Prudential USD K6S
Financials
Annual Report 2025
Explore the statements
21 tablesConsolidated income statement (Group)
33 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 Dec 2025, $m | 2024Group, year ended 31 Dec 2024, $m | Source |
|---|---|---|---|
| Income statement | |||
| Insurance revenue$m | 11,080 | 10,358 | PDF p. 249 |
| Insurance service expense | |||
| Claims incurred$m | (3,331) | (3,147) | PDF p. 249 |
| Directly attributable expenses incurred$m | (1,455) | (1,328) | PDF p. 249 |
| Amortisation of insurance acquisition cash flows$m | (3,435) | (3,157) | PDF p. 249 |
| Other insurance service expenses$m | (23) | (131) | PDF p. 249 |
| Subtotal$m | (8,244) | (7,763) | PDF p. 249 |
| Income statement | |||
| Net expense from reinsurance contracts held$m | (212) | (302) | PDF p. 249 |
| Insurance service result$m | 2,624 | 2,293 | PDF p. 249 |
| Investment return | |||
| Interest revenue calculated using the effective interest method$m | 413 | 477 | PDF p. 249 |
| Other investment return on financial investments$m | 15,851 | 5,442 | PDF p. 249 |
| Subtotal$m | 16,264 | 5,919 | PDF p. 249 |
| Income statement | |||
| Fair value movements on investment contract liabilities$m | (72) | (95) | PDF p. 249 |
| Net insurance and reinsurance finance income (expense) | |||
| Net finance expense from insurance contracts$m | (14,612) | (4,154) | PDF p. 249 |
| Net finance expense from reinsurance contracts held$m | (159) | (338) | PDF p. 249 |
| Subtotal$m | (14,771) | (4,492) | PDF p. 249 |
| Income statement | |||
| Net investment result$m | 1,421 | 1,332 | PDF p. 249 |
| Other revenue$m | 411 | 382 | PDF p. 249 |
| Non-insurance expenditure$m | (1,031) | (1,003) | PDF p. 249 |
| Finance costs: interest on core structural borrowings of shareholder-financed businesses$m | (183) | (171) | PDF p. 249 |
| Gain (loss) attaching to corporate transactions$m | 1,515 | (71) | PDF p. 249 |
| Share of profit from joint ventures and associates, net of related tax$m | 364 | 477 | PDF p. 249 |
| Profit before tax (being tax attributable to shareholders’ and policyholders’ returns) note$m | 5,121 | 3,239 | PDF p. 249 |
| Tax charge attributable to policyholders' returns$m | (180) | (286) | PDF p. 249 |
| Profit before tax attributable to shareholders' returns$m | 4,941 | 2,953 | PDF p. 249 |
| Total tax charge attributable to shareholders' and policyholders' returns$m | (1,002) | (824) | PDF p. 249 |
| Remove tax charge attributable to policyholders' returns$m | 180 | 286 | PDF p. 249 |
| Tax charge attributable to shareholders' returns$m | (822) | (538) | PDF p. 249 |
| Profit for the year$m | 4,119 | 2,415 | PDF p. 249 |
| Attributable to | |||
| Equity holders of the Company$m | 3,978 | 2,285 | PDF p. 249 |
| Non-controlling interests$m | 141 | 130 | PDF p. 249 |
| Profit for the year$m | 4,119 | 2,415 | PDF p. 249 |
| Earnings per share (in cents) - based on profit attributable to equity holders of the Company | |||
| Basiccents per share | 154.2 | 84.1 | PDF p. 249 |
| Dilutedcents per share | 153.5 | 84.0 | PDF p. 249 |
Definitions & sources
Original report: PDF p. 249 ↗
Note: Profit before tax (being tax attributable to shareholders' and policyholders' returns) is the formal profit before tax measure under IFRS. It is not the result attributable to shareholders principally because total corporate tax of the Group includes those taxes on the income of consolidated with-profits and unit-linked funds that, through adjustments to benefits, are borne by policyholders. These amounts are required to be included in the tax charge under IAS 12. Consequently, the IFRS profit before tax measure is not representative of pre-tax profit attributable to shareholders.
Subtotal rows without printed labels are given with empty original_label.
Consolidated statement of comprehensive income (Group)
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 Dec 2025, $m | 2024Group, year ended 31 Dec 2024, $m | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the year$m | 4,119 | 2,415 | PDF p. 250 |
| Items that may be reclassified subsequently to profit or loss | |||
| Exchange translation movements and net investment hedges$m | 524 | (291) | PDF p. 250 |
| Cumulative exchange loss of disposed businesses recycled through profit or loss$m | 34 | – | PDF p. 250 |
| Subtotal$m | 558 | (291) | PDF p. 250 |
| Comprehensive income | |||
| Total comprehensive income for the year$m | 4,677 | 2,124 | PDF p. 250 |
| Attributable to | |||
| Equity holders of the Company$m | 4,421 | 1,976 | PDF p. 250 |
| Non-controlling interests$m | 256 | 148 | PDF p. 250 |
| Total comprehensive income for the year$m | 4,677 | 2,124 | PDF p. 250 |
Definitions & sources
Original report: PDF p. 250 ↗
Unlabelled subtotals given with empty original_label.
Consolidated statement of financial position (Group)
37 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, 31 Dec 2025, $m | 2024Group, 31 Dec 2024, $m | Source |
|---|---|---|---|
| Assets | |||
| Goodwill$m | 902 | 848 | PDF p. 252 |
| Other intangible assets$m | 3,958 | 3,824 | PDF p. 252 |
| Property, plant and equipment$m | 530 | 417 | PDF p. 252 |
| Insurance contract assets$m | 1,816 | 1,345 | PDF p. 252 |
| Reinsurance contract assets$m | 3,406 | 3,390 | PDF p. 252 |
| Deferred tax assets$m | 119 | 142 | PDF p. 252 |
| Current tax recoverable$m | 77 | 31 | PDF p. 252 |
| Investments in joint ventures and associates accounted for using the equity method$m | 2,763 | 2,412 | PDF p. 252 |
| Investment properties$m | 3 | 3 | PDF p. 252 |
| Loans$m | 551 | 517 | PDF p. 252 |
| Equity securities and holdings in collective investment schemes note$m | 89,558 | 81,002 | PDF p. 252 |
| Debt securities note$m | 92,051 | 73,804 | PDF p. 252 |
| Derivative assets$m | 621 | 395 | PDF p. 252 |
| Deposits$m | 6,246 | 5,466 | PDF p. 252 |
| Accrued investment income$m | 1,071 | 902 | PDF p. 252 |
| Other debtors$m | 817 | 1,310 | PDF p. 252 |
| Assets held for sale$m | – | 296 | PDF p. 252 |
| Cash and cash equivalents$m | 7,706 | 5,772 | PDF p. 252 |
| Total assets$m | 212,195 | 181,876 | PDF p. 252 |
| Equity | |||
| Shareholders' equity$m | 20,117 | 17,492 | PDF p. 252 |
| Non-controlling interests$m | 1,243 | 1,182 | PDF p. 252 |
| Total equity$m | 21,360 | 18,674 | PDF p. 252 |
| Liabilities | |||
| Insurance contract liabilities$m | 174,498 | 147,566 | PDF p. 252 |
| Reinsurance contract liabilities$m | 640 | 536 | PDF p. 252 |
| Investment contract liabilities without discretionary participation features$m | 715 | 748 | PDF p. 252 |
| Core structural borrowings of shareholder-financed businesses$m | 4,459 | 3,925 | PDF p. 252 |
| Operational borrowings$m | 831 | 797 | PDF p. 252 |
| Obligations under funding, securities lending and sale and repurchase agreements$m | 745 | 272 | PDF p. 252 |
| Net asset value attributable to unit holders of consolidated investment funds$m | 2,263 | 2,679 | PDF p. 252 |
| Deferred tax liabilities$m | 1,830 | 1,514 | PDF p. 252 |
| Current tax liabilities$m | 273 | 238 | PDF p. 252 |
| Accruals, deferred income and other creditors$m | 2,731 | 2,848 | PDF p. 252 |
| Provisions$m | 268 | 218 | PDF p. 252 |
| Derivative liabilities$m | 1,582 | 1,617 | PDF p. 252 |
| Liabilities held for sale$m | – | 244 | PDF p. 252 |
| Total liabilities$m | 190,835 | 163,202 | PDF p. 252 |
| Total equity and liabilities$m | 212,195 | 181,876 | PDF p. 252 |
Definitions & sources
Original report: PDF p. 252 ↗
Note: Included within equity securities and holdings in collective investment schemes and debt securities as at 31 December 2025 are $1,798 million of lent securities and assets subject to repurchase agreements (31 December 2024: $1,565 million).
