Company: HBCYF
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0001089113-25-000052
Chunk: 50

Company: HSBC HOLDINGS PLC
Filing Date: 2025-07-30
Form: 6-K
Chunk 50
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.3bn increased by $2.8bn compared with 1H24 reflecting the impact of interest rate reductions on our fixed income investments, primarily in Hong Kong. This was offset by Insurance finance expense of $5.3bn, which moves inversely with investment income. – Other income increased by $0.2bn from gains on reinsurance contracts in Hong Kong, primarily offsetting losses on related insurance contracts.

| Insurance key performance metrics                                      | Half-year to |            |
|                                                                        |   30 Jun2025 | 30 Jun2024 |
|                                                                        |           $m |         $m |
| Annualised new business premiums of insurance manufacturing operations |        3,753 |      2,792 |
| Insurance new business contractual service margin1                     |        2,033 |      1,324 |
| Consolidated Group new business contractual service margin             |        2,267 |      1,437 |
| Total insurance profit before tax                                      |          777 |        581 |
| Net dividends of insurance manufacturing operations2                   |          262 |        524 |
| Insurance equity plus CSM net of taxø                                  |       18,881 |     17,572 |

1 ‘Insurance new business contractual service margin’ includes new business contractual service margin earned by insurance manufacturing operations. 2 ‘Net dividends of insurance manufacturing operations’ include dividends paid to immediate parent companies of $ 377 m (1H24: $ 569 m) net of CET1 qualifying injections to fund business growth of $ 115 m (1H24: $ 45 m).

| HSBC Holdings plc Interim Report 2025 on Form 6-K |
| 31                                                |

| Overview |     | Interim management report |     | Interim condensed consolidatedfinancial statements |     | Additional information |
|          |     | Business segments         |     |                                                    |     |                        |

Insurance key performance metrics Annualised new business premiums (‘ANP’) is used to assess new insurance premiums generated by the business. It is calculated as 100% of annualised first year regular premiums and 10% of single premiums, before reinsurance ceded. ANP in 1H25 increased by 34% compared with 1H24, primarily from strong new business sales in Hong Kong and a shift in product mix from single to multi-premium products. Insurance new business contractual service margin increased by $0.7bn compared with 1H24, reflecting strong sales in