The Society of Lloyd's issued subordinated debt in October 2014 and February 2017.
|Principal Amount - Issued||GBP 500m||GBP 300m|
|Principal Amount - Outstanding as at 01/10/2018||GBP 500m||GBP 300m|
|Interest Rate||4.75% per annum||4.875% per annum|
|Term||October 2024||February 2047|
|Rank||Lower tier two||Solvency II tier two|
|Interest Deferral||Breach of regulatory capital / Regulatory intervention||Breach of regulatory capital / Regulatory intervention|
|Ratings: A.M. Best||A-||A-|
* '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"