The parent company statement of financial position is presented on page 335.
Statement of financial position of the parent company (Prudential plc)
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Parent company, 31 Dec 2025, $m | 2024Parent company, 31 Dec 2024, $m | Source |
|---|---|---|---|
| Fixed assets | |||
| Investments in subsidiary undertakings$m | 13,308 | 13,789 | PDF p. 337 |
| Current assets | |||
| Amounts owed by subsidiary undertakings$m | 8,067 | 6,577 | PDF p. 337 |
| Cash at bank and in hand$m | 42 | 107 | PDF p. 337 |
| Prepayments and other debtors$m | 2 | 3 | PDF p. 337 |
| Subtotal$m | 8,111 | 6,687 | PDF p. 337 |
| Liabilities: amounts falling due within one year | |||
| Amounts owed to subsidiary undertakings$m | (1,754) | (852) | PDF p. 337 |
| Tax payable$m | (9) | (8) | PDF p. 337 |
| Other liabilities$m | (1) | (19) | PDF p. 337 |
| Subtotal$m | (1,764) | (879) | PDF p. 337 |
| Balance sheet | |||
| Net current assets$m | 6,347 | 5,808 | PDF p. 337 |
| Total assets less current liabilities$m | 19,655 | 19,597 | PDF p. 337 |
| Liabilities: amounts falling due after more than one year | |||
| Amounts owed to subsidiary undertakings$m | (4,210) | (3,637) | PDF p. 337 |
| Balance sheet | |||
| Total net assets$m | 15,445 | 15,960 | PDF p. 337 |
| Capital and reserves | |||
| Share capital$m | 169 | 176 | PDF p. 337 |
| Capital redemption reserve$m | 14 | 7 | PDF p. 337 |
| Share premium$m | 5,011 | 5,009 | PDF p. 337 |
| Profit and loss account$m | 10,251 | 10,768 | PDF p. 337 |
| Shareholders’ funds$m | 15,445 | 15,960 | PDF p. 337 |
| Parent company result | |||
| Profit for the year$m | 1,318 | 786 | PDF p. 337 |
Definitions & sources
Original report: PDF p. 337 ↗
Parent company statement prepared under UK GAAP; profit for the year shown beneath the balance sheet with header '2025 $m 2024 $m'. The parent company presents no income statement or EPS.
Consolidated statement of comprehensive income
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $m | 2024Group, $m | Source |
|---|---|---|---|
| Statement | |||
| Profit for the year$m | 4,119 | 2,415 | PDF p. 250 |
| Items that may be reclassified subsequently to profit or loss | |||
| Exchange translation movements and net investment hedges$m | 524 | (291) | PDF p. 250 |
| Cumulative exchange loss of disposed businesses recycled through profit or loss$m | 34 | – | PDF p. 250 |
| Statement | |||
| Total comprehensive income for the year$m | 4,677 | 2,124 | PDF p. 250 |
| Total comprehensive income attributable to | |||
| Equity holders of the Company$m | 4,421 | 1,976 | PDF p. 250 |
| Non-controlling interests$m | 256 | 148 | PDF p. 250 |
Definitions & sources
Original report: PDF p. 250 ↗
Consolidated statement of cash flows
31 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $m | 2024Group, $m | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before tax (being tax attributable to shareholders' and policyholders' returns)$m | 5,121 | 3,239 | PDF p. 253 |
| Movements in operating assets and liabilities | |||
| Investments$m | (23,698) | (6,403) | PDF p. 253 |
| Other non-investment and non-cash assets$m | 24 | 124 | PDF p. 253 |
| Insurance and reinsurance contract assets and liabilities$m | 22,660 | 7,925 | PDF p. 253 |
| Other non-insurance liabilities$m | (330) | (1,440) | PDF p. 253 |
| Other adjustments to profit before tax for non-cash movements | |||
| Interest and dividend income and interest payments included in profit before tax$m | (5,482) | (5,180) | PDF p. 253 |
| Other non-cash items included in profit before tax$m | (880) | 603 | PDF p. 253 |
| Operating cash items | |||
| Interest receipts$m | 3,416 | 3,049 | PDF p. 253 |
| Interest payments$m | (61) | (75) | PDF p. 253 |
| Dividend receipts$m | 2,198 | 2,316 | PDF p. 253 |
| Tax paid$m | (518) | (549) | PDF p. 253 |
| Cash flows from operating activities | |||
| Net cash flows from operating activities$m | 2,450 | 3,609 | PDF p. 253 |
| Cash flows from investing activities | |||
| Purchases of property, plant and equipment$m | (104) | (101) | PDF p. 253 |
| Disposal of property, plant and equipment$m | 4 | – | PDF p. 253 |
| Acquisition of distribution rights and other intangibles$m | (297) | (557) | PDF p. 253 |
| Disposal of businesses, net of associated tax$m | 1,485 | – | PDF p. 253 |
| Cash advanced to Mainland China life joint venture$m | – | (174) | PDF p. 253 |
| Net cash flows from investing activities$m | 1,088 | (832) | PDF p. 253 |
| Cash flows from financing activities - Structural borrowings of shareholder-financed businesses | |||
| Issuance of debt, net of costs$m | 462 | – | PDF p. 253 |
| Interest paid$m | (176) | (164) | PDF p. 253 |
| Cash flows from financing activities | |||
| Payment of principal portion of lease liabilities$m | (95) | (93) | PDF p. 253 |
| Acquisition of non-controlling interests$m | – | (18) | PDF p. 253 |
| Cash flows from financing activities - Equity capital | |||
| Issues of ordinary share capital$m | 2 | – | PDF p. 253 |
| Share repurchases/buybacks (including costs)$m | (1,252) | (860) | PDF p. 253 |
| Cash flows from financing activities - External dividends | |||
| Dividends paid to equity holders of the Company$m | (594) | (552) | PDF p. 253 |
| Dividends paid to non-controlling interests$m | (91) | (8) | PDF p. 253 |
| Cash flows from financing activities | |||
| Net cash flows from financing activities$m | (1,744) | (1,695) | PDF p. 253 |
| Closing cash | |||
| Net increase in cash and cash equivalents$m | 1,794 | 1,082 | PDF p. 253 |
| Cash and cash equivalents at 1 Jan$m | 5,772 | 4,751 | PDF p. 253 |
| Effect of exchange rate changes on cash and cash equivalents$m | 140 | (61) | PDF p. 253 |
| Cash and cash equivalents at 31 Dec$m | 7,706 | 5,772 | PDF p. 253 |
Definitions & sources
Original report: PDF p. 253 ↗
(i) Included in net cash flows from operating activities are dividends from joint ventures and associates of $180 million (2024: $148 million). Cash advanced to the Mainland China life joint venture in 2024 of $174 million has subsequently been converted into a capital injection in 2025.
