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The FAQ document serves as a formal addendum once issued and must be complied with. It provides guidance for completing the Flash Report template, including FX rate input rules, required rounding to thousands for KPI and Additional Disclosures tabs, validation checks, and how to calculate and reconcile underwriting result and major claims figures, plus administrative and acquisition cost reporting expectations.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/flash-report-frequently-asked-questions-period-q3-2025-version-20/253777/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/flash-report-frequently-asked-questions-period-q3-2025-version-20/253777.png","ImageObject",442,249,{"name":88,"@type":89},"Xiajie","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-21","2026-09-13",true,{"@type":98,"interactionType":99,"userInteractionCount":76},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What exchange rate should be used in the Flash Report template?","Question",{"text":108,"@type":109},"If the reporting currency is GBP, input an exchange rate of 1.0. 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Frequently Asked Questions 4  \nA. Flash Report Template 4  \n1. Version Control  \n\n| Version | Period | Section | Question | Date | Comments |\n| --- | --- | --- | --- | --- | --- |\n| 1.0 | Q2 2025 | All | - | 30/05/25 | First Version |\n| 2.0 | Q3 2025 | All | A5-A8 | 01/10/25 | Updated to address queries from managing agents |\n\n2. Introduction  \nThe purpose of these ‘Frequently asked questions (FAQ)’ is to provide supplementary information and/or clarification in respect of the Flash Report Instructions V2 .0 (the “Instructions”) issued in November 2024.  \nThese FAQs will be updated as required during the reporting period and published on the Lloyd’s website (Syndicate Accounts & Financial Reporting>Specifications  ) , with all changes clearly logged in the Version Control section of this document. Once issued, these FAQs are a formal addendum to the Flash Report Instructions V2 .0 and must be complied with.  \nThe answers to all FAQ’s included in this version will be used to update the Flash Report Instructions issued ahead of the next reporting period.  \nFor further clarification on the content of this document please email Central Finance at Lloyds-MRD[ReturnQueries@lloyds.com](ReturnQueries@lloyds.com).  \n3. Frequently Asked Questions  \nA. Flash Report Template  \n\n|  | Question (reference) | Answer |\n| --- | --- | --- |\n| A1 | What exchange rate should I use?\u003Cbr>Flash Report Template V2.1 – Cover Tab | If your reporting currency is GBP, please input an exchange rate of 1.0. For any other currency (e.g. , USD), ensure the FX rate reported is the inverse rate for GBP and is therefore less than 1.0 (e.g. USD reporters = 0.79; EUR reporters =0 .88) . |\n| A2 | What rounding needs to applied in the template? Flash Report Template V2.1 | As required by section 2.4 of the Flash Report Instructions\u003Cbr>V2 .0, all values in both the KPIs and Additional Disclosures tabs should be reported in thousands (‘000) . |\n| A3 | Do I need to complete validation checks? Flash Report Template V2.1 – Additional Disclosures Tab | On the Additional Disclosures tab, if a 'check' appears in line\u003Cbr>32 you must verify that the totals reported in Line 22 (Total) match the amounts reported in column D on the KPIs (Input tab) . |\n| A4 | How should Underwriting Result be calculated? Flash Report\u003Cbr>Template V2.1 – KPIs | Lloyd’s definition of Underwriting Result is: Net Earned Premium- (Net Incurred Claims + Net Operating Expenses) .\u003Cbr>Administrative expenses should be included\u003Cbr>within net operating expenses and we therefore expect these costs to be reflected in the underwriting result. |\n| A5 | Should the GAAP YTD actual figure reported for major claims in the Flash Report reconcile to the QMA 800u?\u003Cbr>Flash Report Template V2.1 – KPIs Tab | Yes, it is expected that the actual YTD figure reported for major claims in the Flash Report reconciles back to the amounts submitted in column F‘total ultimate claims, net of RI share’ within the QMA Delta 800u for current year catastrophe codes. |\n| A6 | What is Lloyd’s definition of underwriting result?\u003Cbr>Flash Report Template V2.1 – KPIs Tab | Lloyd’s defines Underwriting result in the Annual Report as a measure of the profitability of an insurers’ underwriting activity, calculated as earned premiums net of reinsurance less net operating expenses and claims incurred net of reinsurance.\u003Cbr>Whilst we acknowledge that the definition of underwriting result may vary across the market, Lloyd’s expectation is that the figures reported in the Flash Report are calculated on this basis. |\n\n\n|  | Question (reference) | Answer |\n| --- | --- | --- |\n| A7 | How should administrative expenses and acquisition costs be reported?\u003Cbr>Flash Report Template V2.1 – KPIs Tab | Lloyd’s does not prescribe the accounting treatment ","cbCaigS5tHHXl8Bs","https://ap.wps.com/l/cbCaigS5tHHXl8Bs","pdf",203068,"English","# Version Control\n# Introduction\n# Frequently Asked Questions\n## Flash Report Template","[{\"question\":\"What exchange rate should be used in the Flash Report template?\",\"answer\":\"If the reporting currency is GBP, input an exchange rate of 1.0. For other currencies, report the inverse rate for GBP, resulting in a value less than 1.0 (e.g., USD 0.79; EUR 0.88).\"},{\"question\":\"What rounding and validation checks are required?\",\"answer\":\"All values in the KPIs and Additional Disclosures tabs must be reported in thousands (‘000). On the Additional Disclosures tab, if a check appears on line 32, totals in line 22 must match amounts reported in column D on the KPIs (Input tab).\"},{\"question\":\"How is Underwriting Result calculated and reported?\",\"answer\":\"Lloyd’s defines Underwriting Result as Net Earned Premium minus (Net Incurred Claims + Net Operating Expenses), with administrative expenses included within net operating expenses. The Flash Report figures are expected to follow this basis when calculated.\"}]","Flash Report - Frequently Asked Questions - Period Q3 2025 - Version 2.0 | PDF"]