The Society of Lloyd's issued Subordinated Debt in November 2004, June 2007, and October 2014, which are included in the central resources of the Society.
The following table sets out the terms of the outstanding Subordinated Debt
* 'Solvency Condition' will be met if the ratio of Capital and Reserves to Net Premiums Written is equal to or exceeds 35%.
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
Prospectus for subordinated notes due 2024 - 28 October 2014
Tender Offer notice to noteholders - 23 October 2014
Sterling tier 2 debt roadshow - 15 October 2014
Redemption notice to noteholders - 10 October 2014
Lloyd's RNS debt statement - 22 May 2013
Lloyd's RNS debt statement - 30 April 2009
Debbie SallasSenior Manager, Ratings & Investor Relations
t: +44 (0)20 7327 5783
Michelle CunninghamRatings & Investor Relations Executive
t: +44 (0)20 7327 5434
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