Other assets (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of detailed information about property, plant and equipment [abstract]


	2025 £m	2024 £m
Insurance contract assets	113	–
Reinsurance contract assets2	401	422
Investment in joint ventures and associates	445	542
Property, plant and equipment:
Investment properties (see below)	3,917	3,281
Premises	1,126	1,100
Equipment	901	879
Operating lease assets (see below)	8,213	7,265
Right-of-use assets (note 25)	759	872
	14,916	13,397
Prepayments	1,792	1,634
Disposal group assets1:
Deferred tax assets	–	13
Goodwill	–	50
Reinsurance contract assets2	–	5,059
	–	5,122
Other assets	2,988	3,671
Total other assets	20,655	24,788

1See Note 8 (C) for further detail.

2The Group’s reinsurance contract assets have decreased by £5,080 million from £5,481 million to £401 million predominantly as a result of the completion of the part VII transfer of

insurance contract liabilities to Rothesay Life plc in relation to the Group’s bulk annuity business and the conclusion of the associated reinsurance agreement.

Schedule of Property, Plant and Equipment

The table below analyses movements in

level 3 investment properties, which are carried at fair value.


	2025 £m	2024 £m
At 1 January	3,281	2,862
Acquisition of new properties	606	640
Additional expenditure on existing properties	10	26
Change in fair value	99	67
Disposals and other movements	(79)	(314)
At 31 December	3,917	3,281

Schedule of Future Minimum Rentals Receivable under Non-Cancellable Operating Leases

At 31 December the future

minimum rentals receivable under non-cancellable operating leases were as follows:


	Within 1 year £m	1 to 2 years £m	2 to 3 years £m	3 to 4 years £m	4 to 5 years £m	Over 5 years £m	Total £m
At 31 December 2025	1,911	1,131	1,072	483	124	16	4,737
At 31 December 2024	1,577	956	821	365	85	6	3,810

Equipment leased to customers under operating leases primarily relates to vehicle contract hire arrangements. Operating lease assets are

comprised as follows:


	2025 £m	2024 £m
Electric vehicles	4,534	3,894
Internal combustion engine vehicles	1,641	1,630
Self-charging hybrid vehicles	125	166
Plug-in hybrid vehicles	1,905	1,575
Other	8	–
Total operating lease assets	8,213	7,265