The Group report a post-tax profit of £149.8m; this represents a 1.6% Return on Asset which is consistent with the Group’s long-term profitability target of 1.5%.
Restricted reserves on the balance sheet have increased to £2,322m (FY2019: £2,172m), a level consistent with the policy of maintaining capital with an appropriate buffer above a calculated 99.99% threshold. The restricted reserves provide us with a capital base to meet the dual objectives of ensuring a stable and sustainable Scheme, and of providing a proportion of the financing required to fund the vehicle fleet.
