Finance and Capital Management

Underlying capital generation Shareholder Annuities¹ Illustrative long-term run-rate Run-off is gradual, TMTP² amortisation dropping out in 2032 2020 2025 2030 2035 Amortisation of transitional measures drops out in 2032 1. Illustrative Solvency II capital generation; disregards any potential impacts from assumption changes and other non-recurring effects; 2. Transitional Measures on Technical Provisions; 3. Refers to the £3.2bn debt expected to be substituted upon demerger and related interest cost 2040 2045 Cumulative capital generation from Shareholder Annuities more than sufficient to repay all debt and interest cost³ 58

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