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      "text": "YE 2023 Leverage ratio\nSolvency II basis\n9.11\n35%\n3.2\nOwn Funds\nNominal Debt",
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      "text": "YE 2023 Solvency II ratio\n9.11\nPVST2 4.0\n203% £4.5bn surplus\n4.4\nCapital requirement on PVST2\n4.9\n1.7\n2.7\nOwn Funds\nSCR",
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      "text": "IFRS 17 basis\n11.2\nNominal value of debt 3.2\n29%\nCSM net of tax³ 3.8\n3.2\nIFRS 17 Share-holder Equity 4.1\nIFRS 17 basis\nNominal Debt",
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      "kind": "paragraph",
      "text": "At the same level of Own Funds, this would require a reduction in debt greater than the amount callable in July 2024",
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      "kind": "paragraph",
      "text": "We are committed to reduce the Solvency II leverage ratio to <30% by 20254",
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      "kind": "source-note",
      "text": "1. Gross of £216m eligible Own Funds restriction; 2. Present Value of Future Shareholder Transfers\n3. Only shows the CSM attributable to Shareholders; 4. Assumes neither positive nor negative impact from markets on level of Solvency II Own Funds",
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      "text": "Subordinated debt structure\nTranche\n£300m\n$500m\n£750m\n£600m\n£700m\n£500m\nCoupon\n3.875%\n6.500%\n5.625%\n5.560%\n6.340%\n6.250%\nCall Date\n2024\n2028\n2031\n2035\n2043\n2048",
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      "text": "Remain focused on reducing leverage, £300m bond callable in July",
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      "kind": "title",
      "text": "Strong Solvency II coverage ratio and stable leverage ratio",
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