Investor Presentaiton
Free surplus represents shareholder capital available for investment
Free surplus less impacted by recent
regulatory changes than GWS¹
GWS/LCSM shareholder & EEV free surplus, 2019-HY22 $bn
Reconciliation of EEV free surplus to
GWS¹ surplus
On a GPCR basis 30 June 2022, $bn
11.5
9.1
8.2
GWS surplus²
16.2
4.7
3.6
Free surplus³
8.4
8.6
5.0
5.7
3.6
2.1
2018
2019
2020
2021
2021
Group
HY22
Group
Asia (GMCR basis)
(GMCR basis)4,5
(post
regulatory
changes)6
8.6
3
EEV free surplus
70
1. Prudential applies the Insurance (Group Capital) Rules set out in the GWS Framework to determine group regulatory capital requirements (both minimum and prescribed levels).
2. GWS surplus vs GMCR from 2018-2021, vs GPCR at HY22.
3. Excluding distribution rights and other intangibles.
4. Proforma for $1.7bn debt redemption in January 2022.
5. Before allowing for the second 2021 interim dividend.
6. Before allowing for the first 2022 interim dividend.
4.9
0.7
0.1
1.9
Restrictions
applied in free
surplus for China
C-ROSS
Restrictions
applied in free
surplus for Hong
Kong RBC
Restrictions
applied in free
surplus for
Singapore RBC
16.2
Other
GWS
Shareholder
surplus over
GPCRView entire presentation