Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 181

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 181
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 with HSBC non-insurance operations. The ‘All global businesses‘ result consists primarily of WPB business, as well as a small proportion of CMB business. 3 Net investment return under IFRS 17 for all global businesses for 2024 was $198m (2023: $116m; 2022: $162m), which consisted of net interest income, net income/(expenses) on assets held at fair value through profit or loss, and insurance finance income/(expense). 4 Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue. 5 The effect of applying hyperinflation accounting in Argentina on insurance manufacturing operations in all global business resulted in a decrease of $53m in revenue in 2024 (2023: decrease of $35m, 2022: decrease of $7m) and a decrease of $53m in profit before tax in 2024 (2023: decrease of $35m, 2022: decrease of $6m). 6 Net dividends of insurance manufacturing operations include dividends paid to immediate parent companies of $1,612m (2023: $993m; 2022: $606m) net of CET1 qualifying injections to fund business growth of $90m (2023: $180m; 2022: $758m including a $528m capital injection to fund the acquisition of AXA Singapore). Insurance manufacturing The following commentary, unless otherwise specified, relates to the ‘All global businesses’ results. Profit before tax of $1.1bn increased by $0.4bn compared with 2023. This primarily reflected the following: – Insurance service result of $1.4bn increased by $0.2bn compared with 2023 primarily due to an increase in the release of CSM. – Net investment return (excluding net interest income) remained broadly unchanged, with negative impacts in China from reducing interest rates partly offset by gains in other markets. – Other operating income increased by $0.1bn compared with 2023, with the increase driven by the non-repeat of losses of $0.3bn in 2023 from corrections to historical valuation estimates, partly offset by current period losses on reinsurance contracts in Hong Kong. Profit before tax of $0.7bn in 2023 increased by $0.1bn compared with 2022. This primarily reflected the following: – Insurance service result of $1.1bn increased by $