Company: LLOBF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001654954-25-001688
Chunk: 31

Company: Lloyds Banking Group plc
Filing Date: 2025-02-20
Form: 6-K
Chunk 31
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  350 |     |                  318 |     |   668 |     |                 |  267 |     |                  290 |     |   557 |
| Non-life (General insurance)                               |    - |     |                  229 |     |   229 |     |                 |    - |     |                  171 |     |   171 |
| Other                                                      
 items2                                                     |   69 |     |                  190 |     |   259 |     |                 |   85 |     |                  223 |     |   308 |
| Bulk                                                       
 annuities3                                                 |    - |     |                    - |     |     - |     |                 |   35 |     |                    6 |     |    41 |
| Net incomeA                                                |  419 |     |                  737 |     | 1,156 |     |                 |  387 |     |                  690 |     | 1,077 |

1 Total deferred profit release is represented by contractual service margin (CSM) and risk adjustment releases from holdings on the balance sheet. CSM is released as insurance contract services are provided; risk adjustment is released as uncertainty within the calculation of the liabilities diminishes. Amounts are shown net of reinsurance.

2 Other items represents the income from longstanding business, return on shareholder assets and interest on subordinated debt.

3 2024 reflects the agreed sale (subject to High Court approval) of the in-force bulk annuity portfolio to Rothesay Life plc.

DIVISIONAL RESULTS (continued)

Insurance, Pensions and Investments (continued)

Movement in the deferred profit 1 (contractual service margin (CSM) and risk adjustment)

|                                     | Life open 
      book 
        £m |     |     Other 
 products2 
        £m |     |       Bulk 
 annuities3 
         £m |     | Total1 
     £m |
| Deferred profit at 1 January 2024   |     4,025 |     |       702 |     |        578 |     |  5,305 |
| New business written                |       126 |     |         - |     |          - |     |    126 |
| Release to income statement         |      -350 |     |       -69 |     |          - |     |   -419 |
| Other movements                     |       415 |     |        53