Company: LLOBF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001654954-25-001688
Chunk: 29

Company: Lloyds Banking Group plc
Filing Date: 2025-02-20
Form: 6-K
Chunk 29
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 billion), with 13 per cent growth in the year. Net AuA flows of £5.3 billion, contributing to an increased stock of deferred profit. This included a significant contribution from the workplace pensions business, with a 9 per cent increase in regular contributions to pensions administered and £108 billion of AuA

● Market share of stocks and shares ISA new account openings at 19.8 per cent, second in the market 1 (12 months to 30 September 2023: 20.2 per cent, second in the market)

● Grew individual annuities market share by 4 percentage points to 23.5 per cent 1 , issuing c.£1.7 billion of policies (2023: c.£1.0 billion). Focused strategic presence following the sale (subject to High Court approval) of the bulk annuities business

● Completed the transfer of the longstanding life and pensions business to IP&I's strategic platform with four migrations successfully executed during 2024

● Climate-aware investments increased by £4.2 billion in 2024, bringing overall investment to £25.9 billion, currently exceeding the target of £20 billion to £25 billion by the end of 2025 2

● Ended the year with a Trustpilot score of 4.3 stars for Scottish Widows and 4.6 for Lloyds Insurance

Financial performance

● Underlying profit up 16 per cent after agreed sale (subject to High Court approval) of the in-force bulk annuity portfolio

● Underlying other income of £1,292 million, up 7 per cent from strong trading, with higher net general insurance income

● Operating costs up 5 per cent, with cost efficiencies helping to partially offset inflationary pressures, business growth costs and ongoing strategic investment including increased severance charges

● Balance of deferred profits broadly stable in the year at £5.0 billion (after release to income of £419 million) and after allowing for the reinsurance agreement entered into for the in-force bulk annuity portfolio, including £126 million from new business, reflecting value generation in workplace pensions and individual annuities

● Life and pensions sales (PVNBP) up 5 per cent driven by strong performance in the individual annuities and workplace business partly offset by the agreed sale (subject to High Court approval) of the in-force bulk annuity portfolio

● Payment of a £100 million final dividend to Lloyds Banking Group plc in February