LV= published its Solvency and Financial Condition Report early, following a trend of early reporting by European insurance groups this year.
LV= Solvency II ratio
The group has one of the more dynamic Solvency II ratios, rising and falling over the years between 135% (2016) to 229% (2019).
The 2023 ratio is 197% driven mostly by a sharp decrease in the SCR relative to unchanged eligible ownd funds to meet the SCR.
LV= tier 3 capital eligible own funds
LV=’s tier 3 capital in 2023 is reported at GBP 25 million, this after several years where the group did not use any of the tier 3 capital allocation towards its Eligible Own Funds (EOF).
The SFCR explains that tier 3 capital represents the groups deferred tax assets.
The company also published figures on the shift in Eligible own fund over the reporting period.
Tier 3 EOF shifted from GBP 44 million to GBP 25 million between January and December 2023.
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