Gross Cash Generation

Delivering gross cash to reinvest in the business, repay debt and pay dividends to the Group

Gross Cash Generation (“GCG”) is defined as the change in excess capital available over and above the target capital position, with the target capital being the minimum statutory capital plus the additional capital required by Admin Re^®’s capital management policy. GCG can be utilised by management for reinvestment in the business, to service existing debt obligations and dividend payments, and is restricted to cash generated by the business only, excluding any capital contributions made.

Admin Re^® believes it will produce substantial cumulative GCG over a five-year period, with management actions targeted to deliver additional cash during this time. Admin Re^® actively manages the in-force book to optimise capital utilisation and returns, pursuing opportunities to increase capital efficiency including the release of capital by divestment of inefficient or capital-intensive products or books of business where that would be beneficial.