LLOYDS BANK INSURANCE SERVICES LIMITED
Company Information
- Company Number
- 00968406
- Registered Address
- 25 Gresham Street, London, EC2V 7HN
- Status
- Active
- Employee Count
- 0
- Turnover
- £21,983,000
- EBITDA
- £7,063,000
Additional Details
- Website
- https://www.mbna.co.uk/
- Company Type
- Private limited Company
- Incorporated On
- 16 December 1969
- Nature of Business
- 65120 - Non-life insurance
- Industries
- Financial Services
- Region
- London
Time to Pay
Payment Timeline
Payment Features
Payment Score History
Company Review
Trend Analysis
The average time taken for LLOYDS BANK INSURANCE SERVICES LIMITED to pay invoices has been decreasing steadily over the past three periods, going from 24 days in 2018-01 to 13 days in 2019-01 and remaining consistent since then. This shows a trend towards faster payment of invoices.
Volatility Analysis
The volatility in the percentage of invoices paid within 30 days has been relatively low, ranging from 76% in 2018-01 to 98% in 2019-01. The biggest change in this percentage occurred in 2019-01 where there was a 22% increase from the previous period. The volatility in the percentage of invoices paid between 31 and 60 days has also been relatively low, ranging from 1% in 2019-01 to 8% in 2018-07. The biggest change in this percentage occurred in 2018-07 where there was a 7% increase from the previous period. The volatility in the percentage of invoices paid later than 60 days has been slightly higher, ranging from 0% in 2019-07 to 9% in 2018-01. The biggest change in this percentage occurred in 2018-01 where there was a 9% increase from the previous period.
Summary Analysis
In the past three periods, LLOYDS BANK INSURANCE SERVICES LIMITED has shown a consistent trend towards faster payment of invoices, with an average time to pay decreasing from 24 days to 13 days. This is supported by an increase in the percentage of invoices paid within 30 days and a decrease in the percentage of invoices paid later than 60 days. The best period for early payment was 2019-01, where 98% of invoices were paid within 30 days, while the worst period for late payment was 2018-01, where 9% of invoices were paid later than 60 days. Overall, LLOYDS BANK INSURANCE SERVICES LIMITED has consistently paid invoices within their agreed terms of 30 days.
Performance Reports History
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 13 | 93% | 6% | 1% | 7% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 13 | 91% | 8% | 1% | 9% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 12 | 94% | 6% | 0% | 7% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 21 | 91% | 4% | 5% | 7% |
| 01 Jul 2019 - 31 Dec 2019 | 29 Jan 2020 | 18 | 93% | 4% | 3% | 5% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 13 | 98% | 1% | 1% | 1% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 15 | 92% | 6% | 2% | 8% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 24 | 76% | 15% | 9% | 20% |
Payment Time Trends
Payment Distribution Trends
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
Standard payment terms are 30 days after receipt of a correct, undisputed, timely provided and properly due VAT invoice. In some circumstances, Lloyds Bank Insurance Services Ltd agrees appropriate terms of payment with suppliers for each transaction or series of transactions, and abides by those terms based on the timely submission of valid invoices.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
Invoice Receipt Date We are currently only able to record the date of receipt of invoices for circa 49% of reportable invoices in this report. Where the date we receive an invoice is not available, we have reported on the date of the invoice itself, as we consider this the most justifiable alternative. Unknown payment terms For certain suppliers, our systems do not currently capture details of the payment terms in place under qualifying contracts with those suppliers. Therefore, for the purposes of reporting on our payment statistics for those qualifying contracts, we have assumed that all payments under those contracts are due within 30 days of the date of receipt of the invoice, which reflects our most commonly used contractual payment terms. Discrepancy between contracting entity and paying entity Our payment statistics include some payments made by Lloyds Bank Insurance Services Ltd where, although we are not the contracting entity for the relevant qualifying contract, the services have been received and paid for by Lloyds Bank Insurance Services Ltd. Sufficient link to the UK Our payment statistics may include some payments made to non-UK entities where we have been unable to ascertain whether the contract has a sufficient link to the UK to meet the criteria for reporting. It is not Lloyds Bank Insurance Services Ltd policy to differentiate supplier payment terms based on supplier jurisdiction and our payment practices for non-UK entities are representative of those followed for UK entities.
Maximum contractual payment period agreed
45
Dispute Resolution Process
Suppliers can raise queries with their appointed managers in the first instance. They can also contact the dedicated accounts payable team (LloydsInvoiceEnquiries@Lloydsbanking.com). Such contacts would generally seek to deal with any disputes promptly (involving other senior contacts, as needed), in accordance with the terms of the contract.
Other Payment Information
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
❌
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
✅
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
❌
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Company Summary
LLOYDS BANK INSURANCE SERVICES LIMITED is a UK-based insurance company that offers a wide range of insurance products and services to their customers. They are committed to sustainability and have various initiatives in place to reduce their environmental impact.
Their sustainability program includes a focus on reducing carbon emissions, promoting recycling and waste reduction, and using sustainable materials in their operations. They also have policies in place to ensure ethical and responsible practices in their business operations.
The company offers various insurance products such as home insurance, car insurance, travel insurance, and life insurance. They also provide financial services, including savings accounts and investment options.
The key people at LLOYDS BANK INSURANCE SERVICES LIMITED include their CEO, John Tiner, and their Executive Director, Sara Weller. They have a team of experienced professionals who are dedicated to providing excellent customer service and ensuring the company's sustainability goals are met.
For more information on their products and services, customers can visit their website at www.lloydsbank.com/insurance. Their registered office address is 25 Gresham Street, London, EC2V 7HN, United Kingdom.
Overall, LLOYDS BANK INSURANCE SERVICES LIMITED is a reputable insurance company that not only offers comprehensive insurance products and services but also prioritizes sustainability in their business practices.
