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Halden reportsFinance & capital

Halden report · Finance & capital

Do assets match liabilities?

Yes: Halden holds £1,050m of assets against £955m of net reserves. Every currency sits inside its duration tolerance.

CoVi · InvestmentsFictitious

Assets and liabilities

Halden's investments and asset-liability matching, built by Context Visualised.

Asset and liability matching

  • £1,050mInvested assets
  • £955mNet technical provisions
  • 110%Assets cover liabilities
  • −0.25 yrsOverall duration gaptolerance ±0.5 yrs

Duration by currency

Assets 2.8 · liabilities 3.0 yrs
  • Assets
  • Liabilities
  • Gap outside tolerance
  • USD
    £600m assets · £560m liabilities · 107% covered
    −0.3 yrs
  • GBP
    £230m assets · £200m liabilities · 115% covered
    +0.2 yrs
  • EUR
    £120m assets · £110m liabilities · 109% covered
    −0.4 yrs
  • CAD
    £50m assets · £45m liabilities · 111% covered
    +0.1 yrs
  • AED
    £50m assets · £40m liabilities · 125% covered
    −0.4 yrs

The line between the dots is the duration gap. Red would mark a gap outside the ±0.5 year tolerance. Every currency sits inside it this quarter.

Portfolio

Book yield 4.3% · 1.6% sub-investment grade
  • Government bonds 40%
  • Corporate bonds 36%
  • Covered bonds & supranationals 6%
  • Cash & money market 14%
  • Lloyd's trust funds & deposits 2%
  • Equities 2%
  • Holding£ · rating
    • Northbridge Bank 4.25% 2029USD · Financials · duration 2.9£42mA+
    • Orion Tech 4.35% 2028USD · Technology · duration 1.8£40mAA
    • Meridian Pharma 4.60% 2028USD · Healthcare · duration 1.9£38mAA-
    • Atlas Telecom 3.80% 2030USD · Telecoms · duration 3.6£35mBBB+
    • Calder Utilities 4.10% 2031GBP · Utilities · duration 4.2£30mA-
    • Holloway Energy 5.10% 2030USD · Energy · duration 3.3£28mBBB
    • Fennick Insurance 3.60% 2029EUR · Financials · duration 2.8£26mA
    • Granite Rail 4.00% 2032GBP · Industrials · duration 5.1£24mA
    • Westmark Retail 4.90% 2029USD · Consumer · duration 2.7⚠ On the edge of investment grade£22mBBB-
    • Solent Water 3.75% 2033GBP · Utilities · duration 5.6£20mBBB+
    • Pinecrest Foods 4.15% 2031CAD · Consumer · duration 4.1£20mA-
    • Gulf Infrastructure sukuk 4.50% 2029AED · Infrastructure · duration 2.9£20mA
    • Kessler Auto 4.70% 2027EUR · Autos · duration 1.2£18mBBB
    • Tarn Capital 5.40% 2030USD · Financials · duration 3.4⚠ Sub-investment grade£17mBB+

The line between each pair of dots is the duration gap for that currency. Red would mark a gap outside the tolerance.

Source: Quarterly Asset Data and Quarterly Solvency Return, Q3 2026; investment manager holdings report at 30 Sep 2026.

What it tells us

What it tells us this quarter

  • −0.4 years

    Dirham (AED) assets have a duration of 1.4 years, against 1.8 years for the Gulf claims they back. The gap of −0.4 years sits inside the ±0.5 year tolerance.

  • 1.6%

    Sub-investment grade assets are 1.6% of the portfolio, all in one bond: Tarn Capital, rated BB+.

  • 110%

    Assets cover net reserves 110%, at a book yield of 4.3%.

What we did

What we did about it

From Halden's action log.

Actions are listed under the policy they sit in. The action log does not record a deciding committee.

Sources

Where the numbers come from

Holdings follow Lloyd's quarterly and annual asset data returns (QAD and AAD): every holding with its rating, currency and duration. Liabilities are the net best estimate of technical provisions.

  • Board dataQuarterly Asset Data and Quarterly Solvency Return, Q3 2026; investment manager holdings report at 30 Sep 2026
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Halden is fictitious. Its numbers are illustrative.