Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 555

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 555
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3,440 |
| Other movements                                                                                      |                                                             — |                                                — |               — |     — |                                     — |                                                             — |                          — |     — |     — |      — |       — |
| Net closing balance at31 Dec 2023                                                                    |                                                       106,410 |                                            4,682 |             715 | 5,217 |                               117,024 |                                                         2,774 |                        397 |    19 |   385 |  3,575 | 120,599 |
| Closing assets                                                                                       |                                                           -30 |                                                3 |               — |    14 |                                   -13 |                                                          -339 |                         36 |     — |    64 |   -239 |    -252 |
| Closing liabilities                                                                                  |                                                       106,440 |                                            4,679 |             715 | 5,203 |                               117,037 |                                                         3,113 |                        361 |    19 |   321 |  3,814 | 120,851 |
| Net closing balance at31 Dec 2023                                                                    |                                                       106,410 |                                            4,682 |             715 | 5,217 |                               117,024 |                                                         2,774 |                        397 |    19 |   385 |  3,575 | 120,599 |

1 On transition to IFRS 17 the Group applied the full retrospective approach to new business written from 2018 at the earliest. Where applying the full

retrospective approach was impracticable, the Group primarily applied the fair value approach.

2 ‘Other contracts' are those contracts measured by applying IFRS 17 from inception of the contracts. These include contracts measured under the full

retrospective approach at transition and contracts incepted after transition.

3 ‘Changes in estimates that adjust contractual service margin’ increase of $ 921m (2023: $ 750m increase) includes an increase of $ 651m (2023: $ 233m increase)

from economic factors and an increase of $ 270m (2023: $ 517m increase) from non-economic factors.

4 ‘Net finance expense from insurance contracts’ expense of $ 6,169m (2023: $ 8,300m expense) comprises expense of $ 5,978m (2023: $ 7,809m expense)

recognised in the income statement and expense