Company: LLOBF
Filing Date: 2025-07-24
Form Type: 6-K
Source: 0001654954-25-008460
Chunk: 30

Company: Lloyds Banking Group plc
Filing Date: 2025-07-24
Form: 6-K
Chunk 30
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0 billion (after release to income of £212 million), including £42 million from new business, reflecting value generation in the workplace pensions business

● Life and pensions sales (PVNBP) reduced by 2%, driven by lower workplace and individual annuities sales. This was partly offset by strong performance in the Embark business

● Positive contribution to the Group's CET1 ratio through the payment of a £150 million interim dividend to Lloyds Banking Group, supported by a strong capital position with an estimated pre-dividend Insurance Solvency II ratio of 160% (154% after interim dividend) 3

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

1 Home insurance Market Share information as per internal analysis of eBenchmarkers data, Protection as per the ABI. Shares reflect information at 31 March 2025.

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.

3 Equivalent estimated regulatory view of ratio (including With-Profits funds and post dividend where applicable) was 148% (31 March 2025: 150%; 31 December 2024: 148%, post-February 2025 dividend).

DIVISIONAL RESULTS (continued)

Insurance, Pensions and Investments (continued)

Insurance, Pensions and Investments performance summary A

|                                                              | Half-year to 
       30 Jun 
         2025 
           £m |     | Half-year to 
       30 Jun 
         2024 
           £m |     | Change 
      % |     | Half-year to 
       31 Dec 
         2024 
           £m |     | Change 
      % |
| Underlying net interest income                               |          -78 |     |          -74 |     |     -5 |     |          -62 |     |    -26 |
| Underlying other income                                      |          689 |     |          649 |     |      6 |     |          643 |     |      7 |
| Net income                                                   |          611 |     |          575 |     |      6 |     |          581 |     |      5 |
| Operating costs                                              |         -466 |