
	Right-of-use asset
	2025	2024
	$m	$m
As at 1 January	59.9	40.6
Additions during the year	30.2	37.9
Incentive of right-of-use asset	0.1	(8.4)
Adjustment to initial recognition of right of use asset	—	1.2
Depreciation charged to income statement	(1.3)	(10.7)
Impairment of right of use asset	(12.0)	(0.7)
As at 31 December	76.9	59.9


	Lease liability
	2025	2024
	$m	$m
As at 1 January	77.5	52.6
Additions during the year	29.0	37.9
Interest expense charged to income statement	5.3	3.5
Payment of lease liabilities	(18.0)	(15.0)
Foreign exchange revaluation	3.5	(1.5)
Lease incentive	—	—
As at 31 December	97.3	77.5

Right-of-use assets relate to leasehold buildings. Other operating lease expenses, including service

charges, utilities, property insurance and maintenance, amounted to $13.3m (2024: $10.7m). Operating

lease expenses for short-term leases amounted to $2.6m (2024: $1.5m).

In 2025, the Group added the 2nd floor to the lease at 155 Bishopsgate, London. The overall

liability for Bishopsgate, London is $42.4m (2024: $36.6m). In 2025 the Group did not recognize an

impairment on the leases (2024: $0.7m). In the prior year, impairment losses were recognized over 190

South LaSalle, Chicago ($0.3m), Clark Plaza, New Jersey ($0.1m), Patterson Avenue, Virginia ($0.1m),

The weighted average incremental borrowing rate applied to lease liabilities recognized in the

statement of financial position as at 31 December 2025 is 6.60% (2024: 6.45%).

The Group has the following leases that have the option of extension at the end of the lease term:

The contractual maturities of lease liabilities as at 31 December are as follows:


	Lease liability
	2025	2024
	$m	$m
1 year	13.1	14.0
1 to 5 years	75.0	52.9
More than 5 years	39.5	37.4
	127.6	104.3
Less: future interest expense	(30.3)	(26.8)
	97.3	77.5