HSBC 2008 Annual Report Download - page 263

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The table below shows the composition of assets
and liabilities by region and demonstrates that there
were sufficient assets to cover the liabilities to
policyholders for each region at the end of 2008.
Balance sheet of insurance manufacturing subsidiaries by geographical region
(Audited)
Europe
Hong
Kong
Rest of
Asia-
Pacific
North
America
Latin
America
Total
US$m US$m US$m US$m US$m US$m
At 31 December 2008
Financial assets:
– trading assets ............................................... – – – – 39 39
– financial assets designated at fair value ...... 12,605 4,153 581 – 2,936 20,275
– derivatives ................................................... 258 117 – – 26 401
– financial investments ................................... 14,240 10,689 91 2,040 1,404 28,464
– other financial assets ................................... 4,143 2,906 289 585 888 8,811
Total financial assets .......................................... 31,246 17,865 961 2,625 5,293 57,990
Reinsurance assets .............................................. 920 1,004 20 13 126 2,083
PVIF1 .................................................................. 845 905 81 – 202 2,033
Other assets and investment properties .............. 933 400 9 354 291 1,987
Total assets ......................................................... 33,944 20,174 1,071 2,992 5,912 64,093
Liabilities under investment contracts
designated at fair value ................................... 5,310 3,895 78 – – 9,283
Liabilities under investment contracts
carried at amortised cost ................................. – – – – 284 284
Liabilities under insurance contracts .................. 23,752 13,873 745 1,237 4,076 43,683
Deferred tax ........................................................ 304 161 19 – 103 587
Other liabilities ................................................... 2,184 190 42 11 252 2,679
Total liabilities .................................................... 31,550 18,119 884 1,248 4,715 56,516
Total equity ......................................................... 2,394 2,055 187 1,744 1,197 7,577
Total equity and liabilities2 ................................. 33,944 20,174 1,071 2,992 5,912 64,093
At 31 December 2007
Financial assets:
– trading assets ............................................... – – – – 94 94
– financial assets designated at fair value ...... 22,824 6,733 796 – 3,360 33,713
– derivatives ................................................... 410 5 – 1 – 416
– financial investments ................................... 13,805 6,251 78 2,425 1,393 23,952
– other financial assets ................................... 3,345 3,259 197 653 862 8,316
Total financial assets .......................................... 40,384 16,248 1,071 3,079 5,709 66,491
Reinsurance assets .............................................. 1,095 48 28 83 115 1,369
PVIF1 .................................................................. 892 810 65 – 198 1,965
Other assets and investment properties .............. 787 926 7 52 315 2,087
Total assets ......................................................... 43,158 18,032 1,171 3,214 6,337 71,912
Liabilities under investment contracts
designated at fair value ................................... 11,720 4,285 48 – – 16,053
Liabilities under investment contracts
carried at amortised cost ................................. – – – – 312 312
Liabilities under insurance contracts .................. 24,788 10,843 903 1,652 4,420 42,606
Deferred tax ........................................................ 371 143 12 – 97 623
Other liabilities ................................................... 3,392 193 28 18 257 3,888
Total liabilities .................................................... 40,271 15,464 991 1,670 5,086 63,482
Total equity ......................................................... 2,887 2,568 180 1,544 1,251 8,430
Total equity and liabilities3 ................................. 43,158 18,032 1,171 3,214 6,337 71,912
1 Present value of in-force long-term insurance contracts and investment contracts with DPF.
2 Does not include assets, liabilities and shareholders’ funds of associated insurance company, Ping An Insurance, or joint venture
insurance companies, Hana Life and Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited.
3 Does not include assets, liabilities and shareholders’ funds of associated insurance company, Ping An Insurance.