Market-leading franchise in U.K. retail banking, and strong positions in U.K. corporate banking and insurance. Cost-efficient operating model that supports strong profitability, business stability, and competitiveness. Supportive funding and liquidity profiles anchored by strong deposit franchise. Geographically concentrated in the U.K., where Brexit brings a risk of weaker economic conditions. Our risk-adjusted capital ratio is lower than the average for U.K. peers, which partly reflects the deduction of Lloyds' material investment in its insurance business. The stable outlook on Lloyds Banking Group plc (Lloyds) reflects our view that it should remain resilient amid current U.K. political and economic uncertainties. Our base case expectation is that statutory profitability will strengthen in 2020 due to lower nonoperating charges, and continued dividends and
