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The Society of Lloyd's issued Subordinated Debt in November 2004 and June 2007, which are included in the central resources of the Society.
The following table sets out the terms of the Subordinated Debt
# Following a change in Fitch's rating methodology for hybrid securities, Fitch formally announced that it had downgraded all hybrid debt securities for insurance institutions (reviewing 104 separate companies, encompassing 209 securities). As a result of this change in rating methodology, Lloyd's three debt issues were also downgraded by one notch (previously A-) on 29 January 2010.
The 'Solvency Condition' for interest deferral on the Subordinated Debt was defined in the Prospectus, Nov 2004 and Jun 2007, as the ratio of "Capital and Reserves" to "Net Premiums Written"
The table below sets out recent performance against the Solvency Condition ratio:
1 Under UK GAAP
2 Under IFRS
3 As defined in the Prospectus, Nov 2004 and Jun 2007: Aggregate of FAL, PTF balances and central assets as shown in the latest Financial Statements
Lloyd's RNS debt statement - 22 May 2013
Lloyd's RNS debt statement - 30 April 2009
Lloyd's has announced a profit of £1.38bn for the first six months of 2013.
Download Lloyd's 2013 interim report
Sophie AdamsAnalyst, Ratings and Investor Relations
t: +44 (0)20 7327 5922
f: +44 (0)20 7327 5718
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