(ii) Cash flows from disposal of businesses in 2025 comprise the net proceeds from the sale of a portion of the Group’s interest in ICICI Prudential Asset Management Company Limited during the company’s initial public offering (IPO) in December 2025, as discussed further in note D6.3, and the net proceeds from the disposal of businesses classified as held for sale at 31 December 2024. Total tax paid of $(750) million in 2025 was included in net cash flows from operating activities and net cash flows from investing activities.
(iii) Structural borrowings of shareholder-financed businesses exclude borrowings to support short-term fixed income securities programmes, lease liabilities and other borrowings of shareholder-financed businesses. Cash flows in respect of these borrowings are included within cash flows from operating activities. Changes in carrying value of structural borrowings: 2025: balance at 1 Jan 3,925, issuance of debt 462, foreign exchange movement 65, other movements 7, balance at 31 Dec 4,459; 2024: 3,933, –, (15), 7, 3,925.
Consolidated statement of changes in equity - year ended 31 Dec 2025
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital | 2025Group, Share premium | 2025Group, Capital redemption reserve | 2025Group, Retained earnings | 2025Group, Translation reserve | 2025Group, Shareholders' equity | 2025Group, Non-controlling interests | 2025Group, Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Reserves | |||||||||
| Profit for the year$m | – | – | – | 3,978 | – | 3,978 | 141 | 4,119 | PDF p. 251 |
| Other comprehensive income$m | – | – | – | – | 443 | 443 | 115 | 558 | PDF p. 251 |
| Total comprehensive income for the year$m | – | – | – | 3,978 | 443 | 4,421 | 256 | 4,677 | PDF p. 251 |
| Transactions with owners of the Company | |||||||||
| Dividends$m | – | – | – | (623) | – | (623) | (91) | (714) | PDF p. 251 |
| Effect of scrip dividends$m | – | – | – | 29 | – | 29 | – | 29 | PDF p. 251 |
| Reserve movements in respect of share-based payments$m | – | – | – | 11 | – | 11 | – | 11 | PDF p. 251 |
| Effect of transactions relating to non-controlling interests$m | – | – | – | 28 | – | 28 | (104) | (76) | PDF p. 251 |
| New share capital subscribed$m | – | 2 | – | – | – | 2 | – | 2 | PDF p. 251 |
| Share repurchases/buybacks$m | (7) | – | 7 | (1,234) | – | (1,234) | – | (1,234) | PDF p. 251 |
| Movement in own shares in respect of share-based payment plans$m | – | – | – | (9) | – | (9) | – | (9) | PDF p. 251 |
| Movements | |||||||||
| Net (decrease) increase in equity$m | (7) | 2 | 7 | 2,180 | 443 | 2,625 | 61 | 2,686 | PDF p. 251 |
| Balances | |||||||||
| Balance at beginning of year$m | 176 | 5,009 | 7 | 11,906 | 394 | 17,492 | 1,182 | 18,674 | PDF p. 251 |
| Balance at end of year$m | 169 | 5,011 | 14 | 14,086 | 837 | 20,117 | 1,243 | 21,360 | PDF p. 251 |
Definitions & sources
Original report: PDF p. 251 ↗
Values in column order: Share capital, Share premium, Capital redemption reserve, Retained earnings, Translation reserve, Shareholders' equity, Non-controlling interests, Total equity.
Consolidated statement of changes in equity - year ended 31 Dec 2024
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital | 2024Group, Share premium | 2024Group, Capital redemption reserve | 2024Group, Retained earnings | 2024Group, Translation reserve | 2024Group, Shareholders' equity | 2024Group, Non-controlling interests | 2024Group, Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Reserves | |||||||||
| Profit for the year$m | – | – | – | 2,285 | – | 2,285 | 130 | 2,415 | PDF p. 251 |
| Other comprehensive (loss) income$m | – | – | – | – | (309) | (309) | 18 | (291) | PDF p. 251 |
| Total comprehensive income (loss) for the year$m | – | – | – | 2,285 | (309) | 1,976 | 148 | 2,124 | PDF p. 251 |
| Transactions with owners of the Company | |||||||||
| Dividends$m | – | – | – | (575) | – | (575) | (8) | (583) | PDF p. 251 |
| Effect of scrip dividends$m | – | – | – | 23 | – | 23 | – | 23 | PDF p. 251 |
| Reserve movements in respect of share-based payments$m | – | – | – | 1 | – | 1 | – | 1 | PDF p. 251 |
| Adjustment to non-controlling interest for Malaysia conventional life business on 1 January 2024$m | – | – | – | (857) | – | (857) | 886 | 29 | PDF p. 251 |
| Effect of transactions relating to other non-controlling interests$m | – | – | – | (18) | – | (18) | (4) | (22) | PDF p. 251 |
| Share repurchases/buybacks$m | (7) | – | 7 | (878) | – | (878) | – | (878) | PDF p. 251 |
| Movement in own shares in respect of share-based payment plans$m | – | – | – | (3) | – | (3) | – | (3) | PDF p. 251 |
| Movements | |||||||||
| Net (decrease) increase in equity$m | (7) | – | 7 | (22) | (309) | (331) | 1,022 | 691 | PDF p. 251 |
| Balances | |||||||||
| Balance at beginning of year$m | 183 | 5,009 | – | 11,928 | 703 | 17,823 | 160 | 17,983 | PDF p. 251 |
| Balance at end of year$m | 176 | 5,009 | 7 | 11,906 | 394 | 17,492 | 1,182 | 18,674 | PDF p. 251 |
Definitions & sources
Original report: PDF p. 251 ↗
Values in column order: Share capital, Share premium, Capital redemption reserve, Retained earnings, Translation reserve, Shareholders' equity, Non-controlling interests, Total equity.
Statement of changes in equity of the parent company
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Parent company, Share capital | 2025Parent company, Share premium | 2025Parent company, Capital redemption reserve | 2025Parent company, Profit and loss account | 2025Parent company, Shareholders' funds | Source |
|---|---|---|---|---|---|---|
| 2024 | ||||||
| Balance at 1 Jan 2024$m | 183 | 5,009 | – | 11,392 | 16,584 | PDF p. 338 |
| Profit and total comprehensive income for the year$m | – | – | – | 786 | 786 | PDF p. 338 |
| 2024 Transactions with owners | ||||||
| Share repurchase/buyback programmes$m | (7) | – | 7 | (878) | (878) | PDF p. 338 |
| Share-based payment transactions$m | – | – | – | 20 | 20 | PDF p. 338 |
| Dividends$m | – | – | – | (575) | (575) | PDF p. 338 |
| Effect of scrip dividends$m | – | – | – | 23 | 23 | PDF p. 338 |
| Total transactions with owners$m | (7) | – | 7 | (1,410) | (1,410) | PDF p. 338 |
| Balances | ||||||
| Balance at 31 Dec 2024 / 1 Jan 2025$m | 176 | 5,009 | 7 | 10,768 | 15,960 | PDF p. 338 |
| 2025 | ||||||
| Profit and total comprehensive income for the year$m | – | – | – | 1,318 | 1,318 | PDF p. 338 |
| 2025 Transactions with owners | ||||||
| New share capital subscribed$m | – | 2 | – | – | 2 | PDF p. 338 |
| Share repurchase/buyback programmes$m | (7) | – | 7 | (1,234) | (1,234) | PDF p. 338 |
| Share-based payment transactions$m | – | – | – | (7) | (7) | PDF p. 338 |
| Dividends$m | – | – | – | (623) | (623) | PDF p. 338 |
| Effect of scrip dividends$m | – | – | – | 29 | 29 | PDF p. 338 |
| Total transactions with owners$m | (7) | 2 | 7 | (1,835) | (1,833) | PDF p. 338 |
| Balances | ||||||
| Balance at 31 Dec 2025$m | 169 | 5,011 | 14 | 10,251 | 15,445 | PDF p. 338 |
Definitions & sources
Original report: PDF p. 338 ↗
Rows cover 2024 (opening balance at 1 Jan 2024) and 2025 movements in sequence; values in column order Share capital, Share premium, Capital redemption reserve, Profit and loss account, Shareholders' funds. 2024 movement rows are labelled in section, columns above are labelled 2025 for the final balance only.
