Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 183

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 183
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 net of tax compared to the prior year includes an increase in CSM net of tax of $1.2bn and a reduction in equity of $0.7bn. CSM net of tax benefited from strong new business written in the period, partially offset by a reduction of $0.6bn from reclassification of our French insurance business to held for sale. The reduction in insurance manufacturing equity of $0.7bn primarily reflected the benefit of profit after tax in the year of $0.9bn offset by net dividends paid of $1.5bn. Net dividends of $1.5bn in 2024 have increased by $0.7bn primarily due to releases of surplus regulatory capital in Hong Kong. WPB: Wealth balances The following table shows the wealth balances, which include invested assets and wealth deposits. Invested assets comprise customer assets either managed by our Asset Management business or by external third-party investment managers, as well as self-directed investments by our customers.

| WPB – reported wealth balances1                       |       |       |
|                                                       |  2024 |  2023 |
|                                                       |   $bn |   $bn |
| Global Private Banking invested assets                |   395 |   363 |
| –  managed by Global Asset Management                 |    68 |    61 |
| –  external managers, direct securities and other     |   327 |   302 |
| Retail invested assets                                |   409 |   383 |
| –  managed by Global Asset Management                 |   175 |   178 |
| –  external managers, direct securities and other     |   234 |   205 |
| Asset Management third-party distribution             |   489 |   445 |
| Reported invested assets1                             | 1,293 | 1,191 |
| Wealth deposits (Premier and Global Private Banking)2 |   555 |   536 |
| Total reported wealth balances                        | 1,848 | 1,727 |

1 Invested assets are not reported on the Group’s balance sheet, except where it is deemed that we are acting as principal rather than agent in our role as investment manager. At 31 December 2024, $54bn of invested assets were classified as held for sale and are not included in the table above (2023: $32bn). 2 Premier and Global Private Banking deposits, which include Prestige deposits in Hang Seng Bank, form part of the total WPB