Society takes advantage to buy back loan notes early
The Society of Lloyd's has published it Q1 interim management statement showing the excess of central assets over solvency shortfalls is £2,446m down slightly from £2,475m at the end of December
It said there had been “no events that have resulted in any material changes to our expectations for the full year”.
The figures do not include results of the syndicates operating in the Lloyd's Market.
The £2,446m, (December 2008 9nn brackets) is made up of:
Society net assets £985m (£990m)
- Subordinated liabilities £1,070m (£1,082m)
- Central assets £2,055m (£2,072)
- Callable layer £495m (£495m)
- Other solvency adjustments £29m (£41m)
- Central assets for solvency purposes £2,579 (£2,608)
- Solvency shortfalls -£133 (-£133)
- Excess of central assets over solvency shortfalls £2,446m (£2,475m)
It said: “The net assets of the Society have decreased by £5m, impacted by the continuing financial market volatility. A similar decrease in the net assets of the Society was experienced during the first quarter of 2008
The decrease of £12m in subordinated liabilities since the year end arises from an unrealised exchange gain on the conversion of euro denominated debt.
The Society also announced it was offering to buy back £100m of loan notes at discounted prices. The three tranches of notes are not due to mature until 2014, 2015 and 2017.