830

Indonesia

113

123

116

128

121

Malaysia

117

134

119

134

122

Philippines

38

49

41

49

55

Singapore

205

257

213

260

231

Thailand

53

64

57

67

48

Vietnam

61

85

64

85

68

South-east Asia including Hong Kong

1,337

1,679

1,407

1,696

1,486

China JVnote (3)

187

115

186

118

270

Taiwan

108

103

110

102

116

Indianote (4)

104

111

103

114

106

Total Asia

1,736

2,008

1,806

2,030

1,978

 

 

 

 

 

 

US

 

 

 

 

 

Variable annuities

544

537

578

537

485

Elite Access (variable annuity)

89

79

95

78

74

Fixed annuities

17

17

18

17

18

Fixed index annuities

13

12

14

13

93

Wholesale

153

81

163

79

161

Total US

816

726

868

724

831

 

 

 

 

 

 

Total continuing operations

2,552

2,734

2,674

2,754

2,809

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued UK and Europe operations

 

 

 

 

 

Bonds

165

189

165

189

180

Corporate pensions

75

49

75

49

65

Individual pensions

316

287

316

287

235

Income drawdown

123

133

123

133

125

Other products

91

88

91

88

100

Total discontinued UK and Europe insurance operations

770

746

770

746

705

 

 

 

 

 

 

Group total

3,322

3,480

3,444

3,500

3,514


Schedule A(iv) Investment Operations (Actual Exchange Rates)

 

Note:      The H1 and H2 of 2018 comparative results are shown below on actual exchange rates (AER) as previously reported.

 

 

 

2018

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

H1 £m

H2 £m

 

 

H1 £m

 

Opening funds under management (FUM)

 

210,423

207,860

 

 

196,401

 

Net flows:note (5)

 

2,685

(14,186)

 

 

(1,528)

 

    - Gross inflows

 

31,857

26,227

 

 

34,247

 

    - Redemptions

 

(29,172)

(40,413)

 

 

(35,775)

 

Other movements*

 

(5,248)

2,727

 

 

14,560

 

Group totalnote (6)

 

207,860

196,401

 

 

209,433

 

 

 

 

 

 

 

 

 

Continuing operations:

 

 

 

 

 

 

 

Eastspring - excluding MMF

 

 

 

 

 

 

 

Third party retail:note (7)

 

 

 

 

 

 

 

Opening FUM

 

38,676

36,086

 

 

43,340

 

Net flows:note (5)

 

25

(692)

 

 

2,073

 

    - Gross inflows

 

10,118

9,125

 

 

15,170

 

    - Redemptions

 

(10,093)

(9,817)

 

 

(13,097)

 

Other movements*

 

(2,615)

7,946

 

 

3,649

 

Closing FUMnote (8)

 

36,086

43,340

 

 

49,062

 

 

 

 

 

 

 

 

 

Third party institutional:

 

 

 

 

 

 

 

Opening FUM

 

7,892

6,284

 

 

6,115

 

Net flows:

 

(888)

(31)

 

 

985

 

    - Gross inflows

 

338

965

 

 

1,284

 

    - Redemptions

 

(1,226)

(996)

 

 

(299)

 

Other movements

 

(720)

(138)

 

 

310

 

Closing FUMnote (8)

 

6,284

6,115

 

 

7,410

 

 

 

 

 

 

 

 

 

Total Eastspring investment operations

   (excluding MMF)

 

42,370

49,455

 

 

56,472

 

 

 

 

 

 

 

 

 

Discontinued M&GPrudential operations:

 

 

 

 

 

 

 

Retail:

 

 

 

 

 

 

 

Opening FUM

 

79,697

79,821

 

 

69,465

 

Net flows:

 

2,154

(7,022)

 

 

(4,251)

 

    - Gross inflows

 

16,471

8,113

 

 

11,867

 

    - Redemptions

 

(14,317)

(15,135)

 

 

(16,118)

 

Other movements

 

(2,030)

(3,334)

 

 

4,267

 

Closing FUM

 

