REG - Lloyds Banking Group - IFRS 17 Transition Document Issued

Lloyds BankingAnnouncement

04/04/2023 07:00

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RNS Number : 2331V  Lloyds Banking Group PLC  04 April 2023

 

4 April 2023

LLOYDS BANKING GROUP ISSUES IFRS 17 TRANSITION DOCUMENT

IFRS 17 is the new accounting standard for insurance contracts, which is
effective from 1 January 2023, and will therefore be reflected in future
corporate reporting. In advance of the Lloyds Banking Group first quarter
results on 3 May 2023, and as previously indicated, the Group has today
published its transition document providing further detail on the accounting
changes and restated financials for 2022 on an IFRS 17 basis.

 

These restatements provide comparatives for future reporting and are
consistent with the detail and guidance previously provided in the 2022
Results.

 

A copy of the document is available through the 'Investors' section of our
website www.lloydsbankinggroup.com (http://www.lloydsbankinggroup.com)

 

 

- END -

 

 

For further information:

 

Investor Relations

Douglas
Radcliffe
+44 (0) 20 7356 1571

Group Investor Relations Director

douglas.radcliffe@lloydsbanking.com
(mailto:douglas.radcliffe@lloydsbanking.com)

 

 

Corporate Affairs

Matt
Smith
+44 (0) 20 7356 3522

Head of Media Relations

matt.smith@lloydsbanking.com (mailto:matt.smith@lloydsbanking.com)

 

 

FORWARD LOOKING STATEMENTS

This document contains certain forward-looking statements within the meaning
of Section 21E of the US Securities Exchange Act of 1934, as amended, and
section 27A of the US Securities Act of 1933, as amended, with respect to the
business, strategy, plans and/or results of Lloyds Banking Group plc together
with its subsidiaries (the Group) and its current goals and expectations.
Statements that are not historical or current facts, including statements
about the Group's or its directors' and/or management's beliefs and
expectations, are forward looking statements. Words such as, without
limitation, 'believes', 'achieves', 'anticipates', 'estimates', 'expects',
'targets', 'should', 'intends', 'aims', 'projects', 'plans', 'potential',
'will', 'would', 'could', 'considered', 'likely', 'may', 'seek', 'estimate',
'probability', 'goal', 'objective', 'deliver', 'endeavour', 'prospects',
'optimistic' and similar expressions or variations on these expressions are
intended to identify forward looking statements. These statements concern or
may affect future matters, including but not limited to: projections or
expectations of the Group's future financial position, including profit
attributable to shareholders, provisions, economic profit, dividends, capital
structure, portfolios, net interest margin, capital ratios, liquidity,
risk-weighted assets (RWAs), expenditures or any other financial items or
ratios; litigation, regulatory and governmental investigations; the Group's
future financial performance; the level and extent of future impairments and
write-downs; the Group's ESG targets and/or commitments; statements of plans,
objectives or goals of the Group or its management and other statements that
are not historical fact; expectations about the impact of COVID-19; and
statements of assumptions underlying such statements. By their nature, forward
looking statements involve risk and uncertainty because they relate to events
and depend upon circumstances that will or may occur in the future. Factors
that could cause actual business, strategy, plans and/or results (including
but not limited to the payment of dividends) to differ materially from forward
looking statements include, but are not limited to: general economic and
business conditions in the UK and internationally; political instability
including as a result of any UK general election and any further possible
referendum on Scottish independence; acts of hostility or terrorism and
responses to those acts, or other such events; geopolitical unpredictability;
the war between Russia and Ukraine; the tensions between China and Taiwan;
market related risks, trends and developments; exposure to counterparty risk;
instability in the global financial markets, including within the Eurozone,
and as a result of the exit by the UK from the European Union (EU) and the
effects of the EU-UK Trade and Cooperation Agreement; the ability to access
sufficient sources of capital, liquidity and funding when required; changes to
the Group's credit ratings; fluctuations in interest rates, inflation,
exchange rates, stock markets and currencies; volatility in credit markets;
volatility in the price of the Group's securities; tightening of monetary
policy in jurisdictions in which the Group operates; natural pandemic
(including but not limited to the COVID-19 pandemic) and other disasters;
risks concerning borrower and counterparty credit quality; risks affecting
insurance business and defined benefit pension schemes; risks related to the
uncertainty surrounding the integrity and continued existence of reference
rates; changes in laws, regulations, practices and accounting standards or
taxation; changes to regulatory capital or liquidity requirements and similar
contingencies; the policies and actions of governmental or regulatory
authorities or courts together with any resulting impact on the future
structure of the Group; risks associated with the Group's compliance with a
wide range of laws and regulations; assessment related to resolution planning
requirements; risks related to regulatory actions which may be taken in the
event of a bank or Group failure; exposure to legal, regulatory or competition
proceedings, investigations or complaints; failure to comply with anti-money
laundering, counter terrorist financing, anti-bribery and sanctions
regulations; failure to prevent or detect any illegal or improper activities;
operational risks; conduct risk; technological changes and risks to the
security of IT and operational infrastructure, systems, data and information
resulting from increased threat of cyber and other attacks; technological
failure; inadequate or failed internal or external processes or systems; risks
relating to ESG matters, such as climate change (and achieving climate change
ambitions), including the Group's ability along with the government and other
stakeholders to measure, manage and mitigate the impacts of climate change
effectively, and human rights issues; the impact of competitive conditions;
failure to attract, retain and develop high calibre talent; the ability to
achieve strategic objectives; the ability to derive cost savings and other
benefits including, but without limitation, as a result of any acquisitions,
disposals and other strategic transactions; inability to capture accurately
the expected value from acquisitions; assumptions and estimates that form the
basis of the Group's financial statements; and potential changes in dividend
policy. A number of these influences and factors are beyond the Group's
control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds
Banking Group plc with the US Securities and Exchange Commission (the SEC),
which is available on the SEC's website at www.sec.gov, for a discussion of
certain factors and risks. Lloyds Banking Group plc may also make or disclose
written and/or oral forward-looking statements in other written materials and
in oral statements made by the directors, officers or employees of Lloyds
Banking Group plc to third parties, including financial analysts. Except as
required by any applicable law or regulation, the forward-looking statements
contained in this document are made as of today's date, and the Group
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward looking statements contained in this
document whether as a result of new information, future events or otherwise.
The information, statements and opinions contained in this document do not
constitute a public offer under any applicable law or an offer to sell any
securities or financial instruments or any advice or recommendation with
respect to such securities or financial instruments.

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