Results summary

  Half year 2023
$m
Half year 2022
$m
International Financial Reporting Standards (IFRS) Basis Results    
Adjusted IFRS operating profit 1,462 1,411
Earnings per share based on adjusted IFRS operating profit after non-controlling interests 45.2¢ 40.6¢
Profit (loss) after tax 947 (1,505)
IFRS shareholders’ equity per share 623¢ 594¢
IFRS shareholders’ equity 17,159 16,731
Adjusted shareholders’ equity per share 1,324¢ n/a
Adjusted shareholders’ equity 36,445 n/a
European Embedded Value (EEV) Basis Results    
New business profit 1,489 1,098
Operating profit 2,155 1,806
Basic earnings per share based on operating profit after non-controlling interests 78.2¢ 65.6¢
EEV shareholders' equity (including goodwill attributable to equity holders) 43,704 42,300
Operating free surplus generated from in-force insurance and asset management business 1,438 1,503
Operating free surplus generated from insurance and asset management operations before restructuring and IFRS 17 implementation costs 1,024 1,224
Dividend    
Dividend per share relating to the reporting period 6.26¢ 5.74¢

Basis of preparation

The results are prepared on two bases: International Financial Reporting Standards (IFRS) and European Embedded Value (EEV). The results prepared under IFRS form the basis of the Group’s statutory financial statements. The EEV financial results have been prepared in accordance with the amended EEV Principles issued by the European Insurance CFO Forum in 2016. The Group’s EEV basis results are stated net of tax and include the net of tax IFRS financial results of the Group’s asset management and other operations.

The Group provides supplementary analysis of profit before tax attributable to shareholders in order to distinguish operating profit based on longer-term investment returns from the other elements of total profit shown.

EEV and adjusted IFRS operating profit is based on longer-term investment returns and is stated before the effect of short-term fluctuations in investment returns against long-term assumptions and other corporate transactions. Furthermore, for EEV basis results, operating profit based on longer-term investment returns excludes the effect of changes in economic assumptions and the mark-to-market value movement on core borrowings.

Adjusted shareholders’ equity is defined as IFRS shareholders' equity plus contractual service margin net of reinsurance and related tax adjustments. See note C3.1 in the IFRS financial results for further information.

Operating free surplus generation is the financial metric we use to measure the internal cash generation of our business operations and for our life operations is generally based on the capital regimes that apply locally in the various jurisdictions in which the Group operates (with adjustments so that the free surplus better reflects resources potentially available for distribution to the Group). It represents amounts emerging from the in-force business during the period, net of amounts reinvested in writing new business (where applicable). For asset management businesses, it equates to post-tax adjusted operating profit for the period.

Exchange translation

The IFRS and EEV results are presented in US dollars. The comparative results have been prepared using previously reported actual exchange rates.

Jackson National Life Insurance Company

Prudential

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Prudential

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Prudential plc is an international company incorporated in the United Kingdom, and its affiliated companies constitute one of the world’s leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world, and it has been in existence for over 170 years. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America, or the Prudential Assurance Company, a subsidiary of M&G plc (a company incorporated in the United Kingdom).

PPM America

Prudential

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Prudential

If you are looking for an affiliate of Prudential Financial, Inc, whose principal place of business is in the United States of America.

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Prudential plc is an international company incorporated in the United Kingdom, and its affiliated companies constitute one of the world’s leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world, and it has been in existence for over 170 years. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America, or the Prudential Assurance Company, a subsidiary of M&G plc (a company incorporated in the United Kingdom).

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For M&G and Prudential UK customers and policyholders:

In October 2019, Prudential plc separated its UK operations and, as a result of this separation, Prudential UK is now owned by M&G plc. The M&G plc group is a separate, independent group and as such we are not able to help any M&G or Prudential UK customers or policyholders.

Therefore, to find the best way to make contact, please visit www.pru.co.uk/contact-us

For further information on the M&G plc group, please visit the M&G website: www.mandg.com