The Company has applied the FRS 101 exemption from IAS 7 cash flow statement; no parent company cash flow statement is presented (page 337).
Financial review: IFRS profit (actual and constant exchange rate)
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Actual exchange rate, $m | 2024Actual exchange rate, $m | 2025Change %, 2025 vs 2024 (actual exchange rate) | 2024Constant exchange rate, $m | 2025Change %, 2025 vs 2024 (constant exchange rate) | Source |
|---|---|---|---|---|---|---|
| IFRS profit | ||||||
| Insurance business$m | 3,610 | 3,419 | 6 | 3,450 | 5 | PDF p. 38 |
| Asset management$m | 329 | 304 | 8 | 301 | 9 | PDF p. 38 |
| Total segment profit$m | 3,939 | 3,723 | 6 | 3,751 | 5 | PDF p. 38 |
| Other income and expenditure | ||||||
| Net investment return and other items$m | (41) | 21 | n/a | 21 | n/a | PDF p. 38 |
| Interest payable on core structural borrowings$m | (184) | (171) | (8) | (171) | (8) | PDF p. 38 |
| Corporate expenditure$m | (237) | (237) | – | (237) | – | PDF p. 38 |
| Other income and expenditure$m | (462) | (387) | (19) | (387) | (19) | PDF p. 38 |
| IFRS profit | ||||||
| Restructuring costs$m | (171) | (207) | 17 | (207) | 17 | PDF p. 38 |
| Adjusted operating profit before tax$m | 3,306 | 3,129 | 6 | 3,157 | 5 | PDF p. 38 |
| Non-operating items | ||||||
| Short-term interest rate and other market fluctuations$m | 120 | (105) | n/a | (97) | n/a | PDF p. 38 |
| Gain (loss) attaching to corporate transactions$m | 1,515 | (71) | n/a | (74) | n/a | PDF p. 38 |
| IFRS profit | ||||||
| Profit for the year before tax$m | 4,941 | 2,953 | 67 | 2,986 | 65 | PDF p. 38 |
| After tax | ||||||
| Tax on operating items$m | (534) | (547) | 2 | (555) | 4 | PDF p. 38 |
| Adjusted operating profit after tax$m | 2,772 | 2,582 | 7 | 2,602 | 7 | PDF p. 38 |
| Tax (charge) credit attributable to items above$m | (288) | 9 | n/a | 8 | n/a | PDF p. 38 |
| Profit for the year after tax$m | 4,119 | 2,415 | 71 | 2,439 | 69 | PDF p. 38 |
Definitions & sources
Original report: PDF p. 38 ↗
Segment rows Hong Kong, Indonesia, Mainland China, Malaysia, Singapore, Growth markets and other also printed on this page (e.g. Hong Kong 1,219 1,069 14 1,070 14); the table is shown with the totals and key rows above.
Financial review: IFRS earnings per share
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Actual exchange rate, cents | 2024Actual exchange rate, cents | 2025Change %, 2025 vs 2024 (actual exchange rate) | 2024Constant exchange rate, cents | 2025Change %, 2025 vs 2024 (constant exchange rate) | Source |
|---|---|---|---|---|---|---|
| IFRS earnings per share | ||||||
| Basic earnings per share based on adjusted operating profit after taxcents | 101.4 | 89.7 | 13 | 90.2 | 12 | PDF p. 38 |
| Basic earnings per share based on IFRS profit after taxcents | 154.2 | 84.1 | 83 | 84.8 | 82 | PDF p. 38 |
Definitions & sources
Original report: PDF p. 38 ↗
First row label wraps: 'Basic earnings per share based on adjusted operating profit after' / 'tax'.
Financial review: Adjusted operating profit after tax by segment
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Actual exchange rate, $m | 2024Actual exchange rate, $m | 2025Change %, 2025 vs 2024 (actual) | 2024Constant exchange rate, $m | 2025Change %, 2025 vs 2024 (constant) | Source |
|---|---|---|---|---|---|---|
| Adjusted operating profit after tax | ||||||
| Hong Kong$m | 1,126 | 971 | 16 | 972 | 16 | PDF p. 39 |
| Indonesia$m | 198 | 218 | (9) | 210 | (6) | PDF p. 39 |
| Mainland China3$m | 411 | 363 | 13 | 363 | 13 | PDF p. 39 |
| Malaysia3$m | 320 | 264 | 21 | 281 | 14 | PDF p. 39 |
| Singapore$m | 603 | 594 | 2 | 608 | (1) | PDF p. 39 |
| Growth markets and other3$m | 491 | 531 | (8) | 531 | (8) | PDF p. 39 |
| Insurance business$m | 3,149 | 2,941 | 7 | 2,965 | 6 | PDF p. 39 |
| Asset management$m | 305 | 275 | 11 | 272 | 12 | PDF p. 39 |
| Total segment profit$m | 3,454 | 3,216 | 7 | 3,237 | 7 | PDF p. 39 |
| Other (including central items and restructuring costs)$m | (682) | (634) | (8) | (635) | (7) | PDF p. 39 |
| Adjusted operating profit after tax$m | 2,772 | 2,582 | 7 | 2,602 | 7 | PDF p. 39 |
Definitions & sources
Original report: PDF p. 39 ↗
Footnote markers 3 and 4 are printed as attached to labels; footnote text not on this page.
Financial review: CSM net of reinsurance movement
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Actual exchange rate, $m | 2024Actual exchange rate, $m | Source |
|---|---|---|---|
| CSM | |||
| CSM at 1 January (net of reinsurance)$m | 21,960 | 21,012 | PDF p. 40 |
| New contracts in the year$m | 2,835 | 2,596 | PDF p. 40 |
| Unwind*$m | 1,784 | 1,731 | PDF p. 40 |
| Release of CSM to income statement$m | (2,554) | (2,352) | PDF p. 40 |
| CSM at 31 December (net of reinsurance)$m | 25,005 | 21,960 | PDF p. 40 |
| Adjusted shareholders' CSM at 31 December (net of reinsurance)$m | 21,951 | 19,168 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
* The unwind of CSM presented in this table reflects the accretion of interest on general measurement model contracts, as presented in note C3.3 to the IFRS financial results, together with the unwind of the CSM related to variable fee approach contracts on a long-term normalised basis. This differs from the presentation in note C3.3 to the IFRS financial results by reallocating $1,479 million from economic and other variances to unwind.
† CSM is presented gross of tax, this is to allow for tax on the future profits contained in the CSM.
Other rows (economic and other variances, effect of exchange rates, reinsurance, deferred tax, NCI) not itemised here.
Note B4 Earnings per share – 2025
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Before tax, $m | 2025Tax, $m | 2025Non-controlling interests, $m | 2025Net of tax and non-controlling interests, $m | 2025Basic earnings per share, cents | 2025Diluted earnings per share, cents | Source |
|---|---|---|---|---|---|---|---|
| 2025 | |||||||
| Based on adjusted operating profit$m / cents | 3,306 | (534) | (155) | 2,617 | 101.4 | 101.0 | PDF p. 277 |
| Short-term interest rate and other market fluctuations$m / cents | 120 | (48) | 14 | 86 | 3.3 | 3.3 | PDF p. 277 |
| Gain attaching to corporate transactions$m / cents | 1,515 | (240) | – | 1,275 | 49.5 | 49.2 | PDF p. 277 |
| Based on profit for the year$m / cents | 4,941 | (822) | (141) | 3,978 | 154.2 | 153.5 | PDF p. 277 |
Definitions & sources
Original report: PDF p. 277 ↗
Weighted average shares printed beneath (see weighted shares table).
