Company: LLOBF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001654954-25-001688
Chunk: 30

Company: Lloyds Banking Group plc
Filing Date: 2025-02-20
Form: 6-K
Chunk 30
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 2025, after the £200 million interim dividend, supported by a strong capital position with an estimated Insurance Solvency II ratio of 158 per cent (154 per cent after proposed dividend)

● Credit asset portfolio strong, rated 'A-' on average. Well diversified, with less than 2.5 per cent of assets backing annuities being sub-investment grade or unrated. Strong liquidity position with c.£3 billion cash and cash equivalents

1 ISA information reflects opening through direct channels and is based on 12 months to 30 September 2024. Annuities information reflects nine months to 30 September 2024.

2 Includes a range of funds with a bias towards investing in companies that are reducing the carbon intensity of their businesses and/or are developing climate solutions.

DIVISIONAL RESULTS (continued)

Insurance, Pensions and Investments (continued)

Insurance, Pensions and Investments performance summary A

|                                                              |   2024 
     £m |     |   2023 
     £m |     | Change 
      % |
| Underlying net interest income                               |   -136 |     |   -132 |     |     -3 |
| Underlying other income                                      |  1,292 |     |  1,209 |     |      7 |
| Net income                                                   |  1,156 |     |  1,077 |     |      7 |
| Operating costs                                              |   -924 |     |   -880 |     |     -5 |
| Remediation                                                  |    -19 |     |    -14 |     |    -36 |
| Total costs                                                  |   -943 |     |   -894 |     |     -5 |
| Underlying profit before impairment                          |    213 |     |    183 |     |     16 |
| Underlying impairment                                        |      7 |     |      7 |     |        |
| Underlying profit                                            |    220 |     |    190 |     |     16 |
| Life and pensions sales (PVNBP)A,1                           | 18,249 |     | 17,449 |     |      5 |
| New business value of insurance and participating investment 
 contracts recognised in the yearA,2                          |        |     |        |     |        |
| of                                                           
 which: deferred to contractual service margin and risk       
 adjustment                                                   |    126 |     |    173 |