Capital management
Financial flexibility
The group’s borrowings are comprised primarily of long dated hybrid instruments with maturities spread over many years, minimising refinancing risk. In addition to central liquid asset holdings of £1.1 billion, the group also has access to unutilised committed credit facilities of £2.1 billion provided by a range of leading international banks. Many of the IGD levers discussed above also support broader financial flexibility where, for example, securitisation transactions can be structured to provide liquidity as well as solvency capital benefits.