Note B4 Earnings per share – 2024
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Before tax, $m | 2024Tax, $m | 2024Non-controlling interests, $m | 2024Net of tax and non-controlling interests, $m | 2024Basic earnings per share, cents | 2024Diluted earnings per share, cents | Source |
|---|---|---|---|---|---|---|---|
| 2024 | |||||||
| Based on adjusted operating profit$m / cents | 3,129 | (547) | (146) | 2,436 | 89.7 | 89.6 | PDF p. 277 |
| Based on profit for the year$m / cents | 2,953 | (538) | (130) | 2,285 | 84.1 | 84.0 | PDF p. 277 |
Definitions & sources
Original report: PDF p. 277 ↗
Note B4 weighted average number of shares
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Weighted average shares, millions | 2024Weighted average shares, millions | Source |
|---|---|---|---|
| Basic | |||
| weighted average number of shares for calculating basic earnings per sharemillions of shares | 2,580 | 2,715 | PDF p. 277 |
| Dilution | |||
| dilutive effect of the Group's share options and awardsmillions of shares | 12 | 5 | PDF p. 277 |
| Diluted | |||
| weighted average number of shares for calculating diluted earnings per sharemillions of shares | 2,592 | 2,720 | PDF p. 277 |
Definitions & sources
Original report: PDF p. 277 ↗
Note B5 Dividends
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Cents per share | 2025$m | 2024Cents per share | 2024$m | Source |
|---|---|---|---|---|---|
| Dividends relating to reporting year | |||||
| First interim dividendcents per share / $m | 7.71 | 197 | 6.84 | 185 | PDF p. 278 |
| Second interim dividendcents per share / $m | 18.89 | 481 | 16.29 | 433 | PDF p. 278 |
| Total relating to reporting yearcents per share / $m | 26.60 | 678 | 23.13 | 618 | PDF p. 278 |
| Dividends paid in reporting year | |||||
| Current year first interim dividendcents per share / $m | 7.71 | 197 | 6.84 | 185 | PDF p. 278 |
| Second interim dividend for prior yearcents per share / $m | 16.29 | 426 | 14.21 | 390 | PDF p. 278 |
| Total paid in reporting yearcents per share / $m | 24.00 | 623 | 21.05 | 575 | PDF p. 278 |
Definitions & sources
Original report: PDF p. 278 ↗
* Calculated using the outstanding number of ordinary shares as at 31 December 2025.
Second interim dividend of 18.89 cents for 2025 payable 13 May 2026 (paid on or about 20 May 2026 for CDP holders); record date 27 March 2026.
I(vi)(a) Selected historical financial information – IFRS income statement, EPS, dividend, financial position (2022–2025)
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $m | 2024Group, $m | 2023Group, $m | 2022Group, $m | Source |
|---|---|---|---|---|---|
| Income statement | |||||
| Insurance revenue$m | 11,080 | 10,358 | 9,371 | 8,549 | PDF p. 395 |
| Insurance service expense$m | (8,244) | (7,763) | (7,113) | (6,267) | PDF p. 395 |
| Net expense from reinsurance contracts held$m | (212) | (302) | (171) | (105) | PDF p. 395 |
| Insurance service result$m | 2,624 | 2,293 | 2,087 | 2,177 | PDF p. 395 |
| Investment return$m | 16,264 | 5,919 | 9,763 | (29,380) | PDF p. 395 |
| Fair value movements on investment contract liabilities$m | (72) | (95) | (24) | 67 | PDF p. 395 |
| Net insurance finance (expense) income$m | (14,771) | (4,492) | (8,648) | 27,430 | PDF p. 395 |
| Net investment result$m | 1,421 | 1,332 | 1,091 | (1,883) | PDF p. 395 |
| Other revenue$m | 411 | 382 | 369 | 436 | PDF p. 395 |
| Non-insurance expenditure$m | (1,031) | (1,003) | (990) | (1,019) | PDF p. 395 |
| Finance costs: interest on core structural borrowings of shareholder-financed$m | (183) | (171) | (172) | (200) | PDF p. 395 |
| Gain (loss) attaching to corporate transactions$m | 1,515 | (71) | (22) | 55 | PDF p. 395 |
| Share of profit (loss) from joint ventures and associates, net of related tax$m | 364 | 477 | (91) | (85) | PDF p. 395 |
| Tax charge attributable to policyholders’ returns$m | (180) | (286) | (175) | (124) | PDF p. 395 |
| Profit (loss) before tax attributable to shareholders' returns$m | 4,941 | 2,953 | 2,097 | (643) | PDF p. 395 |
| Total tax charge attributable to shareholders' and policyholders' returns$m | (1,002) | (824) | (560) | (478) | PDF p. 395 |
| Remove tax charge attributable to policyholders' returns$m | 180 | 286 | 175 | 124 | PDF p. 395 |
| Tax charge attributable to shareholders' returns$m | (822) | (538) | (385) | (354) | PDF p. 395 |
| Profit (loss) for the year$m | 4,119 | 2,415 | 1,712 | (997) | PDF p. 395 |
| Dividend per share (in cents) | |||||
| Dividends paid in reporting periodcents | 24.00 | 21.05 | 19.30 | 17.60 | PDF p. 395 |
| Statement of financial position at 31 Dec | |||||
| Total assets excluding insurance and reinsurance contracts assets$m | 206,973 | 177,141 | 170,460 | 157,259 | PDF p. 395 |
| Insurance and reinsurance contract assets$m | 5,222 | 4,735 | 3,606 | 2,990 | PDF p. 395 |
| Total assets$m | 212,195 | 181,876 | 174,066 | 160,249 | PDF p. 395 |
| Insurance and reinsurance contract liabilities$m | 175,138 | 148,102 | 140,991 | 127,417 | PDF p. 395 |
| Investment contract liabilities without discretionary participation features$m | 715 | 748 | 769 | 663 | PDF p. 395 |
| Core structural borrowings of shareholder-financed businesses$m | 4,459 | 3,925 | 3,933 | 4,261 | PDF p. 395 |
| Total liabilities$m | 190,835 | 163,202 | 156,083 | 143,351 | PDF p. 395 |
| Total equity$m | 21,360 | 18,674 | 17,983 | 16,898 | PDF p. 395 |
Definitions & sources
Original report: PDF p. 395 ↗
This table is only a summary and should be read in conjunction with Prudential’s consolidated financial statements and the related notes. The row 'Profit (loss) before tax (being tax attributable to shareholders’ and policyholders’ returns) note (1)' is 5,121 / 3,239 / 2,272 / (519) (label wraps). Printed page 393.
Note (1) from next page: This measure is the formal profit before tax measure under IFRS. It is not the result attributable to shareholders principally because total corporate tax of the Group includes those taxes on the income of consolidated with-profits and unit-linked funds that, through adjustments to benefits, are borne by policyholders.
Supplementary IFRS financial results (2022–2025)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $m | 2024Group, $m | 2023Group, $m | 2022Group, $m | Source |
|---|---|---|---|---|---|
| Supplementary IFRS financial results | |||||
| Adjusted operating profit note (2)$m | 3,306 | 3,129 | 2,893 | 2,722 | PDF p. 396 |
| Non-operating items$m | 1,635 | (176) | (796) | (3,365) | PDF p. 396 |
| Profit (loss) before tax attributable to shareholders$m | 4,941 | 2,953 | 2,097 | (643) | PDF p. 396 |
| Adjusted operating profit after tax and non-controlling interests$m | 2,617 | 2,436 | 2,438 | 2,172 | PDF p. 396 |
| Operating earnings per share after tax and non-controlling interests (in cents)cents | 101.4 | 89.7 | 89.0 | 79.4 | PDF p. 396 |
Definitions & sources
Original report: PDF p. 396 ↗
(2) Adjusted operating profit is determined on the basis of including longer-term investment returns and is stated after excluding the effect of short-term interest rate and other market fluctuations and gain or loss attaching to corporate transactions.
