Other financial highlights include:
- New business profit on a traditional embedded value (TEV) basis was up 12 per cent to $1,260 million.
- Operating free surplus generated from in-force insurance and asset management business was up 14 per cent to $1,560 million.
- Adjusted operating profit before tax increased 6 per cent to $1,644 million. Adjusted operating profit after tax increased by 7 per cent to $1,366 million. Earnings per share based on adjusted operating profit was 49.3 cents per share, an increase of 12 per cent.
- Group TEV equity of $35.0 billion, equivalent to 1,354 cents per share.
- Free surplus ratio of 221 per cent (31 December 2024: 234 per cent) and GWS shareholder surplus over GPCR of $16.2 billion, equivalent to a coverage ratio of 267 per cent.
- Repurchased 72 million shares for $711 million from 1 January to 30 June 2025, expect to complete current programme by year end.
- Capital management update: Move to a total return orientation out of annual flow of capital generation:
- Guidance of more than 10 per cent growth in ordinary dividend per share for each of 2025-2027.
- Additional returns of capital: $500 million share buyback in 2026 and $600 million in 2027.
- Over the period 2024-2027 expect to have returned to shareholders more than $5 billion including the above returns and existing $2 billion share buyback programme out of excess free surplus.