79,821

69,465

 

 

69,481

 

 

 

 

 

 

 

 

 

Comprising amounts for:

 

 

 

 

 

 

 

   UK

 

33,786

30,600

 

 

30,483

 

   Europe (excluding UK)

 

44,571

37,523

 

 

37,520

 

   South Africa

 

1,464

1,342

 

 

1,478

 

 

 

79,821

69,465

 

 

69,481

 

 

 

 

 

 

 

 

 

Institutional:note (9)

 

 

 

 

 

 

 

Opening FUM

 

84,158

85,669

 

 

77,481

 

Net flows:

 

1,394

(6,441)

 

 

(335)

 

    - Gross inflows

 

4,930

8,024

 

 

5,926

 

    - Redemptions

 

(3,536)

(14,465)

 

 

(6,261)

 

Other movements

 

117

(1,747)

 

 

6,334

 

Closing FUM

 

85,669

77,481

 

 

83,480

 

 

 

 

 

 

 

 

 

Total discontinued M&GPrudential operations:

 

165,490

146,946

 

 

152,961

 

 

 

 

 

 

 

 

 

PPM South Africa FUM included

   in total discontinued M&GPrudential operations

 

5,452

5,144

 

 

5,696

 

* Other movements in H2 2018 for Eastspring investments included an inflow of £8.7 billion funds under management (ex MMF) from the acquisition of TMB Asset Management Co., Ltd. ('TMBAM') in Thailand.


Schedule A(v) Total Insurance New Business Profit (Actual and Constant Exchange Rates)

 

Note:      Comparative results for half year (HY) and full year (FY) 2018 are presented on both actual exchange rates (AER) and constant exchange rates (CER). The half year 2019 results are presented on AER.

 

 

2018

2019

 

AER

CER

AER

 

HY

FY

HY

FY

HY

 

£m

£m

£m

£m

£m

New business profit

 

 

 

 

 

Asia

1,122

2,604

1,178

2,675

1,295

US

466

921

495

951

348

Total continuing operations

1,588

3,525

1,673

3,626

1,643

 

 

 

 

 

 

Total discontinued UK and Europe operations

179

352

179

352

152

Group total

1,767

3,877

1,852

3,978

1,795

 

 

 

 

 

 

APEnote (2)

 

 

 

 

 

Asia

1,736

3,744

1,806

3,836

1,978

US

816

1,542

868

1,592

831

Total continuing operations

2,552

5,286

2,674

5,428

2,809

 

 

 

 

 

 

Total discontinued UK and Europe operations

770

1,516

770

1,516

705

Group total

3,322

6,802

3,444

6,944

3,514

 

 

 

 

 

 

New business margin (NBP as % of APE)

 

 

 

 

 

Asia

65%

70%

65%

70%

65%

US

57%

60%

57%

60%

42%

Total continuing operations

62%

67%

63%

67%

58%

 

 

 

 

 

 

Total discontinued UK and Europe operations

23%

23%

23%

23%

22%

Group total

53%

57%

54%

57%

51%

 

 

 

 

 

 

PVNBPnote (2)

 

 

 

 

 

Asia

9,132

20,754

9,523

21,284

10,988

US

8,163

15,423

8,680

15,916

8,310

Total continuing operations

17,295

36,177

18,203

37,200

19,298

 

 

 

 

 

 

New business margin (NBP as % of PVNBP)

 

 

 

 

 

Asia

12.3%

12.5%

12.4%

12.6%

11.8%

US

5.7%

6.0%

5.7%

6.0%

4.2%

Total continuing operations

9.2%

9.7%

9.2%

9.7%

8.5%

 

B   Calculation of return on embedded value

 

Return on embedded value is calculated as the total post-tax EEV profit for the period as a percentage of opening EEV basis shareholders' equity.

