Lloyd’s provided an update focusing on issues with capital modelling, including volatility in indicative capital requirements and concerns from members and investors about accuracy, particularly for syndicates with many mid-year binders. Rising capital requirements and mixed feedback on indicative loadings were noted, and a joint LMA/Lloyd’s survey will gather broader views. Syndicates were reminded to follow guidance on investment income in FAL, and the major model change process was discussed ahead of required policy updates next year under Solvency UK. The committee also reviewed feedback from the IFoA student exam survey, which showed generally negative experiences due to logistical and technical issues. On Solvency UK, challenges with PRA forms were highlighted, with agreement that sharing methodologies among syndicates would be useful. The group discussed the growing use of AI in actuarial work, stressing the need for practical applications and strong governance, and proposing a working group. Lloyd’s also outlined plans for the PRA DyGIST exercise in May, aimed at testing crisis response and capital resilience, with updated internal playbooks and a cross-functional market working group to be formed.