v3.25.2
Report of the directors financial review risk report - Balance sheet of insurance manufacturing subsidiaries by type of contract (Details) - GBP (£)
£ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Disclosure of financial assets [line items]        
Derivatives £ 176,838 £ 198,172    
Total assets 720,637 727,330    
Deferred tax 5 5    
Total liabilities 692,830 700,277    
Total equity 27,807 27,053 £ 25,487 £ 24,505
Total liabilities and equity 720,637 727,330    
Assets held for sale [1] 28,122 21,606    
Liabilities of disposal groups [1] 33,097 23,110    
Insurance manufacturing subsidiaries        
Disclosure of financial assets [line items]        
Financial assets 5,505 5,244    
– financial assets designated and otherwise mandatorily measured at fair value through profit or loss 4,913 4,638    
Derivatives 8 5    
– financial investments – at amortised cost 2 1    
– financial assets at fair value through other comprehensive income 0 0    
Other financial assets 582 600    
Insurance contract assets 45 38    
Reinsurance contract assets 132 132    
Other assets and investment properties 20,411 19,406    
Total assets 26,093 24,820    
Liabilities under investment contracts designated at fair value 1,074 1,078    
Insurance contract liabilities 3,707 3,424    
Reinsurance contract liabilities 29 38    
Deferred tax 8 9    
Other liabilities 20,087 19,148    
Total liabilities 24,905 23,697    
Total equity 1,188 1,123    
Total liabilities and equity 26,093 24,820    
Insurance manufacturing subsidiaries | French Life Insurance Business        
Disclosure of financial assets [line items]        
Assets held for sale 20,338 19,309    
Liabilities of disposal groups 19,606 18,668    
Insurance manufacturing subsidiaries | Shareholder assets and liabilities        
Disclosure of financial assets [line items]        
Financial assets 429 421    
– financial assets designated and otherwise mandatorily measured at fair value through profit or loss 363 365    
Derivatives 0 0    
– financial investments – at amortised cost 2 1    
– financial assets at fair value through other comprehensive income 0 0    
Other financial assets 64 55    
Insurance contract assets 0 0    
Reinsurance contract assets 0 0    
Other assets and investment properties 1,257 1,176    
Total assets 1,686 1,597    
Liabilities under investment contracts designated at fair value 0 0    
Insurance contract liabilities 0 0    
Reinsurance contract liabilities 0 0    
Deferred tax 8 9    
Other liabilities 1,891 1,761    
Total liabilities 1,899 1,770    
Total equity 1,188 1,123    
Total liabilities and equity 3,087 2,893    
Insurance manufacturing subsidiaries | Life Direct Participating and investment DPF contracts | Assets and liabilities related to insurance contracts        
Disclosure of financial assets [line items]        
Financial assets 4,010 3,749    
– financial assets designated and otherwise mandatorily measured at fair value through profit or loss 3,506 3,223    
Derivatives 8 5    
– financial investments – at amortised cost 0 0    
– financial assets at fair value through other comprehensive income 0 0    
Other financial assets 496 521    
Insurance contract assets 0 0    
Reinsurance contract assets 0 0    
Other assets and investment properties 19,149 18,229    
Total assets 23,159 21,978    
Liabilities under investment contracts designated at fair value 0 0    
Insurance contract liabilities 3,452 3,165    
Reinsurance contract liabilities 0 0    
Deferred tax 0 0    
Other liabilities 18,165 17,355    
Total liabilities 21,617 20,520    
Total equity 0 0    
Total liabilities and equity 21,617 20,520    
Insurance manufacturing subsidiaries | Life other | Assets and liabilities related to insurance contracts        
Disclosure of financial assets [line items]        
Financial assets 45 48    
– financial assets designated and otherwise mandatorily measured at fair value through profit or loss 30 32    
Derivatives 0 0    
– financial investments – at amortised cost 0 0    
– financial assets at fair value through other comprehensive income 0 0    
Other financial assets 15 16    
Insurance contract assets 45 38    
Reinsurance contract assets 132 132    
Other assets and investment properties 1 1    
Total assets 223 219    
Liabilities under investment contracts designated at fair value 0 0    
Insurance contract liabilities 255 259    
Reinsurance contract liabilities 29 38    
Deferred tax 0 0    
Other liabilities 31 32    
Total liabilities 315 329    
Total equity 0 0    
Total liabilities and equity 315 329    
Insurance manufacturing subsidiaries | Other contracts | Assets and liabilities related to insurance contracts        
Disclosure of financial assets [line items]        
Financial assets 1,021 1,026    
– financial assets designated and otherwise mandatorily measured at fair value through profit or loss 1,014 1,018    
Derivatives 0 0    
– financial investments – at amortised cost 0 0    
– financial assets at fair value through other comprehensive income 0 0    
Other financial assets 7 8    
Insurance contract assets 0 0    
Reinsurance contract assets 0 0    
Other assets and investment properties 4 0    
Total assets 1,025 1,026    
Liabilities under investment contracts designated at fair value 1,074 1,078    
Insurance contract liabilities 0 0    
Reinsurance contract liabilities 0 0    
Deferred tax 0 0    
Other liabilities 0 0    
Total liabilities 1,074 1,078    
Total equity 0 0    
Total liabilities and equity £ 1,074 £ 1,078    
[1] Includes businesses classified as held-for-sale as part of a broader restructuring of our European business. Refer to Note 11 'Assets held for sale and liabilities of
disposal groups held for sale' on page 48.