Members reviewed reporting rationalisation and reflected on the 2024 year-end, noting overall satisfactory delivery in the first year but highlighting challenges around XBRL tagging, audit quality and increased audit fees. Lloyd’s confirmed updated tagging guidance and discussed expectations for the 2025 half-year, aiming for a market-standard, minimum viable approach aligned to IFRS 104, with further clarification actions noted.

Further discussion covered ongoing concerns around QMA Delta audit requirements, the volume and duplication of data requested through RRQ/RRA processes, and Solvency UK pilot reporting. Updates were also provided on Lloyd’s Europe withheld funds proposals, Workday, India cross-border reinsurance developments, and committee governance, with members invited to contribute to follow-up actions and future discussions.