2021 comparatives are on IFRS 4 basis (not restated to IFRS 17) and are not comparable; 2021 single-year figures printed on pp.396-397 (e.g. total assets 199,102; total equity 17,264; basic EPS total (77.7)¢; dividends paid 16.10¢ excluding demerger dividend; operating EPS continuing 101.5¢) and are not tabulated as they are one-year only.
Supplementary embedded value basis results (2025 vs 2024)
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as printed | 2024Group, as printed | Source |
|---|---|---|---|
| Supplementary embedded value basis results | |||
| Operating profit$m | 4,752 | 4,095 | PDF p. 397 |
| Non-operating items$m | (81) | (566) | PDF p. 397 |
| Profit attributable to shareholders$m | 4,671 | 3,529 | PDF p. 397 |
| Operating earnings per share after non-controlling interests (in cents)cents | 178.5 | 146.2 | PDF p. 397 |
| New business contribution | |||
| APE sales$m | 6,661 | 6,202 | PDF p. 397 |
| NBP (post-tax)$m | 2,782 | 2,464 | PDF p. 397 |
| Embedded value at 31 Dec | |||
| Group EV equity, net of non-controlling interests$bn | 37.8 | 34.3 | PDF p. 397 |
| Free surplus | |||
| Gross operating free surplus generated from in-force insurance and asset management businesses$m | 3,059 | 2,666 | PDF p. 397 |
| Net Group operating free surplus generated note$m | 1,675 | 1,364 | PDF p. 397 |
Definitions & sources
Original report: PDF p. 397 ↗
Note: Net Group operating free surplus generated represents operating free surplus generated less central costs, eliminations, restructuring costs and IFRS 17 costs, net of tax.
Prudential converted to TEV basis in 2025, with 2024 comparatives restated. No prior periods were restated and so only two years are shown.
Other financial information at 31 Dec (five-year)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025At 31 Dec, $bn | 2024At 31 Dec, $bn | 2023At 31 Dec, $bn | 2022At 31 Dec, $bn | 2021At 31 Dec, $bn | Source |
|---|---|---|---|---|---|---|
| Other financial information | ||||||
| Eastspring funds under management or advice note 1$bn | 277.7 | 258.0 | 237.1 | 221.4 | 258.5 | PDF p. 397 |
| Group shareholder GWS capital surplus (over GPCR)note 2$bn | 17.1 | 15.9 | 16.1 | 15.6 | 17.5 | PDF p. 397 |
Definitions & sources
Original report: PDF p. 397 ↗
(1) Eastspring total funds under management or advice comprise funds from external parties, including funds managed on behalf of M&G plc, as well as funds managed or advised for the Group’s insurance operations.
(2) The Group shareholder GWS capital surplus (over GPCR) reflects the Insurance (Group Capital) Rules as set out in the GWS Framework, which became effective for Prudential in May 2021.
Where the money comes from
Segment information
By business
B1.1 Segment results (adjusted operating profit by segment) 7 lines
| Item / unit | 20252025 $m, AER basis (note i) | 20242024 $m, AER (note i) | 20242024 $m, CER (note i) | 2025Change (%), 2025 vs 2024, AER | 2025Change (%), 2025 vs 2024, CER | Source |
|---|---|---|---|---|---|---|
| Segment results | ||||||
| Singapore$m (change columns %) | 706 | 693 | 709 | 2 | 0 | PDF p. 263 |
| Eastspring$m (change columns %) | 329 | 304 | 301 | 8 | 9 | PDF p. 263 |
| Total segment profit$m (change columns %) | 3,939 | 3,723 | 3,751 | 6 | 5 | PDF p. 263 |
| Other income and expenditure unallocated to a segment | ||||||
| Net investment return and other items note (iv)$m (change columns %) | (41) | 21 | 21 | n/a | n/a | PDF p. 263 |
| Corporate expenditure$m (change columns %) | (237) | (237) | (237) | 0 | 0 | PDF p. 263 |
| Segment results | ||||||
| Adjusted operating profit$m (change columns %) | 3,306 | 3,129 | 3,157 | 6 | 5 | PDF p. 263 |
| Profit for the year$m (change columns %) | 4,119 | 2,415 | 2,439 | n/a | n/a | PDF p. 263 |
Notes
(i) Segment results are attributed to the shareholders of the Group before deducting the amount attributable to the non-controlling interests. For definitions of AER and CER refer to note A1.
(ii) The Mainland China segment reflects the Group's 50 per cent ownership in CITIC-Prudential Life Insurance Company Limited.
(iii) The Growth markets and other segment includes non-insurance entities that support the Group's insurance business and the result is after deducting the corporate taxes arising from all the life joint ventures and associates.
(v) Restructuring costs include those incurred in insurance and asset management operations of $(49) million (2024: $(59) million).
Profit measure is adjusted operating profit (IFRS operating profit based on longer-term investment returns).
B1.6 Segmental analysis of adjusted operating profit after tax and reconciliation to profit after tax 10 lines
| Item / unit | 20252025 $m Adjusted operating profit after tax | 20252025 $m Non-operating items after tax | 20252025 $m Profit after tax | 20242024 $m Adjusted operating profit after tax | 20242024 $m Non-operating items after tax | 20242024 $m Profit after tax | Source |
|---|---|---|---|---|---|---|---|
| Segmental profit after tax | |||||||
| Hong Kong$m | 1,126 | 207 | 1,333 | 971 | (120) | 851 | PDF p. 270 |
| Indonesia$m | 198 | 26 | 224 | 218 | (37) | 181 | PDF p. 270 |
| Mainland China note$m | 411 | (435) | (24) | 363 | (204) | 159 | PDF p. 270 |
| Malaysia note$m | 320 | 5 | 325 | 264 | 32 | 296 | PDF p. 270 |
| Singapore$m | 603 | 363 | 966 | 594 | (28) | 566 | PDF p. 270 |
| Growth markets and other note$m | 491 | 44 | 535 | 531 | (28) | 503 | PDF p. 270 |
| Asset management$m | 305 | 1,328 | 1,633 | 275 | (11) | 264 | PDF p. 270 |
| Total segment profit$m | 3,454 | 1,538 | 4,992 | 3,216 | (396) | 2,820 | PDF p. 270 |
| Unallocated to a segment (central operations)$m | (682) | (191) | (873) | (634) | 229 | (405) | PDF p. 270 |
| Group total$m | 2,772 | 1,347 | 4,119 | 2,582 | (167) | 2,415 | PDF p. 270 |
Notes
The amounts shown are before deducting any applicable non-controlling interests.
Note: The Growth markets and other segment comprises all other Asia and Africa insurance businesses alongside amounts not included in the segment profit of an individual business unit, including tax on life joint ventures and associates accounted for on an equity-method basis. Accordingly the amount shown for Mainland China is before tax (its tax being included in Growth markets and other). The Group's share of the Mainland China joint venture's post-tax result was $3 million (2024: $141 million).