 

 

Half year 2019

 

Asia

US

Other

Total continuing operations

Discontinued UK and Europe operations

Total Group

EEV basis profit for the period, net of tax and non-controlling interests (£ million)

3,064

948

(1,034)

2,978

1,281

4,259

Opening EEV basis shareholders' equity (£million)

25,132

14,690

(3,624)

36,198

13,584

49,782

Annualised total return on shareholders' funds (%)*

24%

13%

n/a

16%

19%

17%

* Half year profits are annualised by multiplying by two.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Half year 2018

 

Asia

US

Other

Total continuing operations

Discontinued UK and Europe operations

Total Group

EEV basis profit for the period, net of tax and non-controlling interests (£ million)

1,538

822

290

2,650

317

2,967

Opening EEV basis shareholders' equity (£million)

21,592

13,492

(4,013)

31,071

13,627

44,698

Annualised total return on shareholders' funds (%)*

14%

12%

n/a

17%

5%

13%

* Half year profits are annualised by multiplying by two.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Full year 2018

 

Asia

US

Other

Total continuing operations

Discontinued UK and Europe operations

Total Group

EEV basis profit for the period, net of tax and non-controlling interests (£ million)

3,601

788

(213)

4,176

409

4,585

Opening EEV basis shareholders' equity (£million)

21,592

13,492

(4,013)

31,071

13,627

44,698

Total return on shareholders' funds (%)

17%

6%

n/a

13%

3%

10%

 

C   Calculation of EEV shareholders' funds per share

 

EEV shareholders' funds per share is calculated as closing EEV shareholders' equity divided by the number of issued shares at the end of the period (30 June 2019: 2,600 million shares; 30 June 2018: 2,592 million shares; 31 December 2018: 2,593 million shares). EEV shareholders' funds per share excluding goodwill attributable to shareholders is calculated in the same manner, except goodwill attributable to shareholders is deducted from closing EEV shareholders' equity.

 

 

30 Jun 2019

 

Asia

US

Other

Total continuing operations

Discontinued UK and Europe

operations

Total

Group

Closing EEV shareholders' equity (£ million)

27,899

15,379

(3,621)

39,657

13,759

53,416

Less: Goodwill attributable to shareholders (£ million)

(510)

-

-

(510)

(1,153)

(1,663)

Closing EEV shareholders' equity excluding goodwill attributable to shareholders (£ million)

27,389

15,379

(3,621)

39,147

12,606

51,753

Shareholders' funds per share (in pence)

1,073p

592p

(139)p

1,526p

529p

2,055p

Shareholders' funds per share excluding goodwill attributable to shareholders (in pence)

1,053p

592p

(139)p

1,506p

485p

1,991p

 

 

 

 

 

 

 

 

30 Jun 2018

 

Asia

US

Other

Total continuing operations

Discontinued UK and Europe

operations

Total

Group

Closing EEV shareholders' equity (£ million)

22,608

14,300

(3,108)

33,800

13,643

47,443

Less: Goodwill attributable to shareholders (£ million)

(306)

-

-

(306)

(1,153)

(1,459)

Closing EEV shareholders' equity excluding goodwill attributable to shareholders (£ million)

22,302

14,300

(3,108)

33,494

12,490

45,984

Shareholders' funds per share (in pence)

872p

552p

(120)p

1,304p

526p

1,830p

Shareholders' funds per share excluding goodwill attributable to shareholders (in pence)

860p

552p

(120)p

1,292p

482p

1,774p

 

 

 

 

 

 

 

 

31 Dec 2018

 

Asia

US

Other

Total continuing operations

Discontinued UK and Europe

operations

Total

Group

Closing EEV shareholders' equity (£ million)

25,132

14,690

(3,624)

36,198

13,584

49,782

Less: Goodwill attributable to shareholders (£ million)

(498)

-

-

(498)

(1,153)

(1,651)

Closing EEV shareholders' equity excluding goodwill attributable to shareholders (£ million)

24,634

14,690

(3,624)

35,700

12,431

48,131

Shareholders' funds per share (in pence)

969p

567p

(140)p

1,396p

524p

1,920p

Shareholders' funds per share excluding goodwill attributable to shareholders (in pence)

950p

567p

(140)p

1,377p

479p

1,856p

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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