Jul 20, 2023 / 04:00AM GMT
Ben Bulmer - Prudential plc - CFO
Good afternoon from Hong Kong. My name is Ben Bulmer, and it's my pleasure to provide you with this IFRS17 briefing. This presentation will provide insights into our full year '22 results following the application of IFRS17 and IFRS9, by explaining the key drivers of our financial performance.
There are a few key messages I'd like you to take away from this briefing. Firstly, IFRS17 is a new accounting framework, impacting the timing of profit emergence rather than total profit. It does not change the attractive fundamentals of our business nor the exciting opportunities ahead. Prudential's IFRS17 opening equity position and 2022 adjusted operating profit are consistent with the guidance provided at our full year results in March. In respect to the mechanics of IFRS17, profit growth is driven by growth in the contractual service margin, or CSM, which in turn, is dependent on adding more from new business than is released to profit in the period. We expect the compounding effect of growth in new business CSM to support growth in adjusted operating profit over time.
Prudential PLC IFRS17 Briefing (Pre-Recorded) Transcript
Feb 11, 2024
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