B1.4(a) Analysis of total revenue by segment, 2024 7 lines
| Item / unit | 2024Hong Kong, 2024 $m | 2024Indonesia, 2024 $m | 2024Malaysia, 2024 $m | 2024Singapore, 2024 $m | 2024Growth markets and other, 2024 $m | 2024Eastspring, 2024 $m | 2024Inter-segment elimination, 2024 $m | 2024Total segment, 2024 $m | 2024Unallocated to a segment (central operations), 2024 $m | 2024Total, 2024 $m | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| Other revenue note (iii)$m | 24 | 2 | – | 2 | 21 | 333 | – | 382 | – | 382 | PDF p. 268 |
| Total revenue from external customers note (iv)$m | 3,728 | 1,179 | 1,290 | 2,253 | 1,957 | 333 | – | 10,740 | – | 10,740 | PDF p. 268 |
| Intra-group revenue$m | – | – | – | – | – | 221 | (221) | – | – | – | PDF p. 268 |
| Investment return | |||||||||||
| Interest income$m | 1,077 | 101 | 216 | 797 | 688 | 7 | – | 2,886 | 209 | 3,095 | PDF p. 268 |
| Dividend and other investment income$m | 1,279 | 105 | 181 | 651 | 164 | 3 | – | 2,383 | – | 2,383 | PDF p. 268 |
| Investment appreciation (depreciation)$m | (3,317) | (86) | 736 | 2,275 | 604 | 1 | – | 213 | 228 | 441 | PDF p. 268 |
| Revenue | |||||||||||
| Total revenue$m | 2,767 | 1,299 | 2,423 | 5,976 | 3,413 | 565 | (221) | 16,222 | 437 | 16,659 | PDF p. 268 |
Notes
(i) The Group's share of the results from the joint ventures and associates that are equity accounted for, including the Mainland China life joint venture, is not shown in the revenue line items above. Revenue from external customers of the Mainland China joint venture (Prudential's share) in 2025 is $544 million (2024: $573 million).
(iii) Other revenue comprises revenue from external customers and consists primarily of revenue from the Group's asset management business of $358 million (2024: $333 million).
(iv) There is no reliance on any major customers. Of the Group's markets, other than Hong Kong, Indonesia, Malaysia and Singapore, no individual markets have revenue from external customers that exceeds 10 per cent of the Group total for the years presented.
B2 Segmental analysis of total depreciation and amortisation 9 lines
| Item / unit | 20252025 $m | 20242024 $m | Source |
|---|---|---|---|
| Depreciation and amortisation | |||
| Hong Kong$m | 157 | 51 | PDF p. 271 |
| Indonesia$m | 17 | 12 | PDF p. 271 |
| Malaysia$m | 51 | 22 | PDF p. 271 |
| Singapore$m | 93 | 36 | PDF p. 271 |
| Growth markets and other$m | 223 | 372 | PDF p. 271 |
| Eastspring$m | 12 | 13 | PDF p. 271 |
| Total segment$m | 553 | 506 | PDF p. 271 |
| Unallocated to a segment (central operations)$m | 18 | 17 | PDF p. 271 |
| Total depreciation and amortisation$m | 571 | 523 | PDF p. 271 |
Notes
Total depreciation and amortisation relate primarily to amortisation of distribution rights intangibles (note C4.2) and depreciation of property, plant and equipment (note C10).
B3.1 Total tax charge by segment 9 lines
| Item / unit | 20252025 $m | 20242024 $m | Source |
|---|---|---|---|
| Tax charge | |||
| Hong Kong$m | (148) | (229) | PDF p. 275 |
| Indonesia$m | (45) | (37) | PDF p. 275 |
| Malaysia$m | (123) | (155) | PDF p. 275 |
| Singapore$m | (249) | (176) | PDF p. 275 |
| Growth markets and other$m | (110) | (158) | PDF p. 275 |
| Eastspring note (i)$m | (256) | (29) | PDF p. 275 |
| Total segment note (ii)$m | (931) | (784) | PDF p. 275 |
| Unallocated to a segment (central operations)$m | (71) | (40) | PDF p. 275 |
| Total tax charge note (iii)$m | (1,002) | (824) | PDF p. 275 |
Notes
(i) The Eastspring tax charge in 2025 includes tax in relation to the gain attaching to corporate transactions (note D6.3).
(ii) Profit before tax includes Prudential's share of profit after tax from equity-accounted joint ventures and associates; the tax charge does not include tax arising from their results, including the Mainland China life joint venture.
C10(c) Capital expenditure: property, plant and equipment by segment 9 lines
| Item / unit | 20252025 $m | 20242024 $m | Source |
|---|---|---|---|
| Capital expenditure | |||
| Hong Kong$m | 39 | 41 | PDF p. 322 |
| Indonesia$m | 7 | 4 | PDF p. 322 |
| Malaysia$m | 2 | 2 | PDF p. 322 |
| Singapore$m | 25 | 24 | PDF p. 322 |
| Growth markets and other$m | 29 | 21 | PDF p. 322 |
| Eastspring$m | 1 | 7 | PDF p. 322 |
| Total segment$m | 103 | 99 | PDF p. 322 |
| Unallocated to a segment (central operations)$m | 1 | 2 | PDF p. 322 |
| Total capital expenditure on property, plant and equipment$m | 104 | 101 | PDF p. 322 |
Notes
Capital expenditure on property, plant and equipment excluding right-of-use assets in 2025 of $104 million (2024: $101 million).
C3.3(c) Insurance contract balances by segment, as at 31 Dec 2025 (Insurance, net liabilities (assets)) 7 lines
| Item / unit | 2025Insurance BEL, $m, 31 Dec 2025 | 2025Insurance RA, $m, 31 Dec 2025 | 2025Insurance CSM, $m, 31 Dec 2025 | 2025Insurance Total, $m, 31 Dec 2025 | Source |
|---|---|---|---|---|---|
| As at 31 Dec 2025 | |||||
| Mainland China$m | 15,709 | 184 | 1,603 | 17,496 | PDF p. 301 |
| Hong Kong$m | 73,749 | 836 | 10,657 | 85,242 | PDF p. 301 |
| Indonesia$m | 1,805 | 157 | 691 | 2,653 | PDF p. 301 |
| Malaysia$m | 8,328 | 515 | 2,330 | 11,173 | PDF p. 301 |
| Singapore$m | 42,039 | 952 | 5,558 | 48,549 | PDF p. 301 |
| Growth markets and other$m | 27,435 | 488 | 4,579 | 32,502 | PDF p. 301 |
| Total insurance segments$m | 169,065 | 3,132 | 25,418 | 197,615 | PDF p. 301 |
Notes
Balances exclude assets for insurance acquisition cash flows and include the Group's share of insurance contract balances of the life business of Mainland China, India and Takaful business in Malaysia, accounted for on an equity method. The reinsurance columns are printed on the same rows; this table extracts only the insurance columns.
C3.3(c) Insurance contract balances by segment, as at 31 Dec 2024 (Insurance, net liabilities (assets)) 7 lines
| Item / unit | 2024Insurance BEL, $m, 31 Dec 2024 | 2024Insurance RA, $m, 31 Dec 2024 | 2024Insurance CSM, $m, 31 Dec 2024 | 2024Insurance Total, $m, 31 Dec 2024 | Source |
|---|---|---|---|---|---|
| As at 31 Dec 2024 | |||||
| Mainland China$m | 14,033 | 168 | 1,484 | 15,685 | PDF p. 301 |
| Hong Kong$m | 63,056 | 698 | 8,840 | 72,594 | PDF p. 301 |
| Indonesia$m | 1,839 | 189 | 622 | 2,650 | PDF p. 301 |
| Malaysia$m | 7,032 | 418 | 2,135 | 9,585 | PDF p. 301 |
| Singapore$m | 34,235 | 815 | 5,160 | 40,210 | PDF p. 301 |
| Growth markets and other$m | 23,873 | 455 | 4,220 | 28,548 | PDF p. 301 |
| Total insurance segments$m | 144,068 | 2,743 | 22,461 | 169,272 | PDF p. 301 |
Notes
Same basis as the 2025 table; the reinsurance columns on the same rows are not extracted here.
Debt
Borrowings
Contractual maturities of financial liabilities (undiscounted) - 31 Dec 2025 $m: borrowings and lease liabilities
| Item / unit | 2025Total carrying value | 20251 year or less | 20251-2 years | 20252-5 years | 20255-10 years | 202510-15 years | 202515-20 years | 2025Over 20 years | 2025No stated maturity | 2025Total undiscounted cash flows | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2025 $m | |||||||||||
| Core structural borrowings of shareholder-financed businesses$m | 4,459 | 147 | 148 | 724 | 3,610 | – | – | – | 750 | 5,379 | PDF p. 287 |
| Lease liabilities under IFRS 16$m | 310 | 96 | 73 | 111 | 97 | 5 | – | – | – | 382 | PDF p. 287 |
| Other operational borrowings$m | 521 | 521 | – | – | – | – | – | – | – | 521 | PDF p. 287 |
Notes
Undiscounted cash flow basis including contractual interest payments on debt with a stated maturity, based on the earliest period in which the Group can be required to pay. The core structural borrowings row label wraps across two lines ('Core structural borrowings of' / 'shareholder-financed businesses'); the quote is the second line containing the values.
Contractual maturities of financial liabilities (undiscounted) - 31 Dec 2024 $m: borrowings and lease liabilities
| Item / unit | 2024Total carrying value | 20241 year or less | 20241-2 years | 20242-5 years | 20245-10 years | 202410-15 years | 202415-20 years | 2024Over 20 years | 2024No stated maturity | 2024Total undiscounted cash flows | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2024 $m | |||||||||||
| Core structural borrowings of shareholder-financed businesses$m | 3,925 | 125 | 125 | 678 | 3,111 | – | – | – | 750 | 4,789 | PDF p. 287 |
| Lease liabilities under IFRS 16$m | 257 | 84 | 71 | 111 | 18 | – | – | – | – | 284 | PDF p. 287 |
| Other operational borrowings$m | 540 | 540 | – | – | – | – | – | – | – | 540 | PDF p. 287 |
Notes
Same basis as the 2025 table. The core structural borrowings row label wraps across two lines; the quote is the second line containing the values.
Borrowing notes 3 tables
C5.1 Core structural borrowings of shareholder-financed businesses
| Item / unit | 202531 Dec 2025 $m carrying value | 202431 Dec 2024 $m carrying value | Source |
|---|---|---|---|
| Subordinated debt | |||
| US$750m 4.875% notes$m | 750 | 750 | PDF p. 312 |
| £435m 6.125% notes 2031$m | 583 | 542 | PDF p. 312 |
| US$1,000m 2.95% notes 2033$m | 998 | 997 | PDF p. 312 |
| SGD 600m 3.80% notes 2035 note (i)$m | 464 | – | PDF p. 312 |
| Senior debt note (ii) | |||
| £250m 5.875% notes 2029$m | 325 | 299 | PDF p. 312 |
| US$1,000m 3.125% notes 2030$m | 992 | 990 | PDF p. 312 |
| US$350m 3.625% notes 2032$m | 347 | 347 | PDF p. 312 |
| Total | |||
| Total core structural borrowings of shareholder-financed businesses$m | 4,459 | 3,925 | PDF p. 312 |
Notes
(i) On 22 May 2025, Prudential Funding (Asia) plc, a wholly owned subsidiary of the Group, issued SGD 600 million 3.80 per cent subordinated debt maturing on 22 May 2035 with proceeds, net of costs, of US$462 million. Under IFRS 9, the Group has designated this SGD-denominated borrowing as a net investment hedge of the currency risk related to the Group's investment in the Singapore business.
(ii) The senior debt ranks above subordinated debt in the event of liquidation.
Coupon rates and currency (US$, £, SGD) are as printed in the instrument labels.
C5.2 Operational borrowings
| Item / unit | 202531 Dec 2025 $m | 202431 Dec 2024 $m | Source |
|---|---|---|---|
| Operational borrowings | |||
| Borrowings in respect of short-term fixed income securities programmes (commercial paper)$m | 520 | 527 | PDF p. 313 |
| Lease liabilities under IFRS 16$m | 310 | 257 | PDF p. 313 |
| Other borrowings$m | 1 | 13 | PDF p. 313 |
| Total operational borrowings$m | 831 | 797 | PDF p. 313 |
Borrowings carried at amortised cost: carrying value and fair value
| Item / unit | 202531 Dec 2025 carrying value $m | 202531 Dec 2025 fair value $m | 202431 Dec 2024 carrying value $m | 202431 Dec 2024 fair value $m | Source |
|---|---|---|---|---|---|
| Financial liabilities | |||||
| Core structural borrowings of shareholder-financed businesses note (ii)$m | (4,459) | (4,402) | (3,925) | (3,694) | PDF p. 286 |
| Operational borrowings (excluding lease liabilities) note (i)$m | (521) | (521) | (540) | (540) | PDF p. 286 |
Notes
(i) The fair value of loans, operational borrowings (excluding lease liabilities) and obligations under funding, securities lending and sale and repurchase agreements has been estimated from the discounted cash flows expected to be received or paid.
(ii) The fair value of the subordinated and senior debt issued by the Group is determined using quoted prices from independent third parties.
(iii) All financial assets and liabilities in the table above have been classified within level 2 at 31 December 2025 and 2024.
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| First interim dividend | 7.71 cents per share | Group, relating to reporting year 2025 | PDF p. 278 |
| First interim dividend | 6.84 cents per share | Group, relating to reporting year 2024 (comparative) | PDF p. 278 |
| Second interim dividend | 18.89 cents per share | Group, relating to reporting year 2025 | PDF p. 278 |
| Second interim dividend | 16.29 cents per share | Group, relating to reporting year 2024 (comparative) | PDF p. 278 |
| Total relating to reporting year | 26.60 cents per share | Group, relating to reporting year 2025 | PDF p. 278 |
| Total relating to reporting year | 23.13 cents per share | Group, relating to reporting year 2024 (comparative) | PDF p. 278 |
| Total paid in reporting year | 24.00 cents per share | Group, paid in 2025 | PDF p. 278 |
| Second interim dividend payment | On 13 May 2026, Prudential will pay a second interim dividend of 18.89 cents per ordinary share for the year ended 31 December 2025. | Group, 2025 second interim dividend | PDF p. 278 |
| First interim dividend payment | The 2025 first interim dividend of 7.71 cents per ordinary share was paid to eligible shareholders on 16 October 2025. | Group, 2025 first interim dividend | PDF p. 278 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Scrip dividend alternative | A scrip dividend alternative will again be offered which will involve the issuance of relevant new ordinary shares on the Hong Kong line only. | Group, 2025 second interim dividend | PDF p. 278 |
| Dividend reinvestment plan (DRIP) | A dividend reinvestment plan (DRIP) will continue to be offered to | Group, UK register shareholders | PDF p. 46 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
Insurance metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| GWS coverage ratio over GPCR (%) | 262% | Shareholder basis, 31 Dec 2025 (comparative 31 Dec 2024: 280%) · As at 2025-12-31 | PDF p. 46 |
| GWS coverage ratio over GPCR (%) | 197% | Total company basis, 31 Dec 2025 (comparative 31 Dec 2024: 203%) · As at 2025-12-31 | PDF p. 46 |
| GWS Tier 1 coverage ratio over GMCR (%) | 316% | Total company basis, 31 Dec 2025 (comparative 31 Dec 2024: 325%) · As at 2025-12-31 | PDF p. 46 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Ernst & Young LLP, Statutory Auditor | Group and parent company, year ended 31 December 2025 | PDF p. 350 |
| Senior statutory auditor | John Headley (Senior statutory auditor) | Group and parent company, year ended 31 December 2025 | PDF p. 350 |
| Opinion | Prudential plc’s Group financial statements and parent company financial statements (the “financial statements”) give a true and fair view | Group and parent company, year ended 31 December 2025 | PDF p. 343 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Conclusions relating to going concern | we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and parent company’s ability to continue as a going concern for a period to 31 March 2027 | Group and parent company | PDF p. 344 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.